78,250 will be the total of the journal entry that will be made of the Allied Merchandisers.
What is a journal entry?All budget management is documented in journal entries. Any trading performance that has an effect on the firm is a purchase, in the broadest sense.
3 May
Merchandise inventory $20,000
Cash $20,000
5 May
Accounts receivable – Macy Co. 21,000
Sales revenue 21,000
Cost of goods sold 15,000
Merchandise inventory 15,000
7 May
Sales return and allowance 1,750
Accounts receivable1,750
Merchandise inventory 1,250
Cost of goods sold 1,250
8 May
Sales return and allowance 300
Accounts receivable 300
15 May
Cash 18,571
Discount allowed 379
Accounts receivable 18,950
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The question is incomplete, Complete question is:
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.)
May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2∕10, n∕60. The goods cost Allied $15,000.
7 Macy returns 125 units because they did not fit the customer’s needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory.
8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage.
15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.
Please can you help in writting the summary on The merger of AB InBev and SABMiller
A quality food offering is critical to the future of circle k true or false
Answer: the answer is true
Explanation: Circle K is a fully owned subsidiary of Alimentation Couche-Tard. Couche-Tard is the industry leader in Canadian convenience stores. In terms of the number of company-operated locations, it is the largest independent convenience store operator in the United States. Couche-Tard is a market leader in the convenience store and road transportation gasoline retail in Scandinavia (Norway, Sweden, and Denmark), the Baltic nations (Estonia, Latvia, and Lithuania), and Ireland, and has a significant presence in Poland.
A quality food offering is critical to the future of Circle K.
Explanation:True. A quality food offering is indeed critical to the future of Circle K. As a convenience store chain, providing high-quality food options can attract more customers and drive sales. Circle K can offer a variety of fresh food items, snacks, and beverages to cater to different customer preferences.
For example, offering freshly prepared sandwiches, salads, and hot meals can position Circle K as a convenient place to grab a quick and satisfying meal. This can help differentiate Circle K from other convenience stores and fast-food chains, attracting more customers and enhancing their overall experience.
Incorporating healthier food options, such as fresh fruits and vegetables, can also align with evolving consumer preferences and wellness trends, allowing Circle K to tap into a growing market segment that values nutritious choices.
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A variable cost is:
The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 78,400 Accounts receivable 49,000 Supplies 3,700 Prepaid insurance 5,500 Land $ 10,000 Accounts payable 11,500 Common stock 100,000 Retained earnings 34,255 Dividends 9,900 Service revenue 93,000 Rent expense 11,500 Salaries expense 35,300 Operating expense 36,200 Totals $ 229,500 $ 248,755 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $655 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $1,030. 2. A $1,850 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $370 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. 4. Land valued at $10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,000 credit to both the Land account and the Common Stock account. 5. A $1,450 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $1,450. Required Prepare a corrected trial balance for Ricardo Company.
To prepare a corrected trial balance for Ricardo Company, we need to make adjustments for the errors found in the original trial balance.
Here are the adjustments that need to be made:
Cash should be debited for $655 instead of $1,030, so we need to subtract $375 from the debit side of the Cash account.
Accounts receivable should be credited for $1,850, so we need to add $1,850 to the credit side of the Accounts Receivable account.
Accounts payable should be credited for $370, so we need to add $370 to the credit side of the Accounts Payable account.
The transaction involving Land and Common Stock needs to be corrected. We need to debit the Common Stock account for $100,000 (the value of the stock issued) and credit the Land account for $10,000 (the value of the land contributed).
Salaries Expense was debited for $1,450 instead of Rent Expense, so we need to subtract $1,450 from the debit side of the Salaries Expense account and add $1,450 to the debit side of the Rent Expense account.
After making these adjustments, the corrected trial balance for Ricardo Company would be:
RICARDO COMPANY Corrected Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 78,025 Accounts receivable 50,850 Supplies 3,700 Prepaid insurance 5,500 Land 10,000 Accounts payable 11,870 Common stock 100,000 Retained earnings 34,255 Dividends 9,900 Service revenue 93,000 Rent expense 12,950 Salaries expense 33,850 Operating expense 36,200 Totals $ 235,525 $ 235,525
We can see that the total debits now equal the total credits, and the trial balance balances.
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Perry deposited $940 into a savings accoutnt with 1.4% simple interest. How much
interest should he have after 10 years?
What should the total be in the account after this time, assuming he does not touch
this account until the 10 years are up?
Blank 1
Blank 2
Answer:
After 10 years, Perry would have earned $130.96 in interest, and the total amount in the account would be $1070.96.
Explanation:
Determine the principal amount: The amount deposited into the savings account is $940.
Determine the interest rate: The interest rate is 1.4%, which can be expressed as a decimal by dividing by 100: 0.014.
Determine the time: The time period is 10 years.
Calculate the interest: Using the formula for simple interest:
Interest = Principal x Rate x Time
Plug in the values we have determined:
Interest = $940 x 0.014 x 10 = $130.96
Calculate the total amount in the account: The total amount in the account is the sum of the principal and the interest earned:
Total = Principal + Interest = $940 + $130.96 = $1070.96
So, after 10 years, Perry would have earned $130.96 in interest, and the total amount in the account would be $1070.96.
Problem 20-39 (Algo) CU, Incorporated (CUI), produces copper contacts that it uses in switches and relays, CUI needs to determine the order quantity, Q, to meet the annual demand at the lowest cost. The price of copper depends on the quantity ordered. Here are price-break and other data for the problem: Price of copper $ 0.84 per pound up to 2,999 pounds 0.83 per pound for orders between 3,000 and 5,999 pounds 0.81 per pound for orders 6,000 pounds or greater 47,000 pounds per year 30 percent per unit per year of the price of the copper $ 30 Annual demand Holding cost Ordering cost Which quantity should be ordered? Quantity pounds
The optimal order quantity of CUI is 3,345.21 pounds, and the total cost to meet the annual demand at the lowest cost is $1,410,832.95.
The economic order quantity (EOQ) formula may be used to find the order quantity that will satisfy the yearly demand at the cheapest price. It goes like this: EOQ = √((2 × Annual demand × Ordering cost) ÷ Holding cost)
When the annual demand is 47,000 pounds, the ordering cost is $30, and the holding cost is 30% of the copper price per unit each year
At each price break, we may use the following ranges to get the copper price:
as much as 2,999 pounds: 0.84 cents per pound
3,001 to 5,999 pounds 0.83 cents per pound
more than 6,000 pounds: At $0.81 per pound
By using the EOQ formula to get the total cost for each price break, we can determine the ideal order quantity. The best amount to order is the one that has the lowest overall cost.
EOQ = √((2 × 47,000 × 30) ÷ (0.3 × 0.84))
∴ EOQ = 3,345.21 pounds
We will utilize the pricing of $0.83 per pound because the ideal order amount is between 3,000 and 5,999 pounds. As a result, the final price for the ideal order quantity is:
Total cost = (Annual demand × Ordering cost) + (Holding cost × EOQ × Price of copper)
Total cost = (47,000 × 30) + (0.3 × 3,345.21 × 0.83)
Total cost = $1,410,000 + $832.95
∴, Total cost = $1,410,832.95
∴ , The ideal order size is 3,345.21 pounds, and it would cost $1,410,832.95 to fulfill the annual demand at this size.
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1. What are some of the challenges you might encounter if you get equity financing
from friends and/or family members?
Because investors run the danger of offering more that company are bear to lose or of demanding a refund when it benefits individuals but again not their company.
What is equity financing?The practice of obtaining money through the selling of stock is known as equity financing. Companies fundraise either because they can have an immediate need to make payments or a protracted initiative that would help them expand needs funding.
Inappropriately, they might also wish to become more involved with the company. The business succeeds and thus becomes prosperous, a portion of those profits should also be distributed to shareholders as a form of payouts.
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Ford wanted to break into the electric vehicle (EV) marketplace. At that time, economic value was more highly prized than form and function. Therefore, Ford chose not to compete with the other brands and targeted the high-end market for electric vehicles. Which base did Ford use to position itself in the market?
a.Attribute
b.Emotion
c.Product
d.user
e.Competitor
Ford positioned themselves in the market using the attribute as a base.
With a high-end sports car, did Tesla hope to gain traction in the electric vehicle market?With a high-end sports car, Tesla hoped to enter the electric vehicle (EV) market. Form and function were not as highly valued at that time as economic worth. Tesla decided to focus on the luxury electric vehicle market rather than competing with the successful luxury hybrids from other automakers.
Which strategy to determining a target market would most likely be employed by general motors in selling its cars and trucks?Undifferentiated marketing may be a fantastic method to sell things with higher price points, as well — like cars and trucks — and General Motors is an ace at it. The core of General Motors' brand strategy is producing reliable, safe vehicles that are suitable for everyone.
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As a result of 5G networks and edge computing, there will be an increasing
number of different internet-connected devices with specialized functions.
Which term is used to describe this?
The term used to describe this is the "Internet of Things" (IoT).
What is the Internet of Things?The Internet of Things refers to the network of physical devices, vehicles, appliances, and other items embedded with sensors, software, and connectivity which enables them to connect and exchange data with other devices and systems over the internet.
With the advancements in 5G networks and edge computing, it is expected that the number of IoT devices will continue to grow, allowing for greater interconnectivity and efficiency in various industries and applications.
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1. The responsibilities of the U.S. Federal Reserve System include ________.
overseeing the banking system and regulating the quantity of money in the economy
setting the level of real interest rates
working with Congress to devise a financial plan for the country and execute the President's orders
calculating and reporting the unemployment rate
2. To increase the supply of money when the economy is weak, the Fed ________.
closes banks
reduces inflation
sells bonds
buys bonds
3. The federal funds rate is the short-term interest rate that ________.
banks charge their best customers when borrowing
banks earn on savings accounts with the Fed
banks charge each other when borrowing or lending to each other
the Fed charges banks when borrowing
4. When the Fed increases the money supply and consequently lowers interest rates, the value of the dollar ________.
will rise by more in the market for foreign exchange, all else equal
will fall, all else equal
is not impacted by Fed policy
will rise, all else equal
The U.S. Federal Reserve System's duties include regulating the amount of money in the economy and supervising the banking sector.
What is the purpose of the Federal Reserve System?The central bank of the United States is the Federal Reserve System, also known as the Federal Reserve or simply "the Fed." It was established by the Congress to give the country a more secure, adaptable, and stable financial and monetary system. By buying assets on the open market and adding the matching cash to the bank deposits of commercial banks, the Fed produces money. The Fed modifies the money supply and other interest rates using the federal funds rate. To better understand the effects of financial services laws and practices on customers and communities, the Federal Reserve promotes supervision, public reinvestment, and research.
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What are the three system inhibitors that make it complicated to match supply with demand while also making a profit?
The three system inhibitors that make it complicated to match supply with demand while also making a profit are:
Variability: The inherent variation in the demand for goods and services, as well as in the production process, can make it challenging to match supply and demand.Uncertainty: The unpredictability of demand, supply, and other market factors can create uncertainty, which can make it challenging to plan and execute effective supply chain operations.Complexity: The complexity of modern supply chains, including the number of suppliers, the complexity of the production process, and the diversity of distribution channels, can create challenges in matching supply with demand while also maintaining profitability.To learn more about system inhibitors please click on below link'
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A firm purchased copper pipes a few years ago at $10 per pipe and stored them, using them only as the need arises. Currently, the price of the pipes in the resale market is $8 per pipe. What is the opportunity cost of storing each pipe and what is the sunk cost per pipe of the purchase?
The opportunity cost of the firm is $8 per pipe and the sunk cost is $2 per pipe. The expense with the greatest alternatives is the opportunity cost. Sunk costs are expenses that were incurred in the past but cannot be recovered now.
What are sunk cost and opportunity cost examples?When you choose between possibilities, you forfeit opportunity cost. The best option should always be chosen in order to reduce opportunity costs. Contrarily, a sunk cost is an expense that has already been paid. The potential gain that a person or an organization forgoes by selecting one option over another is known as opportunity cost.
For instance, a sunk cost of $10,000 might be incurred by purchasing 1,000 shares of firm A at $10 each. This is the sum of money invested, and selling shares is the only way to recover it. Instead, the potential cost examines how that $10,000 may have been better spent.
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Read the discussion prompt and carefully write your response.
Remember: You need to answer the prompt in full to receive. You need to have at least five complete sentences.
You need to use proper grammar, capitalization, and punctuation.
Discussion Prompt:
Marissa has recently accepted a job as a transcriptionist that will require several hours of typing a day. What are two pieces of advice you would give her to make sure her workstation is set up ergonomically?
Answer:
Marissa's job as a transcriptionist will require her to spend several hours typing every day, so it is important that her workstation is set up ergonomically to reduce the risk of repetitive strain injury. Here are two pieces of advice I would give her:
Adjust her chair and desk height: The first step in setting up an ergonomic workstation is to adjust the height of Marissa's chair and desk so that her elbows are at a 90-degree angle when typing and her wrists are straight. This will help her avoid discomfort and reduce the risk of wrist and arm injuries.
Invest in a good keyboard and mouse: Another important aspect of an ergonomic workstation is having a good keyboard and mouse. Marissa should look for a keyboard with a split design and a wrist rest, as well as a mouse that supports her hand in a neutral position. These tools will help reduce strain on her hands, wrists, and arms and make typing more comfortable.
By following these two pieces of advice, Marissa can help ensure that her workstation is set up ergonomically and reduce the risk of repetitive strain injury. This will allow her to work comfortably and efficiently for many hours a day.
()=2+5+100 billion Birr t-years after 1995
a) At what rate was GNP changing with respect to time in 2005? (4 points)
b) At what percentage rate was the GNP changing with respect to time in 2005
The gross national product (GNP) is an estimation of the total worth of all finished goods and services produced over a specific time period using resources owned by the citizens of a nation.
Commonly, the gross national product (GNP) is determined by adding up all domestic private investment, domestic government spending, net exports, and any resident income from overseas investments, then deducting foreign resident income. The difference between a country's exports and any imports of goods and services is what is known as net exports.
Gross domestic product (GDP), a crucial economic indicator that accounts for all output produced inside a nation's boundaries regardless of who owns the production equipment, is related to the gross national product (GNP).
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An advantage of the Herfindahl- Hirschman Index (HHI) over the N firm concentration ratio as a summary measure of the market structure of an industry is that the HHI is more sensetive to
Changes in the market share of smaller firms. The HHI takes into account the market share of all firms in an industry, not just the top N firms, making it a more comprehensive measure of market concentration.
How does the HHI account for variations in market power among firms within an industry?The HHI takes into account the market share of each individual firm in an industry, whereas the N firm concentration ratio only considers the market share of the top N firms. This means that the HHI is more sensitive to differences in market power among firms. The HHI calculates the sum of the squared market shares of all firms in the industry, resulting in a higher score for industries with a smaller number of dominant firms and a lower score for industries with a more evenly distributed market share. This enables a more nuanced assessment of market power and competition within an industry.
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Of the 6,000 settlers who migrated to Virginia since the founding of the first permanent settlement in 1607, nearly ________ had died by 1623.a. 6000
b. 4000
c. 200
d. 3900
Option b: 4000. Of the 6,000 settlers who migrated to Virginia since the founding of the first permanent settlement in 1607, nearly 4000 had died by 1623.
Of the 6,000 immigrants who came to Virginia since Jamestown was founded in 1607, about 4,000 died by 1623. A number of circumstances, including indigenous peoples and substandard living conditions, contributed to the high mortality rate.
Human migration is the movement of people from one place to another with the intention of permanently or temporarily settling in a new location (geographic region).
Travel is often long-distance, moving from one country to another (international travel), but domestic travel (intra-national) is also possible. In fact, this is the main form of human migration around the world/global.
Migration is often associated with better human capital at both individual and household levels, and with better access to migration networks, facilitating potential second movements. .
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To close a recessionary gap, the Fed ______ interest rates which ______ planned aggregate spending and ______ short-run equilibrium output.
To close a recessionary gap, the Fed typically decreases interest rates, which increases planned aggregate spending and raises short-run equilibrium output.
When the economy is in a recessionary gap, it means that the actual output of the economy is below its potential output, resulting in high unemployment rates and low economic growth. By decreasing interest rates, the Fed aims to encourage borrowing and investment, which increases spending on goods and services, and boosts aggregate demand. As aggregate demand increases, businesses will respond by increasing production, which will raise short-run equilibrium output and lead to an increase in employment. This increase in output and employment will eventually lead to higher economic growth, and the economy will move closer to its potential output. It's worth noting that the effectiveness of monetary policy in closing a recessionary gap depends on a variety of factors, including the responsiveness of consumers and businesses to changes in interest rates and the extent to which the economy is suffering from supply-side constraints. Additionally, in some cases, other policy tools like fiscal policy may also be necessary to address a recessionary gap.
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Which of these would NOT be a valid reason to add the waiver of premium rider to a life insurance policy?
a.Allows a policyowner to take out a policy loan to cover premium payments in the event of total disability
b. A policyowner is permitted to take out a policy loan on a whole life policy
B. A policyowner being permitted to take out a policy loan on a whole life policy would not be a valid reason to add the waiver of premium rider to a life insurance policy.
The waiver of premium rider is designed to waive premium payments on a life insurance policy if the policyholder becomes totally disabled and is unable to work, thereby protecting the policy from lapsing due to non-payment of premiums.
While a policy loan may be used to cover premium payments, it is not directly related to the purpose of the waiver of premium rider.
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Top 3 tips for selling a home
The top 3 tips for selling a home include:
Pricing it right Staging your house Marketing the houseHow can you sell a home ?One of the most important factors in selling a home is setting a fair and competitive asking price. Pricing your home too high can turn away potential buyers, while pricing it too low can leave money on the table.
Staging is the process of preparing your home to appeal to potential buyers. Marketing your home is key to attracting potential buyers. Work with your real estate agent to create a marketing plan that includes listing your home on popular real estate websites, holding open houses, and creating high-quality photos and videos.
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for a public works project, changes may not be made to any of the documents during which of the following phases?
a.after bid opening, but before award of the contract
b.before opening of bids, but after advertising for bids.
c.after bid opening, but before signing of the agreement
d.after award of the contarct, but before signing the agreement
The correct option is Option D
For a public works project, changes may not be made to any of the documents during which of the following phases - after award of the contract, but before signing the agreement.
Changes to any of the documentation for a public works project are not permitted throughout the phases before opening bids (Phase B), after bid opening but before contract award (Phase A), and after bid opening but before agreement signing (Phase C). The documentation cannot be changed after the contract is awarded but before the agreement is signed (Phase D). Bidders must submit their proposals by the deadline specified in the Advertisement for Bids, and no changes, withdrawals, or cancellations can be made after this date unless the university agrees.
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You decided to take advantage of the Black Friday deals and buy kitchen cabinets at Home Depot. You will be paying for the cabinets with a Home Depot consumer loan in the amount $5,630. To pay off the loan you will be required to make monthly payments for 7 years. The loan interest rate is 8 percent per year. Calculate the amount of each payment.
The amount of loan payment is given as $87.29
How to solve for the loanTo calculate the monthly payment amount for a loan, you can use the following formula:
Payment = (Interest rate / 12) * Principal / (1 - (1 + Interest rate / 12)^(-12 * Number of years))
Using this formula, the monthly payment for your Home Depot consumer loan would be as follows:
Payment = (0.08 / 12) * 5630 / (1 - (1 + 0.08 / 12)^(-12 * 7))
Payment = $87.29
So you would need to pay $87.29 each month for 7 years in order to pay off the loan in full.
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In each of the following instances, supply whether demand is elastic, inelastic, or unit-elastic.
a. If price increases by 10 percent and quantity supplied increases by 15 percent, supply is
b. If price decreases by 10 percent and quantity supplied decreases by 5 percent, supply is
a. Elastic.
b. Inelastic.The quantity of a good that consumers are willing and able to buy at different prices during a specific time is known as demand in economics.
The demand curve is another name for the relationship between price and quantity demand.More citations are required to support this section's claims.Several elements and situations influence a consumer's willingness or ability to purchase a good. Among the common elements are:The demand curve in economics is a visual representation of the relationship between price and the quantity that consumers are willing to purchase. The curve shows how a good or service's cost changes as demand increases. Each point on the curve's amount of consumer demand and corresponding market price are related. In the graph, the law of demand is demonstrated, showing that consumers would buy less of a good or service if the price rises and vice versa. Kotler lists the following eight possible demand states:Customers who pay to avoid a product they don't like are said to have negative demand.
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5 LAST WORD a. Price ceilings during a hyperinflation are problematic because O the excess money supply makes prices too high. O consumers don't like the goods that producers are offering for sale. O many government officials will become corrupt. many producers will go out of business because the costs of production will soon exceed the legal selling price. b. A Venezuelan-style economic collapse would be less likely in a mixed economy like the United States because Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. inflation is always low in a mixed economy. ? corruption is less likely when economic power is more diffused. private industry has strong financial incentives to produce efficiently. 1 mixed economies like the United States usually have a more equal distribution of income.
Price ceilings during a hyperinflation are problematic because many producers will go out of business because the costs of production will soon exceed the legal selling price. Thus, the correct option is 1(D), 2(A,C).
What do you mean by Price ceilings?A price ceiling prevents a price from increasing over a predetermined level, or the "ceiling". A price floor prevents a price from dropping below the "floor" level.
Maximum price ceilings are upper limits placed on product prices by the government.
A price cap results in deadweight loss, which is an unproductive result. Even if deadweight loss occurs, the government sets a price cap to safeguard consumers.
Therefore, for both the statements are:
Price ceilings during a hyperinflation are problematic because many producers will go out of business because the costs of production will soon exceed the legal selling price.A Venezuelan-style economic collapse would be less likely in a mixed economy like the United States because inflation is always low in a mixed economy, private industry has strong financial incentives to produce efficiently.To know more about the Price ceilings, visit:
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Beverlyn, however takes 10% of all her earning and give it to worthy causes, this is called?
Answer:
Donations, no?
Explanation:
Suppose there are five suppliers of ice cream in the town of Summerville. When the price of ice cream is $2 per scoop, Firm A is willing to sell 20 scoops, Firm B is willing to sell 50 scoops, Firm C is willing to sell 35 scoops, Firm D is willing to sell 100 scoops, and Firm E is willing to sell 40 scoops. From this information we can conclude that
According to this information, each business is prepared to provide the amount of ice cream shown below for $2 for each scoop: The following companies are each willing to offer 20, 50, 35, 100, and 40 scoops, respectively: firms A, B, C, D, and E.
We can also conclude that the total quantity of ice cream that all five firms are willing to supply at a price of $2 per scoop is 245 scoops (20 + 50 + 35 + 100 + 40). This information can be used to determine the market supply of ice cream in Summerville at a price of $2 per scoop, which is the sum of the individual quantities supplied by each firm. In this case, the market supply of ice cream is 245 scoops.
Along with helping to calculate the equilibrium price and quantity in the ice cream market, this information may also be used to study how different enterprises respond to price changes.
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Which of the following can directly be determined from a production possibilities curve? Select all that apply: (Select all that apply.) a. how much less of one output must be produced if more of another output is produced b. what combination of outputs is best c. what combinations of outputs can be produced with the available resources d. how much output can be produced if some of the resources are left unused.
(C) what combinations of products can be produced with the available resources can be determined directly from a production possibilities curve.
A production possibilities curve in economics measures the maximum production of two goods using a fixed amount of input.The input is any combination of the four factors of production, natural resources, including labor on the land, capital goods,and entrepreneurship.A production possibilities curve (PPC) shows the maximum amount of one good that can be produced given a level of production of another good, and given the total amount of inputs available for the production of both goods, and given the production technology PPP is concave in shape because more and more units of one commodity are sacrificed to obtain one additional unit of another commodity.Factors of production are resources that are the building blocks of the economy,they are what people use to produce goods and services.
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Application: Elasticity and hotel rooms The following graph input tool shows the daily demand for hotel rooms at the Peacock Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial de curve, are shown in the following table and alongside the graph input too Initial value Demand Factor Average American household income $50,000 per year round trip airfare from San Francisco (sFo) to Las Vegas (LAS) $100 per round trip Room rate at the Grandiose Hotel and Casino, which is near the Peacock $250 per night Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Peacock's Hotel Rooms 500 450 Price 200 (Dollars per room) 400 Quantity 300 Demanded 350 (Hotel rooms per night) 300 250 Demand Factors 200 150 Average Income 50 Demand (Thousands of 100 dollars) Airfare from SFO to 50 100 (Dollars per round trip) 0 50 100 150 200 250 300 350 400 450 500 Room Rate at QUANTITY (Hotel rooms) 250 Grandiose (Dollars per night) For each of the following scenarios, begin by assuming that all demand factors are set to their original values and that Peacock is charging $200 per room per night.
The initial equilibrium amount of hotel rooms required at the Peacock Hotel and Casino is around 300 rooms per night at a cost of $200 per room, according to the graph input tool, the starting demand parameters, and the room rate.
What is equilibrium?A condition of equilibrium is one in which the forces of supply and demand are in balance and neither prices nor quantities have a tendency to fluctuate. In a market economy, equilibrium is when the amount of an item or service that customers are willing and able to purchase equals the quantity that producers are willing and able to offer at a specific price. There is neither an excessive supply nor an excessive demand in an equilibrium market, and the only factor affecting price and quantity is how buyers and sellers interact. Because it explains how markets operate and how prices are decided, equilibrium is a key idea in economics.
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Determine the upper limit of deviation for each of the controls. Show the solutions and explain whether each control should be deemed effective or not using the attributes sampling method
The upper limit for the first one is 3%.
How to explain the informationSince the control calls for credit approval to be noted on the customer orders, there are five deviations (the auditor must conclude there was no credit approval for the two sales for which no customer order could be found). The upper limit is 10.3%.
For 3, the The upper limit is 7.6%. fFor 4, the upper limit is 9%. For 5, The upper limit is 3%. For 6, the upper limit is 6.2%.
There are 6 deviations and for 7 ,the upper limit is 11.5%.
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Assume that you are using attributes sampling to test a control activity related to the revenue cycle at the Packet Corporation, a public company. You will use the sample results to support your control risk assessment and plan the nature of substantive auditing procedures to evaluate the fairness of revenue account balance. You have decided to test the following controls and have set the risk of overreliance at 5%, the tolerable deviation rate at 5%, and the expected deviation rate at 1%. A sample size of 100 is used. The results of your testing are as indicated here.
You learn that you can buy a used robot for $25,000. The robot can replace two people doing assembly work that are paid $19 per hour. About how long would it take for the robot to pay for itself in labor savings?.
Boxplots that are used to compare subgroups within the data are a type of frequency distribution method for visualizing data relationships.True or False
A form of frequency distribution approach for displaying data relationships is the use of boxplots to compare subgroups within the data. This statement is false.
Boxplots, also known as box-and-whisker plots, are used to display the distribution of a dataset through their quartiles, median, and outliers. They do not show the frequency of data points in each subgroup, nor are they specifically designed to visualize data relationships between subgroups.
There are several other types of frequency distribution methods for visualizing data relationships, such as histograms, bar charts, and pie charts. Histograms use intervals to group data points and plot the frequency of each interval, while bar charts and pie charts show the proportion of data points in each subgroup or category.
Overall, the choice of visualization method depends on the type of data, the research question, and the most effective way to convey the information to the audience.
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