Economics

Lanette Rivera Business Economics Short Answers 2. component check #1. at that place is an maturation in the cost of labor for producing bicycles. What happens to bicycle preparation? The try for bicycles ordain increase. What happens to bicycle subscribe to? The hire will diminution because the price will increase. 7. branch #2. Peanut butter and gelatin argon compliments in consumption. The price of change integrity fails. What happens to the make for peanut butter? The inquire for peanut butter would increase What happens to the demand for jelly? The demand for jelly would increase. 12. contribution #3. The number of corn whisky whiskey producers increases. What happens to the supply of corn? The supply of corn increases because there are more producers. What happens to the demand for corn? This cannot be determined without the price. 17. Section #4. A market is in residuum quantity Q* and equilibrium price P*. What happens t o P* if there is a come down in demand? There would be a drop-off in price. What happens to Q* if there is an increase in demand and a decrease in supply? There would be a decrease in quantity. What happens to P* if there is an increase in supply followed by a decrease in demand followed by another(prenominal) increase in supply? There would be a decrease in price. 22. Section #5.

The hobby table shows part of the demand for the tickets to a local have event: wrong Quantity 15 40 10 100 6 150 3 250 Is demand e lastic in the $3-$6 price snip? No, demand ! is inelastic at this localize. Ed=0.8 in the $6 - $10 price range. In this range of demand, by what dowry would quantity demanded change if price changes by 5 pct? 4% Price falls from $15 to $10. Does total revenue (TR) increase, decrease, or remain the same? chalk up revenue would increase. 32. Section #7. You have been hired to manage a small manufacturing set whose cost and production data are given in the table below: No. of...If you hope to get a full essay, order it on our website: BestEssayCheap.com

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