If dairy famrers use automatic milking machines instead of milking by hand, which economic question do they have to answer?

Q: is father of economics

A: Adam Smith is popularly called the Father of Economics.  He is famous for his book - The Wealth of…

Q: What does the rise of alternative products like Puff Bar tell you about the overall role of market…

A: Electronic cigarettes (e-cigarettes) extend the market to smoking as well as non-smoking men, women,…

Q: What are the positive and negative effect of economic factors to the operation system?

A: An economic factor is anything that might potentially change or affect a person's financial…

Q: Suppose your doorbell rings and it is your neighbor's son, offering to weed your flowerbed, which…

A: In the given situation it is best recommended for owner to pay based on performance or pay based on…

Q: Is economics related to marketing?

A: In a market economic activities refers to the primary activities of a business or a household when…

Q: Can you explain donut economics

A: Economics: It describes the interaction of people with value.

Q: what is demand in micro economics

A: Demand is the number of consumers who are able and willing to purchase goods at a range of prices…

Q: hat is economic firms market ?

A: Market refers to a place at which buyers and sellers of goods or services comes in contact with…

Q: For each prompt below, carefully and thoroughly follow the directions. For the graphs, be certain to…

A: Introduction  AD (Aggregate Demand ) Aggregate demand in the economy represented the overall demand…

Q: What is production efficiency

A: Production efficiency is an economic term.

Q: Unit 1-Comparing Governmer Internet Users Education & Literacy Rates Economy & Natural Resources…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: For the demand function P = 221 √Q+3 a) Find the value of Q when P = 17 b) Find the price elasticity…

A: PED is a measure used in economics to quantify the responsiveness of the quantity demanded of a good…

Q: Qn.5 (a) Using graphs and an example, distinguish between the following: - \ (i) Saw-tooth and…

A: Macroeconomics is a sub-part of economics that is used to understand, the policies and fiscal…

Q: Why is competition important in a free market? How can competition affects privces?

A: Free market: Free market is an economic system that is very much dependent on the demand and supply…

Q: Popular software can cost thousands of dollars even though the marginal cost of producinganother…

A: Meaning of Marginal Cost: The marginal cost refers to the situation under which the firm or an…

Q: 1. Which of the following investors is best suited to an investment objective that is mainly focused…

A: The investor who is best suited to an investment objective that is mainly focused on generating…

Q: Describe the various cost components that affect the retailgasoline price?

A: Gasoline is one of the many petroleum products which is made by refining crude oil. The price of…

Q: 74) Explain the three possible ranges for price elasticity of demand.

A: ("Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: A consumer of two goods has indirect utility v(p, w) = P₁ 1/2 + P₂ (a) Find the indirect…

A: An indirect utility function is the utility or satisfaction that a customer derives from a product…

Q: What is the relationship between refinery complexity and the types of crude it can refine?

A: In economics, crude oil is widely used natural resources as it is used to make different types of…

Q: What is the profit potential?

A: Profit potential is the difference between the expected revenue and the overall cost of the product.…

Q: What is the difference between an Internal Customer and an External Customer? Why are both equally…

A: External Customers are those customers to whom the business is having business dealing for selling…

Q: A drugstore will sell Elmo as much Coke as he wants at a pric The salesperson will take any…

A: Indifference curves refers to the locus of points at which a consumer is equaly satisfied on all…

Q: Can you explain how imcome has a negative impact?

A: The question is about the impact of income and specifically asking about the negative impact of…

Q: markets

A: There are 2 kinds of market forms: Perfect and Imperfect market form. These includes markets like:…

Q: As an economist how will you evaluate the income effect on the technology

A: In a market, income effect refers to the total change in the value or amount of economic factors due…

Q: Why is market definition important for economic decision making?

A: Market: Market refers to the place where the buyers and sellers contact each other, and this…

Q: In your own words, why isn't the cost of producing a product sufficient to predict its market price?

A: The production cost directly impact the price charged for a good or service. As production costs…

Q: Rate ($ per hour) $20 Supply $16 $15 $14 $10 Demand

A: Efficient quantity occurs when quantity demand equals quantity supplied.

Q: How can the milk industry perform successfully in the future economy?

A: Milk is a important part of global food system and it is a source of income of the most rural…