Answer:
The markup calculated as a result of information about the elasticity of demand
Explanation:
As a monopoly seller of pharmaceutical products the price set as markup would be above our marginal cost.
There are three facts about markup:
1. The Markup is not to be a price below marginal cost of the pharmaceutical product.
2. Markup is smaller when demand is more elastic. Remember if the price elasticity of demand is lower than 1, (negative) a rise in price causes an
increase in revenue for the seller.
Therefore having a -4 elasticity of demand could imply more profits for the firm.
Answer:
a. An audit adjustment is needed since the best case scenario, where the net realizable value is highest would result in $92,000 - $5,000 = $87,000.
b. the value of inventory must decerase by $99,000 - $87,000 = $12,000, so COGS must increase by that amount:
Dr Cost of goods sold 12,000
Cr Merchandise inventory 12,000
When the demand curve shifts to the left and all else is held constant, the equilibrium price <u>falls</u> and the equilibrium quantity <u>falls</u>.
<h3>The types of chart.</h3>
In Economics, there are two main types of chart that can be used to illustrate the relationship between the total quantity of goods or services that are demanded by consumers and the total quantity of goods or services that were supplied by a manufacturer (producer) at a particular price and these include the following:
<h3>What is an
equilibrium?</h3>
An equilibrium can be defined as the point on a supply and demand chart where the demand curve and the supply curve intersect.
In conclusion, the equilibrium price and the equilibrium quantity would <u>fall</u> when the demand curve shifts to the left and all else is held constant.
Read more on equilibrium here: brainly.com/question/2000166
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Answer:
Woods Company
Accounts Requiring Adjustment, Type of Adjusting Entry, and the Related Account:
Account Type of Adjustment Related Account
a) Account receivable Accrued revenue Service revenue
b) Prepaid insurance Prepaid expense Insurance expense
c) Equipment Not required Not required
d) Accumulated depreciation Accrued expense Depreciation expense
e) Notes Payable Not required Not required
f) Interest Payable Accrued expense Interest expense
g) Unearned service revenue Unearned revenue Service revenue
Explanation:
End of period adjustments are made to accounts in order to bring them in line with the accrual concept and matching principle of accounting. These principles require that expenses and revenues for the period are matched in order to determine the appropriate profit generated for the period. The implication is that transactions are recorded when they are incurred and not when cash is exchanged. For example, if rent expense is incurred for the year and payment is made in the following year, the expense must be recognized in the current year. The same applies to revenue.
Answer:
In state welfare capitalism, the government plays an active role in regulating economic activities in an effort to smooth out the boom-and-bust pattern of the business cycle
Explanation:
Nations that adhere to capitalism on the premise of social welfare are characterized by state regulation aimed at protecting the population and ensuring a healthy standard of living. This is especially relevant because it protects citizens from economic instability. Typically, countries where social welfare works, many jobs are public, and the state has several social programs. Examples are Sweden, Norway and Denmark.
