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Jet001 [13]
3 years ago
9

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither

.Statement Consumer Producer Neither Surplus Surplus I sold a used laptop for $149, even though I was willing to go as low as $140 in order to sell it.I sold a watch for $59 on eBay last week. This week, someone offered me $145 for it. Even though I was willing to pay up to $46 for a jersey sweater, I bought a jersey sweater for only $39.
Business
1 answer:
sertanlavr [38]3 years ago
5 0

Answer: Statement 1 ( Laptop) = Producer surplus

              Statement 2 ( watch ) = Neither

              Statement 3 ( jersey sweater) = Consumer surplus

Explanation:

Hi, Consumer surplus happens when the price that consumers pay for a product or service is less than the price they're willing to pay.

  • <em>Even though I was willing to pay up to $46 for a jersey sweater, I bought a jersey sweater for only $39.  </em>Consumer surplus

Producer surplus<em>  </em> is measured as the difference between what producers are willing and able to supply a good for and the price they actually receive

  • <em> I sold a used laptop for $149, even though I was willing to go as low as $140 .</em>Producer surplus
  • <em>I sold a watch for $59 on eBay last week. This week, someone offered me $145 for it.  </em>neither

Feel free to ask for more if needed or if you did not understand something.

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Categorize each statements as a component of Gross Domestic Product (GDP): consumption, investment, government, or net exports.
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Answer:

-Consumption: ice cream, a domestically manufactured personal computer, cab fare for personal use, 55 cent tacos, A super bowl ticket bought new from the NFL

- Investments: A domestically manufactured business computer

-Government: A public school teacher

-Net Exports: An exported doll house

Explanation:

Gross Domestic Product is the market value of goods and services produced locally within a given period. GDP includes goods and services produced during a particular time interval. In the past, bargains for products produced are not reflected in GDP. Usually this interval is years or quarters.

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Public expenditure, in economy, indicates the complex of money of public origin that is used by the State in public goods and / or public services aimed at pursuing public purposes, regardless of the nature (public or private) of the obligation that is the title . These are therefore the exits by the state and therefore an item of liabilities within the state budget, the coverage of which is necessarily entrusted to taxation on taxpaying citizens or public debt. Otherwise, the repercussions are of an inflation or devaluation type, depending on the domestic or foreign destination of the capital.

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7 0
3 years ago
produces sports socks. The company has fixed expenses of $ 80 comma 000 and variable expenses of $ 0.80 per package. Each packag
Lemur [1.5K]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Unitary variable expenses= $ 0.80

Selling price per unit= $ 1.60

First, we need to calculate the unitary contribution margin:

Unitary contribution margin= selling price - unitary variable cost

Unitary contribution margin= 1.6 - 0.8

Unitary contribution margin= $0.8

Now, the contribution margin ratio:

contribution margin ratio= contribution margin / sellig price

contribution margin ratio= 0.8/1.6

contribution margin ratio= 0.5

7 0
3 years ago
Storax Manufacturing purchases equipment for $50,000. The equipment has an expected life of 10 years and an estimated salvage va
Mashcka [7]

Answer:

6.25 years

Explanation:

The formula to compute the payback period is shown below:

= Initial investment ÷ Net cash flow

where,  

The Initial investment is $50,000

And, the net cash flow is $8,000

Now put these values to the above formula  

So, the value would equal to

= ($50,00) ÷ ($8,000)

= 6.25 years

All other information which is given is not relevant. Hence, ignored it

8 0
2 years ago
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