Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.
Because of the above, one has to carefully make their choice while allocating the resources accordingly.
<h3>What is opportunity Cost?</h3>
When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.
<h3>
What is a rationing device?</h3>
A rationing device is a system that determines who receives what of limited commodities and resources.
Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.
Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.
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It should be noted that basic objective of a CPA firm is to provide professional services, and this is done by system of quality control.
With the establishment of quality control policies as well as procedure, reasonable assurance can be provided.
<h3>What are objective of a CPA firm?</h3>
The objective of a CPA firm is to be in control of the system and regulate the system activities.
objective of a CPA firm at;
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Answer:
The markup calculated as a result of information about the elasticity of demand
Explanation:
As a monopoly seller of pharmaceutical products the price set as markup would be above our marginal cost.
There are three facts about markup:
1. The Markup is not to be a price below marginal cost of the pharmaceutical product.
2. Markup is smaller when demand is more elastic. Remember if the price elasticity of demand is lower than 1, (negative) a rise in price causes an
increase in revenue for the seller.
Therefore having a -4 elasticity of demand could imply more profits for the firm.
Answer:
8
Explanation:
Amount he can spend on tacos = income - total price of milkshakes
total price of milkshakes = 2 x 10 = 20
100 - 20 = 80
quantity of tacos = 80 / 10 = 8
Answer:
Joe's Pizza Parlor
The highest number of workers that Joe will hire if he must pay each one $35 a day is
4 workers.
If he wants to maximize his profits without satisfying customers' demand, Joe can choose to work with 2 or 3 workers. However, he can renegotiate the worker's wages downwards.
Explanation:
a) Data and Calculations:
Price of pizza = $5
Wage per worker = $35/day
Number of Workers 0 1 2 3 4 5
Pizzas Baked Per Day 0 12 18 24 30 32
Total revenue 0 60 90 120 150 160
Marginal revenue 0 60 30 30 30 10
Marginal cost of labor 0 35 70 105 140 175
Profit 0 25 20 15 10 -15
