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1 year ago

Describe, in your own words, the principal concepts in the production possibilities frontier economic model.

1 answer:

7 0

The principal concepts in the production possibilities frontier economic model includes scarcity, choice, and tradeoffs.

<h3>What is a production possibilities curve?</h3>

It refers to the economic model that shows the maximum combinations of goods and services or any two categories of goods that can be produced from a fixed amount of resources.

The model of Production Possibilities Curve are used to show the tradeoffs associated with allocating resources between the production of two goods. It can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, contractions as well.

In conclusion, the importance of production possibilities curve is that it helped demonstrate the maximum possible output of goods given a set amount of resources.

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The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the perf

ipn [44]

Answer:

Revenue recognition principle.

Explanation:

The revenue recognition principle states that revenue is recognized in the accounting period in which the performance obligation is satisfied. The cash-basis of accounting is in accordance with generally accepted accounting principles.

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2 years ago

The total cost (in dollars) of manufacturing x auto body frames is C(x)=60,000+400x. (A) Find the average cost per unit if 20

Nesterboy [21]

Answer:

a) Average price per unit = 700

b) average marginal cost = -1.5 dollars/frame

c) For 201 frames are produced = $698.5

Explanation:

Given Data:

C(x) = 60000 + 400x

a) Average cost for 200 units:

Total Cost of 200 units will be:

C(200) = 60000 + 400(200)

C(200) = 140,000

Total Cost of 200 units = 140,000

Average price per unit = Total Cost / number of units

Average price per unit = 140,000/200

Average price per unit = 700

b) Marginal Average Cost:

We know that marginal cost = $C^{'}$ (x)

And the average marginal cost = $\frac{d}{dx}$ $\frac{C(x)}{x}$

So,

= the derivative of ( $\frac{60,000 + 400(x)}{x}$ )

= the derivative of ( $\frac{(60,000)}{x} + 400$ )

= $\frac{-60,000}{x^{2} }$ + 0

So,

average marginal cost = $\frac{-60,000}{x^{2} }$

at x = 200 units

average marginal cost = $\frac{-60,000}{200^{2} }$

average marginal cost = -1.5 dollars/frame

c) Average cost per frame if 201 frames are produced:

We already seen in the part b that, the average marginal cost is decreasing by 1.5 dollars /frame. So,

if 201 frames are produced the instead of 200 then the difference is of 1 frame and we discussed that average marginal cost of 1 frame is decreasing at 1.5 dollars per frame.

So,

As we know the average cost from part a = 700 dollars.

Therefore, for 201 item = 700 dollars -1.5 dollars

For 201 frames are produced = $698.5

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3 years ago

What effects did the great depression have on the credit industry

NikAS [45]

It expanded the credit industry because all americans credit was effected by the great depression

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3 years ago

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in a buying center, the person who has the formal or informal power to choose or approve the selection of a supplier or brand i

Archy [21]

The answer is that the person is known as "decider".

<span>There are many people present in an organization or company who are involved in the purchase decision, these people together makes a buying center. In buying center all those people have their own roles and are known as according to their roles. such as, purchasers, users, initiators, evaluators etc.</span>

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3 years ago

In which performance technique are managers given a total of three statements of performance per dimension and asked to indicate

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3 years ago