Answer: Law of diminishing marginal utility
Explanation: In simple words, law of diminishing marginal utility states that as a consumer consume more of a good or service then the marginal benefit he or she receives from the additional consumption keeps on decreasing.
In the given case, Jenny's excitement keeps on decreasing with every chocolate she receives after a certain point of time.
Hence we can conclude that the given case illustrates law of diminishing marginal utility.
Having a job and a car are benefits of the free market system..
Answer:
COGS= Revenue- Gross profit
Explanation:
exactly speaking, operating profit refers to the net profit and COGS=sales revenue - gross profit. so try to find the data of gross profit instead of operating profit (net profit)
If you don't have data of gross profit, you can attempt this equation:
gross profit = operating profit (net profit) + operating expense + (depreciation and amortization)
Answer:
b.
Explanation:
The company sold 6 advertising spaces that would run from July to December for $400 each.
Total amount received for selling 6 advertising spaces = 6×$400
Total amount received for selling 6 advertising spaces = $2,400
The advertising spaces will run for 6 months i.e., July to December.
So, adjusting entry on 31st July would record the revenue earned for 1 month only.
Total revenue = $2,400
No. of months = 6
Revenue for 1 month = $2,400/6
Revenue for 1 month = $600
Thus, journal entry on receipt of cash as well as adjusting journal entry has been shown below:
Income taxes, payroll taxes, and corporate income taxes
