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3 years ago

If the world price of a given product increases relative to its domestic price, then for that product:

1 answer:

8 0

If the world price increases relative to domestic prices, there will be fewer imports and increased exports of the given product because it would be cheaper to buy the domestic version and companies would make more selling the product on the international market.

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Brian lives in Chicago and runs a business that sells pianos. In an average year, he receives $793,000 from selling pianos. Of t

umka21 [38]

Answer:

Brian

1. Implicit and Explicit Costs:

Implicit costs:

The rental income Brian could receive if he chose to rent out his showroom

The salary Brian could earn if he worked as a financial advisor

Explicit costs:

The wages and utility bills that Brian pays

The wholesale cost for the pianos that Brian pays the manufacturer

2. Brian's accounting and economic profit of his piano business:

Accounting profit = $62,000

Economic profit (loss) = ($3,000)

Explanation:

a) Data and Calculations:

Accounting Profit Economic Profit

Sales Revenue $793,000 $793,000

Cost of pianos 430,000 430,000

Wages and utility bills 301,000 301,000

Implicit (Opportunity) Costs:

Rent 15,000

Salary as an accountant 50,000

Total costs 731,000 796,000

Profit (loss) $62,000 ($3,000)

b) Implicit costs are opportunity costs. They include the costs that arise from forgone benefits when another opportunity is taken instead of the other. Explicit costs are costs that are actually incurred by taking an opportunity.

8 0

3 years ago

You have just determined that the actual number of workstations that will be used on an assembly line is 6, using assembly line

Artyom0805 [142]

Answer:

The assembly line efficiency is 4.17% (to 2 decimal places)

Explanation:

Efficiency is a measure of productivity that is used to determine how well a target is achieved, by finding the ratio of the actual output to the expected output. In this example, the number of units is the output of the assembly line, and the assembly line efficiency is calculated as follows:

Assembly line efficiency = (actual output) /(required output) × 100

actual output = 25 minutes

if 5 minutes = 1 unit

∴ 25 minutes = 1/5 × 25 = 5 units

∴ actual output = 5 units

required output = 120 units

∴ efficiency = $\frac{5}{120} *100$

= 4.17%

5 0

3 years ago

Candonia has a comparative advantage in the production of , while lamponia has a comparative advantage in the production of . Su

Ksju [112]

Answer:

Candonia has a comparative advantage in the production of LEMONS, while Lamponia has a comparative advantage in the production of COFFEE. Suppose that Candonia and Lamponia specialize in the production of the goods in which each has a comparative advantage. After specialization, the two countries can produce a total of 36 million pounds of coffee and 36 million pounds of lemons.

Explanation:

Since a lot of information was missing, I looked it up and found the attached graphs. The graphs referred to production of coffee and lemons, but I guess they are similar questions.

For every pound of lemons that Candonia produces, it will not be able to produce ¹/₂ pounds of coffee (opportunity cost of producing lemons instead of coffee).

For every pound of coffee that Lamponia produces, it will not be able to produce 1¹/₂ pounds of lemons (opportunity cost of producing coffee instead of lemons).

8 0

4 years ago

Assume that you are a freshman and live in your school's dormitory. The agreement you've signed with the school states that you

andriy [413]

Your agreement with the school best approximates a tenancy for years.

<h3>What is tenancy?</h3>

A legal arrangement known as tenancy in common (TIC) allows two or more persons to jointly hold a piece of real estate or a plot of land.
The amount of total property, whether commercial or residential, under the ownership of each independent owner may be equal or different.
Tenants in common refers to the parties. One of the three types of joint ownership is tenancy in common.
Joint tenancy and entire tenancy are the other two categories. When a tenant in common passes away, their portion of the property falls to their estate, where a beneficiary of the share of property may be named. A TIC has no right of survivorship.

The dormitory agreement has a starting and ending point making it a tenancy for years.

Know more about tenancy with the help of the given link:

brainly.com/question/14399900

#SPJ4

5 0

2 years ago

Neal joins Filestene Inc. as an executive designer. The HR manager informs him that he will have to join the labor union within

Gnesinka [82]

Answer: (E) Union shop

Explanation:

The union shop arrangement is refers to the process in which we require the number of workers for join and also participate in the specific union and it is also called as the post entry or the closed shop.

The workers or the union representatives also providing the various types of benefits in the specific time period. Depending on the different protection level the trade unions are varying nation to nations.

According to the given question, the Neal's human resource manager is basically referring to the union ship that is related to the union membership.

Therefore, Option (E) is correct answer.

7 0

3 years ago