1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nataliya [291]
3 years ago
12

The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 eac

h, jeans cost $40 per pair, and milk cost $3 per gallon. In 2017, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2016 and 2017, a typical family's cost of living:
Business
1 answer:
grin007 [14]3 years ago
5 0

Answer:

decreased by 4.5%

Explanation:

A family consumes: 10 pizzas, 7 pairs of jeans, and 20 gallons of milk.

In 2016, pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon.

The family's total cost of living in 2016 is:

C_{2016} = 10*\$10 +7*\$40 +20*\$3\\C_{2016} = \$440

In 2017, pizzas cost $8 each, jeans cost $40 per pair, and milk cost $3 per gallon.

The family's total cost of living in 2017 is:

C_{2017} = 10*\$8 +7*\$40 +20*\$3\\C_{2016} = \$420

The change, in percentage, of a typical family's cost of living is:

R=\frac{C_{2017}-C_{2016}}{C_{2016}} \\R=\frac{420-440}{440} \\R=0.045\ or\ 4.5\%

The cost of living decreased by 4.5%

You might be interested in
Which of the following is consistent with the law of​ supply? A. The state of Washington has less apple regulation than Californ
GuDViN [60]

Answer:

D) A doubling of the price of salt led to 5 percent drop in the quantity of salt purchased.

Explanation:

Law of supply in economics says that when the price increases the supply too increases if other factors is is constant.

Therefore, among the given options the only option that is consistent with the law of​ supply is "A doubling of the price of salt led to a 5 percent drop in the quantity of salt purchased"

4 0
2 years ago
When a nation removes a tariff on a product, this policy action rev: 06_20_2018 Multiple Choice benefits domestic producers of t
Ray Of Light [21]

Answer:

benefits consumers of the product.

Explanation:

Import tariffs are generally  put in place to protect domestic producers from foreign producers. Tariffs benefit domestic producers but hurt consumers since they are forced to pay higher prices.

When the import tariffs are withdrawn, the domestic price of the goods should decrease, benefiting consumers.

4 0
2 years ago
Assume that you are a high-level manager for a shoe manufacturer. You know that your firm could increase its profit margin by pr
Vesnalui [34]

Answer:

The issue here is that you need to balance your company's profits and possible negative due to bad press.

On one side (the good and righteous side), if you do not produce shoes in Asia, your long term survival economic is doubtful, but people view your company as a company that does the right thing no matter what. Will it increase sales? Theoretically it should, but in practice it doesn't. Are Nike sales hurt because each shoe is produced in an Asian country that pays $0.25 per day? No, they aren't. The same applies to Reebok, Adidas, Puma, New Balance and every single major shoe manufacturer in the world. Bad press hurt tuna back in the 80's, but some companies are not affected by it.

The alternative (the evil, dark side of the force side) results in your company being able to survive on the long term. It will not necessarily mean that your company will grow and become the world's largest shoe manufacturer, but you will be able to survive and continue to operate.

There is also a trick that you can use to avoid reputational damage and bad press, and that is to establish a foreign subsidiary in Indonesia using a different name. Then your foreign subsidiary sells you the manufactured goods, and the blame fall son the subsidiary. Believe it or not, that simple solution is used by most corporations including clothing manufacturers, electronics, toys, etc.

If you analyze this from an ethical point of view, the alternative is much simpler. Producing in Indonesia (or India, or Burma, or Pakistan, or Vietnam, etc.) and paying a $100 salary will allow a family to live a very decent life and probably even prosper. They will have a much better lifestyle than the rest of their neighborhood. Each Indonesian worker represents one less poor family in Indonesia. On the other hand, American families will probably get hurt, but it is also much easier for an American worker to get another job that pays a normal wage (in US standards) and allows them to live well.

6 0
3 years ago
"The objective of external auditing is to provide opinions on the reliability of the financial statements and provide opinions o
muminat

Answer:

A. True

Explanation:

4 0
2 years ago
Which of the following statements regarding PERT analysis is true? a. Each activity has two estimates of its duration. b. Projec
olganol [36]

Answer:

It's c.

Explanation:

Program Evaluation and Review Technique (PERT) is a method used in program management. It analyzes the time required to complete each task in a project and so tries to determine the minimum time to complete a project. It was developed by the US Navy in 1957.

In PERT analysis:

  • there are 3 time estimates for every activity: optimistic, pessimistic, and most likely
  • you have to find the Critical Path. The Critical Path is the longest path of scheduled activities that must be met in order to execute a project.  It is important to know because any problems on the critical path can prevent a project from moving forward and be delayed. Therefore only critical activities can contribute to the project variance.
8 0
3 years ago
Other questions:
  • Choose the answer that best defines the marginal propensity to save (MPS). The share of all income earned that is devoted to sav
    9·1 answer
  • Corey had read in the newspaper about a local robber, referred to as "Roy the Robber," who flashed a camera at his victim to dis
    12·1 answer
  • If you have a nation that has a production possibilities curve whereas its economy must give up 500 toys to get 1 additional lap
    14·1 answer
  • what tax preparation option do you think you are most likely to use? Why? What are the advantages and disadvantages to using thi
    5·1 answer
  • A candidate for political office announces the following policies which, he says, economics clearly demonstrates will lead to hi
    11·2 answers
  • During the period, labor costs incurred on account amounted to $175,000, including $150,000 for production orders and $25,000 fo
    5·1 answer
  • Assume that the yen/dollar exchange rate quoted in London at 3:00 p.m. is ×120 = $1, and the New York yen/dollar exchange rate a
    10·1 answer
  • The daily interest multiplier for a savings account paying 2% annual interest for 180 days
    10·1 answer
  • Why do you think an entrepreneur might choose to keep a business small rather than expand it?​
    6·1 answer
  • 8. Wayne is an insurance company's AML compliance officer. He has been asked by FinCEN to provide the agency with a copy of the
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!