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timofeeve [1]
3 years ago
15

When economists think about market structures, they include market structures like pure monopoly and pure competition that are v

ery rare in the real world. Why do economists spend time thinking about conditions that almost never exist?
Business
1 answer:
Kisachek [45]3 years ago
7 0

Answer:

As explained below.

Explanation:

  • Asan economist the market is characterized by the interplay of 4 major fields like the Oligopoly, Monopoly, Perfect competition, Monopolistic competition. <u>Thus these structures were given by Adam Smith and his fellow Karl Marx. </u>
  • As an economist, he emphasized the laissez-faire model that is hard to find operating in a market as of the existence in 20 and the 21st century. The presence of the monopolistic competition which is a type of imperfect competition is that many producers sell or services that are different nature without carrying for the prices.
  • The oligopoly structure is either run by duopoly or monopoly or by the Ologospony which represents the market by many sellers but the demands of the few buyers.
  • The presence of perfect competition creates certain barriers ronery of the producers and consumers. However, these all tend to differ from the natural monopoly of one provider of a group of series meeting the one market.  
  • Hence certain market structures are related to the pecking and competitiveness in the market domain thus economists have o study them is greater depths.
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Spruce Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the plant
Tanya [424]

Answer:

1. $3,000 Favorable

2. $6,600 Unfavorable.

Explanation:

This is an incomplete question. However, the completed part is question number 2, which has been solved below.

1. Direct material price variance

= (Actual price - Standard price) Actual quantity

= ($2.16 - $2.20) × 75,000

= -$0.04 × 75,000

= $3,000 Favorable

Note: Actual price is gotten by; $162,000 / 75,000

= $2.16

2. Direct material quantity variance

= (Actual quantity - Standard quantity) × Standard price

= (75,000 - $72,000) × $2.20

= 3,000 × $2.20

= $6,600 Unfavorable

Note: Standard quantity is gotten by;

24 × 3,000

= 72,000

6 0
3 years ago
How are ethical decisions made
Andrei [34K]

Answer: An ethical decision is one that engenders trust, and thus indicates responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. Ethical decision-making requires a review of different options, eliminating those with an unethical standpoint, and then choosing the best ethical alternative.

4 0
2 years ago
As a result of a court settlement, an accident victim is awarded $1.5 million. The attorney takes one-third of this amount, anot
OLEGan [10]

Answer:

Explanation:

going by the given question above,

a)As the annuity pay is beginning of each year, it is annuity due

b)Present value(P)=$ 1.5/3 million= $ 0.5 million= $ 5*105

Periodic Payment When PV is known

A=\frac{P}{\left \{ {{1-\frac{1}{(1+I)(N-1)} } \atop I}} +1 }

i=0.072/4=0.018

N=5*4=20

x=(1+i)N-1=(1+0.018)19=1.403

A=5*105 / [ ((1- (1/1.403))/0.018)+1]

A=$ 29,485

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6 0
3 years ago
Strategic planning is critical, but without ________ it will be worthless.
Feliz [49]

The planning without <em>Implementation </em>will be useless.

Strategic planning means the process of documenting and establishing the direction of the organisation goals and objectives

  • The purpose of this type of planning is that its outline the master goals for one's business and also develop a plan on how to achieve them.

  • The reason why plans are created is to know how to implement certain steps, so therefore, the implementation is the final process on the plan chain.

In conclusion, It is wide-known that <u>a plan with action is worthless</u>. Therefore, a planning without <em>implementation</em> of such plan makes the plan more worthless.

Learn more about Strategic planning here

<em>brainly.com/question/17185056</em>

8 0
2 years ago
The budgeted selling price per unit is $60. Budgeted unit sales for June, July, August, and September are 8,000, 11,000, 13,000,
xz_007 [3.2K]

5. If 66,250 pounds of raw materials are needed to meet production in August, the pounds of raw materials purchased in July is <u>58,375 pounds</u>.

6. If 66,250 pounds of raw materials are needed to meet production in August, the estimated cost of raw materials purchases for July is <u>$128,425</u>.

7. In July, the total estimated cash disbursements for raw materials purchases is <u>$105,105</u>.

8. If 66,250 pounds of raw materials are needed to meet production in August, the estimated accounts payable balance at the end of July is <u>$102,740</u> ($128,425 x 80%).

9. If 66,250 pounds of raw materials are needed to meet production in August, the estimated raw materials inventory balance at the end of July is <u>6,625 pounds</u>.

10. The total estimated direct labor cost for July is <u>$276,000</u>.

11. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor hour, the estimated unit product cost? (Round your answer to 2 decimal places.)

Cost of raw materials per unit = $11 (5 x $2.20)

The estimated unit product cost under the above scenario is <u>$18</u> ($11 +$7).

12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor hour, the estimated finished goods inventory balance at the end of July is <u>$58,500</u> (3,250 x $18).

13. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor hour, the estimated cost of goods sold and gross margin for July are as follows:

Estimated cost of goods sold = <u>$198,000</u> (11,000 x $18)

Gross margin = $462,000 ($660,000 - $198,000)

14. The estimated total selling and administrative expense for July is <u>$74,200</u> ($13,200 + $61,000).

15. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead is $7 per direct labor hour, the estimated net operating income for July is <u>$387,800</u> ($462,000 - $74,200).

<h3>Data and Calculations:</h3>

Budgeted selling price per unit = $60

<h3>Sales Revenue Budget:</h3>

                                                    June          July           August   September

Budgeted unit sales                 8,000          11,000          13,000         14,000

Budgeted sales revenue  $480,000    $660,000    $780,000    $840,000

<h3>Cash Collections:</h3>

30% month of sale            $144,000   $198,000       $234,000   $252,000

70% following month                             336,000        462,000      546,000

<h3>Production Budget:</h3>

                                                    June          July           August   September

Budgeted unit sales                 8,000          11,000          13,000         14,000

Ending inventory (25%)            2,750          3,250            3,500

Units available for sale           10,750         14,250          16,500

Beginning inventory                2,000          2,750            3,250          3,500

Production units                      8,750          11,500           13,250

<h3>Materials Purchase Budget:</h3>

                                                       June            July           August  

Production units                            8,750         11,500         13,250

Materials requirements              43,750        57,500       66,250 (13,250x5)

Ending inventory                          5,750          6,625

Production materials available 49,500         64,125

Beginning inventory                    4,375           5,750         6,625

Purchase of materials               45,125         58,375

Purchase costs                      $99,275     $128,425

<h3>Payment for Purchase of Materials:</h3>

20%, month of purchase     $19,855        $25,685

80% following month                                $79,420

Cash disbursements                              $105,105

<h3>Direct Labor Budget:</h3>

                                                       June            July           August  

Production units                            8,750          11,500          13,250

Direct labor-hours required        17,500        23,000         26,500

Direct labor costs ($12/hr.)     $210,000   $276,000     $318,000

Budgeted unit sales                     8,000          11,000         13,000

<h3>Overhead Budget:</h3>

Variable selling and

 administrative expense          $9,600       $13,200       $15,600

Fixed selling and admin. exp.   61,000         61,000         61,000

Learn more about preparing budgets at brainly.com/question/17137887

3 0
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