Answer:
(a) $ 1200
(b) $ 702.5
Explanation:
In the demand and supply curve, the price of goods and services changes with respect to market conditions such as scarcity and consumers' needs. In the problem, if the producers charge about $497.50, the scalper will definitely charge a price higher than that of the producers, in this case, $1200. Thus, this is $702.5 (i.e. $1200 - $497.50) more than the producers' charge.
Based on the above scenario, the production function is Y=K1/3L1/3H1/3.
<h3>What is production function?</h3>
The word production function is known to be an equation that is said to be the one that shows the relationship between the quantities of productive factors (that is labor and capital) that are said to be used and also the number of product that has been obtained.
Note that from the above, the equation that stands for Cobb-Douglas production function with three inputs. K is capital (the number of machines), L is labor, and H is human capital is Y=K1/3L1/3H1/3.
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Answer:
A. The accounting department prepares a shipping report authorizing the shipment of goods
Explanation:
Internal control over sales is part of the audit procedures for the sales and collection cycle. Its purpose is to control the entire sales process so that there is no alteration in the related activities or in the documents associated with them. This type of control establishes parameters to disaggregate the tasks in several people, creates verification mechanisms so that the products delivered will be those already registered and controls that the goods or services are only delivered to customers with a good credit score.
According to the above, the response that shows an effective internal control over sales transactions is the A, since it establish a list of products authorized to ship, creating a control over the procedure avoiding errors that may appear.
Answer:
D. countries should specialize in the production of goods for which they use fewer resources in production than their trading partners.
Explanation:
Answer:
A) loses some of the benefits of market efficiency.
Explanation:
Taxes always result in deadweight losses. Deadweight loss refers to allocative inefficiencies resulting from an alteration in the equilibrium quantities and economic surplus.
Taxes always increase the price of goods or services, and that increase reduces the equilibrium quantity, therefore resulting in lower economic surplus (lower consumer surplus and lower supplier surplus). The price of a good or service is higher, decreasing the quantity demanded, but the net amount received by the supplier is lower, decreasing the quantity supplied.
