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2 years ago

explain how the price consumers pay for a good is influenced by the price of the resources that go into making it

Business

1 answer:

Reika [66]2 years ago

4 0

Answer:

Here's an example

I sell bead bracelets for $5.00. The chord I use to make them is $2.50 for 5 feet. Each bracelet needs 1/4 of a foot of chord. That is $0.13 worth of chord per bracelet. The beads I use are 30 beads for $1.00. I use 5 beads in each bracelet. That is $0.17 worth of beads per bracelet. The total price of the materials per bracelet is 30 cents. Let's say It takes me 10 minutes to make a single bracelet. If I sell the bracelet at 30 cents, I would no have made a profit and would instead lose 10 minutes of my time. If I sell it for anything less, I would be losing money and time. If I want to make a profit, I need to add the money I want to make plus the cost of resources. Therefore, if I want to make a profit of $4.70, I must sell the bracelets for $5.00.

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These are financial protections that were created to ensure that certain types of facilities (that is, cancer hospitals and chil

Hunter-Best [27]

Answer:

Hold harmless.

Explanation:

It defines hold harmless as follows: To absolve (another party) from any responsibility for damage or other liability arising from the transaction.

6 0

3 years ago

Shen has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Valerie,

iren [92.7K]

Answer:

3. Correctly ignored a sunk cost

Explanation:

Sunk costs refer to those costs which have been incurred in the past, which are non recoverable and which have no current or future benefits.

Sunk costs are considered as irrelevant for decision making process as they do not relate to current period and have no future implications. For example, research and development expenditure incurred in the past represents a sunk cost.

In the given case, the ticket for opera was already purchased for $100 which can now neither be recovered nor transferred. Thus this cost is irrelevant for decision making as expenditure has already been made. When Shen decided to go for a party instead of the concert, Shen has correctly ignored a sunk cost.

7 0

3 years ago

What condition is being met when goods are being produced and sold at the lowest possible average cost?

marshall27 [118]

The condition that is being met is PRODUCTIVE EFFICIENCY. Productive efficiency refers to a situation in which production is carried out without waste. In this situation, when the average cost of production is reduce to the barest minimum, the economy will be operating on the production possibility frontier.

6 0

2 years ago

Perine Company has 2,000 pounds of raw materials in its December 31, 2016, ending inventory. Required production for January and

nexus9112 [7]

Answer:

Budgeted purchase for January = $48,000

Explanation:

Opening stock of raw material = 2,000 pounds

Requirement for January = 4,000 units $\times$ 2 per unit = 8,000 units

Also provided that inventory upto 25% of next month requirement is to be held, that is for 5,000 units of finished goods 5,000 $\times$ 2 = 10,000 units $\times$ 25% = 2,500 units, of raw material is required.

Total purchase for January = Closing requirement + Current month requirement - Opening Stock = 2,500 + 8,000 - 2,000 = 8,500 units to be purchased

Total purchase cost = 8,000 units $\times$ $6 = $48,000

Final Answer

Budgeted purchase for January = $48,000

3 0

3 years ago

Bill, age 65 has 2020 unreimbursed medical expenses totalling $20,000 and an adjusted gross income of $170,000. How much of thos

svp [43]

Answer:

$7,250

Explanation:

You can deduct medical expenses <u>that exceed</u> 7.5% of your AGI (changes, but is currently at this level).

170,000 x .075 = 12,750

20,000 - 12,750 = $7,250

I hope this helps!

-TheBusinessMan

7 0

3 years ago