Unit elastic supply - Study guides, Revision notes & Summaries

Ivy Software MBA Prepworks Fundamentals of Economics Exam - Complete Solutions (Answered) The main concept demonstrated in the production possibilities frontier is Opportunity cost When country A has a lower opportunity cost of producing sugar relative to country B, then country A is said to have Comparative Advantage A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a Production Possibilities...

WGU C718 Quiz Latest Update with Certified Solutions A change in income will lead to a shift of the demand curve. What would we expect to happen if consumer income increased? Demand increases Supply Schedule a table that shows quantities supplied at different prices during a particular period Supply Curve is a graphical representation of a supply schedule. a change in quantity supplied A change in price causes a movement along the supply curve a supply shifter A variable that can change the...

Economics - ANSWERSThe study of the allocation of scarce resources. Economic Goods - ANSWERSResources that are scarce. Short Run - ANSWERSA time period where at least one factor of production is fixed. Long Run - ANSWERSA time period where all factors of production are variable. Productivity - ANSWERSThe output per unit of input. The Economic Problem - ANSWERSResources are scarce but wants are infinite. Scarcity - ANSWERSThe world's resources are limited, there are only limite...

Accounting: What costs should be considered when making non-routine decisions? (3) - CORRECT ANSWER The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? - CORRECT ANSWER Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? - CORRECT ANSWER The difference between variable costs subtracted from sales Accounting: In a continuous budget plan how many ...

Needs - correct answer Something essential to survival - food, water, warmth, clothing and shelter Wants - correct answer Something you would like to have, but is not essential to survival Resources - correct answer Something used to produce output Productivity - correct answer Output per worker per pe...

Short Run correct answers a period of time when plant capacity and the number of firms in the industry cannot change. The Long Run correct answers a period of time long enough for firms to alter their plant capacity and for the number of firms in the industry to change. Elastic supplies are very responsive to ________ __________ correct answers price changes Deadweight loss correct answers The loss in consumer and producer surplus due to inefficiency because some transactions cannot be ...

Total Revenue correct answers Price x Quantity consumer surplus correct answers difference between market price and what consumers are willing to pay producer surplus correct answers difference between market price and the price at which firms are willing to supply it Deadweight loss correct answers the loss of consumer surplus and producer surplus caused by the inefficiency of a market that is not operating at equilibrium economic (total) surplus correct answers consumer surplus + p...

UGBA 101A Midterm 1steep supply/demand curves - correct answer large changes in price/small changes in quantity shallow supply/demand curves - correct answer small changes in price/large changes in quantity elasticity - correct answer price elasticity of demand formula - correct answer E^D=%∆Q^D/%∆P price elasticity of supply formula - correct answer E^S=%∆Q^S/%∆P what happens when PED is high - correct answer small changes in price result in large changes in quantity dem...

Primavera Economy Unit 3 Workbooks and Checkpoints Questions and Answers Rated A+ Read the statement. If the price of a product becomes too expensive, the the demand for it decreases. Which economics concept is this? Law of demand. Which economics concept states that price and quantity of demand have an inverse relationship? Law of demand. Which correctly demonstrates the law of demand? The Pizza Place increases the cost of a slice of pizza from $2.00 to $2.50. The number of slices sold in on...

7.5 Assignments 7.5.1 First semester assignments SEMESTER 1 ASSIGNMENT 01/2018 CLOSING DATE: 02 March 2018 UNIQUE NUMBER: WEIGHT: 40% of semester mark TL501: Learning units 1 – 4 Prescribed Book: Chapters 1 – 4 This assignment contributes 40% towards your semester mark. Please ensure that this assignment reaches the University before the due date. Answer all the questions on a mark-reading sheet or on myUnisa. IMPORTANT! The first ten multiple choice questions of thi...