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timofeeve [1]
3 years ago
5

Ted can wax a car in 20 minutes or wash a car in 60 minutes. Tom can wax a car in 15 minutes or wash a car in 30 minutes. What i

s each man's opportunity cost of washing a car? Who has a comparative advantage in washing cars?
Business
1 answer:
elena-14-01-66 [18.8K]3 years ago
4 0

Answer:

Ted = 1/3

Tom = 1/2

Ted

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

The opportunity cost of washing car for Ted = 20 / 60 = 1 / 3

The opportunity cost of washing car for Tom = 15 / 30 = 1/2

A person has a comparative advantage in production if he produces at a lower opportunity cost when compared with other people.

Ted has a lower opportunity cost in washing cars when compared to Tom. Therefore, Ted has a comparative advantage in washing cars.

I hope my answer helps you

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Indicate which of the following statements is true. a. Public transportation may be covered by an employer-provided spending acc
lukranit [14]

Answer:

B.Dependent care plans can only be used to cover the costs of caring for a dependent child

Explanation:

Dependent Care  with the high cost of child care these days a  Dependent Care Account makes it easy to save on taxes.  

5 0
3 years ago
Explain the following statement in your own words: "Increasing productivity and also quality will result in increased capacity,
WARRIOR [948]

Answer:

Increased productivity and quality leads to consumer trust relationship that results in increase in demand and increase in the production capacity to meet the demands.

Explanation:

First when a company increases its productivity with commensurate increase in the quality of the goods produced or manufactured. The direct effect is that  the consumer base of the goods increase. In other words, consumers exhibit a level of confidence in the quality of the goods, they are attracted to patronize the company and since there is increased productivity, the company is able to meet the needs of its increasing consumers.

Furthermore, once the consumers are attracted and the company is able to meet demands, more consumers are also eager to join in purchasing the product, hence, the company is then required to increase its production capacity to meet the demands of its ever increasing customers.

<u>Why?</u>

The ability of a company to produce consistently quality goods and also meet the demands of its customers lead to a trust relationship between the customers and the manufacturer and such a relationship provides a solid platform for a continuous increase in consumer base that will warrant an increase in production capacity to accommodate more demands.

8 0
4 years ago
Registration in Ms. McNick's classes reaches maximum enrollment quickly. Students register immediately online just to insure the
Sever21 [200]

Answer:

(2) word-of-mouth promotion.

Explanation:

Based on the information provided within the question it seems that Ms. McNick's classes benefit from word-of-mouth promotion. This is a type of distribution of information where one person tells another about their experience, and then that person tells someone and so on. This is free promotion garnered based on the experience that one individual may have and can either be positive or negative.

3 0
3 years ago
Suppose that when the price of a good falls from $12 to $9, the quantity demanded of that good rises from 310 units to 350 units
Snowcat [4.5K]

Answer:

The approximate price elasticity of demand between these two prices is

- 0.42

Explanation:

In this question ,we use the formula of price elasticity of demand which is shown below:

Price elasticity of demand = Percentage change in quantity demanded ÷ Percentage change in price

where,

Percentage change in quantity demanded is calculated by

= New Quantity - Old quantity ÷ New Quantity + Old quantity

= 350 - 310 ÷ 350 + 310

= 40 ÷ 660

= 0.06060

Percentage change in price is calculated by

= New price - Old price ÷ New price + Old price

= 9 - 12  ÷ 9 + 12

= - 3 ÷ 21

= - 0.14285

Now put these values over the above formula

So, the answer is = 0.06060 ÷  - 0.14285 = - 0.42

Hence, the approximate price elasticity of demand between these two prices is - 0.42

3 0
4 years ago
Kingbird Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash
Nikitich [7]

Answer:

cash                  2,790 debit

        unearned revene 2,790 credit

unearned revenue 1,860 debit

           rent revenue    1,860 credit

Explanation:

The revenue from the rent is unearned as currently the firm has to provide the rent spance for three months It will be earned as time passes.

At year-end December 31th we have earned 2 months (Nov and Dec) therefore we reocgnize for that amount

2,790 x 2/3 months = 1,860 rent revenue

3 0
3 years ago
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