Consumer surplus is the difference between the highest price a consumer is willing to pay for a product and the price paid.
A consumer is someone or a group who intends to order, orders, or uses purchased goods, products, or services basically for private, social, family, household and comparable desires, not at once related to entrepreneurial or business sports.
Any individual who purchases services or products for his non-public use and no longer for manufacturing or resale is called a purchaser. A customer is one who's the selection-maker whether or now not to buy an object at the store or a person who is stimulated by using advertisement and advertising
Purchasers represent the top trophic levels. unlike manufacturers, they cannot make their own meals.
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What is a collaborative website that allows users to add, remove, and change content?
Wiki may be a collaborative website that allows users to add, remove, and alter content.
What are collaborative websites?
A collaborative website may be a website that implements the principle of user collaboration, which incorporates the ability to provide input, access common files and otherwise work collaboratively on the online .
Is a collaborative website where users can publish and modify content on a webpage?
Wikipedia may be a collaborative website where a team of people can publish or modify content on a webpage. it's advised to fully charge the battery of a laptop before using it the first time. Wolfram Alpha is an example of an enquiry tool that can help you solve factual questions to help complete homework.
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Suppose again that furniture production is more capital-intensive relative to clothing production, which is more labor-intensive. If the relative price of furniture to clothing rises, this will.
Suppose again that furniture production is more capital-intensive relative to clothing production, which is more labour intensive. If the relative price of furniture to clothing rises, this will raise the income of capital owners
Along with raw materials, labour and capital are the two main agents of production. Even the resources of the planet cannot be used without labour, which is the main agent in satisfying human needs. Despite being indispensable, labour is comparatively unable to provide the necessities of a civilised existence without the help of capital. Labour needs supplies to work with, as well as accommodation, equipment, technology, and other productive tools, in order to produce successfully. These all require capital, which is a collection of prior earnings. It follows that whereas labour cannot advance past a condition of barbarism without capital, capital cannot function without labour.
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E. if the debit column total of the trial balance is $166,950 before correcting the error, what is the total of the credit column before correction?
The total of the credit column before correction is $304950.
The trial balance is a list of all the general ledger accounts contained in the general ledger of the company. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will have either a debit balance or a credit balance.
Trial Balance is an accounting spreadsheet where the balances of all ledgers are aggregated into equal totals of debit and credit account columns.
Accounts Payable posting which needs to be posted correctly as credit with an amount of $ 16050 instead of that accounts payable is posted with a debit of $ 16050. This has resulted in a double impact on the debit balance with an amount of $32100 (16050*2).
So, the total of the credit column before correction
= $337050-$32100
=$304950
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The revenue for a firm is $2,500,000. its cost of revenue is $850,000, and its average inventory for the year is $62,000. (round your answer to the nearest 0.00.) the firm's inventory turnover is:____.
The inventory turnover ratio is 13.71
The inventory turnover is a measure of the variety of instances inventory is sold or used in a time period which includes a year. it is calculated to look if a commercial enterprise has an immoderate stock in contrast to its income degree.
Inventory turnover is the charge that inventory is sold, used, and replaced. The stock turnover ratio is calculated by dividing the price of goods by way of the common inventory for the identical period. A better ratio tends to point to strong income and a lower one too vulnerable income. an awesome inventory turnover ratio is between 5 and 10 for maximum industries, which suggests that you sell and restock your inventory each 1-2 months. This ratio moves great stability among having sufficient stock reachable and no longer having to reorder too frequently.
Inventory turnover ratio
= cost of goods sold / average inventory
= $ 850,000/$62000
= 13.71
∴ The inventory turnover ratio is 13.71
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Usd 1 = myr 4.05 (malaysian ringgit) usd 1 = jpy 103.78 (japanese yen) what is the exchange rate between the jpy and the myr?
Exchange rate between the JPY and the MYR = 4.05 / 103.78 = 0.0390
JPY 1 = 0.0390 MYR.
Kuala Lumpur DBS Group Research ranked the Malaysian ringgit as the cheapest currency in a basket of Asian currencies excluding Japan, followed by the Indonesian rupiah and the Chinese yuan. Malaysians travel to Japan now. The current answer is no, but Japan has announced that it plans to open its borders to tourists as early as June 2022.
OANDA's currency converter allows you to see the latest average bid/ask rates for foreign exchange and convert between all major world currencies. OANDA Rates are exchange rates collected from leading market data providers. If the receipt is $5000 and the exchange rate is $1.5000, Euro, then share. You will receive 3333.33 euros. This is because for 1 euro he gets $1.5000.
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Suppose it costs $50 to roll a pair of dice. you get paid 7 dollars times the sum of the numbers that appear on the dice. what is the expected payoff of the game? is it a fair game?
Expected Payoff will be 49 and it is not a fair game.
Let X = Payoff on the game
X = Y - 50
where, Y = Gain during the game
Therefore, Expected Payoff = E(X) = E(Y) - 50
E(Y) = ?
E(Y) = ∑yPr {Y=y}
E(Y) = (14 x 1/36) + (21 x 2/36) + (28 x 3/36) + (35 x 4/36) + (42 x 5/36) + (49 x 6/36) + (56 x 5/36) + (63 x 4/36) + (70 x 3/36) + (77 x 2/36) + (84 x 1/36)
= 882/18
= 49
Therefore, Expected Payoff = E(X) = 49 - 50 = (-1)
Expected Value = (-1) < 0
An event's expected value is calculated by dividing its likelihood by the number of times it will occur. By dividing the likelihood of each event by the amount of money earned or lost, you may determine the expected value of money made when expected value problems involve money. Each possible result must have an equal chance of occurring, or the expected value must be zero, for a game to be fair.
Therefore, it clearly states that it's not a fair game.
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To be cognitively flexible requires flexibility, but if the firm keeps changing based on minor changes in the market, the buyers will become confused. is adaptation always a good thing?
The effectively thinking process helps entrepreneurs to make their decisions in uncertain or adverse environments. When entrepreneurs deal with such uncertainty, they must remain flexible in the way that they think and in their actions. Entrepreneurs can keep the process of awareness of their thought processes and what they're doing for the purpose of greater development and greater cognitive adaptability.
As per the definition of traditional Entrepreneurship, it is the process of designing the structure of the organization, launching and running a new business, which basically starts as a small business, such as a start-up company, offering their product, keeps going through their process or service for sale or hire, and the people who do the entire activity are called 'entrepreneurs.
When an entrepreneur keeps their steps after thinking hundred times then it means the chances of doing a mistake are less. it's better to take the right decision late rather than take a decision without any judgment and in hurry. In every business organization, there is the involvement of risk and uncertainty so when entrepreneur think every time before taking any kind of wrong decision it will help them to protect themselves from any types of uncertainty and give protection from facing loss. Cognitive flexibility always allows one to entrepreneur analyze a situation and come up with alternative plans to meet organizational goals or requirements. The flexible thinking process is one of the ability to judge things from different perspectives and find alternative approaches to the challenges and changes that businesses can face in near future. When an entrepreneur takes all the decisions after taking so many precautions analyzes all the uncertainties so in this regard getting success is easy, not difficult.
The importance of adapting to change in the business organization, the decision should be taken by owners. They must know about what changes need to happen so that they can continue providing a great experience for their consumers. The benefits of change in business can be seen in every situation like how technology is adopted by most of them and with the help of social media how a company can create its customer base.
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What if dohini manufacturing wants to estimate purchasing cost for the coming year and expects 5,340 purchase orders? what will estimated total purchasing cost be?
Total Purchasing Costs for the next Month: $14,580 + $8.81 * 420 + $20.37 * 45 = $14,580
Total Purchasing Costs for the following month are $14,580 plus $3,700.20 plus $916.65.
Total Purchasing Costs for the following month: $19,196.85
Cost Equation: A cost equation is a mathematical formula that a company can use to calculate the expenses associated with producing and selling a certain quantity of goods. Depending on the volume of sales, both fixed and variable expenses are typically included in the formula.
The financial value of the goods and services that producers and consumers purchase is commonly understood to be cost. The assessment of the substitute opportunities forgone in choosing one good or pursuit over another, according to the fundamental economic discernment, is the cost price.
The opportunity cost is a common term used to describe such a basic expense. Customers with steady incomes (fixed incomes) do not consider the opportunity cost of purchasing a new household item, such as the cost of a trip.
Cost pricing often correlates the value of inputs used in production with the level of output. Total cost price, or TC price, is defined as the sum of all expenses incurred to produce a specific level of output.
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If the yield to maturity on a bond increases, what will happen to the bond's capital gains yield?
When the yield to maturity on a bond increases, the price of the bond decreases. The profit made on the sale of an asset whose value has improved throughout the holding term is known as capital gain.
What is meant by Bond?
A bond is a sort of security used in finance where the issuer owes the holder a debt and is required, depending on the terms, to repay the principal and interest on the bond at the maturity date. In exchange for regular interest payments, a bondholder loans money to a business or the government for a predetermined length of time. When the bond matures, the bond's issuer pays the investor their money back.
The profit made on the sale of an asset whose value has improved throughout the holding term is known as capital gain in economics. A car, a business, or tangible or intangible property like shares are all examples of assets. The fact that long-term capital gains are subject to reduced capital gains tax rates is one advantage of these gains. Holding assets for a longer time period is thus one of the strategies to lower the tax that is due.
Hence, When the yield to maturity on a bond increases, the price of the bond decreases.
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Given a discount rate of 4.9 percent per year, what is the value at year 5 of a perpetual stream of $3,300 annual payments that begins at year 10?
The value of a permanent stream of $3,300 monthly payments that starts at year 10 at a discount rate of 4.9 percent per year? The answer to the question is 55618.07.
In order to calculate the value, we must first determine the PMT, which is displayed below:
= Payment ÷ Interest rate
= 3300 ÷ 4.9%
= 67346.9387755
Now the value at year 5 would be
= PMT + [tex](1 + interest rate)^{number of years}[/tex]
= 67346.9387755 ÷ [tex](1 + 4.9)^{5}[/tex]
= 55618.07
What is Annual payment?
The total amount of money you make from a job each year is your annual pay. Typically, this amount is determined per calendar year, which includes the months of January through December. And alternative is for a business to use the financial or fiscal year, which can run from October to September and is used for accounting and tax purposes. Your yearly income will be prorated if you start a job later in the year, which means that it will be lowered in proportion to the months that you actually worked.A corporation will pay you a yearly wage in exchange for the work you complete throughout the year.To know more about Annual payment example visit:
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Which actor in the simplified circular flow model is on the supply side of the factor market?
There are only two economic actors in the condensed circular flow diagram: businesses and households. Government, international markets, banking systems, and other institutions are all depicted in more detail in circular flow diagrams, but these topics are usually beyond the scope of an introductory course.
The circular flow is the continuous flow of income, expenditure, and the production of goods and services in an economy. It demonstrates the circular redistribution of income between the production unit and households. These include entrepreneurship, labor, capital, and land.
A model of the economy known as the circular flow of income or flow is one in which the main exchanges between economic agents are shown as flows of money, goods, and services, etc. In a closed circuit, the flows of money and goods are equivalent in value but move in the opposite direction.
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The worldwide trend toward fuller and more standardized disclosure rules should ________ the cost of equity capital.
The worldwide trend toward fuller and more standardized disclosure rules should decrease the cost of equity capital, according to the U.S. school of thought.
What is equity capital?Equity in the context of finance refers to ownership of assets that may be accompanied by debts or other liabilities. Liabilities are subtracted from asset values to calculate equity for accounting purposes.
Equity share capital, also called share capital, is the money a company raises by selling shares. It is the money that business owners and investors put toward a company's capital and use to grow or expand the operations of their venture.
By offering an investor a piece of your company, you can raise equity capital. You don't have to pay interest on a loan because the investor owns a portion of the company and receives a cut of the profits.
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Sho needs to purchase a dress shirt for an upcoming job interview. He shops at kohl’s and sees that he can choose from different brands, including apt. 9, chaps, arrow, croft & barrow, and many more. The dress shirts come in a variety of colors, materials, and price points. Which type of competitor structure is illustrated?.
What type of competitor structure is illustrated is Monopolistic Competition.
Monopolistic competition market can be defined as one of imperfect competition market. This monopolistic competition market theory was deliberately developed because of dissatisfaction with the analysis of the perfect market competition model or the monopoly market.
However, if viewed from a monopolistic market structure, a monopolistic market is closer to a perfectly competitive market, but companies will participate more in that market to produce a product that is different and also has its own characteristics compared to other products.
This competitive market is one type of market with many consumers who produce different commodities and can also be referred to as a market where there are many sellers who offer one type of goods with many different products in terms of quality, shape, and also the size of the product.
In this competitive market, every consumer who buys a product will feel the difference in the characteristics of each product produced by a company with products produced by other companies.
The existence of these differences will reflect the actual differences between the products they will consume or just differences in consumer perceptions that the various products produced by various companies operating in the market are indeed very different.
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What is the most commonly used base item for a common size income statement?
a. net sales
b. total assets
c. stockholders' equity
d. total liabilities
a common size income statement's total sales or total revenues basic item, which is most frequently utilized.
What Exactly Are Gross Sales?
Gross sales is a measurement of a company's overall revenues that are not adjusted for the expenses incurred in creating those sales. By adding together all sale invoices or associated revenue transactions, the gross sales formula is computed. The operating costs, tax expenses, and other charges that are subtracted to get net sales are not included in the total of the gross sales, though.
Although gross sales can be a useful tool, particularly for retail establishments, they are not the sole indicator of a company's revenue.
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A decrease in the price of ice cream is likely to cause a(n) _____ in the demand for ice cream cones, due to a change in _____.
When the price of ice cream rises, so does the demand for ice cream cones.
Explanation:Ice cream prices are said to have risen:
Price increases are inversely proportional to demand.
As a result, as the price of ice cream rises, so does the demand for it.
This is due to the fact that people prefer to eat or consume more items that are less expensive. Things with higher prices, on the other hand, are consumed less.
As a result, as the price of ice cream rises, so does the demand for ice cream cones.
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what is business organization
Explanation:
The term business organization describes how businesses are structured and how their structure helps them meet their goals. In general, businesses are designed to focus on either generating profit or improving society. When a business focuses on generating profits, it is known as a for-profit organization. When an organization focuses on improving the social good through the arts, education, health care, or some other area, it is known as a nonprofit (or not-for-profit) organization and is not typically referred to as a business.
Corporate strategy, business unit strategies, innovative thinking, and technology innovations are all _____.
A corporate strategy, business unit strategies, innovative thinking, and technology innovations are all the main drivers that set the organizational strategy and determine the future IT investment.
What is an organizational strategy?In a business, this kind of strategy are often a long-term plan that allocates how a company plans to use its resources to support business activities. An organizational strategy serves as a guidance for how a company can achieve its objectives; firm also use these strategies to help them meet their goals and develop strategic plan
In conclusion, the corporate strategy, business unit strategies, innovative thinking, and technology innovations are all the main drivers that set the organizational strategy and determine the future IT investment.
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What do actuators define? the information an agent can see it defines the evaluation strategy it defines the world mathematically how the agent can change the world
An actuator may be a device that produces a motion by converting energy and signals going into the system.
The motion it produces are often either rotary or linear.
Linear actuators, because the name implies, produce linear motion.
Agent evolution strategies that change the world :
The notion of what an agent should do at a moment is generalized to yield a notion of what the agent ought to do over extended periods of time. this needs us to develop the notion of a strategy as a function from moments to actions available at those moments and appropriate notions of strategic dominance. A strategic ought operator is introduced and wont to analyze the debate between actualizes and possibility concerning the ways in which an agent's obligations depend on his or her future actions.
What is the role of an actuators?
An actuator may be a part of a device or machine that helps it to achieve physical movements by converting energy, often electrical, air, or hydraulic, into mechanical force. Simply put, it's the component in any machine that enables movement
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An eight-year corporate bond has a 7 percent coupon rate. what should be the bond's price if the required return is 6 percent and the bond pays interest semiannually?
An eight-year corporate bond has a 7 percent coupon rate. the bond's price if the required return is 6 percent and the bond pays interest semiannually is $1,062.81.
Company bonds are bonds issued with the aid of companies to elevate price range for numerous reasons together with B. For ongoing commercial enterprise, M&A, or business expansion. This time period is generally used for long-term bonds with a maturity of at the least 12 months.
Bonds are debt contraptions like Iou. traders who purchase company bonds lend cash to the businesses that difficulty them. In go back, the company legally concurs to pay interest at the foremost and, in most instances, has the same opinion to pay off the primary at maturity or adulthood of the bond. Yields on corporate bonds are almost constantly better, even for corporations with better credit rankings, because corporate bonds are taken into consideration riskier than authorities bonds.
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A.+if+the+bond+is+priced+at+$,+the+current+yield+is+8.09%.+(round+to+two+decimal+places.)+the+annual+yield-to-maturity+with+semiannual+compounding+is:_________
To calculate the semi-annual bond fee, take 2% of the par price of $1,000, or $20, and divide it with the aid of two. The bond, consequently, will pay $10 semiannually. Divide $10 by using $900, and you get a semi-annual bond yield of 1.1%.
Yield to maturity = [Annual Interest + {(FV-Price)/Maturity}] / [(FV+Price)/2]
Annual hobby = Annual hobby Payout by the Bond.
FV = Face price of the Bond.
rate = contemporary marketplace price of the Bond.
adulthood = Time to adulthood i.e. wide variety of years till adulthood of the Bond.
Yield is a determine that suggests the return you get on a bond. The best version of yield is calculated through the following formula yield = coupon amount/fee. when the charge modifications, so do the yield.
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Money is invested into an account earning 4.25% interest compounded annually. if the accumulated value after 18 years will be $25,000, approximately how much money is presently in the account? a. $5,875 b. $11,820 c. $19,125 d. $23,960 please select the best answer from the choices provided a b c d
The principal amount currently in the account is $11820. Hence, b is the correct option.
This is a question of compound interest. The interest on a loan or deposit that is calculated using both the initial principal and the accrued interest from prior periods is known as compound interest.
Rate of interest compounded annually = 4.25%
The time period in years = 18 years
Accumulated value = $25000
The formula for compound interest:
A = P(1 + r/100)^n
where A = total amount after n years
P = principal amount invested
r = rate of interest
n = number of years
Substituting the values in the formula we get:
25000 = P(1 + 4.25/100)^18
25000 = P(1.0425)^18
25000 = P*2.1152
P = 11819.21 or 11820
The principal amount currently in the account is $11820
So, the correct answer is b. $11820
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Answer:
B
Explanation:
According to the basic dupont equation, a firm's roa is the product of what other two ratios?
According to the basic DuPont equation, a firm's roe is the product of profit margin multiplied by asset turnover multiplied by financial leverage.
The ratio of total sales or revenue to average assets is known as asset turnover. Investors can use this measure to gauge how well a company is utilizing its resources to drive sales. Investors analyze similar businesses in the same industry or group using the asset turnover ratio.
Leverage in finance refers to borrowing money to acquire more assets. To raise the return on equity, leverage is used. However, using too much financial leverage makes it harder to pay off debt, which raises the chance of failing.
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Starbucks offers _______ agreements for many of its stores which include equipment, training, and support. in this type of agreement, starbucks receives commissions or royalties on sales.
Starbucks offers Licensing agreements for many of its stores which include equipment, training, and support. in this type of agreement, Starbucks receives commissions or royalties on sales.
What is the Licensing in regards to business?The term is one that connote the act or the process of providing or getting permission to have, make, or use a thing that another person or firm has made or owns:
Note that this form of market stands for a growth area for the company that are involved.
Therefore, Starbucks offers Licensing agreements for many of its stores which include equipment, training, and support. in this type of agreement, Starbucks receives commissions or royalties on sales.
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You are working on a project with a pv of $56,733 and an spi of 1,2. what's the earned value of your project?
You are engaged in a project with an SPI of 1.2 and a PV of $56,733. Your project has an earned value of $68,079.60.
The schedule performance index (SPI), which compares the project's progress to the schedule, is a gauge of progress. It is determined as a ratio by subtracting the planned value from the budgeted cost of work completed.
The project manager will have a value of less than 1 (project behind schedule), greater than 1 (project on schedule), or 1 using the formula SPI = EV / PV (project ahead of schedule). To calculate the percentage of the work that is either behind or ahead of the scheduled timetable, subtract 1 from the SPI calculation that results.
The formula for SPI is:
SPI = EV ÷ PV.
So you just need to fill in the numbers you know, which gives you
1.2 = EV ÷ $56,733.
Now turn it over.
You have EV = 1.2 x $56,733, which multiplies to $68,079.60.
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You wish to buy a $20,000 car. the dealer offers you a 6-year loan with an 8 percent apr. what are the monthly payments?
To buy a $20,000 car. the dealer offers you a 6-year loan with an 8 percent apr.
$72.88 are the monthly payments.
Given Amount = $20000
Months or time = 72 months
Rate of Interest = 8%
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = 20000* 0.0066667 * (1.0066667)^72)/ (1.006667)^72 -1
EMI = 133.334 * 1.6135/1.6135-1
EMI = 133.334 * 16135/0.6135
EMI = 350.66
So monthly payments are = $350.66
If I pay Interest only than payment would be = 350.66 - (20000/72) = 350.66 - 277.77 = $72.88.
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals and organizations, etc. The beneficiary incurs a debt and is generally required to pay interest on that debt until the debt is repaid as well as the principal amount borrowed.
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Marketers routinely monitor both consumer income and the index of consumer confidence, due to the importance of understanding _______________.
Marketers routinely monitor both the income of the customer and the index of consumer confidence due to the importance of understanding customer willingness to buy.
The customer's willingness to buy and the customer buying the goods are very important in the economy. As the goods of the economy are produced only for the customers. So if the customer is not willing to buy then the resources that were used to make the goods get wasted. So this is a very important feature for marketers to understand.
Consumer's income is the income that is in amount that is there in the hands of the customer which he uses to buy the goods he requires. The consumer confidence index is an indication of future developments regarding the consumption of households and saving. This is based on the replies they give regarding their expected financial situation decisions.
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When a business mistakenly claims too little depreciation for the prior year, the business may elect to increase future depreciation to make up the difference allowable depreciation. True or false?.
False because the business cannot choose to increase depreciation in the future to cover the allowable depreciation difference
Depreciation is a way of calculating the value of assets in a business. In general, in the accounting world, it is explained by the calculation of profit, loss, debit, credit, capital, and other financial problems. Whereas in accounting science is also related to many things, including depreciation that can be used in the calculations of the business world. In addition to the calculation of the business world, depreciation can also be applied to calculate the value of other assets in everyday life.
The following are characteristics of Fixed Assets Depreciation:
Depreciation is a decrease in the value of fixed assets (except land). The reduction in asset value is permanent. Once reduced, it cannot be returned to its original value.Depreciation is a progressive and continuous process that reduces the value of an asset, either with the use of the asset or as time passes.Depreciation is not an asset evaluation process, but is a process of assigning an asset cost to the actual period of useDepreciation reduces the book value, not the market value of the asset.Depreciation is only used for fixed assets. This depreciation is not used for intangible or disposable assets.You can learn more about Depreciation here brainly.com/question/15085226
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If the price elasticity of demand for a good is 1.4, then a 14 percent increase in the quantity demanded must be the result of:________
If the price elasticity of demand for a good is 1.4, then a 14 percent increase in the quantity demanded must be the result of a 10 percent decrease in the price.
What is Price Elasticity?Price elasticity describes how the amount of an item that is provided or sought changes when its price changes. In other words, it gauges how consumers react when a product's price changes.
How changes in price impact the amount of a good that is requested is known as price elasticity of demand. Price elasticity of supply, on the other hand, describes how variations in price impact the amount of an item that is delivered.
The change in consumption of a product in response to a change in its price is gauged by the term "price elasticity of demand." Mathematically speaking, it is:
Price Elasticity of Demand = % Change in Demanded Quantity - % Change in Price
Price elasticity helps economists comprehend how a product's supply and demand fluctuate as a result of price fluctuations.
Supply has a price elasticity supply, which is similar to the elasticity of demand. The link between supply and price change is referred to as the price elasticity of supply. The formula for calculating it is to divide the percentage change in price by the percentage change in quantity supplied.
Therefore what products are produced at what prices depends on the two elasticities together.
Thus, elasticity is important in determining the price of the product.
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Why does increased productivity of cawhy does increased productivity of capital shift the demand for loanable funds?pital shift the demand for loanable funds?
free tkay free tkay
_____ is credited with proposing the first rational explanation of why people get sick.
Hippocrates is credited with proposing the first rational explanation of why people get sick .
What is meant by Hippocrates ?
The Hippocratic Oath is an ethical oath that doctors have historically taken. One of the most well-known Greek medical texts is this one. In its original form, it calls for a new doctor to vow before a number of healing deities to uphold a set of moral principles. The oath established a number of medical ethics concepts that are still of utmost importance today. It was the first Western declaration of medical ethics. These include the non-maleficence and medical confidentiality rules. The ancient text has significance beyond its historical and symbolic worth because it was the first to express key concepts that still serve as a foundation for and inform medical practice.
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