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Evgen [1.6K]
3 years ago
11

The competitive firm's demand curve is: a. unit elastic over the relevant range of output. b. perfectly elastic over the relevan

t range of output. c. perfectly inelastic over the relevant range of output. d. elastic above the market price and inelastic below the market price.
Business
1 answer:
shepuryov [24]3 years ago
7 0

Answer:

perfectly elastic over the relevant range of output.

Explanation:

In a perfect competition there are many firms in the market selling goods that are usually homogeneous in nature. Each individual firm will not be able to influence the price for which it offers goods and services to the customer.

The firm's are price takers and there is no barrier to entry.

This results in a situation where for all levels of quantity demanded there is no change in price, and demand curve is a horizontal line.

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A former employee of your firm was dismissed when it was suspected that she had stolen from the petty cash account. It could not
Flura [38]

Answer:

I would reccomend her, but I would tell the other company to be careful. She may not have been proven guilty, but it doesn not mean that she did not do it. Now, it is all up to the company to make the choice.

Explanation:

5 0
3 years ago
Jason Thompson purchase an office building 10 years ago for $780,000. The building was just appraisal $1.25 million. What value
Kamila [148]

Answer:

No adjustment in records can be made until the asset is sold.

Explanation:

This is an example of cost concept. Assets are generally recorded at cost and remain on the accounting records at cost until they are disposed of. Future economic condition may change this appraised value, and therefore no adjustment in records can be made until the asset is sold.

8 0
3 years ago
Johnston Company wants to double production of Product X from 1,000 units to 2,000 units. The variable manufacturing cost per un
ratelena [41]

Answer: C - $30,000

Explanation: Johnston Company wants to double production of Product X from 1,000 units to 2,000 units.

The variable manufacturing cost per unit is $10. The variable non manufacturing cost per unit is $20.

The selling price per unit is $50

To increase production by 1000 units

Total cost is $10 + $20 = $30

Total incremental cost = 1,000 * $30= $30,000

7 0
3 years ago
Variable production costs Plastic for casing $ 171,500 Wages of assembly workers 490,000 Drum stands 215,600 Variable selling co
Leviafan [203]

Answer:

Part 1.

Contribution margin income statement for the year.

Sales (4,900 x 340)                                                        1,666,000

<u>Less Variable Costs </u>

Plastic for casing                                        171,500

Wages of assembly workers                   490,000

Drum stands                                              215,600

Sales commissions                                    161,700       (1,038,800)

Contribution                                                                      627,200

<u>Less Fixed Costs</u>

Taxes on factory                                          6,000

Factory maintenance                                 12,000

Factory machinery depreciation               72,000

Lease of equipment for sales staff           12,000

Accounting staff salaries                           62,000

Administrative management salaries      142,000       (306,000)

Net Income                                                                      321,200

Part 2.

Contribution margin per unit = $627,200 / 4,900  = $128.00

Contribution margin ratio =  $627,200/ $1,666,000 = 37.65 %

Explanation:

The Contribution Margin Income Statement calculates separately the contribution and net income as shown above.

4 0
2 years ago
Majestic Corporation manufactures wheel barrows and uses budgeted machine hours to allocate variable manufacturing overhead. The
andre [41]

Answer:

$409185

Explanation:

Given: Budgeted output units: 28,475 units

Budgeted machine-hours: 17,085 hours

Budgeted variable manufacturing overhead costs for 28,475 units: $358,785

Actual output units produced: 32,475 units

Actual machine-hours used: 15,000 hours

Actual variable manufacturing overhead costs: $384,060.

First, we will find Budgeted machine hour per unit produced.

Budgeted machine hour per unit produced=  \frac{Budgeted\ machine\ hour}{Budgeted\ units}

⇒Budgeted machine hour per unit produced= 17085\div 28475= 0.6

∴Budgeted machine hour per unit produced= 0.6

Budgeted machine hours allowed for 32475 units= 32475\times 0.6= 19485

Budgeted variable overhead rate per machine hour= \textrm {Budgeted variable manufacturing overhead costs}\div Budgeted\ machine\ hours

Budgeted variable overhead rate per machine hour= 358785\div 17085= \$ 21

Now, lets find out flexible budget amount.

Flexible budget amount= \textrm{Budgeted machine hours allowed}\times \textrm{Budgeted variable overhead rate}

Flexible budget amount= 19485\times \$ 21= \$ 409185

∴Flexible budget amount for variable manufacturing overhead= $409185

6 0
3 years ago
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