Answer: The opportunity cost of producing 1 apple will be 1 orange.
Explanation:
Opportunity cost is defined as the loss or cost of another alternative when another alternative is being chosen by an economic agent.
In this scenario, the opportunity cost of producing every additional apple will be 1 orange due to the fact that as there's an increase in the production of apple from 80 to 90, there'll be a reduction in the production of orange from 30 to 20.
This indicates that for the increase of 10 apples, there's a reduction of 10 oranges which implies that an increase of 1 apple brings about a reduction by 1 orange.
Answer:
0.079
Explanation:
Price elasticity of demand using midpoint formula can be calculated as follows
Formula
Elasticity of demand = (change in quantity/average quantity)/(change in price/average price)
Calculation
Elasticity of demand = (600/10,900)/(-2.1/3.05)
Elasticity of demand =-0.055 / -0.688
Elasticity of demand =-0.079
working
Change in price (2-4.1) = -2.1
Average price (2+4.1)/2=3.05
Change in quantity (11,200-10600) = 600
average quantity (11,200+10,600)/2 = 10,900
The elasticity of demand is inelastic as the elasticity is below 1.
Answer:
Direct material= $340
Explanation:
Giving the following information:
Direct labor $540
Beginning work in process inventory $330
Ending work in process inventory $420
Cost of goods manufactured $1620
Manufacturing overhead $830
T<u>o calculate the direct material used in production, we need to use the following formula:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
1,620= 330 + DM + 540 + 830 - 420
Direct material= $340
Answer:When countries trade, their consumers have access to raw goods at cheaper prices, workers will produce better goods for export, and countries will become Richer..
Answer:
No
Explanation:
A licensing agreement is a partnership between an intellectual property rights owner (licensor) and another who is authorized to use such rights (licensee) in exchange for an agreed payment (fee or royalty).
Molly cannot simply pick up where she left off because two years after the license expires, all license rights lapse. Molly must re-qualify through the examination process before being licensed in real estate once again.
