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laiz [17]
2 years ago
14

Match the scenarios with the economic concepts they illustrate.

Business
2 answers:
Wittaler [7]2 years ago
7 0
1.income
2.substitution
3.positive
4.negative
Jet001 [13]2 years ago
6 0

1. The rising price of gold causes people to buy silver jewelry instead.

<u>substitution effect</u>

The substitution effect refers to the economic understanding that as costs rise — or income decreases — customers will supplant increasingly costly things with less exorbitant options. Then again, as the abundance of people builds, the inverse will in general be valid, as lower-estimated or second rate items are shunned for increasingly costly, higher-quality merchandise and ventures, known as the income effect. Although valuable to a few organizations like markdown retailers, the substitution impact is commonly exceptionally negative inside an economy, as it limits buyer and maker decision.  


2. When the price of chicken increases, families reduce their chicken intake substantially.

<u>income effect</u>


The income effect alludes to the adjustment in the interest for an item or administration caused by an adjustment in customers' extra cash, which is the bit of someone's pay that is accessible for spending on superfluous items or sparing. The term may likewise allude to the impact on genuine salary when there is an adjustment in the cost of a decent or benefit – which additionally influences the measure of discretionary cashflow – the impact can be positive or negative.  


3. A new factory in a village provides livelihoods for the villagers.

<u>positive externality</u>


A positive externality is an advantage that is delighted in by an outsider because of a financial exchange. Outsiders incorporate any individual, association, property proprietor, or asset that is in a roundabout way influenced. While people who profit by constructive externalities without paying are viewed as free-riders, it might be in light of a legitimate concern for society to urge free-riders to expend products which create significant outside advantages.  


4. A new factory in a village causes noise pollution.

<u>negative externality </u>


A negative externality is a cost that is endured by an outsider because of a financial exchange. In an exchange, the maker and purchaser are the first and second gatherings, and outsiders incorporate any individual, association, property proprietor, or asset that is in a roundabout way influenced. Externalities are additionally alluded to as overflow impacts, and a negative externality is likewise alluded to as an outside expense.

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WARRIOR [948]
Monthly statements, investment options, and online banking services.
5 0
3 years ago
During June, Buttrey Corporation incurred $72,000 of direct labor costs and $12,000 of indirect labor costs. The journal entry t
romanna [79]

The correct question is:

During June, Buttrey Corporation incurred $67,000 of direct labor costs and $7,000 of indirect labor costs. The journal entry to record the accrual of these wages would include a:

A)debit to Work in Process of $67,000B)credit to Work in Process of $74,000C)debit to Work in Process of $74,000D)credit to Work in Process of $67,

Answer:

a. debit to Work in Process of $67,000

Explanation:

Labour costs are made up of direct labour cost and indirect labour costs.

An addition of these two items results in amount of money the company will pay as wages to worked (labour).

In the given scenario we will then add direct and indirect labour cost to get wages to be paid.

Wage = 72,000 + 12,000 = $84,000

Wages is credited when raising journal entry

Direct labour will be classified under work in process (that is $72,000)

While indirect labour is manufacturing overhead $12,000)

Work in process and manufacturing overhead are debited when raising journal entry

So one of the entries will be a debit to Work in Process of $67,000

7 0
2 years ago
On January 1, 2017, Sunland Industries had cash and common stock of $196000. At that date the company had no other asset, liabil
Dafna1 [17]

Answer:

$32,980

Explanation:

The computation of comprehensive income is shown below:-

Comprehensive income = Cash dividend + Unrealized holding gain

= $11,800 + $31,800

= $32,980

Comprehensive income includes net profit and other complete or compression  profits.

Net revenue involves operating and non-operating income, net of expenses . Other comprehensive profits consisted of unrealized gains or losses, cash flow hedges.

So in this question we considered the dividend and unrealized holding gain as an comprehensive income

5 0
2 years ago
What is the principle of supply and demand?
ch4aika [34]

Answer:

erm

Explanation:

The more supply, the less demand. The less supply, the more demand.

8 0
3 years ago
Read 2 more answers
When the cross price elasticity between good X and other related goods is positive and very low firm X can be assumed to have?
geniusboy [140]

Answer:

c. a significant amount of market power 

Explanation:

Cross price elasticity measures the responsiveness of quantity demanded of a good to the changes in price of another good.

If the cross price elascitiy is postive, the goods are subsituites.

If the cross price elasticity is negative, the goods are complementary goods.

If the cross price elasticitiy is low the firm has market power. It means that it's consumers do not change the quantity demanded when the price of the good changes

If the cross price elasticitiy is high, the market has low market power.

I hope my answer helps you.

3 0
3 years ago
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