The best answer for this question would be A. :)
Answer:
a) he equilibrum quantity is 95 million pounds of butter and the equilbrum price is $1.20 per pound. At this level, both demand and supply is 95 million.
b) 0 or no surplus.
Explanation:
The question is in three parts
a) a. In the butter market, the monthly equilibrium quantity is million pounds and the equilibrium price is $ per pound
The equilibrum price and quantity refers to that point in sales where the quantity demanded = the quantity supplied.
Looking at the schedule, the equilibrum quantity is 95 million pounds of butter and the equilbrum price is $1.20 per pound. At this level, both demand and supply is 95 million.
b) What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program?
First, what is the price floor fixed by the government = $1.00 per pound and at this rate, the demanded quantity is 101 million and the quantity supplied is 79 million pounds.
Hence, the monthly surplus = 79 million pounds - 101 million pounds = -22 million pounds
At this price, there is no surplus
Answer: A. It has a competitive advantage in the industry
Explanation:
From the question, we are informed that the average cost of production for a bottle of water in the industry is 0.20 cents while its average price is 0.50 cents and that Water Inc. manufactures the same product for 0.10 cents while its average price is 0.40 cents.
The scenario shows that Water Inc has a competitive advantage in the industry. This is seen as the bottle of water is produced at a cheaper cost wen compared to its rivals.
Answer: The correct answer is "an opportunity niche".
Explanation: James lives near a university and observes that almost every student uses a cell phone. He decides to open a small shop offering repair services for cell phones. His shop is an instant success. James has satisfied an area of need called <u>an opportunity niche.</u>
The concept of a niche of opportunity refers to the existence of a group of people or companies that have certain needs, and who have the will to meet them and economic capacity to acquire the services or goods necessary for this,<u> in this case James les He offered the good or service to meet this need.</u>
Answer:
B. 1.291%
Explanation:
The computation of the standard deviation is shown below;
= 2000 + 2001 + 2002 + 2003
= 0.5 × 14% + 0.5 × 16% + 0.5 × 15% + 0.5 × 17% + 0.5 × 16% + 0.5 × 18% + 0.5 × 17% + 0.5 × 19%
= 15% + 16% + 17% + 18%
= stdev( 15% + 16% + 17% + 18%)
= 1.291%
Hence, the correct option is b.
