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yarga [219]
3 years ago
10

Your boss would like your help on a marketing research project he is conducting on the relationship between the price of soup an

d the quantity of soup supplied. He hands you the following document:
Price of Soup Quantity of Soup Supplied

0.50 750

0.75 1,000

1.00 1,500

1.25 2,000

Your task is to take this blank and construct a graphical representation of the data. In doing so, you determine that as the price of soup rises, the quantity of soup supplied increases. This confirms the blank.

For both blanks, the choices are supply curve, quantity of soup supplied, supply schedule, and law of supply. I got law of supply for the first blank, and supply curve for the second blank and I wanted to make sure if I was correct.

Business
1 answer:
MrRa [10]3 years ago
3 0

Answer:

Your task is to take this <em>supply schedule</em> and construct a graphical representation of the data. In doing so, you determine that as the price of soup rises, the quantity of soup supplied increases. This confirms the <em>law of supply.</em>

Explanation:

We draw <u>the supply curve</u> being X-axis the quantity and Y-axis the Price.

The date to construct this representation is in the supply schedule.

This confirms the "law of supply" which states that as the price of a good icnrases the willingess to produce more units of that good increases as there is higher revenue.

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A firm has fixed operating costs of $253,750, a sales price per unit of $100, and a variable cost per unit of $65. The firm's op
Talja [164]

Answer:

$725000

Explanation:

The break-even point is the point at which the firms total expenses is equal to its total revenue and it neither makes a profit nor a loss. At any point before this, the firm makes a loss and at any point after this, the firm is making a profit. This is because, it has got to a point where after the unit variable costs are covered from the revenue, there is enough to cover fixed costs as well because the firm’s fixed costs are now being spread over a greater number of units.

The break-even point is calculated as:

Fixed costs / (Selling price per unit - variable cost per unit)

Hence, in this case : $253750 / ($100 - $65) = 7250 units.

In dollars, this would be...

Revenue : 7250 x $100 = $725000

Expenses : $253750 + ($65 x 7250) = $725000

7 0
3 years ago
Suppose that without specialization, Iran produces 4 barrels of oil and 6 bottles of olive oil, and Iraq produces 4 barrels of o
Elza [17]

Answer:

With specialization Iran will be able to consume 1.7 bottles of olive oil.

Explanation:

Iran produces 4 barrels of oil and 6 bottles of olive oil.

Iraq produces 4 barrels of oil and 4 bottles of olive oil.

The opportunity cost of producing a barrel of oil for Iran

= \frac{6}{4}

= 1.5

The opportunity cost of producing a barrel of oil for Iraq

= \frac{4}{4}

= 1

Iraq has a lower opportunity cost for producing oil so we can say it has a comparative advantage in producing oil.

The opportunity cost of producing a barrel of olive oil for Iran

= \frac{4}{6}

= 0.66

The opportunity cost of producing a barrel of olive oil for Iraq

= \frac{4}{4}

= 1

Iran has a lower opportunity cost for producing olive oil so we can say it has a comparative advantage in producing it.

The terms of trade with specialization are 4 barrels of oil for 4.3 bottles of olive oil, and that 4 barrels of oil are indeed traded for 4.3 bottles of olive oil.

Without trade, Iran is consuming 4 barrels of oil and 6 bottles of olive oil.

With specialization, Iran will be able to consume

= 6 - 4.3

= 1.7 bottles of olive oil

6 0
3 years ago
M purchases a $70,000 Life Insurance Policy with premium payments of $550 a year for the first 5 years. At the beginning of the
MaRussiya [10]
<span>This is a modified premium life insurance policy. In this case, the premium (the price paid for the insurance during each time period) is fixed for a specific frame (at rates that are usually lower than average), but then (usually) increases after a certain number of months or years to a rate greater than the average.</span>
8 0
3 years ago
Donovan Company incurred the following costs while producing 500 units: direct materials $10 per unit, direct labour $25 per uni
Dafna1 [17]

Answer:

Option (D) is correct.

Explanation:

Unit product cost:

= Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead

= $10 + $25 + $15 + $20

= $70

Operating income using absorption costing:

= (500 units × $100) - (500 units × $70) - (500 units × $5) - $7,500

= $50,000 - $35,000 - $2,500 - $7,500

= $5,000

8 0
3 years ago
54) Marika is a senior journalist at a news agency. She goes on a temporary leave for six months and travels around different pa
yKpoI14uk [10]

The answer is: Sabbatical

Sabbatical refers to a paid leave given to employees in order to study or travel. The term sabbatical is taken from the bible (where God rest on the seventh day after working for six days). Because of this, some companies only granted a sabbatical only if they already dedicated their life for the company for 7 years.

8 0
3 years ago
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