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Goshia [24]
3 years ago
15

If the market price is $10, what is the firm's total cost?

Business
1 answer:
Oksana_A [137]3 years ago
3 0
<span>Answer: Profit per unit is equal to price minus average total cost. Since this is a perfectly competitive firm, it takes the market price as given; thus the firm's price is $10 per unit. At its current level of output, this firm's average total cost is $8 per unit. Thus this firm's profit per unit is $(10 – 8) = $2 per unit</span>
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Boilermaker House Painting Company
Oksi-84 [34.3K]

Answer:

Explanation:

The journal entries are shown below:

1. Account receivable A/c Dr $20,000

          To Deferred revenue A/c $20,000

(Being the paint house on account is recorded)      

2. Equipment A/c Dr $21,000

         To Cash A/c $21,000

(Being the equipment is purchased for cash)

3. Supplies A/c Dr $3,500

            To Accounts Payable A/c $3,500

(Being the office supplies are purchased on credit basis)

4. Salaries expense A/c Dr $4,200

        To Cash A/c $4,200

(Being the employees salaries are paid for cash)

5. Advertising expense A/c Dr $1,000

        To Cash A/c $1,000

(Being the advertising are purchase for cash)

6.  Rent expense A/c $5,400

                To Cash A/c $5,400

(Being the rent is paid for cash)

7. Cash A/c Dr $15,000

      To Account receivable A/c $15,000

(Being the cash is received)

8. Cash A/c Dr $6,0000

      To Deferred revenue $6,000

(Being the cash is received)

8 0
3 years ago
On January 15, 2021, Concord Company received a two-month, 6%, $8300 note from William Pentel for the settlement of his open acc
olganol [36]

$10500.

What is credit and debit?

Events known as business transactions have a financial influence on an organization's financial statements. We enter the figures in two accounts, with the debit column on the left and the credit column on the right, to account for these transactions.

<u>Debit</u>

An accounting debit is an addition to an asset or cost account or a subtraction from a liability or equity account. In an accounting entry, it is placed to the left.

<u>Credit</u>

A credit is an accounting item that either raises or lowers an asset or cost account. It can also increase or decrease a liability or equity account. In an accounting entry, it is placed to the right.

Learn more about credit and debit with the help of given link:-

brainly.com/question/27917616

#SPJ4

4 0
2 years ago
Income rises from $3,500 to $4,000 a month and the quantity demanded of good X falls from 7 to 5 units a month. Income elasticit
finlep [7]

Answer:

E) -2.50 ; inferior

Explanation:

Before you earned $3,500 per month, you consumed 7 units per month. That means that you consumed 1 unit every $500 earned.

When your income increased to $4,000, you only consumed 5 units per month. That means that your consumption decreased to 1 unit for every $800.

The income elasticity of demand using the midpoint method is calculated by using the following formula:

income elasticity = {change in quantity demanded / [(old quantity + new quantity) / 2]} /  {change in income / [(old income + new income) / 2]}  

= {-2 / [(7 + 5) / 2]} /  {500 / [(3,500 + 4,000) / 2]} = (-2 / 6) / (500 / 3,750) = -0.333 / 0.133 = -2.5

Since the income elasticity of demand is negative, the good X is an inferior good.

7 0
3 years ago
The Victoria Fund, a child welfare fund, received $50,000 in cash in 2018. The donor requires the gift be held in perpetuity and
maw [93]

Answer:

The $50,000 must be reported as assets with donor restrictions.

Explanation:

Donor imposed restrictions can be temporary or perpetual; the $50,000 are perpetually restricted since they must be invested and the income received should be used for its program of promoting adoption of young girls.

3 0
3 years ago
Ima, Boyd, and their fellow employees at Endrun work on an assembly line and do not have a specialized skill. If they are succes
ANEK [815]

Answer:

An industrial union

Explanation:

Industrial unionism is a labour union organizing method through which all workers in the same industry are organized into the same union, regardless of skill or trade, that is it combines all workers, both skilled and unskilled, who are employed in a particular industry thus giving workers in one industry, or in all industries, more leverage in bargaining and in strike situations.

4 0
3 years ago
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