Answer:
The isoquants will be straight parallel lines.
Explanation:
In the given secanrio copper or bronze may be used to produce jewellery. The utility derived from use of either one is the same. They are perfectly interchangeable. Therefore copper and bronze are perfect substitutes.
The isoquant curve shows all combinations of input that can be used to produce units of output.
For goods that have perfect substitution the isoquants are straight lines that are parallel to each other. The marginal rate of technical substitution is 1, and isoquant have slope angle of 45° with each axis.
Find attached an illustration of this. So copper is a perfect substitute for bronze.
According to one source from the internet, the cross-border sales is projected to top $450 within the next 5 years. Cross-border trade is the process of buying and selling of products, selling goods and services between business domestically or in the neighborhood countries.
Answer:
0.85
Explanation:
Given that
Dropped percentage of tuition and fees = 14%
Enrollment fall from 8,400 to 7,400
So, the cross elasticity between the two schools is
= Percentage change in quantity demanded of one good ÷ Percentage change in price of another good
where,
Percentage change in quantity demanded of one good equals to
= ($7,400 - $8,400) ÷ ($8,400)
= -11.9%
And, the percentage change in price of another good is -14%
So, the cross elasticity is
= -11.9% ÷ -14%
= 0.85
Answer:
LinkedIn is a very good place to start. The purpose of LinkedIn is to build a network of professionals, or to build a portfolio of your work. It can help you stay connected with people in your field. Both decades old industry professionals, and entrepreneurs alike.
It can also help you look for job opportunities.
Answer:
The correct answer is option A.
Explanation:
Explicit cost is the direct cost incurred on the inputs such as wages and salaries, raw materials, etc. While on the other hand, the implicit costs are the indirect costs incurred through the use of self-owned resources such as foregone income.
Implicit costs are the opportunity cost of using a self-owned resource that could have been alternatively used to generate some income.
Explicit costs are considered in computing accounting profits, the implicit cost is not considered.
