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
Advocard [28]
3 years ago
9

Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and con

sumed: steak and potatoes. The production opportunity cost for Casey is 5.00 kg of steak for every kilogram of potatoes. Rick has a production opportunity cost of 3.00 kg of steak for every kilogram of potatoes. Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade. What price can be settled between these two parties such that both individuals can enjoy more steak and potatoes
Business
1 answer:
Maksim231197 [3]3 years ago
4 0

Answer:

Casey's opportunity cost of producing 1 kg of potatoes is 5 kg of steak.

Casey's opportunity cost of producing 1 kg of steak is 0.2 kg of potatoes.

Rick's opportunity cost of producing 1 kg of potatoes is 3 kg of steak.

Rick's opportunity cost of producing 1 kg of steak is 0.33 kg of potatoes.

Casey should produce steak while Rick should produce potatoes, since Rick has a comparative advantage in producing potatoes (lower opportunity cost) and Casey has a comparative advantage in producing steak.

As long as the price of steak per kilogram of potatoes is less than 5 kg of steak and more than 3 kg of steak, then both would win. In order for both of them to win is a similarly proportional way, the exchange price should be 4 kg of steak per kg of potatoes.

You might be interested in
HELP ASAP!! What process includes sending rough drafts to the client for approval?
cricket20 [7]
I want to say that the answer is <span>copy development</span>
4 0
3 years ago
Because all work ultimately entails some human interaction, effort, or involvement, Bossidy and Charan believe that focusing on
Hitman42 [59]

Answer:

true

Explanation:

6 0
3 years ago
Anna Jonas owns a manufacturing firm in Indonesia and strongly believes that it is important that​ workers' rights be respected.
Lisa [10]

Answer: cognitive dissonance

               

Explanation: Cognitive dissonance takes place in the fields of psychology when an individual holds two or more irrational beliefs, concepts, or principles, or takes part in a motion that runs counter to any of these three and thereby perspectives mental stress.

Inconvenience is caused by an individual's belief that conflicts with new interpreted proof (statistics) in which they attempt to take steps to address the inconsistency in order to minimize their distress.

In simple words, The concept behind cognitive dissonance shows that people find psychological continuity regarding their life span and the earth's objective reality.

8 0
3 years ago
At the current steady state capital-labor ratio, assume that the steady state level of per capita consumption, (C/N)*, is greate
Blizzard [7]

Answer:

C) a reduction in the saving rate will have an ambiguous effect on (C/N)*

Explanation:

The steady state consumption refers to the difference between how capital wears out or depreciates vs total output. In order to keep a steady state consumption, the savings rate (which equals investment) must be enough to replace any worn out or completely depreciated capital.

Since the consumption rate is already higher than the steady state consumption, the effect of a decrease in the savings rate is ambiguous. Every dollar earned by a household is either spent or saved, and in order for savings to decrease, spending must increase.

But in this case, the spending level is already too high. A decrease in savings should increase consumption but the effects of the increase in the capital labor ratio and the per capita consumption are not certain.

6 0
2 years ago
In one of the case studies in the textbook, Ernie Phillips was a CPA who had fallen on hard times both financially and personall
olga_2 [115]

Answer:

The fraud was discovered Option D: The operations manager found a check made payable to Phillips while searching Phillips' desk for some accounting records.

Explanation:

In the given case study, Ernie Phillips had got a job as a 'controller'. He had started writing checks to himself other than the payroll checks.

This fraud can be discovered when the operations manager found a check on Phillips desk which was payable to himself and it was other than the payroll check. Thus, Option D is the statement as an answer.

Cancelled checks do not have to do anything with the fraud, as per Option A, because cancelled checks are never cleared in the bank. The receiver doesn't usually receive a call before check clearance. So, Option B is also incorrect. No error was there in the check as stated in Option C.

8 0
3 years ago
Other questions:
  • Sandra wilson is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and dou
    5·1 answer
  • Icarus Inc. manufactures fighter planes for the government. It made a strategic decision to outsource the production of wings an
    6·1 answer
  • S4-14 Calculating the current ratio End of the Line Montana Refrigeration has these account balances at December 31, 2018: Accou
    15·1 answer
  • Kyle wants to buy a new watch. while making the decision to buy the watch, he purchases the brand of watch that his favorite act
    15·2 answers
  • In 2017, Walker Company issued common stock for $200,000 cash. The company also paid cash dividends of $30,000, and issued a two
    12·1 answer
  • Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month
    7·1 answer
  • Can someone help me with question 12?
    5·1 answer
  • KidsCause, a metropolitan outreach organization that collects and donates toys for needy children, buys airtime onWXXY (a local
    14·1 answer
  • In what order would you perform the following steps in order to change the color of text in a document?
    8·1 answer
  • Eduardo is currently involved in FBLA (Future Business Leaders of America). He has dreams to work on Wall Street. Assuming he wi
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!