Answer:
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Answer: Equilibrium price
The equilibrium price is that price at which the quantity of products supplied by producers is exactly equal to the quantity demanded by consumers.
In economic theory, the market forces of demand and supply generally tend to drive prices to the equilibrium.
If the price of product is too low, then excess demand for that product will drive prices higher until quantity demanded is exactly equal to quantity supplied. Conversely, if the price of a product is too, high, there will be no demand and the price falls until quantity demanded is exactly equal to quantity supplied and reaches a new equilibrium.
Answer:
$7,000
Explanation:
The computation of the amount of purchasing department allocated to assembly department is shown below:
= Total purchasing department cost × number of purchase order ÷Total numbers of purchase orders in overall operating departments
= $35,000 × 4 ÷ 20
= $7,000
The 20 number of purchase orders is come from
= 16 + 4
= 20
We simply applied the above formula