The proposed response of Adam Smith based on each scenario is given below:
<h3>Scenario 1</h3>
He would say that the pricing system should remain the main determinant of the market and the interference of the government was uncalled for.
<h3>Scenario 2</h3>
He would side with the free market system and be an opponent of the law that frowns on importation.
<h3>Scenario 3</h3>
He would support the suspension of the antitrust laws.
<h3>Scenario 4</h3>
He would believe that markets should not be regulated and the free market system should continue.
<h3>Who is Adam Smith?</h3>
He is the father of modern economics for his work in pioneering ideas such as free trade and the gross domestic product
Hence, we can see that the proposed response of Adam Smith based on each scenario is given above.
Read more about Adam Smith here:
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The field of economics is so vast and broad that it is often classified into branches and one of which are the positive and normative economics. Positive economics usually refers to the process and methods of explaining a certain economic phenomenon in which it establishes common relationships among variables present.
Answer:
Cost savings in sourcing from Country A = $0.5 million ($57.5 - $57 million)
Explanation:
Sourcing from Country A:
Purchase price = $0.55 per unit
Shipping = $0.02
Total Cost = $0.57
Cost of 100 million units = $57 million
Sourcing from Country B:
Purchasing price = $0.44 ($0.55 x 80%)
Shipping = $0.06
CIF Tariff = 15% = $0.075 ($0.5 x 15%)
Total Cost = $0.575
Cost of 100 million units = $57.5 million
Sourcing from Country A is more beneficial than sourcing from Country B with reduced product cost, but increased shipping and additional tariff. Whereas Country A gives a total cost for 100 million units of $57 million, sourcing the same units from Country B gives a total cost of $57.5 million. The savings of $0.5 million is substantial that no company would like to lose unless the goods from Country B are of higher quality than those from Country A.
There are 1560 ways
Explanation:
The toal number of restaurants are 8, out of which 3 serve seafood, and during the summer gateway, Jason decided to dine out at 4 multifarious restaurants.
Since, the order is significant, permutations is to be used.
Four restaurants can be chosen from the 8 restaurants in 
. In this case, "at least one" is complement of "fewer than one" (that is 0). Thus, four restaurants that are not serving seafood can be chosen from five restaurants in 
.
<u>Using complements principle to get the number of ways to get at least one of the restuarants serve seafood,</u>
= 1680-120
= 1560
Therefore, there are 1560 ways
Answer:
Following Journal Entries are recorded for Kingbird, Inc
Explanation:
<u>March 02</u>
Debit: Account Receivable = $954,000
Credit: Sale = $954,000
(Credit Sale is Recorded)
Debit: Cost of Good Sold = $590,000
Credit: Inventory = $590,000
(To Record Cost of merchandise Sold)
