As trade becomes more widespread, specialization increases, which in turn increases productivity.
The aggregate impacts of specialization on the economy are huge in nature. Generally, people who are specialized in a particular field develop new techniques and technologies which leads to huge increases in productivity.
Increased specialization again leads to higher standards of living for all those persons who are involved in economic exchanges.
An individual is considered to become economically specialized when he focuses on his productive efforts.
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Okay. So it's $10,000 per year, which is $100,000 in 10 years. I'm not so sure how to solve it exactly, but I found a lump sum calculator online. I put the information on that and according to the calculator, today's payment in a lump sum would be $50,894.93. The future value is $100,000 with 10 periods (in this case, years) of the interest rate of 7% once per year. I think that the answer is $50,894.93.
Answer:
B. average total cost
Explanation:
In the terms of economics, the Average total cost is the cost which is obtained by dividing the total production cost involved by the total number of output units.
The average total cost also determines the cost per unit for a product.
It helps in deciding the selling cost of the product for a specified profit margin.
Answer:
PV= $9,626.49
Explanation:
Giving the following information:
Cash flow= $1,500
Interest rate= 9%
Number of years= 10
First, we will determine the future value, using the following formulas:
FV= {A*[(1+i)^n-1]}/i
A= cash flow
FV= {1,500*[(1.09^10) - 1]} / 0.09
FV= $22,789.395
Now, the present value:
PV=FV/(1+i)^n
PV= 22,789.395/(1.09^10)
PV= $9,626.49
