Answer:
a) The expected transaction price with variable consideration estimated as the expected value is $4,773.
b) The expected transaction price with variable consideration as the most likely amount is $4,730
Explanation:
a)
Probability Total
Base Fee $4,300 Fixed $ 4,300
20% Variable consideration $860 (= 0.2*4,300) 25% $215
10% Variable Consideration $430 (= 0.1*4,300) 60% $258
0% Variable consideration $ - 15% $ -
Total $4,773
it is most likely that the project would be finished in 1 week earlier.
b)
Base Fee $4,300 Fixed $ 4,300
10% Variable Consideration $430 $430
Total $4,730
Answer:
The quantity supplied will increase which explains the shape of the supply curve
Explanation:
There is a positive direct correlation between price and quantity supplied. When the price of a commodity increases, producers are motivated to increase the supply of their commodities in order to earn higher prices. Similarly, when the price of the commodity falls, producers will supply less of the commodity since the commodity will be less profitable.
Explanation:
It is an simplified version which makes us to understand and observe the "economic behavior"
It purely uses mathematical concepts and simplify the information and show only important or highlighting information.
You can alternatively use "economic theory" instead of "economic model"
A good economic model, will make the user to understand the complex information with the help of key pointers.
There are 2 broad classification of Economic model:
1. Theoretical
2. Empirical.
The commonly used economic model is the classic model, which constitutes of "The law of demand and the law of supply"
A clear expression of a firm's Organizational purpose will detail why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work.
<h3>What is a firms organizational purpose?</h3>
This is a terminology that is used to refer to the objectives of the firm as well as the goals and what it hopes to achieve.
It helps to highlight the problems in the society that it wishes to solve and all of its goals.
Read more on Organizational purpose here
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Answer:
The correct answer would be option D, Legal Market for a market price that is lower.
Explanation:
If there is a store which sells the goods at the market price even though the government authorities have set the minimum price that can be charged, it means store is selling the product at a price which is higher than the minimum price set by the government, but it doesn't mean that the store owner is doing any illegal trading. This is because the government has set the lower price limit but that ceiling price is non binding. It is not necessary for the market sellers to sell at the price given by government. So they are operating in a legal market for a market price that is lower.