The answer to the question is (B) a need for firms to consider the economic impact of their existence and/or departure from a particular location.
When deciding to move from a location, firms tend to only consider the benefit that the company gains by making this decision, especially in terms of revenue or profit. Oftentimes, the company does not consider how the communities living around the company – which often also includes the workers – are impacted by this decision.
Answer:If the demand curve and the marginal revenue curve weren't the same curve for a perfectly competitive firm, then the firm would not be resource-allocative efficient.
Explanation: Demand curve is a graphical representation of the rate of change of demand as the price of a product changes.
Marginal revenue curve is a graphical representation of the rate of change of marginal revenueas the production and the quantity of output produced changes.
For a perfectly competitive firm with no market control, the marginal revenue curve is a horizontal line.
FOR A PERFECTLY COMPETITIVE FIRM THE MARGINAL REVENUE CURVE AND THE DEMAND CURVE SHOULD BE THE SAME IF THE FIRM ALLOCATES ITS RESOURCES EFFICIENTLY.
Answer:
Relatively price elastic
Explanation:
<u>Price elasticity is defined as the percentage change in quantality demanded with respect to percentage change in price. Lets explore it in detail.</u>
- Goods whose quantity demanded remains stable irrespective of the change in price (in percentage terms), have perfectly price inelastic demand.
- Goods whose quantity demanded changes less (in percentage terms) then the change in their price (in percentage terms), have relatively price inelastic demand.
- Goods whose quantity demanded disappears with even a negligible change in price (in percentage terms), have perfectly price elastic demand.
- Goods whose quantity demanded changes more (in percentage terms) then the change in their price (in percentage terms), are relatively price elastic.
Perfectly inelastic goods are the ones which have no substitute for example oxygen. If firms start selling us oxygen, we will have no other option except to buy it. Perfectly elastic goods have lots of substitute. So if the price of a product increases with minimal amount, the consumer will shift to its substitutes.
Items that are considered <u>necessity</u> like bread are <u>relatively price inelastic.</u> <u>Luxury goods</u>, on the other hand, have <u>relatively price elastic demand</u>. Let’s see an example.
Bread is a necessity as it is a staple food. If the price of bread increases from $1 to $2 (100% increase), the consumption will not drop significantly. Instead a person having three meals a day, might come to two meals (33% decrease). Hence demand for bread is relatively price inelastic.
<u>As mentioned in the question, demand for luxury goods whose purchase would exhaust a big portion of one's income is </u><u>relatively price elastic. </u><u>Since it takes a large share of wallet, a slight increase in price will discourage the consumer to spend on it at all (it's not a need so why bother spending).</u>
Answer:
14,275= actual hours
Explanation:
Giving the following information:
The standard for a particular crane calls for 14 direct labor-hours at $16 per direct labor-hour.
During a recent period, 1,000 cranes were made.
The labor efficiency variance was $4,400 Unfavorable.
To determine the actual hours worked, we need to use the direct labor efficiency variance formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
-4,400= (14*1,000 - actual hours)*16
-4,400= 224,000 - 16actual hours
228,400/16= actual hours
14,275= actual hours
Grasping a dilemma by the horns means <span>proving the dilemma unsound by proving the conjunctive premise false. Although refuting dilemmas refers to proving that the argument is invalid and unsound, if they are valid grasping a dilemma by the horns means to prove that it is unsound. </span>
