There are limited resources to satisfy all of society's wants. Oscarcity O entrepreneurship O recession O business cycle O margins O trade-off
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- Beer Beer 20 10 0 20 1310 10 0 10 20 30 Pizza West Lothian 10 20 30 Pizza East Lothian Refer to the diagrams. The solid lines are production possibilities curves, the dashed lines are trading possibilities curves. The data contained in the production possibilities curves are based on the assumption of: O imperfect substitutability of resources between beer and pizza production. constant costs. decreasing costs. increasing costs.3. Technology has the ability to disrupt industries. You are involved in an industry that is undergoing changeand disruption by taking this class. The traditional textbook industry is being disrupted by the availabilityof digital textbooks, and free textbooks such as this one are further impacting traditional textbookpublishers. Place the following statements into Porter’s Five Forces model.a. Students have access to the material at a greatly reduced cost.b. Authorship is funded through philanthropic donations rather than royalties paid from textbook salesrevenue.c. More students have access to the Internet than ever before.d. Companies, governments, and students invest large sums of money in their education.e. Traditional public educational institutions are adapting their delivery models for online learning.f. Private companies such as Apollo (University of Phoenix) are offering lower-cost education options.g. Bookstores now offer traditional textbooks as well as used and rental…Please awnser following questions and tell me which multiple choices are correct only please thank you 16 "Creative destruction" is the name given to: Select one or more: a. The process of destroying technology as in the case of the Luddites. b. The process by which new technologies are introduced to replace older, less profitable technologies. c. Increasing competition in a market as the number of firms increases. d. The process of preserving old technologies to protect disappearing ways of life. 17 A profit-maximising firm considers its marginal revenue (MR) and marginal cost (MC) functions. Which of the statements below is correct? Select one or more: a. If MR > MC, increase output to raise profits. b. If MC > MR, increase output to raise profits. c. If MC = MR, raise output to increase profits. d. If MC < MR, lower output to raise profits.
- _______ A system where individuals own and operate themajority of businesses3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation5. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500 000 per year to rent the location and buy the stock. In addition, she would have to quit her $50 000 per year job as an accountant Define opportunity cost a. b. What is your aunt's opportunity cost of running a hardware store for a year? If your aunt thought she could sell $510 000 worth of merchandise in a year, should she open the store? Explain
- Gains from Trade - End of Chapter Problem Some people enjoy gardening and will grow their own vegetables, fruits, and herbs in their own backyard or in a leased plot. Many people agree that fresh fruits and vegetables taste better and, in some cases, are relatively cheap to grow. a. What are some reasons that not everyone grows their own vegetable garden? Select all that apply. Some people prefer to go to the grocery store and find everything they need in one spot. do not have time to tend to garden chores like weeding, watering, fertilizing, etc. do not have the space or the willingness or means to rent space to grow a garden. would rather spend time engaging in other hobbies. b. Considering your answers in part a, why do most people not grow their own food? Mainly because food companies are good at marketing their products and get customers hooked by putting additives in their food. many people feel that their comparative advantage lies in other activities, and they are willing to…Which of the following terms best represents the knowledge building created when two or more individuals or subunits pool their resources and cooperate and collaborate across role or subunit boundaries? O A technical discontinuities O B. economies of scale OC. information synergies O. D. economies of scopeTim runs a shoe shine stand at the airport. Tim has no skills, no job experience, and no alternative job. The return to entrepreneurship in the show shine business is $10,000 a year. Tim pays the airport rent of $2,000 a year, and his total revenue from shining shoes is $15,000 a year. He spent $1,000 on a chair, polish, and brushes and paid for these items using a loan that has an interest rate of 20 percent a year. At the end of one year, Tim was offered $500 for his business and all its equipment. Calculate Tim'd annual explicit costs, implicit costs, and economic profit from his shoe shine business. a. Explicit costs. b. Implicit costs. c. Economic profit. Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Samantha and Jim run a business that sets up and tests computers. Assume that Samantha and Jim can switch between setting up and testing computers at a constant rate. The following table applies. Minutes Needed to Number of Computers Set Up or Tested in a 40-Hour Week Set Up 1 Computer Test 1 Computer Computers Set Up Computers Tested Samantha 48 60 50 40 Jim 30 40 80 60 Use the table above to calculate the following: a. Samantha’s opportunity cost of setting up one computer b. Samantha’s opportunity cost of testing one computer testing c. Jim’s opportunity cost of setting up one computer d. Jim’s opportunity cost of testing one computer e. Who has the absolute advantage in setting up one computer? f. Who has the absolute advantage in testing one computer? g. Who has comparative advantage in setting up one computer? h. Who has comparative advantage in testing one computer? i.…What's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each ofthe scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship S. the product: good OR service 1. Rouhaanhas his own business selling shawama at a standin a Mall. For his shawama stand, he gows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. A shawama Rouhaan sells at his standis a. Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?