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pav-90 [236]
3 years ago
13

Explain and give an example of any three of the following: good, service, free good, nuisance good, economic good, economic serv

ice, free service
Business
1 answer:
Lapatulllka [165]3 years ago
4 0

Answer: The answer is as follows:

Explanation:

1. Good : Goods refers to an item or material that can be used by the consumer to satisfy their wants and it is tangible in nature. For example; mobile phone, pen, pencil, etc.

2. Service: Service is intangible in nature. Service is provided by the other person which includes medical services by doctors, travelling services, etc.

3. Free good: A free good is a good that is available at a zero price and a good that is not scarce in quantity. For example; ideas, web page, sunlight, etc.

You might be interested in
In a sweezy oligopoly, the profit-maximizing level of output occurs where:_____.
hodyreva [135]

In a Sweezy oligopoly, the profit-maximizing level of output occurs where mr=mc.

Paul M. Sweezy created the oligopoly's kinked demand curve in 1939. The model explains how oligopolistic groups behave rather than placing emphasis on how price-output determination occurs.

With an equilibrium output of Q units and an equilibrium price of P, the oligopolist maximizes profits by equating marginal income with marginal cost.

Due to each company's desire to maximize profits, there is frequently intense competition among them when it comes to pricing, production, and promotion.

The main distinction between a monopolist and a perfectly competitive firm is that although for a monopolist, marginal revenue is not equal to the price since changes in output quantity affect the price.

To learn more about monopolists refer to:

brainly.com/question/14055453

#SPJ4

7 0
2 years ago
Gradwell, Inc., manufactures and sells two products: Product K8 and Product I4. Data concerning the expected production of each
lisabon 2012 [21]

Answer:

Gradwell, Inc.

The overhead applied to each unit of Product I4 under activity-based costing is closest to:_______.

$243.00 per unit.

Explanation:

a) Data and Calculations:

production per unit                       DL rate   Total Labor Cost

product K8    300    5.0     1,500   $17.20       $25,800

product I4     900     3.0   2,700    $17.20        $46,440

total direct labor hours    4,200   $17.20        $72,240

production per unit       Direct Materials   Total Material Cost

product K8    300          $150.20                   $45,060

product I4     900          $243.70                    219,330

Total direct materials costs =                      $264,390

Estimated Expected activity

Activity Cost Pools Activity Measures  Overhead  Product  Product  Total          

                                                                   Cost          K8           I4

labor related            DLHs                 $176,064       1,500       2,700   4,200

machine setups       setups                   71,290         400          600    1,000

order size                MHs                      121,396      4,300       4,600   8,900

Total                                                  $368,750

Overhead  Cost Allocation  Product    Product    Total          

                                                K8             I4

Labor cost                         $62,880    $113,184  $176,064

Machine setups                   28,516      42,774       71,290

Order size                           58,652     62,744      121,396

Total                                $150,048  $218,702  $368,750

Quantity                                300          900

Overhead per unit          $500.16    $243.00

4 0
2 years ago
A commercial bank will loan you $20,000 for four years to buy a car. The loan must be repaid in 48 equal monthly payments. The a
Lisa [10]

Answer:

Monthly payment = $469.701

Explanation:

<em>Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.  </em>

The monthly equal installment is calculated as follows:  

Monthly equal installment= Loan amount/Monthly annuity factor  

Loan amount = 20,000

Monthly annuity factor  =

=( 1-(1+r)^(-n))/r  

r- Monthly interest rate (r)  

= 6/12= 0.5%  

n- Number of months ( n) = 20 × 4 = 48

Annuity factor  

= ( 1- (1.005)^(-48)/0.005= 42.5803

Monthly installment= 20,000 /42.5803  = $469.701

Monthly installment = $469.701

Monthly payment = $469.701

8 0
3 years ago
swenson Saws produces bows, frame, dovetail, and tenon saws used by craft furniture makers. During an 8-hour shift, a saw is pro
RUDIKE [14]

Answer:

Given: Total shift time = 8 hours = 8 * 60 = 480 minutes

time required for production of one saw = 6 minutes

Demand for Bow saw = Demand for frame saw = Demand for dovetail saw = 1/2 * Demand of Tenon saw

a) Mixed model schedule:

Mixed model schedule

Product no. per batch

Bow Saw 1

Frame Saw 1

Dovetail Saw 1

Tenon Saw 2

Total 5

Therefore 2 Tenon Saw, and each bow, frame, and dovetail saws will be produced before the cycle is repeated.

b) 2 Tenon Saw, 1 bow, 1 frame, and 1 dovetail saws will be produced under production sequence for one unit production.

The length of cycle will be 5*6=30 minutes i.e. the cycle will repeat once in 30 minutes for 8 hours means totally it will repeat 16 times during one shift.

c) Number of saws Swenson produce in one shift = Number of Bow saw Swenson produce in one shift + Number of Frame saw Swenson produce in one shift + Number of Dovetail saw Swenson produce in one shift + Number of Tenon saw Swenson produce in one shift

Explanation:

7 0
2 years ago
Read 2 more answers
In year 1, Kris purchased a new home for $200,000 by making a down payment of $150,000 and financing the remaining $50,000 with
blondinia [14]

Answer: D. $7,500

Explanation:

Before the $150,000 mortgage at 5%, the existing $40,000 balance of the loan was paid off. Therefore, only the mortgage was payable. At 5% x %150,000 = $7500 interest.

Therefore, the amount $7500 interest expense Kris will deduct as home related interest expense would be $7,500.

4 0
2 years ago
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