Answer:
aggregate; marginal product; positive; diminishing.
Explanation:
Slopes are well depicted in image attachment.
Aggregate production function:
This function shows how the available inputs (production) of an economy affects the total real gross domestic product.
Note: another word for aggregate implies the whole or total production in an economy.
Marginal product function: The marginal product is the slope of the total aggregate function.
Remember, marginal product is the change in output that results from adding more unit of labor, in this case in an entire economy.
Answer:loss on the sale of the equipment =$3,400
Explanation:
---We first compute the book value of the equipment
Cost of asset=$94,000
accumulated depreciation = $73,000
Book Value of assets = Cost of asset-accumulated depreciation
= $94,000 - $73,000= $21,000
---Gain or Loss on the asset
Sale value of equipment = $17,600
Book value of equpment= $21,000
loss on sale of equipment = Sale value of equipment-Book value of equipment=$17,600- $21,000= -$3,400
Answer: $350,017.50 is the break even point in total sales dollars
Explanation:Break even point in sales is calculated as:
first we need to calculate the contribution Margin per unit
= sales -variable cost
= 700,000-500,000
= 200,000 is the Contribution Margin per unit
Contribution Margin ratio is calculate thus:
= Contribution margin per unit / sales
= 200,000 / 700,000
= 0.2857
=28.57%
Now to calculate the BEP in sales
= fixed cost/CMR
= 100,000/28.57%
=100,000/0.2857
= 350,017.50
Complete/Correct Question:
A local community college charges lower tuition fees to local town residents than to nonresidents. This pricing strategy increases the profits of the community college. Using this information, we can conclude that nonresidents must have a ________ for attending the community college than residents.
a. lower demand
b. less price-elastic demand
c. greater demand
d. more price-elastic demand
Answer:
B, less price-elastic demand.
Explanation:
Price elasticity of demand is the degree to which the quantity demanded of a product is affected by its change in price. It can be simply said to be the change in demand as against the price changes.
When the price of a product increases, the demand for such goods reduces. On the other hand, when the price of a product reduces, demand for such good increases.
For the above question, the residents of the community have lower tuition compared to the non-residents. This means that for non-residents to attend this community college, the non-residents must have a less price-elastic demand. It means that non-residents are less likely to attend the community college because of the increase in price.
Cheers.