Answer:
A. slopes upward for normal goods and downward for inferior goods.
Explanation:
In the case of Engle curve it plots the relationship between income and demand for a good.
In the case of the normal goods, as the income rises the demand also rises while on the other hand in the case of inferior goods, the income rises the demand false
So it sloped upward for the normal goods and slop downwards for the inferior goods
Answer: Economic Surplus : $12
Explanation: Economic surplus is the difference between benefit and cost.
In this case, since he is working as a math tutor, he will get $45, there is no other cost. But if he goes for a movie, he will have to spend $12 on movie, which is the cost he needs to bear. The economic surplus is $12 which is not spent on the movie and worked as a math tutor.
The most efficient level of output and corresponding marketer hours in the short-run is capital for a time period of fewer than four-six months.
The short run is an idea that within a certain time period, at least one input is fixed while others remain variable. In the short run, firms face both variable and fixed costs, which means that wages, output, and prices do not have full freedom to reach a new equilibrium.
In the short run one factor of production, for instance capital is fixed. This is a time period of fewer than four-six months. In the short run, the firm should increase output as long as marginal revenue exceeds marginal cost, and reduce output if marginal revenue is less than marginal cost.
Hence, in the short run, a firm decides how much output to produce in the current facility.
To learn more about short-run here:
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Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The journal entries are shown below:
a. No journal entry required
b. Miscellaneous expense A/c Dr $16
To Cash A/c $16
(Being service charges is paid)
c. Cash A/c Dr $9 ($476 - $467)
To Utilities expense A/c $9
(Being correction is recorded)
d. No journal entry required
The preparation of the bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:
