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olga_2 [115]
3 years ago
10

A survey indicated that chocolate is Americans' favorite ice-cream flavor. For each of the following, indicate the possible effe

cts on demand, supply, or both as well as equilibrium price and quantity of chocolate ice cream.
a. A severe drought in the Midwest causes dairy farmers to reduce the number of milk-producing cattle in their herds by a third. These dairy farmers supply cream that is used to manufacture chocolate ice cream.

b. A new report by the American Medical Association reveals that chocolate does, in fact, have significant health benefits.

c. The discovery of cheaper synthetic vanilla flavoring lowers the price of vanilla ice cream.

d. New technology for mixing and freezing ice cream lowers manufacturers' costs of producing choclate ice cream.
Business
1 answer:
ryzh [129]3 years ago
4 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

For each of the following, indicate the possible effects on demand, supply, or both as well as equilibrium price and quantity of chocolate ice cream.

a. A severe drought in the Midwest causes dairy farmers to reduce the number of milk-producing cattle in their herds by a third. These dairy farmers supply cream that is used to manufacture chocolate ice cream.

Demand: decreases (because of the higher price)

Supply: restrains.

Equilibrium price: rises

Equilibrium quantity: decreases

b. A new report by the American Medical Association reveals that chocolate does, in fact, have significant health benefits.

Demand: increases

Supply: increases

Equilibrium price: rise

Equilibrium quantity: increases

c. The discovery of cheaper synthetic vanilla flavoring lowers the price of vanilla ice cream.

Demand: decreases

Supply: decreases

Equilibrium price: decrease

Equilibrium quantity: decrease

d. New technology for mixing and freezing ice cream lowers manufacturers' costs of producing chocolate ice cream.

Demand: remains

Supply: increase

Equilibrium price:

Equilibrium quantity:

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The Reuschel Company began 2018 with inventory of 21,000 units at a cost of $8 per unit. During 2018, 61,000 units were purchase
PtichkaEL [24]

Answer:

1. The Cost of Goods Sold for the period ended 2018 is 682,950.

2. If FIFO method has been used, the Cost of Goods Sold would have been 660,525. Hence, LIFO method has reduced Gross Profit by 22,425 (682,950 - 660,525).

Explanation:

LIFO is one of the methods to calculate cost of goods sold. It assumes that the recently purchased stock is sold first. When a company uses LIFO method, it gets a higher cost of goods sold figure because of Inflation factor.

In the example shared, the company has opening stock of 21,000 units which were purchased at a unit price of $8. During the Year, further units were purchased but this time at a unit cost of $9.95. It is given that the Sales were of 70,500 units. Since the company uses LIFO method, it must remove the recently purchased stock from its books first. So,

61,000 * 9.95 = $606,950.

But the company sold 70,500 units. It means that 61,000 of recently purchased goods were sold and the remaining (70,500 - 61,000) from opening stock.

9,500 * 8 = $76,000. This gives us total CGS of $682,950 (606,950 + 76,000).

If you have any further queries, feel free to ask me. Thanks!

5 0
2 years ago
Levelor Company's flexible budget shows $10,710 of overhead at 75% of capacity, which was the operating level achieved during Ma
Salsk061 [2.6K]

Answer:

The correct answer is $473 (Unfavorable).

Explanation:

According to the scenario, the given data are as follows:

Actual overhead = $11,183

Budgeted Overhead = $10,710

So, we can calculate the controllable variance by using following formula:

Controllable variance  = Actual overhead - Budgeted overhead

By putting the value, we get

Controllable variance  = $11,183 - $10,710

= $473 ( Positive shows unfavorable)

= $473 (unfavorable)

3 0
3 years ago
When this market is in equilibrium, price is $ $6 and quantity bought and sold is 300 units. In equilibrium, consumer surplus is
Gnom [1K]

Answer: hello your question is incomplete attached below is the missing information

Answer :

$900

$600

<u>Given the new price of $4 by Government </u>

quantity demanded = 400 units

quantity supplied = 150 units

quantity bought and sold = 150 units

  • $975
  • $150
  • $375

Explanation:

Consumer surplus ( area below demand curve and above $300  

= Area of triangle = 0.5 * base * height

= 0.5 * 300 ( 12 - 6 )  = $900

producer surplus ( area above supply curve and below $300

=  Area of the triangle = 0.5 * 300 ( 6-2 ) = $600

<u>Given the new price of $4 by Government </u>

quantity demanded = 400 units

quantity supplied = 150 units

quantity bought and sold = 150 units

Consumer surplus ( area of triangle + area of rectangle )

= 0.5 * 150 * ( 12-9 )+ L*B

= 0.5 * 150 * ( 3 ) + 150 * ( 9 - 4 )  = $975

producer surplus ( Area of triangle )

= 0.5 * 150 * (4-2) = $150

deadweight loss ( area of triangle )

= 0.5 * ( 300 - 150 ) ( 9-4 )

= $375

6 0
2 years ago
HELPPP
Kamila [148]

Answer:

ture

Explanation:

5 0
2 years ago
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Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the band's song f
wlad13 [49]

Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the band's song from being stolen or reproduced by others is Copyright.

<h3>What is Copyright? </h3>

Original works of authorship are protected by copyright, a type of intellectual property, as soon as the author fixes the work in a tangible form of expression.

A product that is considered creative and that takes a lot of mental effort to generate is considered intellectual property and needs to be protected from unlawful replication.

Computer programs, works of art, poetry, graphic designs, musical lyrics and compositions, novels, films, innovative architectural designs, website material, etc. are examples of unique inventions. Copyright is one measure that can be taken to formally protect an original creation.

Hence, Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the band's song from being stolen or reproduced by others is Copyright.

To know more about Copyright follow the link.

brainly.com/question/16774161

#SPJ2

3 0
1 year ago
Read 2 more answers
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