Answer: Monopolistic competition
Explanation:
This is a market in which large numbers of producer sells differentiated products in terms of quality or branding. The ability to differentiate the products makes it possible for the different firms to practice price discrimenation which is further strengthen through advertising of the product, the price differences may force a firm out of the market if the demand for it's products falls significantly.
Answer:
Sales 950,000
Less: Relevant cost:
Variable expenses 380,000
Avoidable fixed manufacturing expenses 217,000
Avoidable fixed selling and administrative expenses 178,000
Contribution 175,000
The total profit of Furrow Corporation reduces by $175,000 if the product is discontinued.
Explanation:
In this question, there is need to determine contribution, which is the excess of sales over relevant costs. Relevant costs are comprised of variable cost and avoidable fixed costs. The product should not be discontinued since the contribution is positive. Deleting a product with positive contribution reduces the total profit of the company by the amount of positive contribution.
The answer is The income effect.
Income effect is described as the change in demand of a service or good brought on by change in the income of a consumer.It is observed in two cases first is when income of person increases and second is when price of goods or service decreases.
The scenario given in the question is an example of second case as the price of burger was less than normal Steve perceived his income to be able to buy more product in same price
Answer:
a. Some of your printing processes utilize chemicals that require press operators to wear masks during production.<u> </u><u>Health and safety risks.</u>
Those chemicals present a health and safety risk because a person can get sick if they do not wear the masks.
b. Because of increased profits in the last 5 years, you have been able to increase staffing levels by 25%. <u>Increase employment.</u>
<u></u>
c. The business is a member of the local Chamber of Commerce and supports local community charities. <u>Improve the quality of life</u>
The business supports local charities which shows that it aims to improve the quality of life.
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d. The business is the only one in town to offer 48-hour turnaround on printing projects. <u>Offer valuable products</u>
The business is the only one offering this service so it is offering valuable services.
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e. The business uses ink that is shipped in bulky, non-recyclable ink containers. <u>Environment damage</u>
Ink is bulky and containers are non-recyclable. This will cause environmental damage.
Answer:
Explanation:
Before passing the journal entry, first, we have to compute the total supplies consumed. The formula to compute the total supplies consumed is shown below:
= Beginning balance of supplies + Purchase of supplies - ending balance if supplies
= $450+ $3,400 - $900
= $2,950
Now the journal entry would be
Supplies expense A/c Dr $2,950
To Supplies A/c $2,950
(Being supplies consumed recorded)
