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adelina 88 [10]
3 years ago
8

3. Consider the following price indexes: 2 pts

Business
1 answer:
sergejj [24]3 years ago
6 0

Answer:

1. Which year is likely the base year?

The base year is likely to be 2018, because it has the lower consumer price index. This is because most economies show inflation (the gradual increase of the prices overtime within an economy) rather than deflation (the gradual decrease)

2. What is the inflation rate from 2018 to 2019?

Using the consumer price index (CPI) the inflation rate formula is:

Inflation rate = CPI year 2 - CPI year 1 / CPI year 1

in this case, the year 1 is our likely base year, 2018, and year 2 is 2019.

Now, we simply plug the amounts into the formula:

Inflation rate = 255.651 - 251.107 / 251.107 = 0.018 or 1.8%

So the inflation rate from 2018 to 2019 is 1.8%, a rather low number.

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slamgirl [31]

Answer:

a) $700 debit to Depreciation Expense and a $700 credit to Accumulated Depreciation.

Explanation:

The adjusting journal entry is shown below:

On December 31

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(Being the depreciation expense is recorded)

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When more corn is planted due to the higher demand from ethanol producers, both cattle ranchers and ethanol producers will end u
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2. As input in production of ethanol.

It has been stated that increase in demand from ethanol producers does not impact the demand made by cattle ranchers'.

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So, it can be stated that higher demand from ethanol producers has raised the price of corn which in turn has induced the farmers to plant more corn.

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So, when more corn is planted due to higher demand from ethanol producers, only ethanol producers end up buying more corn while cattle ranchers' witness a decline in their purchase of corn.

In other words, cattle ranchers' will end up buying less.

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