Answer:
d.$56,000
Explanation:
For computing the cost of counting, first we have to calculate the total salary amount which is shown below:
Total Salary = Average salary × number of employees
= $35,000 × 4 employees
= $140,000
Now the cost of counting would be equal to
= Total salary × counting percentage
= $140,000 × 0%
= $56,000
Answer and Explanation:
1. Is economically efficient because the opportunity cost of producing the last hamburger equals the marginal benefit of consumption
the economy is efficient since the equilibrium quantity is exactly produced at the equilibrium price
2 and 3.
a. The market price is determined solely by the forces Of supply Of and demand for a good.
b. Firms can freely enter Or exit the market without any barriers.
c. Private property rights are well-defined and enforced.
The above can all be seen as characteristics of an efficient market. Private property rights is included here since it is one of the bedrocks of capitalist economies which are fundamental for an efficient market
Answer:
A. Shift the supply of cars out and to right, decreasing the equilibrium price of cars, but increasing the equilibrium quantity.
Explanation:
The effect of technology on supply is that it will shift supply to the right. As cost of production reduces, producers can have more output at the same cost.
There will be excess supply (surplus), so customers will pay less for the product.
The equilibrium quantity will also increase as more cars are available in the market.
This is illustrated in the attached diagram. Equillibrum price reduces from P1 to P2. The equillibrum quantity increases from Q1 to Q2.
Government can influence cost of production through taxes, regulations and subsidies. Therefore they also influence shift of supply curve.
Answer:
The correct answer is letter "B": Goods and services carry a price tag.
Explanation:
Utility is described as the degree of satisfaction or joy perceived by individuals by consuming a given good or service. Marginal utility refers to the satisfaction produced by consuming one more unit of that good. The marginal utility theory assumes that consumers make rational decisions pursuing the maximization of their returns considering those goods carry the same price tag.
