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What does the ease of changing production to respond to price change determine?
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∙ 10y ago
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What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
What are the functions of price system?
1 It determines the allocation of scarce resources 2 It induce supply to respond to change in demand 3 It ration out scarce product 4 It indicate change in want 5 It is in use in the production of good and service 6 It determines the reward factors of production
What is the concept of the production possibilities?
Production possibilities is the extent of production in businesses. Production possibilities can change if resources increase within a business. Increasing labor can also change production possibilities.
A change is the money supply will change investment when?
Monetary policy will never be effective if interest rates: not respond to a change in the money supply, and investment spending does not respond to changes in the interest rate.
What is the between derived demand and joint demand?
Derived demand occurs when there is a change of customers' demand on particular product and produces have to buy new production equipment, which means that the change in consumer demand for a product affects demand for all firms involved in the production of that product. Joint demand has nothing to do with changing the production equipments. In this case, demand of the product depends on demand of its compliment. For example, demand on inc depends on demand on printers.
How does a system respond to change once it has reached equilibrium?
At equilibrium its not changing (any more).
What does changing scene mean in thertre?
'changing scene' means in theatre to change the background or sets from one part of the show to another. basically you change the sets from scene to scene if necessary in the theatre production
Changing form without a change in chemical properties?
This would be defined as a physical change. In chemistry, this would be defined as anything from a change in mass or volume to a change in state (solid, liquid, gas). As long as the substance does not change in molecular structure, it is mostly a physical change. Common indicators of a chemical change is change in color, production of light, production of extensive heat, production of uncommon smells, or even bubbling.
What is the role of the price system?
In economics, a price system determines the allocation of scarce resources and induces supply to respond to change in demand. It also rations out scarce product, indicates change in want, is in use in the production of goods and services, and determines the reward factors of production.
Why don't bacteria respond to change of surrounding?
Wrong, bacteria do respond to change of surrounding.
What are the functions of price system?
1 It determines the allocation of scarce resources 2 It induce supply to respond to change in demand 3 It ration out scarce product 4 It indicate change in want 5 It is in use in the production of good and service 6 It determines the reward factors of production
Why variable cost is that it ignore the increasing importance of fixed cost in modern manufacturing?
variable cost ignore the increasing importance of fixed cost in order to determine thecost of production.on computing the cost of production we basing on variable cost because variable cost change as productivity change that we eliminate the fixed cost to determine cost of production.
Is changing shirts a physical change?
Changing shirts is a physical change.
What determines the difference between a variable and a fixed cost?
The relataionship of cost between the level of production is determine the fixed or variable cost if cost change with production level then it is variable cost otherwise fixed cost.
Can I change my 6 months old Arabian mare name And will she respond to it?
Yes it will you can change the name as much as you want and it will respond
Is sugar changing to alcohol a chemical change?
Sugar changing to alcohol is a chemical change.
What things able to respond to change?
Just about everything is able to respond to change. Living things respond to various stimuli. Inorganic matter, such as rock, responds to environmental change. Only living thing will make some kind of decision to change.
