b. Explain the relationship between total product, marginal product, and average product. [3 marks]

c. What is the law of diminishing returns and what does it explain the shape of the short run average cost curve. [3 marks]

d. Why is the level of output at which marginal revenue equals marginal cost the profit maximizing output?

Cash Basis vs. Accrual Basis Accounting

Differentiate between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting the preferred method for most businesses? The Internal Revenue Service requires all companies with sales over $5,000,000 to use the accrual-basis of accounting for income tax reporting purposes. Why?

Please answer all

1. What are the differences between elastic, inelastic, unitary elastic, perfectly elastic, and perfectly inelastic?

2. What is the relationship and significance of price elasticity of demand to total expenditures by consumers and total revenue by firms?

3. How does the price elasticity of demand relate to the burden of a tax, consumer surplus, and producer surplus?

Please write a minimum of 150 words each

6. When is revenue earned and therefore should be recognized?

7. When a company pays $10,000 for insurance that will cover it for two years, the transaction is not immediately recognized as an expense. Explain why.

8. Distinguish between cash flows resulting from operating activities, financing activities, and investing activities.

Python problem

Residential and business customers are paying different rates for water usage. Residential customers pay $0.005 per gallon for the first 6000 gallons. If the usage is more than 6000 gallons, the rate will be $0.007 per gallon after the first 6000 gallons. Business customers pay $0.006 per gallon for the first 8000 gallons. If the usage is more than 8000 gallons, the rate will be $0.008 per gallon after the first 8000 gallons. For example, a residential customer who has used 9000 gallons will pay $30 for the first 6000 gallons ($0.005 * 6000), plus $21 for the other 3000 gallons ($0.007 * 3000). The total bill will be $51. A business customer who has used 9000 gallons will pay $48 for the first 8000 gallons ($0.006 * 8000), plus $8 for the other 1000 gallons ($0.008 * 1000). The total bill will be $56. Write a program to do the following. Ask the user which type the customer it is and how many gallons of water have been used. Calculate and display the bill.

The following are some examples:

Enter R for residential customer or B for business customer: B
How many gallons of water were used? 9000
Please pay this amount: 56

Enter R for residential customer or B for business customer: R
How many gallons of water were used? 9000
Please pay this amount: 51

Please show your output in the answer, thank you!

PERFECT INFORMATION (customers were required to show sellers their risk card), to ASYMMETRIC INFORMATION (customers knew their risk but could lie to the seller), and then to SYMMETRIC UNCERTAINTY (neither the customer nor seller knew the customer's risk until after the decision to buy and sell insurance had been made.

Consider the rounds with a Free Market (in which sellers could charge every customer a different price, and could refuse coverage to individual customers). As available information changed from perfect information to asymmetric information, and then from asymmetric information to symmetric uncertainty, how and why do you think the following changed? (a) The premiums (prices) offered to customers; (b) The number of customers offered insurance; and, (c) The number of uninsured. AND Explain?

A store has issued two different coupons for its customers to use. One coupon gives customers $25 off their purchase price, and the other coupon gives customers 35% off of their purchase. The store allows customers to use both coupons and choose which coupon to apply first. For this context, ignore sales tax. Let f be the function that inputs a cost (in dollars) and outputs the cost after applying the "$25 off" coupon, and let g be the function that inputs a cost (in dollars) and outputs the cost after applying the "35% off" coupon.

A.) A customer purchases an item for $120 and asks the cashier to apply the "$25 off" coupon first, followed by the "35% off" coupon. What is the cost of the item after the two coupons are applied?

b.) A customer purchases an item for $120 and asks the cashier to apply the "$25 off" coupon first, followed by the "35% off" coupon. Use function notation to represent the cost of the item (in dollars) after the two coupons are applied.

c.) A customer purchase an item for $120 and asks the cashier to apply the "35% off" coupon first, followed by the "$25 off" coupon. What is the cost of the item after the two coupons are applied?

If a cell phone company conducted a telemarketing campaign to generate new clients, and the probability of successfully gaining a new customer was 0.05, what are the probabilities that contacting 25 potential new customers would result in at least 5 new customers?

Ink Spill, a printing company, provides printing services to its customers. Customers normally pay for printing services in advance. In October 2020, Ink Spill received $20,000 from customers for services to be provided in November 2020. A senior accountant at Ink Spill wants to record the full amount as a liability in the company’s Balance Sheet at the end of October 2020.

Required:

Should the $20,000 be recorded as a liability in the company’s Balance Sheet at the end of October 2020? Explain, using the definition and recognition criteria of a liability in your explanation.