B) Sales Budget is the answer.
Answer:
The correct answer is $800
Explanation:
Giving the following information:
Fulbright Corp. uses the periodic inventory system.
Fulbright made the following purchases (listed in chronological order of acquisition):
· 40 units at $100
· 70 units at $80
· 170 units at $60
Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.
Ending inventory= [(100 + 80 + 60)/3]*10
Ending inventory= 80*10= $800
Answer:
price of wheat to increase, the supply of bread to decrease, and the demand for potatoes to increase.
Explanation:
A drought will reduce the supply of wheat thereby causing the supply curve to shift upwards (to the left) leading to an increase in the price of wheat. Since wheat is a basic ingredient in producing bread, an increase in the price of wheat will increase the cost of producing bread. An increase in cost of producing bread will reduce the supply of bread, shifting the supply curve to the right.
Potatoes and bread are close substitutes and therefore, have a competitive demand. An increase in the price of bread will increase the demand for potatoes because rational consumers will opt for a cheaper alternative considering their money income.
If the government takes this approach, consumer surplus would increase.
A monopoly is when there is only one firm operating in an industry. A natural monopoly occurs when there is a high start-up cost associated with opening a business or a firm enjoys economies of scale.
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good. As the price of a good declines, consumer surplus increases. P2 is lower than P1, this means that if price is regulated to P2, consumer surplus would increase.
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