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xenn [34]
3 years ago
12

Nathan and Lucas own separate tree farms that produce timber. Both farms are the same size and have the same resources available

. Compared to Lucas, Nathan grows his trees closer to one another and as a result, produces more timber. Which of the following statements is true?
a. Lucas has a comparative advantage in producing timber.
b. Lucas has an absolute advantage in producing timber
c. Nathan has a comparative advantage in producing timber.
d. Nathan has an absolute advantage in producing timber.
e. Neither Nathan nor Lucas has an absolute advantage.
Business
2 answers:
AleksandrR [38]3 years ago
8 0

Answer:

The correct answer is letter "C": Nathan has a comparative advantage in producing timber.

Explanation:

Comparative advantage can be defined as the advantage an individual, institution or country has over competitors by producing at lower opportunity costs. Having a comparative advantage does not imply the individual or country has an absolute advantage which implies industry rivals are unlikely to imitate the comparative-advantage company due to factors such as uniqueness of the raw materials or processes in production.

Thus, <em>as Nathan can grow trees closer to each other than in Lucas's farm, Nathan has a comparative advantage over Lucas since possessing farms the same size and counting on the same resources, Nathan can grow more trees and produce more timber.</em>

Mekhanik [1.2K]3 years ago
4 0

Explanation:

c. Nathan has a comparative advantage in producing timber.

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A 30-year $185,000 amortized mortgage loan has a fixed interest rate of 4.375% and fixed monthly payments. The monthly payment i
dangina [55]

Answer:

$177,114.99

Explanation:

The ending balance of the loan at the end of the 30th month after the monthly payment is the beginning balance at the beginning of the month plus the interest for the month minus the monthly payment.

Note that the interest expense for the month increases the loan balance while the monthly payment reduces the balance.

interest expense for 30th month=beginning balance*fixed interest rate/2

interest expense for 30th month=$177,391.93*4.375%/12

interest expense for 30th month=$646.74

monthly payment =$923.68

The ending balance of the loan=$177,391.93+$646.74-$923.68

The ending balance of the loan=$177,114.99

7 0
3 years ago
Brian just started using a budget. He proudly tells friends that his budget helps him know where his money is being spent. It al
stepan [7]
The right answer for the question that is being asked and shown above is that: "<span>Brian has some understanding of budgeting. However, a budget does not create more money each month. It just helps him use his money better." That is the best answer among the choices.</span>
5 0
3 years ago
A total of 1000 units of a certain product must be completed by the end of the current week. It is now late Monday afternoon, so
Arturiano [62]

Answer:

7 workers will be required

Explanation:

We will define actual time required to do a job

= Standard time required for producing each unit x Worker efficiency (%)/100

= 11.65 x 115/100

= 13.3975 minutes

Total available minutes in 4 days = 4 days x 8 hours/ day x 60 minutes / day = 1920 minutes

Therefore ,

Number of units which can be produced by 1 worker in 4 days = 1920 /13.3975

Number of units to be produced = 1000 units

Therefore,

Number of workers required

= Number of units to be produced / Number of units which can be produced by 1 worker in 4 days

= 1000 x ( 13.3975 /1920)

= 6.977 ( 7 rounded to nearest whole number )

8 0
3 years ago
Which of the following statements are true? Check all that apply. In this labor market, a minimum wage of $9.00 is binding. In t
soldier1979 [14.2K]

Answer:

<em>1.  In this labor market, a minimum wage of $9.00 is binding : </em><em>FALSE</em>

<em>2. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium : </em><em>TRUE</em>

<em>3. If the minimum wage is set at $12.50, the market will not reach equilibrium : </em><em>TRUE</em>

<em>4. Binding minimum wages cause frictional unemployment : </em><em>FALSE</em>

Explanation:

<em><u>Question has been attached here</u></em>

Unemployment is the term used to define those who are willing and are actively seeking work but cannot find any. A minimum wage is a price control, in the form of a price floor imposed by government legislation in order to protect laborers from low wages. Paying anything below the minimum wage is against the law.

<em>1. In this labor market, a minimum wage of $9.00 is binding : </em><em>FALSE</em>

A minimum wage is binding only if it is set above the equilibrium price. In this scenario, the equilibrium price is at $12. Hence, $9 is not binding since a shortage of labor would gradually raise the price to the equilibrium.

<em>2. In the absence of price controls, a shortage puts upward pressure on wages until they rise to the equilibrium : </em><em>TRUE</em>

When there is a shortage in the market, it means that the quantity supplied is higher than the quantity demanded. With any particular commodity such as bread or rice, a shortage creates a rise in price. Just as that, a shortage of workers creates an upward pressure on the price (wage). Since there are no price ceilings, market will reach equilibrium.

<em>3. If the minimum wage is set at $12.50, the market will not reach equilibrium : </em><em>TRUE</em>

As shown in the diagram, the market equilibrium is $12. If the minimum wage was $12.50, there would be a surplus of labor (quantity supplied is higher than quantity demanded). Naturally, this may cause a downward pressure on wages until it reaches $12. However, when a minimum wage is imposed at $12.50, it cannot fall below that level. Thus, the market will not reach the equilibrium.

<em>4. Binding minimum wages cause frictional unemployment : </em><em>FALSE</em>

Frictional unemployment is a type of unemployment that occurs when workers are temporarily unemployed while switching between jobs. It is normal and occurs even in the healthiest of economies. A binding minimum wage is more likely to cause structural unemployment. This occurs when there is a mismatch between the skills of the labor force and the skills expected to be possessed by employers to do a particular job. Hence, even if jobs are available, the laborers are not suited to do them and thus are unemployed.

6 0
3 years ago
Which statement describes the most common characteristics of oral narratives
Gennadij [26K]

Answer:

I have 3 statements

Explanation:

The characteristics of oral narrations are as follows.

1) They can be real or imaginary.

2) They are structured in dialogue, monolog and paragraph.

3) It is written in past tense

Hope it helped u if yes mark me BRAINLIEST!

Tysm!

6 0
3 years ago
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