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3 years ago

Below is a demand curve for DVDs for a monopoly currently producing at point

2 answers:

4 0

The decrease is a simple 2 dollars that is easy to find out. The demand is decreasing, as is the price to keep the demand atleast a bit steady. The decrease is a 12.5% of the total cash recieved.

choli [55]3 years ago

3 0

The question is incomplete. The complete question could be found here: https://www.coursehero.com/tutors-problems/Microeconomics/19335633-Hi-please-help-me-answer-these-economic-questions-on-elasticity-tax/

Answer:

The change in revenue is (14-16)*$200= -$400. The change in revenue that results just from the increased quantity at $14 is 1400. The overall net effect of this price decrease on the firm's total revenue is (14*300-16*200) = 1000. The price elasticity of demand is elastic.

Explanation:

Price effect is commonly referred to as the influence of a price/value change on the demand for goods and services. On the other hand, in the presence of a price decrease or increase, the quantity of goods and services sold are altered. The price elasticity of demand is normally used to show the effects of only price on goods and services. The answers to the questions using the graph provided are shown above.

You might be interested in

The CPI for this year is calculated by dividing thevalue of all goods and services produced in the economy this year using this

mars1129 [50]

Answer:

False

Explanation:

The consumer price index (CPI) is calculated by using a basket of goods, not all the goods and services produced in the year.

The CPI formula = (current price of CPI basket / base period's price of CPI basket) × 100

When we compare current CPI with last year's CPI we can calculate the inflation rate for the year.

The GDP deflator is also used to calculate the inflation rate. The main difference with the CPI is that the CPI might include foreign goods while the GDP deflator doesn't include foreign goods. Usually the deflator and the CPI are the same, but theoretically they could be different, but in general practice they are not.

6 0

3 years ago

The following two errors were made in the physical inventory counts: 1. 2012 ending inventory was overstated by $33,000. 2. 2013

timofeeve [1]

Answer:

2013: $490,000 2012: $561,000

Question:

Errors in inventory count the following information was taken from the record of Spencer Enterprises

2013 2012

Beginning Inventory $63,000 $83,000

Cost of goods purchased $548,000 $508,000

Cost of goods available for sale $611,000 $591,000

Ending inventory $93,000 $63,000

Cost of goods sold $518,000 $528,000

The following two errors were made in the physical inventory counts:

1. 2012 ending inventory was overstated by $33,000

2. 2013 ending inventory was understated by $28,000.

Compute the correct cost of goods sold for both 2012 and 2013.

Explanation:

Computation of cost of goods sold for the year 2016 and 2015

Particulars 2013 2012

Beginning inventory $63,000 $83,000

Cost of goods purchased $548,000 $508,000

Cost of goods available for sale $611,000 $591,000

Ending inventory (corrected) $121,000 $30,000

Cost of goods sold (corrected) $490,000 $561,000.

note:

In 2013 new ending inventory = $93,000 + $28,000 = $121,000

In 2012 new ending inventory = $63,000 - $33,000 = $30,000

Beginning inventory + Cost of goods purchased = Cost of goods available for sale

Cost of goods available for sale - Ending inventory = Cost of goods sold

3 0

3 years ago

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:

nignag [31]

Aug. 1 Inventory On Hand—2,000 Units; Cost $5.70 Each.

Second sales assumed to be 7,000 units at a price of $11.40 each.

Answer:

Altira Corporation

August 2021 Ending Inventory & Cost of Goods Sold:

1. Ending Inventory = 9,000 units at $5.88 per unit = $52,920

2. Cost of goods sold =

9,600 x $5.87 = $56,352

7,000 x $5.95 = $41,650

16,600 units = $98,002

Explanation:

a) Calculations:

Units Unit Cost Total Cost

Beginning Inventory 2,000 $5.70 $11,400

Purchases 12,000 $5.90 $70,800

Weighted average cost = ($11,400 + $70,800) / 14,000 = $5.87

Sales (9,600) $12.00 $115,200

Units remaining 4,400 $5.87 $25,828

Purchases 7,200 $6.00 $43,200

Weighted average cost = ($25,828 + $43,200) / 11,600 = $5.95

Sales (7,000) $11.40 $79,800

Units remaining 4,600 $5.95 $27,370

Purchases 4,400 $5.80 $25,520

Weighted average cost = ($27,370 + $25,520) / 9,000 = $5.88

Ending Inventory 9,000 $5.88 $52,920

b) The 'Average Cost Method' or the Weighted Average Cost Method assumes that the cost of inventory is based on the average cost of the goods available for sale during the period. To compute the average cost, divide the total cost of goods available for sale by the total units available for sale.

6 0

3 years ago

The Starr Theater, owned by Meg Vargo, will begin operations in March. The Starr will be unique in that it will show only triple

skelet666 [1.2K]

Answer:

Mar. 2 Rented the three Indiana Jones movies to be shown for the first 3 weeks of March. The film rental was $3,000; $1,600 was paid in cash and $1,400 will be paid on March 10.

Dr Movie rental expense 3,000

Cr Cash 1,600

Cr Accounts payable 1,400

3 Ordered the Lord of the Rings movies to be shown the last 10 days of March. It will cost $160 per night.

No journal entry required

9 Received $4,400 cash from admissions.

Dr Cash 4,400

Cr Service revenue 4,400

10 Paid balance due on Indiana Jones movies rental and $2,200 on March 1 accounts payable.

Dr Accounts payable 3,600

Cr cash 3,600

11 Starr Theater contracted with Adam Ladd to operate the concession stand. Ladd is to pay 15% of gross concession receipts, payable monthly, for the rental of the concession stand.

No journal entry required

12 Paid advertising expenses $800.

Dr Advertising expense 800

Cr Cash 800

20 Received $5,500 cash from customers for admissions.

Dr Cash 5,500

Cr Service revenue 5,500

20 Received the Lord of the Rings movies and paid the rental fee of $1,600.

Dr Movie rental expense 1,600

Cr Cash 1,600

31 Paid salaries of $2,900.

Dr Wages expense 2,900

Cr Cash 2,900

31 Received statement from Adam Ladd showing gross receipts from concessions of $5,000 and the balance due to Starr Theater of $750 ($5,000 × 15%) for March. Ladd paid one-half the balance due and will remit the remainder on April 5.

Dr Cash 375

Dr Accounts receivable 375

Cr Concessions revenue 750

31 Received $9,700 cash from customers for admissions.

Dr Cash 9,700

Cr Service revenue 9,700

Since there is not enough room here, I prepared a general ledger in an excel spreadsheet and attached it.

Download pdf

8 0

3 years ago

A buyer agrees to purchase real property by making monthly payments to the seller and then receiving a deed at a later point in

slamgirl [31]

A buyer agrees to purchase real property by making monthly payments to the seller and then receiving a deed at a later point in time. such an agreement is known as a/an purchase-money mortgage.

What is purchase-money mortgage?

A purchase-money mortgage is a mortgage that the seller of home issues to the borrower as part of the sale of the property. This is typically done in circumstances where the buyer is unable to qualify for a mortgage through conventional banking channels. It is also known as seller financing or owner financing. In circumstances when the buyer is taking over, the seller's mortgage, and seller financing makes up the difference between the mortgage's outstanding balance and the property's sales price, a purchase-money mortgage may be employed.

What is one of the disadvantages of the purchase money mortgage?

One drawback is that you are still, and will continue to be, the home's legal owner. In the event that those buyers turn out to be dishonest, you can be left with damaged properties. Another drawback is that it could be challenging to evict or foreclose on a buyer who defaults on a loan.

Learn more about purchase-money mortgage: brainly.com/question/20711780

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7 0

1 year ago