Answer 1,6,11,12 and 15 plz Which of the following do you think would lead to an

Question

Answer 1,6,11,12 and 15 plz

Which of the following do you think would lead to an increase in the current demand for beef? higher pork prices higher consumer income higher prices of feed grains used to feed cattle widespread outbreak of mad cow or hoof-and-mouth disease an increase in the price of beef Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers? What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources? What happens to the value of resources when losses are present? If a firm making losses goes out of business, is this bad? Why or why not? 'What's wrong with this way of thinking? "Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supply of them was really low. Economists are wrong! What is the difference between substitutes and complements? Indicate two goods that are substitutes for each other. Indicate two goods that are complements.

Explanation / Answer

1(a) Higher pork prices.

6.,Many times, the equilibrium price is lower than the highest price some folks are willing to pay. For all consumers, this is called consumer surplus. Similarly, the price might be higher than the minimum price at which some are willing to produce. For all the producers, this is called producer surplus.

Economic efficiency is the use of resources so as to maximize the production of goods and services. An economic system is said to be more efficient than another (in relative terms) if it can provide more goods and services for society without using more resources

11.entrepreneurs Business is the buying and selling of products or services to make aprofit Employees are people who earn a living by working for someone else

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