Answer:
If the market for labor was perfectly competitive, then the wage (price of labor) would be determined by the industry, not by individual firms. Therefore, individual firms would be wage takers. The equilibrium wage would be determined by the market and the supply of labor (the workers) should be perfectly elastic.
The demand of labor = marginal revenue product. Marginal revenue product is calculated by multiplying total marginal physical output by marginal revenue per unit of output.
Answer:
$175,000
Explanation:
Based on the information given we were told that in a situation where Goebel Company tend to acquired an interest of 20 percent in Dobbs Company on December 31, 2014 for the amount of $175,000 in which we were told that the fair value method of accounting were used for the Investment which means that the amount of DEBIT TO EQUITY INVESTMENT (Dobbs) would have been $175,000 which was the amount that was used by Goebel Company to acquired an interest of 20 percent in Dobbs Company on December 31,2014.
Answer:
24%
Explanation:
Price elasticity denotes the percentage change in quantity demanded in response to certain percentage change in price. Elasticity of price is calculated as follows:
Elasticity of price = % change in quantity / % change in price
-2.42 = % change in quantity / 10%
% change in quantity = 2.42 * 10%
% change in quantity = 24.2%
Answer:
Cost of goods manufactured = Cost of goods sold + Ending finished goods inventory - Beginning finished goods inventory
Cost of goods manufactured = $22,000 + $46,000 - $10,000
Cost of goods manufactured = $58,000
Explanation: In order to obtain cost of goods manufactured, we need to add cost of goods sold to ending finished goods inventory and deduct beginning finished goods inventory. Ending work-in-process inventory should be ignored because it has been considered before arriving at cost of goods manufactured.