Answer and Explanation
A producer is someone who produces goods and offers services to customers who are the consumers and he does this by combining labor and capital in terms of cash so that he/she can come out with those goods and services as output. while consumers are those who generate their money either through salaries and pay for goods and services to consume them. They play a big role in any economy.
i) If producers can only produce one item, they must decide which item to produce based on profit- On this matter the producer has to come up with a decision based on the goods which are fast moving and that will generate a good profit.
ii) Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another-some times consumers might be in need of several goods but the resources they have cannot meet their needs. so by this they end up giving up on one and buy the most important first then the other one later or in future.
iii) When deciding to produce or purchase one item, another opportunity must be given up- In production you have to consider the demand and then see how much you can afford in your production. so where the demand is high you produce those goods first.
There is opportunity cost for all items. The statements that demonstrate the meaning of opportunity cost for producers and consumers are;
If producers can only produce one item, they must decide which item to produce based on profit. Consumers are known to be limited by their resources, and must give up the chance to purchase one item in order to buy another.When deciding to produce or purchase one item, another opportunity must be given up.Why opportunity cost is known as forgone alternative?Due to consumers' resources such as time, attention, etc., are limited, Consumers have to choose the best way to allocate them and they do this by making tradeoffs.
The opportunity cost of a choice is known to be the amount or value of the best alternative that was forgone.
Conclusively, producers often decides which product to produce and consumers decides which purchase to make be it one item at a time. Here, in both scenarios above, opportunity cost must be given up.
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What property of waves is the worker taking advantage of by wearing ear protectors?
The goal to identify whether some tasks are consistently performed poorly and/or whether there are deficient ksaos across the work force is known as:
The goal in order to identify if the task are performed in a poor or good manner and if there are any deficient KSAO’s in the workforce is known as the task analysis. This is a process about having to use observation as a way of having to understand tasks or details that are being performed and if the goal has been reach.
A __________ is an alcove, usually found in a tea house, where a zen scroll or a simple flower arrangement may be displayed.
A maple sugar manufacturer wants to estimate the average trunk diameter of sugar maples trees in a large forest. there are too many trees to list them all and take a srs, so he divides the forest into several hundred 10 meter by 10 meter plots, selects 25 plots at random, and measures the diameter of every sugar maple in each one. this is an example of a
The maple sugar manufacturer employs Cluster Sampling, a statistical sampling technique. Dividing the large forest area into smaller sections allows for effective data collection and offers a reasonable approximation of the overall average trunk diameter of the sugar maple trees in the forest.
Explanation:This is an example of an Cluster Sampling methodology under the branch of statistics. By dividing a large area into small clusters (10 meter x 10 meter plots), the maple sugar manufacturer accurately estimates the average trunk diameter of the sugar maple trees. Each of the randomly picked 25 clusters serves as a representative subset of the whole forest. The method is particularly useful when the population of interest is not conveniently listed or is dispersed over a large area, such as trees in a forest.
Akin to this context, an example of similar application is when a scientist is studying large populations of deer in various forests. The scientist would divide each forest into clusters, perhaps by certain geographic landmarks, and then randomly select some of those clusters for blood testing.
By selecting and averaging the measurements from every sugar maple in each of the 25 plots, the overall average trunk diameter for sugar maples in the entire forest can be estimated with reasonable accuracy.
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Snow productions, inc. reports a balance of $28,000 in accounts receivable and $3,450 in the allowance for uncollectible accounts. what is the net realizable value of the receivables?
On a company's balance sheet, accounts receivable is naturally stated as "accounts receivable, net." Meaning, accounts receivable minus the value of the allowance for doubtful or uncollectible accounts is equals to net realizable value. So for the problem, $28,000 - $3450 = $24,550 is the NRV.
Is mercury an appropriate target for agi? why or why not?
Which results from a large company's ability to take advantage of economies of scale?
A power line cut has isolated 50 sowbugs from its original population of 15,000. after only five generations, the new population exhibits dramatic genetic differences from the original one, most likely because
The reason why the new population exhibits dramatic genetic difference from the original one probably by chance, the allele frequencies of the isolated sow bugs differed from those in the original population, and subsequent genetic drift caused further divergence from the original gene pool.
Your car needs a new engine and it cost $1,000. you currently have $600 to invest at 7% compound annually, how long will you have to wait to buy the engine?
Which of the following can increase your credit card's APR?
A.) Paying the minimum
B.) Missing a credit card payment
C.) Paying off the full balance
D.) Cashing in on rewards points
What is the best way to increase the availability of ecotourism? fly in more people from around the world. reduce the prices so more people can afford the trips. increase the amount of protected lands, parks, and conservation areas. reduce the standards of ecotourism?
Philosophers draw a distinction between ___________________, which describe the world as it is, and normative statements, which describe how the world should be.
Philosophers distinguish between positive statements and normative statements. Positive statements describe the world as it is, while normative statements describe how the world should be based on subjective opinions and values.
Explanation:Philosophers draw a distinction between positive statements, which describe the world as it is, and normative statements, which describe how the world should be. Positive statements are factual and can be tested for truth or falsehood, while normative statements are subjective opinions based on values.
Compare the world population index for 1960 to the world population index for 2000. then express the world population in 2000 as a percentage of world population in 1960.
The answer is 200%.
If we see the world population index and compare the population in 1960 and 2000, we see that population in 2000 is double than 1960.
World population in 1960 = 3,007,751
World population in 2000 = 6,104,538 which is approximately double than 1960.
So when we express it as percentage multiply 2 with 100 and we get the percentage 200.
You can further increase the usability of your form by adding a descriptive title to each fieldset. such a title is known as a ____.
A descriptive title for a fieldset in an HTML form is known as a legend. It improves usability and accessibility, and forms should have descriptive and meaningful titles when converted into HTML.
When creating a form in HTML, it's crucial to enhance its usability. This can be achieved by adding a descriptive title to each fieldset. Such a title is known as a legend. This practice not only helps form developers keep their content organized, but it also significantly improves accessibility for users, including those using screen readers. When the document is ever converted into HTML, it should be given a descriptive and meaningful title, to ensure clear communication of the form's purpose.
In programming terms, a group of characters inside a set of quotation marks is called a(n):
If the purpose of an insurance policy is to protect property from loss or damage, the insurance is ______ insurance.
What has been the impact of offshore outsourcing of jobs on American workers?
True or false - the power to levy federal income taxes rests with the u.s. congress
Many organizations now follow the ___________ model to form teams that can handle network intrusions and attacks quickly and effectively.
_____ is key to successful employment, readiness, and use of reserve component forces.
How much schooling do you need to become a pediatric nurse?
Final answer:
To become a pediatric nurse, you need to earn a Bachelor of Science in Nursing (BSN) degree and obtain a Registered Nurse (RN) license.
Explanation:
To become a pediatric nurse, you will need to complete a certain level of schooling. In general, you will need to earn a Bachelor of Science in Nursing (BSN) degree. This typically takes around 4 years to complete. Additionally, after completing your BSN, you will need to obtain a Registered Nurse (RN) license by passing the National Council Licensure Examination for Registered Nurses (NCLEX-RN).
Debra wanted to form a partnership with lawrence. he agreed and they became co-owners in an equal partnership. this year, after expenses, the partnership had a profit of $200,000. how will the taxation of this profit be handled?
In the early days of book publishing, publishers functioned as:
The publishers in the early days of book publishing are considered to be no other than just a printer for they are able to publish books and have them written on a reading material which is why they are functioned to be as printers.
Suppose a professional basketball game is to be played at a suburbansuburban arena, which increases demand for parking on the night of the game. if the suburbansuburban area has thethe ability to create additional parking during periods of peak demand, then
Several studies have indicated that strategic decision making is enhanced by using _____________.
Nadine works for an accounting firm. she makes enough money for herself and has bought a house with a top-notch security system. in the context of maslow's hierarchy of needs, nadine has fulfilled her _____ needs.​
In the given space provided, the answer is security needs. The safety or security needs revolve around of having to feel physically safe, secure with financial or personal security or being healthy in an over all as a well being in which Nadine has achieved one of them.
The motivating force behind an increase in supply in a long-run adjustment to equilibrium is
Most modern cars have __________ designs that weigh less and can be built more cheaply.
The part of the shore that extends seaward from the low tide shoreline to the low tide breaker line is known as the ________.
Rose industries had 400 units of product ab in their inventory, costing $12 each. 600 more units of product ab were purchased for $18 each. rose industries eventually sold 700 units for $30 each. by what amount did the lifo liquidation overstate normal gross profit?
a.$ -0-
b.$1,200
c.$1,800
d.$ 600
The company in here is forced to sale their older inventory because of the demand of 700 units while the inventory that last entered their warehouse was only 600 units. Since they are following the LIFO method of inventory, LIFO liquidation will take place and the normal gross profit will differ than the actual profit. The sales for Rose Industries would be $21,000 (700 units x $30). The COGS should have been $12,600 (700 units x $18) following the normal sale of inventory giving the normal gross profit as $8,400 ($21,000 - $12,600). But since the demand is higher than the inventory that was last purchased, the company needs to sell 100 units of product ab that costs $12. Therefore, the COGS would be $12,000 [(600 units x $18) + (100 units x $12). Therefore the actual gross profit is $9,000 which is $600 higher than the normal gross profit.