Answer:
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Answer:
Option (c) is correct.
Explanation:
Given that,
Price elasticity of supply for cheese = 0.6 in the short run
Price elasticity of supply for cheese = 1.4 in the long run
If an increase in the demand for cheese causes the,
Price of cheese to increase by 15%
In short run,
Price elasticity of supply for cheese = Percentage change in the quantity supplied ÷ Percentage change in the price
0.6 = Percentage change in the quantity supplied ÷ 15
0.6 × 15 = Percentage change in the quantity supplied
9% = Percentage increase in the quantity supplied
In long run,
Price elasticity of supply for cheese = Percentage change in the quantity supplied ÷ Percentage change in the price
1.4 = Percentage change in the quantity supplied ÷ 15
1.4 × 15 = Percentage change in the quantity supplied
21% = Percentage increase in the quantity supplied
On the date the note is signed, rhodes should credit Note payable for $5,000.
Note payable is a loan agreement that is put down in written were the borrower agreed to pay the lender the certain amount he or she borrowed from the lender and must be signed by the borrower.
In Note payable the borrower as well will have to pay interest on the amount borrowed or the interest accrued on the amount borrowed on the due date.
The journal entry on the date the note is signed is:
Debit Cash $5,000
Credit Note payable $5,000
(To record note payable)
Inconclusion on the date the note is signed, rhodes should credit Note payable for $5,000.
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Answer:
Hence, the firm's total variable cost of producing three units of output is $48 unit.
Thus, the correct option is d. $48 unit.
Explanation:
The computation of total variable cost is shown below:
= marginal cost of the First unit of output + marginal cost of the second unit of output + marginal cost of the third unit of output
= $20 + $16 + $12
= $48
The variable cost include all type of cost which is change when the production level changes. In the given question, the output level changes with the unit which reflects the variable cost. So, the cost would be added in the computation part.
Hence, the firm's total variable cost of producing three units of output is $48 unit.
Thus, the correct option is d. $48 unit.
Four investment alternatives are hedge funds, futures, stocks, and bonds. If you are looking for more: mutual funds, annuities, and real estate are others.
