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stellarik [79]
3 years ago
7

Price Quantity Demanded Quantity Supplied $4 10 000 Tickets 8 000 Tickets $8 8 000 Tickets 8 000 Tickets $12 6 000 Tickets 8 000

Tickets $16 4 000 Tickets 8 000 Tickets $20 2 000 Tickets 8 000 Tickets a) Draw the demand and supply curves. What is unusual about this supply curve? What might this be true? b) What are the equilibrium price and quantity of tickets?​
Business
1 answer:
Inga [223]3 years ago
7 0

Answer:

a) Draw the demand and supply curves. I have attached the supply and demand curves below

What is unusual about this supply curve? What might this be true? What is inusual is that the supply curve is vertical, which means that the supply for this market is perfectly inelastic. A perfectly inelastic supply occurs when supply does not respond to price, it stays at the same quantity regardless of price level and price changes.

b) What are the equilibrium price and quantity of tickets?​

The equilibrium price is $8 and the equilibrium quantity is 8 000 tickets. The reason is that at the price of $8 both the quantity supplied and demanded is equal to 8 000 tickets.

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Warner Corporation purchased a machine 7 years ago for $405,000 when it launched product P50. Unfortunately, this machine has br
maxonik [38]

Answer:

1. $46,550

2. $405,000

3. $450,600

Explanation:

1. Computation of differential cost regarding the decision to buy the model 200

Differential cost = Cost of a new model 300 - Cost of a new model 200

Differential cost = $396,350 - $349,800

Differential cost = $46,550

So, the differential cost regarding decision to buy model 200 is $46,550.

2. Sunk costs are the costs which are already incurred by the entity in the past and which are not relevant to decision made today. In this case, sunk cost is the cost of the machine purchased seven years ago for $405,000.

3. Opportunity cost is the profit forgone by chosen alternative course of action. In this case, the Opportunity cost regarding the decision to invest in the model 200 machine is $450,600.

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3 years ago
When auditing an entity's financial statements in accordance with government auditing standards (the yellow book), an auditor is
frez [133]
<span>Wiley CPA Exam Review 2010, Auditing and Attestation explained this on an exam that the auditor should issue a report to comply with the law on internal control and also to document financial information. The yellow book becomes an auditing standard that provided uniformity on reports.</span>
3 0
3 years ago
SOMEONE PLEASE HELP
Umnica [9.8K]

The shareholders elect the board of directors.

6 0
3 years ago
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On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on M
Anna71 [15]

Answer:

Debit          Cash Account                              $12,000

Credit         Unearned Revenues Account    $12,000

Being advance payment for marketing research services by Anderson

Explanation:

Revenue received before it is earned are reported as liability until it is earned, this is consistent with  accrual basis of accounting. when payment for service not yet performed or goods not yet delivered is received, such a payment must not recognized in the period of payment but in the period when that service is preformed or when the goods are delivered.  

The treatment for advance payment of income is a debit to cash or bank and a credit to unearned revenues account or income received in advance account.

6 0
2 years ago
Moyer Corporation is a specialty component manufacturer with idle capacity. Management would like to use its extra capacity to g
ludmilkaskok [199]

Answer:

$174,215

Explanation:

2,300 units of product

will require: 9 units of material F58

9 x 2,300 = 20,700 units of F58

The relevant cost will be the market price as it will be replenished and used in the future.

20,700 x $4.65 = $96,255‬

it will also require 7 units of material D66

2,300 x 7 = 16,100 units of D66

The minimum price for this will be the diposal value as currently aren't used and generate an inventory cost for the firm.

currently in stock 15,700 at $4.80 = $ 75,360

The difference will need to be purchased thus, market price.

purhcase of 400 units at $6.50    = $    2,600

Total cost:                                          $  77,960

Total cost of materials:

77,960 + 96,255 = 174,215

5 0
3 years ago
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