Homework answers / question archive / 1) An entrepreneur is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it

1) An entrepreneur is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it

Economics

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1) An entrepreneur is someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it. Which of the following is a characteristic of entrepreneurial activity?

     (a) Being innovative in producing or enhancing a product.

     (b) The steady income that typically comes with starting a business.

     (c) Willingness to work under a certain degree of uncertainty.

     (d) Only items (a) and (c) are correct.

     (e) All of the above items are correct.

According to the Small Business Administration (SBA), the following are advantages of starting a small business except:

     (a) Be your own boss.

     (b) Accommodate a desired lifestyle.

     (c) Work a reasonable number of hours.

     (d) Enjoy creative freedom.

     (e) Use your skills and knowledge.

According to the SBA, a small manufacturing business meets which of the following criteria?

     (a) A business that is independently operated, exerts little influence in its industry, and employees fewer than 500 to 1,500 people depending on the product it produces.

     (b) A business that is independently operated, exerts a high level of influence in its industry, and employees fewer than 500 to 1,500 people depending on the product it produces.

     (c) A business that is independently operated, exerts a high level of influence in its industry, and has revenues not exceeding $2.5 to $38.5 million depending on the type of service it provides.

     (d) A business that is independently operated, exerts little influence in its industry, and has revenues not exceeding $2.5 to $38.5 million depending on the type of service it provides.

2)napshotid=1829933& CENGAGE MINDTAP Search this course Homework (Ch 04) Complete the following table by selecting the term that matches each definition. ? Quantity Supplied Supply Curve Supply Schedule Law of Supply o o Definition A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises The amount of a good that sellers are willing and able to supply at a given price A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices o o O O ? o o Apply your understanding or the previous key terms by completing the following scenario with the appropriate terminology Your coworker Caroline is really concerned about a project that she has just been assigned. She is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report If Caroline's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions supplied, you would advise your coworker to construct using the data provided. However, if Caroline's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that a would be more appropriate.

3)The Chief Medical Officer has advised the government that consumption of widget-corn improves the survival rate of COVID-19 by 20%. Suppose the supply and demand functions for widget-com are: Q° = 100 - 5P (1) Q$ = 5P. (2) Pis the price in dollar and Q is the quantity in kilograms. a. Determine the market equilibrium price and quantity of widget-corn? (6 marks) b. Calculate the consumer surplus, producer surplus, and total economic surplus at the market equilibrium (7 marks) C. Having confirmed the positive impact of widget-corn consumption on COVID-19 patients, the government has ordered widget-corn sellers to charge $5 per kilogram.
QUESTION 2: 26 marks Table 1: Production Capacity of COVID-FREE LAND. Toilet Rolls Sanitizers 30,000 0 28,000 1,000 24,000 2,000 18.000 3,000 10,000 4,000 0 5.000 Use information in Table 1 above to answer the following questions: . Using the above figures, graph the production possibilities Frontier (PPF) of COVI_LAND (Hint! Use Microsoft Excel, for accuracy) (4 marks) b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF (6 marks) c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is outbreak of COVID-19 and the demand for sanitizers and toilet rolis increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities of ways. (Hint: State any appropriate assumptions made).