Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
Absolute advantage refers to an individual's capacity to efficiently carry out a task when compared to other individuals or groups.
- In economics, this broadly refers to the ability and capacity to produce and conduct an economic good or a particular service in a more efficient manner than the competitors.
- In this case Jethro has an absolute advantage in all aspects of camping.
- Within the constraints of the economic activity, production is more efficient and higher.
- Fewer resources are required to produce a particular commodity and/or service that needs higher resources for the competitors.
- With fewer inputs, the outputs stand maximized in the context of absolute advantage.
Therefore, Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
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Answer:
The advertising spend would reduce income taxes by $2.8 million
Explanation:
The advertising expense since it is allowable expense from profits made in the year would reduce income taxes next year by $2.8 million ($8 million *35%)
This means that because of its tax deductibility,it would make a business sense to incur the advertising cost of $8 million coupled with the fact the it has the potential to increase sales revenue over and above the current level of $280 million
Answer:
A decrease in the price of unsliced bread, which people consider a substitute for sliced bread.
The principle of opportunity cost is taken into consideration when considering starting a sandwich shop, but are comparing that to the idea of staying at your current job.
<h3>What is opportunity cost?</h3>
It is the value or benefit loss when an alternative is selected. The value of the job or product to be dropped will be given up to choose something else.
Therefore, the principle of opportunity cost is taken into consideration when considering starting a sandwich shop, but are comparing that to the idea of staying at your current job because of the benefits that will be forgone in the current Job.
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Answer:
$3,750,000
Explanation:
The total amount of expense = current salaries +accrued salaries
The total amount of expense = $3,600,000+ $150,000
The total amount of expense= $3,750,000
The salaries are those expenses that are paid from the current financial resources. If the salaries are not being paid in the current year due to any reason it will be an accrued expense to the company and has to be paid in next year.
