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n200080 [17]
3 years ago
9

Suppose there are only two factors of production, labor and capital, and two goods, cloth and bicycles. a. The UK has 50M worker

s and 100M units of capital. The ROW has 5B workers and 4B units of capital. Which country is relatively labor abundant?
Business
1 answer:
LiRa [457]3 years ago
7 0

Answer:

ROW

Explanation:

Given that,

UK has 50M workers and 100M units of capital.

ROW has 5B workers and 4B units of capital.

A country is labor abundant if the endowment of labor in that country relative to the other factors is greater than the other countries.

Therefore,

In UK:

= 50 workers ÷ 100M units of capital

= 0.5 workers

For every unit of capital there are 0.5 workers.

In ROW:

= 5B workers ÷ 4B units of capital

= 1.25 workers

For every unit of capital there are 1.25 workers.

Above calculations clearly shows that ROW is relatively labor abundant and UK is relatively capital abundant.

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Ruiz Co.’s budget includes the following credit sales for the current year: September, $165,000; October, $156,000; November, $1
Minchanka [31]

Answer:

$150,350

Explanation:

The computation of the cash collected in December is shown below:

Particulars          Sept          Oct           Nov           Dec

Sales                 $165,000      $156,000       $140,000        $177,000

Given percentage                        30%                 55%                 15%                      

December collection amount   $46,800          $77,000           $26,550

Total December collection                    $150,350

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3 years ago
Which of the following characteristics differentiates a firm in an oligopolistic market from a firm in a perfectly competitive m
Oliga [24]

Answer:

A) A firm in an oligopolistic market has to consider its own impact on price when making production decisions

Explanation:

A perfectly competitive market is a market with many firms selling identical product. There are free entry and free exist and the decision of a firm does not affect the price in the market as all firms are price takers. Therefore, each firm is independent under perfectly competitive market and production decisions of a firm in a perfectly competitive market does not affect the price in the market nor will it cause any reaction from other firms.

However, Oligopolistic market is a market where there are few firms which are 3 or more firms but not more than 20 firms selling identical or differentiated product.. Firms in oligopolistic market are interdependent which implies that the decision of one firm can affect price and this can cause reaction from other firms and then lead to a price war. A price war occurs when each firm continually reduces its own price in order to increase its market share which causes other firms to react reducing their own prices and this will make none of the firms to gain in the end. In order to avoid the price war, each firm in an oligopolistic market has to consider its own impact on price when making production decisions.

6 0
3 years ago
Baldwin Company incurred and recorded an expense for material costs that have not yet been paid as of year-end. On the balance s
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Answer:

It will be reported as accrued expenses (c)

Explanation:

Accrued expenses represents amount owed for either serviced that has been enjoyed or goods that have been delivered but yet to be paid for.

Income statement is prepared on accrual basis, hence, these expenses will be recognized in the current period and matched with revenues generated.

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3 years ago
Total sales revenue is $1000, total variable costs are $600 and total fixed costs are $1000. The price is $10 per unit. Compute
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Answer:

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Explanation:

a

8 0
3 years ago
What was this product's net operating income (loss) last year? last year minden company introduced a new product and sold 15,000
mafiozo [28]

Answer:

1. What was the product's operating income(loss) last year = $90,000 loss

2. What is the product's Break even point in unit sales and dollars

• Break even sales in units 18,000

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3. Maximum annual profit given an increment of 5,000 units and reduction of sales price per unit by $2.

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Explanation:

Please see attached detailed solution to the above questions and answers.

3 0
3 years ago
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