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3 years ago

How do economists define marginal benefit for an individual?

Business

1 answer:

sergiy2304 [10]3 years ago

8 0

Answer:

B) the additional positive value that a person receives from consuming one more unit of a good or service

Explanation:

A benefit is an advantage or gains to someone. In economics, the term marginal refers to an extra unit or one more unit.

Marginal benefit is the additional gain associated with consuming one more unit of a product or service. In this context, the term marginal benefit is used interchangeably with marginal utility. In practice consuming the first unit provides the highest benefit. Continuous consumption result in reduced benefits. In other words, marginal benefits decline with additional consumption.

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2 years ago

Assume that Jing Company earned $29,400 cash revenue and incurred $18,500 in cash expenses in Year 3. The company uses the strai

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Explanation:

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3 years ago

A project manager can identify the skills needed for the project from the:

Katarina [22]

Answer:

D - work breakdown structure

Explanation:

A detailed work breakdown structure should entail the job description, specific skills required, work experience recommended as well as the number of people required to carry out the task, should it require more than one. the project manager should then be able to identify the skills needed that he/she would have to go out and seek internally or from the public. Departmental personnel listings may not necessarily relate to the project and a budget will not state who does what, only the finances set aside for the project and its deliverables. A stakeholder meeting usually is for the end user stating what he/she expects the end product to be like. the project manager may be able to pick up a few skills requirements from that but that would only be surface level information. A detailed work breakdown structure will give him/her what is needed to plan, begin, continue and end the project efficiently.

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3 years ago

Frank, the CEO of an American production company, negotiated an opportunity with a television provider in India. After the negot

In-s [12.5K]

Answer:

The contract would be described as International Contract.

Explanation:

International Contracts: International contracts refers to a legally binding agreement between parties based in different countries, in which they are obligated to do or not do certain things. International contracts may be written in a formal way such as the example of Frank contracting an Indian television provider.

Consequently, Frank and the Indian television provider having entered into a contract, are governed by international contract law unless they agree to abide by the laws of one of the US and India.

Moreover, International sales contracts are governed by the United Nations Convention on Contracts for the International Sale of Goods (CISG) from 1980.

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3 years ago

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Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $

Viefleur [7K]

Answer:

A. $2.40 per Machine hour

B. Underapplied = $10,000

C. cost of goods sold (debit) $10,000 , overheads (credit) $10,000

Explanation:

A) Compute the manufacturing overhead rate for the year

Overhead Rate = Total Fixed Overheads / Budgeted Activity

= $300,000 / 125,000 Machine hours

= $2.40 per Machine hour.

B) What is the amount of under- or over applied overhead at December 31st?

Under Applied Overheads = Actual Overheads > Applied Overheads

Over Applied Overheads = Actual Overheads < Applied Overheads

Actual Overheads = $322,000

Applied Overheads = $2.40 × 130,000 hours = $ 312,000

Underapplied = $10,000

C) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

cost of goods sold (debit) $10,000

overheads (credit) $10,000

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3 years ago

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