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3 years ago

Without a_________to govern resources, scarcity becomes a major problem for people who live in brutal, collectivist societies.

1 answer:

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Without a REGULATION to govern resources, scarcity becomes a major problem for people who live in brutal, collectivist stories.

Explanation:

Scarcity in any area, can arise/occur in a place where the resources are not enough due to rapid increase in population.
For example, with an entire nation dependent on its primary economy - agriculture - soil, water and land become scarce within less time before any action/rule can be imposed.
Demand-supply, structural induced scarcity are the two types that can occur commonly.
Here, in a Collectivist society where, a group/culture/community on a whole is taken into account rather an individual alone, scarcity can be observed in wide range.
<em>If there is no limit regulated on how much an individual can own or work on, the middle economic and lower economic class will fall into below poverty line.</em> To enhance their livelihood and improve the economy of a nation, a regulation to govern resources is necessary.

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3 years ago

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3 years ago

Matt's factory rents equipment and hires students to produce sports bags. Compare the outputs at which Matt's AVC and ATC curves

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The output at which the average variable cost is a minimum is smaller than the output at which the average total cost is a minimum because initially when decreasing marginal returns set in, (E) average fixed cost is decreasing at a faster rate than average variable cost is increasing.

<h3>What is the average variable cost?</h3>

In economics, the variable cost per unit is known as the average variable cost.
Divide the entire variable cost by the output to get the average variable cost.
In the short term, the enterprises use the average variable cost to determine whether to stop production.

<h3>What is the average fixed cost?</h3>

The average fixed cost (AFC) is a fixed cost that remains constant regardless of the number of goods and services produced by a corporation.
To summarize, the average fixed cost (AFC) is the fixed cost per unit derived by dividing the total fixed cost by the output level.

Therefore, the output at which the average variable cost is a minimum is smaller than the output at which the average total cost is a minimum because initially when decreasing marginal returns set in, (E) average fixed cost is decreasing at a faster rate than average variable cost is increasing.

Know more about average variable cost here:

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Complete question:

Matt's factory rents equipment for manufacturing sports bags and hires students.

The table gives Matt's average total cost schedule and average variable cost schedule.

The output at which the average variable cost is a minimum is smaller than the output at which the average total cost is a minimum because initially when decreasing marginal returns set in, ______.

A.the total fixed cost initially increases and then decreases

B. total fixed cost is decreasing at a faster rate than total variable cost is increasing

C. average variable cost is decreasing at a faster rate than average fixed cost is increasing

D. total variable cost is decreasing at a faster rate than total fixed cost is increasing

E. average fixed cost is decreasing at a faster rate than average variable cost is increasing

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1 year ago