Answer:
c. comparative advantage in
Explanation:
In economics, comparative advantage is the advantage a trade party has over the other party, in the production of a a particular good that has a relatively lower opportunity cost. It simply involves exploring the option that has overall best package.
North Carolina has a comparative advantage in sweet potato production relative to Florida, as the opportunity cost involved is lower, since there is little potential benefits North Carolina will get in the production of oranges.
The income statement for the year ended April 30, 20Y7 is $391,000.
<h3>
Income statement</h3>
Up-in-the-Air Travel Service Income statement for the year ended April 30, 2017
Revenue:
Fees earned $1,870,000
Expenses:
Office expense $343,000
Miscellaneous expense $21,000
Wages expense $1,115,000
Total expenses $1,479,000
Net income $391,000
($1,870,000-$1,479,000)
Therefore the net income is $391,000.
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Answer:
When there is a tax or other restrictions imposed by the government on the manufacturer of cigarette then this will increase the cost of production of cigarette and fall in the consumption of cigarettes. Thus, as a result the supply of cigarettes decreases and demand for cigarette also decreases. This will lead to shift the demand curve and supply curve leftwards. This shift decreases the equilibrium quantity of cigarettes but effect on equilibrium price is ambiguous because it will be depend upon the magnitude of the shift of demand and supply curve.