Supply price elasticity measures sellers' sensitivity to changes in price. When price changes have a large impact on supply, we say that supply is price elastic, with small price increases supply will increase considerably. We say that an offer is perfectly elastic when from a certain price level, suppliers have bid as much as possible. In the short term, however, firms bump into structural factors to deliberately increase their supply. For example, a factory has a short-run maximum production limitation. In the short term, the factory may grow its plant and buy more machines, but in the short term from one point the supply is more rigid.
There are, however, some exceptions. In the case of natural monopolies, such as water supply, the increase in price may increase supply indefinitely. This is a case where, in the short run, price elastic supply can be infinitely elastic. Thus, rising prices can increase the amount of water supplied as much as demanded by consumers. This is because the marginal cost of supplying more water is low for the firm.
Note: marginal cost is the cost of manufacturing one more unit of the product supplied. In the case of water, the marginal cost of providing 1 unit of water measurement is very low.
Answer: Optimistic
Explanation: Being optimistic is expecting the best from the situation of life. It's a state of mind of always expecting the best out of life and also making the best of what life gives.
Laila is optimistic her idea would succeed, despite a few setbacks she experienced in the business, she still believes her business would be a success. To back up her believe she adds action, investing the resources at her disposal.
Balance Sheet and income statement account include supplies, amount payable for interest and salaries.
<h3>
What is a Balance Sheet?</h3>
Balance Sheet are financial statement that shows a company's assets and liabilities.
The pair of balance sheet and income Statement account that can require adjustment include,
- Supplies of goods and services
- Unearned Revenue
- Salaries and Wages Payable
- Interest Payable
- Income Tax Payable Balance
This adjustment is dependent on the amount of increase or decrease that is made on the account.
Therefore, Balance Sheet and income statement account include supplies, amount payable for interest and salaries.
Learn more on balance sheet here,
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Answer:
A) $4,900
Explanation:
Options are: <em>"A) $4,900 B) $5,000 C) $9,900 D) $14,900"</em>
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Particulars Amount
Original cost $25,000
Damage $30,000
Lower of the two is $25,000
Less: Insurance reimbursement <u>$15,000</u>
Actual loss $10,000
Less: Deduction $100
Less: 10% of AGI (10% of 50,000) <u>$5,000 </u>
Final Deduction <u>$4,900</u>
Note: Flat $100 is deducted from this amount and also 10% of AGI, i.e 10% of $50,000 is deducted to finally arrive at the deduction.
Answer:
The correct answer is D.
Explanation:
Giving the following information:
Budgeted production 7,400 units Standard machine-hours per unit 6.6 machine-hours Standard lubricants rate $ 3.50 per machine-hour
Actual production 7,600 units Actual machine-hours (total) 49,840 machine-hours Actual lubricants cost (total) $ 179,821
Manufacturing overhead spending variance= (standard rate - actual rate)* actual quantity
Manufacturing overhead spending variance= (3.5 - 3.607965)*49,840= 5,381 unfavorable
