<span>14 + 17 + 24 = 55
24 + 24 + 24 = 72
Producer Surplus = $17
Tim makes $17 more than he is initially willing to charge, thus a surplus of 17.
33 + 26 + 24 = 83
24 + 24 + 24 = 72
Consumer Surplus = $11
The customers pay $11 less than they are initially willing to pay, thus a surplus of 11.
Everybody wins, yay capitalism</span>
Answer:
2273
Explanation:
In this question, we are asked to calculate Tom Tom’s maximum depreciation for this first year.
The term maximum depreciation is accounting principle talks about to what extent has the value of an asset been used.
To calculate his maximum depreciation, we need to be conversant with some conventions. The mid-month convention is what we need to understand here. What the convention assumes is that an asset which is placed into service during a given month is assumed to have been placed into
Such service at the middle of such month in question. Also, it is also assumed that disposing an asset at the beginning of one month or any other time of the month is same as disposing the said asset at the middle of the month. This is what the mid month convention is talking about.
It must also be noted that Residential property has a 27.5-year recovery period. The depreciation is thus $2,273 ($100,000 x 2.273%). This gives us the value of the maximum depreciation
A critical trade-off which must be considered when choosing a forecasting technique is that between: C. cost and accuracy.
<h3>What is a
forecasting technique?</h3>
A forecasting technique can be defined as a process through which predictions can be made about the economy, especially based on macroeconomic and microeconomic conditions such as:
In Economics, cost and accuracy is a critical trade-off which must be considered when choosing a forecasting technique.
Read more on forecasting technique here: brainly.com/question/23009258
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Answer: Perfect Competition
Explanation:
This is a situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent.
Answer:
the coefficient of elasticity is 1.25. therefore demand is elastic
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
5% / 4% = 1.25
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
