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ElenaW [278]
3 years ago
8

The marginal seller is the seller who Group of answer choices cannot compete with the other sellers in the market. would leave t

he market first if the price were any lower. can produce at the lowest cost. has the largest producer surplus.
Business
1 answer:
Sophie [7]3 years ago
8 0

Answer:

would leave the market first if the price were any lower.

Explanation:

Utility can be defined as any satisfaction or benefits a customer derives from the use of a product or service.

Thus, any satisfaction or benefits a customer derives from the use of a product or service is generally referred to as a utility.

In Economics, The law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.

A marginal seller refers to an individual or business firm that is most willing to sell his or her goods and services at a price that is typically equal to their economic cost while forfeiting producer surplus.

A producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.

Hence, a marginal seller is the seller who would leave the market first if the price were any lower.

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Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $2
aleksley [76]

Answer:

$783,400

Explanation:

The total assets comprise of current assets, fixed assets ,and the intangible assets

The current assets include cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, etc.  

So, the amount of the current assets is shown below:

= Inventory + cash + account receivable

= $417,600 + $51,900 + $313,900

= $783,400

The account payable is a current liabilities, Hence, we do not considered for the computation part

6 0
3 years ago
While gdp is a measure of total output for a nation, _______ is a measure of what is produced by americans throughout the world?
Goshia [24]
The answer is Gross National Income or GNI. It is the overall product and services earnings of people inside and outside the country, including businesses. Thus, the overseas earnings of Americans all over the world is also a part of GNI. 
8 0
3 years ago
On October 1, Bramble's Carpet Service borrows $362000 from First District Bank on a 3-month, $362000, 6% note. What entry must
Luba_88 [7]

Answer:

Dr Interest expense -$21,720

Cr interest Payable - $21,720

Explanation:

Interest

Since it is a short-time loan (3-month), the interest rate will be prorated to 3-month.

Interest expense = $362,000 × .06 × 3/12 = $21,720

Hence,  following entries will be recorded :

Dr Interest expense -$21,720

Cr interest Payable - $21,720

For Principal amount  Borrowed:

Cr Loan payable $362000

Dr. Bank Account $362000

Upon Settlement :

Dr. Interest Payable $21,720 and Cr Bank Account $21,720

Dr. Loan payable $362000 and Cr Bank Account $362000

4 0
3 years ago
The amount of the estimated average income for a proposed investment of $60,000 in a fixed asset, giving effect to depreciation
katrin2010 [14]

Answer:

$5,400

Explanation:

Calculation to determine the estimated average income

Using this formula

Estimated average income=Expected total income yield/Useful life

Let plug in the formula

Estimated average income= $21,600 ÷ 4

Estimated average income= $5,400

Therefore the estimated average income is $5,400

3 0
2 years ago
Horace Company manufactures a professional-grade vacuum cleaner and began operations in 2020. For 2020, Horace budgeted to produ
Paladinen [302]

Answer:

Horace Company

1. 2020 Income Statement using variable costing

Sales revenue                      $7,992,000

Variable Cost of goods sold:

Manufacturing costs            $2,183,000

Marketing cost per unit sold  $851,000

Contribution margin           $4,958,000

Fixed Costs:

Manufacturing costs $1,550,000

Administrative costs   $906,000

Marketing costs        $1,479,000

Total fixed costs =            $3,935,000

Net income =                     $1,023,000

2. 2020 Income Statement using absorption costing:

2. Sales revenue                      $7,992,000

Cost of goods sold:

Variable Manufacturing costs $2,478,000 ($118 * 21,000)

Fixed Manufacturing costs        1,550,000

Total cost of production         $4,028,000

Less Ending Inventory                 479,525

Cost of goods sold                 $3,548,475

Gross profit                            $4,443,525

Period costs:

Variable marketing costs $851,000

Fixed marketing costs     1,479,000

Administrative costs         906,000

Total period costs                $3,236,000

Net income                           $1,207,525

3. The differences that Horace obtains in the operating incomes under variable costing and absorption costing are due to the fixed manufacturing costs that are included in the ending inventory under absorption costing, making the cost of goods sold to be less and resulting in more profits. Under variable costing, the ending inventory does not include the fixed manufacturing costs.  So the cost of goods sold is higher, resulting in reduced profits.

4. A bonus for Horace's supervisors based on gross margin under absorption costing will entice supervisors to produce more and  sell less products so that the fixed costs can be carried forward.  Many products will be left in inventory at the end of the period, which is then carried forward to the following period, thus, enhancing the period's gross profit for maximum bonus for the supervisors.

Modifications that Horace management could make to improve the bonus plan is ensuring that production units do not exceed the budgeted sales units by a large margin and ensuring that ending inventory does not exceed an established limit.  This will entice the supervisors to produce according to market demand.

Explanation:

a) Data and Calculations:

Budgeted production and sales units for 2020 = 25,000

Actual production units for 2020 = 21,000

Actual sales unit for 2020 = 18,500

Ending inventory units for 2020 = 2,500

Selling price per unit = $432

Sales revenue = $7,992,000 ($432 * 18,500)

Variable cost:

Manufacturing cost per unit produced:

Direct materials                        $33

Direct manufacturing labor     $23

Manufacturing Overhead       $62 $118

Marketing cost per unit sold  $46

Total variable costs per unit $164

Fixed cost:

Manufacturing costs $1,550,000

Administrative costs   $906,000

Marketing costs        $1,479,000

Total fixed costs =   $3,935,000

1. 2020 Income Statement using variable costing

Sales revenue                      $7,992,000 ($432 * 18,500)

Variable Cost of goods sold:

Manufacturing costs            $2,183,000 ($118 * 18,500)

Marketing cost per unit sold  $851,000 ($46 * 18,500)

Contribution margin           $4,958,000 ($268 * 18,500)

Fixed Costs:

Manufacturing costs $1,550,000

Administrative costs   $906,000

Marketing costs        $1,479,000

Total fixed costs =            $3,935,000

Net income =                     $1,023,000

2. Sales revenue                      $7,992,000

Cost of goods sold:

Variable Manufacturing costs $2,478,000 ($118 * 21,000)

Fixed Manufacturing costs        1,550,000

Total cost of production         $4,028,000 (per unit = $191.81)

Less Ending Inventory                 479,525 ($191.81 * 2,500)

Cost of goods sold                 $3,548,475

Gross profit                            $4,443,525

Period costs:

Variable marketing costs $851,000

Fixed marketing costs     1,479,000

Administrative costs         906,000

Total period costs                $3,236,000

Net income                           $1,207,525

7 0
3 years ago
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