Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
Absolute advantage refers to an individual's capacity to efficiently carry out a task when compared to other individuals or groups.
- In economics, this broadly refers to the ability and capacity to produce and conduct an economic good or a particular service in a more efficient manner than the competitors.
- In this case Jethro has an absolute advantage in all aspects of camping.
- Within the constraints of the economic activity, production is more efficient and higher.
- Fewer resources are required to produce a particular commodity and/or service that needs higher resources for the competitors.
- With fewer inputs, the outputs stand maximized in the context of absolute advantage.
Therefore, Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
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Answer:
the gross pay of Lloyd is $6,250
Explanation:
The computation of the gross pay is shown below:
= Amount received annually ÷ number of months
= $150,000 ÷ 24
= $6,250
Hence, the gross pay of Lloyd is $6,250
we simply applied the above formula so that the correct value could come
The other things would be irrelavant
New world discovery build an interdependent global economic system where each continent relied on the others to thrive. Role of Europe was to supply markets, capital, technology, Africa was to supply labor and America supplied raw materials (like metal and soil for sugar cane)
More about interdependent economic system:
Economic interdependence refers to the mutual reliance of those involved in an economic system who trade in order to receive the goods they are unable to create effectively on their own.
Such trading connections demand that a participant's actions have an impact on its trading partners, and it would be expensive to end the relationship.
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Independent Data Mart is created separately from the enterprise data warehouse by a department and not reliant on it for updates
<h3>
What is an independent data mart?</h3>
Data marts are one of the keys to effectively converting information into insights in a market dominated by big data and analytics. Large data sets are normally dealt with by data warehouses, yet easy-to-find and immediately available data are needed for data analysis. Should a business person have to run difficult queries in order to acquire the data they require for their reports? No, which is why savvy businesses employ data marts.
Often a partitioned section of an enterprise data warehouse, a data mart is a subject-oriented database. Typically, a data mart's subset of data corresponds to one particular business unit, such as sales, finance, or marketing.
Data marts speed up business processes by enabling quick access to pertinent data in a data warehouse or operational data store, rather than having to wait months or more. A data mart is an economical way to quickly obtain useful insights because it only includes the data relevant to a certain business area.
Thus, it is a data mart where the data warehouse is created separately from the enterprise data warehouse by a department and is not reliant on it for updates.
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Answer:
b. $ 2,000 overapplied
Explanation:
Firstly, we need to determine the predetermined overhead rate based on direct labor costs.
Estimated total manufacturing Overhead $ 350,000
Estimated direct labour costs $ 200,000
Predetermined overhead rate $ 350,000 / $ 200,000 $ 1.75 per $ of direct labour costs.
The total manufacturing overhead <u>applied</u> on direct labor costs of $ 208,000, is:
$ 208,000 * $ 1.75 <u> </u>$ 364,000
Actual overhead costs incurred <u>$ 362,000</u>
Manufacturing overhead over applied <u> $ 2,000</u>
