Answer:
a. Uses economic tools to examine political behavior.
Explanation:
Public choice is a field that uses economics to analyze and understand situations related to the political science like behavior, for example, the analysis of voters' behavior using decision theory. According to this, the answer is that public choice is a field of study that uses economic tools to examine political behavioral.
The other options are not right because population growth and consumption chooices are not related to political science and public choice uses economic tool not mathematics and statistics.
Answer: The following are the similarities between job order and process costing:
Explanation:
Job order costing and process costing have significant similarities:
- Both job and process cost frameworks have a similar objective: to decide the expense of items.
- Both job and process cost frameworks have a similar cost streams. Bookkeepers record production in separate records for materials stock, work, and overhead. At that point, they move the expenses to a Work in Process Inventory account.
- Both job and process cost frameworks used predetermined overhead rates to apply overhead.
Answer:
The marginal cost (Cost of producing one extra unit), labelled as MC, must be lower than the marginal revenue (revenue earned from producing one extra unit). Marginal revenue (MR) is constant no matter how many quantities of units the seller sells/produces (As seen on attached graph)
.
Once the marginal cost, exceeds the marginal revenue, the seller no longer has the appetite to produce more because he/she will then be running at a loss. Any point below the MR line on the graph is seen as profitable and the break-even point is where the MR cure touches the MC curve (MR = MC).
