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3 years ago

What is consumer surplus? Using real-world data, what information would you need to measure consumer surplus for a product?

Business

1 answer:

Marina86 [1]3 years ago

7 0

Answer:

Consumer surplus is a degree of welfare that people gain from consuming goods and services in a free market.

The informatio needed is the market price of the good or service, and the amount of good consumed. Is necessary too information about the demand curve.

Explanation:

In a free market are millions of consumers that has different preferences for good and services. Some of them are willing to pay more or less than the market price. The consumer surplus is the welfare produced by the lower price that consumers that are willing to pay more, actually pay.

For this analysis is required the demand function, the market price and the equilibrium quantities.

Example: if I love apples, and I'm willing to pay 5 dollars for a kilo, but in the fruit market the price of a kilo is 1 dollar, the market conditions offer a welfare situation where I pay less for something I actually value more.

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Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine's useful life is

sasho [114]

Answer:

$25,800

Explanation:

The units-of-production deprecation method depreciates an asset based on the total units produced each year.

Unit of production depreciation expense = (units produced / total expected units of production) × (cost of asset - salvage value)

(64,500 / 300,000) x ($135,000 - $15,000)

0.215 x $120,000 = $25,800

I hope my answer helps you

6 0

3 years ago

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash

zheka24 [161]

Answer:

Usually, we use the "Income Summary" account to close the Income Statement accounts such as revenues and expenses.

First, close the revenue account by debiting it:

(DR) Service Revenue $450,000

(CR) Income Summary $450,000

Then, close the expenses accounts by crediting them:

(DR) Income Summary $407,000

(CR) Salaries Expense $350,000

(CR) Rent Expense $17,500

(CR) Depreciation Expense $35,000

(CR) Interest Expense $4,500

Finally, close the Income Summary account to Retained Earnings.

The balance of the Income Summary is a credit balance of $43,000

(credit of $450,000 less debit of $407,000)

So, to close the account we have to debit it.

(DR) Income Summary $43,000

(CR) Retained Earnings $43,000

4 0

3 years ago

_____ deals with how inputs, activities, and outputs of a process are organized.

kobusy [5.1K]

Structure is concerned with how a process's inputs, actions, and outputs are arranged.

<h3>What do a process' outputs entail?</h3>

The outcomes of group work are known as outputs, and the group or organization values these results.
In order to maximize a team's performance, it "provides a mechanism to analyze how teams perform."
The tangible results of a process, such as reports, meetings, and flyers, are what we refer to as outputs.
While these items are helpful in and of themselves, they typically fall short of fulfilling the overall intent of the process.
Some examples of results are Information (for instance, fresh information developed as a workshop contribution and/or information from meetings).
Data sent by a computer is known as output. Computers can only process digital data.

To learn more about outputs, refer to:

brainly.com/question/15586089

#SPJ4

4 0

1 year ago

Henry Jones contributed equipment, inventory, and $57,300 cash to a partnership. The equipment had a book value of $27,800 and m

Oliga [24]

Answer:

A. $86,900

Explanation:

Henry’s capital account will be credited by the amount of $86,900. See computation below.

Cash $57,300

Equipment 34,100

Inventory 10,400

Note payable (14,900)

————

Total $86,900

*Both the equipment and the inventory will be recorded on partnership’s book at fair market value at the time of contribution.

*The partnership may absorb the obligation if it is associated with an asset contributed by partner. Thus, it will be deducted to his capital account as contribution to the partnership.

3 0

3 years ago

The Daily Grind sells coffee makers. Its inventory of coffee makers without timers cost $20,000 and is now valued at $10,000. It

zysi [14]

Daily grinds inventory value = coffee maker with timer value x n units + coffee maker without timer in x n units

where:
coffee maker with timer value = $35000
coffee maker without timer = $10000
n= 5 units each

Daily grinds coffee maker inventory value = ($35000 x 5)+( $10000 x 5)
= $225000

5 0

3 years ago