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BARSIC [14]
3 years ago
6

Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon. Com

plete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding. Statement Price Control Binding or Not Due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from doing so. The government prohibits gas stations from selling gasoline for more than $3.40 per gallon. The government has instituted a legal minimum price of $2.70 per gallon for gasoline.
Business
1 answer:
dexar [7]3 years ago
7 0

Answer:

Table is completed below.

Explanation:

A price ceiling (price floor) is the maximum (minimum) price that can be charged in the market, and is imposed lower than (higher) than free market equilibrium price in order to be effective and binding. Therefore, the given statements can be labelled as below:

(1) Government prohibits gas stations from selling for more than $3.20 - Price ceiling, Not binding

(2) Government instituted legal minimum price of $2.80 - Price floor, Not binding

(3) Due to new regulations, gas stations cannot hire more workers - Price ceiling, Binding

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Answer:

$984,000

Explanation:

The computation of the budgeted total manufacturing cost is shown below:

Budgeted total manufacturing costs in March = Fixed cost + Variable cost

= $24,000 + ($16 × 60,000)

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= $984,000

We simply added the fixed cost and the variable cost in order to find out the budgeted total manufacturing cost

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Wallace Heating is attempting to estimate its costs of manufacturing heating ducts for the coming year using the high-low method
Anna11 [10]

Answer:

Variable Cost per hour is $4.86

Explanation:

given data

Highest Cost = $27,049

Lowest Cost = $19,772

Highest Cost Driver = 4,168  hours

Lowest Cost Driver =  2,672  hours

solution

we get here Variable Cost per hour that is express as

Variable Cost per hour = (Highest Cost - Lowest Cost) ÷ (Highest Cost Driver - Lowest Cost Driver)   ......................1

put here value and we get

Variable Cost per hour = \frac{27049-19772}{4168-2672}    

Variable Cost per hour = \frac{7277}{1496}    

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Only one of the approaches to ethical reasoning has as its central tenet that actions are more right if they promote more happin
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Answer:

A. End-result ethics

Explanation:

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On January 1, Novak Corp. issued $3600000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $3859546.
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Answer:

the debit entry to Interest Expense is $463,145.52

Explanation:

The computation of the debit entry to Interest Expense is given below:

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Hence, the debit entry to Interest Expense is $463,145.52

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