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Fixed cost are the expenses that do not change with the change in the level of production. Example: Rent, insurance, salaries.
Law of supply shows a direct relationship between the price and supply where if the price increases the supply also increases and if the price decreases supply decreases.
Demand curve is downward sloping curve.
Cross-price elasticity of Demand=(%change in quantity demanded of a good X)/(%change in the price of good Y)
Total cost(TC)=Fixed cost +Variable cost ,Total cost=Average cost per unit *output =$5*10=$50 , Therefore the TC for 10 units is $50
A rightward shift in Demand curve occurs due to increase in the quantity demanded of a product or service at the same price. Causes
for it: increase in consumer income, change in preferences, increase in the price of substitute, decrease in complimentary goods, population growth.
GDP stands for Gross Domestic Product. GDP calculates the total value of goods and services produced within a country's borders
in a given period, typically a year.
Market equilibrium is a fundamental concept in economic that refers to the point where the quantity demanded by consumers equal quantity supplied by producers, resulting in a stable market price. If the price is below the equilibrium, there is a shortage. That means less supply, excess demand .If price is above equilibrium, there is a surplus. That means less demand, excess supply.
Monopoly-A single seller on the market, unique products with no close substitutes, high barrier to entry, considerable control over price.
Fixed cost -cafee space 800, monthly insurance 200.
PED=%change in quantity demanded/%change in price, 1. %change in quantity demanded=((New quantity demanded-Old quantity demanded)/Old quantity demanded*100=((400-300)/300)*100=(100/300)*100=1/3)*100=33.33%
2. %change in price=[(New price-Old price)/Old price]*100=[(10-9)/9]*100=[(1/9)*100=11,11%, PED=1/2=33,33%/11,11%=3%
is greater than 1 i.e. Elastic
Fixed cost=500+200+300=1000, Variable cost=200+100=300, Total cost (TC)=FC+VC=1000+300=1300, The TC for the company this month is £1300, AC+TC/OUTPUT; MC=CHANGE COST/CHANGE IN OUTPUT
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