Check my workCheck My Work button is now disabled1
Item 5
Item 5
The table below shows the productivity levels of producing beer and sardines in Canada and Mexico. What should be the Mexican productivity per worker in the sardine industry for no advantage to be gained from trade?
| PRODUCTION PER WORKER (average product) |
||
| Beer | Sardines | |
| Canada | 10 | 3 |
| Mexico | 20 | |
Answer:
6
reason: If there should be no gain from trade, the opportunity cost in the sardine industry in Mexico should be the same as that in Canada. In Canada, the opportunity cost of sardine is 3.33 beer. (10/3 = 3.33).
If Mexican sardine also should have an opportunity cost of 3.33 beer, then the productivity of labor should be 6 (20/ 3.33 = 6) for sardine in Mexico.
Check my workCheck My Work button is now disabled1 Item 5 Item 5 The table below...
Check my workCheck My Work button is now disabled Item11 Item 11 10 points An economist estimated that the cost function of a single-product firm is: C(Q) = 100 + 25Q + 15Q2 + 5Q3. Based on this information, determine the following: a. The fixed cost of producing 10 units of output. $ b. The variable cost of producing 10 units of output. $ c. The total cost of producing 10 units of output. $ d. The average fixed cost...
Check my workCheck My Work button is now enabled Item 5 Item 5 Observations are taken on sales of a certain mountain bike in 24 sporting goods stores. The regression model was Y = total sales (thousands of dollars), X1 = display floor space (square meters), X2 = competitors' advertising expenditures (thousands of dollars), X3 = advertised price (dollars per unit). (a) Fill in the values in the table given here. (Negative values should be indicated by a minus sign....
Item1 1points ItemSkipped eBook Print References Check my workCheck My Work button is now disabled Item 1 Item 1 1 points Item Skipped Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2,000,000. Ranking the firms’ sales from highest to lowest, we find the top four firms’ sales to be $260,000, $220,000, $150,000, and $130,000, respectively. Calculate the four-firm concentration ratio in the market for product X.
Check my workCheck My Work button is now enabled Item 3 Item 3 0.75 points Harris Company manufactures and sells a single product. A partially completed schedule of the company’s total costs and costs per unit over the relevant range of 64,000 to 104,000 units is given below: Required: 1. Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 94,000 units during...
0.66points eBookReferences Check my workCheck My Work button is now disabled Item 1 Item 1 0.66 points On March 30, a firm's bank reconciliation statement shows a book balance of $31,640, an NSF check of $800, and a service charge of $40. The journal entry on March 30 to record these items would be: DEBIT CREDIT (A) Accounts Receivable 800 Bank Fees Expense 40 Cash 840 (B) Cash 840 Bank Fees Expense 40 NSF Expense 800 (C) Miscellaneous Expenses 840...
Item16 1points eBook Print References Check my workCheck My Work button is now enabled Item16 Item 16 1 points Item Skipped The following table shows cash flow data for Rocket Transport. Cash dividend $ 89,000 Purchase of bus $ 51,000 Interest paid on debt $ 34,000 Sales of old equipment $ 81,000 Repurchase of stock $ 73,000 Cash payments to suppliers $ 104,000 Cash collections from customers $ 390,000 a. Find the net cash provided by or used in investing...
0.66points eBookReferences Check my workCheck My Work button is now disabled Item 2 Item 2 0.66 points The entry to replenish a petty cash fund typically includes Multiple Choice debits to various asset and expense accounts and a credit to Cash. a debit to Cash and a credit to Petty Cash. debits to various expense accounts and a credit to Petty Cash Fund. a debit to Petty Cash Fund and a credit to Cash. Next Visit question map Question 2...
Check my workCheck My Work button is now enabled Item4 Item 4 25 points Item Skipped High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant’s operation: Beginning inventory 0 Units produced 40,000 Units sold 35,000 Selling price per unit $ 83 Selling and...
Check my workCheck My Work button is now enabled Item 10 Item 10 1.4 points Item Skipped Exercise 5-17 Break-Even and Target Profit Analysis [LO5-4, LO5-5, LO5-6] Outback Outfitters sells recreational equipment. One of the company’s products, a small camp stove, sells for $50 per unit. Variable expenses are $32 per stove, and fixed expenses associated with the stove total $108,000 per month. Required: 1. What is the break-even point in unit sales and in dollar sales? 2. If the...
Item1 2.08points eBook Print References Check my workCheck My Work button is now enabled3 Item 1 Item 1 2.08 points Exercise 13-3 Computing and interpreting common-size percents LO P1 2019 2018 2017 2016 2015 Sales $ 425,690 $ 274,639 $ 222,380 $ 150,257 $ 114,700 Cost of goods sold 206,781 133,527 109,892 73,623 55,056 Accounts receivable 20,689 16,039 15,189 8,775 7,857 Compute trend percents for the above accounts, using 2015 as the base year.