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pickupchik [31]
3 years ago
12

Suppose you decide to follow in Vernon Smith's footsteps and conducted your own experiment with your friends. You give out 10 ca

rds, 5 cards to buyers with the figures for willingness to pay of $1, $2, $3, $4, and $5, and 5 cards to sellers with the amounts for costs of $1, $2, $3, $4, and $5. The rules are the same as Vernon Smith implemented. a. Draw the supply and demand curves for this market. At a price of $3.50 how many units are demanded and supplied

Business
1 answer:
lukranit [14]3 years ago
3 0

Answer:

Answer is given below.

Explanation:

The given graph shows the demand and supply curves.

At the price of $3.50, we can see that the demand will be less than 3 units, which means, that the demand will be only 2 units.

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Bindy Crawford created a corporation providing legal services, Skysong, Inc., on July 1, 2022. On July 31 the balance sheet show
ad-work [718]

Answer:

Bindy Crawford

1. Tabular Analysis of the August Transactions:

       Cash   Accounts  Supplies  Equipment  Accounts  Common  Retained

                  Receivable                                      Payable                    Earnings

7/31   $4,600  $7,400      $730        $9,900      $9,100    $11,700       $1,830

8/1      +1,200   -1,200

8/4     -2,770                                                        -2,770

8/9     +3,510  +2,540                                                                           +6,050

8/15       -510                                       +4,180     +3,670

8/19   -2,480                                                                                          -2,480

8/23     -670                                                                                             -670

8/26 +5,700                                                      +5,700

8/31      -370                                                                                             -370

8/31  $8,210  $8,740       $730       $14,080  $15,700     $11,700     $4,360

2. Income Statement for the month of August

Service revenue                $6,050

Salaries expense    $1,390

Rent expense              760

Advertising expenses 330

Utility expenses          370   2,850

Net income                        $3,200

3. Retained Earnings Statement for the month of August

Retained earnings, July 31    $1,830

Net income                             3,200

Dividends                                  (670)

Retained earnings, Aug. 31 $4,360

4. Classified Balance Sheet as of August 31

Assets

Current Assets:

Cash                        $8,210

Accounts receivable 8,740

Supplies                       730     $17,680

Long-term Assets:

Equipment                              $14,080

Total assets                            $31,760

Liabilities and Equity

Current liabilities:

Accounts Payable 10,000

Notes Payable        5,700      $15,700

Equity:

Common stock      11,700

Retained earnings 4,360     $16,060

Total liabilities and equity    $31,760

Explanation:

a) Data and Analysis:

8/1 Cash $1,200 Accounts receivable $1,200

8/4 Accounts payable $2,770 Cash $2,770

8/9 Accounts receivable $2,540, Cash $3,510 Service revenue $6,050

8/15 Equipment $4,180 Cash $510 Accounts payable $3,670

8/19 Salaries expense $1,390, Rent expense $760, Advertising expenses $330 Cash $6,150

8/23 Cash dividend $670 Cash $670

8/26 Cash $5,700 Note payable (American Federal Bank) $5,700

8/31 Utility expenses $370 Cash $370

Tabular Analysis of the August Transactions:

       Cash   Accounts  Supplies  Equipment  Accounts  Common  Retained

                  Receivable                                      Payable                    Earnings

7/31   $4,600  $7,400      $730        $9,900      $9,100    $11,700       $1,830

8/1      +1,200   -1,200

8/4     -2,770                                                        -2,770

8/9     +3,510  +2,540                                                                           +6,050

8/15       -510                                       +4,180     +3,670

8/19   -2,480                                                                                          -2,480

8/23     -670                                                                                             -670

8/26 +5,700                                                      +5,700

8/31      -370                                                                                             -370

8/31  $8,210  $8,740       $730       $14,080  $15,700     $11,700     $4,360

7 0
2 years ago
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. T
gayaneshka [121]

Answer:$4$409377403

Explanation:

this is because

6 0
3 years ago
At the very least, Joe Average and Bill Gates are both identically limited by:
shusha [124]

Answer:

The correct answer is option 'B': The 24 hours that comprise a day

Explanation:

For comparison between 2 random variables only those values can be said to be identical that have the same values.

From the given options if we compare Joe and Bill Gates we conclude

1) The 2 person's are not identically limited by wealth as the wealth difference can be large.

2) Similarly they can have a vast difference in their knowledge.

3) Person that has larger wealth and knowledge will naturally have larger influence.

Now since the length of a day is 24 hours and this is a universal truth no matter what the circumstances we conclude that they both are limited by this parameter no matter whatever be the difference between the 2.

4 0
3 years ago
Give an example of 3 wants of businesses and describe WHY they are wants
Lemur [1.5K]
A want is something which we would like but do not need to survive. Humans have five basic needs: food, water, shelter, warmth, and clothing. ... Products are launched to fulfill the needs and wants of the consumers in the business's target market. A market is defined as a place where buyers and sellers meet.
7 0
3 years ago
Suppose the demand for good x is lnqxd = 21 - .8lnpx - 1.6lnpy + 6.2lnm + .4lnax. then we know that the own-price elasticity for
serg [7]

Answer: Inelastic

Explanation:

The coefficients in a log-log model represent the elasticity of your dependent variable with respect to your independent variable. In other words, the coefficient in a log-log demand model is the estimated percent change in Q_{xd} with respect to a percentage change in the independent variables like P_{x}, P_{y}, M, A_{x}, etc.

Thus, coefficient of P_{x} represents the elasticity of demand for good X with respect to Price of good x. So, Own-price elasticity of good x is 0.8.

Since this is less than 1 the good is relatively inelastic.

5 0
2 years ago
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