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3 years ago

what is an everyday example of scarcity that demonstrates why scarcity is a basic economic problem that faces society?

1 answer:

7 0

of every day scarcity could it be how the desert doesn't really have water so the desert has a scarcity of water scarcity is a basic economic problem that Society faces because the world sometimes runs out of things that we need so certain people have to make loopholes to get to get around them another example is how during the coronavirus we had a scarcity of sanitizer Clorox wipes bleach and toilet paper

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Suppose a competitive firm has cost, C = (0.002q3) + (22q) + 750, marginal cost, MC = 0.006q2 + 22, and revenue, R =

aniked [119]

Answer:

Options B and C are correct.

Marginal profit is negative.
Profit is positive.

Explanation:

At q = 150

R = 80q = 80(150) = 12,000

C = 0.002(150)3 + 22(150) + 750 = 6750 + 3300 + 750 = 10,800

R > C so first is incorrect.

MR = 80

MC = 0.006(150 x 150) + 22 = 135 + 22 = 157

MC > MR so B is correct.

Profit = TR - TC = 80(150) - 0.002(150)3 - 22(150) - 750 = 12000 - 10800 = 1200

Profit is positive.

Marginal profit = MR - MC = 80 - 157 = - 77

MR is Negative

3 0

2 years ago

Which of the following are possible electrocution hazards?

navik [9.2K]

D overhead power lines are super dangerous! While A and B are also very dangerous, you aren't going to get electrocuted from it

4 0

3 years ago

An absolute definition of poverty is:________a) a relatively fixed level of income above which a person cannot function in a pro

mafiozo [28]

Answer:

d) Neither A nor B

Explanation:

Poverty refers to a financial state wherein an individual is unable to meet the most basic needs for survival such as food clothing and shelter.

Absolute poverty refers to a state wherein the income of a household is below a certain threshold level which makes it hard to meet the basic necessities of life such as food, shelter, water and sanitation.

The concept of relative poverty makes a comparison i.e relatively to others. When one is relatively poorer than others. The person in such a scenario may be able to meet his ends but relative to other households income, shall be termed as poor.

8 0

3 years ago

At the end of the current year, using the aging of receivable method, management estimated that $31,500 of the accounts receivab

Marina86 [1]

Answer:

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

Explanation:

Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense

Dr Bad debt expenses $ 32,400

Cr Allowance for doubtful accounts $ 32,400

($31,500+$900)

( To record its estimated bad debts expense)

Estimated Bad debts expense =Account receivables + Debit balance

Estimated Bad debts expense= $31,500 + 900

Estimated Bad debts expense=$32,400

7 0

2 years ago

Explain the concept of the time value of money.

telo118 [61]

Time value of money (TVM) is the concept that an amount of money today is worth more than the same amount of money in the future because of the potential for earnings. This is a basic principle of finance. Money in hand has more value than the same money paid in the future.

Time value of money. Simply put, the value of a given amount of money today is worth more than it will be worth tomorrow. This is not due to temporal uncertainty, it is simply due to timing. The difference between the value of money today and tomorrow is called the time value of money.

Learn more about the time value of money here:brainly.com/question/3811399
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7 0

1 year ago