Answer: inelastic
Explanation:
If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is inelastic.
This shows that a change in price will lead to a minimal change in the quantity demanded by the consumers. Even though price was increased, the number of visitors to the park rarely changed. This will lead to increase in revenue.
Answer:
From the historical references, we can say that the two leading command economies of the world, China and the Soviet Union both made the transition to the mixed economy.
Explanation:
A command economy refers to the economic system where all significant facets of the economy and economic production are controlled by the Government. In the command economy, it is the government that makes the decision of what to produce, how to produce, and how to distribute the manufactured products and services within the economy. It establishes a very dominant government which restricts the rights of its citizen to seek economic goals. It inevitably creates an environment in which governments will expand their influence over certain aspects of human life. Most command economies, including the Soviet Union, started making the transition to a mixed economy from the 1980s onward. This entailed a privatization process and price deregulation.
Answer:
$44,000
Explanation:
Calculation for the equivalent units for materials
Using this formula
Equivalent unit of material = Completed and transferred out+Normal spoilage+Ending work in process
Let plug in the formula
Equivalent unit of material = $33,000+$3,000+$8,000
Equivalent unit of material = $44,000
Therefore Using the weighted-average method, the equivalent units for materials are $44,000
Answer:
C. debit Salary Expense, $8000; credit Salaries Payable, $8000
Explanation:
When Salaries are payable or accrued, the following journal entry is passed:
Salaries Expense A/C Dr.
To Salaries Payable A/C
(Being salaries payable recorded)
The effect of the above transaction being, salary expense being debited and salaries payable or outstanding liability being created.
On the date of payment, the journal entry would be:
Salaries Payable A/C Dr.
To Cash A/C
(Being salaries paid in cash recorded)
In the given case, 2 days salaries i.e $8000 have accrued. The entry to be passed on Tuesday would be as under:
Salaries Expense A/C Dr. $8000
To Salaries Payable A/C $8000
(Being salaries payable recorded)