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OleMash [197]
3 years ago
7

Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of ber

ries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries
Business
1 answer:
Firlakuza [10]3 years ago
7 0

Answer:

SHEILA

Explanation:

A person has comparative advantage in production if it produces at a lower opportunity cost when compared to other people.

Sheila's opportunity cost in producing berries = 10/40 = 0.25

Jim's opportunity  cost in producing berries = 8/24 = 0.33

Sheila has a lower opportunity cost in the production of berries and thus has a comparative advantage in the production of berries

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the output of a process is valued at $110 per unit. the cost of labour is $50 per hour including benefits
yaroslaw [1]

Based on the labor cost, and output of the process, the multifactor productivity for the week is 3.06.

<h3>What is the multifactor productivity for Week 1?</h3>

This can be found by the formula:

= Cost in week 1 / Value of output in week 1

Cost in week 1:

= Labor + Material + Overheads

= 12,195 + 21,392 + 8,546

= $42,133

Value of product:

= 110 x 1,173 units

= $129,030

Multifactor productivity is:

= 129,030 / 42,133

= 3.06

Find out more on multifactor productivity at brainly.com/question/17550779.

5 0
2 years ago
According to the midpoint method, the price elasticity of demand between points A and B is approximately (0, 0.6, 1.67, 22.5) .
kvv77 [185]

Because the demand between points A and B is inelastic, a $25-per-bike increase in price will lead to an increase, in total revenue per day.

in order for a price decrease to cause a decrease in total revenue, demand must be inelastic.

<h3>What is the price elasticity of demand? </h3>

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

When the coefficient of elasticity is less than one, it means that demand is inelastic. When demand is inelastic, it means that the quantity demanded is not sensitive to changes in price.

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price  

Midpoint change in quantity demanded = change in quantity demanded / average of both demands

  • change in quantity demanded = 40 - 35 = 5
  • Average of both demands = (40 + 35) / 2 = 37.50
  • Midpoint change in quantity demanded = 5 / 37.50 = 0.133

Midpoint change in price = change in price / average of both price

  • Change in price = 100 - 125 = -25
  • Average of both prices = (100 + 125) / 2 = 112.50
  • Midpoint change in price = -25 / 112,50 = -0,222

Midpoint elasticity of demand =  0.133 /  -0,222 = 0.6

To learn more about price elasticity of demand, please check: brainly.com/question/18850846

7 0
2 years ago
Fiona found that she had broken even when she sold 120 boxes of her homemade chocolate chip cookies. The rent for her bakery (pa
Maslowich

Answer:

$0.5 per box

Explanation:

From CVP analysis,

The break-even point = Fixed cost/contribution margin per unit

For Fiona

Break-even point =$120 boxes, fixed costs = $300

Contribution margin per init = selling price - variable costs

selling price =$5: variable costs, cookies cost $2 per box, and chocolate chips

therefore

120 = $300/ Contribution margin per unit

$120 = $300/ CM

CM = $300/$120

CM = $2.5

Contribution margin = selling price - variable costs

$2.5 = $5- cookies - chocolate chips

$2.5 =$5 - $2- chocolate chips

$2.5 -$3-chocolate

chocolate chips = $3-$2.5

=$0.5 per box

5 0
3 years ago
Read 2 more answers
Compute the variances in dollar amount and in percentage. (Round to the nearest whole percent.) Indicate whether the variance is
ANTONII [103]

Answer:

The dollar variance is -$100.

The percent variance is -20%.

Since the actual income is less than the budgeted income, the variance is unfavorable (U).

We calculate Dollar Variance as : Actual Amount - Budgeted Income

Dollar Variance = 400 - 500 = 100

Next, we calculate percent variance as :

Percent variance = \frac{Dollar Variance}{Budgeted Income} *100

Plugging the values in we get,

Percent Variance = \frac{-100}{500} *100

Percent Variance = -20%



6 0
3 years ago
Jack Company owned 20,000 shares of King Company that were purchased in 2014 for $500,000. On May 1, 2018, Jack Company declared
Tom [10]

Answer:

$150,000

Explanation:

Jack will distribute 50,000 shares / 10 = 5,000 shares

to determine the amount by retained earnings should decrease we must multiply 5,000 times the market value on the sate of declaration = 5,000 shares x $30 = $150,000

Retained earnings accounts includes all the accumulated earnings after dividends have been distributed. Dividend distributions always lower retained earnings account since without any credit balance in that account, dividends cannot be distributed.

8 0
3 years ago
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