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Improvement in technology calls for?
a. shift the demand curve to the left
b. shift the supply curve to the right
c. shift the supply curve to the left
d. move along the supply curve
An improvement in technology shifts the supply curve outward (to the right) because the cost to produce the good decreases, so they can make more products at a lower cost...
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Somalia is the biggest producer of banana in the world. Bad weather conditions lead to a very low production. Show the effect on the world's banana market byusing demand and supply curve
If Somalia is the biggest producer of banana in the world and bad weather conditions lead to a very low production, then the world's supply of banana will decrease, the...
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determinants of supply leads to a movement along the supply curve or a shift in the supply curve.
There will be moving along with the supply curve if the price of goods changes. However, non-price-related factors that alter the supply of an item, such as technological advancements or...
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Given that the world supply curve is horizontal at the world price for a given good, can a subsidy on imports raise welfare in the importing country? Explain your answer.
The subsidy on imports can raise the welfare in the importing country when the import meets the needs of many people. The increase in demand will be based on the...
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If the supply of corn by the Namibia is Q_n=a+bp and the supply by the rest of the world is Q_r=c+ep, what is the world supply? What is the world inverse supply?
The world supply can be calculated as follows: Q_w = Q_n + Q_r So, Q_w = a + bp + c + ep = a + c + p(b +...
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What will happen to the equilibrium quantity and price of corn if the price of butter (a complement) increases and the price of fertilizer decreases?
Since corn and butter are consumed together, an increase in the price of butter would cause a decrease in the demand for corn. Hence, the demand curve of corn would...
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Define Supply and Law of Supply giving examples of how determinants of Supply can change the quantity supplied.
The price of the product/service is the most evident predictor of supply. If all other factors are equal, a product's supply increases if its relative price is higher. The reason...
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3.If the price of corn decreased from $4.00 to $3.00 a bushel, what would be the change in total revenue for sellers of corn?
Total change of revenue in this case will depend on the number of corn pieces sold by a farmer:delta = ($4 x sales volume) - ($3 x sales volume)
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<ol><li>Provide an example of perfect competition from either “King Corn” or “Food, Inc.”</li><li>Explain how this example fits the definition of perfect competition. </li></ol>
Improving production, reducing production costs, automating all processes, optimizing the structure of enterprises - all this is an important condition for the development of modern business. What's the best way...
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1. Profit Maximization for Corn-Soybean Farm
When a profit-maximizing firm makes a choice of factors of production and volumes of output, it thereby reveals two points: first, the selected volumes of factors of production and outputs...
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