Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>
The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.
Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.
In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.
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Answer:
b. the price of a good will eventually rise in response to an excess demand for that good.
Explanation:
As more people are willing to purchase the good the price will rise. Because, the supplier can offer up to certain amount given their current production factors thus, this increase in demand is met with an increase of price. In the future this increase in price which generates more producer surplus will make more company’s invest in the business or the current ones will develop new ways of production to produce more and therefore; lowering the price.
Answer:
Marginal cost, average variable cost, and average total cost will increase. Average fixed cost will not change.
Explanation:
Marginal Cost is the change in total cost as a result of producing one extra unit of output.
Variable cost is cost that varies with output level. Average variable cost = variable cost / quantity produced
Fixed cost is cost that doesn't vary with the level of output produced. Average fixed cost = Fixed cost / quantity produced.
Total cost is the sum of fixed and variable cost. average total cost is total cost / quantity produced.
If the price of supplies increase, the cost of production increases and average total cost, average variable cost and marginal cost would increase.
Fixed cost would remain the same.
I hope my answer helps you
