Answer:
Option (a) is correct.
Explanation:
Explicit costs refers to the cost that a company or a person incurred for doing certain activities.
The explicit costs of Harvey's firm in the first year were
= costs of production, packaging, marketing, employee wages and benefits, and rent on a building
= Cost per unit × Units sold
= $55 per unit × 11,000 units
= $605,000
Answer: If Pineland were to allow trade, it would import fish.
Explanation:
From the question, we are told that in Pineland, one can buy 1 pound of fish for 2 pounds of pineapples while in other countries, one can buy 1 pound of fish for 1.5 pounds of pineapples.
Based on the above scenario, we can denote that buying of fish from other countries is cheaper but since there's no international trade, this isn't possible. Based on the cheapness, if Pineland were to allow trade, it would import fish.
Answer:
Inferior good.
Explanation:
Inferior goods are those that their demand decreases as the consumer's income increases. They are unlike normal goods that demand increases with increased income.
Inferior goods are usually purchased as a necessity due to low prices. The consumer did not have enough money to purchase what he would have preferred. As income rises the consumer goes for his preference.
In this instance as you graduate college and start earning higher you do not purchase pizzas anymore because to you they are inferior goods.
Discharging waste from the facility into the bay can result in a. <u>penalties </u><u>and damages</u>.
Many companies are known to discharge their wastes in an estuary bay. Such companies are subjected to heavy penalties by the government and also as there are aquatic organisms in a bay, the toxic compounds from the water can cause damaging results to the bay ecosystem.
Hence, companies such as Deep earth extraction inc, they discharge waste in the bay, and there are penalties and damages that they have to afford due to the risk they had caused to the bay. All companies should make sure to have a proper disposal system where other life forms and the earth is not damaged by the toxic wastes.
To learn more about waste, click here:
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Answer:
because In the long run, real GDP tends to potential output.
Explanation:
Since actual GDP continues to increase economic output in the longer term, the seasonally adjusted annual budget balance is a better predictor of public policies ' long-term sustainability. ... Economic GDP dropped in recessions.
This means that incomes for consumers, business investment and profits for producers also fall.
The cyclically adjusted expenditure balance plays an important role in the EU budgetary framework, which still provides a better picture of fiscal policy focus.