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Anuta_ua [19.1K]
3 years ago
14

The goal of utility maximization is to allocate your ______ in order to maximize your ______.

Business
1 answer:
inn [45]3 years ago
5 0
<span>The goal of utility maximization is to allocate your resources in order to maximize your satisfaction.
Utility maximization is a concept which is used in the economics which explains that when a person is making a decision to purchase anything, he/she prefer to get the greatest value that is possible but at the least amount of money.
</span>
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A company's inventory records report the following:
AlexFokin [52]

Answer:

Closing value of inventory = $357 for 21 units

Explanation:

As for the provided information we have,

Under FIFO method we know,

FIFO means First In First Out, under this the goods bought at earliest are sold earliest.

That means first opening inventory is sold, then the inventory purchased at the earliest.

Now we have,

Opening Inventory = 27 units @ $17 = $459

Purchases:

Aug 5              22 units @ $16 = $352

Aug 12             26 units @ $17 = $442

Provided 54 units are sold on Aug 15, that means, opening inventory of 27 units, 22 units bought on Aug 5, and 54 - 27 - 22 = 5 units from purchases on Aug 12.

Therefore, after sale units left = 26 - 5 = 21 units

Thus, closing value of inventory = $357 for 21 units

4 0
2 years ago
Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for commo
inna [77]

Answer:

The Journal entries are as follows:

(i) On August 1,

Cash A/c Dr. $6,500

photography equipment A/c Dr. $33,500

               To common stock                        $40,000

(To record the issuance of common stock for cash and photography equipment)

(ii) On August 2,

Prepaid insurance A/c Dr. $2,100

           To cash                               $2,100

(To record the cash paid in advance for insurance)

(iii) On August 5,

Office supplies A/c Dr. $880

           To cash                       $880

(To record the cash paid for office supplies)

(iv) On August 20,

Cash A/c Dr. $3,331

     To photography fees earned $3,331

(To record the photography fees earned)

(v) On August 31,

Utilities A/c Dr. $675

      To cash A/c        $675

(To record the cash paid for utilities)

8 0
3 years ago
A farmer grows a bushel of wheat and sells it to a miller for $1. The miller turns the wheat into flour and then sells the flour
SIZIF [17.4K]

Answer: Value added by farmer = $1 Value added by miller = $2  Value added by the baker =  $3

GDP contribution is $6.

Explanation: GDP refers to the market value of final goods and services produced withing the national territory of a country.

Using the value added method, we can calculate GDP by summing up the value added at each level of production.

Value added by farmer = $1 Value added by miller = $3 -$1 = $2  Value added by the baker = $6 - $3 = $3

GDP = Value added by the farmer +Value added by the miller + Value added by the baker  = $1 + $2 +$3 =$6

Or

Using the expenditure approach, GDP is the market value of the final good sold to the customer.

GDP = Cost of bread to the engineer = $6

6 0
3 years ago
In a concentrated network configuration:
seraphim [82]

Answer:

B

Explanation:

Here, in this question, we are to select which of the options is best.

The correct answer to this question is that in a concentrated network configuration, firms allow each site on the network to operate with full autonomy.

What this means is that each site in the network operate independently of the other sites.

A site is thus an autonomous entity but still part of the concentrated network

7 0
3 years ago
A petty cash fund of $500 is established on October 1. The entry to record the transaction is debit Petty Cash, credit Cash. deb
shusha [124]

The correct option is A) debit Petty Cash, credit Cash.

A petty cash fund of $500 is established on October 1. The entry to record the transaction is "debit Petty Cash, credit cash."

<h3>What is petty cash fund?</h3>

The petty cash fund would be a small sum of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office supplies or worker reimbursements.

Some key features of petty cash fund are-

  • Petty cash is a minuscule sum of money that is always on hand to cover small expenses that don't warrant submitting a check or paying with a credit card.
  • Each department could possess its own petty cash pool in larger corporations.
  • A petty cash fund could be utilized to pay for office supplies, greeting cards for clients, flowers, catered lunches for staff members, and employee expense reimbursement.
  • The key benefits of using petty cash are its speed, convenience, and simplicity.
  • Petty cash funds feature drawbacks like their susceptibility to theft and abuse and the requirement to regularly check and balance them.

To know more about the petty cash fund, here

brainly.com/question/6893535

#SPJ4

The correct question is -

A petty cash fund of $500 is established on October 1. The entry to record the transaction is

A) debit petty cash, credit cash.

B) debit cash, credit petty cash.

C) debit Petty cash expense, credit cash.

D) debit retained earnings, credit petty cash.

4 0
1 year ago
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