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2 years ago

Is/are also called factors of production since they are transformed into output during the production process?

1 answer:

6 0

Land, labor, entrepreneurship and capital are called factors of production since they are transformed into output during the production process.

Factors of production are needed for the production of goods or a service.

Land as a factor of production include the every type of land and the various goods received from it such as oil, gold etc. It can be agricultural land to any real estate commercial land.

While defining labor as factor of production we use their potential to work.

Capital includes money used for performing various functions of production. It is the primary driver of the production.

Entrepreneurship is that element which combines all other factors of production to form a single product or service.

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Last year a large trucking company delivered 9.5 x 10^5 tons of goods with an average value of $20,000 per ton. What was the tot

Reika [66]

9.5 x 10^5 = 950.000
950.000 x 20.000 = 19.000.000.000
the decimal of 19.000.000.000 is 1.9 x 10^9

hope this help

7 0

3 years ago

Read 2 more answers

Shelton, Inc. has sales of $435,000, costs of $216,000, depreciation expense of $40,000, interest expense of $21,000, and a tax

Ad libitum [116K]

Answer:

The Income Statement is-

Sales = $435,000

Costs = 216,000

Depreciation = 40,000

EBIT= $179,000

Interest = 21,000

EBT = $158,000

Taxes = 55,300

Net income = $102,700

I have done this question before in my "Money Management" Dual enrolled class.

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3 years ago

Stan has a summer beach cottage that he has owned for many years. The cottage is valued at $ 125 comma 000. This year, Stan spe

anzhelika [568]

Answer:

Case 1. $850

Case 2. $2.300

Explanation:

Improvement in cottage would cost (250 + 600) = 850. So, increase in GDP is 850.

If he actually hired the painter total cost would be (1.000 + 250 + 450 + 600) = 2.300. So, increase in GDP is 2.300

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3 years ago

Milk is used in the production of cheese. Cheese and tofu are close substitutes in consumption. Milk and oreos are complements i

disa [49]

Milk is used in the production of cheese. Cheese and tofu are close substitutes in consumption. Milk and Oreos are complements in consumption. Suppose that the price of Oreos increases, how does this affect the market for tofu?

The correct answer is decreasing in price will increase the quantity demanded.

<h3>Why does price decrease when demand increases?</h3>

If demand does not change, there is an inverse relationship between the supply of goods and services and the price. As the supply of goods and services increases with the same demand, prices tend to fall to lower equilibrium prices and higher equilibrium quantities of goods and services.

The relationship between price and demand is negative. H. They are inversely proportional. The inverse relationship means that when the price of a product goes up, the demand for that product goes down, and vice versa. This is due to the law of reducing marginal utility.

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8 0

2 years ago

Leh Inc. recently borrowed $275,000 from its bank at a simple interest rate of 9 percent. The loan is for nine months and, accor

Andreyy89

Answer:

Monthly payment =$32,618.05

Explanation:

<em>To arrive at the monthly installment, we would calculate the total interest due on the loan for nine months, add it to the principal and then divided the sum by 9 months</em>

<em>The monthly installment</em>

= (Principal + total interest for 9 months)/ number of months

<em>Interest for 9 months </em>

= 9%× 9/12 × 275,000

= $18,562.5

<em>Monthly installment</em>

= (275,000 + $18,562.5)/9

=32,618.05 per month

3 0

3 years ago