Question
In: Economics
Marks I. Discuss one (1) of the following statements, indicating whether you agree or disagree and...
Marks I. Discuss one (1) of the following statements, indicating whether you agree or disagree and why. Be clear and concise. A graphical analysis may aid in answering the questions.
1. Over an extended period of time you observe a decrease in both the price and output of a good. Such a price pattern rules out the possibility that the cost of production of this good has increased, since if this were the case, the supply curve would shift up and to the left, and price would increase.
2. Since the introduction of the original iPhone in January 2007, the price of the base model has fallen consistently over time, technology has improved, and Apple has sold millions and millions of the devices. This price and output pattern indicates that the demand for iPhones is highly elastic and that technological improvements have lowered costs and shifted the supply curve
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Use a diagram to discuss whether you agree or disagree with the following statement. “In an...
Use a diagram to discuss whether you agree or disagree with the
following statement.
“In an emission trading scheme, a unique, efficient and
equitable allocation of emission permits will be achieved
regardless of how emission permits are initially allocated.”
For each of the following independent statements, state whether you agree or disagree with the statement...
For each of the following independent statements, state
whether you agree or disagree with the statement and fully
explain your answer.
Required
a. The level of audit risk
is low when inherent risk is low.
b. When the auditor
assesses control risk and inherent risk as high, the
acceptable detection risk is
low.
c. When an audit firm
issues the correct opinion on the financial statements under audit,
it still has engagement risk.
d. If...
For each of the following independent statements, state whether you agree or disagree with the statement...
For each of the following independent statements, state
whether you agree or disagree with the statement and fully
explainyour answer.
Required
a. Each of the
following changes (considered individually, and holding other
things constant) can be expected to decrease the level of
detection risk
associated with the auditor's
substantive tests:
decreasing materiality
reducing the level of audit risk
b. Auditing
standards require that if an auditor plans to assess control risk
as high, internal controls must be of higher quality and the...
Use a diagram to discuss whether you agree or disagree with the following statement.“When there are...
Use a diagram to discuss whether you agree or disagree with the
following statement.“When there are two firms which can control
emissions at different marginal abatement costs, a uniform emission
standard is a cost-effective way to achieve the emission reduction
target.”
1).State whether you agree or disagree with the following two statements, and explain why using thermodynamic...
1).State whether you agree or disagree with the following two
statements, and explain why using thermodynamic arguments:
(a)Putting a lid on the pan of water when
heating it up would enable the water to heat up more
quickly(explain why using thermodynamics arguments)
(b)In mid-winter, when the temperature is less
than 0 oC, ice forms from (liquid) water. This disproves the Second
Law of Thermodynamics. (explain why using thermodynamics
arguments)
Indicate whether you agree or disagree with the following statements and explain your reasoning. a) Related...
Indicate whether you agree or disagree with the following
statements and explain your reasoning.
a) Related party
transactions require proper identification and consideration when
considering risk. However, there is no requirement to disclose
related party transactions unless they have an impact on material
misstatements.
b) When assessing
fraud risk, auditors should adopt an attitude of professional
scepticism to ensure that any indicator of a potential fraud is
properly investigated.
c) The
responsibility for preventing and detecting fraud rests with those...
Explain why you agree or disagree with the following statements. If I were to supply my...
Explain why you agree or disagree with the following
statements.
If I were to supply my kitchen with fresh food, I can use the
fixed-order quantity model because , like most people, I only go to
the grocery store when the supply is low and since the number of
people who consume the food stays the same, I would purchase the
same amount. On the other hand, if I were to obtain a daily
newspaper, I would use the fixed-...
Use a diagram to discuss whether you agree or disagree with the following statement.“When the discount...
Use a diagram to discuss whether you agree or disagree with the
following statement.“When the discount rate is zero, allocating the
same amount of resources is always dynamically efficient.”
Indicate whether you agree or disagree with the following statements and explain your reasoning. (each 2.5...
Indicate whether you agree or disagree with the
following statements and explain your reasoning. (each 2.5 marks,
total: 10 marks)
a) An auditor is responsible for the preparation and fair
presentation of the financial statements in accordance with
International Financial Reporting Standards, and for such internal
control as is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error. (2.5 marks)
b) An assurance engagement involves evaluation or measurement of...
Auditing 2 Indicate whether you agree or disagree with the following statements and explain your reasoning....
Auditing 2
Indicate whether you agree or disagree with the following
statements and explain your reasoning.
a) Svetlana Petrova was reviewing the risk profile of Gaz Prom
Industries in order to determine detection risk. She concluded:
“Both my inherent and control risks are low. I guess I should be
willing to accept high detection risk.”
b) Boris Ivanov had performed an assessment of the accounts payable
system at Magnitogirsk Iron and Steel Works Operations in the
Urals. His focus was...
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