1.) The US is relatively capital abundant, and India is relatively labor abundant. Assume that the production of rice is more labor intensive than the production of cars. Suppose there are foreign direct investment (FDI) flows from the US to India,and the FDI is in the car industry. Answer the following questions.
a.Explain short-run and long-run effects of the FDI on India's pattern of production, imports and exports.
b.How will you answer in Part (a) change if the FDI from the US to India is in the rice industry? Explain your reasoning.
2.) Starting from the long-run equilibrium without trade in the monopolistic competition model with 10 firms in Home country. Consider what happens when Home begins trading with four other identical countries. Assume that all countries have the same population, and their consumers have identical preferences.
a.Compared with the no-trade equilibrium, how much does industry demand D increase? How much does the number of firms (or product varieties) increase? Explain your reasoning.
b.Does the new firm-level demand curve (d’) shift or pivot due to the opening of trade? Display a figure and explain your reasoning.Compare your answer with the case in which Home trades with only one other identical country.Which case has a more elastic new demand curve d’?
c.How will your answer in Part (a) change if one of the three countries is larger than the other two countries?
In: Economics
Please write down your response after reading the paragraphs. (at least 5 sentences long, 150-200 words)
By Murphy’s Law, anything that can go wrong will go wrong. Throughout history, there have been multiple technological disasters due to errors in overlooking safety precautions, errors in manufacturing, or when a piece of the machinery simply gives out. The most advanced model of some sort of technology could be highly praised for its innovation, yet at some point, something is bound to go wrong. In the TED Talk, by Sam Harris, Harris addresses the issues concerning AI and how they are something to be feared. I agree with the all too science fiction dilemmas AIs bring into society, and he brings up many interesting points. Artificial Intelligence encompasses such wonder and hope for a smarter future. Yet so ironically, it should be something people fear. There are too many people who praise the great unknown capacity artificial intelligence has. People have been growingly dependent on technology and do not realize how easily it can control us. AI most definitely has the possibility to “annihilate… without a qualm” the way Harris explains humans destroy ants once the ants get in their way (Harris). Many people, however, feel that we are still doing the research and our world is far from that. However, Harris also discusses how assessing the amount of time it would take us to actually create such advanced AI is futile for “when we continue to improve our machines, we will produce superintelligence” (Harris). More concerning, once we have this superintelligence, how can society be reassured that it is safe and that us as a human race will not be controlled by it. Furthermore, there are many issues we need to address in our society that cannot be fixed by an AI. I feel that by human nature, humans can become too obsessed with trying to reach such heights they believe AI represent, and instead, we need to look introspectively on how we can improve society independent of superintelligence.
In: Psychology
COMPREHENSIVE PROBLEM
OJB Company began business in January, 2016. The following transactions occurred in February, 2016:
Feb 1 Purchased supplies on account, $ 400.
2 Received cash from customers on account, $ 1,750.
3 Paid $ 400 on account.
5 Paid technician $ 750 in salary, including the amount owed at the end of January.
8 Billed customers for services provided on account, $ 3,200.
11 Paid cash for advertising on a local website, $ 300.
12 Received $ 3,875 cash for fees earned for jobs completed.
16 Paid electricity bill for the month, $ 290.
17 Received $ 8,200 cash for fees earned for jobs completed.
19 Paid technician $ 750 in salary.
20 Billed customers for services provided on account, $ 6,100.
22 Received cash from customers on account, $ 9,500.
25 Paid phone bill for the month, $ 120.
26 Received cash from customers as an advance payment for technical support services to be provided in the future, $ 2,500.
27 Billed customers for services provided on account, $ 3,900.
28 Received cash from customers on account, $ 5,100.
28 OJB withdrew $8,000 for personal use.
INSTRUCTIONS:
The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances February 1, 2016, and place a check mark ( ü ) in the Posting Reference column. Journalize each of the February transactions in the journal provided using OJB Company’s chart of accounts. (Do not insert the account numbers in the journal at this time).
Post the journal to the ledger.
Prepare an unadjusted trial balance.
At the end of February, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and ( 6 ):
Supplies on hand were $ 600.
Rent expired during the month was $ 1,600.
Unearned fees at the end of the month were $ 2,000.
Insurance expired during the month was $ 300.
Accrued salaries payable were $ 240.
Depreciation on equipment during the month was $ 330.
Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet.
Journalize and post the adjusting entries.
Prepare an adjusted trial balance.
Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet.
Record and post the closing entries. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry.
10.Prepare a post-closing trial balance.
OJB COMPANY SERVICE CHART OF ACCOUNTS
PROVIDED FOR YOU IN BLACKBOARD THIS ACCOUNT IS
LISTED BUT IS NOT USED—PLEASE IGNORE**
OJB COMPANY
POST-CLOSING TRIAL BALANCE
JANUARY 31, 2016
DEBIT CREDIT
Accounts Receivable3,400
Prepaid Rent3,200
Prepaid Insurance1,500
Office Equipment14,500
Accumulated Depreciation330
Accounts Payable800
Salaries Payable120
Unearned Fees2,500
OJB, Capital 42,300
46,050 46,050
In: Accounting
OJB Company began business in January, 2016. The following transactions occurred in February, 2016:
Feb 1 Purchased supplies on account, $ 400.
2 Received cash from customers on account, $ 1,750.
3 Paid $ 400 on account.
5 Paid technician $ 750 in salary, including the amount owed at the end of January.
8 Billed customers for services provided on account, $ 3,200.
11 Paid cash for advertising on a local website, $ 300.
12 Received $ 3,875 cash for fees earned for jobs completed.
16 Paid electricity bill for the month, $ 290.
17 Received $ 8,200 cash for fees earned for jobs completed.
19 Paid technician $ 750 in salary.
20 Billed customers for services provided on account, $ 6,100.
22 Received cash from customers on account, $ 9,500.
25 Paid phone bill for the month, $ 120.
26 Received cash from customers as an advance payment for technical support services to be provided in the future, $ 2,500.
27 Billed customers for services provided on account, $ 3,900.
28 Received cash from customers on account, $ 5,100.
28 OJB withdrew $8,000 for personal use.
INSTRUCTIONS:
The chart of accounts and the post-closing trial balance as of January 31, 2016 are given. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of the ledger. Date the balances February 1, 2016, and place a check mark ( ü ) in the Posting Reference column. Journalize each of the March transactions in the journal provided using OJB Company’s chart of accounts. (Do not insert the account numbers in the journal at this time).
Post the journal to the ledger.
Prepare an unadjusted trial balance.
At the end of March, the following adjustment data were assembled. Use this data to complete instructions ( 5 ) and ( 6 ):
Supplies on hand were $ 600.
Rent expired during the month was $ 1,600.
Unearned fees at the end of the month were $ 2,000.
Insurance expired during the month was $ 300.
Accrued salaries payable were $ 240.
Depreciation on equipment during the month was $ 330.
Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet/worksheet and complete the worksheet.
Journalize and post the adjusting entries.
Prepare an adjusted trial balance.
Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet.
Record and post the closing entries. Income Summary is account #33 in the chart of accounts. Indicate closed accounts in the ledger by inserting a line in both of the Balance columns opposite each closing entry.
10.Prepare a post-closing trial balance.
OJB COMPANY SERVICE CHART OF ACCOUNTS
OJB COMPANY
POST-CLOSING TRIAL BALANCE
JANUARY 31, 2016
DEBIT CREDIT
Accounts Receivable3,400
Prepaid Rent3,200
Prepaid Insurance1,500
Office Equipment14,500
Accumulated Depreciation330
Accounts Payable800
Salaries Payable120
Unearned Fees2,500
OJB, Capital 42,300
46,050 46,050
In: Accounting
The acronym for the new provision under the Tax Cuts and Jobs Act (TCJA) that may require the inclusion of some of the earnings of a foreign (non-US) subsidiary in a US corporation’s US income tax return, even though the foreign subsidiary did not actually distribute these earnings to the US corporation is:
a. GILTI
b. FDII
c. CFC
d. BEAT
In: Accounting
In your initial posting, find and share with us an example of a bad graphical representation of data. Tell us what is bad or wrong with the graphical representation. Then share with us how the graphical representation can be fixed so that it meets the standards of a good graphical representation. Share anything else with us you find important or interesting about the change.
In: Statistics and Probability
3. Assume the US wants to open up trade with Sweden in the hot tub market. Assume that the price in Sweden for hot tubs is higher than it is in the US. Will the US be an importer or an exporter of hot tubs? Explain, in economic terms, why you answered how you did. Draw a properly labeled graph to support your answer.
Assume the US wants to open up trade with Sweden in the hot tub market. Assume that the price in Sweden for hot tubs is lower than it is in the US. Will the US be an importer or an exporter of hot tubs? Explain, in economic terms, why you answered how you did. Draw a properly labeled graph to support your answer.
In: Economics
Case 4-35 (Garrison Text – 11thCanadian Edition)
Break-Even Levels for Individual Products in a Multi-Product Company
Jasmine Richards met her boss, Rick McNeil, at the pop machine in the lobby. McNeil is the vice president of marketing at Down East Lures Corporation. Richards was puzzled by some calculations she had been doing, so she initiated this conversation:
Richards: Rick, I’m not sure how to go about answering the questions that came up at the meeting with the president yesterday.
McNeil: What’s the problem?
Richards: The president wanted to know the break-even point for each of the company’s products, but I’m having trouble figuring them out.
McNeil: I’m sure you can handle it, Jasmine. And, by the way, I need your analysis on my desk tomorrow morning at 8:00 A.M. sharp so I can look at it before the follow-up meeting at 9:00.
Down East Lures makes three fishing lures in its manufacturing facility in Prince Edward Island. Data concerning these products appear below:
Frog Minnow Worm
Normal annual sales volume (units) 100,000 200,000 300,000
Unit selling price $2.00 $1.40 $0.80
Variable cost per unit $1.20 $0.80 $0.50
Total fixed expenses for the entire company are $282,000 per year. All three products are sold in highly competitive markets, so the company is unable to raise its prices without losing unacceptable numbers of customers. The company has no work in process or finished goods inventories due to an extremely effective lean manufacturing system.
Required:
What is the company’s overall break-even point in total sales dollars?
Of the total fixed costs of $282,000, $18,000 relate directly to the Frog lure product, $96,000 relate directly to the Minnow lure product, and $60,000 relate directly to the Worm lure product. The remaining fixed expenses of $108,000 consist of common fixed costs such as administrative salaries, rent on the factory building, and advertising expenses for the company as a whole. These common fixed expenses are not directly related to any particular product but must be incurred as part of operating the business.
What is the break-even point in units for each product?
Note: Management insists that Richards separately calculate the break-even point for each product using its CM per unit and only the fixed expenses that relate directly to that product.
If the company sells exactly the break-even quantity of each product calculated in (a), calculate the overall profit of the company.
Explain this result to management.
Calculate the company’s overall break-even point in units using the weighted-average CM approach.
How many units of each product must be sold at the break-even level?
Comment on any significant differences you see between these results and those of (a) above.
In: Accounting
why Walden University offers a flexible online learning formats that fit the needs of a diverse student body as a nurse practitioner
In: Nursing
What would you guess would be the aggregate terms used in managing a university as a whole? The computer center? The buildings and grounds?
In: Economics