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Jobisdone [24]
2 years ago
10

Suppose that video game discs are a normal good. If the incomeof video game players increase, you predict that in the market for

video games,
a) both equilibrium price and quantity will fall
b) equilibrium price will fall but quantity willincrease
c) equilibrium price will increase and quantity willdecrease
d) both equilibrium price and quantity will increase
Business
1 answer:
arlik [135]2 years ago
5 0

Answer:

Option (D) is correct.

Explanation:

It was given that video game is a normal good. We know that there is a positive relationship between the demand for a normal good and income of the consumer, hence, if there is an increase in the income level of the consumer then as a result the demand for a normal good increases which shifts the demand curve for normal good rightwards.

Therefore, this will lead to increase both equilibrium price and equilibrium quantity in the market for video games.

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The following data relate to the accounts of Edmiston Company. a. Unpaid salaries and wages at year end amount to $750. b. Edmis
AVprozaik [17]

Answer:

a. Debit  Salaries and wages expense   $750

   Credit Accrued Salaries and wages   $750

Being entries to record accrued salaries and wages

b. Debit Interest receivable $600

   Credit Interest income     $600

Being entries to record interest earned

c. Debit Insurance expense $350

   Credit Prepaid Insurance  $350

Being entries to record insurance expense

d. Debit Service revenue  $900

   Credit Unearned Service revenue  $900

Being entries to record unearned revenue

e. Debit Supplies expense  $1,500

   Credit Supplies account   $1,500

Being entries to record supplies expense

Explanation:

When salaries are incurred but yet to be paid, the expense has to be recorded with a corresponding liability known as accrued expense. When interest is earned but yet to be paid, it has to be recognized as a credit to the income statement and a debit to the balance sheet.

When insurance is paid in advance, the entries required are  

Debit Prepaid Insurance

Credit Cash account

As time elapses and the insurance expires,

Debit Insurance expense

Since payment was for 2 years, period elapsed as at December 31, 2017 is 7 months hence amount of expense

= 7/24 * $1,200

= $350

When a fee is received in advance for a service yet to be rendered, the revenue for such fee is said to be unearned. The entries required are

Debit Cash account and Credit Unearned fees or deferred revenue.

As the service is performed and the revenue is earned, debit Unearned fees and credit revenue.

When Supplies is purchased, Debit supplies and credit Cash/Accounts payable. As Supplies are used up, debit supplies expense (with the amount used) and Credit Supplies account.

Amount of supplies used

= $2500 - $1000

= $1,500

4 0
2 years ago
Of these three Airlines which one is best American Airlines, United Airlines, or Delta Airlines? Please do not just answer this
Norma-Jean [14]
Deltas pretty good. That what I would choose.
7 0
3 years ago
Read 2 more answers
Individual activities and their durations are developed during the ________ phase of the project life cycle.
salantis [7]

Individual activities and their durations are developed during the planning phase of the project life cycle.

<h3>What is a business plan?</h3>
  • A business plan is a document that outlines a company's primary business operations and how it intends to accomplish its objectives.
  • Business plans are used by startup enterprises to gain traction and draw in outside investors.
  • An executive team can utilize a business plan as an internal roadmap to maintain focus on and progress toward short- and long-term goals.
  • Businesses may write a typical business plan that is longer or a lean startup plan that is shorter.
  • An executive summary, sections on products and services, marketing strategy and analysis, financial planning, and a budget should all be included in good business plans.

To learn more about Planning, refer to the following link:

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6 0
11 months ago
Allison lives in the United States and has just retired. It is the end of October 2018. She has long had dreams of cruising the
Morgarella [4.7K]

Based on the weakened conditions of a currency exchange against the U.S. Dollar between 2008 and 2018, it would be advisable for Allison to go on a vacation for visiting Buckingham Palace in the United Kingdom.

<h3>What is the significance of currency exchange?</h3>

A currency exchange can be referred to or considered as the rate at which the currency of one country compares with the currency of any other country. U.S. Dollar is currently the strongest currency in the world.

When a comparison between the currencies like the American Dollar and Euros is done, it is found that there is a degrowth in the value of Euros against the dollars, and thus, vacation in such country will be cheaper for Allison to visit to.

Therefore, the significance regarding currency exchange has been aforementioned.

Learn more about currency exchange here:

brainly.com/question/13736607

#SPJ2

5 0
1 year ago
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WILL GIVE BRAINLIEST!! Answer the following 3 questions A, B, or C
True [87]

Answer:

B

C

A

Explanation:

7 0
2 years ago
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