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Answer: The Value of X in a 37⁰ 42⁰ Triangle X is the angle of the triangle that is the unknown value in a triangle with angles of 37⁰ and 42⁰. The angle of a triangle must add up to

Answer Angle jkl is a straight angle, meaning that the measure of angle jkl is 180°. The measure of angle mkl is 100°, so the measure of angle jkm must be 80° in order to make the sum of all

Answer Angle JKM is the complement of angle MKL, so the measurement of angle JKM is 60⁰. Proof When two angles are complementary, they add up to 90⁰. Since angle JKL is a right angle, that is 90⁰. Angle MKL

Answer: Does Neha’s Technology Have Increasing, Decreasing, or Constant Returns to Scale? Neha’s technology has increasing returns to scale: if she increases both inputs of labour and capital, she can clean more houses than what would be expected from only

Answer: Optimal Consumption Choice of a Person with Utility Function U(x,y) The optimal consumption choice of a person with the utility function U(x,y) = x0.3 y0.5 can be determined by finding the point at which the marginal utility of each

Answer: Neha’s Cost of Cleaning 200 Houses Neha’s cleaning service uses both labour (L) and capital (K) as inputs. Her production function F(L,K) shows that for every L worker hired and K unit of capital used, 10L^0.3K^0.7 houses can be

Answer: Can Management Reduce the Cost of Assembling 5,400 Units per Day by Purchasing a Textile Machine and Using Less Labor? Yes, management can reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using

Answer: Can Management Reduce the Cost of Assembling 5,400 Units Per Day by Purchasing a Textile Machine and Using Less Labor? It is possible for the Indian textile company to reduce the cost of assembling 5,400 units per day by

Answer: What is Market Failure? Market failure is when the price mechanism fails to allocate scarce resources efficiently, or when the operation of market forces leads to a net social welfare loss. It is an economic concept that describes the

Answer: The utility function U(x, y) = x0.3 y0.5 of a person who consumes two goods in quantities x and y, respectively, can be used to draw the person’s budget set and find the optimal consumption choice. The given prices

Answer: Utility Maximization Utility maximization is a concept that explains how an individual or a company will maximize its utility by choosing the right combination of goods and services. This is done by finding the combination of goods and services

Why Invest in Globe Telecom Inc. Stock? Globe Telecom Inc. is one of the leading telecommunication companies in the Philippines. It is a publicly traded company and has been in business since 1928. The company provides a wide range of

Answer: Does Neha’s Technology Have Increasing, Decreasing, or Constant Returns to Scale? Neha’s technology has increasing returns to scale. This is because as more inputs (labor and capital) are used, the output (number of houses cleaned) increases at a faster

Reasons to Buy Stock in Ayala Corporation Ayala Corporation is a Philippine-based conglomerate that has been in business for over 170 years. With a diversified portfolio in real estate, banking, telecommunications, water, and renewable energy, Ayala Corporation has established itself

Relationship between Total Product, Marginal Product and Average Product Total product, marginal product and average product are all related to the production of a good or service. Total product is the total amount of a good or service produced, marginal

Answer: Neha’s Returns to Scale Neha’s cleaning company has increasing, decreasing, or constant returns to scale depending on the values of L and K. If L and K are increased proportionately, then the company has constant returns to scale. If

What is Productive and Allocative Efficiency? Productive efficiency is the ability for a firm to produce a given output at the lowest possible cost. Allocative efficiency is the ability for a firm to allocate the right amount of resources to

Answer: Definition of Productive & Allocative Efficiency Productivity is the measure of how much output one produces with given inputs. Allocative efficiency is the measure of how much of the output is being put to the best possible use. It

Why Strategies of a Monopolist Are Not Considered to Have Welfare Outcomes A monopolist is a market structure in which a single firm is the sole producer of a particular good or service. Monopolists have the power to set prices

Answer A monopolist’s strategies are not considered to have welfare outcomes because they are not in a competitive environment. A monopolist has the market power to set prices and output levels that maximize their own profit, while ignoring the welfare

Answer Raising Revenue for ABC Toy Manufacturing Ltd. The ABC Toy Manufacturing Ltd. is looking for advice on how to raise revenue and has asked whether they should lower electronic toy prices or raise their prices. In order to properly

Answer: What Is a Random Variable? A random variable is a variable that can take on different values based on the outcome of a random process. It is an essential concept in probability theory and statistics, and it can be

What is a Tree Diagram? A tree diagram is a visual representation of the process of a sequence of events. It is commonly used in probability problems to help calculate the probability of multiple outcomes. The branches of the tree

Answer: Marginal Probability Marginal probability is the probability of an event occurring when the events are not mutually exclusive. It’s a type of probability, and thus the statement is false. Calculation of Marginal Probability Marginal probability is calculated by taking

Answer: The Discrete Probability Distribution Represents a Sample, Not a Population A discrete probability distribution is a representation of the likelihood of a particular outcome of a random variable. It is used to model the probability of a set of

Bayesian Probability Bayesian Probability is an approach of assigning probabilities that is based on experimentation. It is based on the Bayes theorem which states that a probability of an event depends on prior knowledge of conditions that might be related

Answer: What is Productive and Allocative Efficiency? Productive efficiency is the ability to produce goods and services at the lowest possible cost. It is achieved when the optimal combination of inputs is used to produce a given output. Allocative efficiency

Answer: Monopolists are not considered to have welfare outcomes because they are able to use their market power to influence prices and limit competition. This is illustrated using a graph that compares the outcome of a perfect competition with that

Strategies of a Monopolist A monopolist is a market structure in which a single firm is the only supplier of a good or service. A monopolist will use strategies such as price discrimination, predatory pricing, and product differentiation to maximize

Answer: The strategies of a monopolist are not considered to have welfare outcomes because a monopolist does not face the same competitive pressures as a business in a perfectly competitive market. In a perfectly competitive market, there are many firms

Answer Summary The decision on whether ABC Toy Manufacturing Ltd. should raise or lower the price of their electronic toy cars depends on the current market conditions and the estimated demand for the product. In order to make an informed

Answer: Lowering or Raising Prices to Increase Revenue The decision of whether to lower or raise prices to increase revenue depends on a variety of factors, including the current market conditions, the competition, the company’s cost structure, consumer demand, and

The Effect of Winter Season on the Sweater Market in Delhi As the winter season approaches in Delhi, the demand for sweaters will increase. This increased demand will lead to a shift in the demand curve for sweaters to the

Winter Season Effect on Sweater Market Equilibrium in Delhi The winter season in Delhi will have a direct effect on the demand function and market equilibrium of the sweater market. During the winter season, people will be more likely to

Are Firm Owners in Perfectly Competitive Markets Profitable? The answer to the question posed is yes, firm owners in perfectly competitive markets can be profitable. Perfect competition is a market structure in which there are many buyers and sellers, each

Answer: Price Elasticity of Demand Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its price. It is calculated by taking the percentage change in the

Interpreting Price Elasticity of Demand Price elasticity of demand is the measure of the responsiveness of the quantity demanded of a good to a change in its price. It is expressed as a numerical value that indicates the percentage change

Answer: Price Elasticity of Demand for Indian Book Seller The Indian book seller in question wants to increase their total revenue during the current period of pandemic, and one of the options is to offer a 10% discount on every

Answer: The financial analysis department at this Indian textile company estimates that the price of a textile machine is Rs. 600 per day. Management can reduce the cost of assembling 5,400 units per day by purchasing a textile machine and

Answer The number of photons produced in a laser pulse of 0.220 J at 667nm is 1.32 x 1020. This number is calculated using the equation E = hc/λ, where E is energy, h is Planck’s constant, c is the