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
DENIUS [597]
3 years ago
12

Assume the world market for oil is competitive and that the marginal cost of producing​ (extracting and bringing to​ market) ano

ther barrel of oil is ​$81.40 and the marginal benefit is ​$79.20. If one more barrel of oil is produced and​ consumed, how will economic surplus​ change?
Business
1 answer:
xz_007 [3.2K]3 years ago
7 0

Answer:

The economic surplus will decrease by $2.20

Explanation:

$81.40 and $79.20 are <em>marginal </em>cost and benefit, which are the changes to total costs and total benefits due to producing and consuming one additional barrel of oil.

They can be used to calculate <em>change </em>to economic surplus, which is the change to the net economic value received by society, which is given by:

marginal benefit - marginal cost = $79.20 - $81.40 = - $2.20

You might be interested in
The economic system of the East Asian nation of Xinzen calls for public ownership of all businesses. The government has complete
aniked [119]

Answer:

Command Economic System

Explanation:

The economic system of the East Asian nation of Xinzen calls for public ownership of all businesses. The government has complete control over the market, and individuals do not have individual rights and the freedom to make choices. In this scenario, the economic system followed by Xinzen is Command Economic System.

6 0
3 years ago
A teenage driver crashes her parents' minivan into an office building, causing $85,000 in damage to the building. The automobile
Bas_tet [7]

Explanation:

Given that

Damage to the building = $85,000

The insurance limits is

100/25/75 means

$100,000 is the coverage amount for death also

25,000 is the bodily injury per accident

And, the 75,000 is the damage of the property

So the damage allocated between the driver and the insurance company is $10,000 which is a difference amount of

= $85,000 - $10,000

= $75,000

Because maximum amount is $75,000

7 0
3 years ago
Why is it important for every person to keep track of their earnings and spending patterns?
PSYCHO15rus [73]
It is important because that is how you budget and how you are able to save money if an emergency comes up
4 0
3 years ago
It will be difficult to institute fiscal policy in a stabilizing manner because politicians will find
faltersainse [42]

It will be difficult to institute fiscal policy in a stabilizing manner because politicians will find budget deficit more attractive during recession.

<h3>What is budget deficit?</h3>

Budget deficit occur when the government spending or expenditure is more than the revenue.

It will be hard to institute fiscal policy based on the fact that  politicians will find budget deficit more attractive during recession in which on the other hand they will be unwilling to run budget surplus when their is  an expansion.

Therefore they will find budget deficit more attractive during recession.

Learn more about budget deficit here:brainly.com/question/26010226

#SPJ1

3 0
2 years ago
RKI Instruments borrowed $4,300,000 from a private equity firm for expansion of its facility for manufacturing carbon monoxide m
timofeeve [1]

Answer:

21.51%

Explanation:

RKI instruments borrowed $4,300,000 from a private equity firm to expand its facility.

A year after the loan was repaid with a single payment of $5,225,000

Therefore the interest rate on the loan can be calculated as follows

= 5,225,000-4,300,000/4,300,000 × 100

= 925,000/4,300,000 × 100

= 0.2151 × 100

= 21.51%

Hence the interest rate of the loan is 21.51%

3 0
3 years ago
Other questions:
  • The deeds and actions of a producer indicate what kind of authority?
    8·1 answer
  • Eastwick produces and sells three products. Last month's results are as follows: P1 P2 P3 Revenues $100,000 $200,000 $200,000 Va
    7·1 answer
  • The XYZ car manufacturing company is advertising its new hybrid vehicle. It understands that its competition, Toyota's hybrid ca
    10·1 answer
  • What do you call an economy in which the government- ideally- has nothing to say about what, how, and for whom goods are produce
    5·1 answer
  • Process capability A. exists only in​ theory; it cannot be measured. B. is assured when the process is statistically in control.
    8·1 answer
  • Rubium Micro Devices currently manufactures a subassembly for its main product. The costs per unit are as​ follows:Direct materi
    5·1 answer
  • What is the best brand of pillar candles?
    12·1 answer
  • Carmel Corporation is considering the purchase of a machine costing $52,000 with a 4-year useful life and no salvage value. Carm
    5·1 answer
  • A lack of business ethics can result in a lack of business goodwill is ture or flase?
    5·1 answer
  • Use the following information (presented in random order) to complete an Income Statement and Balance Sheet. The name of the bus
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!