Based on the provided information, Ivan and Samantha would want to voluntarily engage in trade as it would benefit them. The economic surplus for Ivan and Samantha is $10,000 and $ 17,000 respectively. The total economic surplus is $27,000.
Economic surplus is the gain consumers and producers receive in a particular transaction and is a measure of market wellbeing. Economic surplus, also called community surplus, is a relationship between consumers and producers and is an aggregation of profits acquired by consumers and profits acquired by producers. It is divided into two categories: consumer surplus and producer surplus. When there is a benefit to the consumer, it is called consumer surplus and if there is a benefit to the producers or seller, it is called producer surplus.
The value of the 1963 Chevrolet Corvette is $45,000. He posted the ad for the car for $55,000 and the selling price for the car was $55,000.
The producer surplus is determined by the amount received minus the amount of willing to sell. Hence,
Producer surplus to Ivan = 55000 – 45000 = $10,000
The consumer surplus is determined by the amount willing to pay minus the amount actually paid. Samantha is willing to pay $72,000. Hence,
Consumer surplus to Samantha = 72000 – 55000 = $ 17,000
The total economic surplus is the sum of producer and consumer surplus. Hence.
Total economic surplus = 10000 + 17000 = $27,000.
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Since people respond to incentives, we would expect that if the average salary of accountants increases by 50% while the average salary of teachers increases by 20%, then:
a. Fewer students will take degree courses in accounting and more will take education courses
b. Fewer students will take degree courses in education and more will take accounting courses
c. Fewer students will attend university
d. None of these answers
Since people change their majors in response to incentives, we would anticipate that students would switch from majoring in education to accounting if the average compensation of an accountant rose by 50% while the average salary of teachers rose by 20%.
What is Incentive pay?As an additional form of payment given to staff members for accomplishments they achieved, incentive pay serves as a motivational tool.As an additional form of payment given to staff members for accomplishments they achieved, incentive pay serves as a motivational tool.Incentives are primarily intended to encourage workers to put forth their best effort, stay motivated, and pursue the best outcomes. Frequently, employers can purchase pre-made incentive plans from suppliers, who are thus in charge of offering incentives while the tax obligations remain under the employer's purview.Although non-financial incentives are an option, incentive payments are typically in the form of money bonuses.Casual incentives are a little gift of gratitude for exceptional performance, whereas structured incentives involve giving a set proportion of the actual number of sales achieved. Incentives can be further divided into two categories: unstructured incentives and structured incentives.To Learn more About incentives, refer TO:
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What Is the National Incident Management System
The concept is the National Incident Management System. It is a standardized approach to incident management developed by the United States.
NIMS is a global and national approach to incident management that applies to all skill levels and all functional disciplines. They help governments at all levels,
NGOs and the private sector work together to prevent, protect, mitigate, respond and recover from incidents. and mitigate accidents of any cause, size, location, or complexity to reduce loss of life, damage to property, and damage to the environment.
NIMS enables us to work together to prevent, protect, respond to, remediate, and mitigate incidents, regardless of cause, size, location, or complexity, to reduce loss of life and damage to property and the environment to reduce.
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Which general statement about economic behaviour is shown on this table?
A. Quantity demanded decreases as a good price increases.
B. Price has a positive effect on quantity demanded.
C. Price and quantity demanded are equal only at the lowest price.
D. The quantity demanded is proportional to the price.
The general statement about economic behavior that is shown on this table is Quantity demanded decreases as a good price increases. Thus, option A is the correct answer.
What is economic behavior?Behavioral economics investigates the effects of psychological, cognitive, emotional, cultural, and social factors on individual or institutional decisions, including how those decisions differ from those implied by classical economic theory.
As per the law of demand, the quantity demanded decreases as the price of the good increases. This is due to the fact that at a higher price, consumers will demand a lower quantity of a good.
Therefore the statement in option A is the general statement about economic behavior which is shown in the table.
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What are the features of a certificate of deposit list 4 features?.
The features of a certificate of deposit or CD that is safe investment option, fixed interest rate, short term investment option and higher return for higher maturity term.
The certificate of deposit or CD is the time deposit in which the financial product commonly sold by the banks, thrift institutions, and credit unions in the United States.
The fixed interest rate is the loan in which the interest rate doesn't fluctuate during the fixed rate period of the loan. The short term investment option on the certificate of deposit are the financial investments that can easily be converted to cash, typically within 5 years.
The higher return for higher maturity term as the interest rates rise, investors will demand the greater returns.
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difference between standard and itemized deductions
For many taxpayers, not having to itemize their real deductions is an advantage of the standard deduction. To receive the lower tax liability, itemize your deductions if they are larger than your ITEMIZED DEDUCTIONS.
Why do standard deductions exist?You can reduce your taxable income by taking the standard deduction, which is a fixed dollar amount. The standard deduction you are qualified for depends on your filing status. The standard deduction amounts, second, might be of interest to you.
Itemized deductions: what are they?Itemized deductions, though they operate differently from a basic deduction, still lower your adjusted gross income (AGI). In contrast to the standard deduction, itemized deductions have different amounts for each taxpayer.
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Give all start up costs for opening a salon that has 8 workers with 8 stations and that does everything hair and wax related. Include the quantities for each item and the pricing
Rent/Lease for the salon space: $2,000 - $10,000
Build-out costs: $5,000 - $15,000
Equipment and supplies:
8 stations, chairs, and mirrors: $5,000 - $10,000
8 styling stations (styling chairs, styling stations, styling tools): $8,000 - $15,000
8 hair dryers: $4,000 - $6,000
8 hair washing stations: $8,000 - $12,000
8 hair cutting stations: $8,000 - $12,000
8 waxing stations: $8,000 - $12,000
Hair color, waxing, and other supplies: $5,000 - $10,000
Marketing and advertising costs: $2,000 - $5,000
Legal and accounting fees: $1,500 - $3,000
Insurance (liability, property, and worker's compensation) $2,000 - $5,000
Employee salaries: $8,000 - $12,000
Miscellaneous costs (utilities, phone, internet, etc): $5,000 - $10,000
Note that these numbers are rough estimations, and the cost can vary depending on location and other factors.
Which hr function includes job orientation, teaching skills, and professional growth?
Training and development is hr function that includes job orientation, teaching skills, and professional growth. In the training and development, the employee are being trained so that the employee's performance will increase.
In human resources, Training and development generally can be defined as an educational activities within an organization that are designed to improve the job performance of an individual or group. The training and development program has a function to advancing a worker's knowledge and skill sets and instilling greater motivation to enhance job performance, so that the employee's performance will increase. Beside that, human resources also has several duties, such as talent management, compensation and employee benefits, training and development, compliance, and workplace safety.
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What is an example of a mixed market economic system?.
The example of a mixed market economic system in the United States is a mixed economy in which the production or ownerships of production in mostly private organization.
The economic system is a system in which it contains production, resource and the distribution of the products or services from the company to the society.
There are three types of economic system which is command economic system, market economic system and mixed economic system. The mixed market economic system is a system that combines or mix the aspects of both the capitalism and socialism.
The mixed market economic system have three characteristics private property, free market and, supply curve and demand.
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Which is the most accurate definition of the study of economics?
Economics is the study of:
A. the distribution of surplus goods to those in need.
B. affluence in a morally bankrupt world.
C. ways to reduce wants to eliminate the problem of scarcity.
D. the choices we make because of scarcity.
The most accurate definition of the study of economics is Economics is the study of D. the choices we make because of scarcity.
Economics is the study of how people interact with one another and with the natural world in order to produce their livelihoods. Households produce commodities and services as well, however unlike corporations, they may not sell their outputs in the market.
In addition to generating products and services, homes also produce people—the next generation of workers.
The labor of parents, carers, and others is paired with structures (for example, your home) and equipment (for example, the oven in that home) to reproduce and raise the future labor force working in firms, as well as the people who will work and reproduce in future households.
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The basis for trade is comparative advantage, not absolut advantage. Individuals, firms, and countries are better off if they specialize in producing goods and services for which they have a comparative advantage and obtain the other goods and services they need by trading.
The basis for trade is comparative advantage, but not absolute advantage. Individuals, firms, & countries are better off if they specialize in producing goods and services for which they have a comparative advantage & obtain the other goods and services they need by trading. (False)
What is the basis for trade comparative advantage?To calculate comparative advantage, opportunity costs, or the value of the items that could be produced with the same resources, are typically used. The opportunity costs incurred by another economic factor in producing the same commodities are then compared. Even if a country has an absolute advantage in producing all items, trade with other countries can still be profitable because trade benefits are based on comparative advantage rather than absolute advantage. A person or a country cannot have a comparative advantage in all types of products.
Comparative advantage takes opportunity cost into account when comparing various options for industrial diversification.
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Complete question:
State whether given statement is True or false.
The basis for trade is comparative advantage, not absolute advantage. Individuals, firms, and countries are better off if they specialize in producing goods and services for which they have a comparative advantage and obtain the other goods and services they need by trading.
What kind of economy uses a free enterprise system group of answer choices a closed economy a command economy a market economy a traditional economy?.
Market economy is a kind of economy uses a free enterprise system.
WHAT IS MARKET ECONOMYMarket economy is an economic system which determines decisions regarding investment, production, and distribution based on the relationship between demand and supply which determines the prices of goods and services. The main characteristic of a market economy is the making of investment decisions or the allocation of goods of producers through the capital market and finance.
In a market economy, economic problems are fully handled by the market. Market control is determined by the price set and the method chosen by producers and consumers in the process of production and consumption. Initially, the market economic system was implemented by most of the countries with liberal views, especially the United States of America. At present, most countries in the world are starting to abandon market economics and choose other economic systems.
The market economic system has started to be used again since the 1990s. The reason is the process of globalization in Asia and Latin America which are developing countries. Markets in developing countries began to experience the unification of international markets and economies.
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isolated farmsteads in the united states evolved as a result of all of the following except
Individual farmsteads in the United States developed as a result of all but the following physical barriers preventing communal farm practices. Here option E is the correct answer.
Isolated farmsteads, also known as family farms, developed in the United States due to a combination of factors such as the availability of land through government policies, the need for self-sufficiency, and cultural and social norms that valued individual ownership of land.
Physical barriers such as mountains or rivers may have hindered the formation of certain communal farm practices, but they did not play a significant role in the development of isolated farmsteads.
Complete question:
Isolated farmsteads in the United States evolved as a result of all of the following EXCEPT
a. political stability.
b. colonization by individual pioneer families.
c. agricultural private enterprise.
d. government land policy.
e. physical barriers preventing communal farm practices.
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What does opportunity cost Meaning?.
What are good questions to ask a banker?.
Some good questions to ask a banker are Should I have more than one bank account, Which savings account is right for me? and Do I need a personal loan?
A retail bank account is a savings account. Common features include a limited number of withdrawals allowed, no check or related debit card functionality, few money transfer options, and no possibility of overdrawing. increase.
Savings book transactions have historically often been recorded on savings books, hence the term "savings book savings book" and usually no account statement was provided. Today, those same transactions are typically recorded electronically and available online. A savings account is maintained for a variety of purposes, including a safe place to store your money.
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If someone close to you come into millions of dollars how would you advise them to invest and why? 1-2 paragraphs
Answer:
1.Start with liquid generated income
2. Invest in real estate.
If after 5 years, 25 of the 1,000 people registered with bracken have gone through surgery, where does bracken stand in terms of gains or losses?.
In the given situation the five-year loss for Bracken is (D) $37,500.
What are profit and loss?A profit and loss statement is a type of financial report that details how much money your company has made and spent over a certain period of time.
The term comes from the fact that it also displays if you made a profit or loss during that time.
A P&L or an income statement are other names for a profit and loss statement.
So, the premiums for Strap and Bracken are $150 and $100, respectively, while their deductibles are $2,500 and $3,500.
One thousand persons have registered with Bracken.
Therefore, during the course of five years, Bracken would have made:
100 * 1000 * 5 = %500,000
If 25 out of the 1000 people who registered had had surgery. Surgery costs are estimated to reach $25,000 on average.
$3,500 of that total is tax deductible.
Therefore, the total cost per client for Bracken is (25,000 - 3,500) = $21,500.
25 Patients: 21500 * 25 = $537,500
Given that expenses are $537,500, which is higher than the income of $500,000, Bracken experiences a loss of $37,500 (500,000 - 537,500) over the course of five years.
Therefore, in the given situation the five-year loss for Bracken is (D) $37,500.
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Correct question:
If after 5 years, 25 of the 1,000 people registered with Bracken have gone through surgery, where does Bracken stand in terms of gains or losses?
A. $41,100
B. $39,700
C. −$36,600
D. −$37,500
E. −$43,000
Why is it important to create a goal that is measurable?.
Explanation:
Having measurable goals gives you a clear destination to reach for your goal. Having a measurable goal to reach ensures you know exactly when you've achieved your goal. If your goal isn't measurable, you won't know when you've achieved your goal.
Which of these describe a participating life insurance policy?
A. Policyowners are entitled to receive dividends
B. Policyowners pay assessments for company losses
C. Stock companies allow their policyowners to share in any company earnings
D. Policyowners are not entitles to vote for members of the board of directors
A participating life insurance policy is one in which policyholders are entitled to share in the dividends or surplus of the insurance company. Here option A is the correct answer.
This means that policyholders are entitled to receive dividends, which are a portion of the company's earnings that are distributed to policyholders.
Participating life insurance policies are usually issued by mutual insurance companies, which are owned by their policyholders. Policyholders are entitled to receive dividends because they share in the company's profits.
Policy owners' pay assessments for company losses are not true for participating life insurance policies. In this type of policy, Policyholders are not responsible for paying assessments for company losses, unlike in mutual insurance companies where policyholders are responsible for covering any losses.
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What were the effects of the Taiping Rebellion?.
The Taiping rebellion forces were run as a cult-like group called the God Worshipping Society by self-proclaimed prophet Hong Xiuquan, and resulted in the rebels seizing the city of Nanjing for a decade.
The Taiping Rebellion, sometimes referred to as the Taiping Civil War or the Taiping Revolution, was a protracted civil war fought in China between the Han, Hakka-led Taiping Heavenly Kingdom and the Manchu-led Qing empire.
The established Qing administration decisively prevailed after fighting the worst civil war in history, which claimed over 20 million lives, but at a high cost to its monetary and political systems. Hong Xiuquan, a Hakka of ethnicity and the purported brother of Jesus Christ, led the insurrection.
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Which of the following is a characteristic of a certificate of deposit?
a. high interest-rate risk.
b. low safety for savers.
c. limited liquidity.
d. a variable rate of return.
e. no minimum deposit amount.
limited liquidity - A Certificate of Deposit (CD) is a low-risk savings product that offers a fixed rate of return over a specified period of time.
What is Certificate of Deposit?A Certificate of Deposit (CD) is a type of savings account offered by banks and other financial institutions. It is a safe and secure investment option that offers a fixed rate of return. CD accounts typically require a minimum deposit and term of commitment, ranging from one month to five years. In exchange for the initial deposit and commitment period, the financial institution will guarantee a fixed rate of return on the investment. This rate of return is often higher than that of a traditional savings account. CDs are usually insured by the Federal Deposit Insurance Corporation (FDIC) up to a certain amount, providing an additional layer of security. CDs are also liquid, meaning that the funds can be withdrawn at any time, though there may be a penalty for early withdrawal.
Savers must commit to keeping their funds in the account for the duration of the term, and withdrawals prior to the maturity date will incur a penalty. This lack of liquidity makes CDs a poor choice for short-term savings needs.
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Which is main function of central bank Mcq?
A.Conduct of monetary policy
B.Lending to the general public
C.Supervising the stock market
D.Lending to the commercial banking system"
The main func-tions of the central bank are A. Conduct of mone-tary policy and D. Lend-ing to the commercial bank-ing system.
A central bank is a pub-lic institution that man-ages the currency of a count-ry or group of countries and con-trols the money supply – liter-ally, the amount of money in circulation. The main object-ive of many central ba-nks is price stab-ility.
Central banks are respons-ible for economic and mone-tary policy as well as the sound-ness of the financial sys-tem. These institutions set inte-rest rates and control the money supply of a coun-try. The U.S. Federal Reserve is one of the mo-st power-ful central banks in the wo-rld.
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What is a tailored product?.
A tailored product is a product that meets specific needs of the customers.
A company can obtain a better grasp of how to ensure its products appeal to its target customers by researching consumer behaviors, recognizing their pains and gains, and determining what would pleasure them. One strategy is to produced tailored products, that are products that align with the specific needs of customers.
There are several benefits of tailoring products:
For current customers: as you have a better understanding of your current customers' demands, you may realize that you may fine-tune your product to entice them to buy more frequently or in larger amounts.New customers: The market research may have showed that by changing the structure or manner of use of your items, you could appeal to individuals who haven't explored your product yet.New prospects may emerge in markets you had not previously explored; with a few changes, your items may find new paths to market, distribution channels, and opportunities for growth.Learn more about product here:
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how restaurant workers help pay for lobbying to keep their wages low
Restaurant workers help pay for lobbying to keep their wages low because The National Restaurant Association has a mandatory. A mandatory that food-safety classes minimum $15is used to turn waiters and cooks into unwitting funders of its battle against minimum wage increases.
Before starting a new job, many cooks, waiters and bartenders pay around $15 to a company called ServSafe for an online class in food safety. That course is basic, and it is happen in four of the largest states. Servsafe training is taken by workers nationwide and it is required by law. Largely unbeknown to the workers, in taking class they are are also helping to fund a nationwide lobbying campaign to keep their own wages from increasing.
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ceteris paribus, a decrease in the demand for loans
A. drives the interest rate down.
B. drives the interest rate up.
C. might not have any effect on interest rates.
D. results from an increase in business prospects and a decrease in the level of savings. E. results from an increase in business prospects and a increase in the level of savings
Ceteris paribus, a decline in demand for loans lowers interest rates. Because there will be more lenders than borrowers in the market when the demand for loanable money declines, this will result in lower interest rates. As a result, a balance between supply and demand can be achieved through excess supply and decreased demand. Hence, option a) is correct.
The Latin expression ceteris paribus, which means "keeping other things constant," is frequently translated into English as "everything else being equal."
When all other variables are held constant, it serves as a concise indication in the economics of the impact one economic variable has on another. To describe relative market trends and to create and evaluate economic models, many economists rely on ceteris paribus.
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Which is an economic effect of adding healthier options to a school lunch program?raising the prices of main and side disheseliminating desserts from the menulowering the prices of main and side disheseliminating side dishes from the menu.
Option a: The economic effect of adding healthier options to a school lunch program raising the prices of main and side dishes.
The National School Lunch Program is a government-sponsored meal arrangement that operates in public and non-profit private schools and childcare organizations.
We provide nutritionally equivalent low-cost or free lunches to children at school each day.
Instead, organizations must provide meals that meet federal meal design requirements and provide eligible children with free or discounted lunches.
Economic impact begins when an organization spends money.
This creates an economic ripple effect through the spending of local businesses in their supply chains and the household spending of those who earn income from those businesses.
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What i one diadvantage to keeping the loudne at a contant 60 decibel for all treatment?
One of the disadvantages of keeping the loudness at a constant 60 decibel for all treatment is t will damage our hearing day by days. The constant 60 decibel also can causing any stress, anxiety, depression, high blood pressure, and also many other health problems.
Based in the Occupational Safety and Health Act of 1970, Congress created the Occupational Safety and Health Administration (OSHA) the acceptable for loudness in the work space is 85 dBA for eight hours to minimize occupational noise induced hearing loss. More higher decibel in the work space can causing several problems for our body, one of the most critical problem is more higher loudness can harm to our ears.
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14. Acid test ratio is a more severe test of liquidity because
a. It excludes costs
b. it includes costs
c. it excludes stock
d. it includes stock
Answer:
i think is A
The invisible hand ensures that economic prosperity is distributed equally. a. True b. False
The statement "The invisible hand ensures that economic prosperity is distributed equally" is false. It is because the invisible hand works through the price system and not distributed equally.
In economic and business, The invisible hand generally can be defined as a metaphor for how, in a free market economy, self-interested individuals operate through a system of mutual interdependence. The fundamental factor that create invisible hand work is supply and demand. Adam Smith defined an invisible hand work as a business owner, seeking only to make themselves better off, might sell an item of higher quality and at a lower price than his competitors.
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What is the way Accenture plan achieve sustainability goal?.
On its part, Julie Sweet said, Accenture has decided to achieve net zero emissions by the year 2025. “We will reuse or recycle all our e-waste and ensure reduction in water usage,” she said. “We see commitment from companies to make their businesses
About AccentureAccenture is a multinational professional services provider based in Ireland. Listed on the Fortune Global 500 list, the company recorded revenues of $43.2 billion in 2019 and employs 492,000 people, to serve clients in more than 120 countries. In 2015, the company employed around 150,000 people in India,48,000 people in the United States,and 50,000 people in the Philippines. Accenture's current clients include 91 Fortune Global 100 companies, as well as more than three-quarters of the Fortune Global 500 companies.
On July 11 2019, Accenture officially appointed Julie Sweet as the new CEO. He also took office on September 1, 2019.
This company was registered as a legal entity in Dublin, Ireland in 2009.
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Which country is the best example of a mixed economy?
Answer:
India
Explanation:
India follows the mixed economic system where both, the state and private players, have control over the resources of distribution.
