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
posledela
3 years ago
7

Microeconomics Test 1 Study Guide Chapter 1 1. Define Economics 2. Define the Scarcity Principle 3. Define the Cost-Benefit Prin

ciple 4. Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and if she washes clothes, she will earn $45. She dislikes both tasks equally and they both take the same amount of time. Janie will therefore choose to ______ because it generates a ______ economic surplus.
Business
1 answer:
ZanzabumX [31]3 years ago
7 0

Explanation:

  1. Economics can be defined as the study of how limited resources can be used to satisfy unlimited wants and needs.  
  2. Scarcity principle can be defined as a theory which high demand for good accompanied with limited supply leads to a mismatch between equilibrium demand and desired supply.
  3. The cost-benefit principle is a method to analyze economic decisions. A decision cannot be taken up if the cost is higher than the benefit.  
  4. Janie can earn $30 if she mows the lawn and $45 if she washes clothes. The opportunity cost is the same for both. She should choose to wash clothes because it generates more economic surplus.
You might be interested in
An investment offers a total return of 14.0 percent over the coming year. Janice Yellen thinks the total real return on this inv
Oduvanchick [21]

Answer:

8.06%

Explanation:

According to the Fisher equation

( 1 + Total rate of return) = (1 + real rate of return) x ( 1 + inflation rate)

(1.14) = (1.055) x ( 1 + inflation rate)

Inflation rate = 1.080569 - 1 = 0.080569 = 8.06%

7 0
3 years ago
Lori contracts to buy coffee beans for her store from Mike. The contract price is $7.50 per pound of Costa Rican coffee. Mike br
Ksju [112]

Answer:

the difference between the contract price of coffee and what Lori will have to pay to secure alternative coffee

Explanation:

Lori wanted to buy coffee beans for that she paid the contract price of $7.50 per pounds to mike. Mike has breached the contract which is why Lori has lost $7.50.  Now to buy coffee beans she will contact some other supplier and pay them to secure alternative coffee. So, in total Lori's damages are the contract price of coffee and what she will pay some other vendor to secure coffee beans.

4 0
3 years ago
Joslyn Company manufactures metal brackets. The estimated number of metal bracket sales for the first three months of the curren
Alexus [3.1K]

Answer:

Production= 1,240 units

Explanation:

Giving the following information:

Sales:

February= 1,250

March= 1,200

Desired ending finished goods inventory is equal to 20 percent of the next month's sales.

To determine the production required for February, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

Production= 1,250 + (1,200*0.2) - (1,250*0.2)

Production= 1,240 units

7 0
3 years ago
How should Kane work with the salespeople to introduce the change?
Nataly [62]

activities. In this chapter, you will learn about these two important management activities. ... To implement organizational change, managers must work to overcome that resistance ... Second, Kane's salespeople were.
3 0
3 years ago
Which is an easy-to-read, monthly statement that clearly lists medicare claims information?.
IgorC [24]

An easy-to-read, monthly statement, that clearly lists medicare claims information is a Medicare summary notice.

<h3>What is a Medicare summary notice?</h3>

MSN is a statement received by the people with Original Medicare recipients every three months in the mail for services covered by Medicare Part A and Part B.

It is a system that notifies consumers about  Medicare benefit decisions. You will not receive an MSN for that 3-month period if you do not receive any services or emergency aid during that time.

This notification might assist you in keeping track of your and in expenses and ensuring that you were correctly invoiced for the treatments you experienced.

It also helps to compare the information on your notification with the healthcare providers', statements, and receipts.

Learn more about the Medicare summary notice, here:

brainly.com/question/24225728

#SPJ1

8 0
2 years ago
Other questions:
  • Fixed rate mortgage offer: Principal: $170,000 Term: 30 years Interest rate: 4.25%Use this fixed-rate mortgage calculator to hel
    7·1 answer
  • What are some reasons why individuals might choose to not raise children in their lifetime? these may include personal reasons a
    7·1 answer
  • An end items demand forecasts for the next 10 weeks are 30, 20, 35, 50, 25, 25, 0, 40, 0, and 50 units. The cur-rent on-hand inv
    8·1 answer
  • Which food give the most fiber
    12·2 answers
  • Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 750 shares of its outstanding common stock for
    6·2 answers
  • Red Hot Inc. and Maverick Cycles Inc. are two competing motorcycle companies. While Red Hot's Cost of goods sold/Revenue is 63.4
    9·1 answer
  • Juxipi Inc. is well known for having a stronger credit score than its competitors. that is why, buyers are more willing to buy p
    8·1 answer
  • he HR department at Bailey Services is considering offering telecommuting as an option to some experienced employees. At a meeti
    11·2 answers
  • What is the term that describes a person’s tendency to discover information that supports his or her own pre-existing views?
    14·1 answer
  • The relationship between these two entities is an example of: __________
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!