Answers
Answer: D inflation adjusted, real
Explanation:
The GDP calculation acquired in the flow chart of $5,000 billion were all done after adjusting for inflation which means that they were in real dollars.
Inflation adjusted GDP enables more effective comparison between different periods as inflation tends to inflate the prices of goods and services and can make one think that the economy has grown more than it actually has.
When the value of GDP is inflation adjusted, it can then be seen just how much the economy improved or shrank.
Related Questions
Royal Enterprises has presented the following information for the past three months operations: Month Units Average Cost June 3,300 $ 11.80 July 5,700 $ 7.80 August 6,900 $ 7.00 a. Using the high-low method, calculate the fixed cost per month and variable cost per unit. (Round your variable cost to 2 decimal places.) b. What would total costs be for a month with 5,300 units produced?
Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: beginning inventory at cost and retail were $64,500 and $123,000, net purchases at cost and retail were $315,000 and $483,000, and sales during the first six months totaled $493,000. The estimated inventory at June 30, 2021, would be:
Department 1 completed and transferred out 450 units and had ending work in process inventory of 60 units. The ending inventory is 20% complete for materials and 60% complete for labor and overhead. The equivalent units of production for materials is
Critz Company was started on January 1, Year 1. During the month of January, Critz earned $7,500 of revenue and incurred $4,800 of expenses. During the remainder of Year 1, Critz earned $86,000 and incurred $51,000 of expenses. Critz closes its books on December 31 of each year. Required: a. Determine the balance in the Retained Earnings account as of January 31, Year 1. b. Determine the balance in the Revenue and Expense accounts as of January 31, Year 1. c. Determine the balance in the Retained Earnings account as of December 31, Year 1, before closing. d. Determine the balances in the Revenue and Expense accounts as of December 31, Year 1, before closing. e. Determine the balance in the Retained Earnings account as of January 1, Year 2. f. Determine the balance in the Revenue and Expense accounts as of January 1, Year 2.
Answers
The buying culture of a place refers to the factors that influence the purchase of goods and services in an environment. The buying culture in my hometown is the value-added culture. This is because the people in my hometown purchase goods and services mainly when they feel that there is a problem it will help them solve.
- The value-added buying culture is that wherein the buyer senses that a product will help them to solve a problem that plagues them.
- For example, most people in my hometown only go to the pharmacy and clinic when they are sick.
- They do not believe in the idea of occasional check-up because they think that it is a waste of money.
- Therefore, goods are purchased only when they are crucially needed.
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Answer:
Explanation:
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Answers
Answer:
The correct answer is letter "D": Private negotiations.
Explanation:
Environmental efficiency through markets is in charge of promoting the creation of more goods and services without the need for exploiting more resources or increasing pollution. Its purpose is to take sustainability towards economic efficiency considering ecological awareness.
In that case, private negotiations could boost environmental efficiency since firms could create partnerships among them to contribute to each other in their production process to avoid the use of more natural resources.
b. calculate your income elasticity of demand as your income increases from $10,000 to $12,000 if (i) the price is $12 and (ii) the price is $16.
Answers
The demand schedule is first rearranged as in the attached photo.
The questions can be answered using the following midpoint method formulae:
Price elasticity of demand = Change is quantity / Change in price …………… (1)
Income elasticity of demand = Change is quantity / Change in income …………(2)
Where:
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2)
Change in Price = (New price - Old price)/ ((New price + Old price)/2)
Change in income = (New income - Old income)/ ((New income + Old income)/2) =
Using the formulae, we have:
a(i) Price elasticity of demand when income is $10,000
We have:
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (32-40) / ((32+40)/2) = -0.222222222222222
Change in Price = (New price - Old price) / (New price + Old price)/2) = (10-8) / ((10+8)/2) = 0.222222222222222
Price elasticity of demand when income is $10,000 = Change is quantity / Change in price = -0.222222222222222 / 0.222222222222222 = -1
a(ii) Price elasticity of demand when income is $12,000
We have:
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (45-50) / ((45+50)/2) = -0.105263157894737
Change in Price = (New price - Old price) / (New price + Old price)/2) = (10-8) / ((10+8)/2) = 0.222222222222222
Price elasticity of demand when income is $12,000 = Change is quantity / Change in price = -0.105263157894737 / 0.222222222222222 = -0.473684210526316, or -0.47 approximately
b(i) Income elasticity of demand as income increases from $10,000 to $12,000 if the price is $12
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (30 - 24) / ((30 + 24)/2) = 0.222222222222222
Change in income = (New income - Old income)/ (New income + Old income)/2) = (12,000 – 10,000)/ ((12,000 + 10,000)/2) = 0.181818181818182
Income elasticity of demand = Change is quantity / Change in income = 0.222222222222222 / 0.181818181818182 = 0.81818181818182, or 0.82 approximately
b(ii) Income elasticity of demand as income increases from $10,000 to $12,000 if the price is $16
Change in quantity = (New quantity - Old quantity) / ((New quantity + Old quantity)/2) = (12 - 8) / ((12 + 8)/2) = 0.40
Change in income = (New income - Old income)/ (New income + Old income)/2) = (12,000 – 10,000)/ ((12,000 + 10,000)/2) = 0.181818181818182
Income elasticity of demand = Change is quantity / Change in income = 0.40 / 0.181818181818182 = 2.20
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a. use the midpoint method to calculate your price elasticity of demand as the price of dvds increases from $8 to $10 if (i) your income is $10,000 and (ii) your income is $12,000 : -1
Explanation:
Suppose that your demand schedule for DVDs is as follows:
price
$8
10
12
14
16
quantity demanded (income = $10,000)
40 pizza
32
24
16
8
quantity demanded (income = $12,000)
50 pizza
45
30
20
12
a. use the midpoint method to calculate your price elasticity of demand as the price of dvds increases from $8 to $10 if (i) your income is $10,000 and (ii) your income is $12,000.
Price elasticity of demand (Income $10,000) = Quantity present - quantity previous / (quantity present + quantity previous /2) divide with (Price present - price previous / (price present + price previous /2))
quantity present - quantity previous / (quantity present + quantity previous/2) = 32-40 / ((32+40)/2) = 9/36 = -0.2222
(Price present - price previous / (price present + price previous /2))
= 10-8 / ((10+8)/2) = 2/9 = 0.2222
Price elasticity of demand (Income $10,000) = Quantity present - quantity previous / (quantity present + quantity previous /2) divide with (Price present - price previous / (price present + price previous /2)) = -0.2222 / 0.2222 = -1
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Answers
Answer:
$323,500 shares
Explanation:
A stock split is a practice carried out by a company where stocks are split into multiples of its existing shares to boost liquidity.
There is no actual increase in the value of the shares, just an increase in the number. For example if a shareholder has 100 share and there is a 3-1 split, the shareholder will now have 3 shares for every one held before.
In this scenario total outstanding shares was 64,700 shares. The company offers a 5 for 1 stock split. Each share is now five, so new outstanding shares is 64,700 * 5= 323,500 shares
Answer:
77,640 shares
Explanation:
Stock split occur when new shares of a company are issued to existing shareholders in proportion to their current holdings.
The share outstanding after the stock split is the addition of the existing shares and the new share issued. For this question, this can be calculated as follows:
New shares to be issued = 64,700 ÷ 5 = 12,940
Number of outstanding shares after stock split = 64,700 + 12,940 = 77,640 shares
(b)-falls by 9.6%
(c)-not affected since the price change and income change will exactly offset one another.
(d)-increase by 6%
(e)-increase by 4.8%
Answers
Answer:
Increase by 4.8%
Explanation:
The 4% price reduction will cause an increase in demand by 2.4%.
The 2% rise in income will cause an increase in demand by 2.4%
If we take into account both variations and add them, we have an increase in demand by 2.4%+2.4% = 4.8%
B. not accurately defined by any of these statements.
C. one that has not been approved by the Federal Food and Drug Administration.
D. one whose price and quantity demanded vary directly.
Answers
Answer:
B. not accurately defined by any of these statements.
Explanation:
An inferior good is defined as one whose the quantity demanded decreases as the income of its consumers increases and vice versa.
Option A is incorrect because the income elasticity for inferior goods is negative and therefore, as the income of the consumers increases, the demand curve shifts to the left.
Option C is incorrect because an inferior good does not necessarily mean a fake good. A good can be inferior but yet meet all the standards for approval by the FDA.
Option D is incorrect. The price and quantity demand for inferior goods, just like normal goods do not vary directly. This is only applicable to luxurious goods.
None of the statements in A, C, and D accurately defined an inferior goods.
Hence, the correct option is B.
Answer:
B. not accurately defined by any of these statements.
Explanation:
Inferior goods are goods whose demand decreases as the consumers income increases. This is different for normal goods in that the more the consumer earns, the more he/she tends to buy.
As such, inferior goods are not necessarily goods that has not been approved by the Federal Food and Drug Administration.
For Inferior goods, prices and quantity demanded do not vary proportionately.
Furthermore, the demand curve for an inferior good shifts out (rightward) when income decreases and shifts in when income increases.