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-BARSIC- [3]
3 years ago
5

In free markets the price of a product depends on how much consumers are willing and able to buy and how much the producers are

willing and able to sell. What does the market price depend on in a free market?
Business
1 answer:
nexus9112 [7]3 years ago
8 0

Answer:

MARKET DEMAND = MARKET SUPPLY

Explanation:

Market Demand & Market Supply are the quantities all consumers & all the producers are able , willing to consume & supply respectively ;  during a given period at a given price .

Market Price , quantity is determined where : market demand = market supply & market demand , supply curves intersect each other .

If market demand > market supply : Excess demand creates competition among buyers & increases prices , which reduces demand & raises supply (law of demand & supply) . This happens till Demand = Supply again

If market supply > market demand : Excess supply creates competition among sellers & decreases prices , which raises demand & reduces supply (law of demand & supply) . This happens till Demand = Supply again .

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Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per
grin007 [14]

Answer:

Total Material Variance = $52,130 Unfavorable

Explanation:

Total Material Variance = Actual Cost - Standard Cost

Total Material Variance = Direct Material Price Variance + Direct Material Usage Variance.

But here, we will calculate straight, therefore

Standard cost for 5,200 sleeping bags

= 5,200 \times 4 \times $5.50 = $114,400

Actual Cost = 27,300 \times $6.10 = $166,530

Total Material Variance = $166,530 -  $114,400 = $52,130 Unfavorable

As this is the positive, as also Actual cost is higher than standard therefore, this is unfavorable.

5 0
3 years ago
What is Business Environment...??​
Lina20 [59]

Answer:

Business environment refers to those aspects of the surroundings business enterprise, which affect or influence its operations and determine its effectiveness. According to Keith Davis, “Business environment is the aggregate of all conditions, events and influence that surrounds and affect it”.

Explanation:

5 0
3 years ago
Read 2 more answers
Exhibit 9-4 Refer to Exhibit 9-4. Assume the economy is self-regulating and currently is in long-run equilibrium with the price
natali 33 [55]

Answer:

<h3>P3 and Q3 </h3>

The intersection of AD curve and the long-run aggregate supply curve determines the equilibrium real GDP and price level in the long run.This happens at P3 and Q3.

Explanation:

Exhibit 9-4 Refer to Exhibit 9-4.

Assume the economy is self-regulating and currently is in long-run equilibrium with the price level equal to P5.

If something happens that shifts the AD curve to the AD1 position, the economy will eventually settle down at a long-run equilibrium point of __________. Question 6 options: P5, Q3. P4, Q4. P3, Q3. P3, Q5. P4, Q2.

<h3>P3 and Q3 </h3>

The intersection of AD curve and the long-run aggregate supply curve determines the equilibrium real GDP and price level in the long run.This happens at P3 and Q3.

6 0
3 years ago
Jim's Hardware is adding a new product to its sales lineup. Initially, the firm will stock $36,000 of the new inventory, which w
mr_godi [17]

Answer:

$13,000

Explanation:

Given that

The stock of the firm = $36,000

Invested amount in account receivable = $13,000

Invested amount in equipment = $11,000

So by considering the above information, the amount included in the initial project for net working capital is the account receivable i.e current assets minus current liabilities and the account receivable is come under the current assets so the same is to be included

7 0
3 years ago
What were the economic changes that revolutionized manufacturing in the eighteenth century and led to the factory system?
Daniel [21]

Answer:

The industrial revolution affected the whole global economy, social relations, and culture.

The industrial revolution changed how goods were manufactured, and it all started with the European accumulation of capital and the invention of the steam engine.

The two major sources of energy were coal and oil that were used to power steam engines that moved machinery using water steam. That led to work specialization and urbanization (people moving into large urban areas).

The industrial revolution first started in northwestern Europe, but it then spread to the US, Russia and Japan. The global economy developed new patterns of global trade and production between nations that produced resources and those that processed them and produced goods.

Exporting economies grew around the world because of the need for exporting both raw materials and food supplies from resource producing nations, and the need for exporting finished goods form industrialized nations.

7 0
3 years ago
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