Answer:
The market for lettuce would be impacted in three ways: labor supply would increase, meaning that lettuce producers can now hire more workers for a lower price.
This cheaper labor would likely increase supply, because more producers would try to enter the market to take advantage of the cheap workers.
Finally, the lower labor costs, and the higer supply, would reduce the price of lettuce, meaning that consumers will be able to buy more lettuce for less money.
Answer:
B. The mean is $51,754 and the median is $44,167. This is because economic variables are usually skewed to the right, which pulls the mean above the median.
Explanation:
The mean income of $51,754 obtained from the 2014 income of people aged 25 - 34 years with only a bachelor's degree is the average incomes. It is obtained by adding all the incomes in the data set and then dividing by the number of values in the set. The median of $44,167 is the middle value when this data set is ordered from least to greatest while the mode is the number that occurs most often in the data set.
Answer:
$214,800
Explanation:
The amount paid is the sum of the amount declared and the difference in amounts payable.
dividends paid = $209,800 +50,400 -45,400
dividends paid = $214,800
Country ABC shows that it has ABSOLUTE ADVANTAGE over Country XYZ.
The absolute advantages is proven when Country ABC was able to produce a unit of good 1 with fewer resources than Country XYZ.
Absolute advantage is different from comparative advantage.
Comparative advantage deals with opportunity cost. If a country is able to produce goods at lower opportunity cost than its trading country, then, it has comparative advantage.
