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3 years ago

What is the basic difference between cardinal and ordinal approaches of utility?

Business

1 answer:

Natasha2012 [34]3 years ago

3 0

Answer:

Cardinal utility is the utility wherein the satisfaction derived by the consumers from the consumption of good or service can be measured numerically. Ordinal utility states that the satisfaction which a consumer derives from the consumption of product or service cannot be measured numerically.

Explanation:

hope this helps you.

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Which of the following is a recurring home fee?

Illusion [34]

Answer:

D.homeowners insurance

Explanation:

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3 years ago

Read 2 more answers

Record the journal entry for each transaction below. Reference each transaction by date:

lidiya [134]

Answer:

Ona Cloud Corporation (OCC)

Journal Entries:

a. September 1:

Establishment of Ona Cloud Corporation.

b. September 1:

Debit Cash Account $15,000

Credit Common Stock $15,000

To record the common stock contributed by Pat Hopkins.

c. September 8:

Debit Cash Account $23,000

Credit Notes Payable $23,000

To record the bank loan payable in two years' time.

d. September 10:

Debit Equipment $20,500

Credit Cash Account $20,500

To record the purchase of computer equipment.

e. September 15:

Debit Supplies $1,650

Credit Accounts Payable $1,650

To record the purchase of supplies on account.

e. September 16:

Debit Rent Expense $2,250

Credit Cash Account $2,250

To record the payment for September rent.

e. September 22;

Debit Cash $7,500

Debit Accounts Receivable $2,750

Credit Service Revenue $10,250

To record the provision of services through September 22.

f. September 28:

Debit Utilities Expense $325

Credit Cash Account $325

To record payment for internet and phone service for the month.

g. September 29:

Debit Wages Expense $5,650

Credit Cash Account $5,650

To record the payment of wages for the month.

i. September 30:

Debit Utilities Expense $730

Credit Utilities Payable $730

To accrue unpaid electric utilities bill for the month.

Explanation:

Ona uses the general journal to record its business transactions initially as they occur from one day to another. Journal entries identify the accounts involved in each transaction. It records the account to be debited and the account to be credited in the general ledger.

7 0

3 years ago

At December 31, 2017 the following balances existed on the books of Vaughn Manufacturing: Bonds Payable $5990000 Discount on Bon

Pepsi [2]

Answer:

loss on redemption = $969800

so correct option is $969800

Explanation:

given data

Bonds Payable = $5990000

Discount on Bonds Payable = 850000

Interest Payable = 155000

bonds retired = 102

to find out

loss on redemption

solution

we get here loss on redemption that is express as

loss on redemption = amount paid in excess par value + discount bond payable ........................1

here amount paid in excess par value will be

amount paid in excess par value = Bonds Payable ( 1.02- 1)

amount paid in excess par value = $5990000 × (1.02 - 1)

amount paid in excess par value = 119800

so from equation 1

loss on redemption = $119800 + 850000

loss on redemption = $969800

so correct option is $969800

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4 years ago

Consider the following cost information for a pizzeria

HACTEHA [7]

The essential rule that makers utilize to figure out what blend of work and capital conveys yield at the least expense is cost minimization. Cost minimization is the primary guiding principle that producers use to determine which combination of labor and capital produces the most output at the lowest cost.

a) Because the total cost less the variable cost, the fixed cost is $300.

At a result of nothing, the main expenses are fixed expenses.

B) The change in total cost for each additional output unit is equal to marginal cost. Additionally, it is equivalent to the variation in variable cost for each additional output unit. As the quantity changes, the fixed cost does not change, so total cost equals the sum of variable cost and fixed cost. As a result, the increase in variable cost is proportional to the increase in total cost as quantity increases.

<h3>What is the formula for reducing costs?</h3>

The marginal product of capital is equal to the marginal product of labor divided by the rental price of capital in the cost minimization formula.

To learn more about Cost minimization here

brainly.com/question/13069227

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2 years ago

About 20 percent of black farmers managed to make a profit from the sharecropping system by

m_a_m_a [10]

<span>As a result of their wider networks and ability to sabotage crops when it was most beneficial for them, the black farmers which emerged following the Civil War were able to make money sharecropping due to the ability to influence the workflow and yield that would arise.</span>

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4 years ago

What is the basic difference between cardinal and ordinal approaches of utility?​

What is the basic difference between cardinal and ordinal approaches of utility?