Answer:
This is a part of my Economic Resources doc and I'm not sure about the second part of the question but I hope it helps!
Explanation:
Ｅｃｏｎｏｍｉｃ Ｒｅｓｏｕｒｃｅｓ
For a firm (producer) to make any product, it needs to use ECONOMIC RESOURCES. These are INPUTS to be used together or combined efficiently to produce goods/services.
Ｗｈａｔ ｙｏｕ ｎｅｅｄ ｔｏ ｋｎｏｗ：
What is a PRODUCER?
a person, franchise, brand or country etc. that makes, grows, or produces goods and services for sale to customers or consumers.
What is a RESOURCE?
a stock or supply of goods, materials, and products that can be bought by a person or organization in order to function effectively.
What is an ECONOMIC resource?
Natural supplies that can be used to make a product. It is important for the success of the company.
Ｃｌａｓｓｉｆｉｃａｔｉｏｎ ｏｆ Ｅｃｏｎｏｍｉｃ Ｒｅｓｏｕｒｃｅｓ：
Natural resources (LAND)
Natural resources are ones who are not man made and are there naturally. This could be land, light, water, electricity, etc.
Human resources (LABOUR)
Capital resources (CAPITAL)
Entrepreneurship (ENTERPRISE)
Explanation:
The computation of the fixed cost and the variable cost per hour by using high low method is shown below:
Variable cost per hour = (High Operating cost - low operating cost) ÷ (High driven in kilometers - Low driven in kilometers)
where,
High operating cost = 114,000 km × 12.7%
= $14,478
Low operating cost = 76,000 km × 14.8%
= $11,248
So,
= ($14,478 - $11,248) ÷ (114,000 km - 76,000 km)
= $3,230 ÷ 38,000 km
= $0.085 per km
Now the fixed cost equal to
= High operating cost - (High driven in kilometers × Variable cost per km)
= $14,478 - (114,000 km × $0.085)
= $14,478 - $9,690
= $4,7882
2. The equation is as follows
Y = a + bx
So,
Total cost = $4,788 + 0.085X
3.
Y = a + bx
= $4,788 + 0.085 × 95,000
= $4,788 + $8,075
= $12,863
... Keep On Going I need to read more
