Answer:
Equity or Economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
The answer is psychological.
In the given scenario, Ed has an almost-new economy car, but he wants a Ford Mustang because he thinks it would be exciting to own one.
Since Ed already has a car that works, he does not have a functional need for a car.
Therefore, a choice to purchase a sports car would represent a psychological need.
This shows perhaps the car makes him feel cool or adventurous.
So, this demonstrates that he will be fulfilling his mind. Consequently, fulfilling his psychological need.
Hence, If he decides to purchase a sports car such as the Mustang, he will be primarily fulfilling a psychological need.
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Answer:
$30,000 and $360,000
Explanation:
The computation of the gain on the exchange is shown below:
= Cash received + fair value of the computer - undepreciated cost of existing computer
= $120,000 + $360,000 - $450,000
= $30,000
The amount of the computer which is recorded will equal to the fair value of the computer i.e $360,000
For computing the gain we simply added the fair value and deduct the undepreciated cost of an existing computer in the cash received amount so that the accurate amount can come.
All other information which is given is not relevant. Hence, ignored it
Answer:
Explanation:
At some colleges and universities, economics professors receive higher salaries than professors in some other fields.
A. Why might this be true?
Economists have a higher opportunity cost working in academia than professors in other fields because in certain fields that are different from academic,there is a lack of labor opportunity for professor and even when such arise ,they are difficult to get and another reason may be that economists who are good in some fields may employ themselves in other firms with higher wages because of their real life first hand experience, even when some colleges and universities wants to hire them, got to spend a greater amount of money than for professors in some other fields.
B. Some other colleges and universities have a policy of paying equal salaries to professors in all fields. At some of these schools, economics professors have lighter teaching loads than professors in some other fields. What role do the differences in teaching loads play
In order for university to employ working force which is hard to find, they put in place differences in teaching loads ,such differences in teaching load are intended to attract economics professors by providing nonmetary compensation
