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3 years ago

How does supply and demand affect prices?

2 answers:

4 0

There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. If there is an increase in supply for goods and services while demand remains the same, prices tend to fall to a lower equilibrium price and a higher quantity of goods and services.

irakobra [83]3 years ago

3 0

The higher the supply the lower the price will be and the higher the demand the higher the price will be. This means that they have an inverse relationship. In short, the more you need something the more you're willing to pay for it, and the less you need it the less you want to pay, and this is basically how the economy works when producing and selling.

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Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is

Paul [167]

Answer:

$39,220

Explanation:

The maturity value of the note receivable on June 30, 2012

= Principal + Interest

= $40,000 + $40,000 x 6%

= $40,000 + $2,400

= $ 42,400

The note is discounted on September 30, 2011. Time period remaining to go till maturity as on September 30, 2011

= 12 - 3 months ( July, Aug and Sep)

= 9 months.

Amount of deduction

= $ 42,400 x 10% x 9/12

= $ 3,180

Finally, the Cash received by Ireland will be

= Maturity value - Discount

= $42,400 - $ 3,180

= $39,220

5 0

3 years ago

Pat shopped at Target for new summer shorts. After trying on three different brands and price comparing, he decided to buy the D

Vitek1552 [10]

Answer:

Shopping and convenience

Explanation:

Pat shopped at Target for new summer shorts. After trying on three different brands and price comparing, he decided to buy the Dockers shorts. While heading to the checkout stand, he spotted earphones hanging on the endcap of the electronics area. Remembering he needed new earbuds for his iPod, he grabbed a set and paid for it all at the checkout counter. What types of product categories did Pat experience in this shopping trip

Pat experience shopping and convenience product categories; the dockers shorts is the shopping product while the ear phone is the convenience product.

Shopping products are types of products categories in which a consumer takes his or her time to deliberate, research, compared on a product before they decided to buy the said product while convenience product is one that required no deliberation, the are usually routine products.

5 0

3 years ago

Lucy needs to buy a new laptop for her business, and she buys a particular brand even though it does not support the software t

yan [13]

Answer:

Bounded rationality.

Explanation:

Bounded rationality is the possibility that in decision-making, rationality of people is restricted by the data they have, the subjective impediments of their psyches, and the limited measure of time they need to settle on a decision.

7 0

3 years ago

Select cost information for Klondike Corporation is as follows:

Bingel [31]

Answer:

D. Direct materials is a variable cost and rent expense is a fixed cost.

Explanation:

As clearly seen from the data the direct material cost is varying but the rent cost is fixed cost.

6 0

2 years ago

Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upco

inessss [21]

Answer:

Over Applied Overhead = $ 4000

Actual Manufacturing Overhead = $45,000

Manufacturing Overhead Applied = $ 49,000

Explanation:

Job 101 Job 102 Job 103

Total Direct materials $ 19,200 $ 14,400 $ 9,600 $ 43,200

Direct labor $ 28,800 $ 11,200 $ 9,600 $ 49,600

Machine hours 1,000 hrs 4,000 hrs 2,000 hrs 7,000 hours

Manufacturing overhead $ 7000 $ 28,000 14,000

Total $ 55,000 53,600 33,200

Actual overhead costs recorded during the first month of operations totaled $45,000.

Journal Entries

Sr. No Particulars Debit Credit

Job 102 Finished Goods 53,600

Work In Process 53,600

A journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion.

Job 101 Sales 60,000

Cost Of Goods Sold 60,000

Journal entries to recognize the sales revenue and cost of goods sold for Job 101.

Job 101 Cost of Goods Sold 55,000

Finished Goods Inventory 55,000

Manufacturing Overhead Applied = $ 7000 + $ 28,000+14,000 = $ 49,000

Job 101 = 1000/60,000 * $ 420,000= $ 7000

Job 102 = 4000/60,000 * $ 420,000= $ 28000

Job 103 = 2000/60,000 * $ 420,000= $ 14000

Actual Manufacturing Overhead = $45,000

Over Applied Overhead = $ 4000

Manufacturing Overhead Accounts $ 4000 debit

Cost of Goods Sold $ 4000 Credit

Entry to transfer the balance of the Manufacturing Overhead account to Cost of Goods Sold.

(Entry to reduce the amount of Over applied Overhead)

6 0

3 years ago