In microeconomics, opportunity cost refers to the next-best alternative that an individual must give up to obtain something else. The opportunity cost of one extra can of soup in a time frame can be calculated as follows: Assuming a family spends its entire budget on just these two goods, that means they have to make a choice between the two. They can either buy 90 cans of soup or 60 frozen dinners.
Therefore, the opportunity cost of one extra can of soup is the number of frozen dinners they have to forego for an extra can of soup. Suppose the family purchases X cans of soup, and the remaining budget is spent on frozen dinners. Then, the cost of X cans of soup is equal to the cost of the frozen dinners.
Mathematically,90 cans of soup = 60 frozen dinners Dividing both sides of the equation by 90,
we get: 1 can of soup = (60/90) frozen dinners= 0.67 frozen dinners This means that the family has to forego 0.67 frozen dinners for one extra can of soup. Thus, the opportunity cost of one extra can of soup in the time frame is 0.67 frozen dinners.
To know more about microeconomics visit:
https://brainly.com/question/28489802
#SPJ11
Mason Transport Company divides its operations into four divisions. A recent income statement for its West Division follows. MASON TRANSPORT COMPANY West Division Income Statement for the Year 2015 Revenue $ 250,000 Salaries for drivers (175,000 ) Fuel expenses (25,000 ) Insurance (35,000 ) Division-level facility-sustaining costs (20,000 ) Companywide facility-sustaining costs (65,000 ) Net loss $ (70,000 ) Required a-1. By how much would companywide income increase or decrease if West Division is eliminated?
Answer:
a-1 $5,000 Increase
a-2 YES
b $15,000 Increase
Explanation:
a-1 Calculation for how much would companywide income increase or decrease if West Division is eliminated
Using this formula
Income =Net loss - Company-wide facility sustaining costs
Let plug in the formula
Income =$70,000-$65,000
Income =$5,000 Increase
Therefore how much would companywide income increase if West Division is eliminated is $5,000
a-2 YES West Division should be eliminated based on the above calculation reason been that the net income will increase by the amount of $5,000
b. Calculation to Determine the amount of the increase or decrease that would occur in companywide net income.
Net income =($ 270,000-$250,000)-$5,000
Net income=$20,000-$5,000
Net income=$15,000 Increase
Based on the above calculation the net income would increase by the amount of $15,000
Therefore the amount of the increase that would occur in companywide net income is $15,000
Which of the following is the best example of a law?
A. Teachers must retire at age 65.
B. You may not ask an interviewee if he or she is married or has
children.
C. You can't spend more money that you earn.
1
D. You should not make promises you cant keep.
Need help
Teachers must retire at age 65. This is a specific requirement that has been passed by legislation and applies to all teachers who meet the criteria. It is enforceable by legal means and failure to comply may result in penalties or consequences.
Option B is an example of a guideline or policy rather than a law. While it is important to avoid discrimination during the hiring process, this is not a legal requirement in the same way that A is.
Option C is a principle of personal finance rather than a law. It is a basic concept of budgeting and managing money, but it is not a specific legal requirement that is enforced by the government.
To know more about legislation visit:-
https://brainly.com/question/29804648
#SPJ11
A permanent storage place for records is called the
A permanent storage place for records is called the Archives.
An archive is a collection of historical documents or materials in any form, as well as the physical location where they are kept. Archives include primary source materials acquired during the lifespan of an individual or organization and are retained to demonstrate the function of that person or institution.
Professional archivists and historians often define archives as documents that have been developed organically and inexorably as a result of regular legal, commercial, administrative, or social operations. In general, archives are collections of records that have been chosen for permanent or long-term preservation due to their cultural, historical, or evidential importance.
To know more about Archives here-
https://brainly.com/question/5958460
#SPJ4
If the income elasticity of money demand is less than 1, then
a. income can never increase faster than money supply
b. an increase in income will be reflected in a proportionately smaller increase in money demand
c. the velocity of money must decrease as the level of income increases
d. an increase in income will be reflected in a proportionately larger increase in money demand
e. changes in the interest rate will never affect money demand
The correct answer is b. an increase in income will be reflected in a proportionately smaller increase in money demand.
The income elasticity of money demand measures the responsiveness of the demand for money to changes in income. When the income elasticity of money demand is less than 1, it indicates that money demand is income inelastic. This means that the demand for money does not increase proportionately as income increases. In other words, when income rises, the increase in money demand is smaller relative to the increase in income. Individuals and households do not feel the need to hold a higher proportion of their income in the form of money. They may allocate a smaller portion of their increased income to money balances, choosing to spend or invest the additional income instead. This concept is consistent with the idea that as income rises, people tend to allocate a larger share of their income to other assets or consumption goods rather than holding more money. Therefore, the increase in money demand is proportionately smaller compared to the increase in income.
Learn more about elasticity of money demand here:
brainly.com/question/32381641
#SPJ11
How do the events in this part of the story reveal reggie's feelings
Reggie's feelings are revealed through his actions and thoughts in the story. In this part of the story, we see Reggie experiencing a range of emotions. Initially, he is excited and confident about his upcoming performance at the talent show. However, when he realizes that he has forgotten his guitar pick, his demeanor changes.
As the story progresses, we see Reggie's frustration growing as he searches for a replacement pick. He becomes short-tempered with his friends and seems to be giving up hope of finding a solution. This reveals his sense of defeat and disappointment. Despite his initial struggles, Reggie eventually finds a solution and is able to perform at the talent show. However, his performance is not as successful as he had hoped, and he is left feeling embarrassed and defeated once again. This reveals his vulnerability and sensitivity to failure.
Overall, the events in this part of the story reveal Reggie's feelings of excitement, anxiety, frustration, defeat, disappointment, vulnerability, and sensitivity. By examining Reggie's actions and thoughts, we can gain insight into his emotional state throughout the story. His excitement at the beginning shows that he is passionate about music and enjoys performing. His anxiety and stress when he realizes he has forgotten his guitar pick reveal his desire to do well and fear of failure. His frustration when he cannot find a replacement pick demonstrates his determination to succeed, but also his impatience and short-temper. His disappointment at the end shows that he has high expectations for himself and is disappointed when he falls short. Overall, the events in this part of the story provide a deeper understanding of Reggie's character and his emotional journey throughout the story.
To know more about demeanor changes visit :
https://brainly.com/question/32033860
#SPJ11
Which statement is true when recording the sale of goods for cash in a perpetual Inventory wystem? Two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory Only one journal entry is necessary. It will record the receipt of cash and sales revenue. Two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the the cost of goods sold and sales revenue Only one journal entry is necessary. It will record cost of goods sold and reduce of inventory.
Two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory.
The items and materials a company keeps on hand with the intention of reselling, producing, or using them are referred to as inventory (in American English) or stock (in British English).
The main focus of inventory management is determining the location and shape of stocked commodities. It is necessary to go before the regular and scheduled course of manufacturing and stocking of materials at various places within a facility or at several sites of a supply network.
By defining work in process (or work in progress) broadly as "all work that is or has occurred prior to the completion of production," the concept of inventory, stock, or work in process (or work in progress) has been expanded from manufacturing systems to service businesses and projects.
learn more about inventory here
https://brainly.com/question/14184995
#SPJ4
QUESTION 3 / 10 What is the first step you should take when you want to open a savings account? A. Review the different savings account options that your bank offers. B. Make your initial deposit. C. Go to the bank and fill out an application. D. Present your photo ID to the bank representative.
Answer:
A. Review the different savings account options that your bank offers.
What is revenue recorded under the cash basis system of accounting?
Small enterprises and organizations that pay taxes through the personal tax returns of their owner(s) frequently employ cash basis accounting.
What is cash basis accounting?Cash basis accounting is a method of accounting where a business records its transactions based on the actual cash received or paid out. Under this method, revenue is recorded only when cash is received from customers, while expenses are recorded only when cash is paid out. This means that there is no recognition of accounts payable or accounts receivable, and the timing of revenue and expenses is based solely on the movement of cash in and out of the business. Cash basis accounting is generally used by small businesses with a relatively simple financial structure, as it does not require complex bookkeeping or accounting practices. However, it may not provide an accurate picture of the financial health of a business, especially if it has large accounts payable or receivable balances.
To learn more about cash basis accounting, visit:
https://brainly.com/question/14947252
#SPJ4
Outline FIVE ways how the owner dealt with the crisis experienced in the workplace
The steps that owner/manager can deal with the crisis experienced in the workplace includes:
identifying issuedealing with ittimely communicationalways be preparedlearning from experienceWhat are workplace crises?These means series of problem that arises at the workplace such as worker shortage, work de-motivation, anonymous accusations, bribery, computer tampering, loss of data etc.
However, the management of workplace crises can impact the manager's performance as well if care are not taken
In conclusion, the proper management of the workplace crises will mitigate the negative effect of those crises.
Read more about workplace crises
brainly.com/question/27735150
#SPJ1
How did the growth of cities and commerce along with new theories of government lead to changes in social structure that affected the relationship between the governing classes and the governed?
The relationship between the governing classes and the governed has changed as a result of the development of cities, commerce, and new philosophies of government. social structure
What is a social hierarchy meaning?Humanism was the concept of individual self-worth and meaning outside the traditional societal hierarchy. People began to become interested in the betterment of themselves through education.A social hierarchy is a ranking of people or groups according to some important social dimension, either implicitly or explicitly. The range of awareness that people have of the hierarchies in which they are embedded is captured by the words implicit and explicit.The majority of sociologists define social class as an affiliation based on comparable social characteristics, such as wealth, income, education, and occupation. These elements have an impact on a person's level of prestige and power. An unequal allocation of resources is reflected in social stratification.To learn more about societal hierarchy, refer
https://brainly.com/question/26245041
#SPJ4
HELP PLEASE, i’ll mark brainliest
3. Shares of stock ABC fell 12%, closing at $42.56. What was the value of the stock before the fall? Round the answer to the nearest cent.
O $51.07
O $47.66
O 354.56
O $48.36
What is NOT a reason why ERP systems are expensive?a) The software is expensive.d) They need organizational changes and change how people work.b) There is an immense amount of work required to implement. e) They do not require business process redesign.c) There are a variety of covert costs like support, training, and project management.
Answer:
e) They do not require business process redesign.
Explanation:
Enterprise resource planning is a software management system that aims at unifying data in modern businesses thus ensuring a smooth flow of information. Since ERP's do not require a redesign of the business process, but rather improve on them, they in effect save cost for the organizations.
When ERP's are introduced in businesses, the staff will need to be trained on how to use the software. This training and support will come with financial costs. Also, the software itself costs a lot of money and will change the way the business is run.
One reason that mark to mark pipettes have helped with biocontainment is:_______.
Answer:
Mark to mark pipettes allow the precision delivery of the required volume of liquids and minimize the need to forcibly expel all of the liquids from a pipette.
Explanation:
Does this help you???
HELPPP How would entrepreneur apply comfort with risk when developing a product or service ?
Answer:
Testing and responses help
Explanation:
ask for feedback from testers
It is always possible to identify all the causes of a problem completely. please select the best answer from the choices provided t f
It false that the causes of a problem can always possible to identify completely.
What is problem solving?This is when a means is device towards solving a difficult task. When a problem has been identified, the next step is to look for ways of solving such problems.
Hence, It false that the causes of a problem can always possible to identify completely.
Learn more about problem solving here : https://brainly.com/question/23945932
#SPJ4
Race, sex, and religious beliefs are traits that cannot be used as
a basis for workplace treatment because they are
1. Private choices
2. Protected characteristics
3. Positive characteristics
4. Protected choices
what factors do you believe have contributed to the very large GDP of the United of America compared to that of the most other countries?
Please help!
A Population growth, including immigration. America's population growth results in a younger workforce, which is more adaptable and trainable.
Explanation:
In comparison to most other sophisticated economies, the United of America produces more per person each year. The United States' real GDP per capita in 2015 was $56,000.
In summary, the US continues to be wealthier than its competitors. Yet why?
A growing population, including from immigration. America's population growth results in a younger workforce, which is more adaptable and trainable. There are limitations on immigration to the United States, but there are also unique guidelines that grant access to the country's economy and a route to citizenship (green cards), based on individual skill and corporate sponsorship.
A decentralized political system in which states compete. States compete for enterprises and for individual inhabitants via their legal frameworks and taxation policies. This stimulates entrepreneurship and employment across the nation. In other states, there are no income taxes and union is restricted by labor regulations. For students who live in the state, states offer affordable tuition at top colleges. In terms of their legal liability laws, they also compete.
To learn more about United of America https://brainly.com/question/26461133?referrer=searchResults
The degree, quantity, nature, and extent of interest that a person has in real and personal property is known as?
The degree, quantity, nature, and extent of interest that a person has in real and personal property is known as Estate.
Real estate is the full economic valuation of an individual's investments, assets, and interests. Real estate includes personal property, tangible and intangible assets, land and real estate, investments, collectibles, and furniture.
Real estate is defined as property, generally large property, or personal property. An example of real estate is a mansion. Examples of real estate are your own home and money. Usually a property of considerable size.
The word 'estate' is the English translation of the Old French word 'estat' which means status. An estate is a term that describes a property that consists of a house or land. It is a comprehensive version of ownership by real estate.
Learn more about the property here: https://brainly.com/question/1601404
#SPJ4
Question 33 What is an example of a tool that the Federal Reserve System uses to affect the money supply?
A encouraging foreign investment
B lowering the corporate tax rate
C selling government securities
D reducing federal spending
Answer:
try D) reducing federal spending
In a hypothetical situation, the united states and mexico have labor forces of the same size. The production possibilities curves in the figure show that the united states has an absolute advantage over mexico in vegetables and beef. This means that if both countries use the same amount of resources on those products, ______.
If the United states has an absolute advantage in the production of vegetables and beef over Mexico, the United States produces more of both products.
What is absolute advantage?The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.
A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries
To learn more about absolute advantage, please check: https://brainly.com/question/25139916
From mid-october to the first week in november, what are some of the items markets and shops stock up on?.
From mid-october to the first week in november, some of the items markets and shops stock up on Skeletons and other macabre toys
What does Day of the Dead celebrate?From mid-october to the first week in november, some of the items markets and shops stock up on Skeletons and other macabre toys .In Mexican tradition, the skull denotes death and rebirth, which is why Day of the Dead celebrations are held.Local culture regards the afterlife as equally, if not more, vital than life on Earth.The skull represents both life and the afterlife. Da de los Muertos, also known as Day of the Dead, is a Mexican holiday that honors ancestors and loved ones who have passed on to the spirit world.After Halloween, celebrations are held on November 1 and 2, which are two major Catholic holy days, All Saints Day and All Souls Day.To learn more about Day of the Dead refer
https://brainly.com/question/29303857
#SPJ4
Which of the following is a true statement about self-interest as used in the study of economics?
A. Any action can be based on self-interest if the person has some reason for the action.
B. Self-interest means that people will never perform an act of charity.
C. Self-interest implies that people are selfish.
D. Self-interest means that people want greater levels of wealth more than anything else.
The true statement about self-interest as used in the study of economics is any action can be based on self-interest if the person has some reason for the action. The correct option is a.
What is self-interest?Self-interest generally refers to a focus on the needs or desires of one's self. Most times, actions that display self-interest are often performed without conscious knowledge. Several philosophical, psychological, and economic theories examine the role of self-interest in motivating human action. Individuals may have a self-serving bias towards their self-interest.
In business, self-interest focuses on actions or activities that are advantageous to an individual or organization.
Learn more about self-interest, here:
https://brainly.com/question/15037155
#SPJ1
what kind of business organization are caleb and anna operating under now?
Answer:
Sole proprietorship
Explanation:
Sole proprietorship, general partnership or limited partnership
low inflation is a sign of?
Answer:
usually signals demand for goods and services is lower than it should be, and this tends to slow economic growth and depress wages.Jun
Explanation:
an income statement which shows the excess of sales over variable costs is referred to as a income statement. listen to the complete question need help? review these concept resources.
An income statement that shows the excess of sales over variable costs is referred to as a "contribution margin income statement." This type of income statement highlights the contribution margin, which is the difference between sales revenue and variable costs. The contribution margin is important for businesses as it helps them understand how much money is available to cover fixed costs and contribute to profits.
To calculate a contribution margin income statement:
1. Start by listing your total sales revenue at the top of the income statement.
2. Subtract the variable costs associated with producing and selling the products or services (such as direct materials, direct labor, and variable overhead) from the sales revenue.
3. The resulting value is the contribution margin, which represents the amount of money available to cover fixed costs and generate profit.
4. Next, subtract the fixed costs (such as rent, salaries, and insurance) from the contribution margin.
5. The final value represents the net income or net loss for the period.
An income statement which shows the excess of sales over variable costs is referred to as a contribution margin income statement. This type of income statement is useful in determining the profitability of a business, as it separates the costs that are directly related to producing the goods or services sold (variable costs) from the other expenses such as rent, salaries, and marketing (fixed costs). By subtracting the variable costs from sales, the contribution margin can be calculated, which represents the amount of revenue that is available to cover fixed costs and contribute to profit.
Remember that a contribution margin income statement emphasizes the separation of variable and fixed costs, which is useful for decision-making and understanding a company's break-even point.
Learn more about contribution margin income statement here: https://brainly.com/question/24962994
#SPJ11
All of these are factors that could lead to a decision to buy or outsource rather than make or perform in-house, EXCEPT:
a. Flexibility in procurement
b. Ability to utilize specialized suppliers
c. Inadequate capacity
d. More control over quality and time
Outsourcing is a strategic decision that companies make to buy products or services from external suppliers instead of producing them in-house. This decision is based on several factors, including cost savings, access to specialized expertise, and economies of scale. However, not all factors may lead to a decision to outsource. Among the options provided, the answer is option d) i.e. More control over quality and time.
While outsourcing can provide many benefits, it also has its downsides. Outsourcing may result in the loss of control over the quality of the product or service, as well as the timing of its delivery. This can be especially true if the outsourcing partner is located in a different time zone or does not have the same quality standards as the company. In contrast, performing the task in-house allows for greater control over quality and timing.
On the other hand, factors like flexibility in procurement, ability to utilize specialized suppliers, and inadequate capacity may lead to a decision to outsource. For instance, if a company needs to produce a product in a short amount of time and does not have the necessary equipment or personnel, outsourcing may be the most viable option. Additionally, outsourcing may be beneficial if a company needs access to specialized expertise that is not available in-house.
In conclusion, outsourcing is a complex decision that should be based on several factors. While it can provide cost savings and access to specialized expertise, it may also result in a loss of control over quality and timing. Factors like flexibility in procurement, ability to utilize specialized suppliers, and inadequate capacity may lead to a decision to outsource, while the need for more control over quality and timing may result in a decision to perform the task in-house.
Thus, option d is the only exception.
To know more about outsourcing, visit https://brainly.com/question/12101789
#SPJ11
Consider the market for cheese.
What will be the consequences if the price of milk increases?
A. The demand for cheese would decrease
B. The supply of cheese would decrease
C. The demand for cheese would increase
D. The suppl of cheese would increase
Answer:
the answer is b
Explanation:
the answer is b because you need milk to make cheese and without milk less cheese is made
What do we call a business that focused on building products that meet consumers' needs?
Answer: Market oriented business
Explanation:
Market orientation refers to the business philosophy whereby companies identifies the needs of their customers and make products that meet such needs or wants.
A business that's using market orientation will research the current trends in the market and make products that meet them. Strong brands use market orientation approach to meet customers needs.
an organization's ________ goals are official statements of what an organization says, and what it wants its stakeholders to believe its goals are.
a. implicit
b. stated
c. authentic
d. real
An organization's stated goals are official statements of what an organization says, and what it wants its stakeholders to believe its goals are.
Stated goals refer to the formal and publicized objectives that an organization communicates to its stakeholders, such as employees, customers, investors, and the general public. These goals are typically expressed in official documents like mission statements, vision statements, and strategic plans. Stated goals are important for setting a direction for the organization and shaping the perceptions and expectations of its stakeholders.
The purpose of stated goals is to provide a clear and coherent message about the organization's intentions and aspirations. They are often designed to inspire confidence, attract support, and guide decision-making within the organization. However, stated goals may not always align with the authentic or real goals of the organization. While organizations may publicly state certain goals, the actual goals and priorities pursued by the organization may differ due to various factors, such as internal dynamics, external pressures, or changing circumstances. Therefore, it is important to consider both the stated goals and the actions of the organization to gain a comprehensive understanding of its true intentions and objectives.
Learn more about stakeholders here: https://brainly.com/question/3044495
#SPJ11
Random variations represent either increasing or decreasing movements over many years due to factors such as population growth, population shifts, cultural changes and income shifts.
Answer:
FALSE
Explanation:
THIS IS THE COMPLETE QUESTION
Trends representing either increasing or decreasing movements over many years due to factors such as population growth, population shifts, cultural changes, and income shifts are a component of a time series called "Random Variations"
Random Variation can be regarded as
tendency of an estimated size/ value of a parameter to undergo deviation randomly away from the real/ true magnitude/ value of the parameter.