Answer:
people can perform more efficiently if they master just one task rather than all tasks.
Explanation:
Specialisation is the process by which a person becomes proficient at one particular ntask and in so doing they increase efficiency of production process.
In this scenario a single person performing the task can do one to three auto repairs per day. But if one person removed the old part, another person prepared the new part, and a third person installed the new part, they were able to complete up to twenty repairs per day.
That is an average of 20 ÷ 3= 6.667 per person per day.
This shows that people can perform more efficiently if they master just one task rather than all tasks.
Answer:
a. Taxpayers in the scenario:
There are three (3) taxpayers and these are:
- Mr. Josh Kenny
- JK Services
- JK Realty
b. Governments with jurisdiction:
- Mr. Josh Kenny falls under the State of Vermont where he is a resident.
- JK Services falls under the State of Vermont where it is incorporated and operates.
- JK Realty falls under the City of Boston where it is operates.
Answer: C. Many decisions are made on the margin
Explanation:
One vital economic principle that is made by economic agents is that when making rational decisions, it involves thinking at the margin.
For one to take a particular action, one has to consider the benefits and costs that are involved and then see if the benefits outweigh the costs before the final decision is made.
Since her pool sessions are helping her swim more quickly, Poornima plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool.
This means the extra time allocated to swimming is beneficial and the basic principle of individual choice that Maria illustrate is that many decisions are made on the margin.
Answer:
See the attaches file for the DFD
Explanation:
A data flow diagram (DFD) is a graphical representation of the flow of information through a system or an organisation. An information can well be represented using a data flow diagram.
See the attached file for the DFD
Answer:
Optimal qauntity is 4 Units
Explanation:
Here, we have to decide quantity of production at which maximum profit can be generated. For this reason we will have to contruct a table which will help us to calculate Marginal Benefit and Marginal cost. This table is given as under:
Quantity Total benefit Marginal benefit Total Cost Marginal Cost
0 Units 0 0 0 0
1 Units 16 16 9 9
2 Units 32 16 20 11
3 Units 48 16 33 13
4 Units 64 16 48 15
5 Units 80 16 65 17
We can see that at 4 Units, marginal revenue is almost equal to marginal cost. At this level of production, we have maximum benefits generated which is:
Maximum Benefit Generated = ($16 - $9) + ($16 - $11) + ($16 - $13) + ($16 - $15) = $7 + $5 + $3 + $1 = $16 for 4 Units
We can also cross check by considering 5 units case to assess whether the benefit generated is more than 4 units case or not.
Maximum Benefit Generated (For 5 Units) = ($16 - $9) + ($16 - $11) + ($16 - $13) + ($16 - $15) + ($16 - $17) = $7 + $5 + $3 + $1 - $1 = $15 for 4 Units
As the maximum benefit generated in the case of 4 units is more because of using marginal revenue = Marginal Cost relation, hence the optimal quantity is 4 units.
