Explanation:
Spain's opportunity cost of producing a pound of cheese is
= 4 barrels of oil
Austria's opportunity cost of producing a pound of cheese is
= 10 barrels of oil
Spain's opportunity cost of producing a barrel of oil is
=
= 0.25
Austria's opportunity cost of producing a barrel of oil is
=
= 0.1
A country is said to be having a comparative advantage in the production of a commodity if it has a relatively lower opportunity cost of production.
Here, Spain has a lower opportunity cost of producing cheese, so it has a comparative advantage in producing cheese.
Similarly, Austria has a lower opportunity cost of producing oil, so it has a comparative advantage in producing oil.
Spain can gain from trade as long as it is getting more than 4 barrels of oil for a pound of cheese.
While Austria can gain from trade as long as it is getting more than 0.125 pounds of cheese for a barrel of oil.
Both will gain from trade if the price of the trade is 9 barrels of oil per pound of cheese and 7 barrels of oil per pound of cheese.
Spain will not accept 1 barrel of oil per pound of cheese and Austria will not pay 16 barrels of oil per pound of cheese.
When a business transaction requires a journal entry, we must follow these rules:
The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.
The DEBITS are listed first and then the CREDITS.
The DEBIT amounts will always equal the CREDIT amounts.
For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):
1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:
2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:
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Answer: Market Penetration Pricing.
Explanation:
MPP, Market Penetration Pricing is a where a company uses a strategy to attract customers to their product. Which also means lowing the price for customers to buy their products.
When lowing a price: This strategy is used to attract customers, they buy their product - then if they like it they will keep buying it even if the price is raised. This is a common strategy for tons of company brands.
Answer:
Net sales revenue= 220,100
Explanation:
Giving the following information:
Sales, gross $ 245,000
Sales returns and allowances $ 20,000
Sales discounts 4,900
Sales salaries expense 10,900
<u>Sales salaries expense is not a part of the net sales in a multiple-step income statement. The net sales are as follow:</u>
Sales= 245,000
Sales returns and allowances= (20,000)
Sales discounts= (4,900)
Net sales revenue= 220,100
Answer: strategic planning
Human resource planning, or HRP, is a continuous process of identifying human resources for a company to achieve its goals.
Ethan was promoted from the position of production supervisor to a production manager at Jorhamp.
In the context of human resource planning, this scenario best illustrates strategic planning at Jorhamp which ensure the best fit between the employees and their jobs.