Answer:
Buyers opportunity cost for non genetically modified food was alternative food available before 2008
Explanation:
opportunity cost simply means cost of alternative forgone. Example if one purchases a car and utilizes for a taxi, his opportunity cost could be the value he would have received for his investment if he had bought a truck and used it for loading cement for building projects. We apply this to the question above and so the opportunity cost is alternative of non genetically modified food available that would have been bought before 2008
Answer:
a) equilibrium price to rise, fall, or stay the same and equilibrium quantity to rise.
Explanation:
Substitute goods are goods that can be used in place of each other.
If the price of rice rises, consumers shift to the consumption of potatoes. Price and quantity demanded of potatoes increases
The bumper harvest increases supply of potatoes. Price falls and quantity increases.
The effect on equilibrium quantity of potatoes would be indeterminate but equilibrium quantity would rise.
I hope my answer helps you
Answer:
The correct answer is C.
Explanation:
Giving the following information:
Total Estimated total machine-hours (MHs) 10,000
Estimated total fixed manufacturing overhead cost= $45,800
Total Estimated variable manufacturing overhead cost- per MH= $1.90 + $2.10= $4
To calculate the estimated manufacturing overhead rate we need to use the following formula:
<u>Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base</u>
<u>Estimated FIXED manufacturing overhead rate=</u> (45,800/10,000)= $4.58
Answer:
increase the price of weekend and evening tickets
decrease the price of matinee tickets
Explanation:
If the price elasticity of demand is elastic, a small change in the price of movie tickets will cause a larger change in the quantity demanded. If the price elasticity of demand is inelastic, a large change in the price will cause a small change in the quantity demanded.
If the PED for weekend and evening patrons is inelastic, then the movie theater should increase the price of the weekend and evening tickets in order to increase total revenue. In this case, a 10% increase in price will result in a 5% decrease in sold tickets.
If the PED for matinee patrons is elastic, then the movie theater should decrease the price of the matinee tickets in order to increase total revenue. In this case, a 10% decrease in price will result in a 17% increase in sold tickets.
