--%>
Assignment Help - homework help

Explain the following from Hull, England a news dispatch

Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.

E

Expert

Verified

The shortage of potatoes either meant they were not available in the required quantities at any price (i.e., that the quantity demanded greatly exceeded the quantity supplied at the market price, for that is how a “shortage” is defined) or that there was an exceptional scarcity of potatoes so that their price was far above normal.  In several occasion, restaurants might not get enough potatoes at what they considered profitable prices.

Fish and chips are complements.  The sharp increase in the price of potatoes (because of decreased supply) has led to a decreased demand for fish and to a subsequent drop in its price to “a disastrous level.”

   Related Questions in Business Economics

  • Q : When productive resources are utilized

    While productive resources are utilized efficiently: (w) prices greatly exceed production costs for current outputs. (x) opportunity costs are at their minimums for all goods. (y) domestic production exceeds the value of foreign output. (z) the value

    		•
  • Q : Explain of the law of demand Explain of

    Explain of the law of demand?

    		•
  • Q : Distinguish between the resource market

    Distinguish between the resource market and product market in the circular flow model.  In what way are businesses and households both sellers and buyers in this model?  What are the flows in the circular flow model?

    		•
  • Q : Main advantage of EVA The main

    The main advantage of using EVA is that it is simple to calculate and understand. It uses simple measures like operating profits and cost of capital terms which are widely known and accepted in the financial arena. It helps the managers to assess thei

    		•
  • Q : What is an Economic Territory Economic

    Economic Territory: This refers to the region of a country where there is a free movement of goods, capital and human resources.

    		•
  • Q : What are the facts of inflation What

    What are the facts of inflation?

    		•
  • Q : If resources were unlimited and freely

    Explain this statement:  “If resources were unlimited and freely available, there would be no subject called economics.”

    		•
  • Q : Human Resource Management problems

    Question Write a report on a local firm that faces Human Resource Management problems. Pick two major problems and provide solutions to it. The company selected must

    		•
  • Q : What is the opportunity cost of

    What is the opportunity cost of attending college?  In 2000, nearly 80% of college-educated Americans held jobs, whereas only about 40% of those who did not finish high school held jobs.  How might this difference relate to opportunity costs?

    		•
  • Q : Significant that economics is not a

    Why is it significant that economics is not a laboratory science?  What problems may be evolved in deriving and applying economic principles?

    		•