Answer: P =$50
Q= 25
Explanation: P= 100-2Q
P= 2Q
To get the quantity supplied Q, we have to educate both equations
100-2Q=2Q, 100=2Q+2Q
100=4Q, Q=100/4 , Q=25
To get the equilibrium price we have to substitute the value of Q which is 25 into any of the equation.
Using equation 1
P=100-2Q, P=100-2(25)
P=100-50, P=$50.
If the price is controlled at $60, then the production pays the producer this is because a commodity is not expected to be sold at the equilibrium price, price flooring is a way that government or a group control the market price of a commodity or produce by imposing a particular price on it. This is to ensure that the producers are not at loss with their production, a price floor is always higher than the equilibrium price to be effective as seen in the example given above, price floor is $60 while equilibrium price is $50.
An example of a price floor for services can be seen in the minimum wage stated by the government this is to ensure that people's services are not misused anyhow.
Price flooring most times can lead to surplus quantity produced if consumers are not willing to pay the price, because the producer will be wiling to produce more in order to make more profit.
Answer: (d) liability - refundable deposits.
Explanation:
The refundable deposit of $1,000 was a liability because Growler owed it to the customer and were simply holding it for when the customer returned the equipment.
Upon receipt of the deposit, they credited the Refundable deposits accounts which is a liability account. Now that the customer has returned the cleaning equipment and the deposit is to be refunded to the customer, Growler should now debit the Refundable deposits account to cancel out the liability.
Answer:
Difficult entry, Mutual interdependence, Market is control by a few large firms.
Explanation:
An Oligopolistic market very few organisations control a particular market share. Likewise, when another organisation attempts to enter the market, there are obstructions set up by the current organisations. Similarly, if one organisation changes or alter a commodity, it affects all other firms and organisations. So there is mutual interdependence in the oligopolistic market. There is high mutual interdependence because firms produce identical or the same goods and services.
Andy just purchased a 2.5 acre vacant lot of land for $500,000. $41.32 per sq. yd price per square yard.
$500,000 ÷ 12,100 sq. yds. = $41.32 per sq. yd
What is square yard?
- The length times the width, expressed in feet, must be multiplied by 9, and the result is the square yard (SQYDS). A square yard measures 9 square feet.
- One billion is referred to as "yard" in finance. The word is derived from "milliard," which is comparable to the number one billion in American English and is used in various European languages.
- Add the area to the conversion factor to convert a square yard measurement to a square foot measurement. The square yards multiplied by nine gives the area in square feet.
- Add the length to the conversion factor to convert a yard measurement to a meter measurement. The yards times 0.9144 converts to the length in meters.
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