Answer:
Demand Increase = Supply Increase : No change in price, quantity increases
Demand Increase > Supply Increase: Price increase, quantity increase
Demand Increase < Supply Increase : Price decrease, quantity increase
Explanation:
Markets are at equilibrium where market demand = market supply. And, upward sloping supply curve intersects with downward sloping demand curve.
If both demand & supply of dog treats increase, the effect on change in price & quantity will depend on their relative magnitude
- If increase in demand = Increase in Supply : Both the curves shift equivalently rightwards. At new equilibrium - there is no change in price, as demand increase is fulfilled by supply increase. The equilibrium quantity increases
- If increase in demand > Increase in Supply : Demand curve shifts more rightwards than supply curve. This creates excess demand & competition among buyers increase the new equilibrium price. The equilibrium quantity also increases.
- If increase in demand < Increase in Supply : Supply curve shifts more rightwards than demand curve. This creates excess supply & competition among sellers reduce the new equilibrium price. The new equilibrium quantity increases.
The supply curve slopes upward because at a higher price, producers have an incentive to produce more and supply a larger quantity.
More about the supply curve:
The supply curve illustrates the relationship between the price of an item or service and the volume delivered over a specific time period. In a typical scenario, the amount supplied will be shown on the horizontal axis and the price will be shown on the left vertical axis.
The law of supply is expressed by the supply curve, which rises from left to right: The amount supplied rises as a certain commodity's price rises. A new supply curve must be created if a component other than price or quantity changes.
Learn more about the supply curve here:
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Answer:
The correct answer is the option A: unconscionable
Explanation:
To begin with, the reason why such prohibition from Marco to Fred is unconscionable is due to the fact that Marco already stated in a private contract that he agreed to sell the apartment to Fred by a certain price, therefore establishing that the property of the real estate now belongs to the other party, letting everyone else external to the contract know that the proper and new owner is Fred.
Secondly, it is understandable that now that Fred is the new owner of the apartment by contract then it is unfair and unreasonable that the old owner Marco prohibits him to do what he wants with the apartment.
Answer:
$71,960
Explanation:
Not past due days $892,000*0.75%=$6,690
1-30 days $285,000*4%=$11,400
31-60 days $101,000*8%=$8,080
61-90 days $63,000*16%=$10,080
91-180 days $43,100*50%=$21,550
Over 180 days $17,700*80%=$14,160
Total allowance for doubtful accounts as at December 31, =$71,960
Answer:
The cost of ending inventory is $24314.
Explanation:
Under the average cost method, the inventory is valued at the average cost of all the inventory that is available from the start of the month and the purchases made.
The average cost of inventory can be calculated by summing up the total cost of beginning inventory and purchases and dividing it by the total number of units available for sale.
Average cost per unit = [ 480*65 + 720*68 + 360*70 ] / [480 + 720 + 360]
Average cost per unit = 67.538 rounded off to $67.54 per unit
The total inventory available for sale = 480+720+360 = 1560 units
The ending inventory in units = 1560 - 1200 = 360 units
The cost of ending inventory = 360 * 67.54 = $24314.4 rounded off to $24314
