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zvonat [6]
2 years ago
7

Why is scarcity a fundamental problem in economics

Business
1 answer:
KATRIN_1 [288]2 years ago
8 0

Answer:

Scarcity or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants.

Explanation:

Society would produce, distribute, and consume an infinite amount of everything to satisfy the unlimited wants and needs of humans.

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A Whopper combo meal costs $3.00 and gives you an additional 15 units of utility; a meal at the Embassy Suites costs $29.00 and
Olenka [21]

Answer:

be indifferent between the two meals

Explanation:

Marginal utility is the additional satisfaction received from consuming an additional unit of a good or service. Marginal utility is the additional utility derived from consuming one more unit of a good. the consumption decision is to consume more units of a good that gives the higher utility per good.

Marginal utility per good = marginal utility / price of the good

Whopper combo meal = 15 / 3 = 5

a meal at the Embassy Suites = 145 / 29 = 5

both meals have the same marginal utility of 5. She would be indifferent between consuming the two meals

8 0
3 years ago
Stubbs Company uses the perpetual inventory method. On January 1, Year 1, Stubbs purchased 400 units of inventory that cost $8.0
Sonja [21]

Answer:

A. USD 5,180/-

Explanation:

In the actual method of inventory valuation, the inventory reaming and the COGS (Cost Of Goods Sold) is measured after each purchase or sale of a  transaction. So the COGS and the remaining value of the inventory is known all the time.

Formula:

  • Gross margin is equal to Sales minus COGS

3 0
2 years ago
Major Manuscripts, Inc., is currently operating at 70 percent of capacity. All costs and net working capital vary directly with
bagirrra123 [75]

The attached data is required to answer the question

Answer:

$535

Explanation:

In this scenario we need to calculate the additional debt required by Major Manuscript

We expect an increase of 10% of sales

Therefore

Total assets projected = 9,420 * 1.10 = $10,362

Accounts payable projected = 2,200 * 1.10 = $2,420

Current long term debt = $260

Current common stock = $2,400

Retained earnings projected = 4,560 +{(360 - 190) * 1.10} = $4,747

Additional debt required = 10,362 - 2,420 - 260 - 2,400 - 4,747

Additional debt required = $535

6 0
2 years ago
When organizing your report, what should you remember? check all that apply. identify the topic of the report in the closing. fo
navik [9.2K]
I would check all of those because they are all important. You need to stay clear by identifying the topic, to keep readers interested by finding things they enjoy, summarizing always leaves a clear thought in their heads, organizing and sequencing is important so that it’s easy to follow.
5 0
3 years ago
Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses proces
Bogdan [553]

Answer:

(1) $31,538.4; $5,328.9; $36,867.3

(2)  $326,206; $120,903; $447,109

Explanation:

(1) Cost of ending work in process inventory:

For materials:

= Equivalent units of production in ending work in process × Cost per equivalent unit

= 2,040 × $ 15.46

= $31,538.4

For conversion:

= Equivalent units of production in ending work in process × Cost per equivalent unit

= 930 × $5.73

= $5,328.9

Total = $31,538.4 + $5,328.9

        = $36,867.3

(2) Cost of the units completed and transferred out:

For materials:

= Total units completed and transferred × Cost per equivalent unit

= 21,100 × $ 15.46

= $326,206

For conversion:

= Total units completed and transferred × Cost per equivalent unit

= 21,100 × $5.73

= $120,903

Total = $326,206 + $120,903

        = $447,109

6 0
3 years ago
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