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2 years ago

When frank sells a pie to jean instead of sarah, the economic value created in society is lower because of the difference in:.

1 answer:

5 0

When frank sells a pie to jean instead of sarah, the economic value created in society is lower because of the difference in consumer surplus.

What is consumer surplus?

Consumer surplus occurs when a consumer pays a price that is lesser for a goods than the actual price they are willing to pay for a product.

Difference in consumer surplus occurs because Frank now has more customers and he can now sell at a price lower than the consumer would pay.

Therefore, Frank sells a pie to jean instead of sarah,when the economic value created in society is lower because of the difference in consumer surplus.

Learn more on consumer surplus here,

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Information in the Financial Statements A financial statement is a summary of all the financial transactions that have occurred

4vir4ik [10]

Here's the remaining part of the question:

Please analyze and place each item in the appropriate financial statement to which it belongs;

Revenues, Long-term liabilities, Owner's equity, Insurance expense, Land, Patents, Costs of Goods Sold, Income tax, Advertising expense, Insurance expense, Net change in cash, Accounts Receivable

Explanation:

1. Balance Sheet: Note that this financial statement usually shows the asset and liabilities of the firm's account for a particular period of time. These items are found:

Owner's equity,
Patents,
Long-term liabilities
Accounts Receivable
Land

2. Income Statement: this financial statement is primarily focused on the revenues and expenses expenses of the firm. Items found includes;

Revenue,
Costs of Goods Sold,
Advertising expense,
Income tax,

Insurance expense,

3. Statement of cash flow

Net change in cash,

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3 years ago

Suppose there is a product that is being sold in a perfectly competitive market. If the market price of the product falls, prod

yuradex [85]

Answer:

Decrease; Less

Explanation:

The producer surplus is the difference between the minimum price that a producer is willing to accept for a product and the price he actually receives.

When the market price of a product falls, the producer surplus will decrease as well.

The lower market price implies that there will be less area between the supply curve and the market price of the product.

3 0

3 years ago

[The following information applies to the questions displayed below.]

Orlov [11]

Answer:

Pose-for-Pics

Effects on the accounting equation:

Assets = Liabilities + Equity

Aug 1 Cash +$9,000 Equipment +$38,700 = M. Harris, Capital +$47,700

Aug 2 Cash -$2,300 Prepaid Insurance +$2,300

Aug 5 Cash -$1,710 Supplies +$1,710

Aug 20 Cash +$2,650 = Revenue +$2,650

Aug 31 Cash -$870 = Utilities Expense -870

Total assets $49,480 = Total equity $49,480

Explanation:

a) Data and Analysis based on the accounting equation:

August 1 Cash $9,000 Equipment $38,700 M. Harris, Capital $47,700

August 2 Prepaid Insurance $2,300 Cash ($2,300)

August 5 Supplies $1,710 Cash ($1,710)

August 20 Cash $2,650 Service Revenue $2,650

August 31 Utilities ($870) Cash ($870)

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3 years ago

Lindsay Electronics, a small manufacturer of electronic research equipment, has approximately 6 comma 800 items in its invento

nignag [31]

Answer:

97.8 or 98 items

Explanation:

A items:

= Percent of items in inventory × No. of items

= 0.1 × 6,800

= 680

B items:

= Percent of items in inventory × No. of items

= 0.31 × 6,800

= 2,108

C Items:

= Percent of items in inventory × No. of items

= 0.59 × 6,800

= 4,012

Units to be counted everyday:

$=\frac{A\ items}{workings\ days} + \frac{B\ items}{workings\ days} + \frac{C\ items}{workings\ days}$

$=\frac{680}{22} + \frac{2,108}{61} + \frac{4,012}{124}$

= 30.90 + 34.55 + 32.35

= 97.8 or 98 items

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3 years ago

Consider the two countries of Swala and Atlantis. Swala is a major producer of wheat and rice while Atlantis specializes in the

Ivenika [448]

I think the answer is C

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3 years ago