Assess the validity of the following: If true, mark true; if false, explain why the statement is false.  

1. An increase in disposable income decreases the quantity demanded of inferior goods.
2. Constant elasticity demand curves imply that expenditure (or revenue) always stay the same.
3. Marginal Revenue is positive as long as Total Revenue is also positive.
4. If in a model with only two goods the MRS_{X, Y} is constant and greater than the price ratio P_X/P_Y, the consumer buys no X.
5. The law of diminishing returns does not apply if the Total Product of labor were to be linear.
6. If over the relevant range the Price Consumption Curve for good Y is parallel to the y-axis, the demand for good X is perfectly inelastic.
7. In stage I of the production process, Total Product always increases at an increasing rate.

A partial adjusted trial balance of Swifty Company at January 31, 2017, shows the following. SWIFTY COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2017 Debit Credit Supplies $920 Prepaid Insurance 3,720 Salaries and Wages Payable $1,020 Unearned Service Revenue 970 Supplies Expense 950 Insurance Expense 620 Salaries and Wages Expense 2,020 Service Revenue 2,220 Answer the following questions, assuming the year begins January 1.

If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1? Beginning balance of supplies $ =

If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium?

Total premium $ =

When was the policy purchased? The policy was purchased on .

If $2,720 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? Beginning balance of salaries and wages payable $ =

If $1,820 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2016? Assume that there are no accounts receivable. Beginning balance of unearned service revenue $ =

69. A monopolist faces ________.

a. the market demand curve

b. several close substitutes for its product or service

c. a horizontal demand curve at the market price

d. a vertical demand curve

Scenario: Mr. Olivander has a monopoly on supplying magic wands. The table below shows the demand schedule for magic wands per day.

70. Refer to the scenario above. What is Mr. Olivander's marginal revenue when he sells the third wand?

a. $35

b. $30

c. $130

d. $55

71. Marginal revenue is less than the price for a monopolist because ________.

a. None of these

b. there are no close substitutes for the firm's product

c. a monopolist must lower its price to sell another unit of output

d. the firm sets the price

72. A profit-maximizing monopolist produces the quantity at which ________.

a. Price = Average total cost

b. Marginal revenue = Marginal cost

c. Price = Marginal revenue

d. Price = Marginal cost

Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Debits Credits Prepaid Insurance $19,980 Supplies 5,790 Office Equipment 17,856 Unearned Rent Revenue $15,750 Salaries Expense 9,300 Rent Revenue 45,000 Piotroski Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a three-year premium paid on January 1. (b) Supplies of $850 were still available on January 31. (c) Office equipment is expected to last eight years (or 96 months). (d) The unearned rent revenue represents six months of rent received in advance on January 1. (e) Salaries of $1470 have been earned by employees but yet not recorded as of January 31. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital (a) (b) (c) (d) (e) Income Statement Revenue - Expenses = Net Income Save AnswersFinish attempt

Market Research:

You have an apple orchard. You let people pick their own apples. When you let people pick a small bag for $6, there were 6,316 small bags sold. You do some market research and find that a $0.25 increase in price means 235 fewer small bags of apples sold. Recall that revenue is quantity sold X Price per quantity. If we let x be the number of $0.25 increases or decreases from $6 and R be revenue, then answer the following questions:

A) What equation represents what you expect the revenue to be based on your research?

B) Based on your answer in A, if you charge $5.75 (x= -1) how much do you expect the revenue to be?

C) At what price or prices will you have $30,000 in sales, If your expectations listed above are true?

I would appreciate any and all help. If you give the answers, could you please show work and explain how you got them? I did my best in trying to re-write the questions (my professor doesnt have great grammar.)

Germany introduced its version of the above game " Heimfreiheit und Spaß." The German branch strongly argued against using the standard deviation of the online game population. They argued that the game is unique in a unique environment. They reported the following daily revenue. Create a 92% confidence interval for the population mean of daily revenue in Germany Day Revenue

Suppose that you produce and sell children's tables in a local market. Past experience enables you to estimate your demand and marginal cost schedules. This information is presented in the accompanying table.

Complete the following table by computing the total cost of producing each quantity. Then, compute the total revenue earned at each price level and the marginal revenue earned at each price level.

Assuming you are currently charging $25 per table set, what should you do if you want to increase profits?

Increase the price

Leave the price unchanged

Decrease the price

Given your demand and cost estimates, you should charge a price of    if you want to maximize your weekly profit. At this price, your output will be

tables, and you will earn a weekly profit of

.

A. A firm has the capacity to produce 988,272 units of a product each year. At present, it is operating at 24 percent of capacity. The firm's annual revenue is $1007128. Annual fixed costs are $599333 and the variable costs are $0.65 per unit. What s the firm's annual profit or loss?

B. A firm has the capacity to produce 1,386,753 units of a product each year. At present, it is operating at 62 percent of capacity. The firm's annual revenue is $1364010. Annual fixed costs are $500,217, and the variable costs are $0.49 per unit. what is the price for each unit

C. A firm has the capacity to produce 1,273,209 units of a product each year. At present, it is operating at 63 percent of capacity. The firm's annual revenue is $788,755. Annual fixed costs are $388, 229, and the variable costs are $0.67 per unit. what is the price of each unit?

D. A firm has the capacity to produce 1,273,209 units of a product each year. At present, it is operating at 63 percent of capacity. The firm's annual revenue is $788,755. Annual fixed costs are $388,229, and the variable costs are $0.67 per unit. At what volume of sales does the firm break even?