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Aloiza [94]
3 years ago
15

After a hurricane in Florida knocked out the regional water supply for several days, the demand for bottled water increased shar

ply. In a market economy, how will this increase in demand affect the equilibrium price and quantity of bottled water?a. Price will increase, and quantity will decrease. b. Price will decrease, and quantity will decrease. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will increase.
Business
1 answer:
Crank3 years ago
6 0

Answer:

The correct answer is letter "D": Price will increase, and quantity will increase.

Explanation:

If a natural disaster cuts the supply for water in a region, bottled water will face an <em>increase in its quantity demanded</em> as a substitute. Besides, due to scarcity, the bottled water is likely to face an increase in its price, thus, the <em>equilibrium price of bottled water increases</em>.

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merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t
love history [14]

The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

As the selling price of the merchandise is $2,600 and the state sales tax is 6%, this means that 6% of $2,600 has to be paid to the state governing body.

Sales tax = 6% of 2600

Sales tax = 6/100 × 2600

Sales tax = 0.06 × 2600

Sales tax = $156

Therefore; the entry to journalize the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

To know more about  sales tax refer:

brainly.com/question/1811849

#SPJ4

8 0
1 year ago
Moss County Bank agrees to lend the Oriole Company $560000 on January 1. Oriole Company signs a $560000, 6%, 9-month note. What
Vitek1552 [10]

Answer:

The Journal entry that Oriole Company will make to pay off the note and interest at maturity assuming that interest has been accrued to September 30 will be:

Dr Notes Payable 560,000

Dr Interest Payable 25,200

(560,000*6%*9/12)

Cr Cash 585,200

(560,000+25,200)

Explanation:

Based on the information given where Moss County Bank agrees to lend the Oriole Company $560000 on January 1 this means we have to Debit Note payable with 560,000 and since Oriole Company signs a $560000, 6%, 9-month this means we have to Debit Interest payable with 25,200 (560,000*6%*9/12) and Credit Cash with 585,200 (560,000+25,200).

4 0
3 years ago
Lee Company has the following information for the pay period of December 15–31: ​ Gross payroll $16,000 Federal income tax withh
vodomira [7]

Answer: $10,800

Explanation:

In the above scenario it is worthy of note that the company is the one that pays for Federal and State Unemployment tax.

That means that the employees pay for Federal income tax withheld at $4,000, Social security at 6% and Medicare at 1.5%.

Calculating salaries payable therefore would be,

= 16,000 - 4,000 - (16,000 * 6%) - (16,000 * 1.5%)

= $10,800

Salaries Payable would be recorded at $10,800.

8 0
3 years ago
g A foreign factory has offered to supply with ready-made baskets for a price of $12 per basket. Assume that fixed costs are una
cluponka [151]

Answer:

The answer is "$5500".

Explanation:

Analysis Differential:  

                                             Make                            Buy

Cost of variable                        800\times 7 \ \ \ \ \ \ \ \ \ \ \ \  \ \ \ \ \ \ = 5600  

Fixed- cost                             16000\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 16000

Purchasing cost                                                    800\times 12\ = 9600

Cost of opportunity            \ \ \ \ \ \ \ \ \ \ \ \ \  \ \ \ \ \ \ \ \ \ 9500  

Total relevant cost                    31100 \ \ \ \ \ \ \ \ \ \ \ \ \  \ \ \ \ \ \ \ \ \  25600

Increasing operating income = 31100-25600 = 5500

4 0
2 years ago
According to their comparative advantage: a. Wilson should decorate cupcakes and Kendall should decorate cookies. b. Kendall sho
blsea [12.9K]

Answer:

B.

Explanation:

This economic law was recognized by a political economist, David Ricardo in his book, ‘Principles of Political Economy and Taxation’ in 1817.

Comparative advantage refers to the ability of a country to produce particular goods or services at lower opportunity costs as compared to the others in the field.

According to this law, if Kendall is good at decorating cupcakes and Wilson is the best at decorating cookies, then Kendall should decorate cupcakes and Wilson should decorate cookies becuase they can do it with lower costs.

The following are the assumptions of the Ricardian doctrine of comparative advantage:

-There are only two countries, assume A and B.

-Both of them produce the same two commodities, X and Y.

-Labour is the only factor of production.

-The supply of labour is unchanged.

-All labour units are homogeneous.

-Tastes are similar in both countries.

-The labour cost determines the price of the two commodities

-The production of commodities is done under the law of constant costs or returns.

-The two countries trade on the barter system.

-Technological knowledge is unchanged.

-Factors of production are perfectly mobile within each country. However, they are immobile between the two countries.

-Free trade is undertaken between the two countries. Trade barriers and restrictions in the movement of commodities are absent.

-Transport costs are not incurred in carrying trade between the two countries.

-Factors of production are fully employed in both the countries.

-The exchange ratio for the two commodities is the same.

7 0
3 years ago
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