Answer: $225
Explanation:
Deadweight loss is caused by inefficient allocation of the resources or when both the supply and the demand for a product aren't in equilibrium.
The deadweight loss will be calculated as:
= 1/2 base × height
= 1/2 × 15 × 30
= $225
Answer:
the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively
Explanation:
The computation is shown below
Cost of goods sold is
= (117,000 units - 114,000 units) × $24 + 114,000 units × $29
= 3,000 units × $24 + 114,000 units × $29
= $72,000 + $3,306,000
= $3,378,000
And, the ending inventory is
= (37,000 units - 3,000 units) × $24
= $816,000
Hence, the ending inventory and cost of goods sold for 2021 based on a periodic inventory system is $816,000 and $3,378,000 respectively
Answer:
The balance in the Paid-in Capital from Treasury Stock account at December 31, 2014 is $36,000
Explanation:
The computation of the balance in the treasury stock account is shown below:
= Number of shares sold × (Selling price of share - purchase price of share)
= 18,000 shares × ($13 per share - $11 per share)
= 18,000 shares × $2 per share
= $36,000
The other items which are mentioned like issued shares, authorized shares are irrelevant because we have to compute for the treasury stock, not for the common stock. So, these parts would be ignored in the computation part.
Answer:
Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store.
Explanation:
The business market is the market where you can sell your product and services to the other businesses so it can be used as a raw material for the other business in order to manufacture the products. And, the other reason is to purchased the products and resell them.
So based on the given statements, the first option is considered as in the remaining statements there are business transactions but in this only one person i.e. retail buyer is considered
Answer:
Scarcity and Utility
I will explain the concepts of scarcity, value, and utility using my laptop and some writing pens. I have only one laptop available in my family. I use it 24-hours daily. I attach so much value (utility) to the laptop because it is only one. It is very scare in my household. On the other hand, I have a packet of writing pens. Pens are relatively not scare in my household. If my laptop is missing, I will raise uproar in the house. Everybody present will answer a tedious query. But, if one of the pens gets missing, I may not even be aware that it is missing. At the moment, I do not attach much value (utility) to the writing pens because I have many of them presently . Writing pens are not scare in my household, as I said earlier.
Using these examples, I have demonstrated the concepts of scarcity, utility, and value.
Explanation:
Therefore, scarcity is defined by the value and the relative availability of a good. Scarcity is a basic economic problem that shows the gap existing between limited resources and unlimited needs. Based on the lack experienced with satisfying a need, one has to always choose between alternatives in order to maximize resource allocation and utility.
Utility in Economics refers to the value or satisfaction derivable from the meeting of a human or economic need. It is initially connected to the concept of scarcity. But after attaining some level of utility, scarcity temporarily evaporates. And this is the dividing thin line. This is why they are mostly used together. "Something that is valuable is scarce and give utility." Something that is not highly valuable is not usual scarce and does not give much utility, at least, to an extent.
