Why does the supply curve slope upward
Explain the law of supply. Why does the supply curve slope upward?
Expert
As prices rise because of increased demand for a commodity, producers find it more and more profitable to increase the quantity they offer for sale whereas supply curve will slope upward from left to right. Clearly, firms would rather sell at a higher price than at a lower price. Furthermore, it is essential for firms to demand a higher price as they increase production. This comes about because as they produce more, they initiate to run up against capacity constraints and costs rise. As manufacturing increases firm will need to add an extra shift and then a third shift, mutually conceivably at higher wages. It may run out of warehouse space and have to rent at higher cost from another firm.
Instruction: McDonald's vs. Burger King - these two fast food chains use different waiting line design: Independent queue vs. pooled queue. To compare the two different queue systems on equal footing, let's assume that we pick a McDonald's sto
Give a brief introduction of the term Control Principle?
Write short note on Demand?
Illustrate the 6 basic supply determinants of other than price?
For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi
Relative to other systems, economies in that people exchange goods or resources directly along with other people for other goods or resources without using money like a usual denominator rely relatively heavily upon: (i) barter. (ii) specialization. (
Briefly describe Net income approach? Named who recommended this theory?
Why an economic problem does arise? Answer: It arises due to following reasons: A) Shortage of resources. B) Alternative utilizations of resources. C) Limitless wants and limited resources.
When turkey is $1 per pound and the relative price of ham to turkey is 2, in that case a pound of ham costs: (i) 50 cents. (ii) 1/2 pound of turkey. (iii) 2 pounds of turkey. (v) 12 pesetas. (iv) 5 euros. How can I
18,76,764
1933594 Asked
3,689
Active Tutors
1439943
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!