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Bumek [7]
2 years ago
13

Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of b

read and potatoes are a consumer substitute for bread, we would expect the price of wheat to:
a. rise, the supply of bread to decrease, and the demand for potatoes to increase.
b. rise, the supply of bread to decrease, and the demand for potatoes to decrease.
c. rise, the supply of bread to increase, and the demand for potatoes to increase.
d. fall, the supply of bread to increase, and the demand for potatoes to increase.
Business
1 answer:
tatyana61 [14]2 years ago
3 0

Answer: a. rise, the supply of bread to decrease, and the demand for potatoes to increase.

Explanation:

According to the Economic law of SUPPLY AND DEMAND, less supply means HIGHER prices simply because the good is becoming scarce not unlike fuel during global oil shortages.

Now, we are told that the drought reduced the supply for wheat which means the SUPPLY of wheat has DECREASED and this will translate to the SUPPLY of Bread DECREASING as well. According to the aforementioned law, prices of Bread will therefore RISE.

Since Bread prices have risen, people will seek alternatives to bread as they may not want to pay the high price. This will lead them to choosing the alternative to bread which in this case are Potatoes which would therefore INCREASE the DEMAND for potatoes.

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Why would the difference between income computed under full costing and income computed under variable costing be relatively sma
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Full Costing

Full costing also know as absorption costing. It allocate all cost to the specific product like fixed cost, variable cost etc.

Absorption costing consider all kind of cost whereas variable costing will only consider cost in variable in nature.

Variable Costing

Variable cost is a method were we only account for those cost that are varied over production output. It will not be a good tacker of profitability but it will help in decision making.

Inventory Management System

JIT stands for Just in Time Inventory. Where basic idea is to buy inventory whenever required, this system doesn't allow holding inventory.

Now coming to the question of why the difference is small when we are operating under JIT Inventory management System is as follows:-

1. Working capital - It is designed to be exceedingly low, so the investment in working capital is very less and will reduce inventory holding cost.

2. Obsolete inventory - Since inventory levels are so low, there is little risk of having much obsolete inventory which in turn will result in less loss.

3. Process time. A thoroughly implemented JIT system should shorten the amount of time required to manufacture products, which may decrease the quoted lead times given to customers placing orders. So the fixed cost will not be incurred on rent etc because of low/ less holding of inventory.

Because of the above factor difference is too small.

Learn more about Variable Costing here: brainly.com/question/6337340

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6 0
1 year ago
A contractual arrangement between a parent company and an individual or firm that allows the latter to operate a certain type of
Serhud [2]

Answer:

Franchising

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The franchisor gives access to use of their brand and also provides support and training to the franchisee.

Franchisee in turn gives an agreed amount of profit to the franchisor for using their brand.

An established name and specific rules of operation is agreed upon in the contract.

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A bond resolution is a legal document that specifies the rights of the issuer and the bondholder, the two parties to the bond contract, and allows the issuance and sale of bonds.

<h3>Who is a bondbondholder?</h3>

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6 0
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A feedback technique in which an employee is appraised by her boss, peers, subordinates, and possibly clients is called a ______
matrenka [14]

Answer:

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