Globalization is about the interconnectedness of people and businesses across the world that eventually leads to global cultural, political and economic integration. It is the ability to move and communicate easily with others all over the world in order to conduct business internationally.
Answer:
Cost minimization occurs when Marginal Product of Cement / Price of Cement = Marginal Product of Labor / Price of Labor.
Costs are minimized when the marginal product per dollar spent on all inputs is the same.
a.) Using the equation above, 50 / $4000 = 4 / $12
0.0125 = .333333 which is NOT equal. Therefore, the firm is not minimizing its cost of producing parking spaces. This is because the marginal products per dollar spent on inputs is not the same.
b.) Since the firm is not cost-minimizing, the firm must either choose quantities of C and L that make the marginal products per dollar equal. This can be done several ways, but for a concrete example, the firm can choose a quantity of C that will increase the MPC to $1,333.33. Then MPC / Price of C = 1,333.33 / $4,000 = 0.3333333 which would be equal to MPL / Price of L.
You can also decrease the MPL to meet 0.15. Then MPL / Price of L = 0.15 / $12 = 0.0125 which would be equal to MPC / Price of C.
Explanation:
It is false that a scientific law is a theory that has been extensively and thoroughly confirmed.
<h3>What is scientific law?</h3>
- Statements that explain or anticipate a variety of natural events are referred to as scientific laws or rules of science.
- They are based on repeated tests or observations. All branches of natural science use the word "law" in a variety of contexts.
- Hooke's Law of Elasticity, Archimedes' Principle of Buoyancy, Dalton's Law of Partial Pressures, Bernoulli's Law of Fluid Dynamics, and Fourier's Law of Heat Conduction are the five most well-known scientific laws.
- Newton's Second Law of Motion, which states that an object experiences acceleration when a force occurs on its mass, is an illustration of a scientific law (m). This law's formula is F = ma.
Learn more about scientific law here:
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Answer:
D
Explanation:
The only thing on the list that the US Senate does is ratify treaties. The president nominates ambassadors, the house of reps. introduces tax bills, and the Senate only ratifies treaties, it does not negotiate them.