Answer:
a. Income Statement for the month of October 2022
<u>Revenue:</u>
Service revenue $19,540
<u>Expenses:</u>
Salaries and Wages $2,800
Supplies Expenses $360
Depreciation Expenses $260
Interest Expenses <u>$350 </u>
Total Expenses <u>$3,770</u>
Net Income <u>$15,770</u>
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b. Retained earnings statement for the month of October 2022
Retained Earnings, October 1, 2020 $0
Add: Net Income <u>$15,770 </u>
Retained Earnings, October 31, 2020 <u>$15,770</u>
Answer:
Option (B) is correct.
Explanation:
If there is an increase in the income of the consumer then as a result there is a parallel shift in the budget line. This increase in income will increase the real purchasing power of the consumers and hence, this would increase the quantity of two goods consumed in an equal proportion.
Other factors remains the same, an increase in the income level of the consumer will increase the consumption of both the goods because the prices of both the goods are constant.
Crowdsourcing is the act of taking a job traditionally performed by a designated agent and outsourcing it to an undefined generally large group of people in the form of an open call.
Crowdsourcing involves a massive group of dispersed contributors contributing or generating items or offerings—consisting of thoughts, votes, micro-obligations, and price range—for payment or as volunteers. Present-day crowdsourcing often includes digital structures to draw and divide paintings between individuals to acquire a cumulative result. Crowdsourcing isn't always restricted to online hobbies, however, and there are numerous ancient examples of crowdsourcing. The word crowdsourcing is a portmanteau of "crowd" and "outsourcing". In assessment to outsourcing, crowdsourcing typically entails much less particular and greater public companies of members. Benefits of using crowdsourcing include reduced expenses, stepped forward velocity, improved best, extended flexibility, and/or extended scalability of the paintings, in addition to selling diversity. Crowdsourcing techniques include competitions, digital hard work markets, open online collaboration, and statistics donations.
Learn more about Crowdsourcing here
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Answer:
C. Personal selling
Explanation:
In personal selling, a sales representative engages the customer on a one-one conversation in an attempt to persuade them to buy a product or service. The sales person makes us of his or her skill, experience, and abilities to convince the buy the goods or services. Personal selling is also known as face-face selling.
Personal selling requires a sale representative to have good interpersonal skills. The salesperson will point out at the salient features and benefits in a bid to convince the customer that the product will add value to them. The customers seek as much information as they desire and gets the opportunity to negotiate for better prices.
Answer:
$2
$3.50
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Consumer surplus = willingness to pay – price of the good
$6.75 - $4.75 = $2
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
Producer surplus = price – least price the seller is willing to accept
$4.75 - $1.25 = $3.5
