Other Economics Answers

In most economies of the world, is the short-run Phillips curve hypothesis still relevant? What about the long-run hypothesis?

Discuss

𝑄𝑑 = 1100 − 3P

Using the equation, find the quantity demand if the price is 180

𝑃 = −𝑄𝑑 + 700

Using the equation, find the quantity demand if the price is 0

𝑄𝑑 = 500 − 4p

Using the equation, find the quantity demand if the price is 25

A business started 1 April 2014, and incurred the following costs during its first two years.

Year ending 31 March  2014    2015

Direct materials            60,000 49,900

Direct labour               48,000 44,000

Variable overheads       24,000 30,000

Fixed costs                 40,000 40,600             

Production each year  16,000    14,000

Sales each year    14,000          14,000

Do:

Prepare a statement showing the gross profit for each of the three years if the company used:

The marginal costing approach to valuing  inventory;   

The absorption costing approach to valuing inventory. 

Advantages and disadvantages of using each method

On January 1st, “A” Company sold 50,000 . worth of goods to “B” Company with a sale discount of 5,000 . which result 45,000 . in net. On January 2nd, “B” Company returned 10,000 . worth of the goods, 3,000 . of it were defected goods and the rest of it didn’t comply with “B” Company requirements. What are the required Journal entries to be made in both companies?

In the month of March 2021, The TAMCC’s Restaurant inventory card for M&B Wine – 750ml showed the following entries:

    April 30: Balance of 5- 750ml bottles of M&B wine @ $10.00 each.

    March 2: Purchased 12- 750ml bottles of M&B wine @ $12.00 each.

    March 8: Sold 10- 750ml bottles of M&B wine.

    March 12: Sold 5- 750ml bottles of M&B wine.

    March16: Purchased 24- 750ml bottles of M&B wine @ $13.00 each.

    March 25: Sold 10- 750ml bottles of M&B wine.

    March 30: Sold 5- 750 ml bottles of M&B wine.

i)                  Determine the quantity and value of the ending inventory and cost of sales for the month of March using the various inventory methods.

ii)               Assume that each M&B wine 750ml bottle is sold for $26.

 Calculate the total sales & profit for each method used in (i) above.

iii)            Prepare a summary table and describe the table.

Which method would you recommend and why.

As the Manager of TAMCC Hotel, Inc., - Restaurant and Bar, you just purchased a doughnut making machine for $100,000. It has a salvage value of $10,000 and the useful life of 5 years. The machine is expected to produce 360,000 doughnuts: 70,000 in year 1; 80,000 in year 2; 90,000 in year 3; 70,000 in year 4; and 50,000 year 5.

i.                  Calculate the annual depreciation expense using the FIVE methods.

Create a table of Production Schedule for Output X with Variable Labor Input using the Marginal Product Form.

What is economics?it's nature ,scope?