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About me: I’m Smart Aleck, your trusty Answer Bot. I use AI to answer your questions simply and clearly. Keep in mind, I’m unable to handle real-time tasks such as providing weather forecasts or news updates. I enjoy taking long walks on the beach, helping friends with homework and learning useful information. Ask away!

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When Ellie was younger, she used to buy comic books in a perfectly competitive market, where neither supply nor demand is perfectly elastic or perfectly inelastic. Use this information for all questions with the title “Perfect Comictition”. Assume each question is independent (e.g., whatever happened in prior questions doesn’t apply). (Perfect Comictition) You observe that a large supply increase causes a large change in price but a small change in quantity demanded. What could explain this? When Ellie was younger, she used to buy comic books in a perfectly competitive market, where neither supply nor demand is perfectly elastic or perfectly inelastic. Use this information for all questions with the title “Perfect Comictition”. Assume each question is independent (e.g., whatever happened in prior questions doesn’t apply). (Perfect Comictition) You observe that a large supply increase causes a large change in price but a small change in quantity demanded. What could explain this? Comic expenditure represents a large share of consumer income. Comics are a luxury. Comics have few substitutes. None of the above.

Answer This phenomenon can be explained by the fact that comic expenditure represents a large share of consumer income, making comics a luxury item with few substitutes. Supporting Subsections Comic expenditure represents a large share of consumer income When a

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Ratio decidendi

What is Ratio Decidendi? Ratio decidendi is Latin for the “reason for the decision.” It is a legal principle that serves as the basis for a court’s judgment in a particular case, and is used to determine how similar cases

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Differentiate law from morality

What is the Difference Between Law and Morality? The difference between law and morality is that law is a set of rules passed by a governing authority, while morality is an individual’s personal sense of right and wrong. Law is

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Aaron plans to invest $20,000 at the end of Year 1, $44,000 at the end of Year 2, and $53,000 at the end of Year 3. You want to have the same amount of money as Aaron three years from now, but you want to make one lump sum investment today. What amount must you invest today if you both earn 9.7 percent per year, compounded annually?

Answer The amount you need to invest today to have the same amount of money as Aaron three years from now is $67,826. This is calculated by taking the total amount that Aaron will invest over the next three years

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 Jacob’s opportunity costs of meals (in web pages) Answer 2 Molly’s opportunity costs of meals (in web pages) Answer 3 Jacob’s opportunity costs of web pages (in meals) Answer4 Molly’s opportunity costs of web pages (in meals) Answer 5 .. Jacob’s comparative advantage

Answer 1: Molly’s Comparative Advantage Molly has a comparative advantage in meals, as she is able to produce 3 meals per hour, while Jacob can only produce 1 meal per hour. This means that Molly can produce meals at a

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

Answer Summary Molly has a comparative advantage in producing meals, while Jacob has a comparative advantage in producing web pages. Molly’s opportunity cost of meals is 2/3 web pages, and Jacob’s opportunity cost of meals is 3 web pages. Molly’s

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

Answer Summary Molly and Jacob have different levels of productivity for meals and web pages. Molly has a comparative advantage in meals while Jacob has a comparative advantage in web pages. The opportunity costs of meals for Jacob is 3

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

What are Opportunity Costs and Comparative Advantage? Opportunity cost is the value of the next best option that a person or business gives up when they make a choice or decision. Comparative advantage is the ability of an individual or

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

Opportunity Costs and Comparative Advantage Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. Comparative advantage is the ability of an individual or organization to produce a particular good or

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

What is Opportunity Cost and Comparative Advantage? Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. Comparative advantage is the ability of a party to produce a particular good or

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

Summary of Opportunity Costs and Comparative Advantage An opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. Comparative advantage measures the efficiency of a person or a country in producing

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

What is opportunity cost and comparative advantage? Opportunity cost is the cost of passing up the second best alternative when you make a decision. Comparative advantage is the ability of a party to produce a good or service at a

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Answer the following regarding opportunity costs and comparative advantage using the table below. Molly’s and Jacob’s Productivity Meals per Hour Web Pages per Hour Molly 3 2 Jacob 1 3 Molly’s comparative advantage Answer 1 1/3 Jacob’s opportunity costs of meals (in web pages) Answer 2 3 Molly’s opportunity costs of meals (in web pages) Answer 3 2/3 Jacob’s opportunity costs of web pages (in meals) Answer 4 3 Molly’s opportunity costs of web pages (in meals) Answer 5 Choose… Jacob’s comparative advantage

Summary Molly and Jacob have different levels of productivity when it comes to making meals or web pages. Molly has a comparative advantage in meals, and Jacob has a comparative advantage in web pages. Molly’s opportunity cost of meals is

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The price of peanut butter increases from $3.50 to $4.00 per jar, and the quantity of jelly demanded falls from 35 jars to 28 jars. Using the midpoint formula, calculate the cross-price elasticity of demand. Report your answer to two decimal places.

Answer: Cross-Price Elasticity of Demand The cross-price elasticity of demand measures the responsiveness of the quantity of one good demanded to a change in the price of a different good. It is calculated using the midpoint formula, which takes the

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The price of peanut butter increases from $3.50 to $4.00 per jar, and the quantity of jelly demanded falls from 35 jars to 28 jars. Using the midpoint formula, calculate the cross-price elasticity of demand. Report your answer to two decimal places.

Answer The cross-price elasticity of demand for peanut butter and jelly is -0.71. This means that when the price of peanut butter increases, the demand for jelly decreases. Calculation of Cross-Price Elasticity of Demand The cross-price elasticity of demand is

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true or false. in the following hypothetical country, laptops and mobile phones are produced using the country’s resources, if at the resources are used the country can produce the following combination of laptops and mobile phones: the information in the table shows that the opportunity cost of increasing the production of laptops from the loss of the production of mobiles. the opportunity cost of increasing the production of laptops is therefore 18 000 mobile phones.

Answer: True or False: In a Hypothetical Country, Laptops and Mobile Phones are Produced Using Country Resources The statement is true. The information in the table shows that the opportunity cost of increasing the production of laptops from the loss

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a friend of yours who owns a flower-selling business has the following opinion about the law of demand: she does not think that the law of demand is valid for red roses because during February when the prices of red roses was very high she sold many more, it therefore seems that there is a positive relationship between the price of red rosed and the quantity demand of it, which of the following is the best response to her argument?

Answer: The Law of Demand is Not Reversed in the Case of Red Roses The law of demand is a fundamental concept in economics which states that all other factors being equal, the quantity demand for a good or service

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which of the following are characteristics of a firm: 1. it represents the unit that employs factors of production to produce goods and services. 2. the firm could take different forms. 3. the firm largely determines how goods and services are produced.

Characteristics of a Firm A firm is the unit of production that employs factors of production to produce goods and services. It can take different forms and largely determines how goods and services are produced. Different Forms of a Firm

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the diagram below shows an economy’s production possibilities for two goods: airplanes and motor vehicles. use the diagram to answer the question below. with reference to the above production possibilities frontier, we can say that?

Answer: Production Possibilities Frontier The diagram above shows an economy’s production possibilities for two goods: airplanes and motor vehicles. The production possibilities frontier (PPF) illustrates the maximum amount of two goods that can be produced, given a set of available

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is this statement true or false. a change in a non-price factor can either increase or decrease the demand for a good or service, when it increases the demand for a good or service, we say that a negative relationship exists between the factors an the demand for goods

Answer: What is the Relationship between Non-Price Factors and Demand? A change in a non-price factor can either increase or decrease the demand for a good or service. When it increases the demand for a good or service, we say

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rent paid for eight months up to 28th February 2010 amounts to R32 000. Since then rent has been increased by 20%, the rent written off as an expense in the income statement for the year ended 30th June 2010 and stated as accrued on the statement of financial position as at that date would be?

Answer: Rent Expense for Eight Months The rent paid for eight months up to 28th February 2010 amounts to R32 000. Since then, rent has been increased by 20%, meaning the total amount of rent for the year ended 30th

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