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Andrew [12]
3 years ago
15

Suppose for a particular good that when the price rises from $25 to $35 that the quantity supplied rises from 1,000 units to 1,4

00 units. using the midpoint method, the price elasticity of supply is
Business
1 answer:
Strike441 [17]3 years ago
8 0
Given:

Q0 = 1000 units
Q1 = 1400 units
P0 = $25
P1 = $35

Required:

Price elasticity of Supply =?

Solution:

The price of elasticity of supply is a ratio between the change in quantity demand and the change in pricing. Thus, it can be calculated as:

Price of elasticity of Supply = (Q1-Q0)/((Q1+Q0)/2) ÷ (P1-P0)/((P1+P0)/2)

Subsituting values,

Price of elasticity of Supply = (1400-1000)/((1400+1000)/2) ÷ (35-25)/((35+25)/2)

Price of elasticity of Supply = 1
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Explanation:

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Which of the following is a difference between customized services and standardized services?
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Answer:

The correct answer is the letter a. Standardized services are more efficient and cost less than personalized services.

Explanation:

The personalized services are those provided according to the characteristics of each person, that is, we seek to individualize the service to meet customer needs. Standardized services refer to services provided equally to all customers, not seeking individualization. In this respect, standardized services are more efficient and cost less, as the individual cost of service does not change, leading to lower costs as the quantity of services sold increases.

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According to 54 leadership experts of 38 countries, there are two key components to leadership. The first is the ability to pers
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Answer: Enablers

Explanation:

Years ago, 54 leadership experts from 38 countries reached a consensus on leadership.

They agreed that leadership should be about influencing, motivating, and enabling others to contribute towards the goals of the Organization that they work for.

This consensus had 2 parts.

Firstly, leaders motivate others through persuasion and otherinfluence tactics.

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They ENABLE those under them by distributing resources, minimizing disruptions and just generally by being leaders to their subordinates to make it easier for the goals and objectives of the company to be realized.

3 0
3 years ago
The following information applies to the questions displayed below.
zhenek [66]

Answer:

Lobo Co.

Journal Entries:

Nov. 11 Debit Cash $7,875

Credit Sales Revenue $7,875

To record the sale of 105 razors for cash.

Nov. 11 Debit Cost of Goods Sold $2,100

Credit Inventory $2,100

To record the cost of goods sold for 105 razors at $20 each.

Dec. 16: Debit Cash $16,500

Credit Sales Revenue $16,500

To record the sale of 220 razors for cash.

Debit Cost of Goods Sold $4,400

Credit Inventory $4,400

To record the cost of goods sold.

Jan. 5: Debit Cash $11,250

Credit Sales Revenue $11,250

To record the sale of 150 razors for cash.

Debit Cost of Goods Sold $3,000

Credit Inventory $3,000

To record the cost of goods sold.

Adjusting Journal Entries:

Nov. 30: Debit Warranty Expense $630

Credit Warranty Liability $630

To record the warranty expense for November sales.

Dec. 9: Debit Warranty Liability $300

Credit Inventory $300

To replace 15 razors.

Dec. 16: Debit Warranty Expense $1,672

Credit Warranty Liability $1,672

To record the warranty expense for December sales.

Dec. 29: Debit Warranty Liability $600

Credit Inventory $600

To replace 30 razors.

Dec. 31: Debit Income Summary $2,302

Credit Warranty Expense $2,302

To recognize the warranty expense for the period.

Jan. 5: Debit Warranty Expense $900

Credit Warranty Liability $900

To record warranty expense for January sales.

Jan. 17: Debit Warranty Liability $1,000

Credit Inventory $1,000

To record the replacement of 50 razors.

Jan. 31: Debit Warranty Expense $100

Credit Warranty Liability $100

To recognize warranty expense for January sales.

2. The Warranty Expense for November is $630 and for December is $1,602.

3. The Warranty Expense for January is: $1,000

4. The balance of the Estimated Warranty Liability account as of December 31 is:

= $1,402

5. The balance of the Estimated Warranty Liability account as of January 31 is:

= $1,302

Explanation:

a) Data and Calculations:

Cost per new razor = $20

Retail selling price = $75

Expected warranty costs = 8% of dollar sales

b) Estimated Warranty Liability Account:

Nov. 30: Credit Warranty Liability  $630

Dec. 9: Debit Warranty Liability    ($300)

Dec. 16: Credit Warranty Liability $1,672

Dec. 29: Debit Warranty Liability  ($600)

Dec. 31: Balance                           $1,402

Jan. 5: Credit Warranty Liability    $900

Jan. 17: Debit Warranty Liability ($1,000)

Jan. 31 Balance                            $1,302

Warranty Expense Account:

Nov. 30: Debit Warranty Expense  $630

Dec. 16: Debit Warranty Expense $1,672

Dec. 31: Debit Income Summary $2,302

Jan. 5: Debit Warranty Expense $900

Jan. 31: Debit Warranty Expense $100

Jan. 31: Debit Income Summary $1,000

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Answer and Explanation:

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1.

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= $2926 - 7700 × 0.40

= $154 (F)

Direct Material Quantity Variance = (Actual Quantity - Standard Quantity) × Standard Price

For Silver

= (577 - 1530 × 0.40) × 23

= $805 (F)

For Crystal

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= $20 (U)

2.

Direct Labor Rate Variance = Actual Cost - Actual Hours × Standard Rate

= $36915 - 3210 × 12

= $1605 (F)

And,

Direct Labor efficiency Variance = (Actual hours - Standard hours) × Standard Rate

= (3210 - 1530 × 2) × 12

= $1800 (U)

6 0
2 years ago
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