Answer:
$96 per day
Explanation:
Competitive advantage refers to producing or doing something more efficiently than others. Susan has a competitive advantage in picking coffee beans as she can pick 4 pounds of coffee beans in an hour as compared to nuts which she can only pick 2 in an hour. She also has an advantage in picking coffee beans over Tom who can only pick 2 pounds of coffee beans while taking the same time as Susan do for 4 pounds.
Tom, on the other hand, has a competitive advantage in picking nuts as he can pick twice the amount of nuts than Susan can pick in an hour.
If both were to specialize in their competitive advantage,
- Susan can pick, 4 × 6 = 24 pounds of coffee beans per day
- Tom can pick, 4 × 6 = 24 pounds of nuts per day
So, if they sell their produces at the world market, they can collectively earn a total of $96 per day.
- Total Earning = 24 pounds coffee beans × $2 + 24 pounds of nuts × $2 = $96
The purpose of this category of interview questions is to obtain factual information about the interviewee.
When the price of a good rises, consumers buy a smaller quantity because of the substitution effect and the income effect. A change in the relative prices of goods results in change in consumption of that goods and that is denoted as the substitution effect. T<span>he change in purchasing power on the other hand which also result in change in consumption is referred to as the income effect.</span>
Answer:
Purchase Discounts
Explanation:
When the the payment is made within the discount period the entries will include a debit of Account Payable, a credit of Cash and another credit to Purchase Discount.
Since the graph reflects a significant increase in world oil prices, the impact on aggregate supply will result in an <u>increase in </u><u>input prices.</u>
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It should be noted that an increase in the prices of oil will affect the <em>aggregate supply.</em> The aggregate supply simply means the total supply of goods and services that are produced in an economy at a particular period.
The impact on aggregate supply most likely leads to an increase in the prices of inputs. Since there's a rise in prices of world oil, it'll lead to inflation and hence result in an increase in input prices.
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