C. Please draw and describe the shut-down point and the economic loss when the price is $4. Price 12 10 8 6 4 2 ○ 20 40 60 MC ATC AVC 80 100 per day) Quantity (beach balls
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- Price (dollars per soda) 2.50 2.00 1.50 1.00 0.50 Market Price 0 5 10 15 20 25 Quantity (thousands of sodas per month) The supply curve of Coca Cola is given above. The market price is $1.00 per soda. The marginal cost of the 20,000th soda is $0.50. $1.00. more than $1.00. $0.00. SFigure 1 below shows the demand and supply of coffee at a local cafe. study the graph and complete each sentence to make it correct1. Use shifts in the supply and demand curves to illustrate the effects of the following events on the apple market. Please clarify the trend of change in price and quantity sold. a. Scientists announced the conclusion of a new study that eating an apple a day is good for health.| b. The price of oranges is three times more expensive c. Drought reduces apple production by a third of the normal harvest. d. Thousands of workers turned to apple growers.
- Pat sells widgets in a perfectly competitive market. Prices for widgets are lower in July than they were in June. Which of the following might explain the lower price? The market demand for widgets increased in July. The cost of producing wiegets increased. Consumers prefer to buy widgets from Pat's competitors. The market demand for widgets decreased in July.-Price $3 2 10,000 20,000 30,000 S D Quantity Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 10,000 units the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently low. producers should lower the price to $1 in order to sell the quantity demanded of 10,000.Cake shops use flour to produce cakes. How do cake shops respond to a rise in the price of flour, other things remaining the same? Cake shops _____. A. Increase the supply of cakes to balance out the higher cost of producing a cake. B. Decrease the quantity supplied of cakes because now it is less profitable to produce cakes. C. Decrease the supply of cakes because the cost of producing a cake has risen.
- Price $50 40 30 20 10- 0 50 100 150 200 250 300 350 400 450 500 Quantity Refer to Figure 5-6. What would lowering price from $30 to $20 do? It would increase total revenue by $2000. It would decrease total revenue by $2000. It would increase total revenue by $1000. It would decrease total revenue by $1000.“Economic conditions and government regulations play a vital role in determining product price.” Comment.Question 30 Refer to Figure 3 in Question 29. In response to the situation represented by the figure, assuming all firms in the market have the same costs and demand, we would expect new firms to enter the market. some of the firms that are currently in the market to exit. this firm's profit to move from its current value toward a positive value. None of the above are correct.
- Two months after launching the 8 GB iPhone in 2007Applereduced its price from $599 to $399 Unit sales not only increased , they soared, Front Page After iPhone Price CutSales Are Up by 200 Percent reports Refer to the and this price-cut information to answer one question FRONT PAGE iPhone Price Sales Up by 200 Piper Gene Munster, the person for a survey dedicated to Apple in which he estimated number of iPhones were sold, has come up with yet another interesting theory According to Munster and the week Apple announcement about 1 Phones the take the that the price sales increased to percent By Apple and AT&T were an average of 9,000 Phones a day before the price reduction, which would have put their quarterly sales as of September the end of the , he believes Apple will have of 2007 What was the quarterly price elasticity of demand for iPhones in 2007Problem The average of price of Guess bag is 45 KD, the average price of Louis Vuiton bag is 2500KD. Use the Supply and Demand to Analyze why the price of these two bags are different.What is the most likely effect of the development of DVDs, rental movies, and online movie streaming on the movie theater industry? A. Increased costs of producing moviesB. Increased demand for movie theater ticketsC. Movie theater tickets become an inferior goodD. Increased price elasticity of demand for movie theater tickets