Q: What was the central point that Bastiat was trying to make in his imaginary petition of the candle makers? A: <span>The "Candle Maker's Petition" is a satire of protectionist </span>tariffs<span> written the by great French economist, </span>Frederic Bastiat.
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Q:</span><span>Do you agree with Bastiat? A: this is an opinion. no right or wrong.
Q:</span><span>Why or why not? How does this argument relate to current arguments about free trade? A: Again your opinion if needed for this responce.
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Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.
Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.
Answer:
The correct answer is letter "B": Depreciation reduces the book value of assets
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Explanation:
Depreciation shows how much and the value of the assets was used up. This also aims to balance an asset's cost to the revenue that the asset has helped the business gain. Used as an income tax deduction, depreciation calculations offer businesses an annual allowance for the use and deterioration of tangible (physical) assets.
<em>Depreciation reduces the book value of assets because, after the depreciation calculation is done, the amount computed decreases the current value of the asset it represents.</em>
Answer:
Facilitator
Explanation:
Facilitators manage the meeting process.
Hope that helps!
Answer:
The actual price = $1.08
Explanation:
The standard material price can be worked out as follows:
<em>Step 1: Work out the standard price of material using the material usage variance</em>
Standard price = Material usage variance/(standard quantity of material - actual quantity)
Standard quantity of material = standard qty per unit × actual production
= 4 × 17,000 =68,000
Standard price = 2,800/(68,000-64,000)= $0.7
<em>Step 2 : Work out the Actual material price using the material price variance</em>
Material price variance = (Standard price - Actual price )× Actual quantity of material
6,400 = (y - 0.7) × 17,000
6400 = 17,000y - 11,900
17,000 y = 6,400 + 11,900
y = 18,300/17,000= 1.08
The actual price = $1.08
