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1 year ago

When collective decision making is utilized to resolve economic questions regarding the allocation of resources,

1 answer:

6 0

When collective decision making is utilized to resolve economic questions regarding the allocation of resources, the role of markets will be replaced by political decision making.

What is a collective decision?

When two or more individuals analyze, choose, or use a good or service, collective decision-making is taking place. Members participate in the decision-making process in both families and organizations in a variety of ways.

How do economists solve the problem of scarce resources?

The government decides what to produce and allocates the resources according to its decisions. Another method the governments use to solve the problem of scarcity is by raising prices, but they must make sure that even the poorest consumers can afford to buy it.

Learn more about scarcity of resources: brainly.com/question/17766279

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Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead

kupik [55]

Answer:

Underapplied Manufacturing Overhead $23,000

Explanation:

Sawyer Manufacturing Corporation

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base

= $300,000 ÷ 52,000 direct labor hours

= 5.7 Approximately $6 per direct labor-hour

Overhead over or underapplied Actual MOH

= 365,000

Applied MOH = $6 x 57000 = $342,000

Underapplied Manufacturing Overhead = 365,000-342,000 = 23,000

Therefore The Corporation's applied manufacturing overhead cost for the year was $23,000

8 0

3 years ago

dupe's age and olu's add upto 25 years. Eight years ago , dupe was twice as old as olu. how old are they now?

Bas_tet [7]

Dupe's present age = 14 years

Olu's present age = 11 years

Explanation:

Let Dupe's age be x. Let Olu's age be y. Since their ages add up to 25 years, x + y = 25
Eight years ago Dupe's age was double that of Olu's age. Solving by simultaneous equations. Four methods are Elimination Method, Graphical Method, Substitution Method, and Matrix Method. Let us try out Elimination method for solving a pair of simultaneous linear equations that reduces one equation to one that has only a single variable. Once this has been done, the solution is the same as that for when one line was vertical or parallel.
Therefore, eight years ago, Dupe's age was 6 and Olu's age was 3 so that x=2y becomes, 6=2*3. Eight years hence, x=6+8=14 and y=3+8=11. That makes, x or Dupe's age as 14 years and y or Olu's age as 11 years.

6 0

3 years ago

A customer, who needs to drive to work in a Wisconsin winter, has a critical need to use the product Ice Melt. For him as a cons

Blizzard [7]

Answer:

Urgency / Postponement leads to customer inelastic demand of ice melt.

Explanation:

Elasticity of demand is responsive change in demand of good, due to change in price. Formula = % change in demand / % change in price

Factors Affecting Price Elasticity of Demand : Nature of commodity, Income, substitutes availability, time period, urgency / postponement, share in total expenditure,

Inelastic Demand is when demand responds proportionately less to price change. % change in demand < % change in price

Case 'Customer critically needs ice melt to drive to work' : This has inelastic demand i.e demand less respondent to price changes (he will buy that at high price too). Such because of the urgency of this demand & less scope of its postponement.

5 0

3 years ago

When researching your perspective business, it’s most important that you know your product and your

professor190 [17]

When researching your prospective business you should focus on your product and target customers.

6 0

3 years ago

On January 1, Jamaica Company purchased equipment for $18,000. The estimated salvage value is $2,000 and the estimated useful li

Elanso [62]

Answer:

Depreciation expense on third year is $2,400

Explanation:

First, we must compute the depreciation expense for the first 2 years.

($18,000 - 2,000)/5years = $3,200 depreciation expense per year.

Second, let’s compute the net book value before the adjustment.

$3,200 x 2 years = $6,400 (total depreciation for 2 years)

$18,000 - $6,400 = $11,600 (Net book value before adjustment)

Finally we can now compute the Depreciation expense on the third year.

($11,600 - $2,000) / 3+1

$9,600/4 = $2,400 (new depreciation expense on third year)

8 0

3 years ago