What are the economic advantages of specialization?
Please provide the best answer for the statement.
The advantages come from increased productivity or output per worker as specialized workers gain skills in performing one task. Therefore, more is produced with the same amount of resources as before specialization.
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Changing the labels on isoquants without changing the shapes of the isoquants implies no change in the underlying technology so long as the ordering of isoquants is preserved.
Answer the following statement true (T) or false (F)
Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
A) Direct consumer surveys. B) Expert opinion. C) Analysis of historical data. D) Test marketing and price experiments.
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.35 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what is Always There Wireless's total profit?
A. $11,250 C. $11,050 D. $8,450
When does the fiscal year begin for the U.S. federal government?
a. January 1 b. April 1 c. July 1 d. October 1