Answer: d. the production function is unrelated to the marginal product.
Explanation:
production function helps show the relationship between the quantity of inputs used in producing a goods or service and the quantity of output it produces. Example; a bag of seeds produces 5 bushels of seeds.
While marginal output is an increase in the output of the product, when input is when input is constant.
In this case production is in to marginal product.
Answer. C Binding price floor that creates a surplus
Explanation: A government imposed price of $12 in this market is an example of a binding price floor that creates a surplus as the government has fixed the price of the goods as $12 due to which the floor price is fixed and the surplus is created as the price is too high that the demand of the goods decreases. This intervention by the government is to create surplus by binding the floor price.
Answer: $45,600
Explanation:
The Implicit cost is the opportunity cost. In other words, it is cost that was incurred because a revenue opportunity was sacrificed.
Sam sacrificed his salary as a pilot, his interest payment and the building he could be renting out.
His total implicit cost is;
= 40,000 + (10,000 * 6%) + 5,000
= $45,600
Answer:
Explanation:Part 1). Answer :- Sales of Ford Mustangs will decrease by 15 % (1.5 * 10 %).
Explanation :- Camaro and Ford Mustangs are substitute goods because the cross-price elasticity between Ford Mustangs and Camaro is in positive. Accordingly, with the decrease in price of camaro, the quantity sold of Ford Mustangs will also decrease.
Part 2). Answer :- Quantity of Ford Mustangs will decrease by 16 % (0.80 * 20 %).
Explanation :- Gasoline and Ford Mustangs are complementary goods because the cross-price elasticity between Ford Mustangs and Camaro is in negative. Accordingly, with the increase in price of gasoline, the quantity sold of Ford Mustangs will decrease.
Part 3). Answer :- Quantity of Ford Mustangs will increase by 15 % (3 * 5 %).
Explanation :- With the increase in income of consumer, the demand for normal good also increase. Accordingly, with the increase in consumer's income, quantity demanded of Ford Mustangs will also increase.
Answer: The correct answer is : they have been insured against misappropriation of assets.
Explanation: The employee relationship is an agreement, of fidelity, in which the insurance company guarantees the payment of a defined sum in the event that the employee who is covered by the insurance, causes financial losses to the employer.
