Answer:
- a. 2/3 gallon
- b. 5/7 gallon
Explanation:
1. Megan takes 3 hours to brew a gallon of root beer and 2 hours to make a pizza.
If she makes a pizza therefore, that is 2 hours that could have been used to make a gallon of root beer. However, it takes 3 hours to make a complete gallon so in those 2 hours only;
= 2/3 gallons would have been made
2. Susan takes 7 hours to brew a gallon of root beer and 5 hours to make a pizza.
Like Megan above, the 5 hours that would be used for Pizza would have gone towards making a gallon of beer. If it takes 7 hours to make a gallon then those 5 hours would have made;
= 5/7 gallons of root beer.
3. Absolute Advantage: Megan
The person with the absolute advantage is the person that can produce more goods with the same amount of costs. Megan can make more pizza in a smaller amount of time than Susan so she has Absolute advantage.
Comparative Advantage: Megan
The person with a Comparative advantage is the one that has the lowest opportunity cost when producing a good. Megan again has a lower opportunity cost with an opportunity cost of 2/3 gallons.
Answer:
-0.34
Explanation:
Given that,
Percentage increase in prices = 5%
Initial quantity demanded = 30,000
New quantity demanded = 2,500
By midpoint method,
Average quantity :
= (Initial quantity + New quantity) ÷ 2
= (30,000 + 2,500) ÷ 2
= 16,250
Change in quantity = (2,500 - 30,000)
= -27,500
Therefore, the price elasticity of demand is as follows:
= (Change in demand ÷ Average quantity demanded) ÷ Percentage increase in prices
= (-27,500 ÷ 16,250) ÷ 5
= -1.69 ÷ 5
= -0.34
Answer: 2,900 shovels
Explanation:
Ending Inventory = Beginning Inventory + Total Inventory Purchased - Sales
900 = 500 + Total produced - 2,500
Total Purchased = 900 + 2,500 - 500
Total purchased = 2,900 shovels
NB; There was no beginning balance in your question so I gave a random figure of 500 units. Use the equation if the figure is different.
Answer:
Ending RE 153,000
Explanation:
Retained Earning will be calcualte as follows:
We need to solve for the net incoem in order to solve for ending Retained Rearnings (RE)
Net Income: Revenues - Expenses
Service Revenue 280,000
Salaries Expense (62,000)
Depreciation Expense (5,900)
Supplies Expense (14,000)
Insurance Expense (14,600)
Utilities Expense <u> (20,000) </u>
Net Income 163,500
Retained Earnings 11,500
Net Income 163,500
Dividends (22,000)
Ending RE 153,000
<span>Multinational corporations are also referred to as </span>transnational corporations. Hope this helps!!
