Answer:
The firms make a $1 per bushel in profit.
Explanation:
When the price is greater than the long run total costs, then a profit is being generated. This helps the firms in the perfectly competitive oat industry to remain in the industry since they are making 100% profit on their investments, which they may not get elsewhere. If they are not making such large profits, some of the firms may decided to leave the industry and relocate their resources to other industries where they can make enough profits.
Answer: $380,000
Explanation:
From the question, we are informed that New Jersey Company owns 80% of the common stock of Newark, Inc. In 2012, New Jersey reported sales of $300,000, and Newark reported sales of $100,000, including sales to New Jersey of $20,000.
Based on the above information, the amount of sales that should be reported in the consolidated income statement for 2012 will be:
$300000 + $100000 - $20,000
= $380000
Answer: $33 without trade, $50 with trade
Explanation:
Wages can be defined as any monetary compensation paid by an employer to his/her employee for work done during a specific period of time. Payment may be calculated as a fixed amount for each accomplished task, or on hourly basis, daily rate, or based on the quantity of work done, which has been easily and adequately measured. The wages of this country if a efficiently calculated is $33 without trade and $50 with trade.
Answer:
If Meekertown allows free trade, then it will import meekers.
Explanation:
Meekertown would have no choice but to import meekers, since its import cost ($ 21) would be much less than its local production cost ($ 35). In other words, Meekertown would find it much more expensive to manufacture its own products than simply buying them in markets abroad. Therefore, importing would be much more beneficial to its economy.
