Answer:
The correct answer is option d.
Explanation:
An industry is comprised of a large number of small firms.
Because of losses, many firms have left the industry.
This will cause the industry supply to decline.
The industry supply curve will move to the left.
The new supply curve will intersect the demand curve at a higher point.
This leftward shift in the supply curve will cause the equilibrium price to increase and equilibrium quantity to decline.
Answer:
D. Tim consumes more hamburgers and fewer hot dogs.
Explanation:
For his utility to remain constant, Tim will neither consume more goods in total, nor spend more money than before.
Therefore, because the price of hot dogs has risen, while the price of hamburger has remained the same, he will now buy more hamburgers and less hot dogs, because eating more hamburgers and less hot dogs will not decrease his satisfaction, it will remain the same. We can also conclude from that both fast food products are perfect substitutes for Tim.
Answer:
A
Explanation:
Should be A as your savings account will accrue interest and the stock market is volatile.
Answer:
The correct option is A.
Explanation:
The chain of command in an organisation refers to the official hierarchy of authority that dictates who is in charge of whom and of whom permission must be requested before any important business decision is made.
A chain of command is put in place so that everyone will know who they are supposed to report to and what responsibilities are expected of them at their current level. A chain of command is used to enforce responsibility and accountability and organisations will implement a chain of command so that workers will follow them when asking questions or filing complaints.
In the scenario presented above, Victor Green clearly does not know the chain of command, therefore, he does not know who to report to or seek permission from in order to make a business decision.
Answer:
C. $19,600
Explanation:
The contribution margin per hour can be obtained by dividing the difference between the price and variable costs by the number of labor hours required.
![\left[\begin{array}{cccc}\ &LO&ES&CH\\Price&30&80&42\\Cost&20&40&20\\Labor \ hours&1&6&2\\margin\ per\ hour&10&6.67&11\end{array}\right]](https://tex.z-dn.net/?f=%5Cleft%5B%5Cbegin%7Barray%7D%7Bcccc%7D%5C%20%26LO%26ES%26CH%5C%5CPrice%2630%2680%2642%5C%5CCost%2620%2640%2620%5C%5CLabor%20%5C%20hours%261%266%262%5C%5Cmargin%5C%20per%5C%20hour%2610%266.67%2611%5Cend%7Barray%7D%5Cright%5D)
Since the candle holders yield the greatest contribution per hour, the maximum of 800 units of this product should be produced. The remaining labor hours after producing candle holders is:
The remaining hours should be used to produce letter openers since they provide the next best contribution per hour. 200 letter openers can be produced with the remaining hours.
The maximum contribution margin that Wood Carving can generate next month is:
