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Vedmedyk [2.9K]
3 years ago
15

Duke Company's records show the following account balances at December 31, 2021:

Business
1 answer:
Triss [41]3 years ago
5 0

Answer:

Total comprehensive income = $2,250,000

Explanation:

Note: See the attached excel file for the single, continuous multiple-step statement of comprehensive income for 2021.

Multiple-step income statement is an income statement that employs multiple subtractions in the process of calculating the net income. Multiple-step income statement shows the gross profit and separates the operating revenues and expenses from the nonoperating revenues, expenses, gains, and losses.

Download xlsx
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Consider a firm which produces T-shirts according to Q = L^0.5, where Q denotes output and L is labor input. The domestic wage i
Luden [163]

From the calculation below, the profit-maximizing labor input is 0.0625, and the profit of the firm is 0.125.

<h3>How do we determine profit-maximizing labor input and profit?</h3>

From the question, we can obtain:

R = Revenue = Q*P = L^0.5 * 1 = L^0.5

C = Cost = w * L = 2L

P = Profit = R - C = L^0.5 - 2L

To obtain the profit-maximizing labor input, the first derivative of P is taken, equated to zero, and we solve for L as follows:

P' = 0.5L^-0.5 - 2 = 0

0.5L^-0.5 = 2

L^-0.5 = 2 / 0.5

L^-0.5 = 4

L^(-0.5/-0.5) = 4^(-1/0.5)

L = 0.0625 ----> profit-maximizing labor input

The profit (P) of the firm can now be calculated by substituting L = 0.0625 into the P function as follows:

P =  0.0625^0.5 - (2 * 0.0625) = 0.125 --------> Profit of the firm

Learn more about profit function here: brainly.com/question/16866047.

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4 0
2 years ago
For what purpose are goods and services produced in a socialist economy?
Burka [1]

Answer: To meet all consumer needs

Explanation: In a socialist economy good and services are produces for direct use. Unlike a capitalist economy where goods and services are produced to earn profits. The purpose of producing goods in a socialist economy is to utilise the economy's scarce resources in a way that maximum consumer needs can be satisfied.

Thus, option D- to meet all consumer needs is the correct choice.

5 0
3 years ago
Read 2 more answers
Lucia's bank offers a savings account with 1.9% APR compounded monthly. What is the actual annual percentage yield on this accou
White raven [17]
The answer is 1.92% -apex
5 0
3 years ago
What is an incentive?
77julia77 [94]

Answer:

it acts as a stimulus to a market

Explanation:

an incentive is the extra money given to an employee for the constant hard work done,this can therefore act as a stimulus.

I hope this helps

8 0
2 years ago
Janice really likes potatoes. Potatoes cost $1 per pound, and she has $5.00 that she could possibly spend on potatoes or other i
fiasKO [112]

Answer:

A) Janice will purchase 3 pounds of potatoes since she will buy them until her consumer surplus ≤ 0. The fourth pound of potatoes costs $1, and Janice is willing to pay only $0.30, so her consumer surplus s negative (-$0.70).

Consumer surplus is the difference between the price that a customer is willing and able to pay for a good and the good actual price.

B) If Janice only had $2 to spend, she would buy 2 pounds of potatoes, since her consumer surplus is positive at 2 pounds.

first pound costs $1, and Janice is willing to pay $1.50, consumer surplus = $0.50

second pound costs $1, and Janice is willing to pay $1.14, consumer surplus = $0.14

3 0
3 years ago
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