Answer:
The industrial revolution affected the whole global economy, social relations, and culture.
The industrial revolution changed how goods were manufactured, and it all started with the European accumulation of capital and the invention of the steam engine.
The two major sources of energy were coal and oil that were used to power steam engines that moved machinery using water steam. That led to work specialization and urbanization (people moving into large urban areas).
The industrial revolution first started in northwestern Europe, but it then spread to the US, Russia and Japan. The global economy developed new patterns of global trade and production between nations that produced resources and those that processed them and produced goods.
Exporting economies grew around the world because of the need for exporting both raw materials and food supplies from resource producing nations, and the need for exporting finished goods form industrialized nations.
Answer:
The marginal cost of an additional unit of output is $145
Explanation:
The computation of marginal cost of an additional unit of output is shown below:
= Change in total cost ÷ change in production level
where,
Change in total cost = Increased cost - previous cost
= $9.4 million - $6.5 million
= $2.9 million
Thus, change in total cost is $2.9 million
And, change in production level = New production level - existing production level
= 70,000 - 50,000
=20,000
Thus, change in production level is 20,000
Now,
Apply the above values in the formula which is equals to
= $2.9 million ÷ 20,000
= $145
Hence, the marginal cost of an additional unit of output is $145
Answer:
(A) True
Explanation:
Differential cost is the difference between the cost to produce Product O and produce Product P; in this case it’s the additional cost of $13 per pound to produce
So the statement “The differential cost of producing Product P is $13 per pound” is true
Answer: B. Jean
Explanation:
Having Absolute Advantage in the production of a good means that you can produce more of that good given the same resources or at least the same Quantity as others given lower resources.
From the scenario above therefore, Jean has the Absolute Advantage in producing Cakes as Jean can bake 12 cakes in an hour while Vincent can only bake 10.
