Answer:
The cost of opportunity is 4 pancakes.
Explanation:
The cost of opportunity is by definition the amount of things you don't do or buy, because of choosing doing or buying something else. In this case, Maria can make:
This means that at every moment, she can choose to make or 8 pancakes or 2 waffles, but not both. If we continue with this logic, in the time she could make 1 waffle, she could have chosen to make 4 pancakes. This is her cost of opportunity.
Answer:
True.
Explanation:
ISO 9000 is a certification program attesting that a factory, laboratory, or office has met the rigorous requirements set by the International Organization for Standardization.
Basically, the ISO 9000 is a tripartite continuous process that involves planning, controlling and documentation of quality in a business firm or organization.
This ultimately implies that, the ISO 9000 is a set of standards that typically guides an organization in ensuring that they meet both the stakeholders and consumer requirements or needs with respect to their products and services under statutory and regulatory requirements at a specific period of time.
Answer:
319
Explanation:
Data provided as per the requirement of solution is here below:-
Interest rate = 11%
Solar water heater cost - $2,900
The computation of savings on water is shown below:-
Solar water heater cost = X ÷ Interest rate
2,900 = X ÷ 0.11
X = 2,900 × 0.11
= 319
Therefore the homeowner saves on water heating costs every year is 319.
Answer:
Option (b) is correct.
Explanation:
Raclette is a popular wintertime dish in Switzerland. Both Raclette cheese and boiled new potatoes are used together to make Raclette.
Therefore, Raclette cheese and boiled new potatoes are complimentary goods because both are used together to satisfy a given want.
In case of complimentary goods, there is an inverse relationship between the price of a good and demand for its complimentary good.
Hence, if there is a decrease in the price of Raclette cheese then as a result the demand for new potatoes increases.
So, the correct option is (b).
Answer: because it forces firms to achieve maximum efficiency (productive and allocative efficiency). Requires that goods be produced in the least costly way. Firms are forced to produce at the minimum average total cost in the long run.
Explanation: