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When economists talk about a demand schedule for a product they mean?
A demand schedule is a table that shows the quantity of a product that consumers are willing to purchase at various price levels over a specific period. It illustrates the relationship between price and quantity demanded, typically demonstrating that as prices decrease, the quantity demanded increases, and vice versa. This tool is essential for understanding consumer behavior and market dynamics.
What is a supply of a product?
The supply of a product refers to the total amount of that product that producers are willing and able to sell at a given price over a specific period. It is influenced by various factors, including production costs, technology, and market conditions. Generally, as prices increase, the quantity supplied tends to rise, reflecting the positive relationship between price and supply. Conversely, a decrease in price usually leads to a lower quantity supplied.
What does market period means?
it is a period in which producers of a product are unable to change the quantity produced in response to a change in its price and in which there is a perfectly inelastic supply.
Explain why you calculate the nominal GDP and the real GDP?
If we compared the GDP's of two periods, we can not really tell if there was an increase or decrease from the previous period, hence the GDPP(snd stsndsrd of living). Real GDP can tell us this because we take a reference base year price and calculate the GDP of the periods. What is actually considered here now is if there 's a change in the quantity of goods. If we used just the nominal GDP: which is the 'true GDP' that period, it will be impartial to do comparism because there might have been an increase in price but same quantity of goods (or even less). Remember, when we talk about GDP, we basically mean the total amount of production: think of it as quantity of production.
The period in which at least one input is fixed in quantity is the?
long run
When economists talk about a demand schedule for a product they mean?
A demand schedule is a table that shows the quantity of a product that consumers are willing to purchase at various price levels over a specific period. It illustrates the relationship between price and quantity demanded, typically demonstrating that as prices decrease, the quantity demanded increases, and vice versa. This tool is essential for understanding consumer behavior and market dynamics.
What does market period means?
it is a period in which producers of a product are unable to change the quantity produced in response to a change in its price and in which there is a perfectly inelastic supply.
What is committed quantity?
Committed quantity refers to the amount of a product or service that a company has agreed to purchase or sell within a specified period. It can also refer to the quantity of an item that is firmly allocated or reserved for a particular purpose or customer.
What is an example that you can use for quota?
quota is alimit set on the quantity of a product that may be imported or exported within a given period
What is warranty obligations?
Warranty Obligations are estimated obligations arising out of a product warranties. Product warranties require the seller to correct any deficiencies in quantity, quality or performance of the product or service for a specific period of time after the sale.
What will the frequency of a wave do if the period of the wave increases?
If the period increases, the frequency decreases.The product of (frequency) times (period) is always ' 1 '.
Definition of total product?
Total product refers to the overall quantity of output produced by all units of a factor of production (such as labor or capital) over a specific period of time. It measures the total output generated by a given level of input.
What is represented by the product of velocity and time?
The product of velocity and time gives displacement, which represents the distance and direction an object has moved over a specific time period. Displacement is a vector quantity, meaning it has both magnitude and direction.
Explain why you calculate the nominal GDP and the real GDP?
If we compared the GDP's of two periods, we can not really tell if there was an increase or decrease from the previous period, hence the GDPP(snd stsndsrd of living). Real GDP can tell us this because we take a reference base year price and calculate the GDP of the periods. What is actually considered here now is if there 's a change in the quantity of goods. If we used just the nominal GDP: which is the 'true GDP' that period, it will be impartial to do comparism because there might have been an increase in price but same quantity of goods (or even less). Remember, when we talk about GDP, we basically mean the total amount of production: think of it as quantity of production.
How does Economic order quantity differ from economic production quantity?
Economic Order Quantity (EOQ): in this method, our interest is on the raw material that we are going to use in the production. However, we need to do the EOQ method for each kind of raw material, if the product needs multiple material to be manufactured. Usually, this type of analysis is one shot method, because the period we are planing to order for is long (the assumption is that the period is non-ending). As for Economic Production Quantity (EPQ): The concentration is one the final product , which has been manufactured in the plant. This analysis is done once just like EOQ. A company could have more than one product that is when we do this method for each product. Here we assume that the production rate is greater than the demand rate. in this case we will need to manufacture the product for a certain period (production uptime). Then we stop the production (production shutdown) until the next uptime, which should be around the time where the inventory is near finishing. For the case where the demand is greater than the production you just produce the maximum amount you can.
What is a negative percent of change called?
A negative percent of change is called a "decrease" or "decline." It indicates that the value of a quantity has reduced over a specific period. In mathematical terms, it reflects a negative change in comparison to the original value.
1.Explain different disciplines for the development of organizational behavior.?
The human body is the end product of a long period of evolution, stretching back millions of years.
