Law of supply-sunrise surf shop

Assignment Help Microeconomics
Reference no: EM1366975

Law of supply

Sunrise Surf Shop is willing to produce 30 surfboards in a month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to produce 70 surfboards. This is an example of the law of supply. Do you agree or Disagree?

Reference no: EM1366975

Questions Cloud

Explain diffie-helman protocol for sending message : In Diffie-Helman protocol, the common modulus is selected as n = 19 and the generator g is chosen to be 2. Alice and Bob select numbers 6 and 10 privately.
Determine the annual net cash cost of borrowing : Ron's Pharmacy has collected $600 in sales taxes during the March. If sales taxes must be remitted to state government monthly, what entry will Ron's Pharmacy create to demonstrate the March remittance?
Pay-for-performance programs : Pay-for-performance programs use financial incentives to enhance quality of health care and/or contain costs. What are the pros and cons of this approach?
C program to compute parking fare for customers : Write C program to compute parking fare for customers who park their cars in parking lot when following information is provided: A character showing type of vehicle: C for car, B for bus and T for truck
Law of supply-sunrise surf shop : Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.
Ethical concerns health care management : Find out what ethical concerns health care management or administrator professionals have to contend with resulting from the supply and demand of insurance.
Determining effect of subsidy : What effect will each of the following have on the supply of automobile tires?
How cost of box is evaluated in lookup table : Cost of box is determined by looking up value in a lookup table. Shipping cost also is determined by looking up value in a lookup table. Use table at cells H23:J28 with a VLOOKUP function to determine cost of a box.
Question on inelastic demand : Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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