Answer: The absolute advantage in laundry is held by Steve while the comparative advantage in meal preparation is held by Mike.
Step-by-step explanation:
Absolute advantage is when an individual, firm or country can produce a good or service at a lower cost when compared to the other economic agent. When someone has absolute advantage, it means that the person uses fewer resources and spends less time in producing the good. Based on the explanation, Steve has absolute advantage in laundry since he spends two hours compared to Mike who uses 3hours.
Comparative advantage is when an individual, firm or government can produce a good or service with a lower opportunity cost when compared to the other person. Mike has a comparative advantage in the preparation of meal. It'll be better for Steve to focus his attention on laundry while Mike does the meal.
For the answer to the question above, $187,500 is a cost of a house. 20%, or $37,500 is the down payment. The loan amount would be $187,500 - $37,500 = $150,000. If we assume the annual rate of the loan is 4.65% Then the monthly rate would be 4.65%/12 = 0.3875% If the loan is $150,000, the interest is 0.3875% The interest for the first month is $150,000 * 0.3875% = $581.25. You stated that their payment is $1,575. So the amount that pays off the loan is $1,575 - $581.25 = $993.75. At the end of the month, they owe $150,000 - $993.75 = $149,006.25 and for the second month, the amount of the payment that goes towards interest is $149,006.25 * 0.3875% = $577.40. and the amount that goes towards the loan is $997.60.
At the end of the second month, they owe $148,008.65. Regarding they realized income, we recommend a monthly loan payment not to exceed 28% of the monthly income.
So if a payment of $1,575 is 28% of Gross,
Then it must be
: $1,575 = 0.28*Gross. Gross = $5,625 monthly.
About $67,500 annually. About $33.75 an hour.
Answer:
Step-by-step explanation:
B.
Answer:
6
Step-by-step explanation:
You have a total area of 2,200 sq units to cover... and each can of paint covers 400 sq units. So, you'll need:
2200 sq units / 400 sq units/can = 5.5 cans
In such problems, we always round up, since you will need 5 full cans of paint, and half of a 6th can.
So, in total you will need 6 cans of paint to cover all 2,200 sq units.
