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dimulka [17.4K]
3 years ago
6

You are giving a tour of businesses to several classical musicians from China. One of the Chinese in the tour group has asked yo

u to define the purpose of business. How should you answer this question?
Business
1 answer:
HACTEHA [7]3 years ago
5 0

Answer:

Purpose of business is to increase general well being of people by selling goods and services.

Explanation:

The main purpose of business is to increase well being of people, make profits for its stakeholders and offering value for money to its customers or clients through products and or services. The products and services provided by the company should not harm its customers and clients instead these products and services should provide benefits to its users and satisfy their needs. While making profits a company should keep scarce resources in mind so the needs of the future generation is not compromised also it does not harm the environment by its poisonous wastage. Every business requires some form of investment as an input though which quality output can be provided to its customers and clients.

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Money, Inc., a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Each
ratelena [41]

Answer:

See below

Explanation:

a. At the end of the year, before distribution, each shareholder's basis

= $400,000 + $100,000 + $50,000

= $550,000

b. After the distribution, each shareholder's basis is

= $300,000 + $200,000

= $500,000

c. Therefore, each shareholder has

$250,000 worth of dividend income.

3 0
3 years ago
When some firms enter a perfectly competitive industry in which firms are earning an economic profit, the short-run industry sup
inn [45]

Answer: Supply curve -  Increases rightwards  

               Market Price - Falls  

               Economic Profit - Decreases

Explanation: Perfect Competition market structure is with large number of buyers & sellers , homogeneous products & uniform prices , perfect information and free entry and exit.

'Free Entry and Exit' implies - no firm earns super normal (economic) profits or abnormal losses in long run.                                                                        When firms are earning economic profits in short run, new firms enter (because of free entry) & the industry supply increase reducing price , which further reduces the super normal profits to normal profits in long run. Similarly - Abnormal losses make firms exit (freely), reduce supply & increase price , hence reducing abnormal losses & resuming normal profits.

7 0
3 years ago
What is the range for the relative price of cloth such that the economy produces both cloth and food? From _______ to _______ .
dezoksy [38]

The answer is explained in detail below

Explanation:

a_{KC} = 2

a_{LC} = 2

a_{KF} = 3

a_{LF} = 1

Labor, L = 2000; Capital, K = 3000  

Labour constraint,

2Q_{c} + Q_{F} \leq 2000

Capital constraint ,

2Q_{c} + 3Q_{F} \leq 3000  

Solving the equation further, we get

Q_{F} \leq 2000 - 2Q_{C}

Q_{F} \leq 1000 - \frac{2}{3} Q_{C}

  • The range for the relative price of cloth such that the economy produces both cloth and food is  2/3 and 2
  • Low cloth production → economy will use relatively more labor to  produce cloth → opportunity cost of cloth is 2/3rd units of food.
  • High cloth  production → economy dips on labor → taking capital away from food  production → raising opportunity cost of cloth to 2 units of food.  
  • If relative price of cloth lies between 2/3 and  2 units of food, the economy  produces both goods.
  • If the price of cloth decreases below 2/3 → complete  specialization in food production → low compensation for producing cloth
  • If the price of cloth  rises above 2 → complete specialization in cloth production → low compensation for producing  food
4 0
3 years ago
Alpha Company manufactures Product P and sells it in packs of 10 units. The actual results for the first week in January are as
kaheart [24]

Answer:67500

The right solution is "13,675 U".

Explanation:

According to the question,

The standard material cost will be:

= 25000\times (\frac{90000}{30000} )\times 0.90

= 25000\times 30000\times 0.90

= 67,500

The actual material cost will be:

= 95500\times 0.85

= 81,175

hence,

The total material price variance will be:

= Actual \ cost - Standard \ cost

= 81175-67500

= $13,675 (Unfavorable)

3 0
2 years ago
A customer is short 100 shares of ABC stock at $40 per share. The stock goes up to $50 and the customer covers the position. If,
Alika [10]

<u>A. I and III </u>is the true statement.

I The loss deduction is disallowed

III The sales proceeds are $45 per share

<u>Explanation</u>:

Stock refers to the shared owned by an organization. In the above scenario, ABC stock was sold at $40 per share. A customer purchases 100 shares of ABC stock. The price of the stock goes to $50. After 30 days, the customer decides to re-establish the ABC stock. Now the price of the ABC stock is $55.

During this transaction, the deduction of the loss is not allowed and the sale proceeds are fixed as $45 per share.

6 0
2 years ago
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