What gives rise to the problem of scarcity?

Presented below are three economic events. In each column, indicate whether the event increased, decreased, or had no effect on

Alex17521 [72]

Answer:

(a) Purchased supplies on account.

Increase assets and liabilities

(b) Received cash for providing a service.

Increase assets and equity

(c) Expenses paid in cash.

Decrease assets and equity

Explanation:

(a) The company acquire an assets but to do so; it take a liability. In the future it will be forced to pay the credit given today

(b) The company receive an assets(cash) by prvoviding services which is the main activity. The equity represebt both, the owner investment and the earning of the business. In this case this is an earning so it increase equity

(c) The rgannizatioon used an asset to afford their obligation. This is a negative result thus; equity decrease

5 0

4 years ago

3. Analyze. Explain how scarcity is related

frosja888 [35]

Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.

Because of the above, one has to carefully make their choice while allocating the resources accordingly.

<h3>What is opportunity Cost?</h3>

When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.

<h3>What is a rationing device?</h3>

A rationing device is a system that determines who receives what of limited commodities and resources.

Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.

Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.

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8 0

2 years ago

An individual in the US wants to buy office equipment from England which costs 2,000 pounds. If the exchange rate is 1pound=$1.9

guajiro [1.7K]

<u>Given:</u>

Cost of the office equipment in pounds = 2000

Value of 1 pound in dollars as per exchange rate = 1.9

<u>To find:</u>

The cost of the office equipment in dollars

<u>Solution:</u>

If 1 pound is 1.9 dollars, then 2000 pounds will be as follows,

$\Rightarrow\text{1 pound}\rightarrow\text{1.9 dollars}\\\\ \Rightarrow\text{2000 pounds}\rightarrow1.9\times2000 \text{ dollars}=3800 \text{ dollars}\\\\ \therefore \text{The value will be 3800 dollars}$

So, the correct option is Option c, that is $3800.

8 0

3 years ago

A cosmetics company is conducting a second-year review of one of its newest products. The marketing department expects that the

-BARSIC- [3]

Answer:

sensitivity analysis

Explanation:

According to my research on different business strategies, I can say that based on the information provided within the question the senior management is undertaking sensitivity analysis. This is a study of what kind of relationship exists between the inputs and outputs of a system and how much uncertainty exists between them. This is what the senior management is undertaking when determining different factors which might lead to different profit projections.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

6 0

3 years ago

Tony's Pizza's production function is shown in the table below.

Nastasia [14]

A technological efficiency is achieved, when a given output achieves the maximum possible output.

<h3>Why the pizzeria is technologically efficient?</h3>

a) Suppose Tony operates Plant 2. He hires 2 workers and produces 20 pizzas a day. Is the pizzeria technologically efficient? Why or why not?

The firm is not technologically efficient. The production function shows that with 2 ovens and 2 workers it is possible to produce 22 pizzas a day.

b) Suppose Tony operates Plant 1. He hires 2 workers and produces 18 pizzas per day. Is Tony's Pizza technologically efficient? Why or why not? Can Tony increase production to 22 pizzas a day in the short run? If yes, how?

Tony's Pizza technologically efficient. The production function shows that 18 pizzas is maximum output that 2 workers can produce with 1 oven. Tony can increase production to 22 pizzas per day in the short run by hiring more labor.

c) Suppose Tony operates Plant 3. What is the marginal product of labor when the fourth worker is hired? When operating Plant 3, does Tony experience diminishing marginal returns? Explain.

When the 4th worker is hired, the marginal product of labor is the change in output, 40 pizzas-33pizzas= 7 pizzas, divided by the change in the labor input, 1 worker. So, the marginal product of labor for the 4th worker is 7 pizzas per day.

Tony experiences diminishing marginal returns because the marginal product of labor diminishes as more workers are hired.

d) Suppose Tony currently uses Plant 3. Can he increase production from 40 to 50 pizzas per day in the short run? In the long run? If yes, how?

If Tony uses Plant 3, he cannot increase production from 40 to 50 pizzas per day in the short run. The short-run production function for plant 3 shows that the maximum output that the firm can produce with this plant is 48 pizzas per day.

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7 0

2 years ago

What gives rise to the problem of scarcity?​

What gives rise to the problem of scarcity?