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3 years ago

What happens to competition in a communist system?

Business

1 answer:

Savatey [412]3 years ago

5 0

Answer:

Essentially, there is no competition in a communist system, at least no economic competition. As ThisMatter.com explains:

"Communism and socialism affect the growth of economies, because there is no competition between businesses, and the people who manage such businesses are often political appointees, chosen more for their social and political connections than for their understanding of the businesses that they manage."

The personal finance, investment, and economics website further notes that in a communist economy, industries are often under the control of many bureaucrats, who often issue conflicting demands. Unfettered by the demands of competition, these state-controlled businesses care little about whether society wants their product or service, and do not care about costs, since these costs are paid by the government.

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Elliott Engines Inc. produces three products—pistons, valves, and cams—for the heavy equipment industry. Elliott Engines has a v

aksik [14]

Answer:

Kindly see attacked picture

Explanation:

Elliott Engines Inc. produces three products—pistons, valves, and cams—for the heavy equipment industry. Elliott Engines has a very simple production process and product line and uses a single plantwide factory overhead rate to allocate overhead to the three products. The factory overhead rate is based on direct labor hours. Information about the three products for 20Y2 is as follows: Budgeted Volume (Units) Direct Labor Hours Per Unit Price Per Unit Direct Materials Per UnitPistons 5000 0.50 $45 $8 Valves 12,500 0.30 17 3Cams 1,500 0.20 60 40 The estimated direct labor rate is s30 per direct labor hour Beginning and ending inventories are negligible and are, thus, assumed to be zero. The budgeted factory overhead for Elliott Engines is $163,750 If required, round all per unit answers to the nearest cent a. Determine the plantwide factory overhead rate. per dih b. Determine the factory overhead and direct labor cost per unit for each product.

Kindly check attached picture for solution

7 0

3 years ago

Budgets are created to be used on a short-term basis. Which of the following is true about budgets?

leonid [27]

Answer:

they encompass the entire organisation

6 0

2 years ago

Kaman Company purchased a building and land with a fair market value of $450,000 (building, $350,000 and land, $100,000) on J

balu736 [363]

Answer:

Journals :

Land $350,000 (debit)

Building $100,000 (debit)

Mortgage Payable $450,000 (credit)

Explanation:

The Land and Building is Initially measured at cost of acquisition not the fair market value. The cost of Acquisition in this case is the Present Value of the Mortgage Payable used to obtain the Property.

Step 1

Use the Time Value of Money Techniques to find the Present Value of the Mortgage.

Calculation of Present Value of the Mortgage

N = 20 × 12 = 240

P/YR = 12

PMT = - $3,488.85

I = 7 %

FV = $ 0

PV = ?

Using a Financial Calculator to Input the Values as above, the Present Value of the Mortgage will be $450,000.

Step 2

When Recording, apportion the Land and Building costs using their fair market value.

Land $350,000 (debit)

Building $100,000 (debit)

Mortgage Payable $450,000 (credit)

7 0

3 years ago

Assume that your university increase tuition only at the rate of inflation. how much will a $23,000-per-year college cost 15 yea

ValentinkaMS [17]

In economics, there is a formula to predict the growth of money value with time. When dealing with simple interest, the formula is

F = P(1+in), where F is the future worth, P is the present worth, i is the annual interest rate, and n is the amount of time, commonly in terms of years. Substituting to the formula,

F = $23,000(1+0.08*15)
F = $50,600

5 0

3 years ago

Consider the market for oil. Suppose for simplicity that there are only two oil producing countrieslong dashSaudi Arabia and Kuw

Tom [10]

Answer:

Nash Equilibrium : Each player at best strategy action, given other player strategy action.

Nash Equilibrium for Saudi Arabia, Kuwait : {High Output, High Output}

Explanation:

Considering the pay off matrix for Kuwait & Saudi Arabia, for making low or high output , to be : [First payoff Saudi, Second Payoff Kuwait]

Kuwait

Low Output High Output

Saudi Arabia Low Output (120,10) (80,20)

High Output (105,8) (90,15)

Nash Equilibrium is a game theory concept, determined at the - best strategy action for each player, given other player's strategy action.

In this case :

If Saudi Arabia plans low output, its better for Kuwait to produce high output, [(20 > 10) in first row - saudi's low output]

If Saudi Arabia plans high output, its better for Kuwait to produce high output [ (15 > 8) in second row - saudi's high output]
Saudi is better to chose low output, if Kuwait plans for low output [(120 > 105) in in first column - Kuwait's low output]
Saudi is better to chose high output, if Kuwait plans for high output [(90 > 80) in second column - Kuwait's low output]

So, its best for Saudi Arabia to produce high output if Kuwait produces high output. Its also best for Kuwait to produce high output if Saudi Arabia produces high output.

Hence {High Output, High Output} is the Nash Equilibrium.

5 0

3 years ago