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Leokris [45]
3 years ago
11

An economy consists of three workers, Larry, Moe, and Curly. Each works ten hours a day and can produce two services: mowing law

ns and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars; and Curly can either mow two lawns or wash one car.Scenario 1: All three spend all their time mowing lawns. Then lawns will be mowed and cars will be washed.Scenario 2: All three spend all their time washing cars. Then lawns will be mowed and cars will be washedScenario 3: All three spend half their time on each activity. Then lawns will be mowed and cars will be washed.Scenario 4: Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. Then lawns will be mowed and cars will be washed.Exactly one of the scenarios above is inefficient. That is Scenario:_________
Business
1 answer:
pantera1 [17]3 years ago
7 0

Answer:

Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. Then lawns will be mowed and cars will be washed

Explanation:

In a hour :

Larry can ; wash 1 car or mow 1 lawn

Moe can ; mow 1 lawn or wash 2 cars

Curly can ; mow 2 lawns or wash 1 car

The inefficient scenario is  Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. Then lawns will be mowed and cars will be washed. this is because Larry can either wash 1 car or mow 1 lawn every hour and if Moe only washes cars and Curly only mows Lawns there will still be Cars and Lawns left to be washed and Mowed since Larry does not work at full capacity like Moe and Curly who could wash 2 cars or mow 2 lawns every hour

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If a country imposes a tariff on imported shoes, we expect the domestic price of shoes to ______ .
boyakko [2]

If a country imposes a tariff on imported shoes, we expect the domestic price of shoes to rise, domestic consumption to fall, and domestic production to rise.

A levy on imported goods is known as a tariff. The use of an example is the simplest way to explain how it operates. The US lumber industry is the example we've used throughout this section, and it's continuing below. The domestic equilibrium price and quantity in the domestic market are $1,000 per board foot and 40 million board feet, respectively. PD = $1,000 and QD = 40,000,000 are used to represent this. The world price, or PW, in this instance is significantly less than the local price. While this is not always the case, if PW is higher than PD, there is no reason to import (This model assumes that imports are identical to domestic products in every respect except for price).

American customers will buy a lot more lumber if they can obtain imports for as little as $400. The number of units they will be demanded will rise to 70 million (40 million more than the domestic equilibrium). With the improved accessibility to inexpensive lumber, these consumers are vastly better off.

The imports, on the other hand, cause domestic producers to lose a significant amount of surplus. Previously, they could have provided 40 million board feet of lumber for $1,000, but now they can only provide 10 million. This is due to the fact that many domestic companies will either exit the market or reduce production since they can no longer compete with the foreign production.

60 million board feet of lumber are imported from Canada out of a total production of 70 million board feet, 10 million of which are produced domestically.

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3 0
1 year ago
Three individuals, Mary, Jack and Helen, make up the total demand for donuts per month in a particular market.
Paraphin [41]

The market demand curve would be 1000 - 0.125Q.

<h3>How to calculate the demand curve?</h3>

It should be noted that the market demand curve will be the sum of the individual demand curve.

The market demand curve will be calculated thus. Mary’s demand curve is 5P = 5000 – 1.25QM. Here, p = 1000 - 0.25QM

Jack’s demand curve for donuts is given by P = 1000 – 0.5QJ. Helen’s demand curve is given by QH = 2000 – 2P. This will be P = 1000 - 0.5QH.

The slope will be:

= 0.5 × 0.25

= 0.15

The demand function of Jack and Helen are the same. The demand curve will be 1000 - 0.125Q.

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5 0
2 years ago
Which of the following statements regarding a balanced scorecard is correct? Multiple Choice A balanced scorecard includes non-f
Fynjy0 [20]

Answer:  All of these are correct answers.

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In such a process, the managers of the organisation translate their mission statement relating to various aspects of customer service and declares their course of actions regarding the activities that really matters to the customers.

Hence from the above we can conclude that all the statements are correct in the given case.

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3 years ago
If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.
luda_lava [24]

If the quantity supplied by producers is relatively insensitive to price changes, supply is price inelastic.

Inelastic demand is demand for which the change in quantity demanded is small due to changes in price. Demand is elastic if the formula yields an absolute value greater than 1. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.

For example, consumers are less price relatively insensitive if the product or service is unique or has few alternatives. Consumers are less price sensitive when total costs are low relative to total revenues. The total effort compared to the total cost of the final product also influences price sensitivity.

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<em>Your question is incomplete. please read below to find the full content.</em>

If the quantity supplied by producers is relatively insensitive to price changes, supply is ______. Multiple choice question.

price inelastic.

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