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jonny [76]
3 years ago
15

Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $15, the cost of mowing the second lawn i

s $25, and the cost of mowing the third lawn is $40. His producer surplus on the first three lawns of the day is $100. If Ronnie charges all customers the same price for lawn mowing, that price is a. $20. b. $60. c. $80. d. $180.
Business
1 answer:
timama [110]3 years ago
8 0

Answer:

b. $60

Explanation:

Produced surplus = Price producer is able to sell - Price producer would be willing to sell

Price the producer is able to sell = Producer surplus + Price producer would be willing to sell

= $100 + ($15 + $25 + $40)

= $180 for 3 lawn

Therefore, if Ronnie charges are customers the same price for lawn mowing, that price is

= $180 / 3

= $60

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2).  

Journal Entry

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(Being bond issued at discount is recorded)

3. The amortizable schedule is presented on the attachment below

4).

Journal Entry

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(Being interest expense is recorded)

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