1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
77julia77 [94]
3 years ago
11

Suppose you have two indifference curves U 1 and U 2 representing the consumption of two normal goods. If U 2 is twice as far fr

om the origin as U 1, then _____.
Business
1 answer:
Alik [6]3 years ago
7 0

Answer:

The utility that U2 represents is twice as higher than the utility that U1 represents.

Explanation:

An indifference curve is the locus of combination of two commodities bundles that yield the same level of satisfaction or utility to the consumer.

An indifference map is a graph that present two or more indifference curves that yield different level of utility to the consumer.

The farther away an indifferent curve from the origin, the higher the level of utility the consumer derives from the combinations of two goods it represents.

Therefore, if we have two indifference curves U1 and U2 representing the consumption of two normal goods. If U2 is twice as far from the origin as U1, then the utility that U2 represents is twice as higher than the utility that U1 represents.

You might be interested in
Amy currently volunteers at her local hospital. She would like to one day
Lyrx [107]

Answer:

C

Explanation:

C focuses on health care careers it makes the most sense if she wants to be a doctor.

7 0
2 years ago
Read 2 more answers
Prior to adjustment at August 31, Salaries Expense has a debit balance of $272,650. Salaries owed but not paid as of the same da
zlopas [31]

Answer:

A. Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

B. Dr Income summary $275,790

Cr Salary expense $275,790

Explanation:

A. Preparation of the adjusting entry to record accrued salaries as of August 31

August 31

Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

(To record accrued salaries)

B. Preparation of the Closing entry on August 31

August 31

Dr Income summary $275,790

Cr Salary expense $275,790

($272,650+$3,140)

(To record Closing entry)

5 0
2 years ago
The production possibilities curve is bowed out (curve) because
Korolek [52]

Answer:

as the price of a good increases,the quantity supplied decreases

7 0
2 years ago
Read 2 more answers
At a price of $200, a cell phone company manufactures 100000 phones. At a price of $300, the company produces 300000 phones. Wha
valkas [14]

Answer:

2.5

Explanation:

P1=$200

P2=$300

S1=100000

S2=300000

The percentage change in price is:

\Delta P =\frac{300-200}{\frac{200+300}{2}}=0.4=40\%

The percentage change in supply is:

\Delta S =\frac{300000-100000}{\frac{100000+300000}{2}}=1=100\%

The price elasticity of supply is given by:

E=\frac{\Delta S}{\Delta P}=\frac{100\%}{40\%}=2.5

The price elasticity of supply is 2.5.

4 0
3 years ago
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance
daser333 [38]

Answer:

1. Pala Medical Co. Bank Reconciliation Statement as on June 30, 20Y1    

       PARTICULARS                                                        $                 $

Balance as per cash book                                              166,436  

Add: Cheques issued but not yet presented          19,427  

 25,000 note collected by Bank                          <u>26,500  </u>

                                                                                        <u> 45,927 </u>

                                                                                       212,363  

Deduct: Checks deposited but not yet collected

         by the bank                                                             12,300  

  Overstatement of figure by the bank                      720  

  Returned check wrongly recorded by Pala

         Medical Co.                                                            3,600  

  Bank service charge                                         <u>        55   </u>

                                                                                     <u>     16,675  </u>

Balance as per bank statement as on June 30, 20Y1       <u>   </u><u>195,688  </u>

<u></u>

<u></u>

2.          DETAIL                                                                  DR            CR

                                                                                               $                  $

Cash Account                                                             25,000  

  Investment                                                                                  25,000  

Matured Investment ($25,000 Notes)  

Cash Account                                                                 1,500  

  Interst Income                                                                             1,500  

Being interest on $25,000 Notes received  

Cash Account                                                                      400  

  Creditors - Skyline Supply Co.                                                                400  

Being correction of Payment to Skyline Supply Co. wronfly recorded  

Creditors - Skyline Supply Co.                                      4,000  

  Cash Account                                                                                  4,000  

Being Payment to Skyline Supply Co.  

Bank Charges                                                                    55  

Cash Account                                                                                55  

Bank Charges recorded captured in the bank statement

3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1 the amount to be reported as cask is $166,436  

Explanation:

1. The balance shown by the bank statement seldom agree with the balance shown by the cash book, bank reconciliation statement is usually drawn up to  agree the balance shown by the bank statement with the balance shown by the cash book.

In this question:

a. Check  outstanding of $19,427 are checks issued to creditors which where not presented for payment. generally known as unpresented checks.

b. The receipts of $12,300 recorded in Pala Medical Co. cash book was not credited by the bank, this will obviously cause a disagreement between the bank statement and the cash book at month end.

c. The amount of $26,500 recorded in the bank statement must be reported correctly the the cash book and the relevant ledger by debiting the cash book by the total receipt of $26,500 and crediting investment and with $25,000 and crediting the interest elements to interest income account.

d. The wrong recording of $400 instead of $4000 must be corrected by reversing the initial entry. this is done by debiting Cash book with $400 and crediting Creditor account - Skyline Supply Co. with $400   and recording the correct entry by debiting Creditor account - Skyline Supply Co. with $4000 and crediting cash book by $4000.

e. The check of $195 is recorded correctly already in the cash book, it is the bank to pass the necessary entry but it will only enter the company cash book.

f. Bank service charge should be recorded by debiting bank charges with $55 and crediting cash book with $55

8 0
3 years ago
Other questions:
  • Of the 27.8 million businesses in this country at the end of 2008, the majority _____.
    5·1 answer
  • A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. O
    10·1 answer
  • Harrison Ford Company has been approached by a new customer with an offer to purchase 10,000 units of its model IJ4 at a price o
    6·1 answer
  • The financial perspective of the balanced scorecard is concerned with
    8·1 answer
  • The minimum acceptable price for a product that producer Sam is willing to receive is $15. The price he could get for the produc
    10·1 answer
  • Gerrick has an international business but is having difficulty with currency exchanges and fluctuations in the currency exchange
    5·1 answer
  • At the broadest and vaguest level, cost-benefit analysis may be regarded simply as______________.a. systematic thinking about de
    13·2 answers
  • The Weidmans want to save $20,000 in 4 years for a down payment on a house. If they make monthly deposits in an account paying 1
    15·1 answer
  • Assume that investment spending
    10·1 answer
  • Last month Peggy Company had a $30,310 profit on sales of $350,000. Fixed costs are $92,190 a month. What sales revenue is neede
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!