Neoclassical economics focuses on providing more options while Behavioral economics focuses on helping people make better decisions with the options available.
A psychological approach to business, behavioral economics looks at how well people's expectations of utility and profit maximization match their actions and if they actually maximize predicted utility.
Contrarily, neoclassical economics views manufacturing costs as a key determinant of pricing a product. Thus, neoclassical economists contend that customers' primary determinant of choice is price.
Hence, the two have different beliefs about giving people options. While behavioral economics focuses on assisting people in making better decisions with the options at hand, neoclassical economics places greater emphasis on offering more options.
Want to know how would keynesian and neoclassical economics propose dealing with cyclical unemployment? Read here: brainly.com/question/28213854
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Answer:TTG Landscaping Journal $
1.Dump truck Dr 150,000
Sales tax Dr 12,000
Logo. Dr. 200
Vehicle License Dr 900
Accident insurance Dr 2400
Cash. CR. 165,500
Narration. Being cost incurred on Dump truck and additional expenses incurred to make it usable.
2.
Dump truck Dr1 5500
Sales tax Cr 12,000
Logo. Cr. 200 Vehicle License Cr. 900
Accident insurance. CR 2400
Narration. Transfer of additional cost incurred on Dump truck purchase to Dump truck Accounts
The cost of an asset includes the purchase price, tax theron and other cost incurred to make it usable.
Hello!
Skilled and professional workers generally receive higher wages than unskilled and semiskilled workers because there are more demand and less offer for this kind of workers.
To be a skilled or professional worker, extensive training and education are needed. To get this kind of training, there are personal investments in time and money that are needed to be made. Not everyone is willing to invest time and money in education, and some people can't do it for personal reasons.
That means that the amount of skilled and professional workers is lower than the number of unskilled ones. When there is reduced offer of a good or service, the price increases. That causes the wages for this kind of worker to be higher.
Have a nice day!
Answer:
(D) marginal cost, the average variable cost, and the average total cost will shift up.
Explanation:
Given the nature of business of AI's Donuts, flour prices is part of the variable cost of the business as it will change will any change in the output of the firm.
An increase in flour prices, a variable cost, will have the following effect on the following costs.
- Average variable cost will increase since flour is a variable cost.
- Average total cost will increase since average total cost = average variable cost + average fixed cost.
- Marginal cost will increase since marginal cost = (change in total cost)/(change in quantity). Marginal cost will thus increase since total cost will increase.
- Average fixed cost will however remain unchanged since only variable cost will increase.
Therefore, option (D) is correct as marginal cost, the average variable cost, and the average total cost will shift up.
