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3 years ago

11

There is an increase in the demand for aspirin at the same time as workers in the aspirin industry receive a substantial pay inc

rease. What will most likely happen?

1 answer:

Cerrena [4.2K]3 years ago

8 0

Answer:

There would be an increase in equilibrium quantity and there would be an indeterminate effect on equilibrium price

Explanation:

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At the end of the first year, your books showed total revenues of $180,000 and total explicit costs of $90,000 for labor, ink, u

jeka57 [31]

Answer:

$90,000; $90,000

Explanation:

Given that,

At the end of the first year,

Total revenues of the books = $180,000

Total explicit costs = $90,000

Here, we assume that there is no opportunity cost of doing this business, Total implicit costs = $0

Explicit costs refers to the costs that are incurred for running the business such as rent, labor, ink, utilities, taxes, and miscellaneous supplies.

Economic profit is determined by deducting explicit costs and implicit costs from the total revenue. Implicit costs are the opportunity costs.

Total cost of doing business during the first year:

= Explicit costs + Implicit costs

= $90,000 + $0

= $90,000

Economic profit:

= Total revenues - Explicit costs - Implicit costs

= $180,000 - $90,000 - $0

= $90,000

4 0

4 years ago

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $47 $423 Aug. 13 Purchase 1

pantera1 [17]

Answer:

a. First-in, first-out (FIFO) $813

b. Last-in, first-out (LIFO) $773

c. Weighted average cost $795

Explanation:

Date transaction units unit cost total cost

Jan. 1 Inventory 9 units at $47 $423

Aug. 13 Purchase 19 units at $50 $950

Nov. 30 Purchase 13 units at $51 $663

Available for sale 41 units $2,036

Ending inventory 16 units

a. First-in, first-out (FIFO) $

ending inventory = (13 x $51) + (3 x $50) = $813

COGS and ending inventory are calculated based on the oldest units purchased

b. Last-in, first-out (LIFO) $

ending inventory = (9 x $47) + (7 x $50) = $773

COGS and ending inventory are calculated based on the last units purchased

c. Weighted average cost

ending inventory = ($2,036 / 41) x 16 = $795

COGS and ending inventory are calculated using an average

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3 years ago

The purchase of raw materials on account in a process costing system is recorded with a:A. Debit to Purchases and credit to Cash

Mashcka [7]

Answer: The purchase of raw materials on account in a process costing system is recorded with a "C. Debit to Raw Materials Inventory and a credit to Accounts Payable.".

Explanation: The purchase of raw materials must reflect an increase in the inventory of raw materials and an increase in the liability generated by the purchase on account.

6 0

4 years ago

7. A company's marginal revenue is $10, its marginal cost is $10, and its price is $10. This company is operating in a/an ______

Sphinxa [80]

The Answer is C. monopolistic competition

8 0

3 years ago

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Jill follows mcgregor's theory y approach to management. she is likely to assume that:

Lena [83]

If Jill engage or follow the theory of mcgregor in terms of approaching management, then she is likely to assume that a worker or an average worker would prefer to be directed in which they would rather to be ordered or consulted directly.

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3 years ago