Answer:
b. 1 pound of ice cream for Ben and 1 pound of cones for Jerry.
Explanation:
Ben and Jerry both produce ice cream. They can have comparative advantage with producing the specialized product. Ben can gain from the trade if it produces more of ice cream and less or no cones. Jerry would gain the comparative advantage if it would produce cones for the ice cream. Both of them can have comparative advantage by selling the specialized products to each other.
Answer:
Mogul will report Inventory of $26000
Explanation:
The consignment accounting states that any inventory sent on consignment by the consignor to the consignee belongs to the consignor until it is sold by the consignee. Mogu; company sent inventory costing 110000 and out of this only 84000 is sold. The remaining inventory still belongs to the consignor and the amount of this inventory is 110000 - 84000 = $26000
Answer:
Option E. None of the choices are correct.
Explanation:
The substitution effect refers to the situation whereby there is a decrease in sales for a particular product due to the fact that consumers are switching to cheaper alternatives when its price rises.
The substitution effect arises purely out of the need for consumers to be frugal. If a producer raises the price of their commodities, some consumers will opt for a cheaper alternative. For example, if beef prices go up, many consumers will switch to chicken.
A manufacturer can also experience the substitution effect when faced with a price hike for an essential raw material needed for production, he/she may switch to cheaper resources.
Internal economies of scale lead to imperfectly competitive industries because large firms have cost advantages over small firms, so the correct answer is B.
Economy of scale is the economic advantage that is realized by operating on a larger scale. In general, the average cost per unit of output decreases with increasing scale because fixed costs are spread over more units of output. Operational efficiency is also often greater with increasing scale, which in turn leads to lower variable costs.
When an industry is characterized by economies of scale, it can lead to a monopoly or oligopoly. Only large companies can then produce economically, which means that the barriers to entry for new market players are high.
Learn more in brainly.com/question/17326273
Answer: 52,164.15
Explanation:
The price Elasticity of demand for corn refers to how much the quantity demanded of corn changes as a result of a change in price.
When given the elasticity for a group and need to calculate for a single unit, use the formula;
εi = nε - (n -1)eη
Demand elasticity for single unit = (Number of units * entire demand elasticity) - ( number of units - 1) * supply elasticity of each firm
= (347,760 * 0.3) - (347,760 - 1) * 0.15
= 104,328 - 52,163.85
= 52,164.15
<em>Note: Do confirm that the figures you provided are the correct ones. If yes then no problems. </em>
