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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.
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Blossom Electric sold $3,800,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually
katovenus [111]

Answer:

Dr cash $3 914 000 Cr bond premium $114 000 cr Bonds payable $3800000

Explanation:

Bond sold at a premium

$3800000(103%)=$3 914 000

Bond premium =Bond sold at Premium-Par value bonds

                          $3 914 000-$3 800 00=$114 000

then the par value bond =$3800000

8 0
4 years ago
Long-Life Insurance has developed a linear model that it uses to determine the amount of term life insurance a family of four sh
jolli1 [7]

Answer:

y=160.9

Explanation:

<u>Linear Modeling</u>

Models are an important part of the study of a variety of natural phenomena in a great number of fields like science, health, business, human behavior, economics, among many others.

Once a model is determined, it can be used to estimate future values of important variables which in turn can help people to make decisions.

It has been determined a model that relates the amount of term life insurance a family of four should have with the current age of the head of the household. That model is

y=165-0.1x

we are required to estimate the amount of term life insurance to recommend to a family of four when the head of the household is x=41 years old. Let's plug in the given value in the equation

y=165-0.1\cdot 41=165-4.1=160.9

\boxed{y=160.9}

7 0
3 years ago
3. Which part of a letter identifies the address of the person writing the letter
bulgar [2K]

Answer:

Return Address

Explanation:

There are primarily <u>7 parts of a letter</u> and these are the following:

<em>1. Letterhead/Heading (business) or Return Address (an individual)</em>

<em>2. Date</em>

<em>3. Inside Address</em>

<em>4. Salutation/Greeting</em>

<em>5. Body</em>

<em>6. Complimentary Close</em>

<em>7. Signature</em>

The "Return Address" refers to the <em>address of the sender.</em> This includes the name of the sender as well. This is very important especially if the letter requires a response from the recipient.

8 0
3 years ago
On December 31, Cruise Company has 18,000 units of an inventory item, which cost $46 per unit when purchased on June 15. The sel
Maksim231197 [3]

Answer:

the inventory be reported at on the December 31 balance sheet is $828,000

Explanation:

Here the inventory should be recorded at lower of cost or net realizable value

Since the cost per unit is $46

And, the net realizable value is $48

So, the lowest cost per unit is $46

Now the ending inventory reported is

= 18,000 units × $46 per unit

= $828,000

hence, the inventory be reported at on the December 31 balance sheet is $828,000

6 0
3 years ago
A company with excess capacity must decide between scrapping or reworking units that do not pass inspection. The company has 19,
ANTONII [103]

Answer:

Incremental income as scrap=$66,500

Incremental income when re-worked= $81,700

Explanation:

Unit contribution from selling as scrap is the equal to the scrap value = 3.50

Unit contribution when reworked and sold as scrap =Selling price - cost of re-work= $8.90-4.60= $4.3

Incremental income as scrap = $3.50×19,000= $66,500

Incremental income when re-worked= $4.3 × 19,000 = $81,700

Incremental income as scrap=$66,500

Incremental income when re-worked= $81,700

5 0
3 years ago
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