Answer:
Jameson’s opportunity cost of producing one pound of cheese is 0,002 house(s).
Explanation:
Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. Resources are limited, therefore the decision to make a quantity of product A limits the amount of producing product B.
In this exercise, Jameson has the resources to produce 5000 pounds of cheese or 10 houses per year or a combination of both.
To calculate the opportunity cost you need to determine how much of a house is 1 pound of cheese.
Opportunity cost= 10house/5000pounds= 0,002
<u>So to produce 1 pound of cheese you need 0,002 of a house.</u>
Answer:
1) many buyers and sellers, (2) free entry and exit
Explanation:
A monopolistic competition is when there are many buyers and sellers of heterogeneous goods and services. There are free entry of firms into and out of the industry. Firms set the price for their products. Buyers and sellers do not have perfect information. In the long run, monopolistic competition make zero economic profit.
A pure competition is characterised by many buyers and sellers of homogenous goods and services. Buyers and sellers have perfect information. There are no barriers to entry or exit of firms in the industry. Market price is set by the market forces. Firms make zero economic profit in the long run.
I hope my answer helps you
Answer:
see below
Explanation:
A positive correlation signifies that an increase in one variable results in the other variable moving in the same direction. Because supply and price are positively correlated, a price increase will increases supply. The opposite is also true.
Suppliers are business people whose main objective is to make profits. Higher prices give higher margins. Suppliers make higher profits when prices are high. The possibility of making higher profits motivates suppliers to increase supplies to the market. On the other hand, low prices may result in losses. When prices are low, supplies will shy away from the market to avoid making losses.
Answer: Progressive tax system
Explanation: The progressive tax system is where the income of an individual is taxable based on his or her capacity to pay. The individuals who earn less pay lesser tax as compared to higher-earning individuals.
The tax system doesn’t impose a burden on those who don’t have a sufficient amount to pay as taxes. By doing this the people who earn low income will be able to maintain a high living standard and the people who earn more are able to afford the basic necessities. So it balances the economy.
Answer:
$6.
Explanation:
Holding stock of a Public company entitles you to a potential return on your investment which can be in the form of Capital Appreciation/Gain, that is buying at low and selling at high, or Dividends received. In the given question, we are not required to calculate total return rather capital gain, simply the difference between purchase price and selling price, so there is no need to account for dividends. The formula for Capital Gain is given below:
Capital Gain / Appreciation = Selling Price - Purchase Price
⇒ Capital Gain = 38 - 32 = $6.
