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2 years ago

A(n) ______ is defined as trying to earn a profit by providing goods and services that satisfy people's needs and wants.

1 answer:

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Every individual or business wants to make profit this is done by providing goods and services that satisfy people's needs and wants.

<h3>What is a business?</h3>

A business is an organization that aims at making a profit by providing goods and services that are desired by individuals also known as customers.

Business meets a need and gets profit in return.

Therefore, A Business is defined as trying to earn a profit by providing goods and services that satisfy people's needs and wants.

learn more on business here

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A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mo

Marianna [84]

Answer: Third

Explanation:

Diminishing returns to labor refers to the phenomenon where every additional worker leads to an increase in production at a decreasing rate.

Using the scenario described, when there was only one employee the company could mow 4 lawns a day. They added a 2nd worker and that figure went to 9 lawns a day which is an increase of FIVE.

When they added a 3rd worker, the figure again went up but only to 12 which is an increase of THREE only as opposed to the last increase of FIVE.

After the third worker therefore, there was an increase but at a smaller rate.

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4 years ago

Along any downward sloping straight-line demand curve: Group of answer choices both the price elasticity and slope are constant.

vitfil [10]

Answer:

the price elasticity varies, but the slope is constant

Explanation:

The demand curve is a curve that shows the relationship between price and quantity demanded. The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

At the midpoint of the demand curve, demand is usually unit elastic. Above the midpoint of the demand curve, demand is elastic and blow the midpoint, demand is inelastic

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.

Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases

Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.

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3 years ago

Describe the learned hand rule, and discuss the economic logic underlying it. do you believe the objective is being achieved?

klemol [59]

Learned Hands favored an interventionist central government economic policy. He was also influenced by the distribution of wealth. Roosevelt's radical economic reforms including the New Deal Policy. However, was vigilant on the dangers of an authoritarian government and did not agree of "packing the court".

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3 years ago

Which of the following scenarios most accurately reflects the concept of scarcity?

mojhsa [17]

Answer:

2. Brett is a farmer with an open field on which he can plant either soybeans or corn.

Explanation:

Scarcity in economics means the resources available to meet man's needs are limited or scarce.

In brett's case, land is limited, so he has to choose between planting soybeans and corn.

I hope my answer helps you

3 0

3 years ago

On June 1, Year 1 Oxian Corp. receives $24,000 from a customer for work to be performed evenly over the next 2 years. What is th

pav-90 [236]

Answer:

$7,000 is the amount of revenue in year 1

Explanation:

The amount received from the customer is $24,000,which is payment for work to be performed over 24-month period i.e 2 years

In year 1,the work would be performed from June -December,hence 7-month worth of revenue should be recognized in year 1 as follows

revenue recognition in year=$24,000*7/24=$7,000

The amount of revenue attributable to year 1 on the income statement is $7,000

7 0

3 years ago