Which of the following was not a priority of Soviet planners?

The following is a free response question released by the College Board from a previous AP exam to be used as practice for futur

astraxan [27]

<u>Solution and Explanation:</u>

(a). Firm in perfect competition produces at minimum efficient scale, MEC where average cost AC is minimum. The price is determined by the market supply and demand.

(b) Note that q1 is at the minimum of AC while Q* is to the left of q1. Similarly, P1 is equal to MC while P* is higher than MC. This shows that firms in perfect competition produce more and charge less than the firms in monopolistically competitive market.

(c) All firms in monopolistically competitive market as well as perfectly competitive market earn zero economic profit in the long run. This is because there is a free entry and exit

(d) Demand is steeper for firms in monopolistically competitive market so that demand is elastic. Demand is horizontal for any quantity which means it is perfectly elastic for a firm in competitive market.

5 0

3 years ago

An asset was purchased for $126,000 on January 1, Year 1, and originally estimated to have a useful life of 8 years with a resid

katrin [286]

Answer:

The correct answer is $23,663

Explanation:

Spreadsheet is attached with the calculus.

Depreciation expense is the difference between the cost of the asset and the residual value, divided by the useful life of the asset.

Depreciation expense=(original cost-residual cost) /useful life

In this case, conditions change at third year. First, we must calculate the depreciation expense with the first situation. The first 2 years , we are going to decrease the asset value with this depreciation expense.

Situation 1 Depreciation expense 14375

At third year , we must recalculate the depreciation expense. The final value of second years is the new "original value".

Situation 2

Original Value 97250

Residual Value 2600

Useful life 4

Depreciation expense= (97250 - 2600 )/4

Depreciation expense= 23,663

Download xlsx

4 0

3 years ago

The following table shows the units of steel and personal computers a worker can produce per month in Germany and South Korea. U

ki77a [65]

Answer:

Option E

Explanation:

Absolute advantage means that with the same input one country is able to produce more goods and services as compared to the other.

As we can see, Germany is able to produce 40 tons of steel with the same inputs as that of South Korea.

In the same way, Germany is able to produce 10 personal computers with the same inputs as that of South Korea.

Hence, Germany has an absolute advantage in the production of both steel and PCs

Option E is correct

4 0

3 years ago

someone asked me if there were 2 cities which one would I choose. I asked"what are they" they responded one black city with only

Phoenix [80]

Answer:

Smart

Explanation:

7 0

3 years ago

Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:Inve

Ivan

Answer:

<u>Date Purchases Sales </u>

May 1 1,550 units at $44

May 10 720 units at $45

May 12 1,200 units

COGS (720 x $45 = $32,400)

COGS (480 x $44 = $21,120)

TOTAL COGS FOR MAY 12 SALE = $53,520

Inventory after sale 1,070 units at $44

May 20 1,200 units at $48

May 14 830 units

COGS (830 x $48 = $39,840)

TOTAL COGS FOR MAY 14 SALE = $39,840

Inventory after sale 1,070 units at $44

370 units at $48

May 31 1,000 units

COGS (370 x $48 = $17,760)

COGS (630 x $44 = $27,720)

TOTAL COGS FOR MAY 12 SALE = $45,480

Inventory after sale 440 units at $44

Under LIFO (last in, first out), the cost of goods sold is determined using the price of the last units purchased, which means that the most recent (or updated) price is used to calculate COGS.

7 0

3 years ago