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Sindrei [870]
3 years ago
15

In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will

affect supply or demand, and in what direction. a. There have recently been some important cost-saving inventions in the technology for making paint. b. Paint is lasting longer, so that property owners need not repaint as often. c. Because of severe hailstorms, many people need to repaint now. d. The hailstorms damaged several factories that make paint, forcing them to close down for several months.
Business
1 answer:
JulijaS [17]3 years ago
8 0

Answer:

A) Rightward shift of the supply curve. When a company is able to produce its goods at a lower cost, the whole supply curve sill shift to the right. This can be accomplished through a new technology or a decrease in the price of inputs.

B) On the short run, the quantity demanded of paint will increase, since a better product usually means higher demand, so the demand curve will shift to the right. But on the long run, the quantity demanded for the product will decrease since the customers will not need to paint their houses as often as before, shifting the demand curve to the left.

C) This will shift the demand curve to the right, increasing the quantity demanded at every price level.

D) This will definitely reduce the quantity supplied and shift the supply curve to the left. It has a similar effect to a cost increase. This shift will last until the factories start producing again.

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Jefferson Company has sales of $300,000 and cost of goods available for sale of $270,000. If the gross profit ratio is typically
Ivenika [448]

Answer:

$60000

Explanation:

Given: Sales = $300000.

           Cost of goods available for sale= $270000.

           The gross profit ratio= 30%

First finding the gross profit out of total sales.

Gross profit= 30\% \times 300000

Gross profit= \$ 90000

∴ Cost of goods sold= Total\ sales - gross\ profit

Cost of goods sold= 300000-90000

Cost of goods sold=  \$ 210000

Hence, cost of goods sold= \$ 210000

Now, finding estimated cost of the ending inventory.

Cost of ending inventory= cost\ of\ goods\ available\ for\ sale - cost\ of\ goods\ sold

⇒ Cost of ending inventory=  \$ 270000- \$ 210000

∴ Cost of ending inventory=  \$ 60000

Hence, estimated cost of the ending inventory under the gross profit method would be $60000.

3 0
3 years ago
The operations vice president of Security Home Bank has been interested in investigating the efficiency of the bank’s operations
AURORKA [14]

Answer:

The computation of the activity rates for the activity-based costing system is shown below:-

Explanation:

                        Opening     Processing     Processing     Other        Totals

                        accounts     Deposits and     other          activities

                                             Withdraws       Customers

                                                                      transactions

Teller wages  $5,800         $108,750          $26,100      $4,350     $145,000

Assistant

branch

manager

salary             $4,800         $6,600              $16,200       $32,400   $60,000

Branch

manager

salary           $3,760           $0                     $20,680      $69,560    $94,000

                    $14,360         $115,350           $62,980      $106,310

Working Note

                        Opening     Processing     Processing              Other    

                        accounts     Deposits and     other                  activities

                                             Withdraws       Customers

                                                                      transactions

Teller

wages ($145,000 × 4%)  ($145,000 × 75%) ($145,000 × 18%) ($145,000 × 3%)

Assistant

branch

manager

salary  ($60,000 × 8%) ($60,000 ×11%) ($60,000 × 27%) ($60,000 × 54%)

Branch

manager

salary ($94,000 × 4%) ($94,000 × 0%) ($94,000 × 22%) ($94,000 × 74%)

Activity                      Activity cost        Cost drivers      Activity rate

Opening accounts    $14,360                230                  $62.43

Processing deposits

and Withdrawals       $115,350              51,000              $2.26

Processing other

customers

transactions               $62,980             1,150                  $54.77

4 0
3 years ago
Regina spends three hours each day working as an online customer service representative for a retailer. She can choose her own h
SIZIF [17.4K]

Answer:

Home-based work

Explanation:

Home based work is a type of work in which the individual carry out their functions and responsibilities from the comfort of his/her home. The employee makes contact with the company through the phone or internet.

Home-based workers sell goods to the customers directly from the house. The advantages of working from home include:it gives the individual control over their schedule, it's creates time for personal growth, it reduces the unnecessary money spent on transportation, it gives the employee full control over their income.

4 0
2 years ago
Read 2 more answers
Which of the following is an INCORRECT statement regarding the right to stop delivery of goods in​ transit? A. If the lessee rep
Verizon [17]

Answer:

B. The lessor does not have the right to stop delivery in transit due to the​ lessee's breach of the lease​ agreement; instead, the lessor must deliver the goods to the lessee in spite of the​ breach, and then sue the lessee for damages.

Explanation:

During the transit of goods, if the lessor learns of a breach of the lease agreement, he has every right to stop the delivery of the goods in transit by notifying  the goods carrier or bailee. Since the carrier of the goods reports directly to the lessor, once he receives instructions from the lessor to stop delivery of goods, and he still has sufficient time, the delivery should be stopped.

Once the goods are reclaimed, the lessor can then decide to sue to recover damages. He can also, decide to cancel the contract at that point

7 0
2 years ago
When selecting a savings account, you should look at the following factors except _____.
GaryK [48]

All of these factors are important to consider EXCEPT "taxes paid on interest" because the banking institution has no control over the tax rate and how much you would be responsible for paying at the end of the year. Tax rates are set by federal and state governments and would be the same rate no matter which savings account you chose.

7 0
3 years ago
Read 2 more answers
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