Answer:
Attached below are the graphs
Explanation:
i) The Equilibrium wage rate in the market is determined by the Intersection of the labor demand and supply curve as seen in the graph attached
ii) The Labor supply curve the firm faces is perfectly elastic in a perfectly competitive resource market
iii) The demand curve of the firm is perfectly elastic because in competitive market a slight change in price will cause a massive change in demand
iv) The firm will continue hiring as long as MRP ≥ MFC
( MRP = marginal revenue product , MFC = marginal factor cost )
Answer:
Either increasing supply or lowering demand
Explanation:
increasing supply:
e.g. when less developed countries (LDCs) experience a famine or drought, other countries can supply food and/or water to them
lowering demand:
finding alternative solutions of the product (that have the same effect as the original product) or reducing the reasons for why there is a high demand
- e.g. crops not growing well due to weather/crop disease going around -> find a crop that is more resistant to the disease (reducing reasons for demand)
- e.g. rice field has an infestation -> not yielding enough rice to feed the population -> population feels hungry and other foods cannot help them feel full/sustain them -> find another crop to substitute, like yam or potatoes that are equally filling (alternative solutions)
but these two are pretty much the same so
also please note I don't take any courses on supply and demand other than geography so I might be completely wrong
Answer:
Cost basis= $29,150
Explanation:
Cost basis refers to the initial purchase price of an asset that is used for tax purposes. It is the initial amount invested in an asset in addition to any commission's or fees.
Capital gains is the difference between the sale price and the the cost basis of an asset.
Tracking cost basis is necessary for determining the success of an investment and also for tax purposes.
We will sum the following to get the cost basis
Purchase price= $24,500
Shipping cost= $650
Paint= $1,000
Sales tax= $3,000
Cost basis= 24,500+ 650+ 1,000+ 3,000
Cost basis= $29,150
1. Positive economic growth means that the value of all goods and services produced in the economy increase by an unknown amount
2. growth in the amount of goods and services produced
