Sarah has an absolute advantage in the PRODUCTION OF MUGS. This is because Sarah can produce 32 mugs while Charles in comparison can only produce 25 mugs.
Absolute advantage refers to the capacity of a country or a company or a person to execute a particular economic activity more efficiently than others. Someone who has an absolute advantage will be able to produce a particular good or service at a greater quantity than his competitors using the same resources. In the scenario given above, it can be seen that Sarah is able to produce more mugs efficiently more than Charles in six hours period.
Question:
If Korea is capable of producing either shoes or soccer balls or some combination of the two then a. Korea should specialize in the product in which it has an absolute advantage.
b. It would be impossible for Korea to have an absolute advantage over another country in both products.
c. Korea is efficient in the production of both goods.
d. Korea's opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
Answer:
d. Korea's opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
Explanation:
Opportunity cost is defined as the cost of choosing or picking particular option or alternative over another option or alternative.
In question, we are told that Korea is capable of producing either shoes or soccer balls or some combination of the two.
Therefore Korea would have to make a list of priorities also know as alternatives or options, to decide if
a. they would produce shoes,
b. or soccer balls
c. or a combination of both shoes or soccer balls.
This process described here is the process of Opportunity cost. Korea would then weigh their options and choose which is better for them either based on profit or any other reason.
Hence, Korea's opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
City miles because it makes the car have to drive at different speeds, and be stopped in traffic with several small stops and turns, whereas a highway mile is just a straight path driving at a constant speed.
Based on his activities so far, Kim-Lee according to Wright's model of the U.S. class structure, belongs to the<u> Capitalist class. </u>
<h3>What is Wright's model of the U.S. class structure?</h3>
Erik Wright identified four social classes in the United States which are the Capitalists, the Petty Bourgeoise, the Managers, and the Workers.
Kim-Lee is a capitalist because these are the people who own companies and are very wealthy.
Find out more on the U.S. class structure at brainly.com/question/15217100.
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Answer:
$78,500
Explanation:
Given;
Raw materials purchased = $32,400
Direct materials used = $53,750
Direct labor used = $12,000
Factory supervisor salary = $8,000
Salesperson commissions = $6,200
Depreciation expense—Factory building = $3,500
Depreciation expense—Delivery equipment = $2,200
Indirect materials = $1,250
Total manufacturing cost = $53,750 + $12,000 + $8,000 + $3,500 + $1,250
= $78,500
Depreciation expense—Delivery equipment and Salesperson commissions are elements of selling cost. Raw materials purchased is part of direct material cost.
