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  • Card 13 / 23:
    Based on your answers to the WipeOut Ski Company in , now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of $25 each.

    What will be the company’s profits or losses?How can you tell at a glance whether the company is making or losing money at this price by looking at average cost?At the given quantity and price, is the marginal unit produced adding to profits?

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Questions & Answers

What is Monetary Mass
Acha Reply
who is product of traditional economy
jamal Reply
what is elasticity
Suqlain Reply
change in quantity due to change in its price
sj
degree of responsiveness of quantity demanded or supplied due to price.change
Loveth
The law of demand and supply
RICHARD Reply
Law of demand...keep other things constant when price of commodity increases demand is decreases n price decreases demand increases.
sj
law of supply.. keep other things constant when commodity prices increase supply is also increased n price decreases supply is also decreased.
sj
Wow
RICHARD
Thank you
RICHARD
when prices increases causing demand curve to shift to left holding other variables constant.
Amos
what is the difference between quantity demanded nd price
Survival Reply
what is the difference between quantity demand and price
Md
There is an inverse relation between price and the quantity demanded...with the increase in price of a commodity, the demand for the commodity decreases and vice versa..
Malik
professor lionel Robbins define economics as a
ISAAC Reply
as the science that studies human behavior as the relationship between earn and scarce means which has alternative uses
Akon
study of wealth
Suqlain
explain the help of a production possibility diagram how the opprtunity cost of producing different combinations of goods
Leethwinna Reply
what is the measurements of elasticity
Nessa Reply
?
Ateh
what are the shift in demand
Mbah Reply
what is monopoly
Oumar
monopoly is a structure in which there's only one producer/seller for a product
Esther
The difference between change in quantity demand and change in demand
EDMOND
single seller. compare with monopsony (single buyer) & duopoly (two sellers), and oligopoly (>2 sellers) These are about distortions to an ideal competitive market.
Henry
Why is the nature of demand curve sloping downward?
Julie
Because when price increases Demand Decreases
Getu
shift in demand is a movement from one demand curve to another
Yollins
what is Monopoly
Faith Reply
monopoly is a market with no competition, and firms have complete market power. Firms are price makers not price takers.
Bernard
thanks so much
Faith
U are welcome
Bernard
what are the negative effects of deflation to central government?
Ali
My base weak in economic plz learn me basic concepts and give ideas about economic advance thanks as a student i am request
Salam
How many brunches of economics is there?
Desca Reply
Three
Yakub
Is that true
Asifat
did you mean branches
Sam
That's what he meant
Asifat
2 brunches..microeconomics and macroeconomic
sj
there are many more categorizations than the classic macro/micro. International, labor, public finances, monetary, information, ...many more. I'd be surprised at anything less than 15.
Henry
Explain a demand curve
Danny Reply
A demand curve is a graphical illustration of the inverse relationship between quantity demanded and price. It slopes downwards from left to right. it is a negative curve.
Loveth
demand curve is graphical representative of the inverse relationship between price an quantity demanded an price
Eliman
sorry for doubling of "price"
Eliman
opportunity cost is the alternate satisfaction or gain forgone after making a choice
Justice Reply
also know as real cost
Marvellous
define wants in economics
Exmond
what is opportunity cost
kayindi Reply
Opportunity cost is the beat alternative forgone.It is also referred to as real cost.
Amadu
it is the next best alternative foregone when a choice is made
Che
what is the formula close sector economy
Ekene Reply
Y=C+s+t. E =C+I+G
Shoaib

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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