3 - From the following data about the demand for dishwashers, calculate the elasticity of demand from point A to B, from point C to D and from point E to point F. Classify the elasticity as elastic, inelastic or unitary elastic. Also calculate the total revenue of each point. What happens to total revenue as you approach unitary elasticity? If cost were not an issue what price would you choose for your selling price?

1. A charter flight charges a fare of $200per person plus an additional $4 per person for each unsold seat on a plane that holds a maximum of 100 passengers. Let x represent the number of unsold seats.

a)Express the number of passengers on the flight as a function of x. Call this functionQ(x).

b)Express the price per ticket on the flight as a function of x. Call this functionP(x)

c)Express the total revenue received for the flight as a function of x. Call this functionR(x)

d)Find the number of unsold seats that will produce the maximum revenue as well as what the maximum revenue is (rounded to the nearest cent). Explain how you found your answer using complete sentence

1.

2. Benjamin, Inc., operates an export/import business. The company has considerable dealings with companies in the country of Camerrand. The denomination of all transactions with these companies is alaries (AL), the Camerrand currency. During 2017, Benjamin acquires 43,000 widgets at a price of 8 alaries per widget. It will pay for them when it sells them. Currency exchange rates for 1 AL are as follows:

1. Assume that Benjamin acquired the widgets on December 1, 2017, and made payment on March 1, 2018. What is the effect of the exchange rate fluctuations on reported income in 2017 and in 2018?
2. Assume that Benjamin acquired the widgets on September 1, 2017, and made payment on December 1, 2017. What is the effect of the exchange rate fluctuations on reported income in 2017?
3. Assume that Benjamin acquired the widgets on September 1, 2017, and made payment on March 1, 2018. What is the effect of the exchange rate fluctuations on reported income in 2017 and in 2018?

(Input all amounts as positive values.)

For this discussion, you will create a scenario in which you are counseling a client, applying techniques from Reality theory. The details of the counseling session scenario are up to you; however, note that your client must come from a diverse social or cultural background. Write the script of your hypothetical counseling session. The script must have at least 20 responses—10 from the client and 10 from you as the counselor. Your responses must align with the philosophy and goals of Reality theory and with the multicultural contributions or strengths of Reality theory. Be sure that your interventions align with Reality theory of change, interventions, and its vision of client and counselor roles. You will present the following:

1) A brief introduction to the client scenario. The theory you are choosing to apply (REALITY) with a brief rationale for why it is appropriate for the client and his or her presenting problem.

2) Your script, which illustrates REALITY theory. A

3) Paragraph discussing how concepts you applied in the script related REALITY theory's key concepts, theory of change, interventions, and vision of client and counselor roles.

4) A paragraph discussing how your client's social or cultural background affected your application of your chosen approach.

Clinical Approach and Evaluation

Reality Therapy offers ways of setting the environment and follows procedures that lead to change. This process interrelates with choice theory in ascertaining the quality world pictures, needs, total behavior, and evaluation emanating from perceiving to what degree the person has matched their pictures to get he needs. Some questions may be: What do you want out of life? What do you want out of your relationship? What do you desire out of your friends? Out of work? Out of play? Out of power?

Wubbolding used and Reality Therapy and streamlined counseling procedures (Wubbolding, 2000). Fie provided the acronym WDEP which allows counselors not only to ground themselves in a coherent framework, but to expand into a myriad of questions within the process (Wubbolding, 2000). This process is intended for clinicians to follow a path within the counseling session. First they obtain what the client wants, what he is doing to achieve it. Then they help the client evaluate current behavior, and assess the plan. Within this framework, counseling comes to a quick close. This occurs because clinicians ignore past history, unconscious activity, and transference. They focus mainly on thinking and acting (hand and handle) aspects of total behavior. The Freudian concepts do not fit into this model because focusing on emotion and past history is fruitless except to elucidate the present and this is a decision made by the counselor. If reviewing the past only allows clients to relive painful experiences, then this would not be within the realm of reality therapy. Reality Therapy operates in the present moment with present relationships (Glasser, 1998).

Client evaluation, then, is based on client wants, their behaviors and their plan to achieve what they really want. The clinician listens to the client's story and gathers pertinent data; however, the clinician does not make a mental health diagnosis outright. That said, a diagnosis is ethically mandatory even if Choice Theorists disagree with the DSM. Fie stated that a pathological diagnosis is only necessary for insurance purposes (Glasser, 1998).

1. Let's say that you are looking at a table with output and cost data for a firm and you observe the following: At a quantity of 10 units, the firm's marginal cost and marginal revenue both equal $.75. At a quantity of 18 units, the firm's marginal cost reaches its lowest point at $.35. At a quantity of 26 units, the firm's average total cost reaches a minimum of $.50. At a quantity of 28 units, the firm's marginal cost and marginal revenue also both equal $.75. At a quantity of 30 units, the firm's marginal cost is $1.00 and its marginal revenue is $.65. If this firm wants to maximize its profits, which quantity should it produce?

2.

Consider the following table with a monopolist's cost and revenue data. The profit-maximizing output is _____, and the price which the monopolist will charge at this output is _____ (Hint: find the marginal revenue values):

3. Let's say that you are looking at a table with output and cost data for a firm and you observe the following: At a quantity of 12 units, the firm's marginal cost and marginal revenue both equal $.75. At a quantity of 30 units, the firm's marginal cost and marginal revenue also both equal $.75. At a quantity of 22 units, the firm's marginal cost reaches its lowest point at $.35. At a quantity of 28 units, the firm's average total cost reaches a minimum of $.50. If this firm wants to maximize its profits, which quantity should it produce?

4.

Please consider the above data for a monopolist. At which output level does the monopolist maximize its profits (or minimize its losses)?

1. The Houston Robots basketball team receives $5,000 for season tickets on August 1. By December 31, they have earned $2,000 of the revenue. The adjusting entry to be made on December 31 by the Houston Robots include a:

A. credit to Unearned Revenue of $2,000.

B. debit to Service Revenue of $2,000.

C. debit to Unearned Revenue of $2,000.

D. credit to Prepaid Revenue of $3,000.

1. On October 1, Blues Company paid $12,000 for one year of insurance, in advance. Which of the following will be part of the adjusting entry on December 31?

A. Debit Insurance Expense for $3,000

B. Debit Insurance Expense for $9,000

C. Debit Prepaid Insurance for $9,000

D. Debit Prepaid Insurance for $3,000

3. A company started the year with $400 of supplies. During the year, the company purchased an additional $1,200 of supplies. There were $700 of supplies on hand at the end of the year. An adjusting entry prepared at the end of the accounting period includes a:

A. debit to Supplies for $700.

B. debit to Supplies Expense for $600.

C. debit to Supplies Expense for $900.

D. debit to Supplies for $800.

4. Surveying Company, Inc. purchased supplies during the year totaling $25,500. If the adjusted trail balance shows an ending balance in the Supplies account of $18,600, what was the amount of supplies used by Surveying Company?

A. $14,900

B. $6,900

C. $18,600

D. $11,800

5. At December 31, the ABC Company owes an employee for four days of work that will not be paid until January 5^th. The weekly rate of pay for a five-day workweek is $1,000. The adjusting entry to record the accrued wages will include a:

A. debit to Salaries Payable for $800.

B. debit to Salaries Expense for $1,000.

C. debit to Salaries Payable for $1,000.

D. debit to Salaries Expense for $800.

6. Antler Company holds a $10,000 note receivable as an investment. Each month Antler earns $100 of interest revenue on the note. At the end of the accounting period, Antler needs to record the accrued revenue on the note for three months that it will receive next year. The amount of the adjusting journal entry would be:

A. $10,000.

B. $300.

C. $100.

D. $0.

Wahlund Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. They prepared the following budget for October, when they planned on selling 6,500 units.

Actual results for October were:

Prepare a Flexible Budget Performance Report (complete Flexible Budget Analysis), including the total Activity Variance, total Revenue and Spending Variance, and individual Revenue and Spending Variances. All variances must be labeled as unfavorable (U) or favorable (F). Match each of the following items to the appropriate answer. Prepare the Flexible Budget Performance Report BEFORE you attempt to answer the questions.

Using the worksheet you completed in Part 1, revise the given year end information with the following values and then answer the questions below:

Select year end company accounts and additional information:

Required:
1. Prepare the adjusting journal entries based on the results of your revised spreadsheet.

• Record the adjusting entry for supplies expense if supplies on hand at the end of the year were $8,300.

Note: Enter debits before credits.

• Record the adjusting entry for services remaining to be provided to customers who paid $4,300 in advance.

Note: Enter debits before credits.

• Record the adjusting entry for additional salaries of $9,400 owed to employees at the end of the year.

Note: Enter debits before credits.

• A note receivable of $9,800 was received on March 31 with an interest rate of 8%. Record the adjusting entry for interest on the Note Receivable at year end.

Note: Enter debits before credits.

2. Complete the table below with the new balances in each account:

3. Now assume supplies on hand at the end of the year were $15,800, and services remaining to be provided to customers were $6,800. Enter the recalculated values below:

Karen’s Restaurant has three sales revenue departments with direct costs and average monthly figures given in the following information:

The restaurant also has the following indirect, undistributed costs:

Administrative and general expenses       $18,000

Marketing expenses               $15,000

Utilities expense                   $ 7,500

Property operation and maintenance       $18,180

Depreciation expense               $21,000

Insurance expense               $ 6,000

Required:

Prepare a consolidated departmental contributory income statement showing each of the three divisions side by side for comparison. Do not allocate indirect costs.

Allocate the indirect costs to the divisions side by side for comparison. Administrative, general, and marketing costs are allocated based on sales revenue. The remaining indirect costs are allocated based on square footage used by each division: Round all percentage calculations to a whole percentage.

Dining 3,600 sq. ft.   Banquet 4,500 sq. ft.   Beverage 900 sq. ft.

After allocating the indirect costs, would you consider closing any of the divisions? Why or why not?

Calculate the contributory income percentage for each of the three divisions.

Calculate the cost of sales, wages and salaries costs, and other direct costs as a percentage of sales revenue for each of the divisions.

If there were a shift of $12,000 in sales revenue from the banquet area to the dining room, would you expect the restaurant’s overall operating income to increase or decrease? Explain your reasoning to support your answer.

Assuming that the shift of $12,000 of sales revenue does occur, total sales revenue will not change. Total indirect, undistributed costs will not change. Recalculate cost of sales, wages and salaries costs, and other direct costs for each division (using the percentages in 5 above) to find the new departmental operating income.

After allocating the indirect costs, would you now consider closing any of the divisions? Why or why not?