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3 years ago

Use the following demand schedule to determine total and marginal revenues for each possible level of sales.

Business

1 answer:

ira [324]3 years ago

7 0

Answer:

please check the attached image for the completed table containing the answers

The industry is purely competitive.

Explanation:

please check the attached image for a clear image of the table used in answering this question

Total revenue = product price x quantity demanded

for example, total revenue when quantity demanded is 2 is $ x 2 = $4

Marginal revenue is change in total revenue.

marginal revenue = total revenue - previous total revenue

e.g. marginal revenue when quantity demanded is 2 is = $4 - $2 = $2

the structure of the industry is a purely competitive market because price is equal to marginal revenue.

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

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Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of merchandise by Jones, under a

GaryK [48]

Answer:

debit Accounts Payable—Jones, credit Merchandise Inventory.

Explanation:

When inventory is purchased on account, it increases the merchandise inventory balance along with the liability towards the payment.

When some inventory out of the above is returned, it decreases the inventory, and thus accordingly it is credited by the same.

Further it decreases the accounts payable by the same as such amount is not required to be paid.

Therefore, correct option is

Statement A

5 0

3 years ago

your broiled swordfish has a food cost of $7.50, and you're targeting a food cost of 33% on this expensive dish. what will the f

Pavel [41]

Answer:

The formula for food cost percentage (FCP) given selling price (SP) and food cost (FC) is FCP = FC/SP x 100.

Explanation:If you set your par for 5 jars of mayonnaise, and you only have 2 on the shelf, you know you need to order 3 more.

4 0

2 years ago

Rachelle is the owner of a full-service car wash. For the month of December she paid $2,000 in rent, $700 in utilities, $2,950 i

Ilya [14]

Answer:

Total Fixed costs: $

Rent 2,000

Utilities 700

Salaries 2,950

Advertising 50

Total fixed cost 5,700

Contribution per car = Selling price - Unit variable cost

= $10.50 - $2.50

= $8.00 per car

Break-even point in full-service car

= Total fixed cost

Contribution per car

= $5,700

$8.00

= 712.5 = 713 cars

Explanation:

Break-even point in full-service car equals total fixed cost divided by contribution per car. Contribution per car is selling price minus variable cost per car.

4 0

3 years ago

At the beginning of a recession in 2018, unemployment begins rising. Unemployment increases from 4.6% to 7.9% in 4 months. What

Sergeeva-Olga [200]

Answer:

Should be done: a counter cyclical or a growth-oriented fiscal policy ,deficit spending and stabilize the aggregate demand.

Explanation:

Keynesian economy is a macroeconomic theory based on the views of the 20th century British economist John Maynard Keynes. Keynes' economy advocates a mixed economy where the private sector is predominant but the state and the public sector play a major role. According to the Keynesian theory, the sum of all the micro-economic behaviors shown by all individuals and businesses results in inefficiency and the economy operates at a level below its potential output and growth. When total demand for products is insufficient, the economy enters a crisis and unnecessary unemployment arises due to defensive behavior of the producers. In such cases, the government may pursue policies to increase aggregate demand, and as a result may accelerate economic activities and reduce unemployment. Most Keynesian propose policies to stabilize the business cycle. For example, if the unemployment level is too high, the state can pursue a growth-oriented monetary policy.

Keynes was thinking of reviving the economy with low interest and state investments as a solution to the Great Depression. The government increases investment income and consequently consumption, resulting in more production and investment, resulting in increased consumption again. The first economic stimulus investment triggers a series of events and the subsequent investment provides a much tougher economic efficiency. According to Keynes, money supply is provided by monetary authority (eg central bank) and monetary policy affects prices. When interest rates fall below this normal rate, investors avoid buying bonds and prefer to hold cash in anticipation of higher rates. When interest rates are above this normal rate, they tend to buy bonds with the expectation that they will fall. Therefore, it can be said that there is a negative relationship between money demand and interest rate.

8 0

4 years ago

First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14 percent compound

Liula [17]

Answer:

First National Bank = 14.6%

First United Bank.= = 14.8%

Explanation:

Effective annual rate is the equivalent annual rate o where interest rate is compounded at an interval shorter than a year.

It can be calculated as follows:

EAR = ( (1+r)^(n) -1) × 100

r -interest rate per period

n- number of period

EAR - Effective annual rate

First National Bank

r - interest rate per month = 13.7%/12 = 1.141%

number of period = 12 months

EAR =( (1+011141)^(12) - 1) × 100

= 0.145938395 × 100

= 14.59

= 14.6%

First United Bank.

r- interest rate per quarter - 14%/4 = 3.5% per quarter

n- number of quarters = 4

EAR = ((1+0.035)^(4)- 1) × 100

= 0.147523001 × 100

= 14.8%

8 0

3 years ago