Answer:
The number of firemen employed will decrease while the wage of firemen will decrease
Explanation:
In an economy when there is an alternative or substitute that enters the market it results in reduction of demand for that product because some consumers will go for the other good.
In this scenario where building codes change to require firewalls and sprinklers to be included in all new construction, there will be a reduction in the demand for firemen. So number of firemen employed will be less.
This is because there is an alternative to using firemen now (firewalls and sprinklers).
Supply of firemen will remain the same, so more people are now competing for less jobs.
They will be more willing to take less wages than before so wages will reduce.
Answer:
$861
Explanation:
Fixed predetermined overhead rate = Total fixed overhead cost/Total labor hours
= $ 74,000/74,000 = $ 1 PLH
Variable predetermined overhead rate = $ 3.10 PLH
Applied overhead rate = Fixed predetermined overhead rate + Variable predetermined overhead rate = $ 1 + $ 3.10 = $ 4.1 PLH
Applied overhead cost for Job X387 = Applied overhead rate x No. of labor hours required for job X387 = $ 4.1 x 210 = $ 861
These countries can gain from trade because norway has an absolute advantage producing fish oil.
Become less valuable over time
Answer:
(a) Purchased supplies on account.
Increase assets and liabilities
(b) Received cash for providing a service.
Increase assets and equity
(c) Expenses paid in cash.
Decrease assets and equity
Explanation:
(a) The company acquire an assets but to do so; it take a liability. In the future it will be forced to pay the credit given today
(b) The company receive an assets(cash) by prvoviding services which is the main activity. The equity represebt both, the owner investment and the earning of the business. In this case this is an earning so it increase equity
(c) The rgannizatioon used an asset to afford their obligation. This is a negative result thus; equity decrease