<span>In california there are 4 forms of financial responsibility.</span>
Answer:
If Mary and Tim specialize in the good in which they have a comparative advantage, ______.
Mary would specialize in making cakes while Tim would specialize in making pies.
Explanation:
a) Data and Calculations:
Mary's opportunity cost of making a cake = 2 pies
She can make additional 5 (10/2) cakes instead of making pies
This will increase her cakes to 25 a day (20 + 5)
Tim's opportunity cost of making a cake = 4 pies
She can make additional 40 pies (10 * 4) instead of making cakes
This will increase her pies to 60 pies a day (20 + 40)
When they specialize there will be 25 cakes and 60 pies produced in a day instead of 30 cakes and 30 pies.
Answer and Explanation:
The computation of the missing amounts are shown below:
Common Stock $3,180
Dividends $130
Net income (loss) $1,563 (($5,047 - $3,614) + $130)
Retained earnings, beginning of year $3,614
Retained earnings, end of year $5,047
Total assets $15,584
Total expenses $3,004 ($4,567 - $1,563)
Total liabilities $7,357
Total revenues $4,567