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2 years ago

In a economy, the government owns the means of production.

Business

1 answer:

Daniel [21]2 years ago

5 0

Answer:

(a) Command

Explanation:

A command economy is also known as planned economy and it can be defined as a type of economy in which the government owns and control the means of production.

This ultimately implies that, in a command economy, the government owns the means of production.

Societies that operate a command economy generally practices communism.

Communism is a system of philosophical, political, social organization and economical ideologies that advocates the elimination of private property but a profit-based economy with public ownership of the means of production.

It ultimately aims to ensure each person contributes and receives according to their abilities and needs.

Vietnam, China and Cuba are examples of communist countries that operate a command economy.

In conclusion, a command economy requires that the method of exchange, distribution, as well as the means of production of goods and services and allocation of resources for production should be controlled or regulated by the public (government) rather than the private sector.

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the employees of a company feel that rewards are fairly allocated. this illustrates _____.

Wittaler [7]

<span>Distributive Justice</span>

8 0

3 years ago

Live Forever Life Insurance Co. is selling a perpetuity contract that pays $1,600 monthly. The contract currently sells for $117

Tanzania [10]

Answer:

The monthly return on this investment vehicle is 1.37%

Explanation:

A perpetuity contract is one which lasts forever, It does not any time limit. Live Forever Life Insurance Co will pay $1,600 for indefinite time on today's investment of #117,000.

Monthly return will be calculated using following formula:

Present value of Perpetuity = Perpetuity Received / Interest rate

$117,000 = $1,600 / r

r = $1,600 / $117,000

r = 1.37%

Monthly return on the perpetuity is 1.37% for this perpetuity.

4 0

3 years ago

Suppose that the salary range for recent college graduates with a bachelor's degree in economics is $30,000 to $50,000, with 25

igor_vitrenko [27]

Answer:

The Expected Earning for the college graduates is 40,000

Explanation:

The Expected Earning for a college alum with a four year college education in financial matters is determined as weighted normal all things considered, utilizing likelihood of every result as its weight.

Although the Expected Earning is;

Expected Earning = (25% × 30,000) + (50% × 40,000) + (25% × 50,000)

Expected Earning = 0.25 × 30,000 + 0.5 × 40,000 + 0.25 × 50,000

Expected Earning = 7500 + 20,000 + 12,500

Expected Earning = 40,000

7 0

3 years ago

At a price of $8.5 per ticket, a musical theater group can fill every seat in their 1800 seat performance hall. For every additi

sasho [114]

Answer:

The ticket price that maximizes revenue is $18.10

Explanation:

Hi, first we need to construct the revenue equation in terms of the additional dollar charge (that would be X). That is:

$Revenue=Price*Quantity$

$Revenue=(8.5-X)(1,800-65X)$

So we expand it:

$Revenue=15,300-552.5X+1,800X-65X^{2}$

$Revenue=-65X^{2} +1247.5X+15,300$

This is a parabola, and we need to find its vertex, which in our case that would be the maximum additional dollar charge in order to obtain the highest revenue possible, to find the vertex, we need to consider that:

$Y(X)=AX^{2}+ BX+C$

And to find the X-coordenate we have to use the following equation.

$Vertex(X)=\frac{-B}{2A}$

In our case, A= -65; B= 1,247.5, so, all should look like this:

$Vertex (X)=\frac{-(1247.50}{2(-65)} =9.6$

That means, we need to make 9.6 increments of $1 in order to obtain the max revenue possible, therefore, the price would be

Price = $8.50 + $1(9.6)= $8.50 + $9.6 =$18.10

Best of luck.

7 0

3 years ago

A small metal shop operates 10 hours each day, producing 100 parts/hour. If productivity were increased 20%, how many hours woul

ipn [44]

Answer:

The plant would have to work 8.33 hours

Explanation:

Initial productivity:

100 parts were produced in 1 hour

Percentage increase in productivity = 20%

New productivity:

100 + (100 × 0.2) = 100 + 20 = 120

120 parts would be produced in 1 hour

Number of hours the plant would have to work to produce 1000 parts = 1000/120 = 8.33 hours

3 0

3 years ago