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QuestionAnswer
How does the law of demand work? iphone comes out price is high some buyers. But some people will wait because they know the price is gonna come down
3 boxes how individual demand for product plays out in market individual demand a + individual demand b = market demand
Give an example of marginal utility eventually reaches diminishing marginal utility keep adding and no more satisfaction.ex hashbrowns
Give an example of two compliments Personal computer and software
Give an example of a substitute splenda and sugar
Consumer will likely buy table salt no matter the price because of the need this is________ inelastic
What are the 3 questions economists ask when determining the product’s elasticity can it be delayed, does it take up a large portion of income, if there is a substitute.
The law of supply of state that people will try and sell more at ___ than at ____. High…. Low
Definition of supply schedule listing of the various quantities of a particular product supplied at all possible prices in the market
All normal supply curves slope from the ___ to the ____. Lower left to upper right
___ is measured in the way of which quantities supply responds to change in price supply elasticity
3 stages of production increasing returns, diminishing returns, negative returns
Example of a business with low fixed cost online business
Formula to figure of total cost total cost = sum of fixed and variable costs
Formula for total revenue number of units sold x price per unit
Example of how law of demand works price goes up demand goes down- price goes down demand goes up
Created by: hwheel