Answer:
$3.55; $3.13
Explanation:
Calculation to determine what The unit production costs for July are:
Using this formula
Unit product cost = (Beginning work in progress + Cost added) / Number of units
MATERIALS
Unit product cost=($8000+$63,000) / 20,000 units
Unit product cost=$71,000/20,000
Unit product cost=$3.55
CONVERSION
Unit product cost = ($3750+$52500) / 18,000
Unit product cost=$56,250/18,000
Unit product cost=$3.125
Unit product cost=$3.13 (Approximately)
Therefore The unit production costs for July are:$3.55; $3.13
Answer:
The correct answer is C. the decline in the economic value of an asset over time
Explanation:
Depreciation : Depreciation is a decreasing value of the asset due to tear and wear, obsolesce, usage, etc
It is charged on the fixed assets which include plant and machinery, furniture and fixtures, building, computer, equipment, etc.
The sum of gross and net investment is not called the depreciation because gross investment is an expenditure which is incurred on new purchase while net investment is a difference between gross investment and deprecation. So, option B is incorrect.
Depreciation should not be charged on intangible assets because in intangible asset, the amortization is charged. Thus, option B is incorrect.
The decrease in the general price level is disinflation or inflation decreased. So, option D is also wrong
Hence, The correct answer is C. the decline in the economic value of an asset over time
Answer: 1. A - Describe how the individual pursuit of self-interest works to promote the interest of the public as a whole
2. A- Both Adam Smith and Karl Marx believed that humans are motivated by self-interest
Explanation:
1. According to Adam Smith who is known as the father of modern economics stated in his thesis that individual's self-interest and freedom of production as well as consumption is in the best interest of the society as a whole.
Each Individual's free exchange creates signals about which goods and services are valuable. These signals will spontaneously direct competing consumers, producers, distributors, and intermediaries—each pursuing their individual plans— to fulfill the needs and desires of others.
Smith’s invisible hand became one of the primary justifications for an economic system of free market capitalism.
2. Pairing that best describes Adam Smith's view of human motivation in a market economy and Karl Marx's view of human motivation in a communist economy: Both Adam Smith and Karl Marx believed that humans are motivated by self-interest as they both believe that the economy is a capitalist economy that all its good and services are in the hands of private individuals.
Answer:
The consumer surplus will definitely increase.
Explanation:
The reason is that the manufacturers have purchased the sugar at a high price and now it is available at a lower price. So this means that the price of chocolate must decrease in the market if the price of material input is fallen. But the chocolate prices will take time to fall and as the result the customer is willing to pay lower prices but he is forced to pay more because the manufactured chocolates include sugar which was bought at a higher price. So the consumer surplus will increase.
