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3 years ago

What are five basic principles found in a free enterprise system?

1 answer:

3 0

Here are the five basic principles found in a free enterprise system:
1) Governments have no control over the buying & selling of products & services. 2) The "invisible hand" of market supply and demand occurs 3) Governments may only be involved with to provide education, the army, and public health services (and other merit goods) 4) Governments may only provide public goods (such as lampposts) which bring no profit for sales people, as you cannot stop people from using those items. 5) Usually, there's a great difference in the distribution of wealth

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Manisha could work for another firm making $10,000 per month, but she decides to open her own gourmet cheese store and pay her

Ghella [55]

Answer:

Manisha's economic profits are - $5,000.

Explanation:

Manisha could work for another firm making $10,000 per month, but she decides to open her gourmet cheese store and pay herself $2,000 per month.

In her first month of operations, she spends $6,000 on cheese, $1,000 on other items, and $2,500 on rent.

She had a great opening month and brought in revenues of $14,500.

The economic profits

= Total revenue - (Implicit costs + explicit costs)

= $14,500 - ($10,000 + $6,000 + $1,000 + $2,500)

= $14,500 - $19,500

= - $5,000

4 0

3 years ago

The diameter of bearingsis known to have a mean of 35 mm with a standard deviation of 0.5 mm. A random sample of 36 bearings is

timama [110]

Answer:

Explanation:

given,

Mean,μ= 35mm

Standard Deviation,σ = 0.5mm

Sample size, n = 36

Sample Standard deviation = $\dfrac{\sigma}{\sqrt{n}}$

= $\dfrac{0.5}{6}$

= 0.0833

The interested diameter is between 34.95 to 35.18 mm

Calculating the Z score of the for the diameter mentioned.

$P(\dfrac{x_1-\mu}{\sigma})$

$P(\dfrac{34.95-35}{0.0833})$

$-0.6< Z < 2.16$

now, Form Z-table

$P(Z$

Subtracting the value

= 0.9846 - 0.2741

= 0.71

Hence, the required probability is that the diameter of bearing is in between 34.95 and 35.18 mm is equal to 0.71.

6 0

3 years ago

During January, its first month of operations, Flint Company accumulated the following manufacturing costs: raw materials purcha

VashaNatasha [74]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

3 0

3 years ago

What is the future value of your money

GalinKa [24]

Future value is the value of an asset at a specific date. It measures the nominalfuture sum of money that a given sum of money is "worth" at a specified time in thefuture assuming a certain interest rate, or more generally, rate of return; it is the present value multiplied by the accumulation function.

4 0

3 years ago

Read 2 more answers

When the aggregate supply curve is vertical, which of the following is not true? Group of answer choices The economy is producin

Anni [7]

Answer:

The economy is expanding quickly.

Explanation:

Aggregate supply is a measure of the total supply of goods and services made available by the supplier in an economy.

The normal aggregate supply curve is one with a positive slope. That is as price increases there is an increase in aggregate supply, and when price reduces aggregate supply also reduces.

However when aggregate supply curve is vertical, only one level of output is produced no matter the rise or fall of price.

This indicates that the economy is producing at capacity, and any increase in price will not result in increase in output.

It does not mean that the economy is expanding quickly.

8 0

3 years ago