The law of supply is a fundamental principle of economic theory which states that, other factors held constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity: quantities respond in the same direction as price changes
Answer:
d. an offer and an acceptance.
Explanation:
A contract exists where each involved party agrees to fulfill its obligations as per the terms of the agreement. The two or more parties involved are in consensus regarding the subject matter. A contract valid and in force, once the offeror makes the offer, and the offeree accepts it.
Steel and mike are in are contract. Mike has accepted the offer by steel. Other elements that must be present for a contract to be valid are the existence of consideration, mutual obligations, and the ability to fulfill one's responsibility.
Answer:
A) total cost = (200 labor hours x $20) + (500 units of raw materials x $8) + $4,000 cost of capital = $12,000
average total cost per unit = $12,000 / 2,000 units = $6 per unit
B) new total cost = (100 labor hours x $20) + (500 units of raw materials x $8) + $4,000 cost of capital = $2,000 + $4,000 + $4,000 = $10,000
average total cost per unit = $10,000 / 3,000 units = $3.33 per unit
C) When process innovation occurs, total productivity and efficiency increase, decreasing the average cost per unit. In this case the total cos decrease, but even if total costs do not decrease, higher efficiency and productivity can be achieved by production more units at the same total costs. Process innovations, usually related to new technologies, are responsible for the greatest increases in productivity and efficiency which result in higher economic output and growth.
Answer:
$247,800
Explanation:
Inventory December 31
physical inventory on December 31 $200,000
Add: Goods purchased FOB shipping point $26,400
Add: Goods sold FOB Destination <u> $21,400</u>
$247,800
FOB Shipping Point - the purchaser gains title to the inventory at the shipping point, so when Pelzer shipped the goods, they belonged to Stallman.
FOB destination - means the seller maintains title until the merchandise reaches its destination, so since the goods have not reached their destination, the goods still belonged to Stallman
