Answer:
The answer is below
Explanation:
Considering the available options, here are the attributes that characterize a competitive market, and a monopolistically competitive market.
A competitive market is characterized by Identical products and Price = MR, while Monopolistic competition is characterized by product differentiation and few sellers.
Hence, it can be written as:
Competitive markets
Product differentiation. No
Identical products Yes
Price=MR Yes
Few sellers No
Monopolistic competition
Product differentiation. Yes
Identical products No
Price=MR No
Few sellers Yes
what is Overconfident in econimics?
Answer:
< Bestiary of Behavioral Economics. Overconfidence is a common tendency to overestimate one's ability to predict and control future outcomes. It is recognized in psychology as well as economics and has been blamed for countless counterintuitive economic outcomes.
Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $450,000. In addition to the purchase price, FVI makes the following expenditures related to the acquisition: broker's commission, $25,000; title insurance, $1,500; and miscellaneous closing costs, $5,200. The warehouse is immediately demolished at a cost of $25,000 in anticipation of building a new warehouse. Determine the amount FVI should record as the cost of the land
Answer:
$506,700
Explanation:
Calculation to determine the amount FVI should record as the cost of the land
Purchases land and a warehouse for $450,000
Add Commission $25,000
Add Title insurance $1,500
Add Miscellaneous closing costs $5,200
Add Demolished cost $25,000
Cost of the land $506,700
Therefore the amount FVI should record as the cost of the land is $506,700
Ames Trading Co. has the following products in its ending inventory.Product Quantity Cost per Unit Market per UnitMountain bikes 11 $600 $550Skateboards 13 $350 $425Gliders 26 $800 $700Compute lower of cost or market for inventory applied separately to each product.
Answer:
Mountain Bikes
Market value is $550 and cost is $600.
Lower is market.
Inventory value is therefore:
= Quantity * Market
= 11 * 550
= $6,050
Skateboards
Market value is $425 and cost is $350.
Cost is lower.
Inventory value is:
= 13 * 350 cost
= $4,550
Gliders
Market value is $700 and cost is $800.
Inventory value is:
= 26 * 700 market value
= $18,200
Margas Framing's cost formula for its supplies cost is $2,240 per month plus $6 per frame. For the month of May, the company planned for activity of 808 frames, but the actual level of activity was 810 frames. The actual supplies cost for the month was $7,090. The supplies cost in the flexible budget for May would be closest to:_____.a. $7,106.
b. $7,088.
c. $7,100.
d. $7,090.
Answer: c. $7,100
Explanation:
Supplies cost according to the flexible budget is to be calculated based on the actual level of activity.
The cost is:
= Fixed cost + (Variable cost * actual level of activity)
= 2,240 + (6 * 810)
= 2,240 + 4,860
= $7,100
A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
Answer:
The amount allocated to cost of goods sold for July is $2,070.
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
Olympus Climbers Company has the following inventory data:
July 1 Beginning inventory 30 units at $19 $570
7 Purchases 105 units at $20 2100
22 Purchases 15 units at $22 330
$3000
A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
The explanation of the answers is now provided as follows:
Last in, first out (LIFO) inventory method refers to a method under which the costs of the costs of the most recent goods purchased or manufactured are expensed first.
Thereforee, the amount allocated to cost of goods sold for July can be calculated as follows:
Total units available for sales = 30 + 105 + 15 = 150 units
Units sold = Total units available for sales - Units on hand on July 30 = 150 - 48 = 102 units
Cost of goods sold for July = Value of 15 units July 22 purchases + (87 units * Cost per units of purchases on July 7) = $330 + (87 * $20) = $330 + $1,740 = $2,070
Therefore, the amount allocated to cost of goods sold for July is $2,070.
A stock will pay no dividends for the next 5 years. Then it will pay a dividend of $5 growing at 2%. The discount rate is 10%. What should be the current stock price?
Answer:
$38.81
Explanation:
The value of the stock is the present value of its future divided payments, bearing in mind that the first dividend is payable six years from,hence, the present value of dividend in year 5( a year before its payment) is then computed thus:
PV of dividend at the end of year 5=expected dividend/discount rate-growth rate
expected dividend in year 6=$5
discount rate=10%
growth rate=2%
PV of dividend at the end of year 5=$5/(10%-2%)
PV of dividend at the end of year 5=$62.50
We need to discount the PV backward by 5 years to show the stock value today
the current stock price=$62.50/(1+10%)^5
the current stock price= $38.81
Nathan and Diana are married and have three married children and seven minor grandchildren. For tax year 2020, what is the maximum amount they can give to the family (including the sons- and daughters-in-law) without using any of their unified transfer tax credit
Answer:
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit is $390,000.
Explanation:
Given the data in the question;
Nathan and Diana are married and they have 3 married children, meaning Nathan and Diana also have 3 daughters/sons in law married to their children. In addition, they have 7 minor grand children.
Number of donees will be ⇒ 3 + 3 + 7 = 13
Now, we know that; The annual gift tax exclusion for 2019-2020 is $15,000 per donee or individual for every tax payer while that of married couple is $30,000.
Meaning Nathan and Diana can give $30,000as a gift to each of their family members without using any of their unified transfer tax credit.
Hence,
Maximum amount that can be given to family (including the sons- and daughters-in-law) without using unified transfer tax credit will be;
⇒ 13 × $30,000
= $390,000.
which of the following would be included in the set of electrical plans for individual residence?
A. Individual romex cables
B. Power panels to be installed
C. routes of cables
D. Wire sizes
Answer:
A. Individual romex cables
Explanation:
Individual romex cables would be included in the set of electrical plans for individual residence.
This is because they are a non-metallic sheathed cables, and they are flexible electrical cables which are popularly used in residential setups.
This cable comes with two insulated wires that include a ground copper wire that ensures safe passage of electrical current in case of any unfortunate event.
Carmen Co. can further process Product J to produce Product D. Product J is currently selling for $23.80 per pound and costs $15.00 per pound to produce. Product D would sell for $44.55 per pound and would require an additional cost of $11.75 per pound to produce. The differential cost of producing Product D is
Answer:
$20.75
Explanation:
Calculation to determine what The differential cost of producing Product D is
Using this formula
Differential cost =Revenue from sale of product D−Revenue from sale of product J
Let plug in the formula
Differential cost =$44.55−$23.80
Differential cost =$20.75
Therefore The differential cost of producing Product D is $20.75
Along any downward sloping straight-line demand curve: Group of answer choices both the price elasticity and slope are constant. both the price elasticity and slope vary. the price elasticity varies, but the slope is constant. the slope varies, but the price elasticity is constant.
Answer:
the price elasticity varies, but the slope is constant
Explanation:
The demand curve is a curve that shows the relationship between price and quantity demanded. The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.
According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.
At the midpoint of the demand curve, demand is usually unit elastic. Above the midpoint of the demand curve, demand is elastic and blow the midpoint, demand is inelastic
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
A company uses the weighted average method for inventory costing. During a period, Department B finished and transferred 62,000 units to Department C. Also in Department B during the period, 16,000 units were started but brought only to a stage of being 60% completed. The number of equivalent units produced by Department B during the period was:_____.a. 60,000 units.
b. 55,000 units.
c. 62,500 units.
d. 67,500 units.
e. 47,500 units.
Answer:
Total Equivalent units of production= 71,600 units
Explanation:
The weighted average method blends the costs and units of the previous period with the costs and units of the current period.
Units completed in the period + Equivalent units in ending inventory WIP (units*%completion) = Equivalent units of production
Equivalent units of production:
Units completed in the period= 62,000
Equivalent units in ending inventory WIP= (16,000*0.6)= 9,600
Total Equivalent units of production= 71,600 units
All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT Multiple Choice inadequate resources. people are working on multiple projects and feel inefficient. frequent conflicts between managers. confused employees regarding which projects are more important. not enough projects within the portfolio to make a profit.
Answer:
All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT
not enough projects within the portfolio to make a profit.
Explanation:
Strategy disconnect does not support an organization to be consistent in its actions at every level. However, where the strategy is shared across board, there is an integrated and coordinated attempt at long-term planning with the organization positioned to exceed the needs of its customers and to achieve success. With strategy connect, the organization responds well to changes in its external environment and is able to allocate scarce resources for the improvement of its competitive position.
Amount of
Invoice
Terms of
Sale
Partial
Payment
Credit for
Partial Payment
Net
Amount Due
$5,998.20
4/15, n/60
$3,100
$
$
Answer:
Credit partial payment is "$3229.17" and Net amount due is "$2769.03".
Explanation:
Given:
Invoice,
= $5998.20
Sales terms,
= 4/15, n/60
Partial payment,
= $3100
The credit partial payment will be:
= [tex]\frac{Partial \ payment}{1-Discount}[/tex]
= [tex]\frac{3100}{1-0.04}[/tex]
= [tex]\frac{3100}{0.96}[/tex]
= [tex]3229.17[/tex] ($)
The due net amount will be:
= [tex]5998.20-3229.17[/tex]
= [tex]2769.03[/tex] ($)
A money market security that has a par value of $10,000 sells for $8,924.70. Given that the security has a maturity of two years, what is the investor's required rate of return?
Answer:
The answer is "5%".
Explanation:
[tex]\to \$8,924.70 = \frac{10,000}{(1 + r )^2}\\\\\to \$8,924.70 (1+r)^2= 10,000\\\\\to (1+r)^2= \frac{10,000}{\$8,924.70}\\\\\to (1+r)^2= \frac{10,000}{\$8,924.70}\\\\\to (1+r)^2= 1.1204\\\\\to (1+r)= 1.05\\\\\to r= 1.05-1\\\\\to r=0.05\\\\\to r=5\%\\\\[/tex]
Consider a Cournot duopoly with the following inverse demand function: P = 96 - 2Q1 - 2Q2, where Q1 and Q2 are quantities produced by firms 1 and 2, respectively. The firms' marginal cost are identical and given by MCi(Qi) = 2Qi, where i is either firm 1 or firm 2. Based on this information firm 1 and 2's reaction functions are:_____.
a. MR1(Q1, Q2) = 100-2Q1-Q2 and MR2(Q1, Q2) 100-Q1-2Q2.
b. MR1(Q1, Q2) = 100-4Q1-2Q2 and MR2(Q1, Q2) = 100 - 2Q1 - 402.
c. MR1(Q1, Q2) = 100 - 2Q1 - 4Q2 and MR2(Q1, Q2) = 100 - 4Q1 - 2Q2.
d. MR1(Q1, Q2) = 24.5 - 0.5Q2 and MR2(Q1, Q2) = 24.5 - 0.5Q1.
Two identical firms compete as a Cournot duopoly. The demand they face is P = 90-Q. The cost function for each firm is C(Q_i) = 6Qi. Each firm earns equilibrium profits of:_____.
Answer: See explanation
Explanation:
The revenue - firm 1 will be:
= P x Q1
= 100Q1 - 2Q1² -2Q1Q2
Then, marginal revenue MR1 will be:
= dR1/dQ1
= 100 - 4Q1 -2Q2
Similarly, the revenue for firm 2 will be:
= P x Q2
= 100Q2 - 2Q2² -2Q1Q2
Then, MR2 will be:
= 100 - 4Q2 - 2Q1
Therefore, MR1(Q1, Q2) = 100-4Q1-2Q2 and MR2(Q1, Q2) = 100 - 2Q1 - 402.
Option B is the correct answer.
P = 90 - Q
Q = Q1 + Q2
The revenue for firm 1 (R1) will be:
= PQ1
= 90Q1 - Q1² - Q2Q1
The marginal revenue MR1 will be:
= 90 - 2Q1 - Q2
The marginal cost MC is:
= dC/dQ
= 6
Since profit is maximized when MR = MC, this will be:
90 - 2Q1 - Q2 = 6
- 2Q1 - Q2 = 6 - 90
- 2Q1 - Q2 = - 84
2Q1 + Q2 = 84
3Q = 84
Q1 = Q2 = 28
Therefore,
P = 90-Q.
P = 90 - (Q1 + Q2)
P = 90 - (28 + 28)
P = 90 - 56
P = 34
Then, the equilibrium profit will be:
= Total revenue - Total cost
= (34 × 28) - (6 × 28)
= 952 - 168
= 784
Beta Company reported the following operating data for its baking division for the year: Sales $560,000 Contribution margin 308,000 Direct fixed costs 47,000 Average operating assets 230,000 How much is controllable margin for the year
Answer: $261000
Explanation:
Based on the information given in the question, the controllable margin for the year will be calculated thus:
Contribution margin = $308000
Less: Direct fixed cost = $47000
Controllable margin = $261000
Therefore, the controllable margin is $261000.
The current account balance equals _______. A. net exports plus net foreign investment in the United States B. exports minus imports plus net interest and net transfers C. the capital and financial account balance minus the official settlements account balance D. net exports plus the official settlements balance
Answer:
a
Explanation:
the current account of a country measures the value of the trade balance, transfers and the net income
the component of the current account includes
trade balance - it measures the value of the import and export of goods and services of a country.
net income - measures the value of the income received by a country's residents less the income paid to foreigners
transfers - it includes income sent home by a country's citizens working outside the country
Current account = net export + net income + net transfers
XYZ Co. uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. It based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $440,000, variable manufacturing overhead of $2.20 per machine-hour, and 50,000 machine-hours. The estimated total manufacturing overhead is closest to:
Answer:
the estimated total manufacturing overhead is $550,000
Explanation:
The computation of the estimated total manufacturing overhead is given below:
= Fixed manufacturing overhead + variable manufacturing overhead
= $440,000 + $2.20 × 50,000 machine hours
= $440,000 + $110,000
= $550,000
hence, the estimated total manufacturing overhead is $550,000
Granfield Company is considering eliminating its backpack division, which reported an operating loss for the recent year of $42,200. The division sales for the year were $963,800 and the variable costs were $477,000. The fixed costs of the division were $529,000. If the backpack division is dropped, 40% of the fixed costs allocated to that division could be eliminated. The impact on Granfield's operating income for eliminating this business segment would be:__________.
a. $275,200 increase
b. $486,800 decrease
c. $211,600 increase
d. $275,200 decrease
e. $486,800 increase
Answer:
d. $275,200 decrease
Explanation:
Calculation to determine what The impact on Granfield's operating income for eliminating this business segment would be:
Using this formula
Impact on operating income =Saving in relevant fixed cost -loss of Contribution margin of backpack Division
Let plug in the formula
Impact on operating income=($529,000*40%)-($963,800-$477,000)
Impact on operating income=$211,600-$486800
Impact on operating income=$275,200 decrease
Therefore The impact on Granfield's operating income for eliminating this business segment would be:$275,200 decrease
Suppose a stock had an initial price of $56 per share, paid a dividend of $1.60 per share during the year, and had an ending share price of $66. Compute the percentage total return. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer: 20.71%
Explanation:
The percentage total return will be calculated as follows:
= (Ending price + Dividend - Initial price) / Initial price
= ($66 + $1.60 - $56) / $56
= $11.60 / $56
= 0.2071
= 20.71%
Therefore, the percentage total return is 20.71%
Portside Watercraft uses a job order costing system. During one month Portside purchased $173,000 of raw materials on credit; issued materials to production of $164,000, of which $24,000 were indirect. Portside incurred a factory payroll cost of $95,000, of which $25,000 was indirect labor. Portside uses a predetermined overhead rate of 170% of direct labor cost. The journal entry to record the issuance of materials to production is:
Answer:
Debit Work in Process Inventory $140,000
Debit Factory Overhead $24,000
Credit Raw Materials Inventory $164,000.
Explanation:
Preparation of The journal entry to record the issuance of materials to production
Based on the information given The journal entry to record the issuance of materials to production is:
Debit Work in Process Inventory $140,000
($164,000-$24,000)
Debit Factory Overhead $24,000
Credit Raw Materials Inventory $164,000
(To record the issuance of materials to production)
Hayward Industries manufactures dining chairs and tables. The following information is available: Dining Chairs Tables Total Cost Machine setups 200 600 $48,000 Inspections 250 470 $72,000 Labor hours 2,600 2,400 Hayward is considering switching from one overhead rate based on labor hours to activity-based costing. Perform the following analyses for these two components of overhead: Compute total machine setups and inspection costs assigned to each product, using a single overhead rate.
Answer and Explanation:
The computation is shown below:
Single overhead rate is
= total cost ÷ total labor hours
= ($48000 + $72000 ) ÷ (2600+2400)
= 24 per labour hour
Now
Dining chairs
= 2600 × 24
= $62400
And,
tables
= 2400 × 24
= $57600
total = $120000
As a general rule, C corporations must use the cash method of accounting. However, under several exceptions to this rule (e.g., average annual gross receipts of $26,000,000 or less for the most recent 3-year period), a C corporation can use the accrual method.
a. True
b. False
California laws requires that renters be paid interest on their security deposits. You are considering renting a one bedroom uni at The Sterling Heights Apartments, where a $1,500 security deposit is required. You plan to live there about three years. If you expect 2 percent a year how much interest should you expect to receive when you move out in three years
One reason IT is important is because video conferencing has become cheaper, quicker, more collaborative, and more efficient. Of what IT benefit is this an example
Answer:
Communication
Explanation:
Communication
This is simply defined as information exchange or simply say the sharing of thoughts, messages, or information, by speech, signals, writing, or behavior etc.
Communication Technology
This is simply an act or form of communication that involves the use of technical equipment.
Input devices
This are used to enter information into a communication technology system; it includes the keyboard, microphone, a television camera etc.
Output
This are used in getting information or messages out using communication systems devices such as TV, speakers, computer monitor, etc.
Information
This are said to be data that has been sorted and arranged with a particular mindset.
In communication, due to the internet and mobile technologies, we can communicate with anyone in the world and form relationships with people who are some distance away, rather than being limited to people within our physical vicinity. This has some great benefits for both work and home life.
Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations:Selling price 156 Units in beginning inventory 0Units produced 9,500Units sold 9,100Units in ending inventory 400 Variable costs per unit: Direct materials 29Direct labor 71Variable manufacturing overhead 17Variable selling and administrative expense 21Fixed costs: Fixed manufacturing overhead 142,500Fixed selling and administrative expense 9,900What is the net operating income for the month under absorption costing?a. $35,400
b. $11,400
c. $17,400
d. $6,000
Answer:
c. $17,400
Explanation:
The computation of the net operating income under absorption costing is given below:
unit product cost under Absorption costing
direct materials $29
direct labor $71
variable manufacturing overhead $17
fixed manufacturing overhead ($142,500 ÷ 9,500) $15
unit product cost $132
Now
Sales (9,100 × 156) $1,419,600
less:Variable cost of good sold (9,100 × 132) $1,201,200
Gross profit $218,400
Selling and administrative expense
variable selling expens (9,100 × 21) $191,100
Fixed selling & adm expense $9,900
Net operating income $17,400
In the Hausser Food Products case, which type of organizational structure might have prevented the Florida sales team from withholding information from other sales teams?
Answer: Functional structure.
Explanation:
In the Hausser Food Products case, the type of organizational structure that might have prevented the Florida sales team from withholding information from other sales teams is the Functional structure.
The functional structure refers to the structure whereby employees in an organization are grouped based on their specialized skills, knowledge or roles that they perform.
In this type of structure, there are different departments such as the sales department, finance department, customers services department etc. The specialized unit typically report to higher management as it's hierarchical.
Human Resource Management (HRM) takes a strategic approach in developing and maintaining a qualified workforce to gain a competitive advantage. The role of a Human Resource Manager in the strategic process is to focus on the specific areas that will contribute to the overall effectiveness of the organization. If you were an HR Manager, on which would you focus
Answer:
Explanation:
If I were a HR manager, I would like to focus on work-life balance for all employees.
Work-life balance is the lack of opposition between work and other life roles.
It is the state of equilibrium in which demands of personal life, professional life, and family life are equal. It can benefit organization in long run by-
1. Increase productivity
2. Lower absenteeism
3. A happier, less stressed workforce
4. Improvements in employee health and well being
5. A more positive perception of an employer
6. Greater employee loyalty, commitment and motivation
7. Creates healthy-work environment
8. Employers or managers can save money by reducing costs
When employees are satisfied with the organization and organization wants them to work ethically and they can easily accept that; and work ethically and socially responsible to the needs of society. Proper and regular training can develop skill-set of employees. These are also important for HR manager to focus but he or she should first start with satisfy employees and build trust among them for the organization.
The index weighting that results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced is most accurately described as:_________
a) float-adjusted market-capitalization weighting.
b) fundamental weighting.
c) equal weighting.
Answer: B. Fundamental weighting.
Explanation:
A fundamentally weighted index refers to a type of equity index whereby the components that are chosen based on the fundamental criteria like the dividend rates, book value, revenue, dividend rates, etc.
Fundamental weighting is the index weighting which results in portfolio weights shifting away from securities that have increased in relative value toward securities that have fallen in relative value whenever the portfolio is rebalanced.
What is the purpose of an inspection report
