Select the correct answer.

Suppose that the demand for my new book, Spatulas From Around the World, is such that the demand curve lies everywhere below the

dsp73

Answer:

C. Shut down the presses printing my book

Explanation:

Since the average variable cost of producing the book is above the demand curve, the best course of action is to shut down the printing (production) of more books. The author would lose less money by shutting down operations rather than continuing production at a variable cost higher than the demand he's receiving for the books.

In economics, when profit is less than the average variable cost, firms are advised to stop production in the short run and incur economic loss on fixed inputs. This is because with continued operations, total revenue would not only be lower than total cost, but rather, would also be less than total variable cost.

8 0

3 years ago

Steven lives in a big city where there is a shortage of parking. He has a parking spot in his driveway where he parks his car. W

DENIUS [597]

Answer:

The correct answer is option C.

Explanation:

The opportunity cost of any economic decision is the cost of giving up its alternative. We are aware that we have limited resources with alternative uses and we have to use these resources to satisfy alternative needs and wants. In order to increase spending resources on one thing, we need to decrease spending on its alternative.

Here, the parking spot on the driveway can be used for personal use or can be used for renting. The opportunity cost of using the spot for personal parking is the money that could have been earned by renting it to others.

5 0

3 years ago

How have embedded computers and the IoT impacted your daily life? What additional uses can you see yourself using? What security

Zigmanuir [339]

NOTE: Before discussing the impacts of embedded computers and the IoT, first, let me briefly explain what both of them are in simple words (without any complex jargon) for a better understanding.

Embedded computers are the programmable controllers (or loosely speaking, chips) designed to perform specific or dedicated tasks within a device. They take input (from sensors etc.), process it in a predefined steps (or instructions) and give an output.

The IoT, on the other hand, is the Internet of Things. It is the system of interconnected things that can communicate with one another directly over the network (internet). The word Things in the IoT incorporates an array of objects ranging from devices like digital and security cameras, wearable watches, GPS navigation systems, washing machines, refrigerators to buildings and even cities.

All in all, embedded computers enable the things with the automation capabilities, while the IoT empowers those things with the communication abilities.

(1) Impacts of Embedded Computers and the IoT

In the current era, almost all devices around us have embedded computer(s). Not only that, many of those devices have an ability to connect to the Internet through WiFi. The impacts of embedded computers and the IoT together can easily be understood by the some of the examples, as follows:

Nowadays, we have smart washing machines that not only be able to rinse, wash and dry clothes automatically, economically and efficiently—thanks to the embedded computers—but they can also be controlled remotely or can also send a notification to a mobile phone by the virtue of the IoT. It saves our energy (by automatically washing the clothes), our money (by efficiently using the detergent), resources (by rinsing and washing the clothes with the amount of water required—water conservation) and our time (by being controlled remotely or by sending a notification on a mobile phone when it’s done instead of us checking up its progress every ten minutes or so). In the past, however, laundry used to be done manually, which was not only a time consuming and tiring task, but it was also an ineffective way for the resource conservation.
Finding a nearby cab is now in the palm of our hands. Modern cab service providers, via their mobile applications, share the location of their cabs, in which the GPS navigation system (consists of GPS module and the embedded computer(s), connected with the internet). Hence, without any hassle, a nearby cab can be arranged and also at any time. The same applies on the most, modern bus services. Before that, one had to be physically on the road to find the cab with no surety of getting one. Now, beforehand, you can book your ride.
Smart door locking systems and smart security cameras inside or outside homes are able to notify the authorities or to the owners in the case of intrusion, and, thus, making lives and possessions safe and secure. Previously, although security cameras and locking systems were there, they couldn’t communicate with other devices (like mobile phones) remotely. A person had to be physically in the house to see the camera feed or to hear the intrusion alarm.
Embedded computers and the IoT is revolutionising the quality of life in terms of health. The IoT based smart-bands or watches can continuously monitor the blood pressure and heart rate in real time through the IoT based devices with embedded computers connected with the sensors. In the case of emergency, those IoT based devices send a notification to the emergency contacts. In the past, there was no way of checking your ECG at home—let alone the question of automatically sending ECG report to the emergency contacts.

In a nutshell, embedded computers and the IoT have impacted our daily lives in a meaningful and constructive way.

(2) Additional Uses

Well, this part of the question cannot be answered in a generic way; therefore, let me give you my opinion on that.

I am seeing myself using the IoT based learning devices like Google Nest thermostat. It uses machine learning to automatically set the optimal temperature of the home.

Ease: To change the temperature, there is no need to be physically there where the thermostat is installed.

Saving: It automatically turns off when there is no person in the home, which is a big plus for saving some extra bucks.

Furthermore, I can see myself using the smart IoT based weight machine that would warn me to stop getting out of shape based on my weight; in the case of non-compliance, it would send my weight as a post to all of my social media accounts. ;)

(3) Security or Other Risks

The privacy would be the major concern (and could be compromised with the usage of IoT). As in the IoT based systems, everything is connected to the internet. Therefore, all the cybersecurity risks and issues are applied on the IoT as well.

The more IoT based devices increase in number, the more the complexity of handling those devices would increase, which may become a bane instead of a boon to a user.

6 0

3 years ago

Petrus Framing's cost formula for its supplies cost is $1,860 per month plus $11 per frame. For the month of March, the company

MissTica

Answer:

$355 unfavorable

Explanation:

Budgeted supplies cost was [$1,860 + (635 frames x $ 11)] = ($1,860 + $6,985) = $8,845

Actual supplies cost was $9,200, so the variance was = budgeted cost - actual cost = $8,845 - $9,200 = $355 unfavorable

Since the actual supplies cost was higher than the budgeted supplies cost, then the variance must be unfavorable (because more money was spent than expected).

4 0

2 years ago

Panther Company's bookkeeper debited supplies expense for the cost of goods sold during that month. The bookkeeper discovered th

MakcuM [25]

Answer:

Cost of Goods Sold Dr.

To Supplies Expense

Explanation:

The journal entry for cost of goods sold should've been:

Cost of goods sold A/C Dr.

To Purchases A/C

(Being cost of goods sold expense recorded)

The wrong entry passed has been:

Supplies expenses A/C Dr.

To Purchases A/C

The rectifying (correcting) journal entry should be:

Cost of Goods Sold A/c Dr.

To Supplies Expenses A/C

(Being rectification entry for cost of goods sold recorded)

Cost of goods sold is an expense and expenses should be debited.

At the same time, purchase being a nominal account, crediting it would reduce the purchases balance.

Supplies expense was wrongly debited so it has been credited to cancel out the effect.

7 0

3 years ago