True/False Questions.
For each question below, please answer “true” or “false” and explain why.
6. A consumer with convex preferences who is indifferent between the bundles (5,2) and (11,6) will like the bundle (8,4) at least as well as either of the first two bundles. Assume these two goods are imperfect substitutes.
7. The marginal rate of substitution is always the same constant number when the goods are imperfect substitutes and no matter how many of each good is being consumed.
8. The transformation of a utility function described as f(u) = ln (α(U(x,y))) where α=-1 will retain the ordinal preferences of bundle A preferred to bundle B.
In: Economics
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In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $6 on January 1, (2) 450 units at $10 on January 8, and (3) 770 units at $11 on January 29. Assume 920 units are on hand at the end of the month. |
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Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) |
In: Accounting
Many goods that we consume today could be made by slaves. These goods can be found in common products and components that are sourced from countries around the world. This means that many of us are inadvertently supporting exploitative labor practices. What role can consumers play to ensure that we don’t support factories and production facilities that exploit workers? What can businesses do to support fair and ethical supply chains? Are consumers and businesses doing enough?
Word count must meet 350.
In: Economics
In: Accounting
If the buyer and seller do not have an agreement for where the goods are to be delivered, the goods should be delivered at the _____.
seller's place of business | ||
seller's house, even if the seller has a place of business | ||
buyer's house | ||
buyer's place of work |
In: Operations Management
Explain whether the following goods and services are private,
public, mixed or merit goods in terms of their rivalry and
excludability
2.1. A game reserve (2)
2.2. A cell phone (mobile phone) (2)
2.3. Private security services (2)
2.4. Education (2)
2.5. The National Defence Force
In: Economics
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Monty
Company.
|
MONTY COMPANY |
||||||
| Work in process (1/1) | $213,900 | |||||
| Direct materials | ||||||
| Raw materials inventory (1/1) | $ | |||||
| Add: Raw materials purchases | 164,300 | |||||
| Total raw materials available for use | ||||||
| Less: Raw materials inventory (12/31) | 29,530 | |||||
| Direct materials used | $185,570 | |||||
| Direct labor | ||||||
| Manufacturing overhead | ||||||
| Indirect labor | 25,530 | |||||
| Factory depreciation | 44,900 | |||||
| Factory utilities | 74,980 | |||||
| Total overhead | 145,410 | |||||
| Total manufacturing costs | ||||||
| Total cost of work in process | ||||||
| Less: Work in process (12/31) | 86,890 | |||||
| Cost of goods manufactured | $543,210 | |||||
In: Accounting
essay form
Explain how the concept of “inferior” goods and “normal” goods operate in a household when income increases
Briefly explain what is meant by the term “fixed costs” and provide three examples of same.
Briefly explain what is meant by the tern “variable cost” and provide three examples of same.
In: Economics
Using examples discuss the differences between public goods and merit goods and explain why they are considered market failures.
In: Economics
In: Economics