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3 years ago

A perfectly competitive firm will maximize profit or minimize losses in the short run by producing at the point where:

Business

1 answer:

Marina CMI [18]3 years ago

6 0

Answer:

The correct answer is option C.

Explanation:

A perfectly competitive firm faces a horizontal line demand curve at the market-determined price. This demand curve also represents average revenue and marginal revenue.

The firm is able to maximize profits or minimize loss at the point where the marginal cost is equal to the price or marginal revenue and the price is such that the average fixed cost is being covered.

In the short run, some costs are fixed while others are variables, a firm is able to minimize losses if the price is greater than AFC. But in the long run, all costs are variable so price should be either higher than or equal to ATC to maximize profits and minimize losses.

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The overhead volume variance relates only to

Fofino [41]

D fixed overhead cost

5 0

3 years ago

Mike Hansen has adjusted gross income of $82,000. During the year, Mike decided he needed a larger home. He purchased a home on

viktelen [127]

Answer: $0

Explanation: The total amount of an individual's Gross income which is taxed is called the taxable income. An individual's Adjustable Gross Income may include expenses such as charitable contribution, mortgage interest, medical and some other eligible expenditure which are are deducted in other to lessen the taxable income of such individual. Such deductions are called the Itemized deductions.

However, personal expenses DO NOT CONTRIBUTE to an individual's Itemized deduction and as such, MIKE HANSEN'S ITEMIZED DEDUCTION IS ZERO.

The $6000 incurred is classed under personal expenditure and is not deductible.

6 0

3 years ago

Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting informa

defon

Answer:

$28,675 = direct materials used

Explanation:

<u>To calculate the direct material used, we need to use the following formula:</u>

Cost of goods manufactured= beginning WIP + direct materials used + direct labor + allocated manufacturing overhead - Ending WIP

112,450= 23,600 + direct materials used + (22,550*2.5) + 22,550 - 18,750

112,450 - 23,600 - 56,375 - 22,550 + 18,750 = direct materials used

$28,675 = direct materials used

3 0

3 years ago

if the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year

scZoUnD [109]

A = $9.99, the amount needed after 1 year
r = 0.018% = 0.00018, interest rate
n = 12, compoundings per year
t = 1, one year duration

Let P = required balance at the beginning of the year.
Then
$P(1+ \frac{r}{n} )^{nt} = A$
P(1 + 0.00018/12)¹² = 9.99
1.00018P = 9.99
P = $9.988 ≈ $9.99

Answer: $9.99

7 0

3 years ago

When you have an exclusive contract with a real estate agent, what should you expect and not expect?

zhenek [66]

Answer:

You should expect the following when you sign an exclusive contract with a real estate agent as a buyer:

the agent has to locate and identify potential properties that might interest you, and advice you about a fair market price
the agent is responsible for reviewing the paperwork
the agent is also responsible for preparing purchase offers, and other related services

You should expect the following when you sign an exclusive contract with a real estate agent as a seller:

the agent has to locate and identify potential buyers that might be interested in your property, and try to obtain the best possible price.
the agent is responsible for reviewing the paperwork
the agent is also responsible for negotiating purchase offers

4 0

3 years ago