According to the law of supply - as the price of a good - service - or resource rises: it results in an increase in the quantity supplied.
Law of supply has direct relation with prices and quantity supplied.
Prices and quantities are directly linked with one another. Quantities respond in the same way as price does. It means that when the price paid by the buyers for goods and services increases the supplier increases the supply of goods and services as well. The law of supply basically shows producer behavior when there is a change in the price of products offered by them.
As the basic aim of every business organization is to increase profit and sales when they expect to receive higher profit from something they produce more to earn more profit. Similarly, if the prices fall the producers are reluctant to produce more. If the demand from consumers rises the prices will increase and the quantity supplied will also increase. If the demand decreases price will also fall and the quantity supplied will also decrease.
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Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations:
Variable costs per unit:
Manufacturing:
Direct materials $ 6
Direct labor $ 9
Variable manufacturing overhead $ 3
Variable selling and administrative $ 4
Fixed costs per year:
Fixed manufacturing overhead $ 300.000
Fixed selling and administrative $ 190.000
During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per unit.
The four steps of writing an income declaration are: to identify sources of sales, in addition to profits from investments, for an instance pick out business enterprise prices and losses incurred over the same period. Consolidate sales, charges, profits, and losses by means of category, payee, or some other factor.
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Answer:
the journal entries should be:
Dr Cash 1,250,000
Cr Common stock 1,000,000
Cr Additional paid in capital 250,000
Dr Treasury stock 238,500
Cr Cash 238,500
Dr Cash 161,500
Cr Common stock 85,000
Cr Additional paid in capital 76,500
Answer:
see below
Explanation:
Personal income is the total earning an individual gets from wages, investments, bonuses, dividends, profits, or other ventures. It is the sum of a household income. Personal income is calculated per period, usually one year.
Economic conditions refer to the prevailing state of a country or region's economy. Economic conditions are ever-changing and are influenced by business cycles of expansions and contraction, government fiscal and monetary policies, macroeconomic factors, and global factors. Governments and investor use indicators to tell the state of the economy
Economic conditions impact people's and business income. Government policies and global economics influence the level of economic activities. The expansion period has increased economic activities are leading to increased incomes. At contraction, business activities decline, resulting in reduced income.
<span>C.) Agriculture, Forestry, and Fishing
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Those are all a source of raw materials.
