Answer:
Total consumer surplus is $12
Explanation:
Consumer surplus refers to the benefit derived by the consumer from the amount he is willing to pay as against market price. For example, Glee is willing to pay $10 for a product. The market price of the product is $5. His consumer surplus will be $5 (benefit).
Here, market price is $5.
Buyer is willing to spend $10 for first unit. Consumer surplus is $5 (10 - 5)
Buyer is willing to spend $9 for second unit. Consumer surplus is $4 (9 - 5)
Buyer is willing to spend $8 for third unit. Consumer surplus is $3 (8 - 5)
Total consumer surplus is $12 (5 + 4 + 3)
Answer:
Gore is not required to make any accounting adjustments
Explanation:
Gore won't be required to make any accounting adjustments because the litigation loss is already $2,000,000 leading to him recording a liability in his account in which
$5 million in legitimate warranty claims were as well filed by his customers which is why he won't be making any further Accounting adjustment in 2021.
Answer:
10 minutes
Explanation:
Data provided in the question
Reception taking time = 3 minutes
Car wash taking time = 5 minutes
Paying the cash register taking time = 4 minutes
Returning to car and leaving taking time = 2 minutes
So, the theoretical flow time in minutes is
= Reception taking time + maximum time of car wash and paying the cash register + returning to car and leaving taking time
= 3 minutes + 5 minutes + 2 minutes
= 10 minutes
