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3 years ago

1. Match the following terms with the options given in below:

Business

1 answer:

Nostrana [21]3 years ago

4 0

Answer:

A- Demand Curve --- A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices.

B- Quantity Demanded --- The amount of a good that buyers are willing and able to purchase at a given price

C- Law of Demand --- The claim that, other things being equal, the quantity demanded of a good falls when the price of that good rises.

D- Demand Schedule --- A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices

Explanation:

A- The demand curve shows the marginal benefit of a good, that is, how much a consumer is willing to pay to buy a product or service. In normal cases, the demand curve negative and thus inclined downwards. In these cases, demand is price elastic. If, on the other hand, the demand curve is vertical, the same quantity is demanded regardless of price, which makes the product or service completely inelastic.

B- The quantity demanded is the amount of a good that the population wants to buy, and depends on variables that influence the consumer's choice whether or not to purchase a good or service: its price, the price of other substitute or complementary goods, the consumer's income and the individual's taste or preference.

C- In economics, the law of demand is a commonly used theorem, which in its simplest version states that the demand for a normal commodity decreases as its price increases. A good is said to be normal if an increase in income leads to more demand for the good.

D- A demand schedule is a table that explains how demand reacts to a certain product according to the price at which it is offered.

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If a stricter quota, such as 30,000 tons of apricots, was imposed on this market, we would expect:

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3 years ago

Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 98,000 Less cost o

Rudiy27

Answer:

Contribution Margin Statement

Sales revenue ($100 x 980) $98,000

Less Variable costs:

cost of goods sold ($58 x 980) $56,840

Commissions expense ($5 x 980) $4,900

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2 years ago

Davis Florist has two employees, Anita and Jerome, and two tasks that need to be completed, floral arrangements and floral deliv

OlgaM077 [116]

Answer:

Davis Florist

a. (Anita, Jerome) __Jerome____ absolute advantage in floral arrangements. __Jerome____ (Anita, Jerome) has an absolute advantage in deliveries.

b. Anita’s opportunity cost of making one floral arrangement is ___0.75__

( 1.33, 0.75, .33, 3) deliveries. Anita’s opportunity cost of making one delivery is __1.33_ (1.33, 0.75, .33, 3) floral arrangements.

c. Jerome’s opportunity cost of making one floral arrangement is ___0.33__(.75,3,1.33..33) deliveries. Jerome’s opportunity cost of making one delivery is 3 (3, 1.33, .75, .33) floral arrangements.

d. (Jerome, Anita)_Jerome____ has a comparative advantage in floral arrangements. (Jerome, Anita)__Anita___ has a comparative advantage in deliveries.

e. Suppose that, initially, both Jerome and Anita spend four hours each day doing floral arrangements and two hours each day doing deliveries. Now suppose they change their tasks, so that each individual does nothing but the task in which she or he has a comparative advantage. How many more floral arrangements and deliveries could they produce each day?

____4_____ additional floral arrangements

____5____ additional deliveries

Explanation:

a) Data and Calculations:

Time it takes Anita to finish one floral arrangement = 30 minutes

Time it takes Anita to make a delivery = 40 minutes

Time it takes Jerome to finish one floral arrangement = 10 minutes

Time it takes Jerome to make a delivery = 30 minutes

b) Absolute Advantage: Jerome will finish 3 floral arrangements (30/10), whereas Anita can only finish 1 in 30 minutes.

c) Anita's opportunity cost is the time it will take her to make a delivery using the same time it takes her to finish one floral arrangement. In 30 minutes time, she can only make (30/40) 0.75 deliveries. Using 40 minutes of making a delivery, she can finish 1.33 (40/30) floral arrangements.

d) Anita's comparative advantage in making deliveries is based on her opportunity cost when compared with Jerome's opportunity cost of making deliveries.

Floral Delivery Total hours

Arrangement

e) Total time spent by

Anita 4 hrs 2 hrs 6 hrs

Jerome 4 hrs 2 hrs 6 hrs

Anita Jerome Total

Number of floral arrangements 8 (240/30) 24 (240/10) 32

Number of deliveries 3 (120/40) 4 (120/30) 7

Anita Jerome

Number of floral arrangements 0 36 (360/10) 36

Number of deliveries 12 (360/30) 0 12

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2 years ago

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3) The effect of union exclusion of nonunion workers is to lower the wages of nonunion workers.

4) A market with one buyer and one seller is a bilateral monopoly. Monopoly is a market with only one seller. Monopsony is a market with only one buyer.

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3 years ago