John earns $5.75 per hour. He worked 40.0 hours last week. What was the amount of his check?

In the budget constraint framework, when the price of a good rises and demand for the other good decreases, what can you say abo

nignag [31]

Answer:

The increase in demand of the product with the higher price or decrease in demand for the other goods is because the substitution effect is outweighed by the income effect of price increase.

Explanation:

The above explanation in economics refers to Giffen Good. The idea behind this concept Giffen is that if you do not have money and there is an increase in the price of a fundamental product such as bread, it is still impossible to afford other alternatives, hence you will go ahead to buy bread or avoid buying any of the product. Hence, the demand for other product will also decrease in this case. This means that the demand for product with higher price or decrease in other substitute product is due to the fact that the income effect outweighs the substitution effect. Hence people do not have the money to even afford the alternative product.

8 0

3 years ago

Lewis Company had the following transactions involving notes payable.

Fiesta28 [93]

Answer and Explanation:

The journal entries are shown below

1. Cash Dr $50,500

To Note payable $50,500

(Being the amount borrowed is recorded)

2. Cash Dr $61,200

To Note payable $61,200

(Being the amount borrowed is recorded)

3. Interest expense $2,020

To Interest payable $2,020

(Being the interest expense is recorded)

The computation is shown below:

= $50,500 × 8% × 6 months ÷ 12 months

= $2,020

4. Interest expense $612

To Interest payable $612

(Being the interest expense is recorded)

The computation is shown below:

= $61,200 × 6% × 2 months ÷ 12 months

= $612

5. Note payable $61,200

Interest expense $306

Interest payable $612

To Cash $62,118 ($61,200 + $918)

(Being the principal and the interest is recorded)

= $61,200 × 6% × 3 months ÷ 12 months

= $2,020

5. Note payable $50,500

Interest expense $1,010

Interest payable $2,020

To Cash $62,118 ($50,500 + $3,030)

(Being the principal and the interest is recorded)

= $50,500 × 8% × 9 months ÷ 12 months

= $3,030

8 0

3 years ago

Assume Clarks cannot estimate the standalone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry

kicyunya [14]

Answer and Explanation:

The journal entry is shown below:

Cash Dr (1,000 × $65) $65,000

To Sales revenue $59,000

To Deferred Revenue -Discount coupon $6,000

(1,000 × $100 × 30% × 20%)

(Being the sales revenue is recorded)

here the cash is debited as it increased the assets and credited the sales revenue and deferred revenue as it increased the revenue and liabilities

7 0

2 years ago

Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s pro

VLD [36.1K]

Answer:

raw materials 197900

accounts payable 197900

WIP 161830

factory overhead 5270

raw materials 167100

WIP 85500

factory overhead 7600

wages payables 93100

factory overhead 53000

accounts payable 53000

factory overhead 17150

acc. Dep-equipment 17150

dep expense* 14800

acc. Dep- Off Building 14800

WIP** 70965

factory overhead 70965

Finished Goods*** 251747

WIP inventory 251747

Explanation:

* as the building is not related to the manufacturing process we cannot capitalized through inventory We will record as cost ofo the period therefore, depreciation expense

** the aplied overhead will be the amount of direct labor added during the period time 83%

85,500 x 83% = 85,500 * 0.83 = 70,965

*** we will have to add up the jobs cost to detemrinate how much of the work in process inventory becomes finished good

Job Materials // Labor // Overhead

A20 $ 37,740 $ 19,200 + 19,200 x 0.83

A21 $ 44,320 $ 23,600 + 23,600 x 0.83

A23 $ 41,770 $ 27,100 + 27,100 x 0.83

Total 251,747

4 0

3 years ago

Consider the game in extensive form above. In the backward induction solution to this game Player 1 plays strategy and Player 2

Brrunno [24]

Answer:

answer can be seen in the attached file

Explanation:

Consider the game in extensive form above. In the backward induction solution to this game Player 1 plays strategy and Player 2 plays strategy (Please, label Player 1's strategies by A, B, and C, and Player 2's strategies as df, dg, ef, and so forth)

What is Game Theory?

This is a mathematical modelling that deals with the analysis of strategies for dealing with competitive situations where the result of a participant's choice of action depends critically on the actions of other participants. Game theory has been applied to in war, business, and biology, sport.

In Game theory, outcome is dependent on the contributions of competing parties

3 0

3 years ago