Answer:
The correct answer is the second option: The price level is constant in the long run.
Explanation:
To begin with, the concept of the <em>"aggregate supply"</em> refers to the total amount of goods and services that firms are willing and are able to offer at a certain price level given and at a determine period of time. Moreover, at the long-run the aggregate supply curve is not affected by many variables as it is in the short run and this is due to the fact in the long run the economy is said to be at full capacity and optimally and also because the changes in the aggregate demand are only affective in the short run to the economy's total output.
Jasper's entry to record the collection of the note and interest at maturity should be:
Debit Cash Account 44,990
Credit Interest Income $990
Credit Notes Receivable $43,000
The amount collected is:
Cash collected
= $44,000 Amount lend + Interest Income
And
Interest Income
= Amount lend * Interest Percent * For the days / 360
= $44,000 * 9% * 90 / 360
= $990
Now putting the interest income value in the above equation, we have:
Cash collected
= $44,000 Amount lend + $990
= $44,990
So the cash is increase by $44,990 interest income increased is by $990 and the Note receivable is at amount issued which has been decreased by $44,000.
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Answer:
$1,564,800
Explanation:
Year Purchased Quantity (Units) Cost per unit Total Cost
2017 4,000 $160 $640,000
2018 10,000 $220 $2,220,000
2019 16,000 $320 $5,120,000
(A) Sales Revenue
2019 18,400 $392 $7,212,800
(B) Less: Cost of Goods Sold (LIFO)
2019 (16,000 x $320) ($5,120,000)
2018 {(18,400 - 16,000) x $220} ($528,000)
(A - B)Gross Profit $1,564,800
Scarcity is to not have enough resources to fullfil a societies wants and needs. The 3 basic questions a society must ask inorder to deal with this are. what to produce? how to produce? and, for whom to produce? whoever answers those questions is how I societies economic system is decided. Though to answer your question in short, the basic goal of a society is to deal with scarcity, they achieve this by producing as much resources as possible with the little resources available.
Answer and Explanation:
I will go through each and every option explaining the reasons and what option would be the best:
The (a) part says 'difference in wages will eventually disappear since a haircut is a homogeneous good' - This is not true because even though it is an homogeneous product, some customers do have a strong preference for barbers who are not going bald. Therefore, they know their worth and they would want to capitalize on that and get paid just a bit more than bald barbers.
The (b) part says 'barbershops that hire barbers with hair will be able to charge a higher price for a haircut to those consumers who have a strong preference for barbers with hair'. - If the barbershop charges higher price for barbers that have hair then the customers will prefer bald barbers as the questions mentions that there is high competition and since it is an homogeneous, customers would be willing to save money and get their haircut from some other barber.
The (c) part says 'barbershops that hire bald barbers will always be much more profitable' - Not necessarily. The reason is that some customers have a strong preference for barbers who are not bald and therefore, that would help barbershops who have barbers with hair to be a bit more profitable as some additional customers would want their services.
The (d) part says 'barbershops that hire barbers with hair will always be much more profitable' - This is the best option and the reason for it is because some customers have a strong preference for barbers with hair and that would help the barbershop to earn more. They would have the customers who already indifferent to whoever cuts their hair and in addition to that, they would also have the customers who have their preference.
Hence the answer is D.
