Answer:
The price of good X is twice the price of good Y
Explanation:
Utility can be defined as the amount of satisfaction that one can derive from consuming a product.
Marginal utility is the additional utility derived from consuming an extra unit of a product.
Total Utility is the total satisfaction one derives from consuming all units of a product.
Because consumers are rational and they want to spend the least amount to get maximum utility, they are at equilibrium at the point where Marginal Utility of product X divided Price of X is equal to the Marginal Utility of product Y divided by Price of Y.
So for utility to be maximized it means that the price of good X has to be twice the price of good Y.
Answer: When the petty cash fund is replenished.
Explanation: Petty cash is a small or limited amount of money usually reserved for to handle and pay for certain expenditures that are too small to require the use or issuance of cheques.
As expenses are made from the petty cash,the expended amount are replenished periodically in order to ensure that the daily required sum needed to run or manage the needs of the Organisation is met.
Answer:
c.as a long-term asset on the balance sheet.
Explanation:
The inventory has come under the current asset as it is converted into cash within one year. Like other current assets i.e account receivable, prepaid insurance, etc contains high liquidity and they get converted into cash in less than one year
It also recorded at cost or market value whichever is lower plus it also chosen as cost flow consumption but it is not reported as a long term asset as it is classified as a current asset, not the long term asset
Answer:
Net loss = (6,700)
Explanation:
According to the scenario, computation of the given data are as follow:-
Income Statement
Particular Amount ($)
Revenue from Service 62,100
Revenue from Rent 8,500
Less-Salaries and wages expenses (50,700)
Less-Utilities expenses (22,600)
Less-Depreciation expenses (4,000)
Net loss (6,700)
Answer:
The evaluation criteria used in economic analysis is:
d. Financial units (dollars or other currency)
Explanation:
The evaluation criteria for economic analysis is usually based on financial units, which are national currencies. They represent the monetary values of the elements of any economic analysis. For instance, to ascertain the profitability or otherwise of a transaction, the sales value is compared to the costs. The excess of the sales value over the costs is regarded as the profit. The reverse is regarded as the loss. The evaluation criteria for these two economic analysis is based on the financial units of sales and costs expressed as national currencies.
