Answer:
The marginal cost is $200 that she needs to complete the task.
Explanation:
Giving the following information:
Cassie has just spent $800 purchasing, cleaning, and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time to complete the task. Alternatively, she can sell the quilt "as is" now for $900.
The $800 is a sunk cost. Now we need to determine the marginal cost. The marginal cost is $200 that she needs to complete the task.
Answer:
b. the more wealth she has, the less utility she gets from an additional dollar of wealth.
Explanation:
Utility is the satisfaction derived from a good. Total Utility is the total satisfaction from all units of a good. Marginal Utility is the additional satisfaction from an additional unit of a good.
The Law of Diminishing Marginal Utility states that : As consumer gets more & more of a good, the additional utility (satisfaction) from each successive unit keeps on declining. It implies that marginal utility decreases, & total utility increases at a decreasing rate.
Therefore : A person has more marginal utility (additional satisfaction) from an additional dollar, if he has less money (dollars). And, relatively less marginal utility from an additional dollar if he has more money (dollars).
Example : A rich person having millions of dollars would get less marginal utility (additional satisfaction) from gaining a single dollar, than a poor person having few dollars.
Answer: (E) Distributive Justice
Explanation:
The distributive Justice is one of the type of concept that helps in illustrating the concept of distribution or allocation of the various type of goods and the services at equal amount in an organization.
The importance of the distributive justice is to provide the equal and fair right among each employee in an organization so that the employees or any member of the company does not feel any type of discrimination.
According to the given question, Danny faced a pay discrimination in his company that hiss manager increase their workload but the salary is remain the same. So, his resentment is basically reflect the lack of distributive justice in an organization which is related to his pay.
Therefore, Option (E) is correct answer.
Answer:
Total output of all products and services.
Explanation:
Aggregate supply is defined as the total amount of goods and services that firms are willing to sell, at a specific price, within a particular economy.
Aggregate supply is a macroeconomic concept, an aggregate variable, that is used in Keynesian and Neoclassical economics, often in models that put it together with aggregate demand, in what is known as the Aggregate Supply-Aggregate Demand model (AS-AD model).
