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When the price of chocolate chip cookies increased to $3 per package, Samantha began to buy oatmeal cookies
instead. This situation is an example of the
The supply curve slopes upward because at a higher price, producers have
to produce more
The price of shirts declines dramatically. Javier now feels richer and buys more shirts than he normally would. This
situation is an example of the
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In business,what would be the input, conversion and output of operating a summer band camp

Bakery has bought 250 pounds of muffin dough. they want to make waffles or muffins in half-dozen packs out of it. half a dozen of muffins requires 1 lb of dough and a pack of waffles uses 3/4 lb of dough. it take bakers 6 minutes to make a half-dozen of waffles and 3 minutes to make a half-dozen of muffins. their profit will be $1.50 on each pack of waffles and $2.00 on each pack of muffins. how many of each should they make to maximize profit, if they have just 20 hours to do everything?

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.