Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 10, Problem 18APA
To determine
Calculation of HHI.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Step 1: Define agriculture industry
Agriculture being the primary sector, it not only includes arable farming but also animal husbandry, horticulture, and forestry. The article provided in the question talks about animal husbandry, which is a kind of agricultural practice where animals are raised on farms for their meat, fibre, and dairy products. Animals are selectively bred and raised for economic profit.
Step 2: Answer
(1) The author highlights the prosecutor's comparison of injured piglets to dented cans in a grocery store, as he wanted to underscore the dehumanization and commodification of animals. The main aim of the author was to invoke empathy among the readers. Just like a dented can in a grocery store, which is nothing but a commodity that is discarded due to its dent, pigs and other animals on farms are raised until they have the potential to provide a certain amount of economic profit, but if they get injured, they lose their economic value to the farmer and thus would be…
Analyze the main economic activity of Toyota and Identify the type of market structure the Toyota falls into stating reasons explaining such classification.
Discuss the advantages and the disadvantages of the market structure and translate them as strengths and opportunities for Toyota
Look at the Data Below then answer/calculate the totals in the questions that follow. (Show Workings)
Entrepreneur's potential earnings as a salaried worker = $50,000
Annual lease on building = $22,000
Annual revenue from operations = $380,000
Payments to workers = $120,000
Utilities (electricity, water, disposal) costs = $8,000
Entrepreneur's potential economic profit from the next best entrepreneurial activity = $80,000
Entrepreneur's forgone interest on personal funds used to finance the business = $6,000
Answer these questions directly:
a) Creamy Crisp's explicit costs are:
b) Creamy Crisp's implicit costs (total) are :
c) Creamy Crisp's total economic costs (explicit + implicit costs) are:
d) Creamy Crisp's accounting profit is:
e) Creamy Crisp's economic profit is:
f) If Creamy Crisp's revenue fell to $286,000, what is the new accounting profit and the new economic profits?
Chapter 10 Solutions
Microeconomics (13th Edition)
Ch. 10.1 - Prob. 1RQCh. 10.1 - Prob. 2RQCh. 10.1 - Prob. 3RQCh. 10.1 - Prob. 4RQCh. 10.1 - Prob. 5RQCh. 10.2 - Prob. 1RQCh. 10.2 - Prob. 2RQCh. 10.2 - Prob. 3RQCh. 10.2 - Prob. 4RQCh. 10.3 - Prob. 1RQ
Ch. 10.3 - Prob. 2RQCh. 10.3 - Prob. 3RQCh. 10.4 - Prob. 1RQCh. 10.4 - Prob. 2RQCh. 10.4 - Prob. 3RQCh. 10.4 - Prob. 4RQCh. 10.5 - Prob. 1RQCh. 10.5 - Prob. 2RQCh. 10.5 - Prob. 3RQCh. 10 - Prob. 1SPACh. 10 - Prob. 2SPACh. 10 - Prob. 3SPACh. 10 - Prob. 4SPACh. 10 - Prob. 5SPACh. 10 - Prob. 6SPACh. 10 - Prob. 7SPACh. 10 - Prob. 8APACh. 10 - Prob. 9APACh. 10 - Prob. 10APACh. 10 - Prob. 11APACh. 10 - Prob. 12APACh. 10 - Prob. 13APACh. 10 - Prob. 14APACh. 10 - Prob. 15APACh. 10 - Prob. 16APACh. 10 - Prob. 17APACh. 10 - Prob. 18APACh. 10 - Prob. 19APACh. 10 - Prob. 20APACh. 10 - Prob. 21APACh. 10 - Prob. 22APACh. 10 - Prob. 23APA
Knowledge Booster
Similar questions
- Adam Smith's concept of the market system a) would not work without the preponderance of greed among its participants b) required the prevention or minimization of coercion, fraud, and monopoly c) proposed that market participants should be free to do as they pleased d) required government to be weak and completely uninvolved in the market e) worked best when dominated by large monopolies and protection against foreign competitionarrow_forwardEntrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's explicit costs arearrow_forwardEconomics British American Tobacco (BAT) runs the largest private sector run afforestation program in Bangladesh. BAT Bangladesh initiated its afforestation program in 1980 when the forest department called on the private sector to support its endeavor to conserve the forests. BAT has contributed around 110 million saplings to the country’s afforestation initiative over the last 4 decades. As a large corporation BAT pays a significant amount of corporate tax to Bangladesh Government; recognized as one of the highest income tax paying companies in the country for the tax year 2019-20 in the last five years, the company has deposited more than Tk3,600 crore as Income Tax and Tk88,000 crore as VAT, to the National Exchequer. BAT enjoys the status of being one of the most high profile companies that are doing business in Bangladesh. a) Based on the above provide two reasons, with brief explanations, as to why BAT was involved in the afforestation program?arrow_forward
- Identify the various dimensions of business environment in the following cases and discuss: 1. With the election of a new government the Sensex drops by 1230 points in single day. 2. A particular channel refrains from showing the advertisement of a particular product as it is banned by the government. 3. A software is in high demand among the industrial buyers as it can connect all the branches of a company as a single integrated unit. 4. At the time of Holi a large number of manufacturing firms get involved in making colours which are used in the celebration of this colourful festival. 5. It is not advisable to open a luxury car showroom in the middle of an economy where per capita income is very low.arrow_forwardDescribe the business environment in the city or country that you live in. You should explain whether the businessenvironment encourages or inhibits business activity. Justify your view with the use of examples. In addition, youshould examine four different industries and describe the type of market structure that exists in each of theseindustries. You should explain whether there is much or little competition and why? Based on your answers above,discuss the effects that the above business environment has on consumers and society in general.arrow_forwardThe __________ industrial sector contains small, less profitable firms operating in more competitive industries.arrow_forward
- 1.Explain the role of government in social responsibility in terms of how governments and businesses influence each other. not more than 5 students..... 2. GIve an example for job specifications for job description 3. suppose that you have a company with a specific type of product, identify your target market using the basic segmentation basis. Explain your product and explain your example very well.arrow_forwardList of the Six Macroenvironment Forces. Explain how you, as a business owner, adapt to each of the Six Macroenvironment Forces, giving details of your product/service, in each case. (Do NOT mention real brand names. Use your product/service that you offer to the market. You can use the same or different product/service for each force). please help mearrow_forwardExplain the Business Research Project and what we acquired about the topic and the research method.arrow_forward
- You work for a Nova Scotia Company trying to successfully enter the cranberry market in Australia.create an analysis on the entry country (Australia) based on the following; In the entry country, how is a family defined? Does the entry country focus mostly on the nuclear family or is an extended family important in day to day living? How are citizens educated? What are the literacy rates in the entry country? Is there a social class structure?arrow_forwardMake essay/report for organizational behavior class. Explain and describe what is organizational behavior and why we need it; Explain implications of demographic and cultural diversity for organizational behavior; Explain the challenges of managing a multicultural workforce; Explain person–job fit and work behaviors ; explain person–organization fit and work behaviors. Describe the link between values and individual behavior ( Big five personality traits; meyers-briggs type idicator); Explain work attitudes that affect work behaviors. List the key set of behaviors that matter for organizational performance; Explain the role of motivation in determining employee performance. Explain how to increase the motivating potential of a job, understand why goals should be SMART; *** Include real-world examplesarrow_forward4. Only people who have certain natural talents can be Entrepreneurs. 5.Entrepreneurs are extreme risk takers 6. Entrepreneurs seek success but experience high failure rates 7. Ignorance is bliss for Entrepreneurs 8. All Entrepreneurs need is luck 9. Money is what the Entrepreneurial venture need to survive 10. Entrepreneurs must fit the standard Entrepreneurial profilearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you