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IrinaK [193]
3 years ago
5

Consumers in Georgia pay twice as much for avocados as they do for peaches. However, avocados and peaches are equally priced in

California. If consumers in both states maximize utility, will the marginal rate of substitution of peaches for avocados be the same for consumers in both states? If not, which will be higher?
Business
1 answer:
Ugo [173]3 years ago
4 0

Answer: Explanation:

The marginal rate of substitution of peaches for avocados is the maximum amount of avocados that a  person is willing to give up to obtain one additional peach. When consumers maximize utility, they set their MRS equal  to the price ratio,  Pp/PA

where ,

P p  is the price of a peach and

PA is the price of an avocado.

In Georgia,  avocados cost twice as much as peaches, so the price ratio is ½ , but in California, the prices are the  same, so the price ratio is 1. Therefore, when consumers are maximizing utility (assuming they buy  positive amounts of both goods), the marginal rates of substitution will not be the same for consumers  in both states. Consumers in California will have an MRS that is twice as large as consumers in Georgia.

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According to the case, the use of Ph.D. on the ads for hair care products by John Smith is considered an example of the fallacy of inappropriate expertise.

The provided statement is true.

<h3>What is a fallacy?</h3>

A fallacy is an unlawful statement that is used by someone in stating any reasoning or argument which can even be harmful to society.

In the given case, John is having Ph.D. degree in the archaeology field, and his attempt to use the word Ph.D. on the haircare goods marketed by him would be a fallacy in respect of inappropriate expertise. The fallacy could be the use of the Ph.D. word on ads and the inappropriate expertise is that he doesn't have any knowledge regarding skincare and dermatology area.

Therefore, this may create a harmful effect on the individuals who are buying them as it is not authorized by a dermatologist.

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5 0
2 years ago
The principal offensive strategy options include all of the following EXCEPT:A.using a cost advantage to attack competitors on t
Len [333]

Answer:

All are options for offensive strategy

Explanation:

In this question, we are trying to select an option which is not in terms with the other options as regards what principal offensive strategy should be.

Now, what the term principal offensive strategy refers to is that it is a type of corporate strategy that pushes for changes within the industry. What we are trying to say is that, the principal offensive strategy pursues an agenda that is pushing for a change within the industry.

Efforts might be concerted or individual steps might be taken. Hence, various techniques or strategies are in place to be used.

Offensive strategy types includes, an end run strategy where a company does not want competition and thus explore the part of the market with little or none.

A preemptive one which seek to conform some advantages on the company as it is the first one based on demographics

Others include: an acquisition and a direct attack strategy

3 0
3 years ago
The goals of labor unions differ from those of management because employers want more profits and labor wants: Multiple choice q
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The goals of labor are such that they want better pay and working conditions.

<h3>The ultimate goal of workers/labor</h3>

A business is in operation to make a profit, likewise, labor or workers work to the end of being paid for the services rendered.

In addition to good pay, labor also requires good perks like health cover, safe and secure work conditions, and the environment.

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8 0
2 years ago
On December 31, 2017, Beta Company had 320,000 shares of common stock issued and outstanding. Beta issued a 4% stock dividend on
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Answer:

The answer is 324,050 shares

Explanation:

Stock dividends adds to the total number of shares outstanding while treasury stock(buy-back) reduces the total number of outstanding shares.

Beta issued a stock dividend of 4percent. Meaning the outstanding shares will increase by 4percent.

1.04 x 320,000 shares

=332,800 shares is the total number of outstanding shares before treasury stock.

Treasury stock issued on September 30, 2018. This means we have 3months(October 1 - December 31st, 2018).

So we have 3/12 x 35,000 shares

= 8,750 shares

Therefore, the appropriate number of shares to be used in the basic earnings per share computation for 2018:

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6 0
3 years ago
Broker James has had his license suspended for two years. The licenses of all the broker-associates and salespersons who work fo
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Available Options Are:

A. Revoked, subject to reinstatement after 30 days.

B. Not affected by the suspension

C. Automatically suspended

D. Placed on inactive status

Answer:

D. Placed on inactive status

Explanation:

The reason is that James was jointly responsible for the actions of his broker-associates and salesperson because they were working under his supervision and that's why now as the license of James has been suspended for 2 years, James is no more jointly accountable for the actions of his associates and salesperson. Hence the licenses of associates and salesperson will be placed on inactive status. To reactive they will have to affiliate themselves to a broker who possesses an active license.

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3 years ago
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