While specialization allows firms to produce many goods

Assignment Help Business Economics

Reference no: EM131244349

While specialization allows firms to produce many goods and services at lower production and transaction costs than individuals can, most households still produce some goods and services for themselves. Which of the following provides a reason for this? 1.The production of some goods and services doesn't require special skills or resources. 2.Households can minimize spillover benefits by producing some goods and services for themselves. 3.Technological advances such as computers, crock pots, and bread makers have increased households' efficiency in producing many goods and services 4.Household production is more costly in terms of taxation.

Reference no: EM131244349

Questions Cloud

What would be the marginal user cost in each period : Assume that the inverse demand function for a two period depletable resource is P =24 – 0.2q and the constant marginal cost of supplying it is $6 (a = 24, b = 0.2, c = 6). What would be the efficient price in the two periods? What would be the margin..

How does price discrimination help customers : How does price discrimination help customers? Profits are a sign of a business exploiting its customers and workers. Profits are a sign that a firm has served its customers well. Pick one statement and defend it or critique it.

Key perspectives of a balanced scorecard : Consider the four key perspectives of a balanced scorecard: (1) The learning and growth perspective, (2) The business process perspective, (3) The customer perspective, and (4) The financial perspective in responding to the following:

Will people spend more or less money on health care : You are the newly appointed director of the World Health Organization (WHO). After settling into your new role, in a minimum of 250 words, identify what programs would you fund if you wished to make the largest impact on health, measured as the incre..

While specialization allows firms to produce many goods : While specialization allows firms to produce many goods and services at lower production and transaction costs than individuals can, most households still produce some goods and services for themselves. Which of the following provides a reason for th..

What is the capitalized equivalent cost of infinite payments : Maintenance costs on a bridge are $5,000 every third year starting at the end of year 3. For analysis purposes, the bridge is assumed to have an infinite life. What is the Capitalized Equivalent (CE) cost of these infinite payments, assuming an annua..

Aerobics instructor at the local gym earning : Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a personal trainer. Pat makes $50,000 in total annual revenue. Pat's only out-of-pocket costs are $12,000 per year for rent a..

A rightward shift of a supply curve is called : A likely example of complementary goods for most people would be. A rightward shift of a supply curve is called a(n)

What is the marginal propensity to consume in freedonia : SHOW THE MATH: You are given the following data concerning Freedonia, a legendary country: What is the marginal propensity to consume in Freedonia, and what is the marginal propensity to save? Calculate the saving function for Freedonia. Plot this sa..

User Account

All Pages