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Taya2010 [7]
3 years ago
8

A tax on suppliers will cause the equilibrium price paid by the consumer to ______ and the equilibrium quantity to ______.

Business
2 answers:
tangare [24]3 years ago
7 0
A tax on suppliers will cause the equilibrium price paid by the consumer to increase and the equilibrium quantity to decrease. The tax would basically make the supplier decide to increase the price of their product. In effect, the consumer would have to pay a higher <span>price because of this incident. Since the price to be paid by the consumer would increase, the equilibrium quantity would eventually increase because the amount to be paid by the consumer is already fixed. When the price per unit would increase, the number of units that can be bought with the specified amount of money will eventually decrease.</span>
levacccp [35]3 years ago
7 0

<u>A tax on suppliers will cause the equilibrium price paid by the consumer to \fbox{increase} and the equilibrium quantity to \fbox{decrease}. </u>

Further Explanation:

Equilibrium Price: Equilibrium price is a level of price where the demand and supply of the goods are equal.

Equilibrium Quantity: Equilibrium price is a level of quantity where the demand and supply of the goods are equal.

The law of demand states that the price of the goods increases when the demand for the goods decreases and vice versa. The increase in the tax would increase the price of the goods then the demand for the goods would decrease as per the demand law. The increase in the demand will result in a decrease in the equilibrium quantity.

<u>Thus, the increase in the price of the product would result in a decrease in the quantity of the product. </u>

Learn more:

1. Learn more about the revenue from property taxes

brainly.com/question/2689578

2. Learn more about the tax on the profit from selling the fixed assets

brainly.com/question/2617534

3. Learn more about the personal tax

brainly.com/question/1762937

Answer details:

Grade: High School

Subject: Economics

Chapter: Equilibrium price and quantity

Keywords: The tax on suppliers, equilibrium price, paid by the consumer, equilibrium quantity, law of demand, price of the goods, quantity demanded, Equilibrium price and quantity, economics.

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Upon graduating from college, you make an annual salary of $58,381. You set a goal to double it in the future. If your salary in
Fynjy0 [20]

Answer: 9.20

Explanation:

In finance there is a rule for calculating this called 'The Rule of 70'.

With The Rule of 70, you are able to calculate the amount of time it will take an investment to double if you divide 70 by the growth rate of the investment.

In this scenario, the investment is your salary and the growth rate is 7.61% pee year.

The amount of time it will take to double is therefore,

= 70 / 7.61

= 9.19842312746

= 9.20 years.

It will take 9.20 years to double.

7 0
3 years ago
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $49,0
natima [27]

Answer:

a. Dr Bad debt expense $1,617

Cr Allowance for doubtful debt $1,617

b. Dr Bad debt expense $2,205

Cr Allowance for doubtful debt $2,205

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Estimated uncollectible amount

= 5% × $49,000

= $2,450

As such, if the allowance for doubtful;

has a $833 credit balance before the adjustment

Additional allowance required

=$2450 - $833

= $1,617

Entries required are

Dr Bad debt expense $1,617

Cr Allowance for doubtful debt $1,617

b) a $245 debit balance before the adjustment.

This means that off the amount uncollectible $245 has already gone bad

Adjusting entries required amounts to

= $2450 - $245

= $2205

Dr Bad debts expense $2205

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7 0
3 years ago
A company can choose to use FIFO inventory costing methods for the financial statement and can elect to use either LIFO or FIFO
Oduvanchick [21]

Answer:

A. True.

Explanation:

Companies can and often do use different costing methods for financial reporting and tax reporting. The only exception is when LIFO is used for tax reporting; in this case the IRS requires that it also be used in financial statements.

LIFO assigns the highest amount to cost of goods sold - yielding the lowest gross profits and net income , which also yields a temporary tax advantage by postponing payment of some income tax.

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3 years ago
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Answer:

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6 0
3 years ago
Old Camp Company manufactures awnings for its own line of tents. The company is currently operating at capacity and has received
Helen [10]

Answer:

It is more convenient to continue the production in house.

Explanation:

Giving the following information:

The company is currently operating at capacity and has received an offer from one of its suppliers to make the 12,000 awnings it needs for $25 each. Old Camp’s costs to make the awning are $12 in direct materials and $7 in direct labor. Variable manufacturing overhead is 70 percent of direct labor. If Old Camp accepts the offer, $42,000 of fixed manufacturing overhead currently being charged to the awnings will have to be absorbed by other product lines.

Make in house:

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Total variable costs= 23.9*12000= 286,800

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It is more convenient to continue the production in house.

3 0
3 years ago
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