Answer:
Vince's Vehicle Repairs
The Cost of Sales is:
= $72,000.
Explanation:
a) Data and Calculations:
Turnover = $180,000
Gross profit margin = 60%
Net profit margin = 22%
Gross profit margin = Gross profit/Turnover * 100
60% = Gross Profit/$180,000 * 100
Therefore, the Gross Profit = $180,000 * 60%
Gross Profit = $108,000
Cost of sales = Turnover - Gross profit (100% - 60%)
Cost of sales = $180,000 - $108,000
= $72,000
Alternatively, Cost of Sales:
= $180,000 * (100% - 60%)
= $72,000
Answer:
Demand relationship is the relationship between the dominant prices of a good and the quantity that will be bought at that price.
Explanation:
Demand can be defined as the quantity of a good that consumers are ready to purchase at different prices at a given period of time.
The basic demand relationship is between potential prices of a good and the quantities that would be bought at those prices. The relationship is always a negative one, this implies that an increase in price will lead to a decrease in the quantity demanded. This negative relationship is represented in the downward slope of the consumer demand curve. Take for instance, if the price of a bag of rice rises from $10 to a price of $20, this is a huge price increase. This increase forces the consumer to demand less of that product at the price of $20 because the new price is more expensive and also very unreasonable for a bag of rice.
The answer is The income effect.
Income effect is described as the change in demand of a service or good brought on by change in the income of a consumer.It is observed in two cases first is when income of person increases and second is when price of goods or service decreases.
The scenario given in the question is an example of second case as the price of burger was less than normal Steve perceived his income to be able to buy more product in same price
Answer:
(i) The farm can cover its revenue using its total variable cost, therefore the farm will continue producing 200 units
(ii) The farm cannot cover its revenue using its total variable cost, therefore the farm will shut down
(iii) The two relevant points on supply curve will be: (Price = $12 & Quantity = 0) and (Price = $25 & Quantity = 200)
Explanation:
(i)According to given data, When output is 200 but price is $20, this price is equal to ATC, so the farm breaks even. But since this price is higher than AVC of $15, the farm can cover its revenue using its total variable cost, therefore the farm will continue producing 200 units.
(ii) When output is 200 but price is $12, this price is equal to ATC, so the farm makes economic loss. Also, this price is lower than AVC of $15, so the farm cannot cover its revenue using its total variable cost, therefore the farm will shut down.
(iii) The farm's supply curve is the portion of its Marginal cost (MC) curve above the minimum point of AVC. Since price equals MC, the two relevant points on supply curve will be: (Price = $12 & Quantity = 0) and (Price = $25 & Quantity = 200).
Answer:
b. the creation of different meanings based on social and cultural context.
Explanation:
According to my research, I can say that based on the information provided within the question this provides an example of the subjectivity of the interpretation process. This basically means that the creation of someones judgement is based on personal opinions from social and cultural context. Therefore it can be said that the answer to this question would be b. the creation of different meanings based on social and cultural context.
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