In a month, Carlos can produce a maximum of either 30 bushels of pears or 15 bushels of apples, or any linear combination in between. Similarly, Donna can produce a maximum of either 20 bushels of pears or 5 bushels of apples, or any linear combination in between.
a. What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears?
b. What is the opportunity cost for Donna to produce one more bushel of apples in terms of pears?
c. What would Donna and Carlos agree to as acceptable terms of trade?

Answers

Answer 1

Answer:

a. What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears?

opportunity cost to produce 1 more bushel of apples = 30 / 15 = 2 bushels of pears

b. What is the opportunity cost for Donna to produce one more bushel of apples in terms of pears?

opportunity cost to produce 1 more bushel of apples = 20 / 5 = 4 bushels of pears

c. What would Donna and Carlos agree to as acceptable terms of trade?

Donna has a comparative advantage in the production of pears, so she should produce pears and exchange them for apples produced by Carlos.

Any range between 1-2 pears (higher than 1, but lower than 2) exchanged for every apple would result in mutually beneficial trade.


Related Questions

Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of $50,000 and $90,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $90,000. How much cash should be distributed to Adriana

Answers

Answer:

$54,000

Explanation:

First, we add the ratios together to determine the total parts:

3+2= 5

Next, we divide the cash balance of $90,000 by the total parts:

$90,000/5 = $18,000

To find the amount of cash distributed to Adriana we multiply by her ratio:

5*18,000 = $54,000.

A national restoration contractor has $5 million to invest in new software to become more efficient in writing estimates and reducing errors, increasing net profits for the company. There are three products under consideration, each with a cost of $5 million to implement across the company. Which product should be purchased

Answers

Answer:

Product B

Explanation:

We are informed about A national restoration contractor who has has $5 million to invest in new software to become more efficient in writing estimates and reducing errors, increasing net profits for the company. There are three products under consideration, each with a cost of $5 million to implement across the company. In this case The product he should purchased is Product B

The basic economic questions that any provider of goods must ask are:
• What will be produced?
• Who will produce it?
• For whom will it be produced?
In which type of economy are these decisions made solely by the
government?
A. Mixed
B. Free
C. Command
D. Traditional

Answers

Answer:

C. Command

Explanation:

In a command economy, the government owns and controls all the factors of production. All the factors of production are owned and controlled by the government. The government does all the productions through its agencies.

The government prepares central economic plans that guide the country's economic activities. The central plans indicate what goods and services will be produced, their quantities, and prices. The plans also dictate how distributions will be done in the country.

Because your patented Gidgit is starting to gain attention and investors are starting to show interest, the executive committee is considering becoming a publicly held company by selling the company to the government.
True
False

Answers

Answer:

False.

Explanation:

Patent can be defined as the exclusive or sole right granted to an inventor by a sovereign authority such as a government, which enables him or her to manufacture, use, or sell an invention for a specific period of time.

Generally, patents are used on innovation for products that are manufactured through the application of various technologies.

Basically, the three (3) main ways to protect an intellectual property is to employ the use of trademarks, copyright and patents.

In this scenario, Because your patented Gidgit is starting to gain attention and investors are starting to show interest, the executive committee is considering becoming a publicly held company.

Since Gidgit is patented it cannot be sold to the government because it is a registered intellectual property that cannot be used or sold without the approval or consent of the owner.

Katherine Stein told her boss, "Dan, a number of our senior staff will be retiring within five years. We can't afford to have the combined expertise, skills, wisdom, and relationships of these retirees walk out the door without first discovering and sharing these intellectual resources. I recommend that we implement a(n) ______________ system to harness this intellect."

Answers

Answer: knowledge management

Explanation:

Based on the information given, knowledge management would be used to harness this intellect.

Knowledge management simply has to do with the creation, and management of information and knowledge for an organization so that the organization's objectives can be achieved.

ExxonMobil reports total assets of $188 billion and total liabilities of $87 billion. Citigroup reports total liabilities of $1,300 billion and stockholders' equity of $90 billion. Amazon reports total assets of $2.7 billion and total stockholders' equity of $0.10 billion. Nike reports an increase in assets of $1.00 billion and an increase in liabilities of $0.5 billion. Kellogg's reports a decrease in liabilities of $0.44 billion and an increase in stockholders' equity of $0.04 billion. (Enter your answers in billions rounded to 2 decimal places. Negative amounts should be indicated by a minus sign.) Required: What is the amount of stockholders' equity of ExxonMobil

Answers

Answer:

$101 billion

Explanation:

The computation of the amount of stockholders' equity of ExxonMobil is shown below:

As we know that

Total assets = Total liabilities + stockholder equity

where,

total assets is $188 billion

And, the total liabilities is $87 billion

So, the stockholder equity is

= $188 billion - $87 billion

= $101 billion

Xercise Cycles Company has provided its year ended accounts receivables that were uncollected. The Controller has asked you to help prepare the Aging of Accounts Receivable Schedule and the corresponding journal entries. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.
1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx).
2) Use the information above to complete the Aging of Accounts Recievable Schedule Below.
Create a formula for each age category, using the Excel IF and AND FUNCTION (fx) to determine where each customer amount belongs.
3) Prepare the adjusting journal entry for recording bad debt expense if the allowance for doubtful accounts had the following unadjusted balance:
4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance:

Answers

Answer:

In the number of days unpaid column (E8), input the formula; "=DAYS(D8, C8)" then copy it down to the last item on the table.

Explanation:

Answering just the first question, the DAYS function is used to calculate the difference between day timelines. The function accepts two parameters, the first date which is the current date we are subtracting from, and the second date which is the previous date.

Mohawk Machining, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 8,000 Total equivalent units of conversion: 7,400 Units started and completed during the period: 6,500 On the basis of this information, the ending work-in-process inventory's stage of completion is:_____.
A- 80%.
B- 70%.
C- 60%. - 40%.
D- some other percentage not listed above.

Answers

Answer:

C. 60%

Explanation:

Equivalent unit of Materials = 8,000.00      

Equivalent unit of Conversion = 7,400.00      

Units started and completed = 6,500.00

Since Materials are entered in the beginning it means that out of 8000 Units of Materials 6500 units are in Units started and completed and remaining 1500 Units are in Closing inventory. It also means that 1500 units are in Closing Inventory of Conversion and Equivalent production of conversion part of 1500 Units are 900 Units (7400-6500).

Let % Completion be x      

X% of 1500 = 900      

X = 900*100/1500      

X = 60%.

Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible acccounts had a credit balance of $10,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $166,700, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 18,300.
Required:
1. What was the balance in gross accounts receivable as of 12/31/2020?
2. What journal entry should Johnson record to recognize bad debt expense for 2021?
3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021
4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?
Required 3 Required 1 Required 2 Required 4
What was the balance in gross accounts receivable as of 12/31/2020? Balance in gross accounts receivable Record entry Clear entry View general journal .. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021.
Determine the amount of accounts receivable written off during 2021. Amount of accounts receivable written off Required 2 Required 4 If Johnson instead used the direct write-off method, what would bad debt expense be for 20211? Bad debt expense for 2021

Answers

Answer:

1. $100,000

2. 2021

Dr Bad debt expense $34,970

Cr Allowance for uncollectible account $34,970

3. $28,300

4. $28,300

Explanation:

1. Calculation for What was the balance in gross accounts receivable as of 12/31/2020

Balance in gross accounts receivable as of 12/31/2020=$10,000/ 10%

Balance in gross accounts receivable as of 12/31/2020 = $100,000

Therefore the balance in gross accounts receivable as of 12/31/2020 will be $100,000

2. Preparation of the journal entry that Johnson should record to recognize bad debt expense for 2021

2021

Dr Bad debt expense $34,970

Cr Allowance for uncollectible account $34,970

(10%*$166,700 + $18,300)

3. Calculation to Determine the amount of accounts receivable written off during 2021

2021 Accounts receivable written off = $10,000 - (-$18,300)

2021 Accounts receivable written off= $28,300

Therefore the amount of accounts receivable written off during 2021 will be $28,300

4. In a situation where Johnson used the direct write-off method, what would bad debt expense be for 2021 will be $28,300 calculated as : [$10,000 - (-$18,300) ]

=$28,300

Therefore the Bad debt expense under direct write off method will be $28,300

Beth, an employer, wants to hire someone for a strenuous job that requires a great deal of training, which will take place over the course of several years. The applicant who appears most qualified is 58 years old; however, Beth is concerned that the applicant will not be able to handle the physical demands of the position in the long run. Further, she is concerned that the applicant will only continue working for several more years before she retires. Does Beth hire the applicant anyway

Answers

Answer:

Beth should not hire the applicant.

Explanation:

Based on common hiring practices, Beth should not hire the applicant. Mainly due to the applicant's age. It costs a company a large amount of money to properly train an employee in order to have them be as efficient as possible when working for the company. This is regardless of their current experience, therefore if a candidate is as old as this particular candidate and is already thinking of retiring then it will be a waste of company resources to hire the individual candidate. Instead, Beth should go for someone with the same experience/skills but will instead be with the company for the long term.

On the first day of January, Harris Company borrowed $3,000 on a one-year note payable bearing interest at 5% per year. The note specifies that principal and interest must be paid in full at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of

Answers

Answer: $75 Credit

Explanation:

Based on the information given in the question, there will be a debit of interest expense and also a credit of interest payable. This will be in the amount of:

= $3000 × 5% × 6/12

= $3000 × 0.05 × 0.5

= $75

Debit: Interest expense $75

Credit: Interest expense $75

The answer is $75 credit.

Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available:
Denver Bristol
Cost $80,000 $31,500
Accumulated depreciation 60,000 25,000
Fair value 17,000 17,000
Required:
1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.
2. Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to record the exchange.

Answers

Answer and Explanation:

The journal entries are shown below

1.

On Denver books

Equipment Dr $17,000

Accumulated depreciation $60,000

Loss on sale of equipment $3,000

                  To Equipment $80,000

(Being equipment recorded)

On Bristol books

Equipment Dr $17,000

Accumulated depreciation $25,000

          To Gain on sale of equipment $10,500

          To Equipment $31,500

(Being equipment recorded)

2.

On Denver books

Equipment Dr $20,000

Accumulated depreciation $60,000

                  To Equipment $80,000

(Being equipment recorded)

On Bristol books

Equipment Dr $6,500

Accumulated depreciation $25,000

          To Equipment $31,500

(Being equipment recorded)

EVO, Inc. is evaluating a project that will have a life of four years. The operating cash flow each year is expected to be $51,500. There is a need to invest in net working capital at the start of the project in the amount of $4,250. EVO, Inc. will recover this investment in net working capital at the end of the project. EVO also needed to spend $22,400 on equipment in order to get the project started. The book value for this equipment when the project is finished, is estimated to be $4,660. This equipment will be sold at the end of the project for an estimated sales price of $5,670. EVO has a tax rate relevant to this analysis of 34 percent. Calculate the amount of cash flow in year 4 of this project

Answers

Answer:

$61,763.40

Explanation:

The computation of the amount of cash flow in year 4 is shown below:

Terminal Cash flow in year 4 is

= operating cash flow + net working capital invested + sale price of equipment - tax on profit from sale

= operating cash flow + net working capital invested  + sale price of equipment - tax rate × (Sale price - book value)

= $51,500 + $4,250 + $5,670 - 34% × ($5,670 - $4,660)

= $61,763.40

When you are able to feel and touch product, it is called

Answers

Answer:

In a Proctor & Gamble study published in 2009, spanning 21 years total, found that customers who were able to feel merchandise were willing to pay more than those who hadn't. This phenomenon is called “The Endowment Effect." Basically, we make an emotional connection with what we touch.

Explanation:

Hope this helps

From,

1kvibing

The feel and touch of the products are called the endowment effect.

What is an endowment effect?

An endowment effect is an effect that is associated with behavioral economics and the effect is that people find more likely to retain an object they own rather than acquire the object that they don't own.

The company named P and G published that clients were able to feel merchandised were willing to pay more than those who had not.

Find out more information about the product.

brainly.com/question/10873737

Imprudential, Inc., has an unfunded pension liability of $573 million that must be paid in 20 years. To assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 6.6 percent, what is the present value of this liability?

Answers

Answer:

$159.59  million

Explanation:

The present value of the liability is the future value of the obligation which in this case is $573 million discounted at the 6.6% appropriate discount chosen by the analyst as shown below:

PV=FV/(1+r)^n

PV=the present value of the obligation=the unknown

FV=$573 million

r=discount rate=6.6%

n=number of years before the liability becomes due=20

PV=$573 million/(1+6.6%)^20

PV=$573 million/1.066^20

PV=$573 million/3.590410405

PV=$159.59  million

Primare Corporation has provided the following data concerning last month's manufacturing operations
Purchases of raw materials $30,000
Indirect materials included in manufacturing overhead $4,900
Direct labor $58,500
Manufacturing overhead applied to work in process $88,500
Underapplied overhead $4,170
Inventories Beginning Ending
Raw materials $11,100 $18,200
Work in process $55,100 $68,400
Finished goods $34,100 $42,200
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

Answers

Answer:

Primare Corporation

1. A Schedule of Cost of Goods Manufactured for the month:

Beginning WIP           $55,100

Raw materials used     18,000

Direct labor                 58,500

Manufacturing o/h      88,500

Ending Balance         (68,400)

                                $151,700

2. A Schedule of Cost of Goods Sold for the month:

Finished goods inventory   $34,100

Cost of manufacturing         151,700

Ending Finished goods       (42,200)

Underapplied overhead          4,170

Cost of goods sold            $147,770

Explanation:

a) Data and Calculations:

Purchases of raw materials $30,000

Indirect materials included in manufacturing overhead $4,900

Direct labor $58,500

Manufacturing overhead applied to work in process $88,500

Underapplied overhead $4,170

Inventories           Beginning       Ending

Raw materials          $11,100       $18,200

Work in process    $55,100      $68,400

Finished goods     $34,100      $42,200

Raw materials

Beginning Balance   $11,100

Purchase                  30,000

Manufacturing overhead         $4,900

Work in process                        18,000

Ending Balance                       $18,200

Work in process

Beginning Balance   $55,100

Raw materials             18,000

Direct labor                58,500

Manufacturing o/h    88,500

Finished goods                      $151,700

Ending Balance                      $68,400

Finished goods

Beginning Balance   $34,100

WIP                            151,700

Cost of goods sold              $143,600

Ending Balance                     $42,200

Susan and Bill Stamp want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $1,200 per month. (Round your answers to the nearest cent.)
(a) Find the amount needed at maturity to generate $1,350 per month interest, if they can get 7 % interest compounded monthly.
(b) Find the monthly payment that they would have to make into an ordinary annuity to obtain the future value found in part (a) if their money earns 9 % and the term is twenty years.

Answers

Answer:

(a) The amount needed is $192,000.

(b) The monthly payment is $150.98.

Explanation:

Note: There are errors in this question. The correct question is therefore provided before answering the question as follows:

Susan and Bill Stamp want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $1,200 per month. (Round your answers to the nearest cent.)

(a) Find the amount needed at maturity to generate $1,200 per month interest, if they can get 7.25% interest compounded monthly.

(b) Find the monthly payment that they would have to make into an ordinary annuity to obtain the future value found in part (a) if their money earns 9.75% and the term is twenty years.

The explanation of the answer is now given as follows:

(a) Find the amount needed at maturity to generate $1,200 per month interest, if they can get 7.25% interest compounded monthly.

This can be calculated using the following future value formula:

FV = P / i ........................... (1)

Where;

FV = Amount needed at maturity = ?

P = Monthly payment or amount to generate monthly = $1,200

i = monthly interest rate = Annual interest rate / 12 = 7.25% / 12 = 0.075 / 12 = 0.00625

Substituting the values into equation (1), we have:

FV = $1,200 / 0.00625 = $192,000

Therefore, the amount needed is $192,000.

(b) Find the monthly payment that they would have to make into an ordinary annuity to obtain the future value found in part (a) if their money earns 9.75% and the term is twenty years.

This can be calculated using the Future Value (FV) of an Ordinary Annuity as follows:

FV = M * (((1 + r)^n - 1) / r) ................................. (2)

Where,

FV = Future value = $192,000

M = Monthly payment = ?

r = Monthly interest rate = 9.75% / 12 = 0.0975 / 12 = 0.008125

n = number of months = 25 years * Number of months in a year = 25 * 12 = 300

Substituting the values into equation (2) and solve for M, we have:

$192,000 = M * (((1 + 0.008125)^300 - 1) / 0.008125)

$192,000 = M * 1271.65920375075

M = $192,000 / 1271.65920375075

M = $150.98

Therefore, the monthly payment is $150.98.

As CEO of ​, knows it is important to control costs and to respond quickly to changes in the highly competitive​ boat-building industry. When Consulting proposes that invest in an ERP​ system, she forms a team to evaluate the​ proposal: the plant​ engineer, the plant​ foreman, the systems​ specialist, the human resources​ director, the marketing​ director, and the management accountant. A month​ later, management accountant reports that the team and estimate that if implements the ERP​ system, it will incur the following​ costs:

a. $435,000 in software costs
b. $95,000 to customize the ERP software and load Aqua Marine's data into the new ERP system
c. $105,000 for employee training

The team estimates that the ERP system should provide several benefits:
a. More efficient order processing should lead to savings of $105,000.
b. Streamlining the manufacturing process so that it maps into the ERP system will create savings of $125,000.
c. Integrating purchasing, production, marketing, and distribution into a single system will allow Aqua Marine to reduce inventories, saving $225,000.
d. Higher customer satisfaction should increase sales, which, in turn, should increase profits by $155,000.

Requirements
a. If the ERP installation succeeds, what is the dollar amount of the benefits?
b. Should Aqua Marine install the ERP system? Why or why not? Show your calculations.
c. Why did Easton create a team to evaluate Rose's proposal? Consider each piece of cost-benefit information that management accountant Cole reported. Which person on the team is most likely to have contributed each item? (Hint: Which team member is likely to have the most information about each cost or benefit?)

Answers

Answer:

a.) Total benefit if the ERP installation succeeds = $610,000

b.) They should not install the ERP system.

c.) For Estimating software costs  - Systems specialist

For Estimating cost of loading data into the new ERP system  - Management          accountant  , Systems specialist

For Customize the ERP software  - Management accountant  , Systems specialist

For Estimating customization costs  - All team members

For Estimating  training costs - Human resource director

For Savings from more efficient order processing  - Systems specialist  , Management accountant

For Savings from streamlining the manufacturing process  - Plant engineer  , Plant foreman

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimating benefits and costs  - All team members

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimate benefits and costs  - All team members

Explanation:

a.)

If the ERP installation succeeds , the dollar amount of the benefit is as follows :

From more efficient order processing savings = $105,000

From streamlining the manufacturing process savings = $125,000

From reduce inventories savings = $225,000

From increased sales profit = $155,000

⇒Total benefit = $ 105,000 + 125,000 + 225,000 + 155,000

                          = $610,000

⇒Total benefit if the ERP installation succeeds = $610,000

b.)

Firstly check the Costs for installation of ERP:

Software cost =  $435,000

Customizing ERP and loading data cost = $95,000

Employee training cost = $105,000

⇒Total cost = $ 435,000 + 95,000 + 105,000

                     = $635,000

⇒Total cost  = $635,000

Now,

As we have

Total Benefit in installation of ERP = $610,000

Total cost in installation of ERP = $635,000

⇒Net benefit = $610,000 - $635,000  = -$ (25,000)

∴ we get

If Aqua Marine install the ERP system , them they face loss.

So, They should not install the ERP system.

c.)

For Estimating software costs  - Systems specialist

For Estimating cost of loading data into the new ERP system  - Management          accountant  , Systems specialist

For Customize the ERP software  - Management accountant  , Systems specialist

For Estimating customization costs  - All team members

For Estimating  training costs - Human resource director

For Savings from more efficient order processing  - Systems specialist  , Management accountant

For Savings from streamlining the manufacturing process  - Plant engineer  , Plant foreman

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimating benefits and costs  - All team members

For Evaluating the effects of integrating purchasing, production, marketing, and distribution into a single system  - Plant foreman

For Estimating increase in sales from higher customer satisfaction  - Marketing director

For Estimate benefits and costs  - All team members

Suppose the demand function for good X is given by: where is the quantity demanded of good X, is the price of good X, and is the price of good Y, which is related to good X. Using the midpoint method, if the price of good X is constant at $10 and the price of good Y decreases from $10 to $8, the cross price elasticity of demand is about:_________

Answers

Answer:

Quantity demanded is -0.4

Explanation:

Quantity demanded is -0.4 if the prices decline from $8 to $10. The cross price elasticity is the change in quantity demanded for the goods when the price of other goods changes. The price change can be minor and the quantity demanded change can be high.

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records.
Cost of Goods Sold $ 65,000
Work-in-Process Inventory, Beginning 10,500
Work-in-Process Inventory, Ending 9,000
Selling and Administrative Expense 15,000
Finished Goods Inventory, Ending 15,000
Finished Goods Inventory, Beginning?
Direct Materials Used ?
Factory Overhead Applied 12,000
Operating Income 14,000
Direct Materials Inventory, Beginning 11,000
Direct Materials Inventory, Ending 6,000
Cost of Goods Manufactured 60,000
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Fisher, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials used?

Answers

Answer:

See below

Explanation:

Direct materials used = Cost of goods manufactured - work in process inventory, beginning - factory overhead applied - direct labor + work in process inventory, ending

= $60,000 - $10,500 - $12,000 - (1.5 × $12,000) + $9,000

=

Under absorption costing, which of the following costs would not be included in finished goods inventory?
Oa. variable and fixed factory overhead cost
Ob. variable and fixed selling and administrative expenses
Oc. direct labor cost
Od. direct materials cost

Answers

Answer: variable and fixed factory overhead cost

Explanation:

Economists develop models to A. capture every detail of the real world. B. justify the assumptions they make about%E2%80%8B people's behavior. C. make their arguments more realistic. D. help us understand economic phenomena in the real world.

Answers

Answer:

D

Explanation:

An economic model is a caricature of reality. It allows users to observe, understand and predict economic phenomena. Economic models don't capture every detail of the real world

Examples of economic models include :

the production possibility frontierthe Keynesian IS/LM modelthe Mundell-Fleming model.

The Production possibilities frontiers is a curve that shows the various combination of two goods a company can produce when all its resources are fully utilised.  

The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

The study of the role consumers play in a economic system is called what

Answers

Answer: Can i get OWA OWA

Explanation:

A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. Prior to buying the new equipment, the company used 6 workers, who together produced an average of 100 carts per hour. Workers receive $11 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $12 per hour, while output increased by 4 carts per hour. a. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity. (Round your answers to 3 decimal places.)

Answers

Answer:

A. Labor productivity before=16 cart per workers-hour

Labor productivity After=26 cart per workers-hour

B. Multifactor productivity Before=0.94 carts per hour

Multifactor productivity before=0.94 carts per hour

Explanation:

A. Computation of labor productivity under each system

Labor productivity Before=100 carts per hour/6 workers

Labor productivity Before=16 cart per workers-hour

Labor productivity After=(100 carts per hour+4 carts per hour)/4 workers

Labor productivity After=(104carts per hour /4 workers

Labor productivity After=26 cart per workers-hour

B. Computation of the multifactor productivity under each system.

Multifactor productivity Before=100 carts per hour/(6 workers*$11 per hour)+$40 per hour

Multifactor productivity Before=100 carts per hour/($66 per hour+$40 per hour)

Multifactor productivity Before=100 carts per hour/$106 per hour

Multifactor productivity Before=0.94 carts per hour

Multifactor productivity before=(100carts per hour + 4carts per hour)/(4 workers * $11 per hour$)+($40 per hour+12 per hour)

Multifactor productivity before=(104carts per hour /(4 workers * $11 per hour$)+($40 per hour+12 per hour)

Multifactor productivity before=(104carts per hour /($66 per hour+$52 per hour)

Multifactor productivity before=(104carts per hour /118per hour

Multifactor productivity before=0.94 carts per hour

Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $55,000, $65,000, and $80,000, respectively. In addition, work in process at the beginning of the period for Department 1 totaled $75,000, and work in process at the end of the period totaled $60,000.
The journal entry to record the flow of costs into Department 2 during the period for direct materials is:________.
A. Work in Process--Department 2 55,000
Materials 55,000
B. Work in Process--Department 2 150,000
Materials 150,000
C. Materials 55,000
Work in Process--Department 2 55,000

D. Work in Process--Department 2 100,000
Materials 100,000

Answers

Answer:

A. Work in Process--Department 2 55,000

Explanation:

The journal entry is shown below:

Work in Process - Department 2 Dr $55,000

         To Materials $55,000

(Being the recording of the flow of cost for the direct material is done)

Here the work in process would be debited as it increased the asset and credited the material as it decreased the asset

Therefore the first option is correct

The table shows the PPF of an island community. Choose the best statement.

Possibility Fish (pounds) Berries (pounds)
A 0 and 40
B 1 and 36
C 2 and 30
D 3 and 22
E 4 and 12
F 5 and 0

a. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff.
b. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient.
c. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch.
d. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.

Answers

Answer:

d. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.

TRUE, IF THEY WANT TO PRODUCE MORE FISH, THEY WILL PRODUCE LESS BERRIES

Explanation:

a. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff.

FALSE, THEY CAN GATHER 2 MORE POUNDS OF BERRIES  WITHOUT AFFECTING FISH

b. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient.

FALSE, THIS COMBINATION LIES ON THE PPF CURVE

c. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch.

FALSE, IT WILL HAVE TO LOSE SOME FISH

Atlantic Corporation reported the following amounts at the end of the first year of operations: Common stock $ 270,000 Sales revenue $ 940,000 Total assets $ 740,000 Dividends declared $ 65,000 Total liabilities $ 410,000 What are the retained earnings of Atlantic at the end of the year, and what amount of expenses were incurred during the year

Answers

Answer:

See below

Explanation:

According to the above information, Retained earning is

Sales revenue $940,000 - dividend declared $65,000 = $875,000

Retained earning is $857,000

Suppose two projects have the same expected business value. Project A has a very high estimated business value along with a high probability of failure. Project B has a much lower estimated business value along with a low probability of failure. If you could do only one of the projects, which one would you choose and under what conditions

Answers

Answer:

Project B has a much lower estimated business value along with a low probability of failure.

Explanation:

In order to do only one type of project that has the same business values. I would choose a project that has a low probability of failure. Though it has a low value but in the long run will lead to economic profit and shareholders value. For selection, we need to find out the benefits gained by the project.

If a person could choose only one project he must select Project B as it has a much lower estimated business value along with a low probability of failure.

What are the selection criteria for the project?

Project B would be a better option to choose as it is giving less risk to business as compared to Project B in terms of failure. However, the value of Project B is less but it has the potential to generate economic profits in the long run.

Therefore, by evaluating the cost and benefit from two projects shareholder's interest would be intact more through Project B.

Learn more about project managemnet here:

https://brainly.com/question/26266895

B) Suppose that regular raises at your job allow you to increase your annual payment by 5% each year. For simplicity, assume this is a nominal rate, and your payment amount increases continuously. How long will it take to pay off the mortgage

Answers

Answer:

Time period required to pay off the mortgage = 18 years            

Explanation:

Note: This question is incomplete and lacks necessary data to solve. But I have found that necessary data on the internet, which I have written down and solved the question accordingly.

Data Missing:

Buying Cost of House = $320000

Interest rate = 7%

Annual Mortgage Payment = $25525.8

Now, we are required to calculate the time period required to pay off the mortgage.

Solution:

Data Given:

Increase in annual payment percentage = 5%

So,

Formula:

P = C[tex]e^{A-i}[/tex] +  C[tex]e^{2(A-i)}[/tex] +   C[tex]e^{3(A-i)}[/tex]  + ........ + C[tex]e^{n(A-i)}[/tex]

Where,

P = Buying Cost of House = $320000

i = interest rate = 7% = 0.07

A = Increase in annual payment percentage = 5% = 0.05

C = Annual Mortgage Payment = $25525.8

P = C[tex]e^{A-i}[/tex] +  C[tex]e^{2(A-i)}[/tex] +   C[tex]e^{3(A-i)}[/tex]  + ........ + C[tex]e^{n(A-i)}[/tex]

In this formula, we have all the required things expect the value of n, which we have to calculate.

n = Time period required to pay the mortgage.

So,

$320000 = 25525.8 [tex]e^{0.05 - 0.07}[/tex] + 25525.8 [tex]e^{2(0.05 - 0.07)}[/tex] + 25525.8 [tex]e^{3(0.05 - 0.07)}[/tex] + ..... + 25525.8 [tex]e^{n(0.05 - 0.07)}[/tex]

Taking 25525.8 common,

320000 = 25525.8  ( [tex]e^{-0.02}[/tex] +  [tex]e^{-0.04}[/tex]  + [tex]e^{-0.06}[/tex] + .... + [tex]e^{-0.02n}[/tex] )

320000/25525.8  = ( [tex]e^{-0.02}[/tex] +  [tex]e^{-0.04}[/tex]  + [tex]e^{-0.06}[/tex] + .... + [tex]e^{-0.02n}[/tex] )

12.536 = ( [tex]e^{-0.02}[/tex] +  [tex]e^{-0.04}[/tex]  + [tex]e^{-0.06}[/tex] + .... + [tex]e^{-0.02n}[/tex] )

Taking e common:

12.536 = [tex]e^{-0.02 -0.04 - 0.06 + .... -0.02n}[/tex]

Taking Ln to solve for n, we get:

n = 17.89

n ≈ 18

n = 18 years

Hence, Time period required to pay off the mortgage = 18 years

Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning of 2018. The inventory as reported at the end of 2017 using LIFO would have been $70,000 higher using FIFO. Retained earnings at the end of 2017 was reported as $880,000 (reflecting the LIFO method). The tax rate is 34%.
Required:
1. Calculate the balance in retained earnings at the time of the change (beginning of 2013) as it would have been reported if FIFO had been used in prior years.
2. Prepare the journal entry at the beginning of 2013 to record the change in accounting principle. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Answers

Answer:

1. Adjusted net income = Ending inventory higher by amount * (1-Tax rate) = $70,000*(1-34%) = $70,000 * 66% = $46,200

Details                                                                                 Amount

Beginning retained earnings for the year 2017               $880,000

Add:  Adjusted net income                                               $46,200

Beginning adjusted retained earnings for year 2017  $926,200

2. Tax payable = Inventory * Tax rate = $70,000*34% = $23,800

Date   Account Titles and Explanation          Debit          Credit

           Inventory                                            $70,000

                 Retained earnings                                            $46,200

                  Tax payable                                                     $23,800

            (To record adjustment of ending inventory)

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