Answer:
Can reduce the number of workers it uses, but it cannot adjust how much capital it uses
Explanation:
The Short Run
This is simply refered to as a time frame (period of time) where at least one factor of production is fixed. The totality of Production takes place in the short run that is, it using more of the variable factors such as labour to the fixed factor such as capital, land.
The length of the short run can be known by the time it takes to increase the quantity of the fixed factor. This is said to change from industry to industry. The industries with Short Short Run includes Call centres, digging holes, internet based etc.
The Long Run
It is also known as the timeframe where all factors of production are said to be variable, but the state of technology is fixed. All planning takes place in the long run that is always in your head.
Fixed Costs: 420,000
Variable Costs: 65%
Your BREAK-EVEN Point is: $1,200,000 USD or 600 Units @ $200 Each
Answer:
1) Option A. differences in values
2) Option C. Tariffs and import quotas generally reduce economic welfare
Explanation:
1) Difference in values which can also be called value conflicts are due to variations in belief systems. I.e. when the belief systems of two groups do not allign. While Antonio believes that government programmes should be reduced because they cause more harm than good, Caroline is of the opinion that despite the inefficiency of government programmes, they are still necessary for the less fortunate. This disagreement is as a result of value conflict.
2) Both economists agree on the inefficiency of government programmes. The focal point of Caroline's argument is that government's intervention in the economy is needed for the less fortunate. Based on this premise, two economies chosen at random will most likely agree to the proposition that tariffs and import quotas generally reduce economic welfare.
<span>There there will be a budget deficit as government expenditures increase and tax <span>revenues decrease.</span></span>