To an economist, scarcity means that:
a. resources are unlimited but people's desires are limited.
b. a good is unavailable even at very high prices.
c. at a zero price, the available quantity of a good is insufficient to meet people's wants.
d. at the current market price, the amount available is less than the amount that people want and are willing to pay for.
e. it is very time-consuming to find a good.
To an economist, scarcity means that at a zero price, the quantity of a good available is insufficient to satisfy everyone's wants, which is option c.
To an economist, scarcity means that at a zero price, the available quantity of a good is insufficient to meet people's wants. Therefore, the correct answer to the student's question is: c. at a zero price, the available quantity of a good is insufficient to meet people's wants.
Scarcity is a fundamental concept in economics that arises because human wants for goods and services exceed the available supply. Supply is limited due to the limited availability of resources, while demand is virtually unlimited. No matter the supply, it seems inherent in human nature to desire more, which forces us to make decisions and to choose between alternatives. This condition of scarcity impacts all aspects of economic decision making.
For instance, consider a parcel of land with various potential uses. If we choose to use the land to build a house, we forego the opportunity to use it for a park, a farm, or a business. This need to decide between alternatives due to the limitation of resources is the essence of scarcity.
If automakers used ___________ segmentation, they would use vehicle features such as the availability of a moon roof and bluetooth capability to find customers similar to justin.
When heavy rain ruined the banana crop in central america, the price of bananas rose from $1.00 a pound to $2.00 a pound. growers sold fewer bananas, but their total revenue remained unchanged. the quantity of bananas ▼ decreased increased by nothing percent. >>> answer with a whole number?
The quantity of bananas decreased by 50 percent due to the doubling of the price, under the condition that total revenue remained unchanged.
The question presented revolves around the concept of elasticity of demand in economics which is a measure of how much the quantity demanded of a good responds to a change in the price of that good. The original scenario describes a situation where heavy rain damaged the banana crop in Central America leading to a price increase from $1.00 to $2.00 per pound. Despite the higher prices, growers' total revenue did not change. We can use the given information to determine the percentage change in quantity demanded.
Calculating the percentage change in quantity demanded requires two bits of information: the initial and final quantities sold. Since total revenue remained unchanged, and total revenue equals price times quantity, we can set up an equation where $1.00 times ext{initial quantity} = $2.00 times ext{final quantity}. The final quantity must be half the initial quantity in order for the revenue to remain constant.
This means the quantity of bananas decreased by 50 percent. Hence the answer to fill in the blank is that the quantity of bananas decreased by 50 percent.
Elton mayo's famous experiment at the hawthorne plant concluded ________. robotics has been highly successful in work environments because workers find socialization at work to be highly toxic people who perceive that management permits them to contribute to work decisions might be more productive a physical environment with dark rooms can particularly decrease productivity because it puts workers to sleep there was a human side to the work environment that essentially gets in the way and most often jeopardizes productivity
Elton Mayo's Hawthorne studies concluded that human factors, including perceptions of attention and involvement in work decisions, have a significant impact on worker productivity. This observation phenomenon was termed the Hawthorne Effect. The studies highlighted the importance of psychological and social factors in workplaces over physical factors.
Explanation:Elton Mayo's famous experiment at the Hawthorne plant, part of the Western Electric Company, focused primarily on the study of interpersonal relations, motivation and organizational dynamics in the workplace, marking the origins of organizational psychology. The primary discovery was the Hawthorne Effect, which is the phenomenon where the performance of workers improved when they are aware they are being observed by researchers or supervisors. Mayo concluded that there is a human side to the work environment that plays a significant role in employee productivity.
One fundamental finding was that any change in the environmental variables, such as lighting levels, improved productivity, even if the change could be perceived as negative. This effect faded when the attention from researchers faded, indicating that attention, or the perception of importance, directly influences workers' output.
The Hawthorne studies also found that psychological and social factors in the factory were of more interest to the workers than the physical factors. When workers perceived that they could contribute to work decisions and felt they were an integral part of organizational processes, their satisfaction, and thus productivity, increased.
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You want to exchange 10,000 euros for russian rubles as your travel from paris, france to st. petersburg, russia. the spot rate on the dollar/euro cross rate is $1.1878/€ and the spot rate on the ruble/dollar cross rate is rbl 57.83/$. how many rubles will you obtain for your euros?
What is the value in year 7 of a 2700 cash flow made in year 8?
The value in year 7 of a $2,700 cash flow made in year 8 when interest rates are 11.8 percent is $2,415.03. The correct answer is option: D) $2,415.03
To find the value in year 7 of a $2,700 cash flow made in year 8 when interest rates are 11.8 percent, we need to discount the cash flow back one year.
The formula to discount a future cash flow to its present value is:
[tex]PV=\frac{FV}{(1+r)^{n} }[/tex]
Where,
PV is the present value (value in year 7).FV is the future value ($2,700 in year 8).r is the interest rate (11.8% or 0.118).n is the number of periods (1 year).Let's calculate it:
[tex]PV=\frac{2700}{(1+0.118)^{1} }[/tex]
[tex]PV=\frac{2700}{1.118} }[/tex]
[tex]PV=2,415.03[/tex]
Therefore, the value in year 7 of a $2,700 cash flow made in year 8 when interest rates are 11.8 percent is $2,415.03.
The complete question is:
Moving Cash Flows What is the value in year 7 of a $2,700 cash flow made in year 8 when interest rates are 11.8 percent?
A) $2,381.40
B) $1,236.72
C) $1,106.19
D) $2,415.03
_____________ have unlimited liability for the actions of the business.
Answer:
General partnership/ sole proprietorship
Explanation:
a business letter is not written
A. between a company and its customers or clients
B. between one company and another company
C. between two private individuals
D. to employees within a company to recognize important achievements
Answer:
C. between two private individuals
Explanation:
The business letter should always be in a written form. In the business letter, the information is about business activities which could be important for business dealing or any other business purpose.
The information which is mentioned in the business letter is somewhat crucial or we can say business matters and no one wants to disclose it as per the requirements.
It could be either written from a company to its clients, from one company to another company or between the employees who are working in the same company.
But for two private individuals, the business letter could not be written as there is no specific purpose.
An investment paid to you in one year in the amount of $100 will be worth how much today
use FV = PV (1+ i)^N and the answer is 85
use PV = FV/(1+r) and the answer is about 90.91
use FV = PV(1 + i)^N and the answer is 90
use PV =FV(1+r) and the answer is about 109.91
North slope realty co. pays weekly salaries of $7,900 on friday for a five-day week ending on that day. what is the adjustment at the end of the accounting period, assuming that the period ends (a) on wednesday, (b) on thursday? indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
The annual demand is 8,000 units, the cost to place an order is $50, and the holding cost for each assembly is $20 per year. the company operates 250 days per year. the manager decides to placed every three months, or four times per year. how much does this approach cost in total annual holding and ordering costs (instead of using the eoq quantity)?
What is meant by saying that economics is an empirical science?
a. economic theories will be tested by seeing how well they correspond to real-world phenomena.
b. economic theories cannot be tested because there is no means of measuring economic variables with adequate precision.
c. economic theories will be tested by seeing how well they correspond to people's declared preferences.
d. economic theories cannot be tested because economic variables change too quickly?
A business that purchases products in large quantities from producers and then sells it to another entity is known as a _____.
Why is seasonal inventory usually built up in periods of low demands?
Table 13-5 number of workers output 0 0 1 10,000 2 19,000 3 27,000 4 32,000 5 35,000 6 36,000 refer to table 13-5. assume that fixed costs are $500, and variable costs are $100 per worker. for this firm, what are the shapes of the production function and the total-cost curve?
a. the production function is increasing at an increasing rate, whereas the total-cost function is increasing at a decreasing rate.
b. both the production function and total-cost curve are increasing at an increasing rate.
c. both the production function and total-cost curve are increasing at a decreasing rate.
d. the production function is increasing at a decreasing rate, whereas the total-cost function is increasing at an increasing rate.
Greta has liability and collision insurance, but no comprehensive insurance on her 2009 Honda Accord. One night, it is stolen from the parking space outside her condo and never recovered by the police. Which of these policies pays her for the value of her vehicle so she can get another one?
Final answer:
Greta will not receive compensation for the value of her vehicle through her insurance policies and may have to explore other avenues for recovering the value of her vehicle.
Explanation:
If Greta's 2009 Honda Accord is stolen and she does not have comprehensive insurance, her collision insurance policy will not cover the theft.
Liability insurance only covers damage to other vehicles or property if Greta is at fault in an accident. Collision insurance covers repairs or replacement of Greta's own vehicle if it is damaged in an accident, but it does not cover theft.
Therefore, in this scenario, Greta will not receive compensation for the value of her vehicle through her insurance policies. She may have to explore other avenues, such as filing a police report and contacting law enforcement and her local authorities.
A swot analysis is an identification and evaluation of a firm's strengths, weaknesses, ___, and threats.
a. occurrences
b. opinions
c. occasions
d. options
e. opportunities
Bird's eye treehouses, inc., a kentucky company, has determined that a majority of its customers are located in the pennsylvania area. it therefore is considering using a lockbox system offered by a bank located in pittsburgh. the bank has estimated that use of the system will reduce collection time by 1.5 days. 1. what is the npv of the new lockbox system? suppose in addition to the variable charge that there is an annual fixed charge of $5,000 to be paid at the end of each year. 2. what is the npv now?
a. NPV of new lockbox system: $1,310,714.29.
b. NPV with additional fixed charge: -$1,246,971.96. Negative NPV suggests potential unviability due to increased fixed cost.
a. To calculate the NPV of the new lockbox system, we need to find the present value of the cash inflows (savings from reduced collection time) and outflows (variable lockbox fee).
First, calculate the annual savings from reduced collection time:
Annual savings = (Average number of payments per day) * (Average value of payment) * (Reduction in collection time)
Annual savings = 870 * $820 * 2 = $1,432,400
Next, calculate the annual variable lockbox fee:
Annual variable lockbox fee = (Average number of payments per day) * (Variable lockbox fee per transaction) * (365 days)
Annual variable lockbox fee = 870 * $0.20 = $174 , $174 * 365 = $63,420
Now, calculate the net annual cash flow:
Net annual cash flow = Annual savings - Annual variable lockbox fee
Net annual cash flow = $1,434,800 - $63,420 = $1,371,380
Finally, calculate the NPV using the formula for NPV:
NPV = Σ(CFt / (1 + r)^t) - Initial investment
Where:
CFt = Net annual cash flow for year t
r = Discount rate (annual interest rate on money market securities)
t = Time period (years)
Let's assume the initial investment is negligible. Using the given annual interest rate of 4.6% (0.046 as a decimal), we can calculate the NPV:
NPV = $1,371,380 / (1 + 0.046)^1 = $1,371,380 / 1.046 ≈ $1,310,714.29
b. Now, with an additional annual fixed charge of $4,000, the net annual cash flow becomes:
Net annual cash flow = Annual savings - Annual variable lockbox fee - Annual fixed charge
Net annual cash flow = $1,371,380 - $63,420 - $4,000 = $1,303,960
Then, we calculate the NPV using the same formula:
NPV = $1,303,960 / (1 + 0.046)^1 = $1,303,960 / 1.046 ≈ $1,246,971.96
Therefore, the NPV with the additional fixed charge is approximately -$1,246,971.96. The negative NPV indicates that the investment may not be economically viable with the added fixed cost.
The complete question is:
Bird's Eye Treehouses, Inc., a Kentucky company, has determined that a majority of its customers are located in the Pennsylvania area. Therefore, it is considering using a lockbox system offered by a bank located in Pittsburgh. The bank has estimated that use of the system will reduce collection time by 2 days. Average number of payments per day 870 Average value of payment $ 820 Variable lockbox fee (per transaction) $ .20 Annual interest rate on money market securities 4.6 % a. What is the NPV of the new lockbox system? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. Suppose in addition to the variable charge that there is an annual fixed charge of $4,000 to be paid at the end of each year. What is the NPV now? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) (please explain)
You are a recent college graduate looking for public relations work. if a high salary is most important to you, which work setting are you most likely to choose?
Capital goods such aslarge or expensive machines, mainframe computers, blast furnaces,generators, airplanes, and buildingsare referred to as _____.
Before the Internet was available, people often searched for jobs _____.
A model of sea ice coverage is made with sketches and diagrams. it shows that ice cover increased in the antarctic and decreased in the arctic from june to july. what type of model is this?
This would be a conceptual model.
Answer:
Conceptual model.
Explanation:
The above question shows an example of a conceptual model, as it exposes factual information related to an environment common to the individual.
Conceptual modeling is the most natural form of fact and is closer to the reality of the customer environment. In the conceptual model the client should be involved in order to obtain the data that will support the construction of the whole model.
According to marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.
Arianne has a passion for designing clothes and decides to open her own clothing store. she starts it by taking personal loans from family and friends, and hires a few people to run the store she maintains a tight control over costs as she does not want to incur further debts. arianne's store is an example of a
Arianne's store is an example of Sole Proprietorship.
Sole Proprietorship is a business that is solely run by one person who is the owner of the company. He is responsible for all the liabilities of the company, yet the receiver of profits solely. The person who starts the business hires his team and get the activities of the business done by them with him. He is the one liable/receiver of all losses and profits.
In this example, Arianne is the owner of the business who hires employees to run her business. She is the Sole Proprietor.
Galen went to the supermarket to buy rice and soda.
C. The batteries and newspaper were impulse purchaces. An impulse purchase is defined as a purchase that was not intended from the beginning but on impulse, it was purchased. In this case it was the batteries and newspaper because Galen noticed this when he was in line waiting to check out for the items he actually needed when he went to the store.
The fisher effect predicts that an increase in expected inflation will lower the interest rate on bonds. true false
The contribution margin approach helps managers in short-term decision making because it ________
The contribution approach is a presentation format used for calculation of the break-even point, which is the point of zero profit or loss. The contribution margin approach helps managers in short-term decision making because it reports costs and revenues at present value.
A __________________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve. natural monopoly monopoly oligopoly monopolistic competition
What precautions should you take to make accurate predictions using trend lines?
To make accurate predictions using trend lines, observe the data for any significant linear correlation, calculate the correlation coefficient (r), and use these to construct the least-squares regression line. Ensure the scale used on your axes makes trend identification easy. Importantly, avoid making predictions outside the domain of observed x-values or when there is no significant linear correlation.
Explanation:To make accurate predictions using trend lines, there are various a few precautions to take and strategies to apply. First, one must have a clear idea of how the variables being analyzed may be related. This is a crucial step when constructing the scatter plot and determining if a linear trend is observable within the data.
To begin with, carefully select a scale for both axes that shows all the data and allows easy identification of trends. Avoid a scale that is too large or too small, as it can make trend identification difficult.
Next, once a linear relationship between variables is observed on the scatter plot, you should calculate a statistic known as the correlation coefficient (r). If r is significant and the scatter plot shows a linear trend, then it is appropriate to draw a line of best fit, or least-squares regression line. This line can be used to predict future data points. Importantly, regression line equations calculated from sample data are used as an estimation of the best-fit line for the entire population.
However, caution should be used when making projections using the line of best fit. If r is not significant or the scatter plot does not show a linear trend, the line should not be used for prediction. Furthermore, the line may not be reliable for prediction outside the domain of observed x values.
Last but not the least, to reduce human error, utilize computer spreadsheets, statistical software, or calculators to calculate the best-fit line and create the scatter plot.
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which of the following is a depository financial institution? a) investment bank b) online bank. c) life insurance company. d) FDIC
The correct answer is b) online bank, as it is a depository institution that accepts money deposits and uses them to make loans, offering services akin to traditional banks albeit through a digital interface.
Explanation:The question asks to identify which option is a depository financial institution. A depository institution is one that accepts money deposits and then uses these deposits to make loans. The options provided are: a) investment bank, b) online bank, c) life insurance company, and d) FDIC.
Among the choices, the correct answer is b) online bank. Online banks operate similarly to their brick-and-mortar counterparts by offering services such as checking accounts, savings accounts, and the ability to make deposits and withdrawals, thereby fulfilling the role of a depository institution. While investment banks focus mainly on providing services that help companies and governments raise capital, life insurance companies manage policies and investments related to life insurance, and the FDIC (Federal Deposit Insurance Corporation) is not a bank itself, but an agency that insures deposits in member banks.
It is important to note that under the FDIC, banks purchase insurance to protect against the risk of bank failure, guaranteeing that depositors will receive up to $250,000 of their money in each account should the bank fail. This helps maintain stability and trust in the banking system.
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