Answer:
Equilibrium price rises
Equilibrium price rises
Equilibrium price rises
Equilibrium price falls
Equilibrium price rises
Equilibrium price rises
Equilibrium price falls
Explanation:
A normal good is a good whose demand increases when income rises.
If the price of pencils increases, the demand for pens would increase. This would lead to an excess of demand over supply and price would rise as result. Pens and pencils are substitute goods.
If income of consumers rise, the demand for pens would rise because pens are normal goods. The increase in demand would lead to an excess of demand over supply and prices would rise.
If writing in ink becomes more fashionable, the demand for pens would increase. The increase in demand would lead to an excess of demand over supply and prices would rise.
If people expect the price of pens to fall in the near future, consumer would reduce their demand for pens and shift it to the future. The fall in demand would lead to a fall in price.
If population increases, the demand for pens would rise. The increase in demand would lead to an excess of demand over supply and prices would rise.
If fewer firms supply pens, supply would fall. This would cause a leftward shift in the supply curve and prices would rise.
If wages of pen makers fell, firms would increase their demand for Labour and quantity supplied would increase. This increase would cause price to fall.
I hope my answer helps you.
The answer for this question is False
Answer: $750,000
Explanation:
Given that,
Fixed price contract = $10,000,000
Cost incurred in the first year = $3,000,000
Remaining costs to complete = $5,000,000
Tullis billed = $4,000,000 in year 1
Collected by the end of the year = $3,500,000
Percentage of work completed = 
= 
= 37.5%
Revenue recognized = 37.5% of $10,000,000
= $3,750,000
Income recognized = Revenue recognized - Cost incurred in the first year
= $3,750,000 - $3,000,000
= $750,000
Answer:
commission to both brokers N and K.
Explanation:
Broker N is entitled to a sales commission because he/she sold the property. But broker K is also entitled to a commission because an exclusive right-to-sell agreement allows him/her to collect a commission no matter who sells the property. The only exception to the agreement would be if the seller himself/herself sold the property, but that is not the case here.
Answer:
$6,000 unfavorable
Explanation:
The fixed manufacturing overhead budget for the month is the difference between budgeted fixed manufacturing overhead cost minus actual fixed manufacturing overhead cost represented below;
Fixed manufacturing overhead budget = Budgeted fixed manufacturing overhead cost - Actual fixed manufacturing overhead cost
= $70,000 - $76,000
= $6,000 unfavorable
It is unfavorable since the actual overhead cost expended is more than the budgeted cost.