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need these 5 questions answered. The following are the reasons for why the Supply Curve has a positive slope (Law of Supply), EXCEPT: Due to
need these 5 questions answered.
The following are the reasons for why the Supply Curve has a positive slope (Law of Supply), EXCEPT: Due to increasing marginal cost in production of x as production of x increases. Due to increasing cost of factors of production as production of good x increases. Due to increasing profits coming from highermarket prices for good x. Due to the entrance or less efficient producers as market price increases. Question 4 (2 points) The following is the general condition for Producers to attain an OPTIMAL level of Production on a particular good X. Notation here: MBx : Marginal Benefit of production for X MCx : Marginal Cost of production for X Px* : Market Price for X MBx=Px Question 5 ( 2 points) Th following factors can potentially shift (up or down) the Supply Curve for a good X, EXCEPT: Change in Cost of Inputs for production of good x. Change in Market Price for good x Change in Marginal of Production for good x. Change in Producer's Expectations affecting good x. The following factors can potentially Shift Up (Increase) the current total demand for gasoline, EXCEPT: Increase in current income of consumers. Increase in general weather temperatures. Expected increase in the price of gasoline for the near future. Decrease in the price of electricity. Question 2 (2 points) The following are correct descriptions about the Supply Curve, EXCEPT: The Supply Curve represents the Maximum price the producer is able to charge to maximize profits. The Supply Curve represents the Minimum price producers are willing to accept per unit produced in order to cover the marginal cost. The Supply Curve reflects the segment of Increasing Marginal Cost of Production. As the price for good x in the market increases, the quantity of supply for good x is also expected to increase. The following is the general condition for Producers to attain an OPTIMAL level of Production on a particular good X. Notation here: MBx : Marginal Benefit of production for X MCX : Marginal Cost of production for X Px* : Market Price for X MBx=Px MCxStep by Step Solution
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