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Card 12 / 23:
The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in for total cost, average variable cost, average total cost, and marginal cost.
The course author didn't provide an answer for this question
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Questions & Answers
Demand is the various quantities of goods and services that consumer(s)are willing and able to purchase at a price within a time
Distinguish between cross elasticity and income elasticity of demand
Distinguish between cross elasticity and income elasticity of demand
Ruth
if change in the demand of the commodity with respect to change in demand of the substitute or other product called cross elasticity
Hamza
and. if change in the demand of the commodity due to change in the income . called income elasticity
Hamza
Cross elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a small change in price of another commodity whiles Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a small change in income of it's consumers
Afriyie
but these are book wordings
Hamza
income elasticity of demand shows how quantity demanded changes due to changes in income
on the other hand cross elasticity refers to how the quantity demanded of a particular good alers given a change in the price of another good.
Keysie
what is the competitive demand
With regards to coal shortage and manicipal debts the what form of intervention do you think Eskom can put in place.
economic growth of Bhutan
please, explain all the mathematics terms used in economics
nelson
The answer is: little more than high school algebra and graphs.
Tere
what is the effect of inflation in GDP
Not only real GDP but also nominal GDP will decrease
Aqib
yep. Inflation has an influence not only GDP but interest rate also.
Hamza
The pound weakens so imports become more expensive and exports lose value - lower GDP.
Rebecca
why do inflation effect economic
explain in detail
what is economic
what is scarcity
what is alternate uses
What is law of demand
Hilary
economic as a science refers to study of human resource
Kaunda
Law of demand- With all the factors remaining same if price increases of a commodity, the quantity of demand of that commodity decreases and vice versa
Dey
What is law of supply
Hilary
what are the factors that affect demand
what are the factors that affect demand of a good
Elly
what are the factors that affect demand of a good
Elly
what are the factors that affect demand of a commodity
Elly
1. the price of the product
2. the price of other products
3. consumers income
4. expectation of future changes in price
5. taste and preference etc.
ALI
1. price related of commodities
2. consumers income
3. the condition or season of the commodities
Tsai
decrease in demand of substitute
increase in demand of constituent
change in quantity
and other environmental factors
Hamza
Nd consumer's income
Hamza
Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance.
Marc
Reasons that explain why the division of labor increases an economy's level of production
Please I don't understand the meaning and the concept of economics as a science
economics as a science refers to the study of human behavior. how they make decisions etc
Saidou
economics is science because it uses scientific methods in analysing societal problems.. observation experimentation and conclusion inherently are used to analyse. however it is not pure science but social science because it studies human and it's environs
Bonney
what's elasticity of demand
are u asking because you don't know or what
Stephen
A measure of the responsiveness of a product demanded to a change in market price
Yuusuf
the degree of responsiveness of a product demanded to a little change in the price
Saidou
the degree of responsiveness of quantity demanded of a commodity to the changes in the price if the commodity in question, changes in the price of other related commodities and changes in the income of consumer
Bonney
what is international trade
international trade is a trade between foreign country
IYke
it is the exchange of goods and services between countries
Bonney
it's the exchange of goods and services from one foreign country to another
Israel
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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