It’s A for sure just really got to add the puzzles together
Answer:
B. The mean is $51,754 and the median is $44,167. This is because economic variables are usually skewed to the right, which pulls the mean above the median.
Explanation:
The mean income of $51,754 obtained from the 2014 income of people aged 25 - 34 years with only a bachelor's degree is the average incomes. It is obtained by adding all the incomes in the data set and then dividing by the number of values in the set. The median of $44,167 is the middle value when this data set is ordered from least to greatest while the mode is the number that occurs most often in the data set.
If the current price of a pound of chicken is $3 per pound and the equilibrium price is $6 per pound what takes place is: a) There is a shortage , so the price rises and quantity demanded decreases.
The current price of $3 per pound is lesser that the equilibrium price of $6 per pound which means that their is shortage.
The shortage indicate that their is increase in demand in the market because the quantity demanded is higher than the quantity supplied.
Therefore the rise in price of goods and services will lead to decrease in the quantity demanded of such goods or product.
Inconclusion what takes place is: a) There is a shortage , so the price rises and quantity demanded decreases.
Learn more here:<em>brainly.com/question/2005267</em>
Even though the United States has an absolute advantage in producing both refrigerators and shoes, it makes economic sense for it to specialize in the good for which it has a comparative advantage. The United States will export refrigerators and in return import shoes.
<h3>Do all countries have an absolute advantage in production?</h3>
In the production of at least one good or service, almost every nation enjoys an absolute competitive advantage. The key to absolute advantage is low-cost production. For instance, because they can benefit from low labor costs, China and other Asian nations are known to have a distinct advantage in the manufacturing sector.
<h3>What determines a nation's choice to specialize in a particular good?</h3>
When resources are scarce, a country's decision to focus on producing a specific good is also heavily influenced by its comparative advantage. Comparative advantage is based on the idea of opportunity cost, whereas absolute advantage refers to the superior production capabilities of one nation over another.
Does Japan have an absolute advantage in the auto industry?
Japan is said to have a clear advantage in the auto industry if it can produce cars just as well as the United States, but more quickly and with higher quality. The kinds of goods a nation decides to produce are greatly influenced by its absolute advantage or disadvantage in a given industry.
Learn more about U.S. auto industry:
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