Answer:
a. $2,870, $1,330
b. $5,530, $70
Explanation:
The amount of profit earned is the difference between the total sales and the total cost. The total sales is the product of the selling price per shirt and the number of shirts sold while the total cost is the product of the number of shirts ordered and the cost per shirt.
Opportunity cost is the cost or worth of the alternative foregone.
Profit earned
= 600 * $14 - 790 * $7
= $2,870
Cost of waste due to excess inventory
= $7(790 - 600)
= $1,330
If the school receives actual sales orders for 800 shirts, the amount of profit the school will earn
= 790 ($14 - $7)
= $5,530 ( the number of units sold cannot be more than the number ordered).
The opportunity cost
= $7(800 - 790)
= $70
Answer:
b
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
When firms are earning positive economic profit, in the long run, firms enter into the industry. This drives economic profit to zero
If firms are earning negative economic profit, in the long run, firms leave the industry. This drives economic profit to zero
in the long run, only normal profit is earned
If Verslas is producing at a profit maximising point, it means that marginal revenue equal marginal revenue and the firm is earning a normal profit
Answer:
B. a change in the money supply changes real variables but not nominal variables
Explanation:
Money neutrality is an economic theory that says that money supply only affects nominal varabmles but not real variables.
Answer:
$27,000
Explanation:
Budgeting is the process by which a business projects it's expenditures and revenues within a given period and plans to obtain funds to run the business on the basis of these projections.
In the given scenario Roman company have projected the cash reciepts and cash disbursement within the period.
They now need a particular loan amount to gain cash level of $45,000 at the end of the period.
Final cash balance = Opening balance + Cash receipts - Cash disbursement + Loan
$45,000 = $40,000 + $101,000 - $123,000 + Loan
45,000 = 18,000 + Loan
Loan = 45,000 - 18,000
Loan = $27,000
Answer:
24
Explanation:
Absolute threshold is a concept that refers to the most minimum level of a sensory stimulus that an individual can sense. Testing this usually require individuals to differentiate the intensity of a stimulus.
A general rule of thumb is that when an individual can sense whether something is stronger 50% of the time, that stimulus level is the person’s absolute threshold.
Thus, in the example of Daniel, we should only pay attention to his 24 candles experiment – since he can recognize the difference in light intensity, 50% of the time, when there are only 24 candles. When he added 11 more candles, making them 35 candles, his ability to recognize the light intensity differences are reduced to 25%.