1Q: innovation, competition and profit motivation.
2Q: freedom, and voluntary exchange and trade
Q2: voluntary exchange and trade: <span>The words "exchange" and "trade" refer to the same activity-people who have one thing and want a different thing can exchange or trade it voluntarily with each other. The word "exchange" tends to emphasize trades within a single country or locale. The world "trade" tends to emphasize international aspects. Regardless, the activity of exchanging or trading is the same, whether it is with your neighbor or someone living clear across the world.</span>
Freedom: is being unopposed in regard to your own life and property. (Presuming, of course, that you don’t intrude upon anyone else.) What if you want to allow people to smoke in your restaurant in a major US city? If you do, your money will be stolen from you by the government. If you hide your money from them and keep doing it, they’ll send armed men, seize you, and lock you in a cage. Are you free? After all, this is your own property we’re talking about. Why can’t you use it how you wish? You’re not forcing anyone to come inside after all.
Answer:
See explanation section
Explanation:
A list of 5 business ideas that interests me -
a) Restaurant;
b) Environment-friendly small tools;
c) Recyclable and reusable setting business;
d) Tours & Travels;
e) Effective education program to enhance moral value.
For me, tours and travels business is highly opportunistic. Reasons are -
i) The company needs straightforward startup costs.
ii) There are massive opportunities because people like to travel very often.
iii) I can do my work independently.
iv) I have the chance to roam around the world with free air tickets.
Answer:
a) if the terms of trade are 4 chips for 1 pretzel, would trade be advantageous for Luxland? explain.
Yes, it is advantageous for Luxland. On its own, Luxland can only produce 1 chip for 1 pretzel, but with trade, 1 pretzel would now be equivalent to 4 chips, representing a net gain of 3 chips.
b) if the terms of trade are 4 chips for 1 pretzel, would trade be advantageous for Leanderland? explain.
No, trade would not be advantageous. We can see than domestically, Leanderland can produce 2 pretzels for every chip, because the graph shows that 4 chips are equivalent to 8 pretzels for this nation.
For trade to be advantageous, Leanderland should obtain at least 9 pretzels for the 4 chips.
If a person doesn't trust you then they will tell other people and the other people won't trust you
A firm that produces units of output using capital and labor to determine its total costs will decline by doing so, the firm will evaluate its:<u> Marginal cost Function .</u>
<u></u>
Option C is correct .
Marginal cost is the change in cost due to producing on excess unit of affair. To determine how big its total cost decline, the establishment will estimate its marginal cost function.
<h3>
Marginal cost function :</h3>
Marginal cost represents the gradual costs incurred when producing fresh units of a good or service. It's figured by taking the total change in the cost of producing further goods and dividing that by the change in the number of goods produced.Marginal cost is calculated as the aggregate charges needed to manufacture one fresh good. thus, it can be measured by changes to what charges are incurred for any given fresh unit.<u> Marginal Cost</u><u> = Change in</u><u> Total Charges ÷</u><u> Change in volume of Units Produced.</u>
Question is incomplete ,missing option is given below :
Consider a firm that produces units of output using capital and labor. Due to changes in market conditions, it has decided to reduce its daily output from 5 units to 4 units. To determine how much its total costs will decline by doing so, the firm will evaluate its: Group of answer choices
A.marginal product function
B.average product function
C.marginal cost function
D.average total cost function
E.average variable cost function
Learn more about Marginal cost function :
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