Answer:
Kyoko
Explanation:
Based on the information provided it can be said that in this scenario the individual with the lowest opportunity cost of completing the task is Kyoko. This is because opportunity cost refers to what is being lost when choosing one opportunity or decision as opposed to another, and in this scenario since Kyoko is way faster at changing the brakes than Jacques then he will be losing less money by changing the brakes than Kyoko.
Kyoko: 160/2 = $80 opportunity cost for changing the brakes.
Jacques: 20*5 = $100 opportunity cost for changing the brakes.
Answer:
when someone is unemployed(does not have a job), but still benefits the economy in some way
Answer: $1,274
Explanation:
Credit terms of 2/12, n/30 mean that the buyer is allowed a 2% discount if they pay in 12 days otherwise they would have to pay the full figure in 30 days.
Borth returned $300 so the net merchandise value they bought it;
= 1,600 - 300
= $1,300
Check was sent within discount period;
= 1,300 * ( 1 - 2%)
= $1,274
Answer:
A. consumer surplus is $20 larger than producer surplus.
Explanation:
Before getting to the little mathematics attached to this, there's a few terms we need to establish.
1. Consumer Surplus - This is simply the difference in price between what consumers are willing to pay and what they end up paying.
2. Producer surplus - This is simply the difference in price between what a producer is willing to accept for a given good or services and how much they actually end up selling the goods for.
Having established those terms,
In this situation,
Consumer surplus = amount consumer is willing to pay - amount consumer pays
CS = 300 - 200
CS = 100
Producer surplus = Amount received - minimum amount producer is willing to receive
PS = 200 - ( 60× 2)
PS = 200 - 120
PS = 80
The difference between consumer surplus and producer surplus
= 100 - 80
= 20
Therefore, consumer surplus is larger than producer surplus by $20.
