A Decrease in Input Costs in the Production of LCD

question 31

Multiple Choice

A decrease in input costs in the production of LCD televisions caused the price of LCD televisions to decrease.Holding everything else constant,how would this affect the market for video game consoles (a complement to LCD televisions) ?

• A)The supply of video game consoles would increase and the equilibrium price of video game consoles would decrease.
• B)The demand for video game consoles would decrease and the equilibrium price of video game consoles would decrease.
• C)The demand for video game consoles would decrease because consumers could afford to buy fewer LCD televisions and video game consoles.
• D)The demand for video game consoles would increase and the equilibrium price of video game consoles would increase.

Understand the impact of compound interest on investment growth over time.

Estimate the initial investment amount given a future value, interest rate, and investment duration.

Understand the concept of Economic Order Quantity (EOQ) and how it affects inventory costs.

Calculate optimal ordering quantities to minimize the total inventory cost, including order and holding costs.

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Definitions:

Physiological

Physiological pertains to the functions and processes of the organs and systems within a living organism, often studied in the context of health and disease.

Maslow Hierarchy

A psychological theory proposed by Abraham Maslow that suggests human needs are arranged in a hierarchy, starting from basic needs such as food and shelter up to self-actualization.

Social

Pertaining to society or its organization, and also often indicating social interactions or social media platforms.

Physiological

Relating to the normal functions of living organisms and their parts.