Given the following data for the economy, compute the value of GDP.
1 answer:
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The question is incomplete. See the attached image for the missing table showing the demand and supply schedule.
Answer/Explanation:
a. Equilibrium price is the price at which Qd = Qs. Hence, equilibrium price = $4, while equilibrium quantity is the quantity demanded at the equilibrium price, i.e. where quantity demanded = quantity supplied. Therefore equilibrium quantity = 8,000
b. At $5, there would be excess quantity supplied, i.e. Qs · Qd = 10,000 · 6,000 = 4,000. Hence, there would be wastage of resources as a result of surplus. This would lead to decrease in price in order to avoid the wastage of resources.
c. At $2, there would be excess quantity demanded, i.e. Qd · Qs = 12,000 · 4,000 = 8,000. This would lead to increase in price as a result of acute shortage in quantity supplied.
Answer:
Explanation:
In the classified balance sheet, we summarize the asset and liabilities into various types
Like assets are divided into fixed assets, current assets, and intangible assets.
Likewise, liabilities are also divided into current liabilities, long term liabilities
In every balance sheet, the accounting equation is used that means
Total assets = Total liabilities + Shareholder equity
And, the ending balance of the common stock = Beginning balance of common stock + net income - dividend paid
= $35,000 + $66,385 - $5,000
= $96,385
The preparation of the income statement and the classified balance sheet for Gin Yang, Culinary Academy are presented in the spreadsheet. Kindly find the attachment below:
