(B) When revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.
What is revenue?The total income derived from the sale of products or services pertaining to a business's core operations is referred to as revenue. Because it appears at the top of the income statement, revenue, which is also known as gross sales, is frequently referred to as the "top line." A company's overall earnings or profit are referred to as income or net income. Although both revenue and profit are positive indicators for your company, they are not the same thing.The producer surplus for a firm will probably reach zero when revenue equals opportunity costs and variable costs.Therefore, (B) when revenue equals opportunity and variable cost, then the producer surplus most likely drops to zero for a firm.
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the first thing you need to do is perform readiness assessments, which can help you understand the level of readiness within your organization. True or False
To know and answer if the first thing you need to do is perform readiness assessments, which can help you understand if the level of readiness within your organization is true or false we need to learn a bit about Why Organizational Readiness Assessments are Important?
Are important because allows you to know if your team or company has the knowledge or resources to afford goals and challenges.
Very similar to an audit, the readiness assessment allows you to know the situation and environment before big changes or new projects.
In a Readiness Assessment the focus is aimed at:
Goals and objectivesExpectations and concernsIf the leader supports the projectResiliencyHow to minimize potential failureGovernance and decision makingOther critical needsSmart leadership in an organization should use all this data to take management measures to sharpen teams and goals.
So we can say that is TRUE.
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if cheri buys a zero coupon bond at $5000 and the face value amount is stated as $10,000, how much will she receive when the bond matures in 10 years?
She will receive $10000 when the bond matures in 10 years.
Considering the values given in the question,
Price of zero coupon bond = $5000
Face value amount = $10000
When zero coupon bond matures , the bond holder will get an amount equal to the face value of the bond.
So at the time of maturity, she receives amount equal to $10000.
Therefore, In ten years, when the bond matures, she will earn $10000.
An accrual bond, also known as a zero-coupon bond, is a financial instrument that doesn't pay interest but trades at a significant discount, making money when it matures and is redeemed for its full face value.
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On average, how much time and money is spent per person resolving identity theft?.
On an average, 60 hours and $1800 money is spent per person resolving the identity theft.
The act of obtaining another person's personal or financial information with the intent to employ it to perpetrate fraud, including such taking out unlawful transactions or purchases, is known as identity theft. Identity theft can be performed in a variety of ways, and the victims often face repercussions to their reputation, wealth, and credit. Identity theft is the deliberate use of another person's identity to acquire financial benefits, borrow money, as well as other benefits. It may also result in losses or downsides for other people. In particular, when they are wrongfully blamed for the perpetrator's conduct, the victim of identity theft may experience adverse consequences.
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which of the following is a requirement under sarbanes-oxley? group of answer choices the majority of the board of directors must be independent. no inside officers can serve on the board of directors. lawyers must blow the whistle on their corporate clients engaged in fraud. all of the above
A) According to Sarbanes-Oxley, the majority of the board of directors must be independent.
Sarbanes-Oxley: What is it?
On July 30 of that year, the US Congress passed the Sarbanes-Oxley Act of 2002 in an effort to protect investors from fraudulent or deceptive corporate financial reporting. The SOX Act of 2002, often known as the Dodd-Frank Act, required stringent updates to current securities laws and placed severe new penalties on offenders.
In reaction to early 2000s financial scandals involving publicly traded businesses like Enron Corporation, Tyco International plc, and WorldCom, the Sarbanes-Oxley Act of 2002 was passed. Investor confidence in the reliability of corporate financial statements was shaken by the high-profile thefts, which prompted many to call for an update to the regulations' long-standing requirements.
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assuming the level of investment is $16 billion and independent of the level of total output, complete the accompanying table and determine the equilibrium levels of output and employment in this private closed economy. what are the sizes of the mpc and mps?
65 million is the equilibrium level of employment and MPC= 0.8, MPS=0.2
a) Savings -
Net domestic electricity - Consumption
Equilibrium GDP = $340 billion
Employment balance = 65 million
b). MPC and MPS are -
MPC = 0.8
MPS = 0.2
In meteorology, the level of equilibrium (EL), level of neutral buoyancy (LNB), or limit of convection (LOC) is the altitude at which the rising air mass has the same temperature as its surroundings. The level above the level of free convection (LFC) where the temperature of the rising air parcel returns to the ambient temperature.
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Trucking llc enters into a contract to deliver a certain quantity of potatoes to united foods’s refrigerated warehouse in exchange for a specified payment. Trucking delivers the spuds to the location. United’s duty to pay is.
Trucking LLC enters into a contract to deliver a certain quantity of potatoes to united foods’ refrigerated warehouse in exchange for a specified payment. Trucking delivers the spuds to the location. United’s duty to pay is absolute.
A warehouse is a building for storing goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, shipping companies, customs, etc. They are usually large, simple buildings in commercial areas on the outskirts of towns and villages.
Warehouses usually have loading docks for loading and unloading trucks. Warehouses may be designed to load and unload goods directly from railroads, airports or seaports. Cranes and forklifts are often used to move goods. Goods are typically placed on ISO standard pallets and loaded onto pallet racks. Stored goods may include raw materials, packaging materials, spare parts, components or finished goods related to agriculture, manufacturing and production. In India and Hong Kong, warehouses are sometimes called "godowns". There is also a Godown on the Bund.
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What project scheduling term is used to describe the completion of significant portions of the project or a transition from one phase to another?.
The transition from one phase of a project's lifecycle to another typically involves and is defined by some form of technology transfer or handoff. This is also known as a kill point.
Project Scheduling:A project schedule is similar to a timetable in that it sequences the activities and milestones that must be completed in a specific amount of time. It is a framework for allocating, performing, and completing activities within a specified time range while communicating the available resources. The goal of project scheduling is to provide vital information to the team in a thorough manner.
Effective project scheduling is critical to project success because it increases client satisfaction while decreasing expenses. It aids in the early detection of issues such as resource shortages, reducing risks and budget overruns.
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evaluating whether or not to go forward with the preparation of a proposal is referred to as the .
Evaluating whether or not to go forward with proposal preparation is referred to as the bid or no-bid decision
A request for proposals is followed by a bid/no-bid determination. A request for proposal or RFP is typically a document that asks a company to submit a business proposal through a competitive bidding procedure on behalf of an organization looking to purchase a good, service, or asset. Contractors provide services in the construction industry.
The RFP details the client's requirements, the final product, and the deadline by which the contract must be fulfilled. The professional qualifications of the required workers are also included. Contractors choose whether or not to submit a bid after receiving an RFP. Therefore, deciding whether to prepare a proposal or not is known as the bid or no-bid decision.
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productivity is a. the ratio of how much output is produced per unit of input per unit of time. b. the quantity of output produced within a country within a year. c. the number of hours it takes to produce a certain level of output. d. the quantity of workers it takes to produce a certain level of output.
Productivity is (A) the ratio of how much output is produced per unit of input per unit of time.
What is productivity?Productivity is a measure of how effectively commodities or services are produced. Productivity is sometimes represented as a ratio of the whole output to a single input or the total input used in a production process, or output per unit of input, usually over a predetermined time period.By comparing the number of goods and services produced (output) with the number of inputs required to generate those goods and services, productivity is a measure of economic performance.The quantity or cost of the final items each employee can create in a certain amount of time may be used as a productivity indicator for a manufacturing organization.Therefore, productivity is (A) the ratio of how much output is produced per unit of input per unit of time.
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which of the following does social security not provide benefits for?
A. Survivorship
B. Dismemberment
C. Disability
D. Retirement
B. Dismemberment does social security not provide benefits for.
Security is protection from, or resilience in opposition to, ability damage as a result of others, through restraining the liberty of others to act. Beneficiaries of security can be of persons and social businesses, objects and institutions, ecosystems or every other entity or phenomenon prone to undesirable alternate.
There are three number one areas or classifications of protection controls. these consist of management security, operational security, and bodily security controls.
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A monopoly produces x at a marginal cost of $20 per unit and charges a price of $50 per unit. Determine the elasticity of demand at the profit-maximizing price of $50.
The elasticity of demand at profit-maximizing output is 1.67 for the monopoly
Market power is the ability of a firm to charge a price above the marginal cost. The market power is measured using Lerner's index, which ranges from zero to one, where zero means no market power, while a Lerner's index close to one indicates high market power. For instance, perfect competition has zero Lerner's index while the monopolist's index is close to one.
Given that;
MC = $20
P = $50
We use the formula for calculating Lerner's index to find the elasticity of demand:
[tex]{}\displaystyle L=\frac{P-MC}{P}=\frac{1}{E}\\\displaystyle L=\frac{50-20}{50}=0.6\\\therefore 0.6=\dfrac{1}{E}\\E=1.67[/tex]
The elasticity of demand is 1.67
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accounts payable are:
Answer:
Accounts payable is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents
Accounts payable (AP) refers to the sums owed to suppliers or vendors for goods or services received but not yet paid for.
Explain about the accounts payable?
Accounts payable (AP) refers to the short-term debt and liability on a balance sheet that a company owes to its suppliers and vendors who have given the company credit for goods or services.
Accounts payable is not an asset but a liability. Accounts payable entries originate from a credit-based purchase as opposed to a cash one. The corporation records AP as current liabilities on the balance sheet since they represent short-term debts.
Given that it is money owing to creditors and appears on the balance sheet under current liabilities, accounts payable is a liability. Current liabilities are a company's short-term debts, usually lasting less than three months.
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the best way to verify the amounts of dividend revenue received during the year is
The best way to verify the amounts of dividend revenue received during the year is Verification by reference to dividend record books.
Revenue is the money generated from ordinary business operations, calculated because the common sales fee instances the variety of units bought. it's miles the pinnacle line (or gross income) parent from which costs are subtracted to decide internet profits. sales is likewise referred to as income on the profits declaration.
In accounting, revenue is the whole amount of profits generated by way of the sale of goods and offerings associated with the primary operations of the commercial enterprise. business sales can also be known as sales or as turnover. a few groups receive sales from interest, royalties, or different costs.
Revenue is used as an illustration of profits great. There are several financial ratios attached to it: The maximum crucial being gross margin and profit margin; additionally, companies use revenue to decide bad debt rate the use of the income announcement technique.
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an industry moves from the embryonic to the growth stage when: the sales of complementary products decline. the production costs increase. companies manufacture products in very small quantities. ongoing technological progress makes its product easier to use. mass markets for its products decline.
An industry moves from the embryonic to the growth stage when: ongoing technological progress makes its product easier to use.
What is industry ?An industry refers to a group of companies related by their primary business activities. There are dozens of industrial classifications in the modern economy. Industry classifications are usually grouped into larger categories called sectors.An industry is a group of companies related to a major activity, such as manufacturing automobiles or selling food. Small branches can be combined to form larger branches. A group of industries, productive enterprises, that product goods, services, or a source of income. In economics, industries are commonly classified as primary, secondary, tertiary, and quaternary. Secondary industry is further divided into heavy industry and light industry. In economics, industries are usually classified as primary, secondary and tertiary. Secondary industry is further divided into heavy industry and light industry.To learn more about industry from the given link :
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what is a secretary of state for a business
The Secretary of State is in charge of the Department for Business, Innovation & Skills' strategy and policies ( BIS ). The department's main policy areas are business law and consumer issues. The Department of State, also known as the Secretary of State's office, registers and authenticates trademarks and commercial entities.
What are the powers of the Secretary of State?Treaties pertaining to foreign policy may be negotiated, interpreted, and terminated by the Secretary of State. The secretary may represent the United States at conferences, organizations, and agencies on an international level.
As the highest-ranking member of the cabinet, the Secretary of State is the third highest-ranking official of the executive branch of the Federal Government of the United States. The Secretary acts as the head of the organization, negotiating with world leaders on behalf of the President, and reporting back to the President.
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question content area the accumulated depletion of a natural resource is reported on the a.balance sheet as a deduction from the cost of the resource b.income statement as a deduction from revenues c.balance sheet as depreciation from the cost of the resource d.income statement as an increase in revenue
The accumulated depletion of a natural resource is reported on the (A) balance sheet as a deduction from the cost of the resource.
What is a balance sheet?An organization's assets, liabilities, and shareholder equity are listed on a balance sheet, which is a financial statement. One of the three primary financial statements used to assess a company is the balance sheet. It offers a snapshot of the assets and liabilities of a corporation as of the publication date.A natural resource's cumulative depletion is recorded on the balance sheets as a reduction from the resource's cost. A balance sheet provides you with a quick overview of your company's financial situation at any given time. A balance sheet, along with an income statement and a cash flow statement, can aid business leaders in assessing the financial health of their organization.Therefore, the accumulated depletion of a natural resource is reported on the (A) balance sheet as a deduction from the cost of the resource.
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accounts payable are: multiple choice amounts owed to suppliers for products or services purchased on credit. amounts received in advance from customers for future services. estimated liabilities. also referred to as unearned revenues. always payable within 30 days.
Accounts payable are a) amounts owed to suppliers for products or services purchased on credit.
In the field of business, accounts payable can be described as the amount of money that is due to be paid by the owner of a business to the particular suppliers from which products have been bought online.
The amount of accounts payable is to be paid by the company owner to the supplier in a short period of time. Accounts payable is not a type of debt that the supplier gives to the business owner. It is just the pending payment left for products or services as they were purchased through the use of credit.
The question can be written correctly as:
Accounts payable are: multiple choice
a) amounts owed to suppliers for products or services purchased on credit.
b)amounts received in advance from customers for future services.
c)estimated liabilities also referred to as unearned revenues.
d) always payable within 30 days.
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king cereals, inc., manufactures breakfast cereals. over the next year, it will need millions of bushels of corn and wheat to produce its products. the company's cfo is concerned that corn and wheat prices will rise during the year, and she would like to hedge in the futures market. which of the following is the best type of hedge position for king cereals to take in the futures market, and why? a) a short hedge, to stabilize wheat and corn prices at current levels b) a long hedge, to offset losses if wheat and corn prices should fall instead of rise c) a short hedge, to minimize losses as prices rise d) a long hedge, to lock in a specific purchase price
Option D is the right choice.
The best type of hedge position for king cereals to take in the futures market, is A Long hedge, to lock in a specific purchase price.
Futures are financial derivative contracts that bind parties to buy or sell an asset at a specified future time and price. Regardless of the market price at the date of expiration, the buyer or seller must buy or sell the underlying asset at the agreed-upon price.
Here, we are concerned about the price increase of corn bushels because we will need to buy them in the future. Therefore, in order to lock in the price of corn at a certain level, we are placing long positions in futures contracts.
Therefore, Option D is the correct answer.
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the functional structure is considered most efficient when group of answer choices an organization gets too large. when customers need special functions. when the organization is in the mature phase of the life cycle. when organizations have few products.
A functional structure is a company structure that is built around the roles that each team member plays within the company and their knowledge and abilities.
What is meant by functional organization?Vertical hierarchy characterizes a functional organization. The company is split up into various functional sections, each with staff members with specialized job duties. Due to the autonomous vertical management structures that each group possesses, functional departments frequently work in isolation.An illustration of a department in a functional organizational structure might be a department for sales, one for production, one for human resources, one for information technology, one for marketing, and one for law.To place the experts at the top of the organization, functional organization has been segmented. This organization can be characterized as a structure in which functional departments are established to address business issues at various levels.To Learn more About functional structure refer to:
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hakim owns a beauty supply retail store that specializes in natural hair care products. which of the following is true regarding the role of retail operations in the united states economy?
Is true regarding the role of retail operations in the united states economy A majority of retail operations are small businesses like Hakims.
A retail store is the activities, systems, and processes that enable the efficient operation of an online or physical store. Retail operations include: Supply chain management. cash transaction. Store layout (both online and in-store)
The importance of a retail store typically includes supply chain, cash operations, human resources management, inventory, store layout, promotions, pricing, and data management within the retail store. Includes sides. There are many things to balance, but getting it right can help retailers differentiate themselves.
So it's more important than ever for retailers to ensure that their stores are performing at their best. Retail business is a term used to describe all the activities that make a business work well.
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Data that were initially generated for a purpose other than solving the problem at hand are termed
a. exploratory data
b. survey data
c. descriptive data
d. qualitative data
e. secondary data
Data that were initially generated for a purpose other than solving the problem at hand are termed Exploratory data
Survey data and exploratory data are both used to evaluate and interpret data. when employing mean, median, and mode to describe the data using descriptive data. Additionally, qualitative data are employed to improve problem-solving. These are independent variables for our inquiry. Exploratory data analysis is the crucial process of conducting preliminary analyses on data in order to find patterns, identify anomalies, test hypotheses, and double-check assumptions with the aid of summary statistics and graphical representations. There are sandals, hiking boots, formal shoes, etc. By using EDA, you leave yourself open to the possibility that many different people may choose to purchase many various styles of shoes.
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in the soviet union, the central government would decide which goods were to be produced. central planners did not know what consumers really wanted or in what quantities. this lack of understanding of what consumers wanted shows the system likely lacked what type of efficiency? please choose the correct answer from the following choices, and then select the submit answer button. answer choices
This ignorance of consumer preferences indicates that the system's allocative efficiency was probably lacking.
What does "allocative efficiency" mean?The characteristic of a market where all goods and services are equally distributed among customers in an economy is efficiency, whether it be allocational or allocative. It happens when parties can use the precise and easily accessible information reflected in the marketplace to decide how to employ their resources.
What is an illustration of the efficacy of allocation?When supply fully satisfies customer demand, allocation efficiency occurs. In other words, companies are giving customers exactly what they want. A baker, for instance, has ten customers who want an iced doughnut. It is clear that there is ensure the maximum because the baker has made precisely 10 that morning.
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If the market price is $10, how many widgets should this profit-maximizing firm produce?.
16,000 widgets should be produced by this business to maximize profits if the market price is $10.
So answer is 16,000.
Just what is profit?Profit is the amount of money you have after covering business expenses. Gross, operational, and net profits are the three basic categories of profit. The largest is gross profit. It displays the amount of money that was left over after paying for the sold goods and services. Following is operating profit. It demonstrates how much money is left over after running expenses like rent, power, phone bills, and occasionally workers are covered. The last is net profit. It displays your income after all expenses and taxes have been paid. Net profit is yours to keep.
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question mode multiple choice question in an equipment capital budgeting decision, recovering the original investment means that the blank . multiple choice question. equipment was returned and the funds used to pay for the equipment were taken back funds used to pay for the equipment were provided by selling an old piece of equipment investment has generated enough cash inflows to completely cover the cost of the equipment
Recovering the initial investment in an equipment capital budgeting decision suggests that the investment has generated enough cash inflows to fully cover the cost of the equipment.
How would you define capital budgeting?Capital budgeting is the process of making financial decisions for long-term assets. It is a method of determining whether or not to spend money on a certain project because not all funding options will be profitable.
What kinds of choices are made with the aid of capital budgeting techniques?Financial decision-makers can make wise financial choices for projects that they anticipate lasting a year or more and that demand a sizable capital expenditure by using capital budgeting. Such initiatives could be: investing in brand-new machinery, technologies, and structures. upgrading and preserving current technology and equipment
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for the multiple deposit expansion process described in this table, what is the maximum amount of loans that the second national bank can make if it observes the same reserve ratio as first national bank?
The second national bank's maximum loan amount is $338,560 if it adheres to the same reserve ratio as the first national bank.
Internationally, "national bank" and "central bank" are interchangeable terms for banks that are under the control of a nation's national government. Within national economies, central banks determine monetary policies.
First National Bank:
Deposit = $400,000
Loan = $368,000
Reserve = Deposit - Loan
Reserve = 400000 - 368000 = $32,000
Therefore, Reserve is 8% of Deposit = 8% of 400000 = $32,000
The First National Bank's loan will turn into the Second National Bank's deposit.
Second National Bank:
Deposit = $368,000
Reserve Requirement = 8% of &368,000 = $27,040
Loan Eligibility of Second Bank = 368000 - 27040 = $338,560
If the second national bank adheres to the same reserve ratio as the first national bank, the total amount of loans it can make is $338,560.
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COMPLETE QUESTION:
For this table, assume that all banks observe the same required reserve ratio requirement. Also, assume that the banks are listed in sequential order (thus the loans from the First National Bank become the deposits for the Second National Bank, and the loans from the Second National Bank become the deposits for the Third National Bank, and so on.) Also, the bank's balance sheets must always be balanced.
Table: Multiple Deposit Expansion
First National Bank
ASSETS LIABILITIES
Required reserves Deposits $400,000
Loans $368,000
TOTAL TOTAL
Second National Bank
ASSETS LIABILITIES
Required reserves Deposits
Loans
TOTAL TOTAL
Third National Bank
ASSETS LIABILITIES
Required reserves Deposits
Loans
TOTAL TOTAL
Reference: Ref 15-3 (34-3)
(Table: Multiple Deposit Expansion) Refer to the table. For the multiple deposit expansion process described in this table, what is the maximum amount of loans that the Second National Bank can make if it holds only the required reserves?
a small company struggling to reach profitability just announced a major new government contract that will validate its technology and generate revenue for the next several years. the announcement of the contract will group of answer choices cause the stock price to increase because rcs (the required return) is likely to decrease and g (the growth rate in future dividends) is likely to increase. cause the stock price to decrease because the government usually pays below market price for the goods and services it purchases. cause the stock price to increase because rcs (the required return) is likely to increase. have no effect on the stock price because the company has not yet paid any dividends.
The announcement of the contract will (A) cause the stock price to increase because RCS (the required return) is likely to decrease and g (the growth rate in future dividends) is likely to increase.
What is the stock price?A share price is the cost of one equity share among many sellable shares of a corporation. The stock price, put simply, is the highest price someone is willing to pay for the stock or the lowest price at which it can be purchased.A tiny business that is having trouble turning a profit just revealed a significant new government contract that will confirm its technology and produce income for the foreseeable future. Because RCS (the needed return) is likely to decline and g (the growth rate of future dividends) is likely to rise, the contract announcement will result in an increase in the stock price.Therefore, the announcement of the contract will (A) cause the stock price to increase because RCS (the required return) is likely to decrease and g (the growth rate in future dividends) is likely to increase.
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The correct form of a question:
A small company struggling to reach profitability just announced a major new government contract that will validate its technology and generate revenue for the next several years. The announcement of the contract will
A) cause the stock price to increase because RCS (the required return) is likely to decrease and g (the growth rate in future dividends) is likely to increase.
B) cause the stock price to decrease because the government usually pays below market price for the goods and services it purchases.
C) cause the stock price to increase because rcs (the required return) is likely to increase.
D) have no effect on the stock price because the company has not yet paid any dividends.
spencer company has a $300 petty cash fund. at the end of the first month the accumulated receipts represent $53 for delivery expenses, $167 for merchandise inventory, and $22 for miscellaneous expenses. the fund has a balance of $58. the journal entry to record the reimbursement of the account includes a:
The petty cash fund needs to be reconciled on a regular basis to make sure the amount is accurate. The original amount, which is typically carried over from the last reporting period, should be equal to both the ending balance, or remaining cash on the fund, and all receipt charges.
Starting petty cash is $300
Cost of delivery = $53
Inventory of goods = $167.
Total miscellaneous cost: $22
Petty money, totaling $58
The following will appear in the journal used to record account reimbursements:
Event Account Name and Description Debit Credit 1 $53 Delivery Charge
Inventory of goods $167. Cash $242 Miscellaneous $22
A small sum of money designated as petty cash or a petty cash fund can be used to cover small expenses without writing a check. The name of the overall ledger is Petty Cash.
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Which of the following conditions is possible for a monopolistically competitive firm in the short-run?
a. MC = ATC
b. P < MR
c. р < МС
d. P < ATC
A monopolistically competitive company optimizes profits or minimizes losses in the short run by producing the amount where marginal revenue equals marginal cost. MC = ATC can also be an eligible option. Hence, option A is right.
If the average total cost is less than the market price, the business will turn a profit. Monopolistic competition is a sort of imperfect competition when numerous manufacturers compete with one another yet sell various items that are not exact substitutes for one another.
Monopolistic competition occurs when numerous companies offer comparable but subpar alternatives to each other's goods or services. A monopolistic competitive industry has minimal entry requirements, and decisions made by any one firm do not immediately affect those of its rivals.
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Costs that have no impact on future cash flows and are irrelevant to decisions are ______ costs.
Costs that have no impact on the future cash flows and are irrelevant to the decisions are sunk costs.
What is sunk cost?A sunk cost is a cost that has already been incurred and cannot be recovered in economics and corporate decision-making. It is sometimes referred to as a retrospective cost. The term "sunk costs" is used to contrast with "prospective costs," which are costs that might be avoided if action is taken in the future. In other words, a sunk cost is a sum that was spent in the past but is now irrelevant to choices being made for the future. Even though economists contend that sunk costs are no longer important for making future rational decisions, people frequently factor past expenses for things like fixing a car or house into their future decisions involving those properties in daily life.
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Inflation and Money - End of Chapter Problem Suppose the typical college student spends money primarily on the products in the accompanying table, Product Soda Pizzas Chicken Wings Room and Board Textbooks Quantity 2019 Price 2020 Price 365 $2.25 $2.30 200 $10.00 $11.00 165 $7.00 $7.50 $10,000 $10,800 4 $150 $165 Round your answers to two decimal places. 1 a. What is the cost of the basket in 2019? Cost in 2019: $ b. What is the cost of the basket in 2020? Cost in 2020: $ c. What is the inflation rate for a college student between 2019 and 2020? Inflation rate: d. Has the cost of living for college students risen or fallen? The cost of living has
Based on the given information: a. The cost of basket in 2019 is $14,576.25. b. The cost of basket in 2020 is $15,737. c. The inflation rate is 7.96%. d. The cost of living for college students has risen.
A market basket is a selection of goods and services that are steadily purchased and sold throughout an economic system. The cost of basket of goods and services is determined by multiplying the quantity of each item times its price.
a. Cost of basket in 2019 = 365*2.25 + 200*10 + 165*7 + 1*10,000 + 4*150 = $14,576.25
b. Cost of basket in 2020 = 365*2.30 + 200*11 + 165*7.5 + 1*10,800 + 4*165 = $15,737.
c. The Consumer Price Index (CPI) estimates the overall change in consumer prices based on a representative basket of goods and services over time. The consumer price index is determined by dividing the cost of the market basket in year t by the cost of the same market basket in the base year. CPI is the most well-known indicator of inflation.
CPI = 15737/14576.15 *100 = 107.96%
Hence inflation can be calculated between 2019 and 2020 is: 107.96 – 100 = 7.96%
d. Due to the inflation that occurred from 2019 to 2020 the living cost for students has increased.
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