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tangare [24]
3 years ago
11

Assume the small-country model is applicable. If the world price of the product is $6 and an import quota of 400 units is impose

d on the product, then the equilibrium price in Marketopia would be ____ and the total quantity available in Marketopia would be ________ units.
Business
1 answer:
algol133 years ago
6 0

Answer:

Equilibrium price = $6

Total quantity in the market would be > 400 units ( unchanged )

Explanation:

Applying small=country model

world price of product = $6

import quota = 400 units

The Equilibrium price in Marketopia would be $6 and the total quantity available in Marketopia would > 400 units

This is because in a small country assumption model, the total imports made by any country is insignificant to the Total quantity of the products available in the market therefore it has no effect on the price of the products even if when the imports are stopped by the country  

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1&2: T-accounts:

Cash

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         2,328

a. Delivery Service Revenue      17,600

c. Prepaid Expenses                                       3,728

c. Rent Expenses                                           10,136

d. Repairs Expenses                                       3,864

e. Accounts Receivable            24,285

f. Long-term Note Payable                               350

g. Common stock                              2

g. APIC                                              14

h. Salaries                                                     15,276

i. Fuel Expenses                                            8,564

j. Accounts Payable                                          784

Balance                                                          1,527

Prepaid expenses

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         329

c. Cash                                       3,728

Balance                                                         4,057

Spare parts, supplies, and fuel

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         437

Accounts Receivables

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         4,581

a. Delivery Service Revenue     21,704

e. Cash                                                        24,285

Balance                                                         2,000

Other current assets

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         610

Property and equipment (net)

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         15,543

b. Long-term Note Payable           3,434

Balance                                                       18,977

Other noncurrent assets

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                         3,557

Accounts payable

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,702

j. Cash                                             784

Balance                                           918

Accrued expenses payable

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,894

Other current liabilities

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,286

Long-term notes payable

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          1,667

b. Property and Equipment                          3,434

f. Cash                                            350

Balance                                        4,751

Other noncurrent liabilities

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          5,616

Common stock ($0.10 par value)

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          32

g. Cash                                                             2

Balance                                           34

Additional Paid-in Capital

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          2,472

g. Cash                                                                14    

Balance                                           2,486

Retained earnings

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Balance                                                          12,716

Delivery Service Revenue

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

a. Accounts receivable                                 21,704              

a. Cash                                                          17,600

Balance                                     39,304

Rent Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

c. Cash                                       10,136

Repairs Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

d. Cash                                        3,864

Salaries Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

h. Cash                                      15,276

Fuel Expense

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

i. Cash                                        8,564

                                               

3. Income Statement for the year ended May 31, 2015:

Delivery Service Revenue                         39,304

Rent Expense                            10,136

Repair Expense                         3,864

Salaries Expense                     15,276

Fuel Expense                            8,564       37,840

Net Income                                                   1,464

Explanation:

a) Account Balances on May 31, 2014:

Trial Balance as of May 31, 2014:

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Cash                                               2,328

Prepaid expenses                            329

Spare parts, supplies, and fuel       437

Receivables                                   4,581

Other current assets                       610

Property and equipment (net)   15,543

Other noncurrent assets            3,557

Accounts payable                                          1,702

Accrued expenses payable                          1,894

Other current liabilities                                 1,286

Long-term notes payable                             1,667

Other noncurrent liabilities                          5,616

Common stock ($0.10 par value)                     32

Additional Paid-in Capital                            2,472

Retained earnings                                       12,716

Totals                                       $27,385  $27,385      

Other transactions for year ending May 31, 2015:

a. Delivery Service Revenue $21,704 Account Receivable $21,704

   Delivery Service Revenue $17,600 Cash $17,600

b. Equipment $3,434 Long-term Note Payable $3,434

c. Rent Expense $10,136; Prepaid (Rent) Expense $3,720 Cash $13,864

d. Repair Expenses $3,864 Cash $3,864

e. Cash $24,285 Accounts Receivable $24,285

f. Long-term Note Payable $350 Cash $350

g. Cash $16 Common Stock $2 APIC $14

h. Salaries Expense $15,276 Cash $15,276

i. Fuelling Expense $8,564 Cash $8,564

j. Accounts Payable $784  Cash $784

k. N/A

Trial Balance as of May 31, 2015:

Account Titles                              Debit        Credit

                                                  ('millions)  ('millions)

Cash                                                1,527

Prepaid expenses                         4,057

Spare parts, supplies, and fuel       437

Receivables                                  2,000

Other current assets                       610

Property and equipment (net)   18,977

Other noncurrent assets            3,557

Accounts payable                                            918

Accrued expenses payable                          1,894

Other current liabilities                                 1,286

Long-term notes payable                             4,751

Other noncurrent liabilities                          5,616

Common stock ($0.10 par value)                     34

Additional Paid-in Capital                            2,486

Retained earnings                                       12,716

Delivery Service Revenue                         39,304

Rent Expense                            10,136

Repair Expense                         3,864

Salaries Expense                     15,276

Fuel Expense                            8,564

Totals                                    $69,005   $69,005

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7 0
3 years ago
Everybody should leave this app and go to question cove. You do not need any points to ask questions and you get correct answers
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thz fo the points

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2 years ago
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7 0
3 years ago
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