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olchik [2.2K]
3 years ago
14

Suppose the most you would be willing to pay to have a freshly washed car before going out on a date is $4.00. The smallest amou

nt for which you would be willing to wash someone else's car is $2.50. You are going out this evening and your car is dirty. How much economic surplus would you receive from washing it
Business
2 answers:
Art [367]3 years ago
8 0

Answer: $1.50

Explanation:

The economic surplus is the benefit that a person receives over what they view as the cost of the transaction.

Here you believe the car wash is worth $4.00 yet you believe the cost would be $2.50 if you did it yourself.

The surplus you are gaining therefore is;

= 4 - 2.50

= $1.50

o-na [289]3 years ago
4 0

Answer:

Economic surplus is $1.5

Explanation:

Economic surplus considers two components. The consumer surplus and the producer surplus.

Consumer surplus is difference between what a consumer is willing to pay and the market price of a good.

Producer surplus is the difference between the market price of a good and the minimum amount seller is willing to recieve for the product.

In this instance economic surplus combines the benefits that a producer and supplier gets from the product.

Consumer surplus is $4 and the producer surplus is $2.50

So if one decides to wash the car the comic surplus will be 4 - 2.50 = $1.5

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Tom’s T.V.’s sold one of their premium products, a new 60" flat screen 3D T.V. to a customer who paid $2,000 in cash. How would
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Answer:

Impact of $2,000 sale on accounting equation is as follow:

Accounting Equation

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Cash+2000        Sales+2,000            No Effect

As cash an asset for the business, so the receipt will increase the balance of assets of the company. The revenue is ultimately adjusted to equity in the form of net income after deducting all the expenses. This transaction will result in increase of equity balance by the sale amount.

Explanation:

The Following journal Entry will support my answer:

Sales amount = 2,000

As this transaction is made on cash basis the following Journal entry will be recorded for this event.

                   Dr.          Cr.

Cash       $2,000

Sales                    $2,000

5 0
3 years ago
It is not a consumers responsibility to report fraudental activity
creativ13 [48]

If this is a true/false question, the answer is FALSE.

It is consumers' responsibility to report fraud when it occurs.

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3 years ago
Select the correct answer.
almond37 [142]

Answer:

answer is b

Explanation:

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Suppose that the value of an investment in the stock market has increased at an average compound rate of about 5% since 1912. It
Fittoniya [83]

Answer:

FV= $159,840.60

Explanation:

Giving the following information:

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Number of years= 2016 - 1912= 104

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FV= PV*(1+i)^n

FV= 1,000*(1.05^104)

FV= $159,840.60

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A boss who is a micromanager often works excessive hours, skips vacations, and needs to approve everything
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