Answer:
Both Hillyland and Flatland will be better off in a win-win solution if they engage in comparative advantage.
Explanation:
Suppose each nation decides to specialize in the most suitable crop, and trade with the other nation for the other product, the trade-offs will be the products they supposedly can produce but do not have comparative advantage in. For Hillyland it will be rice and for Flatland it will be coffee.
When both nations practice comparative advantage there will be no losers because economic theory suggests that, when countries practice comparative advantage, the sum total of their combined output will be greater than if they had produced all products themselves because they wanted to be self sufficient.
The logic is simple, goods are less costly to produce in a country that has comparative advantage and at the end they could be sold cheaper to the country that traded it off.
Answer:
A listing of all asset, liability, owners' equity, revenue, expense, and dividend accounts sorted according to its debit or credit balance.
Explanation:
A general ledger stores and summarizes all accounts a business operates. It is the source of financial information required to prepares financial statements.
The general ledger is a summary of a company bookkeeping system. It arranges or sorts the business accounts as the balance sheet order. Assets accounts appear first, then liability accounts, and lastly, the equity accounts.
Answer
B. Analyzing the external environment
Explanation:
The action of Procter and gamble can be classified as analyzing the external environment.
The external environment of a business are those factors outside the business organisation that is capable of influencing the decision and actions. The external environment factors includes economic factors, competitors, social - cultural factors etc.
The action of Procter and gamble of assessing the strength and weakness of his competitors prior to its entrance into the Eastern European market will assist the firm to identify the opportunities that it can leverage on in terms of the weakness of its competitors and and how well it can best improve its own services in other to match or surpass the strength displayed by its competitors
Answer:
The average total cost of producing 60 units of output is:
b. $21.67
Explanation:
a) Data and Calculations:
Variable Fixed Output Marginal Physical Total Total Marginal
Input Input Product of Variable fixed variable Cost
input cost cost
0 1 0 $500 $0
1 1 10 (A) $500 $200 (F)
2 1 25 (B) $500 400 (G)
3 1 45 (C) $500 600 (H)
4 1 60 (D) $500 800 (I)
5 1 70 (E) $500 1000 (J)
The total cost of producing 60 units of output = $1,300 ($500 + $800)
Average total cost of producing 60 units of output = $21.67 ($1,300/60)
