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3 years ago

Why do economists predictions refer to the collective?

1 answer:

8 0

Predictions usually refer to the collective behavior of large groups rather than individual because looking at the behaviors of a large group of individuals allows economist to discern General patterns of actions and therefore make more reliable generalization.

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Lady bird [3.3K]

The average time (in minutes) Americans spend commuting to work is: 26.9 minutes.

<h3>How to calculate the average time Americans spend commuting to work?</h3>

To calculate the average time we must add all the values and then divide the result by the number of values. for example:

1 + 2 + 3 = 6 6 ÷ 3 = 2

Based on the above, the operation to find the average time Americans spend commuting to work is:

23,3 + 28,3 + 24,6 + 32,1 + 31,7 + 25,8 + 38,1 + 24,9 + 26,8 + 23,4 + 28,5 + 28,1 + 29,3 + 24,4 + 23,0 + 24,8 + 26,2 + 23,4 + 28,4 + 20,1 + 32,2 + 21,4 + 23,8 + 30,7 + 24,8 + 23,6 + 25,3 + 31,7 + 43,8 + 22,0 + 27,1 + 34,2 + 28,3 + 25,0 + 26,4 + 23,6 + 23,4 + 25,8 + 20,2 + 26,1 + 24,8 + 32,6 + 28,5 + 27,3 + 26,8 + 24,0 + 20,1 + 32,8 = 1291,5

Then we must divide this result by the number of values.

1291,5 ÷ 48 = 26,9

Note: This question is incomplete because there is some information missing. Here is the information:

a. What is the mean commute time for these 48 cities? Round your answer to one decimal place.

Learn more about average in: brainly.com/question/2426692

8 0

2 years ago

Why has America been referred to as " the land of opportunity"?

kozerog [31]

Same as with Canada which is where both my grandfathers came from. Let's see how many reasons I can come up with just off the top of my head and just for those two.

They enjoyed the freedom of the First Amendment (speech, press, religion, assembly -- Canada has the same provision) that was not granted in the country they left. They never exercised those rights, I don't think, but their children and grandchildren did.
They were free to raise their children so that they had the chance of being productive. My father was an MD, but he owed that piece of good fortune to his father. The country from which they came would never have allowed him to get all that education.
They were able to eventually bring their wives and children with them. There was enough money to be made, even at jobs that didn't pay much, to bring them across the Atlantic.
They were able, once the families were here, to turn their attention to bettering their conditions. They never became rich, but no one starved either. That's more than could be said about those relatives who didn't do as they did.
They were free to travel. They didn't do that, but their children and especially their grandchildren did. That too was very limited where they came from.
They had medical care and good medical care which was not given to just anyone where they came from.

3 0

2 years ago

Read 2 more answers

Saying that Risk and Return go hand in hand, tells us that you ________ as the length of the investment horizon ________." A. ca

klio [65]

Answer:

A. can afford to take on additional risk; increases

Explanation:

Saying that Risk and Return go hand in hand, tells us that you <u>can afford to take additional risk </u> as the length of the investment horizon <u>increases</u>. Increasing the length of the investment horizon increases the ability to take on additional risk because in the long run the investment pays off while it may be choppy in the short time horizon.

5 0

2 years ago

M. Cotteleer Electronics supplies microcomputer circuitry to a company that incorporates microprocessors into refrigerators and

8090 [49]

Answer:

a) 100 units

b) 2.5 order per year

c) 50 units

Explanation:

Given data:

demand 250 units

order cost is $20

holding cost $1

a) Economic order quantity $EOQ = \sqrt{\frac{2\times demand \times order\ cost}{holding \ cost}}$

$EOQ = \sqrt{\fac{2\times 250 \times 20}{1}} =100 units$

b) number of order for each year $= \frac{annual/ demand}{EOQ}$

$= \frac{250}{100} = 2.5$ order/ year

c) average inventory $= \frac{Q}{2} = \frac{100}{2} = 50 units$

3 0

3 years ago

Blossom Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and Dece

Nat2105 [25]

Explanation:

The journal entries are as follows

On December 31, 2020

Cost of goods sold $24,650

To Allowance for reduction in inventory to NRV $24,650

(Being the cost of goods sold is recorded)

It is computed below:

= $379,880 - $355,230

= $24,650

On December 31, 2021

Allowance for reduction in inventory to NRV $3,640

To Cost of goods sold $3,640

(Being the allowance for reduction is recorded)

It is computed below:

= $24,650 - ($445,440 - $424,430)

= $24,650 - $21,010

= $3,640

6 0

3 years ago