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2 years ago

Does a competitive firm’s price equal its marginal cost in the short run, in the long run, or both? explain.

1 answer:

5 0

The price of a firm is equal to its marginal cost in both the short and long run. In both the short and long run, price equals marginal revenue. Firms should increase output as long as marginal revenue exceeds marginal cost, and reduce output if marginal revenue is less than marginal cost.

Revenue is the gross income derived from the sale of goods and services related to the company's main activities. Commercial income is also called sales or earnings. Some companies derive their income from interest, royalties, or other fees.

Revenue is the gross income a business generates from its core business, such as sales of products and services, property rentals, regular payments and interest on loans. Sales are calculated before deducting costs such as discounts and returns.

Learn more about revenue here:brainly.com/question/25623677
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Answer:

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3 years ago

Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which in

Nady [450]

Answer:

Amount Debit($) Credit($)

Assets

Cash 37,641

Office Supplies 890

Prepaid Insurance 4,600

Office Equipment 12,900

Liabilities

Accounts Payable 12,900

Equity

Y. Min, Capital 18,000

Y. Min, Withdrawals 3,329

Revenue

Engineering Fees Earned 36,000

Expenses

Rent Expense 7,540

Total 66,900 66,900

Explanation:

Trial Balance sheet includes all the accounts available in ledger.

Assets, Liabilities, Equity Revenue and expenses are added, however they are not given in our case

Amount Debit($) Credit($)

Assets

Cash 37,641

Office Supplies 890

Prepaid Insurance 4,600

Office Equipment 12,900

Liabilities

Accounts Payable 12,900

Equity

Y. Min, Capital 18,000

Y. Min, Withdrawals 3,329

Revenue

Engineering Fees Earned 36,000

Expenses

Rent Expense 7,540

Total 66,900 66,900

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3 years ago

A= The amount of tangible assets contributed by the new partner into the partnership

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Answer:

B. C = D

Explanation:

C= Total Capital of the partnership before the admission of a new partner

D= Total capital of the partnership after the admission of the new partner

The purchase occurs outside the partnership (but with the partners approvals)

The partnership will only credit the new partner and debit the seller partner by the amount they agree on.

The partnership received no assets and therefore his capital remains at same value.

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