The average price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $330.35. B) $450.25. C) $354.54. D) $254.54.
C
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The wealthy nations of the world have
a. the largest populations. b. more supplies of natural resources. c. more supplies of capital. d. larger labor forces.
Most economists believe that technology ______.
a. drives productivity and growth b. increases natural resources c. hinders physical capital d. limits free markets
When there is an excess quantity supplied in the market
A. the price will increase, causing a decrease in demand and an increase in quantity supplied. B. the price of the product will increase, causing a decrease in quantity demanded and an increase in supply. C. the price of the product will increase, causing a decrease in demand and an increase in supply. D. the price of the product will decrease, causing an increase in quantity demanded and a decrease in quantity supplied.
Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. If the price per pizza is $12, there is an excess
A. demand of 400 pizzas. B. supply of 300 pizzas. C. demand of 600 pizzas. D. supply of 900 pizzas.