If the price of product x rises, then the resulting decline in the amount purchased will<u> increase the marginal utility of this good.</u>
The difference in overall utility that results from consuming one extra unit of a good is known as marginal utility. Economists utilize the idea of marginal utility to estimate the quantity of a good that consumers will buy.
When the overall utility is increased by the consumption of an additional item, positive marginal utility occurs. On the other side, negative marginal utility arises when the overall utility is reduced by the consumption of one extra unit. Progressive taxation are frequently defended using the law of diminishing marginal utility.
Negative, zero, or positive marginal utility are all possible.
Hence, option B is the correct answer
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Answer:
B) False
Explanation:
The correct phrase should be:
Generally speaking, oligopolistic industries producing raw materials and semifinished goods usually offer standardized products, while oligopolists producing consumer goods usually offer differentiated products.
An example of an oligopolistic industry that we all know about is the car industry. There are very few car companies in the world since only very large companies can actually manufacture cars. Car companies offer differentiated products.
Answer:
The value of sales increase when when advertising is increased by one unit is $123.3
Explanation:
The value of sales increase is obtained by differentiating the sales equation (Y) with respect to advertising (X)
Y = 45.9 + 123.3X
dY/dX = 123.3
Increase in sales when advertising is increased by one unit = $123.3
Answer:
The Journal entries are as follows:
(i) Sale of Equipment
Cash A/c Dr. $20,300
Accumulated Depreciation A/c Dr. $22,500
To Equipment $40,000
To Gain $2,800
(To record the sale of equipment)
(ii) Sale of Equipment
Cash A/c Dr. $12,700
Accumulated Depreciation A/c Dr. $22,500
Loss A/c Dr. $4,800
To Equipment $40,000
(To record the sale of equipment)
Workings:
Accumulated Depreciation = [(40,000 - 2,500) ÷ 5] × 3 years
= 7,500 × 3 years
= $22,500
Answer:
A. Received cash by issuing common stock
Debit: Cash
Credit: common stock
B. Received cash for services to be performed in the future.
Debit: Cash
Credit: unearned revenue.
C. Paid salaries payable
Debit: salaries payable
Credit: cash
D. Provided services on account.
Debit: accounts receivable
Credit: service revenue
E. Paid cash for operating expenses
Debit: operating expenses
Credit: cash
Explanation:
A. Received cash by issuing common stock
Debit: Cash
Credit: common stock
B. Received cash for services to be performed in the future.
Debit: Cash
Credit: unearned revenue.
C. Paid salaries payable
Debit: salaries payable
Credit: cash
D. Provided services on account.
Debit: accounts receivable
Credit: service revenue
E. Paid cash for operating expenses
Debit: operating expenses
Credit: cash
