Due to scarce resources, every individual, whether rich or poor, faces an opportunity cost when choosing to produce or consume more of one good over another.
<h3>What is the problem with scarce resources?</h3>
The gap between scarce resources and hypothetically unbounded needs is referred to as scarcity and is a fundamental economic issue. In order to meet both basic necessities and as many additional wants as feasible, people must decide how to spend resources effectively.
The value of the best option foregone is the opportunity cost of a decision. The state of not being able to obtain all the commodities and services one desires is known as scarcity. It exists because there are more commodities and services that people demand than can be produced with all of the available resources.
Learn more about Opportunity costs here:
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It would give me the impression that you’re not interested in the interview. If someone walked into an interview while doing the above personally I would see them as “having better things to do”
Anyways, Hope this somehow helps!
<u>Explanation:</u>
Given
Consumption = (10 x 30) = 300
Investment = (100 x 2) = 200
Government Spending = (500 x 1) =500
13. Total GDP for this economy = Consumption + Investment+ Government spending
=(10 x 30) + (100 x 2) + (500 x 1)
=$1000
14. Consumption % on GDP
= Consumption/ Total GDP x 100
=(300/1000) x 100
= 30%
15. Investment % in GDP
= Investment / Total GDP x 100
=(200/ 1000) x 100
=20%
16. Government spending % on GDP
=Government spending/ Total GDP x 100
=(500/1000) x 100
=50%
Answer:
a. $9,338
b. 0.363
Explanation:
a. Contribution Margin = Sales - Variable Cost
Where Sales = $25,700
Variable Cost = Food & Packaging + Payroll + 40% x General, Selling and Administrative expenses
V.C. = 8,982 + 6,500 + 40% * 3,700
V.C = 8,982 + 6,500 + 1,480
= $16,362
Therefore, Contribution Margin = Sales - Variable Cost
= $25,700 - $16,362
=$9,338
b. McDonald's contribution margin ratio = Contribution Margin / Sales
= $9,338 / $25,700
= 0.363
44756 divided by 167 equals 268 with a remainder of 0
