Shortage to exist and the market price of roses to increase. When the actual market price is higher than the equilibrium price, it indicates that there is a shortage in the market. In order to meet the higher demand, the price has to increase.
What is equilibrium price?Equilibrium price is the price point where the supply and demand of a particular good or service are equal. At this point, market forces are balanced and there is no tendency for the price to either increase or decrease. This price is determined by the intersection of the supply and demand curves, and represents the point at which the quantity of goods being supplied is equal to the quantity being demanded. All buyers and sellers are willing to transact at this price and no one is willing to pay or accept more or less. Changes in either the supply or demand can cause the equilibrium price to shift, creating a new balance between buyers and sellers.
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(100 POINTS!) What kind of photographer takes visual records of events, artifacts, people, and spaces as they explore a specific culture?
A. freelance photographer
B. lifestyle photographer
C. ethnographic photographer
D. sports photographer
Answer:
C. ethnographic photographer
Explanation:
My best guess is C because visual anthropology relies heavily on ethnographic images captured by these photographers to accurately record the customs and traditions of all the different groups of people in this earth.
Answer:
c. ethnographic photographer
under an existing ordinance, signs that are placed on a building may extend no more than three feet above the highest point of the roof. an owner wants to erect a nine-foot high revolving sign on the roof of his store. in order to legally do this, the owner must get a
variance. A variance is a legally permissible deviation from an existing rule or regulation that permits a person or corporation to diverge from the set norms. In this case.
the owner want to install a nine-foot-high spinning sign, but the current regulation prohibits signs from rising more than three feet over the highest point of the roof. The owner must acquire a variance from the regulatory entity in charge of implementing the rule in order to legally build the nine-foot sign. A variance is normally obtained by submitting a request to the regulating authority, together with any relevant papers or supporting proof. The request will then be reviewed by the authority, who will take into account elements such as the impact on the surrounding community, the rationale for the request.
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in calculating gross domestic product, the bureau of economic analysis uses the sum of the market value of final goods and services produced. this means that the bea
The market value of all finished products and services produced is what the Bureau of Economic Analysis uses to calculate GDP. In other words, the BEA values products and services at market rates, multiplies them by the quantity produced, and then adds them all up.
What decisions is the Bureau of Economic Analysis made?The U.S. Bureau of Economic Analysis, a branch of the U.S. Department of Commerce, is the federal organization in charge of assessing the American economy, or, as some have stated, "BEA is the nation's accountant." It is responsible for recording what is produced, how much is made, and how much is spent.
What is the entire market worth of everything the economy generates each year in terms of products and services?The GDP estimates the monetary value of the consumable goods and services produced in a country during a given time period (say a quarter or a year). It takes into account every product created entirely within a country's borders.
The gross domestic product (GDP) is the total monetary or market value of all finished products and services produced within a country's borders during a specific time period (GDP). Because it is a broad indicator of total domestic production, it provides an exhaustive evaluation of the state of the economy in a particular country.
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the commercial revolution helped lead to the industrial revolution because during the commercial revolution was what
The rapidity of product creation during the industrial revolution "laid the stage" for the coming of the commercial revolution. The commercial revolution would not have occurred without the industrial revolution because there would not have been sufficient resources.
Give a brief about industrial revolution.
The Industrial Revolution, which started in Great Britain in the middle of the 18th and early 19th centuries and eventually expanded over much of the world, was a time of significant automation and invention. Coal and iron exploitation dominated the British Industrial Revolution.
The Second Industrial Revolution, sometimes known as the American Industrial Revolution, started in the 1870s and lasted until the end of World War II. The automation of industries and agriculture occurred during this time, as well as the development of new forms of transportation including steamships, cars, and aircraft.
Child labour, poor living and working circumstances, and an increase in the number of industries are all results of population growth and migration to urban areas.
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FILL IN THE BLANK a company combined monthly sales data into a single group to calculate the total sales by a quarter or a year. this is an example of the _______ step of data transformation.
The correct answer is Aggregation i.e., a company combined monthly sales data into a single group to calculate the total sales by a quarter or a year. this is an example of the aggregation step of data transformation.
What does the term "data aggregation" mean?A big pool of data is summarised through the process of data aggregation in order to conduct in-depth analysis. At its most fundamental level, it is gathering data from a variety of specified databases and arranging it into a more straightforward style, typically using total, average, mean, or median references.
Which two types of data aggregation are there?Time aggregation and geographical aggregation are the two main categories of data aggregation. In the first approach, all data points for a single resource are gathered over a predetermined time frame. The latter method entails compiling every data point for a set of resources over a specified time frame.
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A young person with no initial capital invests k dollars per year at an annual rate of return r. Assume that investments are made continuously and that the return is compounded continuously.
a. Determine the sum S(t)accumulated at any time t.
The sum S(t) accumulated at any time will be 3930
The return rate will be 9.77%
The yearly rate of return is the rate change in the worth of a venture. For instance: On the off chance that you expect you procure a 10% yearly pace of return, you are expecting that the worth of your speculation will increment by 10% consistently.
(a) The formula for the sum S(t) accumulated at any time t is given by the exponential function:
S(t) = ke^(rt)
where k is the amount invested each year, r is the annual rate of return, and t is the number of years.
(b) If return rate r = 7.5%, then to determine k so that $1 million will be available for retirement in 40 years, we can set S(40) = $1 million and solve for k:
$1 million = ke^(7.5% * 40)
k = $1 million / e^(7.5% * 40)
k ≈ 3930
(c) If k = $2000/year, to determine the return rate r that must be obtained to have $1 million available in 40 years, we can set S(40) = $1 million and solve for r:
$1 million = $2000 * e^(rt)
Taking the natural logarithm of both sides, we have:
ln($1 million / $2000) = rt
Dividing both sides by t, we have:
r = ln($1 million / $2000) / t
So, r = (ln($1 million / $2000) / t) * 100%
Note that ln($1 million / $2000) and t must be calculated to obtain the exact value of r.
Therefore, r≈9.77%
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Complete Question -
A young person with no initial capital invests k dollars per year at an annual rate of return r. Assume that investments are made continuously and that the return is compounded continuously.
(a) Determine the sum S(t)accumulated at any time t.
(b) If r=7.5%,determine k so that $1 million will be available for retirement in 40 years.
(c) If k=$2000/year, determine the return rate r that must be obtained to have $1 million available in 40 years.
Chris wants to accumulate $108,000 in 4 years. He plans on making equal semiannual deposits into an investment account that earns 6% semiannually in order to reach his goal. How much must Chris invest every six months? (PV of $1. FV of $1, PVA of $1, and FVA of $1 (Use appropriate factor(s) from the tables provided.) Multiple Choice Ο Ο $13,069.06 Ο Ο S13,90071 Ο Ο S12345.34 Ο Ο $13,500.00 Ο Ο $15,385.32 .
To achieve his objective, he intends to contribute equal sums twice a year into an investing account that yields 6% twice a year. Chris has to put in how much?
What is a contributing person?
A contributor is someone who takes part in something or makes a contribution. Writers and people who donate money in particular are called contributors. Writers whose work is included in a book, magazine, or newspaper are called contributors.
Definition. Goods or services offered free or at less than the usual charge result in an in-kind contribution. Similarly, when a person pays for goods or services on the committee's behalf, the payment is an in-kind contribution.
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Argue, as precisely as you can, that strategy C of player 1 in the game in 1.3 is not strictly dominated by any mixed strategy. 1.3 Consider the following normal-form game: 2 I D A 3,2 1,4 1 B 1,3 2,1 C 2,2 2,0
As we can see player 1 will benefit from his choice of strategy C. Thus, none of the mixed strategies in the aforementioned game strictly influence player 1's plan C.
A corporate strategy or plan for reaching a long-term objective is referred to as a strategic option in business. Successful businesses develop their backup plans using specific approaches. They begin by deciding on long-term objectives. After that, they evaluate any potential valuable assets. This analysis takes into account all internal resources, including material, financial, and human ones. Choosing which strategies to deploy while simultaneously creating and assessing viable alternatives is the aim of strategy analysis and decision. The goal of strategy analysis and decision-making is to determine various courses of action that would most effectively aid the company in achieving its goals and mission.
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an employee at a company is paid based on years of experience and years of education. write the equation for their salary. salary, s, is 35,000 plus the product of 2,000 and years of experience, x, plus the product of 3,000 and years of education, d.
The compensation equation for the employee may be stated as follows:
s = 35,000 + 2,000x + 3,000d
If s denotes income, x denotes years of experience, and d denotes years of education
The employee's remuneration is computed as the basic wage of $35,000 + $2,000 for each year of experience plus $3,000 for each year of study. In deciding an employee's wage, this equation considers both their experience and education.
A mathematical statement that claims the equivalence of two expressions is known as an equation. Equations are used in mathematics, science, engineering, and many other professions to express connections between variables and to solve problems.
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using the balance sheet model of the firm, corporate finance may be thought of as the analysis of three primary subject areas. which of the following groups correctly lists these three areas?
Budgeting for capital expenditures, capital structure, and net working capital are the groupings that correctly identify these three categories.
What is balance sheet?An accounting document known as a balance sheet lists a company's assets, liabilities, and shareholder equity. One of the three primary financial statements that are used to analyze a corporation is the balance sheet. It offers a picture of a company's financial situation as of the publication date, including what it owns and owes. A balance sheet provides you with a momentary glimpse of your company's financial situation.A balance sheet can assist business owners in assessing the financial health of their organization along with an income statement and a cash flow statement.The assets and liabilities of a firm are described in detail on a balance sheet, which is a financial statement.To learn more about balance sheet, refer to:
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FILL IN THE BLANK. the taguchi loss function is __ , where ___ is a constant that translates the deviation into dollars.
The Taguchi loss function is (A), where (B) is a constant that converts the deviation to money. Probability that a produced good, piece of machinery, or system operates as intended for a predetermined amount of time under predetermined operating conditions.
What exactly does Taguchi Loss Function mean?
According to Wikipedia, a Taguchi loss function is a graphical representation of loss used to describe a phenomenon that lowers the value of a company's products. It underlines the significance of including quality and dependability in the design phase before production.
The quality of food in comparison to expiration dates would be a real-world example of the Taguchi Loss Function. There is a specific date when an orange is best consumed if you buy it at the grocery store. That would be the intended date.
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classify the given goods according to whether or not they would be included in calculating the gdp for the united states. if a country is not specified, assume the action is performed in the united states.
The following items can be included in the GDP of the United States of America based on the indicated goods:
Honda's automotive manufacturing and sales operations in America.
Old Navy buys mannequins to display clothing.
What is gross domestic product (GDP)The country's production of goods and services can be measured using the gross domestic product (GDP).
By looking at the GDP, one can estimate the nation's economic growth. Increasing the nation's literacy rate is one strategy to boost GDP.
In the United States' GDP are:
Honda builds and sells automobiles in the US.
Mannequins for displaying clothing that are NOT counted in the U.S. GDP are purchased by Old Navy:
Wheat sales to Mrs. Baird's Bakery.
selling secondhand books to college students.
Mexican automakers and dealers for General Motors.
Plastic is purchased by Ocean Spray to produce bottles.
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consider how transaction costs affect foreign currency exchange. which of the following situations has the highest probable spread?
An American returning from a trip to Turkey wants to exchange his Turkish lira for U.S. dollars at the airport is the correct answer to the above statement.
What do the markets for foreign exchange transactions cost?
Commissions from foreign currency brokers and "spreads" from both brokerage and foreign currency dealers make up transaction costs in currency markets. The spread is frequently concealed in the exchange rate, although operational costs are clearly visible to clients.
The appropriate response to the aforementioned statement is an American returning from a trip to Turkey wishes to exchange his Turkish lira for US dollars at the airport.
Therefore, A transaction involving a currency other than the functional currency of an entity is referred to as a foreign currency transaction.
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which of the following are reasons email is not considered a rich channel for communication? (choose every correct answer.)
Email lacks nonverbal indicators and verbal indications, and both are important communication tools. Email is unable to deliver prompt feedback.
Given that business phone calls resemble conferences, we might want to invite your interlocutor and include a schedule of topics to be covered.
A crucial business should indeed be written on a word processing tool to guarantee it has been completely corrected and proofread until being submitted.
cam conference calls are beneficial mostly because they enable for rich dialogues with nonverbal indications.
Planning suggests that perhaps the message can be carefully written, edited or amended, practiced, and furthermore deliberately constructed to before distribution.
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he following are examples of external users of accounting information except:
a.
government
b.
customers
c.
creditors
d.
all of the above
All of the above that is government, customers and creditors are examples of external users of accounting information.
What do mean by users of accounting information?Accounting data aids business owners in determining how stable their operations have been over time and how much changes in economic conditions have impacted their bottom line. Financial data from the accounting process is made available to a wide range of people with significantly varying goals for evaluating the data. Owners and managers who are actively involved in both short- and long-term strategic planning are considered internal users. There are five categories of external users of accounting information; each has a distinct interest in the company and seeks solutions to a particular problem.
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TRUE/FALSE. lena is correct in thinking that she should immediately start a business call with the first issue to be discussed.
No, Lena is not correct in thinking that she should immediately start a business call with the first issue to be discussed.
What is business?
Making a living or earning money through the production, acquisition, and sale of items is referred to as doing business (such as goods and services). Additionally, it includes "any activity or enterprise undertaken for profit." The owner of the business is responsible and liable for any obligations made by the business since the business entity is not legally distinguished from the owner by the use of a business name. In the event that a firm accrues debt, creditors may seize the owner's personal property. Corporate tax rates are not permitted in a firm structure. All business income is subject to personal taxation for the proprietor.
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industry-level analysis: group of answer choices generally starts with identifying relevant changes in the environment and then analyzing how relevant changes in the environment are opportunities and/or threats to the firm or industry being analyzed focuses on analyzing and assessing the attractiveness of the industry in which the focal firm competes. focuses on analyzing and assessing the firm's resources and capabilities all of the above.
Option (a), Industry-level analysis frequently starts with identifying relevant environmental changes, then analyzing whether those relevant environmental changes are advantages or disadvantages for the company or industry under consideration.
What is implied about "industry analysis"?Using a technique known as industry analysis, investors can discover everything there is to know about any company. This data covers a range of topics, such as the level of industry competition, the demand and supply situation, the ease with which new enterprises can enter the market, and more.
A corporation or entrepreneur can use the method of industry analysis to learn more about where their organization stands in respect to other industry participants. They gain a deep awareness of both the present and the expected future conditions in the industry, which enables them to recognize both opportunities and hazards.
A strategy for evaluating a company against others that provide comparable goods and services is to conduct an industry analysis. Business analysts use it to assess market competition in a related niche market. For organizations, it is beneficial to have a thorough understanding of the opportunities, threats, and demand-supply curve.
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Tom wanted to receive as many discounts on his home insurance as possible. Which of the following
would NOT provide a discount?
A. Smoke detector.
B. Fire extinguisher.
C. Deadbolt locks.
D. Alarm systems.
E. All of these should provide a discount for Tom.
Tom wanted to get as many discounts on his home insurance as possible. All of the given options would provide a discount for Tom. Therefore, option 'E: All of these should provide a discount for Tom.' is the correct answer.
While having smoke detectors, fire extinguishers, deadbolt locks, and alarm systems can all reduce the risk of loss and damage to a home and can therefore lower home insurance premiums, the exact amount of discount that Tom may receive can vary depending on the insurance company and specific policy. It is best for Tom to check with his insurance company to determine which safety features may be eligible for discounts and how much they may lower his premiums.
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which four awards would best motivate newco's employees? select the four best options from the choices below and click submit.
The awards that would best motivate Newco's employees are:
A highest distributor satisfaction awardA caught shining awardA highest production unit awardA highest download sales awardNewco is a term that's generally used to describe a startup, a corporate spin-off, or a subsidiary company before they are assigned a final name. In short, the term "newco" means "a new company."
In a company, one of the major components is the employees. Employees are the human workforce behind the company. Since they are human, they like to be appreciated for their work.
One of the best ways to appreciate employees are through employee recognition programs, such as award-giving and reward-giving for milestones reached, either for the company or for each employee.
Your question seems incomplete. The completed version is most likely as follows:
Which four awards would best motivate Newco's employees?
A highest distributor satisfaction award.An oldest employee award.A "Caught Shining" award.An employee lottery with an award.A happiest employee award.A highest production unit award.An employee-of-the-month award.A highest download sales award.Learn more about employee recognition programs at https://brainly.com/question/17282706
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which of the following is a type of transformation process used by operations to convert inputs into outputs?
Analyzing, storing, entertaining, and cutting is a type of transformation process used by operations to convert inputs into outputs.
What is the transformation process?
Any action or collection of actions that takes one or more inputs, changes and adds value to them and produces outputs for consumers or clients is referred to as a transformation process. When the inputs are basic materials, such as when milk is turned into cheese and butter, it is quite simple to identify the transformation that is taking place. The nature of the change might not be as evident when the inputs are people or information. As an illustration, a hospital changes sick patients (the input) into good patients (the output). Often, the same organisation transforms all three categories of input—materials, information, and consumers.
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______ is the set of rules, guidelines and regulations that monitor and determine appropriate actions for the firm.
Corporate governance is the set of rules, guidelines and regulations that monitor and determine appropriate actions for the firm.
What is Corporate governance?
Depending on the writer's objectives, corporate governance is defined, described, or characterised in a variety of ways. Writers who are interested in a particular discipline or setting (such as accounting, finance, law, or management) frequently utilise constrained definitions that seem to have a single purpose. Broader structural descriptions are frequently used by authors who are concerned with regulatory policy in connection to corporate governance procedures. A comprehensive (meta) definition of "Corporate governance" is "the processes, institutions, and mechanisms that influence the control and direction of corporations" and it covers various definitions that have been embraced.
This meta-definition takes into account both the specific context-specific restricted definitions and the more general descriptions that are frequently offered as authoritative.
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argues that management decisions and organizational practices should be based on scientific research and findings.
Evidence-based management argues that management decisions and organizational practices should be based on scientific research and findings.
What is Evidence-based management?
Making managerial and personnel decisions using critical thought and the best available evidence is known as "evidence-based management." Although it has its roots in the medical area, evidence-based practice has quickly extended to other fields such as education, nursing, criminology, and public policy. Utilizing an incremental and iterative approach, evidence-based management assists firms in putting the proper metrics in place to invest in the appropriate areas, make better decisions, and lower risk. This empirical approach, together with the agile principles and values, helps the organisation to make successful changes.
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According to a study of 3,000 workers in 93 companies in Germany, which of the following is true of older employees? Multiple Choice They were less resistant to organizational change than their younger colieagues. They were seen as the least talented and employable of all underrepresented groups in the workforce. They lacked the strategies required to cope and sdept to changing environnrgigts They typically were not well-connected in their areas of work.
According to a study of 3,000 workers in 93 companies in Germany, They were less resistant to organizational change than their younger colleagues.
What do you mean by organizational change?
Organizational change refers to the process of modifying an organization's structure, processes, products, and services in order to meet the changing needs of its environment. This often involves redefining roles and responsibilities, developing new strategies, and introducing new technologies. It can also involve restructuring the organization's management, culture, and operational processes, as well as implementing new policies and procedures. Organizational change is a complex and challenging process, but when done correctly, it can help an organization become more efficient, balanced, and adaptable.
So, They were less resistant to organizational change than their younger colleagues.
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is the practice of summoning feelings and actions consistent with successful performance. it is considered to be a highly effective method of reducing speech anxiety. group of answer choices
"is the practice of summoning feelings and actions consistent with successful performance. it is considered to be a highly effective method of reducing speech anxiety. " True
What is speech anxiety.?Generally, Speech anxiety is a feeling of fear and worry that can occur before, during, and after a person has to speak in public. It can affect anyone, regardless of experience or ability.
Symptoms of speech anxiety may include: rapid heartbeat, sweating, trembling, dry mouth, nausea, dizziness, difficulty concentrating, and negative thoughts about oneself and the performance.
Treatment for speech anxiety involves a variety of techniques, such as deep breathing, visualization, and cognitive restructuring. Additionally, practicing and preparing for the speech can help reduce anxiety levels.
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CQ
is the practice of summoning feelings and actions consistent with successful performance. it is considered to be a highly effective method of reducing speech anxiety. group of answer choices
T/F
patricia wants to invest a sum of money today that will yield $18,000 at the end of 6 years. assuming she can earn an interest rate of 6% compounded annually, how much must she invest today? (pv of $1, fv of $1, pva of $1, and fva of $1) (use appropriate factor(s) from the tables provided.)
Assuming she can earn an interest rate of 6% compounded annually, She will invest $15,851 today.
The purchase of products that are not utilized right away but will be utilized to create wealth down the road is referred to as an investment in an economic outlook. An investment in finance is a store of wealth that is purchased with the expectation.
It will either continue to generate income or be sold at a profit at a later date. Investing is the process of putting money into investments or organizations in an effort to make a profit.
An investor in a small firm assumes the added risk of earning little or no profit because the venture could or may not be successful. Purchasing assets that appreciate in value over time and offer returns in the shape of income checks or capital gains is the practice of investing.
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Complete question:
Patricia wants to invest a sum of money today that will yield $18,000 at the end of 6 years. Assuming she can earn an interest rate of 6% compounded annually, how much must she invest today?
$12,690
$16,920
$10,800
$15,851
$15,851
Which of the following is a tactical step for getting down the experience curve ahead of competitors?
Select one:
a. Premium pricing to create an image of uniqueness in consumers minds
b. Pursuing a distinctive competence in focused marketing
c. Constructing a manufacturing plant of less than minimum efficient scale
d. Using aggressive pricing and promotions to expand sales volume as rapidly as possible
e. Making the assembly of the product as complex as possible because this results in greater learning effects
Using aggressive pricing and promotions to expand sales volume as rapidly as possible is a tactical step for getting down the experience curve ahead of competitors.
What is aggressive pricing?
Aggressive pricing, often referred to as predatory pricing or "undercutting," aims to push away rivals from a market. In a few nations, it is forbidden.
Companies or enterprises who often engage in the practise of predatory pricing frequently do so with the intention of restricting or preventing other new businesses from joining the relevant market. The oppressive company's attempt to create a monopoly in the market may be in violation of antitrust law. Predatory pricing typically happens when there are price wars in the market since it is simpler to conceal the behavior. With this tactic, consumers will gain in the near run and be content with less expensive items.
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which of the following statements is not correct? which of the following statements is not correct? if demand increases and supply decreases, price will rise and quantity may either rise or fall. if supply increases and demand decreases, price will fall and the quantity may either rise or fall. if supply declines and demand remains constant, price will rise and the quantity will fall. if demand decreases and supply increases, price will fall and the quantity exchanged will fall.
If the supply increases and demand decreases, price will fall and quantity may either rise or fall is not the correct statement.
What is supply?Supply in economics refers to the quantity of a resource that firms, producers, employees, lenders, or other economic agents are ready and prepared to offer to the market or to a particular individual. The term "supply" can be used to describe any produced goods, labour hours, raw materials, or other valuable or in-demand items. The dependent and independent variables' typical places are switched in this unpleasant but common practise. The supply curve can either represent a single seller or the entire market when the total quantity supplied by all vendors is taken into account. Theoretical presentations frequently omit the units and time even when the number given is for a specific time period.
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true/false. businesses that are , like mcdonald's, have both a direct and indirect impact on the economy through job creation and spending.
This statement- "Businesses that are , like mcdonald's, have both a direct and indirect impact on the economy through job creation and spending" is true.
Basically the businesses like McDonald's have both a direct and indirect impact on the economy through job creation and spending.
Direct impact can be defined as the direct economic effects of the business on the economy, such as job creation, tax revenue, and purchasing of goods and services.
Indirect impact, on the other side, are defined as the secondary effects of the businesses on the economy, like the spending of employees and suppliers, and the stimulation of related industries.
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FILL IN THE BLANK Maria, the marketing manager of an automobile dealership, is crafting a SWOT analysis. In this case, she should list competitors that have gone bankrupt under _____.'
Maria, the marketing director of a car dealership, is putting together a SWOT analysis. In this situation, she ought to highlight chances under "opportunities" that have filed for bankruptcy.
Explain the term SWOT analysis?A SWOT analysis is a method for evaluating these four components of your company.
SWOT stands for Strengths, Vulnerabilities, Opportunities, and Threats. SWOT analysis is a method that can assist you in identifying the current strengths of your business and developing a winning future strategy.An institution's strengths, weaknesses, opportunities, and threats can be identified and analysed using the SWOT analysis framework. The SWOT acronym is made up of these words. The main objective of a SWOT analysis would be to raise awareness of the variables that influence business decisions or the formulation of business strategies.Maria, the marketing director of a car dealership, is putting together a SWOT analysis.
Thus, in this situation, she ought to highlight chances under "opportunities" that have filed for bankruptcy.
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Graphing demand for labor and computing the optimal quantity A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Output Labor Number of workers) (Units of output) (Units of output) Marginal Product of Labor Value of the Marginal Product of Labor Dollars) 20 39 57 72 84 20 19 18 15 12 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If Session 59.29
The marginal product of labor is referred to as f'(L), and the value of the marginal product is denoted by the symbol pf'(L). In accordance with the first-order condition, the employer must select an employment level at which the value of the marginal product of labor is equal to the wage rate. L = L*, the labor demand function, is implied by this equation (w,p).
How do you calculate labor demand?Consider Q = f as the production function (L). In a competitive input and output market, a producer selects L to maximize
pf(L) - wL
pf'(L) - w = 0 is the first-order condition for maximization, and pf"(L) 0 is the second-order requirement.
L*/w = 1/pf" indicates that pf"(L) (L*/w) - 1 = 0 and L*/w = 0.
Briefly stated
L*(w,p) has degree 0 homogeneity in w and p. (employers suffer from no money illusion)
∂ L*/∂ (w/p) < 0 (downward sloped labor demand curve) (downward sloping labor demand curve)
The maximizing dilemma arises when an employer has dominant market position in the output market.
maximize P (f (L)) f (L) - wL
P'(f(L))f'(L) f(L) + P'(f(L))f'(L) - w = 0 is the first-order condition.
(P'(Q) Q + P(Q)) f'(L) - w = 0 is the revised form.
Marginal revenue is the word that appears in parenthesis. The first-order condition therefore states that the employer selects L in such a way that the pay rate (MR * MPL) and the marginal revenue product (MR * MPL) are equal. Because MR P, it should be noted that this employer choose a lower L than a price-taking employer selling at the same P. According to the employer's motive to limit output, this is reasonable.
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