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3 years ago

The CPI for this year was reported at 163.65. If inflation was 3.1 percent, what must the CPI have been last year

Business

1 answer:

otez555 [7]3 years ago

3 0

The consumer price index last year must have been 158.58.

<h3>What was the consumer price index last year?</h3>

The consumer price index is used to measure inflation. It does this by measuring the changes in the price of a basket of good.

CPI = (cost of basket of goods in current period / cost of basket of goods in base period) x 100

CPI last year = (100 - 3.1) x 163.65 = 158.58

To learn more about, consumer price index, please check: brainly.com/question/26382640

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Assume a purely competitive firm is selling 200 units of output at $3 each. At this output, its total fixed cost is $100 and its

raketka [301]

The correct option is: maximizing its profit, but not necessarily the maximum profit.

<h3>What is Profit Maximization in a Perfectly Competitive Market ?</h3>

The perfectly competitive firm can choose to sell any quantity of output at exactly the same price. This implies that the firm faces a perfectly elastic demand curve for its product: buyers are willing to buy any number of units of output from the firm at the market price.

When the perfectly competitive firm chooses what quantity to produce, then this quantity—along with the prices prevailing in the market for output and inputs—will determine the firm’s total revenue, total costs, and ultimately, level of profits.

A perfectly competitive firm has only one major decision to make—namely, what quantity to produce. To understand why this is so, consider the basic definition of profit:

Profit=Total revenue−Total cost

(Price) (Quantity produced)−(Average cost) (Quantity produced)

According the question scenario,

Given:

Firm is selling = 200 units

output = $3 each

fixed cost = $100

variable cost = $350

solution:

Total average cost = variable cost + fixed cost .........(1)

Total average cost = 350 + 100

Total average cost = $450

Cost per unit = average cost ÷ no of unit ...................(2)

Cost per unit = 450 ÷ 200

Cost per unit = $2.25

So here firm is incurring per units is $2.25 but here earning per unit is $3.

So that here firm is earning economic profit as here market price is greater than earning maximum profit.

Therefore, we can conclude that the correct option is : maximizing its profit, but not necessarily the maximum profit.

Learn more about Profit Maximization on:

brainly.com/question/13464288

#SPJ4

8 0

2 years ago

Materials must have which two qualities in order to be classified as direct materials?

schepotkina [342]

The answer to your question is
d. they must be an integral part of the finished product but can be an insignificant portion of the total product cost.

Hope this helps you!

3 0

3 years ago

Clonex Labs, Inc., uses the FIFO method in its process costing system. The following data are available for one department for O

suter [353]

Answer:

Materials 187,230‬

Conversion 182,200

Explanation:

FIFO method, from the started units we will add the reamining work onthe beginning WIP invnetory and subtract the undone part of the ending WIP inventory

Materials

Started units 176,000

October 1st 27,000 x (1 - 57%) = 11,610‬

October 31th 20,000 x (1-81%) = (380)

Equivalent Units 187,230‬

Conversion

Started units 176,000

October 1st 27,000 x (1 - 33%) = 18,000

October 31th 20,000 x (1-41%) = (11,800)

Equivalent Units 182,200

5 0

3 years ago

In April of Year 1, Martin left his wife, Marianne. The couple has two children under the age of 15. While the couple was apart,

shepuryov [24]

Answer:

D. Depending on the post separation residence of the children, both spouces may qualify to file as head of household

Explanation:

Hello! Marianne is taking responsibility for her children and the house, since the separation was an abandonment that was not legally agreed. Therefore, she can take care of everything, since her husband renounced his role as father and husband when leaving home.

Thanks for your question! Feel free to ask more!

6 0

3 years ago

Organizations set procedures for making decisions to achieve those objectives through strategic planning. a. True b. False

luda_lava [24]

Answer:

The correct answer is letter "A": True.

Explanation:

Strategic planning is the systematic process of development and implementation of plans to reach a company's purposes or objectives in the long run. During this process, the core values, strengths and weaknesses, and the firm's main goals are identified.

8 0

4 years ago