There are various things that could be bought or sold by an auction such as Collectibles and art, antiques, real estate sporting goods etc.
There are several ways to conduct an auction, but the first-price auction and second-price sealed-bid auctions are the most common. In first-price auctions, the person whose bid is highest than the base offer will win the auction. The highest bidder in a sealed-bid auction with a second price pays for the second-highest bid. If there are several bidders on a piece of real estate, for instance, the property will go to the highest bidder, but in this situation, the highest bidder will only have to pay the price of the second-highest bid.
The cost-benefit analysis indicates that auctions will aid in the sale of the rare products at a price over its minimum worth, based on the cost-benefit analysis. The best profit will therefore be made in this situation, but the consumer surplus is still positive.
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Answer and Explanation:
Economy is divided into two main fields: <em>Microeconomics and Macroeconomics</em>. Microeconomics studies the decisions of individuals and businesses while Macroeconomics is in charge of analyzing the economy as a whole including decisions made by governments and their countries. Thus:
A) <em>The effect of government regulation on a monopolist's production decisions (Macroeconomics).
</em>
B) <em>The optimal interest rate for the Federal Reserve to target (Macroeconomics).
</em>
C) <em>The government's decision on how much to spend on public projects (Macroeconomics).</em>
Answer:
Societal hierarchy
<h3>
Explanation:</h3>
Humanism was the concept of individual self-worth and meaning outside the traditional societal hierarchy.
People began to become interested in the betterment of themselves through education.
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Answer:
The correct answer is letter "C": marginal revenue equals marginal cost.
Explanation:
The profit-maximizing level of output for every type of firm is reached when the marginal revenue of production equals the marginal cost meaning that the additional cost of selling one more unit equals the cost of producing one more unit.
Marginal costs vary according to changes in production. Because of that, managers must identify when those events happen to calculate the profit margin (percentage sales that are converted into profits) of the firm to avoid losses.
Answer:
option (D) 10.34
Explanation:
The inventory turnover ratio for 2016 will be given as:
= [Cost of goods sold ] ÷ Average inventory
also,
Cost of goods sold in 2016 = $148,669
Average inventory = [ 2015 inventory + 2016 inventory ] ÷ 2
= [ 14,001 + 14,760 ] ÷ 2
= 28761 ÷ 2
= 14,380.5
Therefore,
The inventory turnover ratio for 2016 = $148,669 ÷ 14,380.5
= 10.34
Hence,
The answer is option (D) 10.34
