Answer:
Total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good.
Explanation:
As consumption increases, total utility increases but marginal utility would begin to diminish after a certain point is reached as a result of diminishing marginal utility.
The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit falls.
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Answer:
Option (d) , Bank 4 offers the highest amount after a year
Explanation:
The total amount from each of the interest rates can be expressed as;
A=P(1+r/n)^nt
where;
A=Future value of investment
P=Initial value of investment
r=Annual interest rate
n=Number of times the interest is compounded annually
t=number of years of the investment
a). Bank 1
P=x
r=6.1%=6.1/100=0.061
n=1
t=assume number of years=1
replacing;
A=x(1+0.061/1)^(1×1)
A=x(1.061)
A=1.061 x
b). Bank 2
P=x
r=6%=6/100=0.06
n=12
t=1
Replacing;
A=x(1+0.06/12)^(12×1)
A=x(1.005)^12
A=1.0617 x
c). Bank 3
P=x
r=6%=6/100=0.06
n=1
t=1
Replacing;
A=x(1+0.06/1)^(1)
A=1.0600 x
d). Bank 4
P=x
r=6%=6/100=0.06
n=4
t=1
A=x(1+0.06/4)^(4×1)
A=x(1+0.015)^4
A=x(1.061)
A=1.0614 x
e). Bank 5
P=x
r=6%=6/100=0.06
n=365
t=1
A=x(1+0.06/365)^(365×1)
A=1.0618
Option (d) , Bank 4 offers the highest amount after a year
Answer:
In this scenario, the measures implemented by Congress will most likely create the fiscal cliff.
Explanation:
In managing an economy, agencies always try to find a balance between growth and inflation. In general, individuals always want a situation where there is economic growth, however if the growth is not controlled it can lead to cases of inflation where the prices of goods and services are too high. There are two major ways in which the economy can be brought to a balance, namely; fiscal policy and monetary policy. Fiscal policy deals with the use of incentive and laws by the government to control the economy. The incentives include; adjusting government expenditure and the taxes. On the contrary, monetary policy is utilized by the monetary authority to regulate the supply of money to the economy.
A fiscal cliff is the use of a combination of tax hikes and cutting expenditure across the board by government agencies to cause severe economic decline.The fiscal cliff was a concept that was to be effected in December of 2012, however, there was concern that using the two combinations might drive the economy which was already shaky to a detrimental end. On the other hand, predictions showed that going through with the idea would reduce the budget deficit considerably.
Answer:
For X-Men, the Sales Discount should be recorded at the estimated discount amount that will be taken by the X-Men's customers, which is calculated as: $1,000 * 2% = $20.
The adjusting for sales discount X-Men should be recorded as followed:
Dr Sales Discount 20
Cr Allowance for Sales Discount 20
( to record the estimated sales discount taken)
in which, Sales Discount is a contra-revenue account which helps to record the Net Sales amount from the Gross Sales amount.
Explanation:
Answer:
<u>When Job is completed</u>
Dr. Cr.
Finished Goods $65,800
Work in process Job 10 $30,800
Work in process Job 11 $35,000
<u>When Job 10 is sold</u>
Dr. Cr.
Cash / Account Receivable $42,500
Sales $42,500
Cost of Goods Sold $30,800
Finished Goods Inventory $30,800