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bija089 [108]
3 years ago
10

Suppose the demand function​ (D) for golf clubs​ is: Qequals=180180minus−0.500.50​P, where P is the price paid by consumers in d

ollars per club and Q is the quantity demanded in thousands. Suppose the supply curve​ (S) for golf clubs is estimated to​ be: Qequals=2.002.00P. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. The equilibrium price is ​$7272 per club ​(Enter your response as an​ integer.)​, and the equilibrium quantity is 144144 thousand clubs ​(Enter your response as an integer.​) Suppose instead that golf club producers agree to charge a price of ​$5252 per club. This would result in a shortage of 1010 thousand clubs ​(Enter your response as an integer.​)
Business
1 answer:
Lilit [14]3 years ago
6 0

Answer:

Explanation:

In demand and supply theory, equilibrium price and quantity is established where both these curves intersect, like when seen in a graph shown below:

So as you can see, the point of equilibrium is at the intersection of D and S.

From this point of we, mathematically, a this point D= S. So for finding out what the price and quantity at this ambit exists., you have to equate the demand and simply functions to calculate the equilibrium values. Since D S, we have

240 - 1.50P = 1.00P

<u><em>NOTE: Since Pm not sure whether 1.00P is actually 100P or simply 1.00P, I use the former verbal. If its 100P, you can always use it after I tell you the full method_  </em></u>

240 =1.5P\\ 160 = P

There you have it the equilibrium price. Substitute this value into any one of the above 000110115 50 to get the equilibrium quantity at this price.

There you have it, the equilibrium price. Substitute this Value into any one of the above functions so to get the equilibrium quantity at this price.

Q = 240 - 1.00P \\Q =240 -1.00(160) \\Q= 240 - (160) \\Q = 160

And there you haws it the equilibrium quantity_ Th., 0. point, equilibrium price and numbly scan to be the same.

Now let's assume the price of golf clubs rode up to 5160 from 1140. Substitute this value to any of the functions above like we already did so and out Ox new quantity.

Q= 240 — 0.50( 140)

Q = 170

Thus, quantity demanded will reduce from 160 thousand clubs to I70 thousand clubs. This is pretty much understandable since the supply curve moved to the left but demand remained constant thus increasing the price but decreasing the quantity.

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anzhelika [568]
D <span>20 euros per dollar</span>
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3 years ago
Has anyone done the managing payroll quiz for Personal Finance on connexus???
trasher [3.6K]

Answer:

a) withholdings

b) deductions

c) payroll register

d) methods of paying employees

e) commission

f) specific required deductions

g) hourly rate

h) voluntary deductions

i) Salary

j) standard deductions

Explanation:

A)

Withholdings are the amount that is associated with the payroll deductions from an employee's gross wages. The employer does not include withholdings in the employee's paycheck. Instead of adding it to the salary, the amount is transferred to the federal, state, or local government or tax authorities. It also decreases the tax that an employee has to pay during the yearly tax return.

B)

When an employer withholds any amount from an employee's gross salary, such as taxes, insurance, wage responsibilities, saving plans, and child support payments, it refers to deductions. The payroll deduction is also known as involuntary deductions because the employer is withholding the amount. Those deductions are legally deductible; therefore, it is automatic deductions.

C)

A list of periodic reports that enlist the hourly wages, additionals, gross pay, deductions, net pay, and the date of payrolls refers to the payroll register. More precisely, it is a summary of each employee's paycheck throughout a period. It starts with the current quarter's or month's total hourly wages and ends with the net pay of the employee.

D)

The commission is the percentage paid to an employee for his or her additional service provided for the company. For example, a company asks an employee to produce anything over 500 shirts per week will receive 10% additions, if the employee contributes in 510 shirts, he will receive an extra payment, it is commission. The hourly rate is the amount paid to the employee per hour. The salary is the monthly or weekly amount paid to an employee for his periodic contribution towards a business.

E)

The commission is the portion given to an employee for his or her supplementary service rendered for the company. For example, a manager of a firm urges the sales representative to sell $10,000 per month to receive an extra 10% of the total sales. If the sales representative sells $10,000 or more, he will receive an additional fee as a percentage. That percentage refers to the commission.

F)

Specific payroll deduction means deduction from paycheck to meet the obligations of income tax and other required duties. Every individual and corporation whose income is taxable is obliged to pay a tax. In the case of specific payroll deduction, an employee is legally obligated to withhold this money from an employee's payroll check based on federal and state laws. But specifically required deduction is not only used for tax provisions but also used for employee-related benefits like health insurance and short time disability plans that are offered by the employer.

G)

According to the Cambridge dictionary, hourly rate means the amount of money that is charged, paid, or earned for every hour worked. An employer is bound to pay a minimum hourly wage to the employee. It is one of the critical issues as many workers work as a part-time job. Since it is not a fixed job, so monthly or weekly payment is not applicable here. To adjust the amount for every type of employment, whether it is a permanent or temporary hourly rate of wage, is the best solution.

H)

When any deductions from employees salary or wages are not legally binded, those deductions are termed as Voluntary deductions. Voluntary deduction does not need any imposition of law. As it is not legally required, it is offered by the employer for employee's acceptance. This kind of deduction may include health, accident, disability, retirement plans; flexible spending accounts such as parking and transit costs; union dues; and deductions for paycheck advances and other company-sponsored benefits.

I)

Salary is most commonly known as compensations paid by the employer to an employee in return for required job performance. Salary generally paid in fixed intervals for an individual's performance. The intervals may be weekly, monthly, etc. and these are set up by a mutual contract between employer and employee. Salary mainly includes base pay and other benefits,  bonuses, or rises. Salary mainly gives security towards the employee as it is fixed payment for their work performances.

J)

Standard deduction means deduction of some amount of money from the total amount of income to reduce total taxable income. In short, it means a portion of income that is not subject to tax. The amount of one's standard deduction depends on one's filing status, age, or whether one is disabled or claimed as a dependent on someone else's tax return. But all the taxpayers are not qualified to enjoy this provision. Nonresident husbands and wives, married people filing separately whose spouses itemized, and trusts and estates cannot entertain this benefit.

8 0
3 years ago
Consider the markets for three products below. Indicate which characteristics of a competitive market are met by these markets.
Orlov [11]

Answer:

Market : Gasoline

b. Standardized good

c. Full information

e. Participants are price takers.

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a. Large number of buyers

b. Standardized good

c. Full information

d. No transaction cost

Explanation:

The three markets will have different characteristics which will cause the competition. The Gasoline market has standardized product and the customers are price takers. Usually the prices are fixed for the products and there is no bargaining.

7 0
3 years ago
In a perfectly competitive market, all producers sellidentical goods or services. Additionally, there arefew buyers and sellers.
Katen [24]

Answer:

false

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

While the market for lettuce sells identical items, there are many buyers and sellers

7 0
3 years ago
What is the advantage to a multi-criteria analysis?
telo118 [61]

Answer:

c. It is easily adaptable to as many suppliers as you need to evaluate

Explanation:

It involves many factor to analyze a decision due to variety of different assessments it has, it can be applicable to many supplier. It is very helpful to decision making because every aspect of each supplier is analyzed and makes a quality decision. Multi criteria analysis assess every supplier on different factors to find the difference between them and make a best decision.

8 0
3 years ago
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