Answer:
Inelastic
Explanation:
The inelastic demand means the demand of the product does not vary when there is much change in the price. Let us assume that if the price is increased by 20% so the demand decreased only by 1% so here we can said there is inelastic demand
Also due to increased in the supply, the demand does not increased that much. So if the price is decreased so the demand does not respond due to which the total revenue comes down
So as per the given situation, having the large quantity caught the revenue is decreased so here the demand should be considered inelastic
Answer:
most likely hires Francesca on the basis of fit.
Answer:
The answer is B) 340 bushels of corn and 500 bushels of oats.
Explanation:
Cornland´s workers have a comparative advantage in the production of corn, each worker can grow 40 bushels per year. Since Cornland has 20 workers in total, its maximum possible output of corn bushels would be 800 (20x40=800).
Oatland´s workers have a comparative advantage in the production or oats, each worker can grow 50 bushels per year. Since Oatland has 20 workers in total, its maximum possible output of oats bushels would be 1,000 (20x50=1,000).
Currently both countries combined are producing 460 bushels of corn (400+60=460) and 500 bushels of oats (100+400=500). If each country specializes in the production of the good in which they have a comparative advantage, then their total combined output would increase by 340 bushels of corn and 500 bushels of oats.
- Corn: specialized production - current production = 800-460 = 340 bushels
- Oats: specialized production - current production = 1,000-500 = 500 bushels
Answer:
$15,700
Explanation:
The computation of the net profit after taxes is shown below:
Sales revenue $125,000
Less: Cost of goods sold - -$42,300
Gross profit $82,700
Less: Operating expenses
One time part assistant $52,000
Administrative expenses $400
Utilities expenses $900
Total operating expenses -$53,300
Net Profit before tax $29,400
Less: income tax expense -$13,700
Net profit after tax $15,700
Answer:
(B) If the explicit cost for the consulting job is $25,000 per year, your economic profit is equal to $45000.
Explanation:
Economic profit is obtained by substracting explicit (monetary) costs, and implicit (opportunity) costs, from total earnings.
In this case, the earnings for working as an economic consultant are $100,000. The implicit, opportunity cost is the $30,000 that are given up because of quitting the serving job. If the explicit cost of renting an office, purchasing supplies and buying a computer is $25,000, then, we have the following equation:
Economic profit = earnings - explicit costs - implicit costs
= $100,000 - $25,000 - $30,000
= $45,000
