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Furkat [3]
3 years ago
13

The greater the magnitude of the external benefits of production, a. ​ The larger is the deadweight loss from underproduction. b

. ​ The greater would be the optimal tax. c. ​ The less the private market solution would deviate from the socially efficient level of output. d. ​ All of the above are true.
Business
1 answer:
Naddika [18.5K]3 years ago
7 0

Answer:

d. ​ All of the above are true

Explanation:

External costs happen if during production or consumption of a good or a service there is a negative effect on another party. The existence of this can bring about market failure. In the presence of externalities social benefit costs are a combination of private costs and also external benefits of production.

All of the options a, n and c are true so d is the answer here.

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Suppose the manager of an ice cream store is trying to forecast the pounds of ice cream that they will sell based on what they h
disa [49]

Based on the information give your forecast for period 7 is 40.

<h3>Forecast for period 7</h3>

Given:

Time-series trend equation=25.3+2.1x

Period=7

Let x present period 7

Hence:

Forecast for period 7 =25.3 +2.1(7)

Forecast for period 7 =25.3 +14.7

Forecast for period 7 =40

Inconclusion your forecast for period 7 is 40.

Learn more about forecast here:brainly.com/question/24730207

6 0
2 years ago
Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:
kotykmax [81]

Answer:

1. Total hours allowed = 40,000

  Actual direct labour hours worked = 52,000.

2. Standard hourly rate = $10

   Actual rate = $10.2

3. Actual output= 20,000 units

Explanation:

The variable overhead efficiency variance in hours= variable overhead efficiency variance in Dollar/Variable overhead standard rate

= $24,000/$2= 12,000 hours unfavorable

Let the actual hours be V

Let the standard hours for the actual output achieved be = V

The actual hours worked = 130% of the standard hours allowed

Actual hours =130% × V = 1.3V

1.3V - V= 12,000

V=12000/0.3=40,000

Total hours allowed = 40,000

Actual labour hours= 130%× 40,000=52,000

Total hours allowed = 40,000

Actual direct labour hours worked = 52,000.

Standard labour rate =

Labour effciency variance in Dollar /Labour efficiency variance in hours

= 120,000/12,000=$10

Standard hourly rate = $10

Rate variance = (Actual rate - standard rate)× Actual hours

Let the actual rate be = Y

      10,400   = ( Y - 10) × 52,000

10,400= 52000Y- 520,000

Y= (520,000 + 10,400)/52,000=10.2

Actual rate = $10.2

Standard labour hours for actual output = Actual output × standard hours

Let the actual output be = m

40,000 = m × 2

m= 40,000/2= 20,000 units

Actual output= 20,000 units

3 0
3 years ago
Smith is a CPA. His neighbor, Jones, asks him to prepare his tax return. Jones and Smith are casual friends. Smith prepares the
kati45 [8]

Answer:

Jones is liable to pay.

He is liable to pay to the tune of $1000. This may be negotiated however if it is not fair.

Explanation:

See the following points

  • The question above is an example of Implied At-law contracts. (We will get to the definition of this in a bit).
  • A contract is a legally binding agreement that recognises and governs the rights and duties of the parties to the agreement. A contract is legally enforceable because it meets the requirements and approval of<u> the Law</u>. From the above definition it is clear that two people may actually be engaging  in a contract without knowing it.
  • The law defines that a contract is.
  • Contracts may be Express or Implied.
  • Express contracts are simply contracts that are stated expressly, or openly, in either writing or orally, at the time of contract formation.
  • Implied contracts are created when two or more parties have no written contract.
  • There are two types of implied contracts:

  1. Implied In-Fact Contracts: these are contracts which create an obligation between the parties based on the facts of the situation. For example, assume your neighbor hires you to wash his car every Friday for the entire holidays. You wash your neighbor’s car for the first four weekends of the holidays and get paid on Friday morning each time. The fifth Friday you wash the car and when you arrive at your neighbor’s house for your pay, your neighbor refuses to pay you.                                           The law will infer that there is a contract between you and your neighbor, even though you never put anything in writing. This is an implied in-fact contract.

       2. The other type of Implied contract is that which is Implied At-Law

In the case between Jones and Smith, the law imposes a duty to perform a contract, and will enforce such a contract even against a person’s will, where the situation is such that without this legal intervention, one party would be <u>unfairly enriched</u> or advantaged by another party’s action.

  • In the question above, Smith is a CPA. He is qualified in every respect to carry out Professional Tax services. His services may be relied upon with a great degree of confidence.
  • If Jones had not filed those tax returns, he probably would have lost monies that should have accrued to him from the government.

This type of agreement is also considered a quasi-contract. A quasi-contract occurs where the law imposes an obligation upon the parties where in fact the parties did not intend to enter into a contract and made no promise to perform.

However, because one party would be unjustly enriched by another party’s action, the beneficiary of those actions must make restitution or pay fair value for the services provided, even though there was never any intention to enter into an agreement.

Cheers!

4 0
3 years ago
question content area for the year ended december 31, orion, inc. mistakenly omitted adjusting entries for $1,500 of supplies th
Oduvanchick [21]

Errors will have a $2,300 overstatement of net income on revenues, costs, and net income.

The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income. Net income in the company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

Net income = Total revenue - total expenses

where,

Total revenue = Unearned revenue = $4,200

Total Expense = Supplies expense + insurance expense = $1,500 + $5,000 = $6,500

Net Income = Total revenue - Total Expenses = $4,200 - $6,500

Net Income = -$2,300

Therefore, there's an overstatement of $2300 in Net Income.

To know more about Net Income, refer to this link:

brainly.com/question/6391667

#SPJ9

6 0
1 year ago
In a country where only two goods are produced and consumed, the production and consumption of Good X results in external benefi
Fudgin [204]

Answer:

Would unregulated markets produce too much or too little of Good X and Good Y, compared to the efficient output levels for these products?

Explanation:

Good X: Too Little

Good Y: Too Much

8 0
3 years ago
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