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zzz [600]
3 years ago
7

A. Define supply as an economist would. B. List and explain three (3) non-price factors that will shift the supply curve. C. If

the cost of production of fountain pens falls, how will the market for fountain pens be impacted? (hint: start by drawing the appropriate supply and demand curves)
Business
1 answer:
Paladinen [302]3 years ago
5 0

Answer:

A: Refer the detail below

B: Refer the detail below

C: Refer the detail below

Explanation:

A. Definition of Supply

Supply is an economic term that refers to the quantity of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period. Supply is positively related to price given that at higher prices there is an incentive to supply more as higher prices may generate increased revenue and profits

B. Non-price factors that will shift the supply curve

1. Producer input costs

2. producer expectation

3. The number of sellers.

C. Impact of Fountain Pens market

If the cost of production of fountain pens falls, producers can produce more goods by using the same amount of money. Therefore, the supply will increase and the supply curve will shift to the right.

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3 years ago
Zachary, a manager at ExecuComp, receives quarterly reports, which track his department's production statistics. However, these
makkiz [27]

Answer: measuring actual performance

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3 years ago
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Three types of patents available under U.S. law are: a. utility, regulatory, common law. b. design, packaging, invention. c. uti
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<h3>What is patent?</h3>

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8 0
2 years ago
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olga_2 [115]

Answer:

Cost of goods manufactured= $87100

Explanation

Total manufacturing cost is the aggregate amount of cost incurred by a business to produce goods in a reporting period.

Generally accepted accounting principles require that the cost of goods sold shall consist of:

the cost of direct materials

the cost of direct labor

the cost of manufacturing overhead

Expenses that are outside of the manufacturing facilities, such as selling, general and administrative expenses, are not product costs. They are reported as expenses on the income statement in the accounting period in which they occur.

In this exercise:

<u>Cost of goods manufactured:</u>

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Factory overhead=Factory supervisor salary+ Depreciation expense+Indirect materials= 10,000 +3,700+1,800= $15,500

Total= $87100

Note: Salesperson commissions and  Depreciation expense Delivery equipment are not included in factory overhead

4 0
3 years ago
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