Answer:
C. Best use resources to maximize satisfaction of economic wants
Explanation:
Economics is a social science that studies human behaviour in relation to ends and scarce means resulting in alternative uses. This definition by Lord Robbins deals with the basic concept of economics.
Human wants are unlimited however, the resources available to satisfy these wants are limited hence choices have to be made in other of importance for the allotment of the limited resources in satisfying the unlimited wants resulting in scale of preference and opportunity cost.
In ancient Greece, a group of people living together with the common purpose of taking care of each other through economic activity was called a community. This community was <span>group of folks who are living together and share common interests </span><span>three centuries before the classical age, between 800 B.C. and 500 B.C</span><span>
The group consists of people who are like minded, but still individuals. </span>
Answer:
a.
P = $3.50 per gallon
b.
Equilibrium Quantity = 165 million gallons
Explanation:
a.
The equilibrium price is the price at which Quantity demanded equals quantity supplied. To calculate the equilibrium price using the given equations for demand and supply, we need to equate both equations.
<u>Equilibrium Price (P) calculation</u>
QD = QS
200 - 10P = -10 + 50P
200 + 10 = 50P + 10P
210 = 60P
P = 210 / 60
P = $3.50 per gallon
b.
The equilibrium quantity can be calculated by inserting the value of Price (P) in any of the equation for demand or supply.
Equilibrium Quantity = 200 - 10(3.50)
Equilibrium Quantity = 200 - 35
Equilibrium Quantity = 165 million gallons
Answer:
Option (c) is correct.
Explanation:
Given that,
Beginning net fixed assets = $234,100
Ending net fixed assets = $243,600
Assets were sold during the year = $42,500
Depreciation = $62,500
Net capital spending:
= Ending net fixed assets - Beginning net fixed assets + Depreciation
= $243,600 - $234,100 + $62,500
= $72,000
Therefore, the amount of net capital spending is $72,000.
Answer:
The most likely 05 answers are,
3, 4, 5, 8, 10
Explanation:
Although there are many methods and strategies to boost the competitive advantage over your rival companies, the above 5 selected could be seen as common methods that any company can utilize.
Now lets look at them.
Total Quality Management is a philosophy that can be used to look at the organization holistically. Utilizing this philosophy, many developments could be made to the overall quality of organization's processes, procedures and products.
A market penetration strategy which aims to set the lowest price to increase the sales is another strategy that can be used.
Seeking to reduce costs through effective Human Resource practices and procedures is another strategy.
Rather than going for direct payments and direct cash payments, arranging attractive and affordable payment schemes and credit terms is another good way of gaining competitive advantage.
