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earnstyle [38]
2 years ago
6

Suppose that both of the events you have just analyzed are partly responsible for the increase in the price of hamburgers. Based

on your analysis of the explanations offered by the two groups of students, how would you figure out which of the possible causes was the dominant cause of the increase in the price of hamburgers?.
Business
1 answer:
MatroZZZ [7]2 years ago
4 0

It is likely that the increase in the price of hamburgers is related to the fact that demand is greater than supply.

<h3 /><h3>What is the law of supply and demand?</h3>

It is an economic approach to understanding the economic factors that influence the quantity of a product supplied in a market and its price.

Therefore, when there is more demand than supply for a good available in the economy, it means a situation of scarcity, which makes prices rise.

Find out more about law of supply here:

brainly.com/question/26374465

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You might be interested in
According to the text, the most logical budget-setting method in advertising is the ________ method.
valentina_108 [34]

The logical budget setting method is advertising, the company set advertising budget cost is required to achieve tasks.

<h3>What is Objective and Task?</h3>

The objective and budgeting work simultaneously, budget is established when specific objective is in mind.

The company sets advertising budget for promotion of products, budget requires certain amount of money needed to achieve objective and task.

Businesses use objective and task method by examining cost of each goals. The objective and task method is difficult to assess accurately advertising costs needed to achieve the task.

#SPJ12

Learn more about Advertising brainly.com/question/27908955

8 0
2 years ago
On June 1, 2017, Pharoah Company was started with an initial investment in the company of $22,350 cash. Here are the assets, lia
guapka [62]

Answer:

                            Pharaoh Company

                             Income statement  

                 For the year ended June 30, 2017  

Revenue & Gains                                              Amount

Service Revenue                                               $7,910

Total revenue & gains (A)                                 $7,910

Expense and losses:

Salaries and wages expense         $1,810

Advertising expense                       $400

Supplies expense                            $2,370

Utilities expense                              $270

Maintenance and repair expense  $630

Total expense (B)                                            <u>$5,480</u>

Net Income (A - B)                                          <u>$2,430</u>

6 0
3 years ago
f the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, calculat
Schach [20]

Answer:

arc price elasticity = -1.64

Explanation:

arc price elasticity = (change in quantity x average price) / (change in price x average quantity)

  • change in quantity = 7,400 - 10,000 = -2,600 units
  • average price = ($2.50 + $3) / 2 = $2.75
  • change in price = $3 - $2.50 = $0.50
  • average quantity = (10,000 + 7,400) / 2 = 8,700 units

arc price elasticity = (-2,600 x $2.75) / ($0.50 x 8,700) = -7,150 / 4,350 = -1.64

7 0
3 years ago
Rip garage, inc. (459 ellis avenue, harrisburg, pa 17111), is an accrual basis taxpayer that repairs automobiles. in late decemb
mixas84 [53]

Answer:

<u>MEMO</u>

To: Treasurer of Trip Garage, Inc.

From: Me

Subject: Dispute over accrued revenue

Mrs. S. Apple,

Good evening. Regarding your dispute over accrued revenue generated form the repair of Mr. Mosley's car, I must inform you the following:

Trip Garage, Inc., is an accrual basis taxpayer, therefore, revenues must be recorded once the repair service was completed, not when the invoice was collected.

In future occasions when similar problems show up, you should record an allowance for doubtful accounts. This way, if you believe that an account receivable is unlikely to be collected, it will be not considered for the year's financial records. This adjusting journal entry must be recorded before the end of the year, if not, all related revenues must be included in the years income statement.

Regards,

Me

Explanation:

Accrual taxpayers are required to record revenues once the revenue generating activity has been completed, i.e. Trip should have recorded $1,000 in revenue during 2017:

Dr Accounts receivable 1,000

    Cr Service revenue 1,000

If Trip didn't consider that it would be able to collect the $1,000 receivable, then it should have recorded it as bad debt expense:

Dr Bad debt expense 1,000

    Cr Allowance for doubtful accounts 1,000

If thy did not record the bad expense, then the IRS agent is right, and the $1,000 must be included in the 2017 income statement.  

3 0
3 years ago
Julio receives utility from consuming food​ (F) and clothing​ (C) as given by the utility function . In​ addition, the price of
AleksandrR [38]

​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

<h3>Marginal rate of substitution</h3>

Using this formula

Marginal rate of substitution=Price of food/Price of clothing

Let plug in the formula

Marginal rate of substitution=$3 per unit/$8 per unit

Marginal rate of substitution=0.375

Marginal rate of substitution=0.38 (Approximately)

Therefore ​Julio's marginal rate of substitution equals is: 0.38, which is the price of food divided by the price of clothing.

Learn more about  marginal rate of substitution here:brainly.com/question/13401044

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6 0
1 year ago
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