Expected to happen to the price and the demand of the gadget

Assignment Help Business Economics
Reference no: EM13984169

An eccentric scientist invent gadget and makes huge profits. Unfortunately, he is so preoccupied with his newly found fame and fortune that he forgot to secure a patent for his special product. a. What can be expected to happen to the supply of the gadget? b. What can be expected to happen to the price and the demand of the gadget?

Reference no: EM13984169

Questions Cloud

What is the role of the international monetary fund : What is the role of the IMF (International Monetary Fund) in the process of Economic Development of developing countries? On Dec 2, 2015, the IMF has upgraded the Chinese currency Renmenbi (the Yuan) to one of the world's reserve currency (so called ..
Included at all in these money supplies : Where would each of the items be included in M1, M2, or M3? Would any of the items not be included at all in these money supplies. Why? Items: clothes, real estate, bank CDs for $1000, $100 in cash, Credit card balance of $500 and a 1968 Ford Mustang..
What is the third world debt crises : What is the third world debt crises that was primarily attributed to the recycling of Petro dollars in 1970s and 1980s by International Banks in financing the development process of a several developing countries in Asia, Sub-Saharan Africa and Latin..
Demand schedule-cost of having the book typeset : The demand schedule for JK Rowling's book is Q=3000-100P. The cost of having the book typeset is $10,000 and then the cost of printing each copy is $4. How many copies should JK Rowling print?
Expected to happen to the price and the demand of the gadget : An eccentric scientist invent gadget and makes huge profits. Unfortunately, he is so preoccupied with his newly found fame and fortune that he forgot to secure a patent for his special product. a. What can be expected to happen to the supply of the g..
The demand schedule : The demand schedule for JK Rowling's book is Q=3000-100P. The cost of having the book typeset is $10,000 and then the cost of printing each copy is $4. How many copies should JK Rowling print?
Solow growth model with exogenous technological progress : The steady state of the Solow growth model with exogenous technological progress and Cobb-Douoglas technology predicts that the real rental rate (ie: the price) of capital will not exhibit long run growth if the capital input market clearing conditio..
Supply-side economists and monetarists : When Bill Clinton took office in January 1993, he faced two major economic problems: a large federal budget deficit and high unemployment resulting from a very slow recovery from the recession of 1990 to 1991. Some said at the time that without the F..

Reviews

Write a Review

Business Economics Questions & Answers

  Calculate the trade balance among the us

Calculate the trade balance among the U.S. also China for the period. Analysis by using appropriate examples.

  How business leaders use managerial economics to make

From the e-Activity, assess how business leaders use managerial economics to make business decisions indicating how profits may be impacted.

  Exerting influence on price elasticities of supply-demand

Elasticity shows the responsiveness of supply or demand to changes in price. What are the factors exerting influence on price elasticities of supply and demand? Think of another good that you have purchased recently (or you could continue with the go..

  What is the marginal revenue of a firm that sells a product

What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?

  Trade with country that has low level of output per person

Suppose that a country that has a high level of output per person agrees to trade with a country that has a low level of output per person. Which country can benefit?

  Informal collusion in an oligopoly market firms

Explain why if there is no formal or informal collusion in an oligopoly market firms are more likely to match a price cut by an individual firm than they are to match a price increase?   If firms in an oligopoly do indeed behave in this way (matching..

  Organizing a rock concert to benefit amnesty international

You are organizing a rock concert to benefit Amnesty International. The concert is to be held in a football stadium that has a seating capacity of 56,000. There are two types of seating: reserved and general.

  Measure of wartime production capacity

Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is n..

  The average fixed cost curve always has negative slope

The average fixed cost curve always has a negative slope because

  Federal government consider when evaluating the rising cost

Find the equilibrium price also quantity, then find elasticity of demand. Which should the federal government consider when evaluating the rising cost of college.

  What are the firms total costs at their production level

One firm has been contracted by a government agency to provide job training services to low income individuals. The marginal cost curve of the firm is MC=5+0.5Q There are no fixed costs. Firm 1 provides 120 hours of training services each week. What ..

  Market demand and supply functions

If this price floor is implemented, how many units of pork will the government are forced to buy to keep the price at $2.25.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd