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1 year ago

why the introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy

1 answer:

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The introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy because

a) if the maximum price is less than the equilibrium price, then it will cause a shortage in supply.

b) Petrol is essential for daily lives, without maximum pressure some people may not be able to buy the product.

<h3>What is Economy?</h3>

An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. It is defined as the management of financial matters for a community, business or family.

The economy of a country or region is the system by which money, industry, and trade are organized.

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Manufacturing overhead was applied to production at 60 percent of the direct labor cost of $10,000. The entry under perpetual in

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Answer:

Dr Work in Process Inventory for $6,000

Cr Manufacturing $6,000

Explanation:

Preparation of The journal entry under perpetual inventory procedure

Based on the information given if the Manufacturing overhead was applied to production at 60% of the direct labor cost of the amount of $10,000 which means that The journal entry under perpetual inventory procedure is :

Dr. Work in Process Inventory for $6,000

Cr Manufacturing $6,000

(60%*$10,000)

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A tenant still has five months remaining on a one-year apartment lease. When the tenant moves to another city, the tenant transf

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3 years ago

Innovative Products reported net income of $219,000. Beginning and ending inventory balances were $44,500 and $46,500, respectiv

andrew11 [14]

Answer:

$213,500

Explanation:

Given the information above, first, we'll determine increase in inventory

Increase inventory = Ending inventory - Beginning inventory

Increase inventory = $46,500 - $44,500

Increase inventory = $2,000

We will also calculate decrease in account payable

Decrease in accounts payable = Beginning accounts payable - Ending accounts payable

Decrease in accounts payable = $40,500 - $37,000

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Therefore,

Net operating cash flows = Net income - Increase inventory - Decrease in accounts payable

Net operating cash flows = $219,000 - $2,000 - $3,5000 = $213,500

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3 years ago

When Carolina is in the grocery store buying milk for her children, she picks up a tube of toothpaste at the same time. The toot

yKpoI14uk [10]

A relatively inexpensive item that merits little shopping effort, is called Convenience product.

<h3>What is the Product?</h3><h3></h3>

Product refers to the finished goods or the material that has been converted from the raw material to fulfill the needs of the customer. There are four types of product i.e. convenience goods, shopping goods, specialty products, and unsought goods.

Convenience product is that type of the product which can be purchased with the minimal efforts because it is cheap in value and can be purchased frequently.

In the above case, Carolina picks up the toothpaste which is the example of the Convenience product.

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1 year ago

why the introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy​

why the introduction of maximum prices in the petrol industry will not be an ideals decision for the country's economy