The journal entries of Oaktree Company on the purchase of new equipment and the given expenditures are stated below:
Describe a journal entry.A journal entry is used in the accounting record of a business to record a business transaction. Every journal entry contains details that are essential to a specific business transaction, such as the date, the amount to be credited and debited, a brief description of the transaction, and the accounts involved. Journal entries may be made in a subsidiary ledger and then rolled forward into the general ledger after being summarized.
(1)
Equipment A/c Dr. $71,890
To cash $3,790
To accounts payable $68,100
(To record the purchase of equipment)
Workings:
Equipment value:
= Purchase price + Sales tax + Freight charges for shipment of equipment + Installation of equipment
= 64,000 +4,100 + 890 + 2,900
= $71,890
Cash Paid:
= Freight charges for shipment of equipment + Installation of equipment
= 890 + 2,900
= $3,790
Accounts payable = Purchase price + Sales tax
= 64,000 +4,100
= $68,100
(2)
Prepaid Insurance A/c Dr. $1,090
To cash A/c $1,090
(In order to record any expenditures not capitalized in the purchase of equipment)
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The complete question is:
Oaktree Company purchased new equipment and made the following expenditures:
Purchase price $ 64,000
Sales tax 4,100
Freight charges for shipment of equipment 890
Insurance on the equipment for the first year 1,090
Installation of equipment 2,900
The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:
Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1) Record the purchase of equipment
2) Record any expenditures not capitalized in the purchase of equipment
TRUE/FALSE. with stable market demand for farm products, the demand will turn relatively small changes in output into relatively larger changes in agricultural prices and income.
With stable market demand for farm products, the demand will turn relatively small changes in output into relatively larger changes in agricultural prices and income. [TRUE]
Understand the Law of Supply and SupplyThe level of demand and supply for goods or services affect each other. They also affect the price of goods or services. As consumers demand more of a good, its price rises and more producers work to provide that good.
The more manufacturers offer a good, the supply increases, causing the price fell. In the reverse scenario, the price falls due to demand for something
product declines, causing fewer firms to produce that good.
When production falls, supply decreases, and prices rise back to equilibrium.
The theory of demand and supply is like a seesaw. When production increases and demand remains the same, the price of goods will decrease. Likewise, if the number of orders increases and inventory remains the same, the cost of goods will increase.
The law of demand and supply means that the seesaw will find a balance from time to time. When there is a change in demand or supply this will change the price, price changes affect demand and supply, creating a balance over time.
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A Lorenz curve refers to a graphic illustration of the share of population on the _______________ and the cumulative percentage of total income received on the __________________ .
1. left quintile; right quintile
2. right quintile; left quintile
3. horizontal axis; vertical axis
4. vertical axis; horizontal axis
The Lorenz curve shows the cumulative share of population on horizontal axis and cumulative percentage of total income received on the vertical axis.
A Lorenz curve is a graphical representation of a population's income or wealth distribution. It is named after economist Max Lorenz, who introduced the concept in 1905. The Lorenz curve is plotted on a graph with the cumulative percentage of the population on the vertical axis and the cumulative percentage of total income received on the horizontal axis.
The curve illustrates the distribution of income or wealth in a population, to show the extent to which the distribution is unequal. For example, a perfectly equal distribution of income or wealth would be represented by a straight line on the graph, while a more unequal distribution would be represented by a curve that is farther from the straight line.
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FILL IN THE BLANK. Before committing to creating a team, the organization should do a __________ analysis to evaluate the work and see if a team is appropriatea. taskb. processc. skilld. job
The right answer is A. The organization should perform a task analysis to assess the work and determine whether a team is appropriate before committing to create one.
What exactly does task analysis entail?Task is the methodical examination of how users carry out tasks in order to accomplish their objectives. This information guarantees that goods and services are created to effectively and adequately support those objectives.
What are some task analysis examples?Daily living skills like tooth brushing, bathing, clothing, preparing meals, and carrying out various domestic duties are among the abilities taught utilizing a task analysis (TA).
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Patricia missed the April 30th due date in filing her tax return for the first time. Eventually, she
filed her tax return 6 months after the due date.
How much fines (total for both penalty and interest) will Patricia pay on her taxes owing of
$1,000 to CRA?
The fines (total for both penalty and interest) will Patricia pay on her taxes owing of $1,000 to CRA will be $30.
What is a Tax?A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Taxes differ from other sources of revenue in that they are compulsory levies and are unrequited—i.e., they are generally not paid in exchange for some specific thing, such as a particular public service, the sale of public property, or the issuance of public debt.
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the following matrix shows relative costs for various job-machine combinations. assume there must be one-to-one matching between jobs and machines. which set of pairs constitutes the minimum-cost solution using the assignment method? machine a b c job 1 $ 6 0 0 2 0 3 4 3 0 1 2 multiple choice 1-a, 2-c, 3-b 1-a, 2-b, 3-c 1-b, 2-c, 3-a 1-b, 2-a, 3-c 1-c, 2-a, 3-b
A relative cost is the cost of a thing or service relative to another, or the comparison of two costs. The ratio between the prices of any two items or the ratio.
between the price of one good and the price of a market basket of goods can be used to represent a relative cost. (a weighted average of the prices of all other available in the market). The study of how economic agents respond to changes in relative prices and how that behavior affects relative cost is known as microeconomics. The variation and shift in relative prices may also be a reflection of productivity growth .Displaystyle P is the relative price of the good or service rather than the nominal price in the demand equation displaystyle Q=f(P)displaystyle
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Significant differences exist between fund financial statements and government-wide financial statements. Which of the following is not one of these differences?
Fund financial statements do not include a statement of cash flows, but a statement of cash flows is required for the government-wide financial statements. The correct answer is c.
Financial statement in business term is defined as records of all financial activities in any organization, corporation, or government entity. Financial statement consists of 4 parts namely balance sheet, income statement, cash flow statement, and equity statement. Financial statement is used as a measurement of the overall financial condition of a company, organization, or government entity. A financial statement should be prepared and presented with a standardization using Generally Accepted Accounting Principles (GAAP) in order for it to be easily read and understood by all who will be reading and using the information.
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Your question is incomplete, but I suppose the full question was:
"Significant differences exist between fund financial statements and government-wide financial statements. Which of the following is not one of these differences?
a. Certain fund financial statements may be prepared using the current financial resources measurement focus, but government-wide financial statements are prepared using the economic resources measurement focus.
b. Fund financial statements focus on reporting major governmental and enterprise funds, but government-wide financial statements focus on reporting the government as a whole.
c. Fund financial statements do not include a statement of cash flows, but a statement of cash flows is required for the government-wide financial statements.
d. Fiduciary funds are included in fund financial statements, but not included in government-wide financial statements.
e. Discretely presented component units are reported in government-wide financial statements, but not in fund financial statements."
during year 1 yvoon december 31 2020, pearl inc has a mahcine with a book value of 1353600. the original cost and related accumulated depreciate at this date are as follows. machine 1872000 less: accumulated depreciation 518400
The total amount of depreciation expense paid for each capital asset since the time it was used by a business is called accumulated depreciation.
It basically refers to the total amount of an asset's depreciation throughout its lifespan.
How would we work out gathered devaluation?The accumulated depreciation is the sum of all depreciation since the purchase, while the depreciation expense is the amount recognized each period. Contra assets include the accumulated depreciation account because it is a credit-balanced asset.
31st August 2021 Cash $498,800
Accumulated Depreciation - Machine ($417,600+ $46,400) $464,000
Loss on Disposal of Machinery ($1,508,000 – $464,000 – $498,800) $545,200
Machinery $1,508,000 (To record loss of machine)
Depreciation Expense ($69,600*8/12) $46,400
Accumulated Depreciation - Machine $46,400 (To record current dep.)
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Full Question = during year 1 yvoon December 31 2020, pearl inc has a mahcine with a book value of 1353600. the original cost and related accumulated depreciate at this date are as follows. machine 1872000 less: accumulated depreciation 518400? How would we work out gathered devaluation?
One of your clients wants to set aside some money for her ne'er-do-well nephew, who just turned 30. She does not wish his numerous creditors to have access to the money until after she dies, but she wants him to have easy access to the money at that time. You recommend that she open a:
A) TOD registration on an account in her name.
B) custodial account.
C) TIC account.
D) joint tenants with rights of survivorship account.
Option A is correct that is TOD registered on the account in his name.
Transfer on death (TOD) allows a person to receive assets at the time of their beneficiary's death without going through probate. This option also allows the banker or security owner to specify the percentage of assets that each individual receives, which will help the manager allocate assets after he dies.
With the transfer of death registration, the beneficiary does not have access to or control of the person's estate as long as the person is alive. A variation of the design die is often used for brokerage accounts, stocks, bonds, and other investments.
The transfer of death is a simple and easy process. It involves filling out a list of the person or persons to whom the account holder wishes to have the account and assets transferred. When the owner dies, the assets are transferred according to the fact of death and identity.
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Respond to all parts of the question. In your response, use substantive examples where appropriate.Source: Leigh Angres and Jorge Salazar, "The Federal Budget in 2017," Congressional Budget Office, March 2018.
Use the chart to answer the following questions.
A. Identify the category with the largest amount of mandatory spending, according to the chart.
B. Describe the difference in spending between the mandatory and discretionary categories, according to the chart
Existing laws require mandatory spending, commonly known as direct spending. Spending of this kind also includes payments to individuals, organisations, state and municipal governments, as well as financing for entitlement programmes like Medicare and Social Security.
What constitutes the bulk of obligatory spending?
The majority of spending on mandatory items goes toward entitlement programmes, which are social welfare initiatives with predetermined criteria. For entitlement programmes, Congress determines who is eligible and what benefits are provided.
Mandatory expenditure typically, but not always, is ongoing; it happens every year absent a change in the underlying law that supplies the cash. Conversely, Congress must take action each year to authorise the financing for discretionary spending through an appropriations bill.
There is no need for Congress to vote each year to approve this kind of spending. Spending discretionary money is the second important category. Spending can be classified as either required or discretionary depending on whether it is governed by current law or put to a vote during the annual appropriations process.
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deploy at least three machine learning models (or two models if you are in a groupe of 2) and evaluate their performance.
Three machine learning models are supervised, unsupervised and reinforcement learning models.
Programs that have been trained to identify patterns in new data and predict outcomes are known as machine learning models. These models can be thought of as mathematical functions that take input data as requests, process that data to produce predictions, and then output the results.
Supervised learning, in which input data is known as training data and has a predefined label or outcome as an output, is the simplest machine learning paradigm to understand. It therefore relies on the concept of input-output pairs.
It is important to create a function that can be trained using a training set of data before being used on uncertain data in order to undertake prediction. Using labeled data sets, task-based supervised learning is examined.
Unsupervised Instead of using supervised learning, machine learning models use unsupervised learning, which enables the model to learn from the unlabeled training data.
Based on the unlabeled dataset, the model predicts the outcomes. Unsupervised learning enables the model to independently find hidden patterns in the dataset without outside assistance.
A succession of starting states that eventually lead to the goal state are learned by the algorithm in reinforcement learning. It is a learning model that gathers feedback signals after each state or action by interacting with the environment.
The agent's goal is to increase performance by maximizing the positive rewards. This criticism serves as compensation (positive for each good action and negative for each bad action).
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carla vista company produces and sells automobile batteries, the heavy-duty hd-240. the 2022 sales forecast is as follow
The budget for Carla Vista a company producing and selling batteries is shown below:
The production budget is the budget prepared to identify the number of units to be produced to satisfy the upcoming product sales demand by keeping in mind the target amount of closing stock.
Particulars / Units 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year
-
Units to be sold 5,000 7,000 8,000 10,000 30,000
Add: Closing Stock 2,800 3,200 4,000 2,500 2,500
Less: Opening Stock 2,000 2,800 3,200 4,000 2,000
Units required to be produced 5,800 7,400 8,800 8,500 30,500
Closing stock of 4th quarter = 5000 x 125% x 40% = 2,500 units
Opening and Closing Stocks in the "Year Column" reflect the inventory at the beginning and at the end of the year.
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5. is the added cost of doing something one more time. in the context of production, is the change in total cost generated by producing one more unit of output.
The difference in total cost caused by creating an additional unit of output is known as the marginal cost in the production context.
- The term "marginal cost" describes how the development of more product units raises production costs. It is sometimes referred to as the manufacturing marginal cost. Businesses can examine how volume created affects cost and eventually earnings by figuring out the marginal cost.
- What it costs extra to develop a new good is its marginal cost. Say, for illustration, that it costs $100 to produce 100 automobile tires. One additional tire would cost $80 to produce. What it costs to produce one additional unit of an item or service is known as the marginal cost. The production costs determine the marginal cost.
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tara corp. uses the equity method of accounting for its 40% investment in flax, inc.'s common stock. during 20x9, flax reports earnings of $750,000 and pays dividends of $250,000. assume that: all the undistributed earnings of flax will be distributed as dividends in future periods. the dividends received from flax are eligible for the 80% dividends-received deduction. there are no other temporary differences. tara's 20x9 income tax rate is 30%. enacted income tax rates after 20x9 are 25%. in its december 31, 20x
Due to the firm adopting SFAS No. 109 during this period, the deferred tax obligation ending balance in this situation matches the change in the deferred tax liability for the period. A company's balance sheet will display a deferred tax liability for any taxes that are due but won't be paid until a later time.
The discrepancy in time between when the tax is required to be paid and when it was accrued, has caused the liability to be delayed. For instance, it could represent a taxable transaction, like an instalment sale, that occurred on a specific day but for which the taxes are not payable until a later time.
In the given question, the amount of investment income that is anticipated to be taxable in the future using enacted tax rates causes a change in the deferred tax liability. $10k =0.25(0.20)(0.40)($750,000 - $250,000) is the sum.
The entire future earnings discrepancy between tax and book accounting is ($750,000 - $250,000). The.20 denotes the percentage of income that will ultimately be taxed, and the.25 is the actual tax rate that will be implemented. The percentage ownership equals.40. Based on recent transactions, the final figure, $10,000, is the estimated future tax liability.
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underwriting new securities issuance requires that the investment bank: multiple choice buys the issue at a certain price and then sells it in the secondary market. provides its best effort to sell the securities and the unsold portion goes back to the issuer. purchases securities in the secondary market when they are undervalued. buys the issue at a certain price and then sells it in the primary market.
A bank is a type of financial entity that lends money while both taking deposits from the general public and generating demand deposits. [1] The bank can carry out lending activities directly or indirectly by using capital
Because bank are crucial to the financial stability and economic health of a nation, they are subject to intense regulation in most jurisdictions. The majority of nations have institutionalized the fractional reserve banking system, in which banks keep liquid assets that are only partially equivalent to their current liabilities. Banks are typically subject to minimum capital requirements based on an international set of capital rules, the Basel Accords, in addition to additional restrictions meant to ensure liquidity.
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the mm theory with taxes implies that firms should issue maximum debt. in practice, this does not occur because: question 10 options: debt is more risky than equity. bankruptcy is a disadvantage to debt. the weighted average cost of capital is directly related to the debt-equity ratio. the weighted average cost of capital is inversely related to the debt-equity ratio. u.s. regulations require the debt-equity ratio of publicly-traded firms to be in the range of .3 to .7.
The MM Theory with taxes implies that firms should issue maximum debt. In practice, this is does not true because Bankruptcy is a disadvantage to debt.
A principle is a rational form of abstract considering a phenomenon, or the consequences of such questioning. The procedure of contemplative and rational questioning is often associated with such procedures as observational observe or research. Theories may be medical, belong to a non-clinical subject, or no subject in any respect. relying at the context, a theory's assertions may, as an instance, consist of generalized explanations of how nature works. The phrase has its roots in ancient Greek, however in present day use it has taken on numerous associated meanings. In cutting-edge science, the term "idea" refers to clinical theories, a well-confirmed kind of explanation of nature, made in a manner regular with the scientific approach, and pleasant the standards required by modern-day technology.
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When performing a compilation of pro forma financial information (pffi) for a nonissuer, the accountant ______
The pro forma statement's predicted balance of financial account is most directly impacted by the dividend policy.
What sort of a policy is this?The world is full with regulations; for examples, some families have the directive, "No TV till school is out." Policies are developed by organizations and agencies to guide how they conduct business. In retailers, there are return regulations. In the workplace, sick day regulations are typical.
What adage best describes a policy?a state or other institution's policy, rule, procedure, administrative move, inducement, or voluntarily adopted custom. When used critically, policies can influence complex systems and enhance the health and safety of a people.
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which of the following is not an objective when considering pricing options for a product or service, for the long-term?
It is not a long-term goal to participate in constant price competition with your rivals when deciding how to price a good or service.
What objectives does a competitive pricing strategy seek to achieve?The technique aims to increase traffic to your company by pricing some of your products lower than competitors. Once customers make their low-cost purchase in a physical store or online store, the goal is to entice the potential customer to more lucrative products.
Which pricing method ought you to employ throughout the long run?The cornerstone of this long-term pricing strategy is to set your price at the same level as your rivals and competitors. Following that, the business will compete on various fronts, such as convenience, customer service, or after-sale service.
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Because of the changing population trends in the United States, the chances of____ conflict may increase.
Because of the changing population trends in the United States, the chances of intergenerational conflict may increase.
Intergenerational war refers back to the collective anxiety, strain, and antagonism between older and younger generations over what constitutes the truthful distribution of public resources across age corporations. Intergenerational cultural dissonance (ICD)—a clash among parents and youngsters over cultural values—takes place so usually amongst immigrant households that it's miles regarded as a normative revel in (Lee et al. 2005; Sluzki 1979; Ying et al. 1999).
Intergenerational war performs a key position inside the struggle attitude of getting older. This social theory shows that battle between older and younger generations takes place as they compete for resources and jobs.
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we are interested in the relationship between gdp and the unemployment rate, so we run the following regression: log(gdp)
Regression analysis can be used to accurately identify the factors that influence a certain topic of interest.
Regression analysis: what does it show?Regression analysis is a reliable method for determining the variables that affect a certain problem. Regression analysis gives you the ability to precisely pinpoint the factors that are most crucial, those that may be disregarded, and the connections between these elements.
Linear models are the most widely used and user-friendly types. If your dependent variable is continuous, linear regression is often the first type you should take into account. There are a few distinct options offered for linear regression.
What connection exists between the GDP and unemployment?It basically argues that if GDP grows quickly, the unemployment rate decreases, growth is very low or negative, the unemployment rate increases, and growth is equal to potential, the unemployment rate does not change. This theory was put forth by economist Arthur Okun in 1962.
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when a company is developing new offerings, marketing may provide staff to serve as part of a(n) blank, joining others from different departments who are mutually accountable to this task.
When company is developing new offerings, the marketing may provide staff to serve as part of a strategic business unit.
What is a strategic business unit?A profit center that prioritizes product offerings and the market segments is known as a strategic business unit (SBU) in business strategic management. Even though they might be a part of a bigger company organization, SBUs often have a separate marketing strategy, competitor analysis, and marketing campaign. Business units within larger corporations, businesses operating independently, and branches can all be considered SBUs. Multiple SBUs that are each accountable for their own profitability can make up the corporations. A company with this kind of organizational structure is the General Electric (GE). SBUs have control over majority of the variables that determine their performance. When referring to SBUs or a group of SBUs that have these qualities, businesses today frequently use the words segmentation or division.
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The CARES Act of 2020 increased disposable income by $600 billion. If consumers spent $400 billion of those income transfers immediately. Instructions: In part a, round your response to two decimal places. In part b, round your response to the nearest whole number. a. what was the MPC? b. how much stimulus would those income transfers ultimately provide? $ billion Help Save & Exit
(a) If the consumer spends $400 Billion of that income then the MPC is 0.67
(b) Ultimately, such income transfers will produce a stimulus of $1,818 billion.
The marginal propensity to consume (MPC) measures how much a customer will spend more on consumption as their income rises. MPC is the shorthand for the change in consumption brought on by a change in income.
MPC is the product of changes in income and consumption.
Multiplier = 1 / (1 - MPC)
The entire impact of additional income on the economy is calculated using a multiplier; to put it simply, an increase in income of $600 billion results in a greater increase in the money supply of the economy.
Due to the CARES act of 2020, there will be more money available—YD = $600.
Consumption rises by $400 as disposable income increases.
(a) MPC = Change in consumption / Change in income
MPC = 400/600 = 0.67
(b) Multiplier = 1 / (1 - MPC)
Multiplier = 1 / (1 - 0.67) = 3.03
Effect of additional income in economy = Additional income x Multiplier
Effect of additional income on economy = 600 * 3.03 = $1,818 billion
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_____ is a supply chain risk management strategy used in limiting or offsetting the probability of loss from fluctuations in the prices of commodities or currencies.
D) One example of a liability that budgetary control should ignore when assessing a project's risk is threats of state non-approval of the project.
What exactly is a project?A project is nothing more than a collection of tasks that need to be completed in order to reach a specific objective. An alternate way to define a project is as a set of inputs and outputs required to achieve a particular goal. The size and complexity of a project can be managed by one worker or one hundred.
Why is it a project, and what qualifies?As a result, the word "project" originally meant "before an action." The word's initial use in English made reference to a plan for rather than the.
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Select all that apply
Larry purchases land to be used for a new corporate headquarters. Which of the following items are capitalized in the cost of land?
Grading the land
Current year's property taxes
Legal fees to secure title
Costs to remove an old building
Title insurance
Larry purchases land to be used for a new commercial headquarters. The items for which Capitalization happens include options a, c, d and e
This includes costs to remove an old building, legal fees to secure the title, title insurance, and grading the land.
Cost is the loss or penalty incurred especially in gaining something.
Cost capitalization refers to the practice of not recognizing the cost of a fixed asset, tangible or intangible, in the period it was incurred but rather expensing it over a period of time through depreciation or amortization, respectively.
With capitalized costs, the financial value will not leave the company with the purchase of an item, as it is retained in the form of a fixed or intangible asset.
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SWOT analysis is not a subjective process.
True
False
SWOT analysis is not a subjective process. The statement stated above is False.
What do you mean by Analysis?An analysis is significant because it arranges and interprets data before structuring it into presentable knowledge that is applicable to practical applications.
A subjective evaluation of facts that is logically arranged according to the SWOT structure to aid in understanding, presentation, discussion, and decision-making is known as a SWOT analysis.
Internal elements, such as strengths and weaknesses, rely on the goal, project, or initiative under analysis. What is a strength for one purpose or project could be a drawback for another since it is subjective to the chosen objective.
Therefore, The statement is false. A SWOT analysis is a subjective assessment of data.
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economics is the study of choice under conditions of scarcity. as individuals, and as a society, we have unlimited desires for goods and services. unfortunately, the resources needed to produce those goods and services are scarce. therefore, we must choose which desires to satisfy and how to satisfy them. economics provides the tools that explain those choices question 5 options: argument nonargument.
It is an argument that economics is the study of choice under conditions of scarcity. as individuals, and as a society, we have unlimited desires for goods and services.
Economics is the study of how individuals divide up finite resources between individual and group uses for production, distribution, and consumption.
Economics has two subfields: macroeconomics and microeconomics.
Efficiency in exchange and production is the main focus of economics.
Both the Consumer Price Index (CPI) and the Gross Domestic Product (GDP) are frequently used economic statistics.
The performance of a nation's economy is described by economic indicators.
People can better grasp their surroundings by studying economics. It enables people to comprehend individuals, organizations, markets, and governments, and as a result, better respond to the challenges and possibilities that arise when things change.
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given that a structure named money has been declared, declare the following variables of that type: revenue, expenses, and profit.
Struct Money revenue, expenses, profit; For both business owners and stock investors, the two most crucial metrics to pay attention to are revenue and profit.
Profit is the money that remains after expenditures have been paid; revenue is the entire amount of money that the business has made in a certain period.
For certain businesses, markups and efficiency are so great that the gap between revenue and profit is minimal. A net profit of 2% or 3% for other, more capital-intensive enterprises is considered a successful year.
A "structure declaration" provides a type and a series of variable values (called "members" or "fields" of the structure) that can be of various kinds. An optional identifier, known as a "tag," provides the structure type's name and can be used in subsequent references to the structure type.
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in which of the following situations would you not likely find the use of an agent effective in negotiations?
In a relaxed situation we would not likely find the use of an agent effective in negotiations. Agents are not needed if by going through agents our steps become more difficult.
An agent is a dealer who on behalf of a certain company sells goods and services produced by that company. Another opinion says that the meaning of an agent is an institution that carries out trade through the provision of goods or services or special functions related to the sale or distribution of goods. However, they do not have the right to own the traded goods. In general, goods or services sold by agents are the result of the production of only one company and the price of products sold by agents is also determined by the manufacturer. Agents are often thought of as brokers or distributors, but the two are actually different.
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a perfectly competitive market is in long-run equilibrium. at present there are 100 identical firms each producing 5000 units
When a sudden increase takes palce in the demand curve for the perfectly competitive market's product, in the short run the typical firm increases its output and makes an above normal profit (A).
Please refer to the graph attached below for ilustration and better undertanding.
Initally, a perfectly competitive market's equilibrium price lies in the intersection between the firm's MC and MR curves. This condition makes the typical firm has zero economic profit.
When a suddent increase takes place in the demand curve and rise the product's price to $24, the market demand curve shifts to the right. In the short run, the typical firm will try to produce the product at the output level where its supply curve meets with the new demand curve on point Q2.
The typical firms will also increase slightly in its average total costs since the ATC curve is in a U-shape. The shift in demand curve will rise the MR curve to a new place, MR'. The typical firm will earn above normal profit from this shifting, equals to the triangle area made between MC curve, MR curve and MR' curve.
However, in the long-run this profit will attract more competitors to enter the market. Since perfectly competitive market has low entry barrier, new competitor can easily enter the market and shift the supply curve to the right, S'. The entry of new competitors will bring the price back to its long-run equilibrium price but with greater amount of output level.
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Complete Question:
A perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost. Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $24. Which of the following describes the effect of this incrase in demand on typical firm in the industry?
a. In the short run the typical firm increases its output and makes an above normal profit
b. In the short run the typical firm's output remains the same but becacuse of the higher price its profit increases
c. In the short run the typical firm increases its output but its total cost also rises. Hence, the effect on the firm's profit cannot be determined without any information.
d. In the short run the typical firm increases its output but its total cost also rises, resulting in no change in profit.
the proposition that if transaction costs are low enough, then the private market can achieve an efficient outcome regardless of which of the affected parties hold the property rights, is known as the: quizlwet
The pro-position that if trans-action costs are low enough, the private mark-et can achieve an efficient out-come regard-less of which of the affected parties hold the property rig-hts is known as the: - Coase theorem.
What Is the Coase Theorem?The Coase Theorem is a legal and eco-nomic theory developed by econo-mist Ronald Coase regarding pro-perty rights, which states that whe-re there are complete comp-etitive markets with no trans-action costs and an efficient set of inputs and out-puts, an optimal deci-sion will be selected.
It basic-ally asserts that bargain-ing between indivi-duals or groups related to pro-perty rights will lead to an opti-mal and efficient out-come, no matter what that out-come is.
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according to the great austrian economist, joseph schumpeter, oligopolistic industries are major forms of innovation.
A marketplace is once many corporations exert important management over a given market. Together, these corporations could manage costs by colluding with one another, ultimately providing noncompetitive costs within the market.
Oligopoly markets are markets dominated by a little variety of suppliers. they'll be found in all countries and across a broad variety of sectors. Some marketplace markets are competitive, whereas others are considerably less therefore, or will at a minimum seem that manner.
Oligopolies occur once a small variety of companies conspire, either expressly or implicitly, to limit output or fix costs, so as to attain on top of traditional market returns. Oligopolies will be contrasted with monopolies wherever only 1 firm exists as a producer.
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