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AURORKA [14]
3 years ago
9

Refer to the demand schedule below.

Business
2 answers:
Nesterboy [21]3 years ago
6 0

Answer:

Explanation:

Demand can be defined as the total quantity of a particular commodity which a consumer is willing and able to buy at a particular price and a particular time.

A demand schedule is a tabular representation of the total quantity of a particular commodity which a consumer is willing and able to buy at a particular price and a particular time.

Below is an attachment showing the tabular representation and the solution to requirement A

In the first Attachment all that was done was to use the values from the question to get our requirements Total revenue was gotten by (Price * Quantity)

Marginal Revenue was gotten by finding the Change in Total Revenue divided by Change in Quantity

So also a tabular representation of B

All that is required to plot the graph is to match the values gotten to the Y axis which represents revenue and X axis which represents quantity and connect the lines together.

Morgarella [4.7K]3 years ago
5 0

Answer:

\left[\begin{array}{cccc}Q&P&$Total revenue&$Marginal Revenue\\1&7&7&7\\2&6.5&13&6\\3&6&18&5\\4&5.5&22&4\\5&5&25&3\\6&4.5&27&2\\7&4&28&1\\8&3.5&28&0\\9&3&27&-1\\\end{array}\right]

Attached graph

Explanation:

Marignal revenue is the additional revenu generate per unit.

While Total revenue is the total amount (P x Q generated)

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The complete question should have been:

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Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the curre
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Answer:

a. Depletion rate  = $2.25

b. Account                                                              Debit($)                Credit($)

Depletion expense                                              9,000,000

Accumulated depletion expense                                                  9,000,000

<u>Being depletion expense for the year.</u>

Explanation:

Depletion expense refers to the loss in value of a long term asset due to reduction in producing capacity  of the asset. The depletion is recognized as an expense in the income statement of the relevant year.

To determine depletion expense, depletion rate is needed which can be derived by dividing the total value of the asset net of its residual value (if any) by the total producing capacity of the asset.After this, the depletion rate is used to multiply the production units of the current year.

Here is the formula for depletion rate:

a. Depletion rate = Total value of the asset - residual value

Total production capacity

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b. Depletion expense = Depletion rate x current year production units  

a. Depletion rate = $67,500,000

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b. Depletion expense = $2.25 x 4,000,000

= $9,000,000

Note: Accumulated depletion expense account is the corresponding account for depletion expense account.

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