The graph below shows the market for Artisanal porcelain cloths.
a) what is the equilibrium price and quantity of the sloths?
b) What is the total revenue for business says business is at the equilibrium point?
c) Calculate the producer and consumer surplus at equilibrium. Show your work.
d) Who is benefiting more, or has a greater surplus, an equilibrium, consumers or producers? Explain.
e) the porcelain slots decrease in price. They are a substitute good for glass llama sculptures. Draw a correctly labeled graph of the market for glass llama sculptures before and after the sloths decreased in price.
f) Shade the producer surplus after the tech change described in part E.
g) what would happen to the equilibrium price and quantity for llama sculptures as a result of the price decrease of the porcelain sloths? Explain.
h) The price of the glass used to make the llama sculptures decreases. On a new graph, illustrate the market for glass llama sculptures before and after the glass decreased in price.
i) if the price decrease for glass happened at the same time as the price decrease for porcelain sloths, How would the equilibrium price and quantity for the glass llamas change? Explain.
The equilibrium price and equilibrium quantity for the porcelain sloth are :
EQ = 3Units; and
EP = $5
Note that equilibrium price and equilibrium quantity are the price and quantity at which supply equals demand.
What is the total revenue for business says business is at the equilibrium point?Note that Total Revenue is given as:
Price x Quantity
Hence the Total Revenue at the equilibrium point is
5 x 3 = $15
Producer Surplus
A measure of producer welfare is producer surplus. The region above the supply curve and below the equilibrium price is how it is depicted visually.
Hence on the attached graph, the portion that represents the producer surplus is the green right-angled triangle. To find the producer surplus, all we need to do is to find the area of the green right angled triangle.
Recall that the area of a right angled triangle is given as:
1/2 * b * h
Since b = 5; and h = 3 (because the triangle starts off at (0,0)), then
Producer Surplus = 1/2 * 5 *3
PS = 7.5
The producer surplus rises as a result of the increased motivation to create more things when the price rises.
Consumer Surplus
Consumer surplus is shown by a horizontal line drawn between the y-axis and demand curve and is defined as the region below the downward-sloping demand curve and above the existing market price of the good.
In this attached graph, this would be represented as the orange right angled triangle.
To find the consumer surplus, all we need to do is to find the area of the green right angled triangle.
Recall that the area of a right angled triangle is given as:
1/2 * b * h
Since b = 3; and h = 3 (because the triangle starts off at (0,0)), then
Consumer Surplus = 1/2 * 3 *3
CS = 3
Who is benefiting more, or has a greater surplus, an equilibrium, consumers or producers?
From the results gotten above, the party with the greater surplus (and by inference, greater benefit) at equilibrium are The Suppliers. This is because the price at equilibrium is higher that what they would have been willing to accept by 7.5.
Draw a correctly labeled graph of the market for glass llama sculptures before and after the sloths decreased in price.
Please see the attached image.
Where producer surplus after the tech change described in part E above?This is depicted in the region shaded blue.
What would happen to the equilibrium price and quantity for llama sculptures as a result of the price decrease of the porcelain sloths?As depicted in the graph it is clear that the equilibrium quantities for llama sculptures decreased and also shifted to a new equilibrium point because both products are substitutes.
What happens when the market for glass llama sculptures before and after the glass decreased in price?See graph three below.
This would lead to a new equilibrium point that was lower than the old one. See graph three.
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The following graph shows the market for widgets in a local hardware store.
a) identify whether the price of widgets from $8 to $7 is elastic, unit elastic, or enelastic. Explain.
b) what is the price of widgets that maximize the hardware store’s revenue? Explain.
c) The price of widget is $9. If the hardware store wants to increase its revenue, how should it change the price? Explain.
d) using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 to $8. Identify the coefficient as elastic, unit elastic or inelastic.
e) using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 to $5. Identify the coefficient as elastic, unit elastic or inelastic.
f) based on the scenario in part E, how does the decrease in price affect the hardware store’s revenue?
The fall in price leads to a rise in total revenue, which means demand is elastic
How to illustrate the information?a. Price of widgets= $8
Total revenue= P*Q= 8*12= $96
Price= $7
Total revenue= 7*16= $112
A fall in price leads to rising in total revenue, which means demand is elastic.
b. Price=$7 maximizes the total revenue. Total revenue when price=$7, total revenue= Price* quantity= $7*12=$112.
c. When the price is equal to $9, the demand is elastic. So there should be a decrease in price in order to increase total revenue.
d. Price elasticity of demand= ((96-112)/(112+96)/2)) ÷((8-7)/(8+7)/2))
= -2.14
This is an elastic demand.
e. When price=$6, Quantity=18
When Price=$5, Quantity= 20
Price elasticity of demand= ((20-18)/(20+18)/2)) ÷((5-6)/(5+6)/2))
= - 0.58
This is a inelastic demand.
f. Total revenue falls from $108 to $100 when the price falls from $6 to $5.
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What are the difference between Macro and Micro groups!
Answer:
Macro-level sociology looks at large-scale social processes, such as social stability and change. Micro-level sociology looks at small-scale interactions between individuals, such as conversation or group dynamics.
Explanation:
What was most unique about Steve's
childhood?
Answer:
Steven Jobs spent his childhood in Silicon Valley. He was the type of child who liked to stick to himself. He only did competitive swimming, and no team sports.
“The building is tall.”
A. The "is" of a part-whole relationship
B. The "is" of predication
C. The "is" of identity
This road sign means The sign is a yellow pentagonal-shaped sign with an image of a smaller person on the right next to a larger person with a shoulder bag on the left. crossing not permitted business district school zone crossing guard zone
Answer:
school zone
Explanation:
Answer: School zone
Explanation:
structuralism can be defined as the study of the elements of consciousness. Which of the following is
an example of Structuralism?
Select one:
a. An apple has feelings that need to be explored and understood.
b. An apple can be used as an award for good behavior.
c. Seeing an apple in your dreams means that red is your favorite color.d. An apple is red, crisp, hard and sweet.
Answer: d. An apple is red, crisp, hard and sweet.
Which of the following are removed during the milling process? Bran and endosperm Bran and germ Endosperm and germ Endosperm and eye
Answer:
bran and germ
Explanation:
Answer:
Bran and Germ
Explanation:
Question 5 of 10
Attempt 1 of 2
What is the shape of the LRATC for a firm experiencing economies of scale?
A. Downward sloping
B. Upward sloping
C. Vertical
D. N-shaped
SUBMIT
Answer:
A. Downward sloping
Explanation:
In Microeconomics, economies of scale can be defined as cost reductions or cost advantages that arises when a business entity is increases its production or are large in size.
This ultimately implies that, when an organization chooses a convenient scale of operation or reduce its scale of production, this would lead to a reduction in the cost of production and consequently, some benefits such as lower long-run average cost, increased sales, profits and lower cost price for the consumers of these finished products.
Generally, economies of scale is evident when employees are able to specialize in a specific task. This is so because having a good number of professionals and experts would increase the level of production or output, as they are quite conversant with the best method of production, time management and efficiency.
Hence, the shape of the long run average total cost (LRATC) for a firm experiencing economies of scale is horizontal and downward sloping.
is working to win or out do others.
a. Discussion
b. Cooperative
c. Competitive
Answer:
C
Explanation:
That is basically competing with other people.
Answer: C. Competitive
Explanation:
Cooperative would imply that you are NOT trying to out do others.
Discussion is having an equal conversation with others.
Competitive implies you are trying to beat someone, thus the answer is C.
I have a psychology paper to write. The question is how "psychology relates to the work place". any advice on the answer?
To write a paper of this nature, you need to:
1. Explain the meaning of psychology
2. Draw a relationship between the concept and how employee behavior can be affected by it.
3. Give some examples to support the point.
4. End with a conclusion
What is Psychology?Psychology is the study of the human mind and the behavior of people. This can affect people's relationships with one another.
To successfully write an essay of this nature, the writer should explain the concept and relate it to some workplace behavior.
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The following graph shows the market for widgets in a local hardware store.
a) identify whether the price of widgets from $8 - $7 is elastic, unit elastic, or inelastic. Explain.
b) what is the price of widgets that maximize the hardware store’s revenue? Explain.
c) The price of widgets is $9. if the hardware store wants to increase its revenue, how should it change the price? Explain.
d) using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 to $8. Identify the coefficient as elastic, unit elastic, or inelastic.
e) using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 to $5. Identify the coefficient as elastic, unit elastic, or inelastic.
f) based on the scenario in part E, how does the decrease in price affect the hardware store’s revenue?
With the information of the graph is possible to respond what shows the market for widgets in a local hardware store.
A(As a Fall in price leads to a rise in total revenue, it means that the demand is elastic.
B) Total revenue when price is $112.
c. When price is equal to $9, Demand is elastic. So there should be a decrease in price in order to increase total revenue.
d. Price elasticity of demand is -2.14
e. Price elasticity of demand is - 0.58
f. Total revenue fall from $108 to $100 when price falls from $6 to $5.
What is an demand?An elastic demand or elastic supply is when the elasticity is greater than one, indicating a high responsiveness to changes in price. An inelastic demand or inelastic supply is when the elasticity is less than one, indicating low responsiveness to price changes. With that said:
a. Price of widgets = $8
Total revenue = P*Q = 8*12 = $96
Price = $7
Total revenue = 7*16 = $112
Fall in price leads to rise in total revenue, it means demand is elastic.
b. Price = $7 maximimes the total revenue. Total revenue when price = $7, total revenue = Price x quantity= $7 x 12 = $112.
c. When price is equal to $9, Demand is elastic. So there should be a decrease in price in order to increase total revenue.
d. Price elasticity of demand = ((96-112)/(112+96)/2)) ÷((8-7)/(8+7)/2)) = -2.14
Elastic demand
e. When price=$6, Quantity=18
When Price=$5, Quantity= 20
Price elasticity of demand = ((20-18)/(20+18)/2)) ÷ ((5-6)/(5+6)/2)) = - 0.58
Inelastic demand
f. Total revenue fall from $108 to $100 when price falls from $6 to $5.
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Explain any two influences on factors of production are used by a firm
Answer:
i don't knw
Explanation:
I don't know the answer
The land is an important factor in production. It can take many different forms, ranging from agricultural land to commercial real estate. Capital enables entrepreneurs and business owners to purchase capital goods, land, or pay wages.
What is a firm?A firm is a for-profit business that typically operates as a partnership and offers professional services such as legal or accounting advice. According to the firm theory, firms exist to maximize profits.
A firm is a commercial organization that seeks to profit from the sale of goods and services.
The terms firm and business or company are interchangeable. Firms can be organized in a variety of ways, including sole proprietorships and corporations.
The land plays an important role in production. It can take many forms, including agricultural land and commercial real estate. Entrepreneurs and business owners can use capital to buy capital goods, land, or pay wages.
Thus, these are the factors of production that are used by a firm.
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Your biology test is in a few days, and you have to study a large amount of material in order to prepare for it. Define all of the following concepts and explain how each could apply to your situation. • Declarative memory • Semantic memory • Mnemonic devices • Short-term (working) memory
Declarative memory is based on names, places, etc, semantic memory is based on syntax, and short-term memory refers to the record for a short period of time.
What is Declarative memory?Declarative memory is a type of memory based on a piece of specific information such as a name, specific dates, etc.
Semantic memory is based on syntactical and grammar features of a text, whereas short-term memory can be defined as the memory that stores data for a short period of time.
In conclusion, declarative memory is based on names, places, etc, semantic memory is based on syntax, and short-term memory refers to the record for a short period of time.
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Refer to the passage.
"4. The dictatorship of the proletariat must be the lever for the immediate expropriation of capital and for the abolition of private property in the means of production and their transformation into national property. The nationalization of large-scale industry (nationalization being understood as the abolition of private ownership and transference to the ownership of the proletarian State, to come under the socialist management of the working class) and of its organizing centres, the banks; confiscation of the estates of the large landowners and nationalization of capitalist agricultural production; monopoly of wholesale trade, nationalization of large houses in towns and on large estates; introduction of workers’ management and centralization of economic functions in the hands of agencies of the proletarian dictatorship—these are the essential problems of the day.
5. In order to safeguard the socialist revolution, to defend it against internal and external enemies, to give aid to other national sections of the fighting proletariat, etc., it is essential to disarm the bourgeoisie and their agents completely, and to arm the proletariat.
6. The world situation today demands the closest possible contact between the different sections of the revolutionary proletariat and a complete union of the countries where the socialist revolution has already triumphed.”
Excerpt from "Invitation to the First Congress of the Communist International” explaining the aims and tactics of the newly formed Communist International, 1919
The ideals expressed in this passage contributed to the development of which of the following 20th-century events?
The collapse of financial markets, resulting in the Great Depression
The creation of the United Nations as a way to solve international conflicts
The organization of the Warsaw Pact to unite communist countries against their enemies
Independence for European colonies located throughout Africa and Asia
Answer:
b
Explanation:
Answer:
It's C
Explanation:
They're communist, no way it's B, *sigh*
Why is it important, regarding quality assurance, for your rabbit to be permanently tattooed
It is important, regarding quality assurance, for your rabbit to be permanently tattooed because it provides permanent identification for that rabbit.
What is importance of tattooed on animals?A legible tattoo in a rabbit's can help to provides permanent identification for that animal.
It should be noted that American Rabbit Breeders Association (ARBA) shows, that the personal tattoo must be put in the rabbit's left ear.
Hence, It is important, regarding quality assurance, for your rabbit to be permanently tattooed because it provides permanent identification for that rabbit.
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What evidence is there that the earth is flat.
Answer:
No Evidence That Earth is Flat coz it is always spherical
Which statement is true about parks and nature preserves?
Answer: The Answer is D. All of the above
Explanation: I just took the quiz on edge
Under a system of dual federalism, conflicts between state laws and federal laws are
Which of the following countries are compact states?
PLEASE HELPPPPPP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AP Human Geography
Water run-off is likely to be greatest in which of the following settings?
- Beachfront
- Alpine terraces
- Flat farmland
- Forest preserve
- City
Answer: city
Explanation: did quiz
Water run-off is likely to be greatest in the city than in the Beachfront, Alpine terraces, Flat farmland and Forest preserve.
What are water runoff?Water runoff is part of water cycle that flows over land as surface water instead of being absorbed into the soil.
The water runoff occurs due to gravity down a valley slope or a hill.
Water runoff is greatest at the city because of the high amount of paved and hard surfaces.
Therefore, water runoff is likely to be greatest in the city than others.
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10 to 12 sentence bully essay
Bullying is seek to harm, intimidate, or coerce (someone perceived as vulnerable).
Bullying refers to aggressive behavior so as to dominate the other person. It refers to the coercion of power over others so that one individual can dominate others. It is an act that is not one time, instead, it keeps on repeating over frequent intervals. Bullying can affect mental, physical and emotional health during school years and into adulthood. It can lead to physical injury, social or emotional problems and in some cases, even death. Bullied children and teens are more likely to experience depression, anxiety and sometimes long-term damage to self-esteem.
18. Which is a requirement for the existence of a
metapopulation?
I.
a system of habitat corridors that link individual
populations
II. the presence of both r- and K-selected species
III. variation in the size of individual populations
(a) I only
(c) I and II
(b) II only
(d) II and III
Answer:
A l only
Explanation:
I don't if its correct
The following graph shows the market for widgets in a local hardware store.
a) identify whether the price of widgets from $8 - $7 is elastic, unit elastic, or inelastic. Explain.
b) What is the price of widgets that maximize the hardware stores revenue? Explain.
c) The price of widgets is $9. If the hardware store wants to increase its revenue, how should it change the price? Explain.
d) using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 - $8. identify the coefficient as elastic, unit elastic, or inelastic.
e) Using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 - $5. Identify the coefficient as elastic, unit elastic or inelastic.
f) Based on the scenario in part E how does the decrease in price affect the hardware stores revenue?
From the information given, the demand for the widget is elastic because the price elasticity computed is above 1. The actual answer is 2.
What is the calculation that supports the above assertion?Pe = (Percentage ΔQ)/Q/(Percentage ΔP)/P
Pe = (4/12) %/(1/8) %
Pe = 2.667
Because the the answer above is greater than 1, therefore, we can conclude that the demand for Widgets are price elastic.
What is the price of widgets that maximize the hardware stores revenue?The price at which the the supplier will maximize revenue is derived by computing the revenue for all the price points. This is because we are not given a function of the revenue.
Price 1 - 10 * 2 = $20
Price 2 - 9 * 6 = $54
Price 3 - 8 *12 = $ 96
Price 4 - 7 * 16 = $ 112
Price 5 - 6 * 18 = $ 108
Price 6 - 5 * 20 = $100
From the above, it is clear that the price at which revenue is maximized is $7 as this yields a total revenue of $112.
The price of widgets is $9. If the hardware store wants to increase its revenue, how should it change the price?Because the price is elastic and the price point form the above calculation at which price is maximized is $7, the firm should thus consider a reduction in it's price to $7.
Using the midpoint formula, calculate the price elasticity of demand for widgets when price increases from $7 - $8Recall the formula given above.
Thus:
Price elasticity of demand (Pe) = ((96-112)/(112+96)/2)) ÷((8-7)/(8+7)/2))
Pe = -2.14
From the above, we can conclude that the price is elastic because the result albeit negative is greater than 1. The negativity of the result is an indicator that show the product is at this time perceived as an inferior good.
Using the midpoint formula, calculate the price elasticity of demand for widgets when price decreases from $6 - $5Note that when
price=$6,
Quantity=18; and
When Price=$5,
Quantity= 20
Hence,
Price elasticity of demand (Pe) = ((20-18)/(20+18)/2)) ÷((5-6)/(5+6)/2))
Pe = - 0.58
Because the results here are less than one, it shows that the demand is now inelastic at those price points.
Based on the scenario in part E how does the decrease in price affect the hardware stores revenue?Yes the decrease in price affects revenue. This is because the goods is now being perceived as inferior good and the consumers are quick to act according to the Substitution Effect, where they opt for a substitute goods at the former price or a price that is slightly higher.
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Explain how to develop professionalism and list five characteristics of a true professional.
What are Learning Styles? Explain why Learning Styles are important.
How has society been changed by technology?
The ways to develop professionalism are:
Be productive at work. Create a professional image.Be the first to take the initiative. Keep effective work habits, etc.Check more about learning style below
What is meant by learning style?A learning style is known to be the methods that are used that different students often use to learn and this can be done in several ways.
Note that A style of learning is vital to an individual as it is known to be the most preferred way that person can be able to take in, process, comprehend and save information.
Hence, The ways to develop professionalism are:
Be productive at work. Create a professional image.Be the firs to take the initiative. Keep effective work habits, etc.Learn more about professionalism from
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Are there ever "limit cases" where civil disobedience might be an ineffective or otherwise insufficient response to an unjust law? Why or why not? (Philosophy)
Yes, there are cases where civil disobedience would be an ineffective response to unjust laws and one of these would be a refusal to pay taxes.
What is Civil Disobedience?This refers to the actions that are taken by the citizens of a nation in response to unjust laws by the government.
Hence, we can see that refusal to pay taxes would be ineffective if more people don't join and this would land the defaulter a jail term and this brings his civil disobedience to an ineffectual end.
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Kai cuts her foot while hiking. She forgot to pack bandages, but she has a tube of superglue and
uses that to seal the wound. Kai's ability to invent a solution uses the
intelligence
component of the triarchic theory of intelligence.
analytical
functional
Practical
fluid
it’s not functional
Answer:analytical
Explanation:
bc she analyzed the wound and decided to use super glue
Kai's ability to invent a solution uses the analytical intelligence component of the triarchic theory of intelligence. Thus, option A is correct.
What is the Triarchic theory of intelligence?Triarchic theory of intelligence explains the connection here between an individual's personal internal or external worlds as well as the function of experiencing aids experienced teachers in comprehending the constantly changing and interconnected properties of human cognition and its prospective impact on daily life.
Hiking causes Kai to slash her foot. She doesn't have any gauze in her bag, but she does have a tube of superglue, which she utilizes to secure the wound.
She shows encompasses academic work, analytical skills, and divergent thinking. Analytical intelligence is used every time someone has to do work that calls for one to evaluate, compared, assess, evaluate, or arrive at a logical decision.
Therefore, option A is the correct option.
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Explain the difference between homology and analogy using a wolf, a whale, and a shark:
23. Solve by graphing: 4x³-9x+2 > 0.
Answer:
Please see attachment below.
Explanation:
The answer as a graph is shown below.
Hope this helps!
Below is the amount of widgets that Adam, robert, and Karl are each willing to make at three different prices.
a) What is the primary incentive of each producer to make widgets?
b) What would happen to the supply of widgets if there was a technological advance that lowered the cost to make widgets? Explain.
c) Make a supply schedule for the whole market of widgets, based on these three suppliers.
d) Draw the market supply curve from the schedule in part (c). Label the curve S1.
e) On your graph from part (d), illustrate the effect of the technology advance on the supply
of widgets. Label the new curve S2.
f) Assuming the market situation from part (b), and that producers will not charge less than $1, would the quantity supplied to widgets be more or less than 11 widgets? Explain.
To answer the first question, Profit is the key motivator or primary incentive for any manufacturer to produce widgets (or any item in general).
What would happen to the supply of widgets if there was a technological advance that lowered the cost to make widgets?If advancement of technology decreases the cost of producing a widget, profitability increases, and so the quantity of widgets grows. It is to be noted that technological advancements imply increase in efficiency.
What is the supply schedule for the whole market of widgets, based on these three suppliers?
See the attached.
Where is the market supply curve from the schedule in part (c) labeled the curve S1?See attached.
Where is the graph from part (d that illustrates the effect of the technology advance on the supply of widgets and which is labelled the new curve S2?See the attached.
Assuming the market situation from part (b), and that producers will not charge less than $1, would the quantity supplied to widgets be more or less than 11 widgets?The quantity charged will increase because it is assumed that the least that can be charged is $1. When there is possibility to increase price or charge higher prices, the supply always goes up.
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