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Types of Economic Data For each of the following e whether the data are cross-section, time series or panel data. (a) Quarterly

Nitella [24]

Answer:

A. Time series

B. Cross Sectional

C. Panel

D. Cross Sectional

Explanation:

(a) Quarterly data on the level of U.S. new housing construction from 2000 to 2018, Time series data, numerical

(b) Data on number of doctor visits in 2018 for a sample of 192 individuals. Cross sectional data, numerical

(c) Data on annual health expenditures for each U.S. state from 2000 to 2018. Panel Data, Numerical

(d) Data on usual mode of transportation used to commute to work for a sample of 151 individuals. Categorical

3 0

3 years ago

Jing Company was started on January 1, Year 1 when it issued common stock for $36,000 cash. Also, on January 1, Year 1 the compa

san4es73 [151]

Answer:

$716 and $12,300

Explanation:

Original Cost = $16,000 + $2,100

Original Cost = $18,100

Double decline rate = 100/5*2

Double decline rate = 40%

First Year Depreciation = $18,100*40%

First Year Depreciation = $7,240

Second Year Depreciation = $18,100*60%*40%

Second Year Depreciation = $18,100*0.60*0.40

Second Year Depreciation = $4,344

Third Year Depreciation = ($18,100 - $7,240 - $4,344 -$5,800)

Third Year Depreciation = $716

Accumulated Depreciation = $7,240 + $4,344 + $716

Accumulated Depreciation = $12,300

5 0

3 years ago

Gale Corporation manufactures windsocks. The business recently decided to adopt an ABC system. The following activities have bee

solniwko [45]

Answer:

$270,000

Explanation:

The first step is to calculate the overhead cost of the material handling parts

Since each wind stock require 3 parts then the overhead cost can be calculated as follows

= 3 × 20,000

= 60,000

The overhead cost of machining hours can be calculated as follows

Since 5 minutes is spent in the machining department then overhead cost is

= 5× 20,000

= 100,000

The overhead cost of packaging number of finished units can be calculated as follows

= 2 × 20,000

= 40,000

Total overhead cost= 100,000 + 60,000 + 40,000

= 200,000

The total cost of direct materials and labor can be calculated as follows

= 3.5 × 20,000

= 70,000

Therefore the total cost of producing 20,000 windstocks is

= Total overhead cost + total cost of direct materials and labor

= 200,000 + 70,000

= $270,000

Hence the total cost of producing 20,000 windstocks is $270,000

5 0

3 years ago

Suppose that last year the equilibrium price and the quantity of good X were $10 and 5 million pounds, respectively. Because of

grandymaker [24]

Answer:

Explanation:

Last year the equilibrium price and the quantity of good X were $10 and 5 million pounds, respectively.

The producer surplus is the difference between the minimum price that a producer is willing to accept and the price it actually gets. It can be found by calculating the area between the supply curve and the market price.

The producer surplus

= $\frac{1}{2}\ \times\ base\ \times\ height$

= $\frac{1}{2}\ \times\ quantity\ \times\ price$

= $\frac{1}{2}\ \times\ 5\ \times\ 10$

= $25

Because of strong demand this year, the equilibrium price and the quantity of good X are $12 and 7 million pounds, respectively.

The producer surplus

= $\frac{1}{2}\ \times\ base\ \times\ height$

= $\frac{1}{2}\ \times\ quantity\ \times\ price$

= $\frac{1}{2}\ \times\ 7\ \times\ 12$

= $42

5 0

3 years ago

Recently, much of the Western United States experienced drought conditions and water usage was restricted in Denver. Yet, even t

Savatey [412]

Answer: Price inelastic.

Explanation:

In Denver as described in the question the demand for water is price inelastic as it doesn't change regardless of changes in price of water. An item is said to be price inelastic if the demand remains the same regardless of price rise or fall of that item.

8 0

3 years ago