Answer:
a) 6 dollar per ticked
b) from 25 to 35 the young adult will be charged with a higher price whilethe other groups, elderly, teenagers and children with a minimum price of 6
Explanation:
Erin $ 6 9
Grace $ 9 14
David $ 7 16
Charlie $ 6 45
Allison $ 8 66
<em>Franco $ 10 28</em>
<em>Becky $ 11 34</em>
a) the max revenue comes from charging 6 dollar per ticket:
7 people x 6 dollar = 42 dollars
if we charge more like seven dollar then, we lose two customer and we don't make up for that lose:
5 people x 7 dollars = 35 dollars
b) the young-adult group will be the target to price discrimination they will be charged with 10 dollars if the cinema could do it.
Answer:
1) expense recognition principle: expenses are recognized when they are consumed.
2) historical cost principle: a company must record its assets, liabilities, and equity investments at their original costs.
3) economic entity principle: the company's transactions should be kept separate from those of its owners or upper management.
Acc 450 the date of the management representation letter should coincide with the <u>auditor's report</u>.
A management representation letter could on the whole be dated the equal date as the auditor's report, although it may be dated and received later to verify oral representations. however, the letter should be is not dated no in advance than the auditor's document.
All financial records have been made to be had to the auditors. All board of directors mins is whole. Management has made available all letters from regulatory companies regarding financial reporting noncompliance. There aren't any unrecorded transactions.
Management representations should be obtained about uncorrected misstatements diagnosed by using the auditor, the absence of unrecorded transactions, and times of immaterial fraud involving employees who've widespread roles in internal control.
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Answer:
a. Price and marginal revenue are equal at all levels of output.
Explanation:
Purely competitive seller price is the total revenue of the seller, which is equal to market price of product multiplied by total number of output. In free competitive market, In pure competitive market, seller see a perfect elastic demand, so they sells any quantity of goods at market price. Therefore, average revenue and marginal revenue are equal to the market price. In this case, seller cannot make more profit by minimizing cost as they have to sell the units of goods at market price, however, in short run they could maximize the profit by reducing the variable cost.
