Answer:
see below
Explanation:
Opportunity cost is the value of the forfeited benefits as a result of making a decision in a certain way. Decision making involves choosing one item over others. The cost or value of the option not chosen is the opportunity cost. The value of the forfeited option is the opportunity cost.
In choosing to go to the gym, the forgone activity is studying for the economic exam. The benefits associated with studying for the economic test is the opportunity cost. The value attached to the economic test, such as good grades, passing the test, or any reward arising from studying for the test, is the forfeited benefit and hence the opportunity cost.
Answer:
C. Higher prices but lower total revenue from marijuana sales.
Explanation:
The above scenario totally explains inelastic demand. Inelastic demand is when the buyer’s demand does not change as much as the price changes. When price increases by 20% and demand decreases by only 1%, demand is said to be inelastic.
When the price increases, people will still purchase roughly the same amount of the good or service as they did prior to the increase because their needs stay the same. A similar situation exists when there is a decrease in price demand will not increase substantially because consumers only have a limited need for the product.
Answer: 36 seconds.
Explanation:
Based on the information given in the question, the Taktzeit for the ice-cream scoopers will be calculated thus:
First and foremost, Taktzeit refers to the time taken between the beginning of production for one unit and the beginning of the next unit.
From the information given, the available Time is 1 hour which can be converted to secunds and this will be:
1 hour = 3600 seconds
Hourly Demand = 100
Then, the takzeit will be:
= 3600/100
= 36 seconds
Answer:
The most likely problem to arise due to a shift from socialism to capitalism is unequal distribution of wealth.
Explanation:
In a socialist system the businesses and properties are owned by the government. The government ensures equal distribution of income and wealth in the society.
However, in a capitalist system the business and properties are owned by private individuals. People earn income on the basis of their contributions. The government does not interfere in the economy, it's the market forces control the economy.
In a socialist system income redistribution takes place from rich to poor. Such things do not happen in capitalism. So people are mostly to face the problem of unequal distribution of wealth through this shift.
Answer:
* The company’s degree of operating leverage: 1.38;
* The impact on net operating income of a 22% increase in sales: it will increase by 30.4%;
* New contribution format income statement:
Engberg Company
Contribution format income statement
Amount Percentage of sales
Sales $176,900 100%
Variable expenses 70,760 40%
Contribution margin 106,140 60%
Fixed expenses 24,000
Net operating income 82,140
Explanation:
* The company’s degree of operating leverage = Contribution / profit = 87,000/63,000 = 1.38
* The impact on net operating income of a 22% increase in sales is calculated as: Degree of operating leverage x % changes in sales revenue = 1.38 x 22% = 30.4%.
* new contribution format income statement is shown in the answer part.
