The Demand and Supply Functions for Sweatshirts (The Basic Grey

question 84

Essay

The demand and supply functions for sweatshirts (the basic grey kind)are as follows:

The equations for the demand and supply functions above are as follows:
Qd = 20,000 - 500P
Qs = -8,000 + 3000P
a.Solve for the equilibrium price and quantity.(Hint: at equilibrium,quantity supplied equals quantity demanded.)
b.Assume the supply function changes to:
Qs = -5,000 + 3000P
Does supply increase or decrease? What is the new equilibrium price and quantity?

Comprehend and apply mathematical concepts like ratio, percentage, proportion, and their relationships.

Understand the correlation between Holland's vocational personality types and the Big Five personality dimensions.

Identify which Big Five personality dimensions predict work performance and job satisfaction.

Recognize various career paths and their corresponding vocational interests according to the Oregon Vocational Interest Scales and Holland's RIASEC model.

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Definitions:

Administrative Expenses

Overhead or general expenses related to the administration of a business, including office salaries, utilities, and legal costs.

Planning Budget

A budget prepared for a planned level of activity; it is used for planning and control purposes within an organization.

Administrative Expenses

Expenses that are not directly related to the production of goods or services, including salaries of administrative staff, rent, and utilities.

Activity Variance

The difference between budgeted and actual activity levels, used in managerial accounting to monitor performance and control costs.