Answer: Economic perspective is when an issue is considered been affected by the economy or the economy affecting the issue when making a decision. This decisions making are described as follows;
Scarcity; Available resources can only be used for only one purpose at a time, that means choice has to be made. Because I choice must be made, decision making has to be considered. Scarcity and choice goes together.
Opportunity cost; The cost of any activity,goods or services is the absolute value of what must be given up to obtain it. That means a decision for the value to be given up as cost, to get a goods, services or activity should be weighed.
Utility; this is the satisfaction derived from the consumption of a goods or services. Before a satisfaction can be achieved, a value must be given up to achieve such satisfaction, a decision of the value to be given up compared to the satisfaction should be weighed
Marginal analysis; any option considered in decision making weigh the marginal benefit against the marginal cost, where marginal means extra, additional, or a change in. Therefore the marginal cost of an action should not exceed it's marginal benefits. Whether the decision is personal or one made by business organization or government, the principle is always the same.
Purposeful behaviour; people always weigh costs and benefits in a way to maximize satisfaction with their decision. They should be a rational self-interest, which will lead to achieving maximum utility in decision making.
Answer:
c. Layoff
Explanation:
Layoff refers to the action of employers terminating the services of an employee. It when an employer brings to an end to their work relationship with the employee. Layoff occurs due to a variety of reasons. It may affect one worker or a group of workers.
A layoff is different from dismissal or firing. Dismissal may be a result of employee under-performance or breach of contract. Layoff occurs because employers need to reduce their salary expenditures.
Answer:
Explanation:
We will first state the equation.
Where:
I = annual rate of inflation;
R = the tax rate for the person making the investment.
We first determine the partial derivatives with respect to I and R.
VI(0.03, 0.28)
=-11812.39
=-810.81
Answer:
(a) 2
(b) 2.25
(c) 12.5%
Explanation:
To solve this question we need to remember that
(a) 10 persons produce 160 valves in 8 hours, this implies a productivity of 2=160/(8x10)
(b) 2.25= 180/(8x10)
(c) Percentage change is given by (2.25-2)/2=.125
Answer: ✓ an intermediate goal that affects a long-term goal