Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
a. A major freeze destroys a large number of orange trees in Florida
Ans- Since the freeze destroyed a large number of orange trees in Florida the number of oranges the sellers can offer for sale would decrease. Due to the reduced supply the price would rise. Other things being constant, quantity demanded would contract due to rise in price.
b. The scientists in the agricultural extension service of the University of Florida discover a way to double the number of oranges produced by each orange tree.
Ans- The new technique would result in an increased supply of oranges. This would lower the price of oranges. Other things being constant, quantity demanded would rise due to fall in the price of oranges.
c. The American Medical Association announces that drinking orange juice can reduce the risk of heart attack.
Ans- Due to this announcement made by the American Medical Institute more people would prefer to have orange juice to avoid the risk of heart attack. This would increase the demand for orange juice and thus will raise its price. Other things being equal higher the price, higher is the quantity supplied.
d. The price of Florida grapefruit falls
Ans- The fall in price of grapefruit would on one hand result in a higher quantity demanded and on the other hand sellers would be less willing to offer a larger quantity for sale at reduced price. The sellers and buyers would negotiate a price at which they are fully satisfied and have no tendency to deviate from it. This will be the equilibrium price at which quantity demanded and supplied are equal.
Characteristics of Money Over time, therefore, it became clear that for an item to act as money it must possess the following characteristics. Acceptability If
Practical Importance of the knowledge of Price Elasticity of demand The practical importance of the measures of elasticity of demand is to be appreciated in various ways:
Exceptional supply curves In have some situations the slope of the supply curve may be reversed. i) Regressive Supply. In this case, the higher the price within a ce
incrimental principle
Q. Avoiding Surplus and Inadequate Production? Demand forecasting is essential for the new and old organisations. It is somewhat necessary if an organisation is engaged in larg
What are the limitations of managerial ecomimics
THE GOVERNED ECONOMY The governed economy contains central authorities often simply called "the government" - who levy taxes on firms and households and which engages in numer
write a note on marris growth maximising model?
The institutional intervention theories Collective bargaining provides an example of what is sometimes called bi- lateral monopoly; the trade union being the monopolist suppli
Define concept of Managerial decision-making Managerial decision-making draws on economic concepts as well as techniques and tools of analysis provided by decision sciences. T
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd