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2 years ago

Which of the following refers to a set of rights to control a tangible or intangible thing?

Business

1 answer:

Lyrx [107]2 years ago

6 0

Answer:

a) Property

Explanation:

A property right is the exclusive or sole authority which determines the legal ownership of tangible and intangible resources and how these resources are to be used, whether by individuals or government.

Basically, properties can either be owned by the government, an individual or business entity. Some examples of a property include cars, land, houses, machines, books, inventions, mobile phones, ideas, birds, etc.

Hence, property rights refers to a set of rights to control a tangible or intangible thing.

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EcoFabrics has budgeted overhead costs of $1,077,300. It has allocated overhead on a plantwide basis to its two products (wool a

sveta [45]

Answer:

(a) $1.8 per machine hour

(b) $390 per setup

Explanation:

Given that,

Overhead allocated to the cutting cost pool = $410,400

Overhead allocated to the design cost pool = $666,900

Total machine hours = 228,000

Total number of setups = 1,710

Under activity based costing,

Overhead rate for cutting:

= Overhead allocated to the cutting cost pool ÷ Machine Hours

= $410,400 ÷ 228,000

= $1.8 Per Machine Hour

Overhead rate for design:

= Overhead allocated to the design cost pool ÷ Number of Setup s

= $666,900 ÷ 1,710

= $390 per set up

7 0

3 years ago

The demand curve of a monopolistically competitive producer is Multiple Choice less elastic than that of either a pure monopolis

Reil [10]

Answer:

more elastic than that of a pure monopolist, but less elastic than that of a pure competitor.

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry. In the long run, firms earn zero economic profit.

A monopolistic competition is when there are many firms selling differentiated products in an industry. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services. An example of a monopoly is a utility company

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.

Perfect competition has a perfectly elastic demand.

A monopolistic competition's demand is more elastic than that of a monopoly because there are more than one firm in the industry unlike a monopoly

so, perfect competition has the most elastic demand, followed by a monopolistic competition and then a monopoly

8 0

2 years ago

Suppose 30% of business majors major in accounting. You take a random sample of 3 business majors. Answer questions 39 and 40: W

creativ13 [48]

Answer:

The probability that at least one student majors in accounting=0.3×0.3×0.3=0.027

Explanation:

<em>Step 1: Determine the number of accounting majors in a business</em>

N=P×S

where;

N=number of accounting majors

P=probability of accounting majors

S=sample size

This can also be written as;

Number of accounting majors=probability of accounting majors×sample size

In our case;

Number of accounting majors=unknown, to be determined

Probability of accounting majors=30%=30/100=0.3

Sample size=3 business majors

Substituting;

Number of accounting majors=0.3×3=0.9

<em>Step 2: Determine the chance that at least one student majors in accounting</em>

The probability that at least one student majors in accounting=0.3×0.3×0.3=0.027

5 0

3 years ago

Befriends corporation uses the trademark of community life inc., a social media site, as a meta tag without community life's per

sashaice [31]

Using the trademark of a social media site Community Life Inc. by Befriends Corporation as a meta tag without community life's permission is permissible if the use reasonably necessary or the use constitutes trademark infringement. Therefore, the answer is letter C.

7 0

3 years ago

Read 2 more answers

Birk Co. uses a job order cost system. The following debits (credits) appeared in Birk's work-in-process account for the month o

svp [43]

Answer:

The amount of direct materials charged to Job No. 5 is $5,200.

Explanation:

Work in process, April 30 = Balance + Direct material + Direct labor + Factory overhead - Cost of finished goods

= $4,000 + 24,000 + 16,000 + 12,800 - 48,000

= $8,800

Job No 5 = Work in process, April 30 = $8,800

Job No 5 = Direct material + Direct labor + Factory overhead

$8,800 = Direct material + $2,000 + $1,600 ($2,000 * 80%)

Direct material = $8,800 - $2,000 - $1,600

= $5,200

Therefore, The amount of direct materials charged to Job No. 5 is $5,200.

5 0

2 years ago