Whenever there is maximization of total surplus that is been received by those that are part of society by market allocation of resources then there is market Efficiency.
- Economic efficiency can be regarded as economic state whereby there is allocation of resource to serve each individual or entity in way that everyone is satisfied while minimizing waste and inefficiency.
Therefore, When there is an economy efficiency, there would be maximization of total surplus.
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<span>The answer to your question is
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Backward induction is a process of decision making where you reason backward of the situation.
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Hope this helped!</span>
Answer:
A is the correct option.
Explanation:
The increase in the general price is known as inflation. This inflation occurs when people know that Inflation is going to occur and they start preparing for it. e.g In case of increased interest rates if the inflation is anticipated, the banks try to protect themselves by increasing the interest rates. There is also unanticipated inflation which occurs when people are unaware that inflation until the price level increases. In the case of unanticipated inflation, people are unprotected.
Answer:
"$1,673,750" is the appropriate answer.
Explanation:
The given values in the question are:
Applied overhead,
= $666,250
Actual overhead,
= $650,000
Unadjusted cost,
= $1,690,000
Now,
The overapplied overhead will be:
= 
= 
= 
($)
hence,
The goods sold's adjusted cost will be:
= 
= 
= 
($)
Answer:
(B) $0.50
Explanation:
The total cost is a function of the number of maps sold and the number of books sold. To determine the cost of each, a set of equations have to be solved simultaneously.
Let the cost of a map be m and that of a book be b
12m + 10b = 38
20m + 15b = 60
6m + 5b = 19
4m/3 + b = 4, b = 4 - 4m/3
6m + 20 - 20m/3 = 19
2m/3 = 1
m = 3/2 = 1.50
b = 4 - 4m/3
b = 4 - 2 = 2
The cost of a book is $2 while that of a map is $1.50
Hence a map sell for $0.50 less than a book.
