A friend tells you that "We saw in Introduction to Economics course that perfectly competitive markets maximize total surplus or welfare. Therefore, government can do nothing to increase productivity." Comment. (Please, in your answer, assume that you live in a world of competitive markets).

Answers

Answer 1

In the Introduction to Economics course, it was stated that perfectly competitive markets maximize total surplus or welfare. This implies that the government cannot do anything to enhance productivity. This assertion is both right and wrong.

In perfectly competitive markets, equilibrium is attained when the market demand intersects with the market supply. The market-clearing price is determined as a result of this. The price signals generated by this equilibrium allocation direct producers and consumers to alter their behavior in ways that boost market efficiency.

In a competitive market, resources are allocated to their most efficient use, maximizing total surplus or social welfare. Market inefficiencies result from government intervention, which can lead to deadweight loss, resulting in economic losses. As a result, the government must adopt appropriate market policies that improve market efficiency while reducing distortions that impede the market's natural operation. The government may promote competition by eliminating barriers to entry and exit, enforcing antitrust rules, and ensuring that property rights are protected.

Thus, the statement made by the friend is partially right that perfectly competitive markets maximize total surplus or welfare. Still, it is also incorrect because the government can play a critical role in enhancing productivity and competitiveness. The government can do this by implementing policies that foster competition and market efficiency.

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Related Questions

suppose demand increases by 10 percent. how would you react to this? assume that you can operate only 7 hours per day in regular time.

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The demand for everything below, with the exception of: Amount delivered (B). The amount of a good or service that is supplied has no bearing on the amount that is bought of that good.

Which 10 factors influence demand are they?

Quantity Demand (QD) = f (Prices of Goods or Services, Prices of Substitute/Complementary Goods and Services, Buyers' Tastes and Preferences, Buyers' Expectations of the Goods' Future Price, Change in Buyers' Real Incomes or Wealth, Buyers' Expectations of their Future Income and Wealth, Number of Buyers, Government).

How do you define "demand Mcq"?

A consumer's desire to buy a commodity is referred to as the demand for goods or services.

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All of the following are requirements for an exclusive right to sell listing except that
A) it must be written
B) it must have an expiration date
C) it cannot have an automatic renewal clause
D) a copy must immediately be left with the seller after signing the listing

Answers

Answer:

Hey, the answer is D.

Explanation:

The answer is D because everything else is included in the clause but choice D.

when a company repurchases its own shares of stock, what are the two acceptable accounting choices for the transaction?

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The shares can be officially retired or they can be referred to as treasury shares, either of which are acceptable accounting options for the transaction.

Why do you use the term shares?

Shares are fractional ownership interests in a corporation. For some businesses, shares are a type of financial instrument that allows for the equitable distribution of any declared residual earnings in the form paid dividends. Stockholders of a company that doesn't pay dividends are not included in the distribution of profits.

Why do people purchase shares?

People acquire and firm's capital as a way to get exposure to both the health and growth of the global economy as well as a specific firm. Interest will play a role in your choice of investing in stocks or trading on their price.

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I need help with all those questions

I need help with all those questions

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Where’s the picture like
1. $6000
2.$7000
3.$9000

the type of ownership in which each restaurant is the same in the ownership of each restaurant is the same as known as which of the following?
A. food service cooperation
B. Food service franchise
C. Independent food service operation
D. Food service chain​

Answers

Answer:

D. Food service chain​

Explanation:

In business ownership, a chain of restaurants refers to several restaurants owned by one organization. In other words, in a food service chain, the owner(s) will have many branches located in different locations. Because the restaurant belongs to one entity, they are similar in appearance and operations.

A chain of business is different from a franchise business. In a franchise, the branches are identical but have different owners.

What things might limit the supply in this situation?

Answers

Price, the number of providers, the level of technology, government subsidies, climatic conditions, and the availability of labor to create the commodity are some of the variables that will affect supply.

What are the limitation of supply?

Even though the price level is extremely low, the seller will attempt to sell more if he anticipates that the price of the commodity would decline in the near future. On the other hand, even if the price level is high, the seller will not make any more sales if he anticipates a future increase in the price of the product. It goes against supply-side economics.

Demand and supply analysis in the economy has its limitations. For instance, the study makes the assumption that other economic parameters will remain constant. Furthermore, it suggests that the demand and supply analysis cannot be applied to the economy if the variables are not constant.

Thus, Price, the number of providers, the level of technology, government subsidies are some of the variables that will impact supply.

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What would supporters of closed primaries say are the benefits?
Independents and others can exercise influence.
They promote higher voter turnout because anyone can participate.
They create a situation in which more moderate, centrist candidates are elected.
They build party unity and loyalty.

Answers

Supporters of closed primaries maintain that they help build party unity and loyalty, promote the nomination of more centrist candidates, and encourage higher voter turnout by allowing greater participation from non-traditional voters.

Supporters of closed primaries argue that they have several benefits compared to open primaries. One of the primary arguments in support of closed primaries is that they promote party unity and loyalty. Because only registered party members can participate in closed primaries, they argue that this helps ensure that the party's core supporters have a say in selecting its candidates. This, in turn, can help build stronger party cohesion and create more unified messaging and policy platforms.

Another argument in favor of closed primaries is that they can help create a situation in which more moderate, centrist candidates are elected. Because these candidates often appeal to a broader range of voters, some argue that the closed primary system allows for a more diverse selection of candidates who can appeal to a wider range of voters in the general election.

Advocates of closed primaries also suggest that they can help increase voter turnout by allowing anyone to participate, regardless of party affiliation. They argue that this allows independents and others who might not vote in a party caucus or convention to play a role in determining the party's nominee.

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Which activity most contributes to increased smog in the atmosphere?
A. underground mining
B. gasoline combustion
OC. agricultural irrigation
D. nuclear energy production


HELP PLEASE

Answers

Answer:

B. gasoline combustion

Explanation:

Smog is a term that refers to a combination of smoke and fog. It describes intense air pollution that blackens the atmosphere with a fog-like cloud. The major contributors of smog factories, power plants, and automobile exhaust.  From the list provided, gasoline combustion contributes most to the formation of smog. These are car exhausts, heavy machine emissions, and other equipment fueled by petrol or diesel.

_____ reorganizes workflows, combining steps to cut waste and eliminate repetitive, paper-intensive tasks.

Answers

Business process redesign reorganizes workflows, combining steps to cut waste and eliminate repetitive, paper-intensive tasks.

It is a powerful organizational change in which business processes are analyzed, simplified and redesigned.

Business process redesign is a complete overhaul of a company's key business processes. A BPR improves efficiency by cutting slack and excess, reducing costs, and sharpening management. Success is often measured using profitability metrics.

The benefits of BPR are countless – increased revenue, improved customer service, reduced cost, higher employee retention, faster processing time. Nearly any business benefit can be gained from business process reengineering.

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a project is a _______endeavor.select one:a. temporaryb. goodc. badd. none of them

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Option (a), A project is a "temporary" endeavor. A project has a specific beginning and end, with a defined objective and scope. It is not an ongoing process like other routine activities, but rather, it serves a unique purpose within a specific time frame.

A project is defined as a temporary endeavor that is designed to achieve a specific goal or objective. This means that a project has a defined start and end date, and once the goal is achieved, the project is completed. Projects are typically unique and complex, requiring a specific set of resources and skills to be successful. While some projects may have a positive impact (i.e. "good"), and others may have a negative impact (i.e. "bad"), the fundamental characteristic of a project is its temporary nature.

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Many entire vocations in the United States have disappeared in the last few decades. What if the following is a possible explanation for why vocations have entirely disappeared the last few decades?

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A possible explanation for the disappearance of vocations in the past decade is advancement in technology.

With advancement in technology, many jobs have become obsolete as they can be performed more efficiently by computers compared with humans. For example, there are some record keeping tasks that people were employed to carry out but with the invention of efficient technology, humans are no longer to perform this functions.

 Another job that is been rendered obsolete by technology is the job of a librarian. Most of the job functions carried out by a librarian can now be carried out computers.

Technology rendering jobs obsolete increases the rate of structural unemployment. This unemployment occurs when the skill labour posses are no longer demanded for in the economy.

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Answer:

The low cost of foreign goods could cause manufacturing to be done overseas

Have you ever bought an item you didn't plan to? If yes, why do you think that happened?​

Answers

Answer:

Yes, I have absolutely no control when it comes to shopping.

Explanation:

Answer: Unreliable planning

Explanation: You were more focused on the things that are physically their, instead of what you put on your shopping list . Sometimes you will write a grocery list, but when you get their, you see so much better things. It can come out in a Bad way and a good way. The bad way is buying whatever you see their that you think looks good, the good way is sticking to your shopping list and if you see something that is better, and that you really need you should get it.

Say a certain service industry has 78. 9 thousand jobs in 2003, but expects to increase at an average annual rate of 2. 65 thousand jobs yearly from 2003 to 2013. If this holds true, what will be this industry’s percent increase from 2003 to 2013? a. 28% b. 30% c. 33% d. 40%.

Answers

Answer:

C. 33%

Explanation:

i just did it

Maurice is always on time to meetings and other company events. He has never missed a project deadline, and he is usually the first person people call when they
need help. Which attribute is Maurice displaying?
O Reliability
O Communication
O Problem solving
Teamwork

Answers

Answer:

Reliability, because if he is the one everyone calls in need of help than it would be considered reliable.

Answer:

A. Reliability

Explanation:

Its this answer because he is always on time to his meeting so his boos can rely on him. He has never missed a deadline so his clients can rely on him etc.

_____ _____ is a way to see if your product is meeting the needs of your customers. Fill in the blanks.

Answers

Answer: Solicit feedback

Explanation:

To know whether your customer is satisfied with the product or services by you, you need to reach them via internet , call support, or direct approach.A solicit feedback is the general way to check on the needs of your customer and get you updated about the structure, functioning and condition of your product or service.

Hence, the complete statement :

Solicit feedback is a way to see if your product is meeting the needs of your customers. Fill in the blanks.

Using information from knowing why outsourcing is the best, why does it appear that Apple outsources to China?

Answers

Apple outsources to China because it offers lower manufacturing costs and access to a large pool of skilled labor. China has a strong manufacturing infrastructure, with many factories and suppliers that can produce high-quality components at a lower cost than in many other countries. Additionally, China has a large and highly skilled workforce, which is capable of producing large volumes of products with high levels of precision and quality. By outsourcing to China, Apple is able to take advantage of these benefits, while also benefiting from the country's strong intellectual property protection laws, which help to safeguard Apple's proprietary technology and designs. Overall, outsourcing to China allows Apple to reduce manufacturing costs, increase production efficiency, and maintain high levels of quality, which can help to improve its competitiveness in the global market.

How could government – sponsored grants for the private development of new technologies result in a lower national debt?

Answers

Answer: Making initial development private saves the government from funding all of the research.

Explanation:

A grant refers to an amount of money that is financial assistance thats given by the government or an organization to an individual or firm for a specific purpose. A grant is different from a loan as it isn't meant to be paid back.

Government award grants for the development of technologies, community projects, home insulation etc.

With regards to the question, a government – sponsored grants for the private development of new technologies may result in a lower national debt when the government makes the initial development private thereby saving the government from funding all of the research.

Write three sentences.What is summer mainly about and what is your fav thing about summer time?

Answers

Is is what the top say your welcome

An and Bo are partnership together. They buy and renovate properties which they then rent out or sell to other people.

The business has been going for six years and is profitable. They want to expand the business to offer a maintenance And repairs service to both the private sector and public sector.

However, the partners do not have the capital needed for this expansion.

Bo’s sister, Jiao, has said that she is prepared to invest in the business in return for a share in the profits.

An and Bo are also considering changing the legal structure to a private limited company.

a. Identify two features of public sector organizations.

b. Identify two advantages and two disadvantages to An and Bo of being a partnership.

c. Explain two benefits to An and Bo of expanding their businesses.

d. Do you think the partners should become a private limited company? Justify your answer.

Answers

Together, An and Bo form a partnership. They invest in real estate and then refurbish it before renting or selling it to others. Following is the required information.

Give a brief account on partnership.

a. Two features of public sector organizations.

Government funding: The public authority provides funding for public projects. They either belong to the public authority, which has claimed them, or the public authority owns a bigger portion of them. In some attempts, private ventures are also permitted, but the public authority, in a sense, performs the dominant role.Government Management: The public authority is in charge of regulating public enterprises. The government has occasionally started businesses in its own areas of expertise. In many situations, the government selects someone to handle the endeavors. In fact, the public authority divisions directly and implicitly bind even independent bodies.

b. Two advantages of being in a partnership :

Bridging the Knowledge and Expertise Gap: By collaborating with someone, you may have access to a greater breadth of knowledge and expertise for many aspects of your organization. A solid partner might also contribute expertise and experience that you might be lacking, as well as complementing abilities that will aid in business expansion.More Money: A potential partner may inject additional funds into the company. The other individual might be more connected strategically than you are. This could assist your business in luring in new investors and raising further funds to expand. The correct company partner could also improve your capacity to obtain financing for business expansion.

Two disadvantages of being in a partnership :

Liabilities: A partnership involves shared business losses and responsibilities for all business related debts, even if they incurred by the other partner. These obligations are in addition to sharing revenues and assets. Your assets and personal money may suffer as a result. In essence, you might be held accountable for choices your partner takes regarding the company. This may be one of the most important things to take into account while weighing the benefits and drawbacks of a partnership.Loss of Autonomy: Although you probably like having complete control over your company, under a partnership, you would now share that control with a partner and make crucial choices together.

c. Two benefits to An and Bo of expanding their businesses :

capable of increasing sales and profitability.can access new markets or customers.

d. The partners shouldn't form a private limited business since partnerships have more benefits than private limited companies, including easier establishment and reduced costs.

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Which kind of protection does homeowners insurance offer? Check all that apply.

A. It protects a car against theft in the parking lot.
B. It covers damages to a home.
C. It protects a home against theft.
D. It protects against accidents or injuries.
E. It covers property lost outside of the home.

Answers

Answer:

2,3,4,5

Explanation:

Homeowner's insurance keeps the owner safe from house damages, theft, accidents or injuries or mishap, etc

What do you understand by homeowners insurance offer?

Property holder's insurance contracts frequently cover the inside and beyond a home, as well as the misfortune or robbery of individual possessions and individual risk for harm to other people.

The home insurance cover:

The actual cost of the house, replacement cost, and extended replacement cost/value. The feature of  home insurance are:

It covers house damages It protects against theftagainst accidents or injuries or mishapproperty lost inside and beyond/outside the house

Therefore options B, C, D, and E aptly describe the homeowner's insurance.

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Which is not an aspect of America's Free-Market Economy?

Lack of Incentive
Competition
Voluntary Exchange
Profit Motive

Answers

Answer:

Lack of Incentive

Explanation:

A free-market economy is controlled by the forces of demand and supply. The government or the central authority does not interfere with the economic activities in the country. The exchange of goods and services is on the basis of a willing seller and willing buyer.

Characteristics of a free-market are

Private ownership of property, including the factors of production.Freedom of choice: Entrepreneurs are free to start and run a business of their choice. Buyers are free to buy products and services of their preferences.Profit motivation:  Self-gain or profits is the main incentive for engaging in tradeCompetition: They are many sellers and a variety of products for consumers to select.Limited government participation.

What do you do in free time to help yourself be better person?​

Answers

I take my time to reflect on how I treat people. I meditate so that I can truly know how I feel.

B. Industria and Extractive Occupation can be grouped into Extractive, direct and indirect C Construction, Manufacturing D. Manufacturing, Commercial and direct​

Answers

Industrial and Extractive Occupation can be grouped into   option A. Extractive, direct, and indirect.

What is the Occupation  about?

Businesses and extractive occupations include the extraction of crude materials from nature. This incorporates businesses such as mining, oil and gas extraction, logging, as well as angling.

These businesses extract  assets from the environment and get ready them for assist handling or utilize in fabricating and other businesses. They are fundamental for giving the crude materials that back numerous other businesses and financial exercises.

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One of the core conceptual models we have considered this semester is Butler’s Destination Lifecycle. With reference to a tourism destination of your choice describe two reasons why it is sometimes difficult to determine a critical carrying capacity threshold.

Answers

However, the concept of carrying capacity is not always well defined or well understood. Some researchers define carrying capacity as the number of tourists that a destination can accommodate without causing environmental degradation,

One of the core conceptual models that are considered in tourism is Butler’s Destination Lifecycle. In relation to a tourism destination of your choice, there are two reasons why it is sometimes difficult to determine a critical carrying capacity threshold. These reasons are conceptual.The first reason is that carrying capacity is a conceptual term that is often difficult to determine. The carrying capacity of a destination depends on a range of factors such as the characteristics of the destination, the type of tourists that visit, and the tourist’s behavior. It is often difficult to determine the carrying capacity of a destination because of the complexity of these factors. The carrying capacity of a destination is not fixed; it can change over time due to changes in the destination’s environment.The second reason why it is sometimes difficult to determine a critical carrying capacity threshold is that carrying capacity is sometimes difficult to describe.

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Write a brief note on Axioms of interpersonal communication with example of real life business communication.

Answers

Answer:

axiom shows that everything one does is a message: "Activity or inactivity, words or silence all have message value: they influence others and these others, in turn, cannot not respond to these communications and are thus themselves communicating" (Watzlawick, Beavin, and Jackson, 1967, p. 1). This is true only however if the parties are "in the presence of another" (Watzlawick & Beavin, 1967, p. 4). This can cause problems in the relationship system though. For example, if one doesn’t want to communicate and inadvertently communicates this fact it may anger the other party. The appreciation for people who behave emotionally reserved verses who express their thoughts and feelings freely, may differ considerately between cultures. Insensitivity to these differences or the signals that people send, may hinder or undermine a smooth acculturation process considerately

Explanation:

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what is the difference between the turbo button and the victim button

Answers

turbo button: A button inside your head and heart. You press it any time you take action to improve your life or the life of others

turbo victim: A button inside your head and heart. You press it any time you give away the power you have to change your life

Write short notes on-:
a)Micro enterprises
b)cottage industry ​

Answers

Answer:

cottage industry is a small-scale, decentralized manufacturing business often operated out of a home rather than a purpose-built facility

Explanation:

rooney services company has 70 employees, 31 of whom are assigned to division a and 39 to division b. rooney incurred $420,700 of fringe benefits cost during year 2. required determine the amount of the fringe benefits cost to be allocated to division a and to division b.

Answers

A cost of $6010 per employee B a cost of $163310 $234390. Fringe benefits are any non-wage payments or benefits offered by employers to members of staff, such as public pensions, income schemes, overtime pay off.

including existence, medical, and income support training programmes.

Given that, the cost of perks and benefits over two years was $420,700, and 31 workers worked in division A.

39 personnel are employed in division B.

(a) Allocation rate: = Total cost to be assigned Cost driver = $420,700 70 = $6010 per employee.

(b) The cost allocated to A is calculated as follows: Division Allocation Rate Weight of Base (Number of Employees) = $ 6010 31 = $186310.

Cost allocated to B is calculated as follows: Division Allocation Rate Weight of Base (Number of Employees) = $6010 39 = $234390.

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The number and characteristics of sellers and buyers are known as _____.


market strategy

market research

market structure

market function

Answers

Answer:

The number and characteristics of sellers and buyers is called market structure.

Explanation:

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. If Bill performs plumbing upgrades for Alice in exchange for her incorporating hisbusiness, then their _________________________ will be satisfied.A. balance of tradeB. double coincidence of wantsC. convenience of exchangeD. division of labor

Answers

If Bill performs plumbing upgrades for Alice in exchange for her incorporating his business, then their C. double coincidence of wants will be satisfied.

What is meant by double coincidence of wants?

The double coincidence of wants is a situation in which two parties have goods or services that the other desires, allowing for a direct exchange without the use of money. In this scenario, Bill wants Alice to incorporate his business, and Alice wants plumbing upgrades. By exchanging these goods and services directly, without the use of money, they are satisfying the double coincidence of wants.

The other options listed are not applicable to this scenario.

The balance of trade refers to the difference between a country's exports and imports, and is not relevant to an individual exchange between two parties.

Convenience of exchange refers to the ease and speed with which goods and services can be traded, but does not apply in a barter scenario like this one.

Division of labor refers to the specialization of tasks that leads to increased productivity and efficiency in a society, but is not relevant to this specific exchange.

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Levallois tool technology was an important advancement over all previous tool manufacturing traditions (e.g. Oldowan or Acheulean) for the following reasons (might be more than one):1. Shift from production of core tools to blade tools 50%2.More efficient use of stone 50% (Feder in chapter 5 talks about Levallois tools, and I talk about them in video lecture 5.) The best organizational pattern for a persuasive message is to say what you want your readers to do right away and then use the rest of the message to support your point.true or false Jurgen is one of several middle managers sent to a training course on leadership skills. Through this effort, the organization is attempting: How can technology challenge a global problem such as food insecurity? The altitude of Mt. Everest is 884800cm. Find its height in meter Animal-like protists, which are heterotrophs and have the ability to move. Plant-like protists, which are autotrophs that photosynthesize. Does Hoose describe the black citizens Given that f 2 3f + 2 is integrable on [0,1], does this imply the integrability of f on [0,1]? Either prove, or give a cpunterexample. I will mark you brainliest Rosegardens Ltd. just commenced operations in the current period and believes an error [not classifying as an inventoriable cost ] has been made when classifying its costs into inventoriable vs non-inventoriable costs. Fortunately, the error only involved one cost item: the electricity cost of its head-office. Some of the company's inventory remained unsold at the end of the current year.Which of the following statements represents the most likely impact of this error on Rosegardens inventory balance in $ on its balance sheet at the end of the current period (compared to its inventory balance in $ on its balance sheet at the end of the current period if it did not make the error)?Group of answer choicesThe error will correct itself in the next periodNo error has been madeThe error has caused the inventory balance to be understated at the end of the current period.The error has caused the inventory balance to be overstated at the end of the current period Which of the following are not test of congruence ?A. SSSB. AASC. AASD. AAA The Harding Company manufactures skates. The company's income statement for 201 is as follows: a. Compute the degree of operating leverage. (Round your answer to 2 decimal places.) b. Compute the degree of financial leverage. (Round your answer to 2 decimal places.) c. Compute the degree of combined leverage. (Round your answer to 2 decimal places.) b. Compute the degree of financial leverage. (Round your answer to 2 decimal places.) c. Compute the degree of combined leverage. (Round your answer to 2 decimal places.) d. Compute the break-even point in units (number of skates). (Round your answer to the nearest whole number.) Drag each tile to the correct box.Study the map showing the percentage of people in different countries with the disease diabetes. Then arrange the countries in decreasing order of diabetes cases. Start with the country with the highest percentage of diabetic patients and end with the country containing the lowest percentage of such patients.United StatesAustraliaEnglandSaudi ArabiaAngola the mode of 5 numbers is 1 the median is 5 and mean is 4 find the numbers In a transportation company, what is the market segmentationthat can be implemented? Please help me with this question. Gerald Fords presidency was marked by If a $10.00 pizza is marked up by 10% twice, what will be the new price ofthe pizza? Mr. Rosas had $90 to purchase snacks for a school party. He bought 36 bags of chips and 36 bottles of juice. Each bag of chips cost $0.69, and each bottle of juice cost $1.20. How much money did Mr. Rosas have left after these purchases? Which system of equations has a solutions x=0,y=1?