Answer:
Equilibrium price and quantity
$6.44 and 6768
Consumer surplus
$571,081
Producer Surplus
$5,288
Explanation:
In this question, we are asked to calculate equilibrium price and quantity, consumer surplus and producer surplus.
Please check attachment for complete solution and step by step explanation
Answer:
Overhead rate= 1.2
Explanation:
Giving the following information:
The Work in Process inventory account of a manufacturing firm shows a balance of $3,000 at the end of an accounting period.
Direct material= $500, & $300
Direct labor= $400 & $600
Manufacturing overhead =?
Work in process= direct material + direct labor + manufacturing overhead
3000= 800 + 1000 + MOH
3000-800-1000= MOH
1200= MOH
Overhead rate= moh/direct labor
Overhead rate= 1200/1000= 1.2
A capitalized value of land is the value of the land calculated on Total return per year divided by the interest rate.
The capitalized value of land = Return on land per year ÷ Interest rate
Where Return on land per year = $750
Interest Rate = 7%
The capitalized value of land = $ 750 ÷ 0.07
= $ 10,714.29
Therefore, the capitalized value of land if the interest rate is 7% is $ 10,714.29.
Answer:
I do not agree that “the only beneficiary of the entrepreneurial wealth is the entrepreneur him/herself.”
The entrepreneur may be the chief beneficiary when she is alive to reap the rewards of their entrepreneurial efforts. But, she is certainly not the only beneficiary of the entrepreneurial wealth that she creates. Nobody works in isolation. When the entrepreneur commences her business, society as a whole benefits because any individual wealth created increases the wealth of the nation and the world. She only gets the profit share of the created wealth. Customers who patronize her services and goods also derive satisfaction of needs (utility or value). The entrepreneur's wealth is also shared to the government in form of taxes. Suppliers of primary goods and services also share in the wealth of the entrepreneur. And employees of the entrepreneur also take a large share of the created wealth.
Explanation:
But, who is an entrepreneur? She is somebody who assumes some entrepreneurial (first-time) risks in order to set up a business for the manufacture or provision of goods and services for the purpose of profit. Her business may not be profitable in the short-run. She can even lose tons of money initially until the profit stage sets in. As she preserves, the profits will start rolling in, provided she had done her homework well.
