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Zigmanuir [339]
2 years ago
9

"Scarcity, opportunity cost, and marginal analysis Neha is training for a triathlon, a timed race that combines swimming, biking

, and running. Consider the following sentence: Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice does this sentence best illustrate?1)Neha has an incentive to spend more time on swimming than on biking or running.2)People usually exploit opportunities to make themselves better off.3)All choices have opportunity costs.4)Neha can use time most efficiently by spending the same amounts of time on swimming, biking, and running."
Business
1 answer:
Lynna [10]2 years ago
6 0

Answer: Option (3) is correct.

Explanation:

Correct option: All choices have opportunity costs.

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

In our case, Neha is training for a triathlon, there are three activities involved in a triathlon and training hours are limited. If Neha wants to spend a hour on swimming then she have to sacrifice training for biking and running for during that time.

Therefore, every choice has an opportunity cost associated with it.

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Even when competitive firms are unable to calculate marginal revenue product directly, _________________________________________
GenaCL600 [577]
Even when competitive firms are unable to calculate marginal revenue product directly, the pressures of competition in the labor market will push wage rates toward the marginal revenue product of labor. 
By comparing the marginal revenue<span> and </span>marginal<span> cost from each unit produced, a </span>firm<span> in a </span>competitive<span> market can </span>determine<span> the </span>profit<span>-maximizing level of production.</span>
5 0
3 years ago
Read 2 more answers
Johnny’s Drive-in pays its employees bi-weekly. The first payday of 2014 will be on January 3 and will compensate employees for
Sonbull [250]

Answer:

Accounts

Wages Expense

Wages Payable

$100,000

$100,000

Explanation:

As the expense is accrued but not paid at the end of 2013. The transaction requires an adjusting entry. This will charge a wages expense and create the wages payable liability. Ultimately on January 3 it will be paid. Wages for the two weeks are $100,000 and the 14 days has been passed for the pay period until year end of 2013.

5 0
3 years ago
You take out a loan for $100,000 at an annual interest rate of 5.9% that is to be paid with three equal annual payments of $37,3
Hunter-Best [27]

Answer:

The principal repaid in the second year will be $33,296.

Explanation:

Out of each 37,341.79 payment a part of it will be principal repayment and a part of it will be interest payment. When the first 100,000 is paid (0.059*100,000)=5,900 is interest and (37,341-5,900)= 31,441 is principal repayment which means, that in the second year the principal remaining is (100,000-31,441)=68,559. So the interest payment in the second year will be (0.059*68,559)=4,045 and the principal repaid will be (37,341-4,045)=33,296.

8 0
3 years ago
While visiting a client to deliver their 2019 tax documents, one of the owners approaches you and states: "The IRS says my trave
serious [3.7K]

Answer:

Commuting refers to travelling from your home to your workplace. It generally refers to the distance that people generally travel to get to their office or any type of workplace.

While business travel refers to not only leaving your house to go to work, but actually going somewhere else to perform your regular business activities, e.g. going form one state to another to close a sale. In order for business travel to be effectively recognized as such, it must be necessary for your business activity and it should last more than one ordinary workday.

In this case, your client continuously leaves his house and goes form one state to another performing his normal business activities. This perfectly fits the IRS's definition of business travel.

Initially, you can try to solve this issue with IRS Office of Appeals (since you are right), but if that doesn't work, then you can go to Tax Court.

6 0
3 years ago
A quality inspector for Alpha-Beta Co. is concerned about the quality of the batch of several thousand blank DVD disks which his
Mazyrski [523]

Answer:

b. 16% defectives

Explanation:

Let the number of units shipped be N

Let the defect rate be y%

Cost of replacing defectives once shipped = (y/100)×N× 2.5  ........equation (1)

Cost of 100% inspection = N × 0.4 .........equation (2)

At the indifference point, both costs, that is the replacement cost and inspection cost are equal. Therefore, we make both equations (1) and (2) equal.

N × 0.4 = (y/100)×N× 2.5

100 × 0.4 = y ×2.5

y = 40/2.5 = 16

She is indifferent at 16% defectives

3 0
2 years ago
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