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3 years ago

Suppose that the marginal cost of mining gold is constant at $300 per ounce and the demand schedule is as follows:

Business

1 answer:

RSB [31]3 years ago

5 0

Answer:

a) The price would be $300 and quantity would be 8000 oz

b) The price would be $700 and quantity would be 4000 oz

c) The price would be $700 and quantity would be 2000 oz each

d) The revenues of both firm would : increase ( for the firm that increase production ) and decrease ( for the firm that doesn't increase production)

Explanation:

marginal cost = $300

calculate the value of TR ( total revenue for each price and quantity given )

TR = price * quantity

also calculate the MR ( marginal revenue for each )

MR = $\frac{change in TR }{change in quantity}$

For the first value : TR = $1000000 , MR = nil

For the second value : TR = $1800000 , MR = $800

For the third value : TR = $2400000. MR = $600

For the fourth value : TR = $2800000 , MR = $400

For the fifth value: TR = $3000000 , MR = $200

For the sixth value : TR = $3000000, MR = $0

For the seventh value : TR = $2800000, MR = -$200

For the eighth value : TR = $2400000, MR = -$400

a)The price would be $300 and quantity would be 8000 oz because from the table above that is the point with highest quantity supplied

b) The price would be $700 and quantity would be 4000 oz because the single supplier would put the price and quantity to be supplied at the point where marginal cost is closest to the marginal revenue

d) The revenues of both firm would : increase ( for the firm that increase production ) and decrease ( for the firm that doesn't increase production) this is because increase in production is directly proportional to increase in revenue .

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Answer:

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Explanation:

Budget Line is the graphical representation of product combinations, that consumer can purchase with prices & income (spending all income).

It is downward sloping - as given same income & price levels, one good's consumption can be increased by reducing consumption of other good.

The intercept of downward sloping budget line is the maximum amount of that axis good which that consumer can consume with given income, price.

That maximum amount of purchasable good is Income/price of that good. Eg: Income = 100, Price of Good 1 on X axis = 10, Price of Good 2 on Y axis = 5. So :

Maximum amount of good 1 purchasable = 100/10 = 10. It is on X axis, x axis intercept is (10,0) ; and
Maximum amount of good 2 purchasable = 100/5 = 20. It is on Y axis, y axis intercept is (0,5)

Good 1 & Good 2 are analogous to Staples & Paper Clips respectively.

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3 years ago

Kingbird Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-

sergey [27]

Answer:

a) 2021 year income: 526,540

b) journal entries

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income tax payable 176.010‬ credit

Explanation:

Year Accounting Tax purpose Difference

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2021

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after tax income: 526.540‬

2022

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after tax income: 478.450‬

We recognize the income tax expense n the accounting method of revenue/expense recognizition

while, the payable will use the goverment purposes.

Then, the differnce wi considered either income tax deferred.

*1 it is a liability as the company is paying lower taxes to day to pay more than before.

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3 years ago

Mackalya is an office secretary at the "All American Office Products Company." This Company sells office supplies and office equ

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Answer:

1. Yes; Journal entry

2. Debit- Printing & Stationery Expense $160 (value for 8 boxes)

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3. Leaves to the cost of goods sold account

Explanation to:

1. Mackalaya used inventory. Remember, inventory is a term used to refer to all the merchandise (goods or products) a company has at the moment in stock.

2. The Journal entry to be made would be

Debit- Printing & Stationery Expense $160 and Credit this value to Cost of goods sold or Trading account A/c section of the Journal entry.

3. Remember, the cost of goods sold cares for all inventory sales, therefore it would be credited with value of the inventory item sold by the company.

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3 years ago

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hoa [83]

The term <u>price taker</u> refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product. Read below about a perfectly competitive market.

<h3>What is a perfectly competitive market?</h3>

In economics, a perfect market is also known as an atomistic market. A effect competition is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition.

Therefore, in such a market the price taker must take the prevailing market price its product.

learn more about price taker: brainly.com/question/15416827

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2 years ago

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marishachu [46]

Answer:

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3 years ago