Price elasticity of demand along a linear, downward-sloping demand curve increases as price falls.

Assume, for Vietnam, that the domestic price of textiles without international trade is higher than the world price of textiles.

nikitadnepr [17]

Answer:

a. other countries have a comparative advantage over Vietnam and Vietnam will import textiles.

Explanation:

A country has comparative advantage if it produces a good or service at a lower opportunity cost when compared to other countries.

The price of textile in Vietnam is higher when compared with other countries, this shows that Vietnam doesn't have a comparative advantage in the production of textile.

Vietnam should import textiles and use its resources to produce other goods for which it has a comparative advantage.

I hope my answer helps you.

8 0

3 years ago

I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following plann

Oliga [24]

Answer:

IMPORTANT NOTE: The data of the calculation was obtained from an online research because you plot the information incomplete.

Explanation:

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

Material Price variance = (Standard Rate – Actual Rate) * Actual Quantity

Cocoa: Material price variance = ($7.25 - $7.33) * 140,300

Material price variance = -$11,224

Sugar: Material price variance = ($1.40 - $1.35) * 140,300

Material price variance = $7,015

Total Material price variance = -$4,209 Unfavorable.

Material Quantity variance = (Standard Quantity for actual output – Actual Quantity) * Standard rate

Cocoa:

Standard Quantity for actual output = (12lbs * 5,000 cases + 8lbs * 10,000 cases)

Standard Quantity for actual output = 140,000

Material Quantity variance = (140,000 – 140,300) * $7.25

Material Quantity variance = -$2,175

Sugar:

Standard Quantity for actual output = (10lbs * 5,000 cases + 14lbs * 10,000 cases)

Standard Quantity for actual output = 190,000

Material Quantity variance = (190,000 – 188,000) * $1.4

Material Quantity variance = $2,800

Total Material Quantity Variance = $625 Favorable

Total Material Cost Variance = Material Price variance + Material Quantity variance

Total Material Cost Variance = -$4,209 + $625

Total Material Cost Variance = -$3,584 Unfavorable.

Labor Rate variance = (Standard labor Rate – Actual labor Rate) * Actual Labor Hours

Dark Chocolate: Labor Rate variance = ($15.5 - $15.25) * 2,360

Labor Rate variance = $590

Light Chocolate: Labor Rate variance = ($15.5 - $15.8) * 6,120

Labor Rate variance = -$1,836

Total Labor Rate variance = -$1,246 Unfavorable.

Labor Time variance = (Standard hours allowed – Actual hours worked) * Standard rate

Dark Chocolate:

Labor Time variance = (5,000 cases * 0.5 hour per case – 2,360) * $15.5

Labor Time variance = (2,500 hours – 2,360 hours) * $15.5

Labor Time variance = $2,170

Light Chocolate:

Labor Time variance = (10,000 cases * 0.6 hour per case – 6,120) * $15.5

Labor Time variance = (6,000 hours – 6,120 hours) * $15.5

Labor Time variance = -$1,860

Total Labor Time Variance = $310 Favorable

Total Labor Cost Variance = Labor Rate variance + Labor Time variance

Total Material Cost Variance = -$1,246 + $310

Total Material Cost Variance = -$936 Unfavorable.

Download xlsx

5 0

4 years ago

Barbara is the manager of textiles at a large department store in town. She runs a tight ship but is quick to reward her employe

yaroslaw [1]

Answer:

human relations approach

Explanation:

Based on the situation that is being illustrated in the question it seems that Barbara's style most closely resembles a human relations approach to management. This is because this approach focuses on forming work relationships with the employees and addressing their concerns as well as supporting and rewarding them for good performance, because it is believed that employees want to be part of a supportive team that focuses on personal and business growth. Which is what Barbara is doing by communicating with her employees regularly and making decisions based on the best interests of the organization as well as the employees.

6 0

4 years ago

According to Locke, why might people be willing to give up some of their personal freedoms?

Shtirlitz [24]

Answer:

Locke On Freedom

First published Mon Nov 16, 2015; substantive revision Tue Jan 21, 2020

John Locke’s views on the nature of freedom of action and freedom of will have played an influential role in the philosophy of action and in moral psychology. Locke offers distinctive accounts of action and forbearance, of will and willing, of voluntary (as opposed to involuntary) actions and forbearances, and of freedom (as opposed to necessity). These positions lead him to dismiss the traditional question of free will as absurd, but also raise new questions, such as whether we are (or can be) free in respect of willing and whether we are free to will what we will, questions to which he gives divergent answers. Locke also discusses the (much misunderstood) question of what determines the will, providing one answer to it at one time, and then changing his mind upon consideration of some constructive criticism proposed by his friend, William Molyneux. In conjunction with this change of mind, Locke introduces a new doctrine (concerning the ability to suspend the fulfillment of one’s desires) that has caused much consternation among his interpreters, in part because it threatens incoherence. As we will see, Locke’s initial views do suffer from clear difficulties that are remedied by his later change of mind, all without introducing incoherence.

Note on the text: Locke’s theory of freedom is contained in Book II, Chapter xxi of An Essay Concerning Human Understanding. The chapter underwent five revisions in Locke’s lifetime [E1 (1689), E2 (1694), E3 (1695), E4 (1700), and E5 (1706)], with the last edition published posthumously. Significant changes, including a considerable lengthening of the chapter, occur in E2; and important changes appear in E5.

1. Actions and Forbearances

2. Will and Willing

3. Voluntary vs. Involuntary Action/Forbearance

4. Freedom and Necessity

5. Free Will

6. Freedom in Respect of

5 0

3 years ago

On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business

fredd [130]

Answer:

The total cost recovery deduction Jon may take for 2018 with respect to the car is $1000

Explanation:

As per MACRS (modified accelerated cost recovery system), cars are in the automobiles category which has 5-years convention.

Hence, car will be depreciated at 20% in the first year. But in the case of used cars first depreciation is not applicable

In this case, MACRS statutory percentage is used as follows:

1. Cost Recovery Limit= Asset value * Statutory Percentage * Mid-quarter conversion

=25000*5%

=$1,250 (maximum limit= $3,160)

The Cost recovery is $1,250

2. Cost recovery limit= Cost recovery limit - Personal use

=1250 - (1250*20%)

=1250-(250)

=$1000

Hence, the total deduction for Jon is $1,000

The used car is not eligible for additional first year depreciation

Annual limit on cost recovery for automobile for the year is limited to $3,160.

6 0

3 years ago