I actually work with a bank and we suggest you start by giving us a call and locking your account so we know where it was last used and it is not able to be used again. If we can see where it was used and the time, it can become further investigating but that’s until after the first situation of the fraud is complete and confirmed.
Answer:
1. $12
2. $8
Explanation:
1. At Break-Even, George's profit will be equal to their cost.
Revenue = Costs.
Variable costs are $9.
Fixed costs are $24,000
Quantity is 8,000 shirts
Let the Break-Even price be x.
8,000x = 24,000 + (9 * 8,000)
8,000x = 24,000 + 72,000
8,000x = 96,000
x = 96,000/8,000
= $12
2. At 50% more shirts. George's would be selling;
= 8,000 + 8,000(0.5)
= 12,000 shirts
New Break-Even Point will be;
12,000x = 24,000 + 72,000
12,000x = 96,000
x = 96,000/12,000
x = $8
Answer: They are both right.
Explanation:
Firms in every market will always maximise profit where their Marginal Revenue equals Marginal Cost because at this point, resources are being fully utilized. This is therefore no different in a Perfectly competitive market so Skip is correct.
Peggy is also correct however because in a Perfectly Competitive market, the demand curve is perfectly elastic. This creates a situation where the Price, Marginal Revenue and Average Revenue are all the same and represent the demand curve as well.
With the Price being the same as the Marginal Revenue in a Perfectly competitive firm, that means that where the Price equals Marginal Cost is where the Marginal Revenue equals Marginal Cost as well so indeed perfectly competitive firms maximize profit where price equals marginal cost.
Answer:
P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years
Explanation:
Given the formula P(1 + r)^nt,
P = principal; r = annual interest rate; n = number of times interest is compounded per year; t = time in years
Compound interest is defined as interest on a loan, deposit or investment that is calculated on the basis of the principal invested, deposited or borrowed and the accumulated interest from previous periods.