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Luda [366]
3 years ago
14

Directions: Something that is valuable is scarce and give utility. Something that isn't value either doesn't give utility, or it

is not scarce. Identify 2 objects in your house: one object must have value to you or your family (think about how upset you or your family would be if was lost, stolen, or broken). The other object must have little value (nobody would really notice or be upset if it was lost, stolen, or broken). Explain why these objects are valuable/not valuable in terms of utility and scarcity. Object 1: Object 2:
Business
1 answer:
suter [353]3 years ago
6 0

Answer:

Scarcity and Utility

I will explain the concepts of scarcity, value, and utility using my laptop and some writing pens.  I have only one laptop available in my family.  I use it 24-hours daily.  I attach so much value (utility) to the laptop because it is only one.  It is very scare in my household.  On the other hand, I have a packet of writing pens.  Pens are relatively not scare in my household.  If my laptop is missing, I will raise uproar in the house.  Everybody present will answer a tedious query.  But, if one of the pens gets missing, I may not even be aware that it is missing.  At the moment, I do not attach much value (utility) to the writing pens because I have many of them presently .  Writing pens are not scare in my household, as I said earlier.

Using these examples, I have demonstrated the concepts of scarcity, utility, and value.

Explanation:

Therefore, scarcity is defined by the value and the relative availability of a good.  Scarcity is a basic economic problem that shows the gap existing between limited resources and unlimited needs.  Based on the lack experienced with satisfying a need, one has to always choose between alternatives in order to maximize resource allocation and utility.

Utility in Economics refers to the value or satisfaction derivable from the meeting of a human or economic need.  It is initially connected to the concept of scarcity.  But after attaining some level of utility, scarcity temporarily evaporates.  And this is the dividing thin line.  This is why they are mostly used together.  "Something that is valuable is scarce and give utility."  Something that is not highly valuable is not usual scarce and does not give much utility, at least, to an extent.

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Not all goods are normal goods. If the demand for a good rises when income falls, the good is called an ________ ________. An ex
oksano4ka [1.4K]

Answer:

Inferior good

Explanation:

An inferior good is a good for which demand rises when income falls and demand falls when income rises.

on the other hand,  Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

7 0
3 years ago
Joan borrowed $10,000 from a relative to start her own business. Assuming she takes all responsibility for the company's financi
iVinArrow [24]

Answer:

sole proprietorship

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4 0
2 years ago
The electric utility rate for a facility during the months of May through October is 4.5 cents per kilowatt-hour for energy, $11
Minchanka [31]

Answer: $11564

Explanation:

Total units consumed for August = 96000

There's a peak demand of 624kw

Also, the May through October is 4.5 cents per kilowatt-hour for energy.

The August electric bill will then be:

= 96000 × 4.5/100 + 624 × 11.50 + 68

= (96000 × 0.045) + (624 × 11.50) + 68

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4 0
2 years ago
1. How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?
Alina [70]
1. How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?


 The chart probably refers to interest per $100 of loan. So, the interest for a $1,230 loan would be (1230/100) * 18.75 = 230.625 ~ 230.63
So, the answer will be B $230.63.


2. Sherri borrowed $3,200 at 13 percent APR for 18 months. If she must pay 19.5 per $100, what is the total interest?
3,200 / 100 = 32 ... x 19.5 = 624 
Principal x int rate x time = 3200 x .13 x 1.5 yr = 624 interest

So, the answer will be the A $624.


3. What is the total amount that Sherri (in question number 2) will repay?

The correct answer will be the $3,824.


7 0
3 years ago
Plutonic Inc. had $400 million in taxable income for the current year. Plutonic also had an increase in deferred tax liabilities
Sergeu [11.5K]

Answer:

Increase of 130 million

Explanation:

In this question, we are looking to evaluate what has happened to change in deferred tax assets. We proceed as follows;

Firstly, we calculate the current tax.

Mathematically = 40% of 400 million = 40/100 * 400 million = 160 million

Now, as we can see in the question, a decrease in deferred tax asset resulted in an increase in tax expense to a tune of $50 million

This brings the total tax expense to 160 million + 50 million = 210 million

We can see from the question that the company has only recognized a tax expense of $80 million.

This means that the change in deferred tax asset was an increase of 210 million- 80 million = $130 million

8 0
3 years ago
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