The per square foot direct material cost is $25.00.
How do you calculate the direct materials cost?The following equation is used to determine the direct labor standard:
Basic pay plus payroll tax is the direct labor norm.
This is equivalent to:
Basic wages plus 22% of Basic wages is the direct labor norm.
Basic pay is $20 per hour.
Payroll tax equals 22% (0.22 of the base salary).
As a result, we have:
Putting the values in the equation as substitutes:
Direct labor norm is $20 plus $0.22 times $20, or $20 plus $4.
$25.00 is the direct materials cost.
What does "direct material cost" mean?The price of the components and raw materials needed to make a product is referred to as the direct material cost. The finished item must make the materials evidently identifiable (otherwise they are considered to be joint costs).
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maxim has already spent $30,700 to manufacture a hamster food product called green health. maxim currently has 10,000 bags of green health on hand that can be sold for $94,480. alternatively, maxim can process it further into a different product, premium green, at an additional cost of $6,350. if maxim processes further, the premium green can be sold for $102,900. this would result in revenue of:
If maxim processes further, the premium green can be sold for $102,900. this would result in revenue of: $ 2070
Calculation of Incremental Income if Process Further
Sell As is Process Further Incremental amount
Sales Revenue 94480 102900 8420
Additional Expenses 0 -6350 -6350
Net income 94480 96550 2070
Incremental income = $ 2070
Revenue is the entire quantity of profits generated through the sale of goods and offerings associated with the primary operations of the commercial enterprise. industrial sales will also be known as sales or as turnover. a few organizations get hold of revenue from hobby, royalties, or different costs
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governments usually regulate monopolies when the costs associated with the production of an essential good or service are relatively and it may not make sense to have multiple firms duplicating these costs.
Governments usually regulate monopolies when the fixed costs associated with the production of an essential good or service are relatively large and it may not make sense to have multiple firms duplicating these costs.
A government is the gadget or organization of people governing an prepared community, typically a kingdom. inside the case of its huge associative definition, government typically includes legislature, govt, and judiciary.
A central authority is the gadget to govern a kingdom or network. The Columbia Encyclopedia defines authorities as "a device of social control under which the right to make laws, and the right to put in force them, is vested in a particular group in society".
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question content area norfolk sporting goods purchases merchandise with a catalog list price of $30,000. the retailer receives a 30% trade discount and credit terms of 2/10, n/30. what amount should norfolk debit to the inventory account? a.$30,000 b.$21,000 c.$29,400 d.$20,580
The retailer gets a 30% trade discount and credit terms of 2/10, n/30. Norfolk should debit the Inventory account for $20,580. Here option D is the correct answer.
The financial plan that is anticipated to be acquired in the accounting period is referred to as a merchandise buy. The management want to acquire this financial budget for the forthcoming season of the year.
The trade discount will be multiplied by $30000 to arrive at $9000, which will be used to calculate the amount that will be debited to the inventory account. The $30000 list price would be deducted in this instance. The result of multiplying $21000 by the credit account will be a final sum of $420. This would be deducted by $21,000, leaving a $20580 negative on the inventory account.
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at a meeting in otto's office, three of his colleagues agree that the plan for a new advertising campaign is correct as it is. as a result, he feels the pressure to get the plan out today and agrees. otto's behavior illustrates:
Advertising is effective at attracting the attention of persons who feel they don't need those products. The implication is that advertising conducts the work of getting the produced goods well-known.
and convincing it of its necessity. Information on this source text Source text necessary for further translation details Send criticism lateral panels Today technological development has brought people all over the world closer to each other. Distance means nothing anymore. All these reasons have made man more ambitious. In today's market-oriented society, consumerist culture is on the rise. In such a situation, advertising is doing the work of establishing a relationship between the consumer, the society and the production.
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The Central Bank has raised its reserve requirements from 10% to 12%. If Southern Bank finds that it is not holding enough in reserves to meet the higher requirements, then it will likely:
Question 22 options: a) keep track of whether money is flowing in or out of the bank. b) borrow overnight from other commercial banks. c) buy bonds to increase the size of its reserve assets. d) reduce the quantity of money and loans on the balance sheet.
The Central Bank has raised its reserve requirements from 10% to 12%. If the Southern Bank finds that it is not holding enough in reserves to meet the higher requirements, then it will likely borrow for the short term from the central bank. The Option B is correct.
What is a Reserve requirement?A reserve requirement, basically means the amount of funds that a bank must holds in reserve to ensure that it is able to meet liabilities in case of sudden withdrawals. In other word, it is the required cash that banks must have in their vaults or in Federal Reserve bank in line with deposits made by their customers.
Whenever a bank have lower than the reserve requirements, then, it is most likely that it will borrow for the short term from the central bank for meet the requirement.
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traditional media outlets such as newspaper, radio, and television occupy the majority of a sport public relations professional's time whereas social media management is generally the responsibility of the sport marketing professionals. a. true b. false
Traditional media outlets such as newspaper, radio, and television occupy the majority of a sport public relations professional's time whereas social media management is generally the responsibility of the sport marketing professionals.
The given statement is False.
Explain in detail.
The primary distinction between the two is that whereas public relations outcomes are obtained through the distribution of news releases and pitches to the media, advertising space is compensated. For instance, you must purchase online banner advertising space, but you can propose a story to a news organization.Give numerous justifications for why ticket sales promotions used by team sport marketers to increase ticket sales must be deliberate and cautious. because sales promotions play a crucial role in positioning a product in consumers' minds. There are two types of sales promotions: price discounts and non-price promotions.To know more about Sports here
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A job interview is sometimes viewed as a test to guess the right answers, or as an interrogation where you have to defend your background and skills. However, an interview should be thought of as an opportunity to ________.A) say the right thingB) share informationC) sell yourselfD) showcase your skillsE) persuade
A job interview is sometimes viewed as a test to guess the right answers, or as an interrogation where you have to defend your background and skills. However, an interview should be thought of as an opportunity to share information.
information economics or the economics of records is the department of microeconomics that studies how data and statistics structures have an effect on an economy and monetary choices. records economics is officially related to the game concepts as two special styles of video games that may follow, which include games with ideal records, entire statistics, and incomplete facts. Experimental and recreation-theory methods were advanced to model and test theories of facts economics, such as potential public-policy packages which include mechanism layout to elicit information-sharing and in any other case welfare-enhancing behavior.
An instance of game theory in practice would be if potential personnel are going for an identical promotion at work and are speaking with their employees about the job. but, one employee may additionally have greater facts approximately what the position might entail than the alternative.
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who is affected when a pigouvian tax is imposed on a market with a negative production externality?
A Pigovian charge is expected to burden the maker of labor and products that make unfavorable secondary effects for society. Financial analysts contend that the expenses of these negative externalities, like ecological contamination, are borne by society instead of the maker.
What happens when a Pigouvian charge is forced?
At the point when Pigouvian charges are forced, the inventory of the monetary action delivering the negative externality will diminish. In this manner, the amount requested will diminish, while the cost will increment.
What happens when you charge a negative externality?
Government can assume a part in diminishing negative externalities by burdening merchandise when their creation produces overflow costs. This tax collection actually expands the expense of delivering such merchandise.
When a duty is forced on a market with a negative externality the market is?
At the point when a negative externality is available in a market, when a portion is forced, it is: Not proficient, on the grounds that people net advantage from the sum set by the share are unique.
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after buying green bananas or unripe avocadoes, they can be kept in a brown bag to ripen. the hormone released by the fruit and trapped in the bag is probably:
When fruits are kept in a bag to ripen, the hormone released by the fruit and trapped in the bag is most likely ethylene. Therefore, the option 3 holds true.
Ripening of a fruit can be referred to or considered as a process wherein the fruits fall from the trees without being completely edible, then they turn edible due to certain natural or artificial methods being followed. In the process of ripening, the fruits release a hormone during the process, which is most likely the hormone of an ethylene.
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Complete questions.
After buying green bananas or unripe avocadoes, they can be kept in a brown bag to ripen. The hormone released by the fruit and trapped in the bag is probably:
Your Choice
1 abscisic acid
2 cytokinin
3 ethylene
4 gibberellic acid
which general objective for assessing online advertising effectiveness makes use of the metric of the profile of website visitors?
Utilizing the statistic of website visitor profiles allows for the general purpose of user targeting when evaluating the efficacy of online advertising.
What does website traffic metric mean?A number of measurements are conducted on a certain website to better track its performance and statistics, and these measurements are known as website metrics. Monitoring these figures is essential
What is SEO and web traffic metrics?The SEO Traffic KPI measures the number of visits to your website that are the result of organic or paid search traffic. By coupling web visit metrics with goal-completion metrics, you get a complete picture of your SEO performance.
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f $500,000 par value bonds with a carrying value of $499,000 are redeemed at 103, the company will record a
$13,970 gain.
$1,497 gain.
$16,000 loss.
$14,970 loss.
F $500,000 par value bonds with a carrying value of $499,000 are redeemed at 103, the company will record a $16,000 loss
($500,000 × 1.03 = $515,000; $515,000 > $499,000)
What is the value of a bond?Bond valuation is a method for figuring out a certain bond's hypothetical fair value. Bond valuation comprises figuring out the face value or par value of the bond as well as the present value of the bond's future interest payments, commonly referred to as its cash flow or future value.
Depending on your situation, savings bonds might make a smart addition to your retirement investment portfolio. However, due of the guarantees provided by the government, interest rates are frequently low. Over time, other investments, including stocks, typically outperform savings bonds.
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If the economy is experiencing high rates of inflation due to a new housing bubble, what effects would an expansionary monetary policy have on the economy?.
Both unemployment and inflation would decline as a result.
What is inflation?A significant increase in the price of goods and services throughout an economy is referred to in economics as "inflation." An increase in the general price level reduces the amount that each unit of currency can buy in terms of goods and services, lowering the purchasing power of money. Because of this, inflation is a result of higher prices overall. Deflation is the opposite of inflation and refers to a steady decline in the level of prices for goods and services. The most common inflation indicator is the annualized percentage change in a general price index, also known as the inflation rate. Because price increases are not constant, the consumer price index (CPI) is frequently used in this context. Utilizing the employment cost index, American wages are determined.
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rawlings purchased a typewriter from kroll typewriter co. for $600. at the time of the purchase, he made an initial payment of $75 and agreed to pay the balance in monthly installments. a security agreement that complied with the ucc was prepared, but no financing statement was ever filed for the transaction. rawlings, at a time when he still owed a balance on the typewriter and without the consent of kroll, sold the typewriter to a neighbor. the neighbor, who had no knowledge of the security interest, used the typewriter in her home. could kroll repossess the typewriter from the neighbor
Kroll cannot repossess the typewriter from the neighbor.
A typewriter is a machine designed to type on paper rather than handwriting. There are keys for entering letters, numbers, and symbols simultaneously. The typewriter was made in 1829. Typewriters were originally invented to speed up writing and printing.
The typewriter facilitated the spread of organizational management by reducing the time and cost of writing documents. It enabled the communication systems that shape the business world. The use of typewriters is increasing because the work done by them is accurate, clean, and fast. Your work will look better and work faster. It also creates clean, readable writing and facilitates copy counts.
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if we are given an interest rate quoted on a bank discount basis for a particular money market instrument, then we can calculate the price of that instrument using the discount yield, the days to maturity divided by 360, and the
if we are given an interest rate quoted on a bank discount basis for a particular money market instrument The money market yield is the interest charge earned by way of investing in securities with high liquidity and maturities of much less than one yr such as negotiable certificates of deposit, U.S. Treasury bills, and municipal notes.
Money market yield is calculated through taking the keeping duration yield and multiplying it by a 360-day financial institution yr divided via days to maturity. It can also be calculated the use of a financial institution discount yield.
Which cash market contraptions are normally quoted on a cut price basis?Treasury payments (T-Bills) are quoted on a pure bank discount groundwork where the quote is introduced as a share of face fee and is determined by using discounting the bond the usage of a 360-day-count convention.
Is it true to invest in cash market?Money market cash are typically considered one of the most stable investments—they experience low volatility and are much less susceptible to market fluctuations. Money cash are also greater liquid than different investments with comparable returns, such as CDs, due to the fact they enable you to withdraw money or buy other investments quickly.
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https://brainly.com/question/1305875#SPJ4Self-interest is not necessarily selfish, some say. In fact, self-interest likely includes an individual's consideration for question 21 options: a) strangers. B) close friends and family. C) humankind as a whole. D) competitors
Self-interest is not necessarily selfish, some say. In fact, self-interest likely includes an individual's consideration for close friends and family.
Is personal responsibility being narrow minded?
On the off chance that you are keeping your best interests in mind, you are remunerated monetarily for offering a beneficial support or item. In this way you flourish as the aftereffect of aiding others. Self centered individuals couldn't care less what they need to do get cash. They have no morals, ethics, or principles.
Do personal responsibility and narrow-mindedness mean exactly the same thing?
To say that some demonstration is self-intrigued is only to characterize a rationale. (I'm effectively helping myself instead of to help others.) Yet to additional say that the demonstration is egotistical is to deliver an ethical judgment. (In unrefined terms, that it is a terrible demonstration as opposed to a decent one.)
Might you at any point keep your best interests in mind without being egotistical?
In Plato's account of the ring of Gyges, the ring had the ability to make one imperceptible. As per your text, you can keep your best interests in mind without being childish. The perusing by Marilyn Friedman, "freeing care" contends that really focusing on others is a higher priority than really focusing on oneself.
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The ratio of the percentage change in the quantity supplied of a good/service/e-good/e-service to a given percentage change in its price, or cost, is known as the price elasticity of supply. True False
TRUE: The ratio of the percentage change in the quantity supplied of a good/service/e-good/e-service to a given percentage change in its price, or cost, is known as the price elasticity of supply
What is price elasticity of supply?
The percentage change in quantity supplied divided by the percentage change in price represents the price elasticity of supply.
The five major categories into which elasticities can be effectively categorized.
Perfectly elastic, elastic, perfectly inelastic, inelastic, and unitaryA good or service's responsiveness to supply after a change in its market price is measured by its price elasticity of supply. Basic economic theory states that when a good's price grows, so will its supply. A good's supply will fall when its price rises, on the other hand.
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which statement below is true? group of answer choices the outcome of a simultaneous, one-shot game will be in cell d this is an example of a prisoner's dilemma neither company has a dominant strategy only one company has a dominant strategy
If the players choose their actions without knowing what the other players are doing, the game is considered simultaneous-move.Even though it may very well be the case, this does not necessarily indicate that the players are acting simultaneously.
What is an illustration of a prisoner's quandary?
A crime is alleged against two prisoners.If one person makes a confession and the other does not, the one who makes a confession will be freed right away, while the other person will serve 20 years in prison.Each will only be held for a few months if neither of them confesses.Both will be sentenced to 15 years in prison if they confess.
Given the prisoner's predicament, what is the most likely outcome?
In a prisoner's dilemma, the most likely outcome is for both players to defect, or act selfishly, resulting in poor outcomes.This is likewise the Nash Balance, a dynamic hypothesis inside game hypothesis that expresses a player can accomplish the ideal result by not veering off from their underlying methodology.
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assume that the t-shirt industry is perfectly competitive. if the industry is in long-run equilibrium when the market price of t-shirts is $10:
Assume that there is fierce competition in the T-shirt market. The bare minimum average cost of producing a T-shirt is $10 if the market price of a T-shirt is $10 and the industry is in long-term equilibrium.
The long run is a theoretical notion in economics when all markets are in equilibrium, all prices have fully adjusted, and all quantities are in equilibrium. The short run, when there are certain restrictions and markets are not completely in equilibrium, contrasts with the long run.
The total cost of manufacturing divided by the number of units produced is known as the average cost of production. Simply said, the average cost is calculated by dividing the total cost of production by the number of units produced.
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one of the biggest mistakes any service provider can make is to deny accountability in dealing with the customer.
When dealing with a customer, denying accountability is one of the biggest mistakes a service provider can make.When dealing with customers who have a problem or complaint, one of the most common mistakes service providers make is to verbally acknowledge and agree with the customer while non verbally conveying skepticism.
Which circumstance could result in a service failure?
When a product or service fails to satisfy a customer's requirements or wants, service breakdowns occur.
What is the most typical error in patient care communication?
Poor documentation of patient information and miscommunication of crucial information about a patient's symptoms or condition are the most common communication breakdowns between clinicians.
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credit risk implies that the promised yield to maturity on the bond is higher than the expected yield. t/f
This statement is true.
Credit risk arises from the capability that a borrower or counterparty will fail to carry out on an duty. For most banks, loans are the most important and maximum apparent supply of credit score threat. However, there are other sources of credit risk each on and stale the stability sheet.
Credit risk is described as the capability loss springing up from a bank borrower or counterparty failing to satisfy its duties in accordance with the agreed terms.
Credit risk is maximum honestly described because the capability that a financial institution borrower or counterparty will fail to meet its obligations in accordance with agreed terms. The goal of credit danger control is to maximize a bank's risk-adjusted price of return by keeping.
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Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: Required: 1. The calculation of the weighted average number of shares for basic earnings per share purposes. 2. The alternative formats permissible for reporting comprehensive income. 3. The classifications of cash flows required in the statement of cash flows. (Hint: XXX-XX-XX-X)
Requirement Topic Subtopic Section Paragraph
1
2
3
The authoritative generally accepted accounting principles (GAAP) that the FASB considers to be applicable to nongovernmental organizations can be found in the FASB Accounting Standards Codification.
What distinguishes FASB and ASC from one another?
In order to establish a single database for accounting standards, the FASB switched to the ASC, which is the authority on accounting literature.The introduction of the ASC, which is broken down into 90 accounting topics, not only created a new structure for organizing all of the information but also did not alter GAAP.
What is the FASB Codification system used for?
The Codification's primary objective was to make it easier to locate, comprehend, and apply the various levels of GAAP hierarchy issued by numerous standard-setting bodies over time.The FASB is of the opinion that these issues may have led to an incorrect application of GAAP.
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if a manufacturer of fast-moving consumer goods (fmcg) is interested in measuring consumers’ movement through the adoption hierarchy, which ad effectiveness measure should it employ
If a manufacturer of fast-moving consumer goods (fmcg) wants to track consumers' progression through the adoption hierarchy, it should use ad tracking.
Fast-moving consumer goods, also known as consumer packaged goods, are items that are sold quickly and cheaply. Non-durable household goods like packaged foods, beverages, toiletries, candies, cosmetics, over-the-counter drugs, dry goods, and other consumables are examples.
FMCG is an abbreviation for Fast-Moving Consumer Goods, also known as consumer packaged goods. Products that customers frequently use and replace are referred to as consumer packaged goods (CPG) in the industry. Consumer packaged goods include things like food, drinks, cosmetics, and cleaning supplies.
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in the context of employment, is a concept that means an employer must take positive steps to remedy past discrimination. group of answer choices employee employment justice past practices correction discrimination remedy affirmative action
In the context of employment, affirmative action is a concept that means an employer must take positive steps to remedy past discrimination.
Affirmative action is a set of policies intended to end illegal discrimination against applicants, address the effects of such discrimination in the past, and foresee future instances of such discrimination. Candidates might be looking for professional employment or admission to a program of higher learning.
Training initiatives, outreach campaigns, and other constructive measures are examples of affirmative action. The written personnel policies of the company should include these procedures.
What did affirmative action seek to achieve?
Affirmative action's goal is to create a workforce that accurately reflects the demographics of the qualified workforce that is available in the relevant job market. It does this by establishing fair access to employment opportunities.
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A ________ includes a buyer, a seller, a product or service and other factors, such as how the physical environment makes one feel.
A) post-purchase process
B) purchase process
C) consumption situation
D) psychological situation
A consumption situation includes a buyer, a seller, a product or service and other factors, such as how the physical environment makes one feel. Option C) consumption situation is the correct option of the given statement.
By consumption situation, what do you mean?According to this argument, people's consumption patterns determine if they have any intention of adopting a new product, and whether they will have any impact on that intention will rely on how they feel about that product category and how much leeway they are given to embrace it.
What does'sacred consumption' mean?Consumption that is considered sacred often refers to unusual or rare occasions. Holidays, rites of passage, and religious occasions may be included in this list. When compared to profane consumption, which is connected to commonplace happenings, this is a contrast.
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the article how unethical are you? discusses four distinct biases that managers may have that can lead to unethical decisions without them even realizing it. explain each bias. g
This article looks at four closely related factors that can lead someone to unknowingly make unethical decisions: implicit bias, group bias, conflicts of interest, and a tendency to overstate one's successes.
This article examines four closely connected causes of unintentionally making unethical decisions: implicit prejudice, bias in favor of one's own group, conflicts of interest, and a propensity to exaggerate one's accomplishments.
We frequently cannot address these biases by punishing people for their poor decisions since we are not consciously aware of these causes of bias.
Furthermore, they are unlikely to be changed through traditional ethics education. Instead, managers must exercise a new kind of attentiveness.
Starting with the assumption that our conscious attitudes always reflect what we think they do is necessary for this. It also asks that we give up our confidence in our own fairness and objectivity.
Four types of bias are:
Bias that emerges from unconscious beliefs
Bias that favors your group
Bias that favors you
Bias that favors those who can benefit you
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if we knew that % unemployed for a city was 6.0 what would we predict the murders per million inhabitants per year should be?
It was anticipated that a city will have 6.0 percent unemployment and 13.95 murders per million residents annually.
Regression analysis is a group of statistical procedures used in statistical modeling to determine the associations between a dependent variable and one or more independent variables.
Understanding linear regression is crucial because it offers a methodical way to detect and forecast future events. Numerous firms and people can gain advantages by uncovering predictions and analyzing them, such as improved operations and thorough research materials.
If we wish to determine whether there are any actual links between a dependent and independent variable, we can utilize regression analysis.
Using the regression equation, we have:
y = -28.5267 + (7.0796 * 6)
y = -28.5267 + 42.4776 = 13.9509
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assume that the percentage of women in the labor force of a certain country is 34 percent. a company employs ten workers, two of whom are women. if you were to use a simulation to mirror the real situation, how would you proceed with the labeling?
The average number of women is (3+0+1)/3 = 4/3
As there is a 34% chance of selecting a woman, if a digit is 0-3, it is a woman and if it is 4-9 it is a man.
Row 136. 86051 45093 0, 1, 0, 3 are less than 4, so there are 4 women.
20021 98648 2, 0, 0, 2, 1 are less than 4, so there are 5 women.
23900 49375 2, 3, 0, 0, 3 are less than 4, so there are 5 women.
c) On average, there are (5+5+4)/3 = 14/3 women.
d) 71435 51648 1, 3, 1 are less than 4, so there are 3 women
89675 97778 There are no numbers less than 4, so there are 0 women.
99624 89697 2 is below 4 so there is 1 number less than, so there is 1 woman.
The average number of women is (3+0+1)/3 = 4/3
It is not the same. This could be simply a random result.
The mean (average) of the records set is found by means of adding all numbers in the records set and then dividing by using the variety of values within the set. The median is the middle value when a record set is ordered from least to finest. The mode is the number that takes place most usually in a statistics set.
The average is described as the suggested cost that's identical to the ratio of the sum of the quantity of a given set of values to the total wide variety of values gift within the set.
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the compensation plan known as blank involves payments being based on some measure of organizational performance, and the payments do not become part of the base salary.
'The profit-sharing compensation plan known as blank involves payments being based on some measure of organizational performance, and the payments do not become part of the base salary.
Organizational performance includes an organization's actual performance or results measured against its intended performance. Organizational performance is also the success or achievement of an organization when a program or project ends as intended.
Organizational performance is the ability of an organization to achieve goals and optimize results. In today's workforce, organizational performance can be defined as an organization's ability to achieve goals in a state of constant change.
Effective performance management is essential for an enterprise. Through formal and informal processes, it helps align people, resources, and systems to achieve strategic goals.
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The government has many obligations to provide services to its tax-paying citizens. If you were in Congress, how
would you balance the need for the government to spend money on necessary things with a prudent approach to controlling the debt and the deficit? Use examples in your answer.
A government is considered to have a budget surplus if it raises more revenue through taxes than it spends. A budget that is balanced means that taxes and spending are equal. The government debt is the total of all prior surpluses and deficits.
What is Budget surplus?A budget surplus occurs when income exceeds expenses. The term is commonly used to describe a government's financial status since citizens have "savings" instead of a "budget surplus." A surplus is evidence of a government's capacity to manage its finances appropriately.
Example,
A resource or good is said to have a surplus if there is more than is presently being utilized. A surplus can refer to a variety of items, such as cash, goods, assets, and earnings. A surplus in the sense of inventory refers to items that remain on store shelves but have not yet been purchased.
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Suppose Shen is the only seller in the market for bottled water and Manuel is the only buyer. The following lists show the value Manuel places on a bottle of water and the cost Shen incurs to produce each bottle of water:
Manuel's Value -------------------------- Shen's Costs
Value of first bottle: $7 ------------- Cost of first bottle: $1
Value of second bottle: $5 ------- Cost of second bottle: $3
Value of third bottle: $3 ------------ Cost of third bottle: $5
Value of fourth bottle: $1 ---------- Cost of fourth bottle: $7
The following table shows their respective supply and demand schedules:
Price ------------ Quantity Supplied --------- Quantity Demanded
More than $7 ----------- 4 ----------------------------- 0
$5 to $7 ----------------- 3 ----------------------------- 1
$3 to $5 ----------------- 2 ----------------------------- 2
$1 to $3 ------------------ 1 ----------------------------- 3
$1 or less ---------------- 0 ----------------------------- 4
Use Shen's supply schedule and Manuel's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $4, and $6. Enter these values in the following table.
Price ----------- Quantity Supplied ---------- Quantity Demanded
2 ------------------------- ? ----------------------------- ?
4 ------------------------- ? ----------------------------- ?
6 ------------------------- ? ----------------------------- ?
A price of _____ brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is $___, producer surplus is $___, and total surplus is $___.
If Shen produced and Manuel consumed one less bottle of water, total surplus would _____.
If instead, Shen produced and Manuel consumed one additional bottle of water, total surplus would _____.
Price ------ Quantity Supplied ----- Quantity Demanded
2 --------------------- 1 ------------------------- 3
4 --------------------- 2 ------------------------ 2
6 --------------------- 3 ------------------------ 1
4 (quantity supplied = quantity demanded = 2)
4 ($7>$4 and $5>$4, $3<$4<$5, area above price line but under curve if price line was at $4, $7-$4=$3, $5-$4=$1, $3+$1=$4); 4 ($1<$4 and $3<$4, $3<$4<$5, area below price line and under curve if price line at $4, $4-$1=$3, $4-$3=$1, $3+$1=$4); 8 ($4 from consumer surplus + $4 from producer surplus)
fall (equilibrium = 2, 2-1=1, Shen: quantity supplied = 1 -> $2, Manuel: quantity demanded = 1 -> $6, total surplus = producer surplus + consumer surplus = ($4-$1)+($7-$4)=$6, $8>$6)
rise (equilibrium = 2, 2+1=3, Manuel: quantity demanded = 3 -> $2, Shen: quantity supplied = 3 -> $6, total surplus = consumer surplus + producer surplus = ($3-$2)+($7-$6)=$2, $8>$2, $6>$2)
Use Shen's supply schedule and Manuel's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $4, and $6 is 1,2,3 & 4,2,1 respectively & equilibrium price is $4.
What is price equilibrium?A market-clearing price, often referred to as an equilibrium price, is the consumer cost associated with a good or service when supply and demand are equal or nearly equal. The manufacturer or vendor is free to transfer as many units as they like, and the consumer is free to access as many units as they like.
To understand well look at schedules given by Shen & Manuel:
Respective Supply and Demand Schedules
Price ------------ Quantity Supplied --------- Quantity Demanded
0-$1 0 4
$1-$3 1 3
$3-$5 2 2
$5-$7 3 1
$7-Above 4 0
Statement for Ascertaining values
Price ----------- Quantity Supplied ---------- Quantity Demanded
$2 ----------------------------1 ---------------------------------4
$4 --------------------------- 2 --------------------------------2
$6 ----------------------------3 ---------------------------------1
Thus the equilibrium price is $ 4 where quantity supplied is equal to quantity demanded.
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