All categories

2 years ago

In economics, the demand for a good refers to the amount of the good that people:_______

1 answer:

8 0

In economics, the quantity of an item that consumers will purchase at various price points is referred to as the demand for the good.

Demand for anything or service means that people want to buy it and are willing and able to pay for it. Demand for a product is influenced by its price, the pricing of competing products, the consumer's income, as well as her preferences and tastes. We defined demand as the amount of something that a buyer is willing and able to acquire at each price. This implies that there are at least two more factors besides price that influence demand. A Veblen product is one for which demand rises in proportion to price. Veblen products are often of a high caliber, expertly produced, unique, and status symbol. The majority of Veblen customers are wealthy individuals who value utility over all other factors.

Learn more about demand:

brainly.com/question/13320101

#SPJ4

You might be interested in

As a result of a thorough physical inventory, Coronado Company determined that it had inventory worth $321000 at December 31, 20

Helga [31]

Answer:

The correct cost of inventory that Coronado should report is $367300

Explanation:

The goods sent on consignment still belong to the consignor until they are sold off by the consignee. So, the consignor should add the unsold consignment goods in its inventory. Thus we will add the cost of goods sent on consignment to the value of inventory.

Value of inventory = 321000 + 46300 = $367300

The goods purchased by Coronado on 27 December with FOB destination should not be added to the cost of inventory as with FOB destination terms, the goods do not belong to the buyer until they are delivered to their destination by the seller.

Thus, the correct cost of inventory that Coronado should report is $367300

5 0

3 years ago

Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has ex

Vadim26 [7]

Answer:

1. Point on x-axis will increase and so will the point on the y-axis

2. All of the above

Explanation:

1. The Production Possibilities Frontier shows the amount of resources needed to produce different quantities of two goods. It therefore allows one to see the trade-off in resources for producing more of one good vs the other.

When a factor of production leads to more efficiency in the production of a good, the frontier will increase. In this scenario, there has been a growth in technology which means that more of both goods can be produced. This will increase the PPF on both axis. (Refer to attached file).

2. All of the listed options have led to increases in the standard of living in the last century. More education means people can get better jobs and build more infrastructure. International trade has increased market access and increased wealth. Farm productivity is better so more people can be fed and improvement in technology is the main driver for growth.

4 0

3 years ago

ElenaW [278]

Every Credit user is entitled to a free credit report every 12 months (1 years) from either of Equifax, Experian, or TransUnion.

<h3>What are credit reporting agency?</h3>

These are agency that maintains only an historical credit information on individuals and businesses.

The maintained historical credit information helps in preparation of the credit report and score of all individuals and businesses in United states..

In U.S., the three main credit reporting bureaus includes the Equifax, Experian and TransUnion.

Read more about credit reporting agency

<em>brainly.com/question/9913263</em>

7 0

2 years ago

The pretax financial income (or loss) figures for Whispering Company are as follows. 2015 $164,000 2016 275,000 2017 86,000 2018

Oxana [17]

Answer and Explanation:

The journal entries are shown below:

On 2017

Income Tax Expense $17,200 ($86,000 × 20%)

To Income Tax Payable $17,200

(Being the income tax expense is recorded)

On 2018

Income Tax Refund Receivable $32,800 ($164,000 × 20%)

To Income tax refund due to loss carry back $32,800

(Being the refund receivable is recorded)

On 2019

Income Tax Return Receivable $17,200 ($86,000 × 20%)

To Income tax refund $17,200

(Being the refund receivable is recorded)

Deferred Tax Asset $60,800 [(390,000 - $86,000) × 20%]

To income tax refund $60,800

(Being the refund receivable is recorded)

On 2020

Income Tax Expense $22,600 ($113,000 × 20%)

To Deferred Tax Asset $22,600

(Being the income tax expense is recorded)

On 2021

Income Tax Expense $19,600 ($98,000 × 20%)

To Deferred Tax Asset $19,600

(Being the income tax expense is recorded)

5 0

3 years ago

Wolf Company used $5,940 of indirect raw materials and $56,700 of direct raw materials during the period. The company incurred $

lora16 [44]

Answer:

Overhead= $12,420

Explanation:

Giving the following information:

Wolf Company used $5,940 of indirect raw materials and $6,480 of indirect factory labor during the period.

Factory overhead costs are the costs that can't be directly assigned to a product, service or job. This is why companies assigned overhead using manufacturing overhead rates.

In this case, the overhead is the sum if indirect material and indirect labor:

Overhead= 5,940 + 6,480= $12,420

4 0

3 years ago