Answer and Explanation:
The journal entry required to close the income summary account is given below:
Income summary Dr ($202,000 - $112,200) $89,800
To retained earnings $89,800
(Being the closing of the income summary is recorded)
The above entry should be passed for closing out the income summary account
The same is to be considered
Answer: the cross-price of elasticity of demand for chocolate syrup with respect to the price of milk would be :
e = % ΔQ chocolate syrup / %ΔP of milk
e = -4% / 2%
e = -2 %
Explanation:
Answer:
It is said that the country imposes a tariff on the foreign produced goods due to this implementation of tariff the demand for the domestic goods is also high, as a result the exports demand rises. Due to this effect the real exchange rate rises from E1 to E2 and the equilibrium point increased from point one to another.
Answer:
Jennifer is losing purchasing power by 2%.
Explanation:
An increase in prices indicates a decrease in the purchasing power of the consumers. An increase in income means an increase in the purchasing power of the consumers.
A 5% raise means that Jennifer's income will increase by 5% and so will her purchasing power. But at the same time, a price rise by 7% means that her purchasing power will decrease by 7%.
This means that overall her purchasing power will decrease by 2%.
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