Answer:
Ceteris paribus assumption: Demand curves relate the prices and quantities demanded assuming no other factors change
Explanation:
Ceteris paribus is a Latin phrase meaning “other things being equal”. If all else is not held equal, then the laws of supply and demand will not necessarily hold.
Demand is the amount of some product a consumer is willing and able to purchase at each price.
IMPACT THE SUBSTITUTION EFFECT AND THE REAL INCOME
A substitute is a good or service that can be used in place of another good or service. A lower price for a substitute decreases demand for the other product and increases the quantity demanded for tomatoes
A change in the price of a good or service causes a movement along a specific demand curve, and it typically leads to some change in the quantity demanded, but it does not shift the demand curve.
Answer:
$142,524
Explanation:
The computation of the total cost assigned to the ending work in process
inventory is shown below:
As we know that
Total cost = Material + Labor
where,
Material = 21,400 units × 100% × $3.60 = $77,040
And,
Labor = 21,400 units × 60% × $5.10 = 65,484
So, the total cost is $142,524
We simply added material and the labor cost according to their completion percentage and its cost per equivalent units
Answer:
The answer is below
Explanation:
To be able to enjoy some small daily purchases and also make wise, long-term decisions when it comes to spending and saving, you will need to take the following steps:
1. Ensure you have a plan: this will describe your short term and long term goals about your finances
2. You can start with an 80%/20% rule. Here, you spend 80% of your income and save 20%. You can increase that later to 70/30%
3. After sometimes, invest 80% of your savings and keep 20%
4. Use credit when only necessary
5. Enjoy yourself sometimes by spending the money for yourself adequately.
6. Keep learning how to maximize your income.
Answer:
d) the supremacy clause
Explanation:
Lyndon a man from Maryland, receives a federal license to perform a commercial fishing boat in a particular region off the Maryland shore. Maryland's state legislature passes a law that bans all commercial fishing in that region. The state law most likely breaks <u>the supremacy clause</u>. In the supremacy clause, it authenticates that the federal laws made will be agreeable to it. Also, the agreements should be made under its authorization
Answer:
Option (c) is correct.
Explanation:
Labor (Variable input) hired = 151 units
After hiring this much units of labor, a firm incurred:
Marginal cost of hiring (MFC) = $0.30 and marginal product of labor (MRP) = $0.33
The firm continuing hiring new labor until the point at which marginal cost of hiring labor is equal to the marginal product of labor.
In this case, MFC is less than the MRP, so firm should increase the use of labor till the MFC becomes equal to the MRP.
