Answer:
(B) U(c,f)=min{2c,f}
Explanation:
This is an example of Leontif utility function which states that the preferences of a consumer is to a constant ratio of quantities of two or more goods in his demand bundles and having an extra unit of a single good will not increase the utility of the consumer and will make the extra unit to waste. But having more units of all the goods in the demand bundle which maintain the constant ratio will increase the utility of the consumer.
A good example usually used in economics is that of a pair of shoe. Having one right and one left of a type of shoe gives a consumer utility at a constant ratio of 1:1, and increasing each leg by multiple of one at every point in time will increase the utility of the consumer, while increasing just only one makes the utility not to change. For instance, having only two left shoe will not give the consumer any utility and make both the left shoe useless.
In the question, the ratio of cups of corn meal, denoted by c, and cups of flour, denoted by f, is 2:1. This implies that to increase the utility of the consumer, c has to increase by a multiple of 2 at every point in time while f has to increase by one at the same point in time to maintain the constant ratio of 2:1. Increasing only c by 2 or only f by 1 will maintain the constant ratio and it will lead to a waste of the increased unit of the affected commodity.
Therefore, option (B) U(c,f)=min{2c,f} is the correct answer that gives a constant ratio of 2:1 = 2c:f.
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Answer: Unemployed and in the labor force
Explanation: The labor force is the term that is used for the total of population that comes into the range of employment age, and are either employed or unemployed.
Unemployed refers to those individuals who are seeking for a job but are not getting one.
In the given case, Sheila is laid by her employer temporarily, thus she cannot be considered employed but still she is part of labor force.
Answer:
Entry for depreciation recognition:
Dr Depreciation Expense $2750
Cr Accumulated Depreciation $2750
Explanation:
Now we will add depreciation expense to the total expense which shows an increase in expenses. Likewise the accumulated depreciation will also be increased by $2750 which means it must be added to accumulated depreciated and entered as increase in the box with a positive sign.
Answer:
a-3 / b-2 / c-4 / d-1
Explanation:
<u>Notes to financial statements</u>: Includes a summary of significant accounting policies and explanations of specific items on the financial statements.
The notes are required by the full disclosure principle. Also referred to as footnotes. Provide additional information pertaining to a company's operations and financial position.
<u>Report of independent registered public accounting firm:</u> Attests to the fairness of the presentation of the financial statements.
is a process designed to provide reasonable assurance regarding the reliability of financial reporting.
<u>Management's discussion and analysis of financial condition and results of operations (MD&A):</u> Is written by the company to help investors understand the results of operations and the financial condition of the company.
Disclosure is mandatory where there is a known trend or uncertainty that is reasonably likely to have a material effect on the registrant's financial condition or results of operations
<u>Financial statements</u>: Includes the income statement, balance sheet, statement of stockholders' equity, and statement of cash flows.
are reports prepared by a company's management to present the financial performance and position at a point in time.
A Contingency planning management team is responsible for the development of the contingency process and in the oversights of the subordinate plans
Explanation:
When the outcome that is not expected and for the outcome that is in the exceptional risk and the the plans that would often have a catastrophic sequence are often called as contingency plan
They are most often planned by the governments and they include the natural disasters like the hurricanes the earth quakes and in business the crises that are threatening the employees such as job injuries and the work site accidents all of them are supervised by the contingency plan management team