Answer:
Equilibrium price increases while the effect on equilibrium quantity is indeterminate.
Explanation:
Due to the higher cost of equipping and maintaining schools, the supply of schools would fall. This would increase the price of schools and the supply would fall.
Increased desire for college education would increase the demand for schools and the price of schools.
Taking the effect of demand and supply together, the equilibrium price would rise and there would be indeterminate effect on quantity
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Answer:
Correct option is (a)
Explanation:
GDP or Gross domestic product includes monetary value of all goods and services produced within a country. It includes all private and public investments and exports less taxes and imports.
Option b, c and d are incorrect as GDP accounts for only domestic production and not foreign activities. Details about how income is distributed is not given by GDP. GDP provides details about economic condition of the nation. GDP does not indicate wholesome well being of the nation like human development, infant mortality and standard of living.
GDP accounts for factory production but does not account for any production carried out at the cost of environmental degradation.
Answer:
4/11 and 6/15 dressers.
Explanation:
Absolute advantage is the ability of a country to produce more of a product given the same resources than another country per unit time. It also applies when a country is able to produce same amount of goods with another country given less inputs.
So a country that produces more goods uses a more efficient process to get more output.
In this scenario a worker in Peru can produce 11 lamps or 4 dressers in a day and a worker in Canada can produce 15 lamps or 6 dressers in a day. Canada has absolute advantage in producing lamps and dressers, so importing these items will not be beneficial.
To get a balance where both countries will benefit a lamp will have to go for a ratio of each countrie's product to the opportunity cost.
That is for Peru to produce 4 dressers it will have opportunity cost of 11 lamps. So the ratio is 4/11.
Also for Canada to produce 6 dressers it will have opportunity cost of 15 lamps. So the ratio is 6/15.
Lamp should trade for between 4/11 to 6/15 dressers for both countries to benefit.
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$800,000 × 40% = $320,000 is the amount required for the production of overhead allocated to the assembling unit cost pool.
Because the activity rates are computed by dividing the total cost for each activity by its total activity & per unit cost is calculated by dividing the total dollars in each activity cost pool by the number of units of the activity cost drivers. the total cost of each activity pool is divided by the total number of units of the activity to determine the cost per unit.
Cost pool is a grouping of individual costs, typically by department or service center.
Cost per unit the amount of money spent by the company during a period for producing a single unit of the particular product or the services of the company.
Determine means to discover the facts about something.
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