Ask Question
BusinessBusiness
27 July, 16:38

When the price of flour was $10 per unit, total spending on flour was $100,000 per day. When the price of flour fell to $8 per unit, total spending rose to $125,000 per day. In this price range, the demand for flour is:

+2
Answers (2)
  1. 27 July, 17:23
    0
    Answer is demand increased.

    Refer below for explanation.

    Explanation:

    When the demand of the particular thing is more the price eventually increases as its directly proportional, whereas the demand of flour decreases the price eventually decreases. That is demand increased.
  2. 27 July, 19:22
    0
    Answer: demand increased

    Explanation: Increased prices tends to result in lower demand, and demand increases generally lead to increased supply. However, a decrease in price results to increase in demand. supply of different products responds to demand differently, with some products' demand being more sensitive to prices than others. In this case at $10, $100,00 worth of flour was sold, a decrease in price to $8 saw an increase in demand with about 15,625 worth of product sold compared to 10,000 when at $ 10 that's an increase of 5,625 in demand.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “When the price of flour was $10 per unit, total spending on flour was $100,000 per day. When the price of flour fell to $8 per unit, total ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Lisa and lena own a shop together. they are partners in their business of 2 years. lisa is a designer; lena is a seamstress. lisa worries that if lena becomes disabled, that would affect their business.
Answers (1)
What is the second step in communication planning? Determine the purpose of the message Outline the communication for delivery Determine the best channel of communication Clarify objectives Identify the audience
Answers (1)
In a cost reconciliation schedule, costs accounted for is computed by adding the cost of the beginning work in process and the cost of units transferred out. ending work in process and the cost of units started into production.
Answers (1)
An instructor who is free to choose the textbook, design the course content, and use any relevant materials when delivering lectures has high levels of a. task significance b. feedback c. autonomy
Answers (1)
Yesterday, Berryman Investments was selling for $90 per share. Today, the company completed a 7-for-2 stock split. If the total market value was unchanged by the split, what is the price of the stock today? (Do not include the $ sign in your answer).
Answers (1)
New Questions in Business
Explain what is meant by market research.
Answers (1)
Jean, a restaurant critic, publishes a review in a national daily that the sandwiches served at his friend's deli are usually not fresh. Tom, the owner of the deli, notices a significant decrease in customers after the review gets published.
Answers (1)
Why did the Soviet Union experience many surpluses and shortfalls? A) The labor force wasn't well educated B) The cold climate made farming hard C) Central planners could not manage every detail D) The country depended on imports to obtain resources.
Answers (1)
A hospitality operation has sales revenue of $462,000 with variable cost averaging 44%. Fixed costs are $188,000. The owner wants a net income after tax of $50,400 based on a tax rate of 28%. a.
Answers (1)
True or false fdr was eager to use deficit spending to end the economic crisis.
Answers (1)
Home » Business » When the price of flour was $10 per unit, total spending on flour was $100,000 per day. When the price of flour fell to $8 per unit, total spending rose to $125,000 per day. In this price range, the demand for flour is:
Sign Up Forgot Password?