Homework Answers
Add Answer to:
22. A) B) C) D) A gas station owner in a large city learned in his microeconomics class that buyers are Tervery un...
9. A tax on a product A) has no impact on quantity demanded B) always decreases...
9. A tax on a product A) has no impact on quantity demanded B) always decreases quantity demanded more than quantity supplied. C) creates a difference between the price paid by the buyer and the price received by the seller D) usually has a negligible burden 10. Other things constant, when demand is price inelastic an increase in A) the price leads to lower total revenue B) total revenue means that quality will improve C) total revenue leads to a...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any give...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any given level of output. C) falls continuously as output increases. D) increases due to diminishing marginal returns. 48. If a firm has $10,000 in variable costs and no fixed cost, then the time period referred to is the: A) market period. B) short run. C) long run. D) very long run 43. A decrease in the price of...
Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is...
Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is volatile and varies greatly from day to day. The price per gallon varies based on the seasonal blend of gasoline, which is determined by clean-air requirements, and Cal's pricing choices are limited to the profit margin for his price. Base price of unleaded regular delivered in New York harbor (Sept 2018 060 Added cost to Cal: 0.335 0.184 0.090 0.030 He recently raised the...
Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is...
Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is volatile and varies greatly from day to day. The price per gallon varies based on the seasonal blend of gasoline, which is determined by clean-air requirements, and Cal's pricing choices are limited to the profit margin for his price Base price of unleaded regular delivered in New York harbor (Sept 2018) Added cost to Cal: Maryland state gasoline tax Federal gasoline tax Delivery Advertising...
A 1 B C D E F G 2. After seeing your analysis, Cal decides to...
A 1 B C D E F G 2. After seeing your analysis, Cal decides to lower the price of gas to $2.739 per gallon. After this change, the volume sold increased to 4,400 gallons per day. He asks you to measure his business gains or losses as a result of this price change. Fixed costs are $250 per day 2 3 Quantity 4400 4000 Average Price 2.739 2 749 Average What is the price elasticity of demand? Can the...
1. The owner of a local hot dog stand has $4 estimated that if he lowers...
1. The owner of a local hot dog stand has $4 estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs is A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. P P2 P2 P& Demand Number of milkshakes Figure 1 5. Refer to Figure 1. The demand for milkshakes isunit elastic at Point...
please help with question 1 please help with question 2 thanks A B C D E...
please help with question 1
please help with question 2
thanks
A B C D E F G H I 23 24 1. Last week, Cal sold an average of 4,000 gallons per day at an average price of $2.749 per gallon. This 25 week, he raised the average price by 1 cent to $2.759 per gallon, and both revenues and profits dropped. 26 His station is now selling an average of 3,600 gallons per day. Fixed costs of operating...
Could someone take note for me from this paragraph with explantation. Thank you in advance CUPTERS...
Could someone take note for me from this paragraph with
explantation. Thank you in advance
CUPTERS Demand laddes 81 Price Elasticity Values The calculated value of all price elasticities for downward signe demand Elastic demand s neative number, given the inverse relationship between price and quas The per change in demanded by comment y demanded. Ir price increases, quantity demanded decreases and vice versa than the percentage change in Therefore, it is easier to drop the negative son and examine...
its fundamentals to economics ensures that resources are allocated to their highest-valued uses. a. Monopoly b....
its
fundamentals to economics
ensures that resources are allocated to their highest-valued uses. a. Monopoly b. Government C. The consumer d. Competition e. Arbitrage Styles 3 As the wago rato increases, the quantity supplied of labor in a market will a. increase. b. decrease c. first increase and then decrease. d. first decrease and then increase. e. remain constant. 4 As the wage rate increases, the quantity demanded of labor in a market will a. increase. b. decrease. c. first...
22. Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC) a...
22. Suppose that price is below the minimum average total cost (ATC) but above the minimum average variable cost (AVC) and that the market price is expected to rise at least to ATC in the near future. In the short run, a firm that is a price-taker would: a. immediately shut down and get out of the industry. b. continue to produce a quantity of output such that its marginal revenue equals marginal cost. c. shut down temporarily, in hopes...
9. A tax on a product A) has no impact on quantity demanded B) always decreases quantity demanded more than quantity supplied. C) creates a difference between the price paid by the buyer and the price received by the seller D) usually has a negligible burden 10. Other things constant, when demand is price inelastic an increase in A) the price leads to lower total revenue B) total revenue means that quality will improve C) total revenue leads to a...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any given level of output. C) falls continuously as output increases. D) increases due to diminishing marginal returns. 48. If a firm has $10,000 in variable costs and no fixed cost, then the time period referred to is the: A) market period. B) short run. C) long run. D) very long run 43. A decrease in the price of...
Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is volatile and varies greatly from day to day. The price per gallon varies based on the seasonal blend of gasoline, which is determined by clean-air requirements, and Cal's pricing choices are limited to the profit margin for his price. Base price of unleaded regular delivered in New York harbor (Sept 2018 060 Added cost to Cal: 0.335 0.184 0.090 0.030 He recently raised the...
Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is volatile and varies greatly from day to day. The price per gallon varies based on the seasonal blend of gasoline, which is determined by clean-air requirements, and Cal's pricing choices are limited to the profit margin for his price Base price of unleaded regular delivered in New York harbor (Sept 2018) Added cost to Cal: Maryland state gasoline tax Federal gasoline tax Delivery Advertising...
A 1 B C D E F G 2. After seeing your analysis, Cal decides to lower the price of gas to $2.739 per gallon. After this change, the volume sold increased to 4,400 gallons per day. He asks you to measure his business gains or losses as a result of this price change. Fixed costs are $250 per day 2 3 Quantity 4400 4000 Average Price 2.739 2 749 Average What is the price elasticity of demand? Can the...
1. The owner of a local hot dog stand has $4 estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs is A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. P P2 P2 P& Demand Number of milkshakes Figure 1 5. Refer to Figure 1. The demand for milkshakes isunit elastic at Point...
please help with question 1
please help with question 2
thanks
A B C D E F G H I 23 24 1. Last week, Cal sold an average of 4,000 gallons per day at an average price of $2.749 per gallon. This 25 week, he raised the average price by 1 cent to $2.759 per gallon, and both revenues and profits dropped. 26 His station is now selling an average of 3,600 gallons per day. Fixed costs of operating...
Could someone take note for me from this paragraph with
explantation. Thank you in advance
CUPTERS Demand laddes 81 Price Elasticity Values The calculated value of all price elasticities for downward signe demand Elastic demand s neative number, given the inverse relationship between price and quas The per change in demanded by comment y demanded. Ir price increases, quantity demanded decreases and vice versa than the percentage change in Therefore, it is easier to drop the negative son and examine...
its
fundamentals to economics
ensures that resources are allocated to their highest-valued uses. a. Monopoly b. Government C. The consumer d. Competition e. Arbitrage Styles 3 As the wago rato increases, the quantity supplied of labor in a market will a. increase. b. decrease c. first increase and then decrease. d. first decrease and then increase. e. remain constant. 4 As the wage rate increases, the quantity demanded of labor in a market will a. increase. b. decrease. c. first...
Most questions answered within 3 hours.
-
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 1 hour ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 1 hour ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 1 hour ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 1 hour ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 1 hour ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 1 hour ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 1 hour ago -
Let’s say that for some reason Bank Excess Reserves suddenly
increase sharply. What effect would this...
asked 1 hour ago -
Given:
Curent Assets: $600,000
Total Assets: $2,600,000
Current Liabilities: $500,000
Total Liabilities: $1,700,000
What is the...
asked 1 hour ago -
1. What is a “Bankster”? What is insider trading? Why is it
illegal?
2. What is...
asked 1 hour ago -
A transverse wave on a cord is given by
D(x,t)=0.18sin(2.7x−61.0t), where Dand x are in m...
asked 1 hour ago -
ASSIGNMENT
ANSWER ANY TWO OF THE FOLLOWING IN 2-3 PARAGRAPHS OF EACH
QUESTION.
1: Where is...
asked 1 hour ago