On average this item will be ordered "once a <span>month".
We can find the order interval by dividing the EOQ (economic order quantity), in above situation that is equal to 100 and annual demand is equal to 1200.
So, the time interval in which this item will be ordered;
100/1200 = 1/12
it means 1/12th of a year that is equal to once a month.
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Shaquille bought new cars for five of his friends. Every car cost $70,000. $280,000 is the sum of Shaquille's taxable gifts.
<h3>What gifts are not chargeable to tax?</h3>
It can contain Cash, movable property, immovable property, jewelry, etc. If such offerings are received from a close relative, it is not taxable. If obtained from others, the value is equal to less than Rs. 50,000 no tax is levied on the recipient.
5 × ($70,000 - $14,000) = $280,000
If you give any one individual gifts valued at more than $10,000 in a year, it is required to report the total grant to the Internal Revenue Service.
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Answer:
The equilibrium quantity will decline. The equilibrium price depends upon the extent of change in demand and supply.
Explanation:
When consumer items go out of style their demand decrease. This causes the demand curve to shift leftwards. At the same time, the production of such items s stopped. This further causes the supply to decrease. The supply curve, as a result, shifts leftwards.
This leftward shift in both demand and supply curve will lead to a decline in the equilibrium quantity. The change in price depends upon the extent of change in demand and supply.
Perfect competition is the type of market structure is the demand curve the same as marginal revenue.
A market structure where all suppliers are equal and overall supply and demand are in equilibrium is referred to as perfect competition in economics. Perfect competition exists, for instance, when multiple companies are producing a commodity and no one company has a competitive edge over the others.
Perfect competition is characterized by three key factors:
(1) the absence of any significant market dominance;
(2) standardization of industry output;
(3) freedom of entry and exit.
The demand curve of a firm that is perfectly competitive is horizontal at the market price. As a result, every unit sold will result in it receiving the same price. The difference in total revenue from selling one is the firm's marginal revenue.
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