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drek231 [11]
3 years ago
11

Beef and leather belts are complements in production. If concern about health and diet shifts the demand curve for beef leftward

, the result in the market for leather belts will be _____.
Business
2 answers:
solmaris [256]3 years ago
7 0

Answer: High in the equilibrium price for the leather belt which results into decrease in the leather belts supply

Explanation:

  According to the given scenario, both beef and the leather belts are one of the complements in the production and the beef shifts towards leftward due to the concern about the diet and the health. The supply and demand curve plays an important role in the production cycle.

The Final outcome of the leather belts in the market are basically high in the equilibrium price  and due to this the supply of the leather belts production become reduce.

 Therefore, The given answer is correct.

               

padilas [110]3 years ago
3 0

Answer:

Decrease in Supply ; Increase in Price

Explanation:

Complements in Production are goods which are produced jointly using a given resource. Eg : Beef , leather belts & wheat , straw.

Law of Supply states that Price of a good & its supply are directly related. Price & supply of complements in production are also directly related.

If price of a good rises, supply of the good & its complement(s) in production rise. If price of a good falls, supply of the good & its complement(s) in production fall.

So: Leftwards shift in demand curve of beef, i.e decrease in demand of beef- will create excess supply of beef. Excess supply will create competition among sellers & reduce its price.

As beef & leather belt are complements in production : Decrease in price of beef will reduce the supply of leather belts. This decreased supply (leftwards shift) will create excess demand in leather belt markets & competition among buyers increase their price.

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You rented space for a kiosk at the mall last year for the holiday season for $750. This year they increased it to $825. What is
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Answer:

10%

Explanation:

Cost of kiosk last year = $750

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A government-imposed price of $12 in this market is an example of a
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3 years ago
Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost
sammy [17]

Answer:

a) ending inventory:     11,850,000

   cost of goods sold: 25,200,000

  gross profit               25,200,000

b)

ending inventory:     1,800,000

cost of goods sold:  23,100,000

gross profit  50,400,000 - 23,100,000 =  27,300,000

Explanation:

5,200 at $600

4,100 at $700

6,200 at $800

purchase 29,000 at $900

-sold 28,000 grills

As we use LIFO we sale from the last purchase thus, 29,000 - 28,000 = 1,000 of this units are added as another layer for the inventory account

<em><u>ending inventory</u></em>

5,200 at $  600

4,100 at $   700

6,200 at $  800

1,000  at $  900

Total    $ 11,850,000

cost of good sold:

28,000 x $900 = $25,200,000

sales revenue

28,000 x 900 x 200% = $50,400,000

gross profit sales revenue less COGS

b) 5,200 at $600

4,100 at $700

6,200 at $800

<em>purchase 15,500 at $900 </em>

-sold 28,000 grills

we check how many layer deep we go:

28,000 - 15,500 at 900= 12,500

12,500  -  6,200  at 800=  6,300

6,300 - 4,100 at 700      =  2,200  at 600

<em><u /></em>

<em><u>Ending Inventory </u></em>

3,000 at $600 = $ 1,800,000

COGS:

15,500 x 900 + 6,200 x 800 + 4,100 x 700 + 2,200 x 600 = 23,100,000

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Answer:

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5 0
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