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1. Prepare a budget versus actual variance analysis report for the end of March for the community services organisation Discoverer. They made an original assumption based on the respite manager’s undertaking that a new food expense would be year to date $900 with the actual amount spent $2,700 at the 31.3.20XX. Include food for this month separately on the report for $300 actual and only $100 budgeted. Include whether the amount is favourable (F) or unfavourable (U), show the percentage (%).
2. Prepare a request for budget revision form to accompany the variance report. Note that the request is due to a new program which had an original incorrect assumption.
2. Prepare a request for budget revision form to accompany the variance report. Note that the request is due to a new program which had an original incorrect assumption.
An individual who is not an existing client approaches you in early November stating that the income tax return for the financial year has not been prepared or lodged. The individual is aware that tax agents can lodge later than the October 31 deadline so requests that you prepare and lodge the tax return to avoid penalties.
What advice do you give this individual?
What advice do you give this individual?
An economy comprises two consumers, 1 and 2, with two consumption goods bi-cycles (b) and wheat (w). Both consumers have the same utility function μ(b,w) = bw. Bi-cycles and wheat are produced by two firms which use only labor according to the production functions.
b=√1b and w= 0.5√1w
Both firms are owned by consumer 1, and consumer 2 owns 200 units of labour.
(a) Find the production possibility frontier for this economy.
(b) Find the competitive equilibrium.
(c) Find competitive equilibrium if every consumer owns 100 units of labour and owns one firm.
(d) Find the Pareto efficient allocations for this economy
b=√1b and w= 0.5√1w
Both firms are owned by consumer 1, and consumer 2 owns 200 units of labour.
(a) Find the production possibility frontier for this economy.
(b) Find the competitive equilibrium.
(c) Find competitive equilibrium if every consumer owns 100 units of labour and owns one firm.
(d) Find the Pareto efficient allocations for this economy
Economics
Where necessary you will need to support the tax return using spread sheets, databases and internet information. In completing this activity you must show that you can apply statute, regulation and precedent to a client’s circumstances, develop options to resolve client related taxation matters and plan and sequence your work correctly. This will involve conducting research and making appropriate notes for submission to your assessor. What other information would you need to gather and how would it be used? How would you verify your data and ensure compliance? Are there any extra client related taxation matters that might need to be addressed? Explain.
Economics
A new client is using your professional services. Conduct the first interview and ask appropriate introductory questions. Record the answers using suitable IT equipment- ie make electric records and files. Ask a series of follow-up questions that would be relevant to the tax return and record those answers also. Upload, in a word processed document, a list of the questions you asked, the recorded answers and the reasons for asking these questions. Provide appropriate taxation advice to the client and submit a written summary of the advice given. Would it be necessary to liaise with anyone else? With whom and why?
How much does it cost to practice medicine?
Are malpractice insurance premiums a major cause of higher doctor bills?
Is medical care sold like other goods and services?
Who chooses which treatment to use, the patient or the doctor?
Why are licensure restrictions more strongly enforced for some types of medical
care than for others?
Is the American Medical Association (AMA) a professional society serving science
or a union serving the economic interests of its members? Is it both?
Are malpractice insurance premiums a major cause of higher doctor bills?
Is medical care sold like other goods and services?
Who chooses which treatment to use, the patient or the doctor?
Why are licensure restrictions more strongly enforced for some types of medical
care than for others?
Is the American Medical Association (AMA) a professional society serving science
or a union serving the economic interests of its members? Is it both?
Why do general tax revenues pay for so much personal health care? Who will pay if the Medicare trust fund runs out of money?
Economics
The demand for Wanderlust Travel Services (X) is estimated to be:
QX = 22,000 – 2.5PX + 4PY – M + 1.5AX
where AX represents the amount of advertising spent on X, M is income per
capita, and the other variables have their usual interpretations.
Suppose that the price of good X is $450, good Y sells for $40, the company
utilizes 3000 units of advertising, and consumer income is $20,000.
a. Calculate the elasticity of demand for good X with respect to the price of X,
the price of Y, income, and advertising. (8 marks)
c. Calculate consumer surplus at the profit‐maximizing price if the marginal
cost is $264.
QX = 22,000 – 2.5PX + 4PY – M + 1.5AX
where AX represents the amount of advertising spent on X, M is income per
capita, and the other variables have their usual interpretations.
Suppose that the price of good X is $450, good Y sells for $40, the company
utilizes 3000 units of advertising, and consumer income is $20,000.
a. Calculate the elasticity of demand for good X with respect to the price of X,
the price of Y, income, and advertising. (8 marks)
c. Calculate consumer surplus at the profit‐maximizing price if the marginal
cost is $264.
Question 8
Suppose the demand curve for a good is given by the equation Q = 100 - P and the supply curve is given by the equation Q = 0.25P, where P represents the price of the good (measured in dollars per unit) and Q represents the quantity of the good (measured in units per week).
a. Find the equilibrium price and quantity for this market.
b. Suppose quantity demanded for the good rises by 10 units at every possible price while at the same time quantity supplied falls by 5 units at every possible price (with the exception that quantity supplied cannot drop below zero units at any price). Find the new equilibrium price and quantity in this market.
c. Given the change in demand, how large would the fall in supply need to be (given the same 10 unit rise in demand) in order for the price to decrease instead of increasing as in part (b)?
Suppose the demand curve for a good is given by the equation Q = 100 - P and the supply curve is given by the equation Q = 0.25P, where P represents the price of the good (measured in dollars per unit) and Q represents the quantity of the good (measured in units per week).
a. Find the equilibrium price and quantity for this market.
b. Suppose quantity demanded for the good rises by 10 units at every possible price while at the same time quantity supplied falls by 5 units at every possible price (with the exception that quantity supplied cannot drop below zero units at any price). Find the new equilibrium price and quantity in this market.
c. Given the change in demand, how large would the fall in supply need to be (given the same 10 unit rise in demand) in order for the price to decrease instead of increasing as in part (b)?
Question:
Suppose labour is a variable input and capital is a fixed input, and consider a firm's short-run average, average variable, and marginal cost curves.
a. What geometric relationships hold among these three curves?
b. How would these curves be affected by an increase in the wage rate paid to labour?
c. How would these three curves be affected by an increase in the rental rate paid to
Suppose labour is a variable input and capital is a fixed input, and consider a firm's short-run average, average variable, and marginal cost curves.
a. What geometric relationships hold among these three curves?
b. How would these curves be affected by an increase in the wage rate paid to labour?
c. How would these three curves be affected by an increase in the rental rate paid to
