Answered: Sharing the cost of an economic loss…

Business

Economics

Sharing the cost of an economic loss among many people is called the principal of large numbers. True or False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: beneifts and limitations of an annual budgeting system?

A: An annual budget sets out a company's estimated revenue and expenditures for a 12-month term. The…

Q: Stakeholders are: a) customers and competitors who interact with the business. b) groups or…

A: A business entity has stakeholders to whom it has a responsibility.

Q: describe b2b(business to business) in healthcare and provide examples

A: B2B is a technique in which two businesses comes in contact with each other in order to make…

Q: The benefits of a nonmonetary nature can be quantified and factored into the analysis. True or…

A: False. There are two types of assets i.e. Monetary and Non-Monetary assets. The Monetary assets are…

Q: Self-interest and things that benefit companies in a business sense do not always align. That is to…

A: I agree with you that self-interest and things that benefit companies in a business sense do not…

Q: How does a balanced scorecard help you get the best return on investment (ROI)?

A: A balanced scorecard is an economic financial tool that assists businesses in aligning their actions…

Q: The circular economy encourages reusing and recycling old products rather than simply discarding…

A: Circular economy means an economic system that aims to reduce resource use ,. Waste , and emission .…

Q: If profit (∏∏) is equal to zero, the entrepreneur has earned nothing for his entrepreneurial talents…

A: Profits can be of two types economic profits and accounting profits .

Q: Unit of Labor 0 1 2 3 4 5 6 Total Product 0 15 28 39 48 55 60 Product Price $ 2.20 2.0 1.80 1.60…

A: A firm should keep hiring labor until the marginal revenue product is more than the marginal cost of…

Q: Private property Multiple Choice O O O does not apply to patents and copyrights. discourages…

A: The objective of the question is to understand the concept of private property in the context of…

Q: The best way to increase margin from customers is to: Group of answer choices: a. Ensure that the…

A: This question is MCQ type

Q: Who will be interested to see your Business Model Canvas ? I. Accountant II. Funder…

A: A business model canvas is considered by the term of a one-page summary that describes the…

Q: Identify the consequences of not planning following a business analysis approach to implement at a…

A: Business analysis approach Firms who are able to see new possibilities and adapt to them are more…

Q: Nowadays, leaders are facing environmental, social, and economic challenges leading to lowered…

A: Sustainable development refers to a holistic approach to societal progress that seeks to meet the…

Q: Insights about business government relations

A: Business economics is a discipline of economics that studies how firms deal with financial,…

Q: Some producers do not stop their production when they face loss in their production. Why?

A: A producer is one that is responsible to maintain the availability of products and services in the…

Q: The opportunity cost of a transaction is the profit you must give up to pursue it. What are two…

A: Example 1: Investment DecisionScenario: A business has $1 million to invest and faces a choice…

Q: 17. An Internal Factor of SWOT Analysis.

A: (Since you have posted multiple questions, we will answer the first one for you. If you want a…

Q: the combination of a greater sensitivity to losses than to gains, and a tendency to evaluate…

A: Myopia is a condition where the individual is shortsighted and concerned too much about the future…

Q: Example of common property.

A: Common Property includes all those resources which do not have private ownership and is available to…

Q: TB(Q) = 100 + 36Q – 4Q2 and TC(Q) = 80 + 12Q + 1.2Q2.

A: The firm's prime objective is to maximize the profit. The profit is maximized where the Marginal…

Q: Phyllis and her employer, Fred, know that she can generate $200,000 of profit per year for his…

A: Phyllis' alternative wage is surely less than $110,000, as evidenced by her agreement to labour for…

Q: Individuals who come up with a new idea for a good or service, then they make it a reality are…

A: Entrepreneurial economics is a branch of economics that deals with the entrepreneurs and their…

Q: Explain the various ways of determining a good investment in a project or business.

A: When an asset is bought or acquired with the hope of making money later on, such as stocks, bonds,…

Q: Think about a flagship university, such as the University of Michigan or the Univer- sity of…

A: Flagship universities, such as the University of Michigan or the University of Nebraska, share some…

Q: if you had to choose to be either an entrepreneur, an intrapreneur, or an employee right now, which…

A: An entrepreneur is a person who starts a business by taking risks in hoping to return of profit.

Q: Advantages of private owned enterprises

A: A private limited company is the most popular investment tool for a corporation looking to generate…

Q: .........involves balancing the interests of a business's stakeholders A- Due diligence b .…

A: Corporate governance involves balancing the interests of a business's stakeholders

Q: Summary of an actual account or situation that can site as an example of weak form efficient.

A: Weak From Efficiency The weak form efficiency, as described by Eugene Fama in 1970, is one of the…

Q: Ismaya and Aditya have created a business together. The business was Ismaya’s idea and he operates…

A: A silent partner invests money in a company in exchange for a share of the profits made by the…

Q: 1. The total cost consequences of applying cost - 32 t + 2/t where t is insulation thickness.…

A: The cost function is given by the equation TC= 32t+2/t Calculate the value of t at the minimized…

Q: If you're authorized with some invested capital, what is the potential market that you're most…

A: If I Have Authorized With Some invested Capital, So I Should Invest It In Stock Market. Because…

Q: Interconectivity of entrepreneurship and socio-economic benefits

A: The gross domestic output or the GDP is the monetary value of all final goods and services which are…

Q: resources that cannot be regenerated in nature, such as oil, minerals, etc.

A: A non-renewable resource is a characteristic asset that can't be promptly supplanted by common…

Q: Give an example that would explain scarcity and economic decision making in the context of the…

A: Scarcity refers to the basic economic problem - the gap between limited resources and theoretically…

Q: Kira is a financial planner who helps people find ways to save for retirement and lower their taxes.…

A: Step 1: The service sector, also known as the tertiary sector, covers a wide range of economic…

Question

Sharing the cost of an economic loss among many people is called the principal of large numbers.

True or False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Why does sharecropping continue to exist as opposed to laborers renting land and paying for the rent with the proceeds of their harvest? Sharecropping is a farming system in which owners of the land allow others to farm it and then the harvest is split, with some portion (let's say half) going to the laborer and some to the land owner. Renting land (the "English system") is an alternative in which laborers pay a fixed monetary rent and then keep all of the proceeds of their production. For hundreds of years commentators have pointed out that sharecropping lowers overall investment and effort and that renting both generates more revenue for owners and, on average, more revenue for laborers due to the harvest generally being much larger. However, when prices drop significantly for agricultural outputs, rents can exceed the total value of output under the English system. Given that in the English system rent returns more money to land owners and on average generates more income for…
Write a comprehensive note on classification of decision making. Each classification should be supported by a unique example from agriculture domain
How might corporation's incorporate sustainability business practices into their business ?
True or False: A liability is something you owe to another person or to a business. True False
Investment goals are based on your plans for the past. True or false
Pls help with this homework.
explains why business should be ethical and why not all businesses are ethical.
A person who keeps projects on-time and within-budget is called the _____________.
Write detailed notes on the rationale of community economic analysis
If you are evaluating a company, then would you need to use the CAPM model or do your prefer a different model?
How does stakeholder emphasis of the creation of stakeholder value differ from the economic model?
Imagine you are asked to write convincing detail note to your donors/investors on how to rescue unemployed youths from drug addiction and train them to become self-alliance through agricultural activities such as farming, poultry, animal rearing, and establishing fish bonds. What are your strategies and sustainability patterns do you implement to succeed in your plan?