What are some factors of production which are important for any firm to produce goods. These factors have their own identities and respective earnings which the firm keeps in consideration while proceeding for the production process.

Q: Buying and selling textbooks are two separate decisions made at the margin. Textbooks create value…

A: Consumer surplus refers to the difference between the actual amount paid by the consumer and the…

Q: Determine the factor that has an impact on the faithful representation. a. Level of measurement of…

A: The term 'Faithful Representation' is usually used in financial records or reporting. Generally,…

Q: Which of the following statements about the self-concept is true? Group of answer choices The ideal…

A: The term "self concept" refers to a self-concept formed by one's own views about oneself and others'…

Q: where q is the number of units produced and A is the time in months that LeAnnʹs manager has spent…

A: A firm incurs various types of costs during the production process. The various types of costs…

Q: Economising can best be described as allocating limited resources in order to achieve which of the…

A: Economics is all about the using the limited resources in such a that satisfaction can be maximised.…

Q: One of the lessons of economics is that “there is no such thing as a free lunch.” This means that…

A: Trade-offs are everywhere in the Economy because all the resources are limited in quantity and wants…

Q: Jorge, after years working with the consumer market, has just been transferred into a new job…

A: Consumer Market is a market where all the individuals want goods and services for personal…

Q: Select the two options that belong in positions E and L. Product Markets Consumption Spending…

A: Circular flow of income:- The continual flow of products and services manufactured, revenue, and…

Q: There are two costs associated with extending credit; one is opportunity cost. What is the other…

A: In economics, when an activity is performed by an individual, direct and indirect cost are…

Q: Efficiency means that Select one: a.society is getting the maximum benefits from its scarce…

A: The efficiency is achieved where the resources are fully utilized.

Q: Scarcity is a condition that exists when there is a fixed supply of resources relative to the demand…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Explain how economists use preferences and feasibilities to understand individual decision making.…

A: As the resources are scarce and it is important to allocate resources as per the requirements and…

Q: Refer to Figure 2-13. Which of the followings statements is most accurate about payments for goods…

A: Chart is showing interaction between household and firm through the factor market and good market.…

Q: In general, managerial economics refers to the integration of economic theory with business: (A)…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Which of the following statements is correct?

A: c) A company must use LIFO for financial reporting if it uses it for tax purposes.

Q: Statement I: The Economic Entity theory holds that people have unlimited wants but limited…

A: The concept of Scarcity is discussed in given statements where we have to make choices because of…

Q: what is the differences and the similarities between customer success manager, environmental…

A: Customer success managers (CSMs) support your customers as they transition from sales possibilities…

Q: . If consumers expect the price of some good to rise next week, then we generally observe the price…

A: “Since you have posted a question with multiple parts, we will solve only the first parts for you.…

Q: Bobby has been recently hired to work on a highway construction crew for the summer.  The work is…

A: According to the question, Bobby was recently employed for the summer to work on a highway…

Q: Correlation between X and Y can only be interpreted as a causal relationship of X and Y if: Select…

A: Correlation means there is a linear  relationship or pattern between the values of two variables.…

Q: production for the individual consumer or firm will be where _________________________.   Marginal…

A: Marginal cost is the additional cost incurred with an additional unit of  output produced.

Q: The factors of production are best defined as the a. output produced from raw materials. b. inputs…

A: The common factors of production are land, labor, capital and enterpreneurship ability. Land earns…

Q: What determines whether a good is “capital” or a “consumer good”?     How it is purchased: with…

A: Capital merchandise square measure merchandise that square measure utilized by one company to help…

Q: ou are the manager of a firm that specializes in small single-board widgets. Your goal is to…

A: Analysis of the cost and benefits are essential for the decision to produce or consume, which…

Q: Which statement of the following is true ?

A: The cost functions like AC,TC,AVC,AFC depicts the functional relationship between output and…

Q: The opportunity cost of holding money: Group of answer choices is zero because money is not an…

A: When earn income we have two options to keep cash. One to keep it idle in the drawer and other to…

Q: Why would a rational producer not produce in the stage three of the production stages? Use…

A: Production: It involves consolidating different material data sources and unimportant data sources…

Q: Purposeful behavior means that:        people are selfish in their decision-making.        people…

A: Purposeful behavior means that people weigh costs and benefits to make decisions.

Q: If resources are _______ then the PPF is _______.  a. specialized, a straight downward sloping line…

A: If resources are specialized then the PPF is bowed outward and will have negatively sloped.…

Q: Bobby has been recently hired to work on a highway construction crew for the summer. The work is…

A: Here, it is given that Bobby is hard working, but if maintains his pace, he will be out of job once…

Q: On January 12, 2010 a magnitude 7.0 earthquake rocked Haiti. One million people were left homeless.…

A: In dog training, both classical and operant conditioning is used. Classical training is used to…

Q: A causal effect of X on Y is defined as: Select one: a. either a positive, negative or non-linear…

A: A casual effect means something is happening due to change in one variable which causes the effect…

Q: What are nine components in the sales dialogue template that can be used for planning an organized…

A: Sales dialogue is the communication between the buyer and seller regarding the buyer’s needs and…

Q: Economists use the mid-point formula for calculating a percentage change because it yields the same…

A: PED by midpoint method Price elasticity of demand = %age change in QD / %age change in Price Where,…

Q: In order to increase economic activity, a city proposes to allow diesel-powered delivery vehicles to…

A: The National Park Service oversees 84 million sections of land spread across 397 public parks, 40…

Q: 1. a high fertility rate reduces the per capita income be it the gross national income per capita or…

A: 1. A high fertility rate reduces the per capita income be it the gross national income per capita or…

Q: The lesson of __________ is to forget about the money that’s irretrievably gone and instead to focus…

A: The marginal cost is the change in overall cost that occurs when the amount produced is increased,…

Q: Explain why each of the following statements is True, False, or Uncertain according to economic…

A: The economics as a study is associated with the phenomenon that each society tend to have a limited…

Q: The company that you manage has invested $5 million in developing a new product, but the development…

A: The given info is that I even have invested with five million already and currently the expected…

Q: Economics is the study of how a society manages its resources to

A:

Q: What is meant by flexibility in economic terms?

A: Meaning of Economics: The term economics refers to the situation under which there remains…

Q: You are the manager of a firm that specializes in small single-board widgets. Your goal is to…

A: Net benefit (N) can be calculated by using the following formula. . Marginal benefit (MB) can be…

Q: The lag effect suggests that studying that is spaced out over a greater amount of time provides more…

A: In economics, lag effect can be seen while governement decides to implement economic policies to.…

Q: fill in missing word   The _______ economy is a way of organizing activity based on returning all…

A: Close loop economy - An economy in which no waste is generated i.e. when the waste is generated…

Q: Raad wants to sell his workout DVDS in the Middle East, Asian, and Latin African countries. will…

A: As Raad wants to sell his DVDs in different countries without travelling to that place, the…

Q: Which of the following statements is incorrect?

A: Ans. 1.8 The Circular flow model is referred to as a model that shows how money moves through…

Q: Define the form of market that is invisible to the main commodity, such that it is not weighted or…

A: The market would result in the place of the interaction between the buyer and sellers where they…

Q: Differentiate between cardinal and ordinal approach to consumer behaviour

A: Utility is difficult to measure but economists measure it in two ways: Cardinal utility - Cardinal…

Q: The mathematical equation that presents the inverse relationship of price and quantity that a…

A: Consumer theory studies the behaviors of consumers, how consumer spends their limited income given…