Economics deals with the allocation and efficient utilization of scarce resources as human wants are unlimited and resources to satisfy those needs are limited in nature. Hence, to utilize the resources in the optimum possible way and meet the demands of humans, the economy allocates scarce resources.
<h3>How Microeconomics allocates scarce resources?</h3>
Microeconomics analyses how scarce resources are allotted efficaciously to the production of products and services. It facilitates in resolving the critical financial issues of the economic system at an individual level.
Thus, in this manner, Economics deals with the allocation and efficient utilization of scarce resources as human wants are unlimited and resources to satisfy those needs are limited in nature.
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Answer: Decrease government revenue and decrease deadweight loss from the tax.
Explanation:
Decrease gov rev and decrease deadweight loss from the tax.
At AB, the government revenue will be:
= Quantity × Tax rate
= 1 × 5
= 5
The deadweight loss will be:
Deadweight Loss= 0.5 × Change in quantity × Change in Price
= 0.5 × (9-4) × (2-1)
= 0.5 × 5 × 1
= 2.5
At CD,
the government revenue will be:
= 1.5 × 2.5
= 3.75
The deadweight loss will be:
= 0.5 × (7.5-5) × (2-1.5)
= 0.5 × 2.5 × 0.5
= 0.625
Based on the calculation above, both the government revenue and the deadweight loss decreases.
The component of the GDP includes consumption, investment, government purchases, exports, imports.
<h3>The
drop-down for the given list includes
:</h3>
- The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. - Government Purchase.
- Kevin's employer upgrades all of its computer systems using U.S.-made parts. - Investment.
- Maria gets a new video camera made in the United States. - Consumption.
- Rajiv in Sweden orders a bottle of Vermont maple syrup from the producer's website. - Exports.
- Kevin buys a sweater made in Guatemala. - Consumption & Imports.
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clarify positions and reporting relationships within the firm will be Upon beginning her career at Davidson Inc., a small consulting firm, Stephanie Benjamin receives a copy of the firm's organization chart.
What is a consulting firm?
A consulting firm is an organisation made up of specialists in a certain area who provide firms with problems they can't handle internally with expert advice, direction, and workable solutions. Every business will inevitably run into issues, and consulting firms are hired to help.
Executives typically contact consulting companies to send consultants—industry experts who are sent to watch and assess a company's operations. Consultants provide direction and practical answers to whatever issues the organisation may be facing. Companies use consulting firms to provide their knowledge on issues that cannot be resolved internally. These firms typically have specialised areas of emphasis.
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Answer:
- 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. Disregard income tax considerations.
Accounts Rec T-Account
$ 306.673 Debit
$ 290.750 Credit
$ 7.059 Credit
$ 8.864 Debit Balance
Allowance for Doubtful Accounts T-Account
$ 7.059 Debit
$ 4.775 Credit
$ 2.284 Debit Balance
- 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year.
$ 4.775 Dr Bad Debt Expense
- 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
$ 2.284 Dr (Debit) Allowance for Uncollectible Accounts
$ 8.864 Dr (Debit) Accounts Receivable
Explanation:
Dr Accounts Receivable $ 306.673
Cash $ 290.750
Cr Accounts Receivable $ 290.750
Dr Allowance for Uncollectible Accounts $ 7.059
Cr Accounts Receivable $ 7.059
- Bad debt expense adjustment
Dr Bad Debt Expense $ 4.775
Cr Allowance for Uncollectible Accounts $ 4.775
- 1-b. Complete the amounts related to Accounts Receivable and
Bad Debt Expense that would be reported on the INCOME STATEMENT for the current year
Dr Bad Debt Expense $ 4.775
- 1-c. Complete the amounts related to Accounts Receivable and
Bad Debt Expense that would be reported on the BALANCE SHEET for the current year.
Dr Allowance for Uncollectible Accounts $ 2.284
Dr Accounts Receivable $ 8.864
