Economics Answers

The following additional information as at 31 December 2021 is available.

i.] Stock as at the close of business had been valued at cost at TZS. 4,200,000.

ii.] Wages and salaries need to be accrued by TZS. 80,000.

iii.] Other operating expenses are prepaid by TZS. 30,000.

iiii.] Depreciation for the year ended 31 December 2021 has still to be provided in the books as follows:

• Equipment: 10 percent per annum using the straight line method.

Required:

Prepare BON’s Income Statement for the year ended 31 December 2021

A mfg. concern, which has adopted standard costing, furnishes the following information:

Standard:

Material for 70 kg. Of finished products ----> 100 kgs.

Price of materials . -----> Rs. 1 per kg

Actual:

Output ----> 210,000 kgs

Material used -----> 280,000 kgs.

Cost of materials  ----> Rs. 2,52,000

Calculate material cost variance, material price variance, and material usage variance?

Explain the term price elasticity of demand? How is it measured? What factors influence market demand for products? If the price elasticity is -3 and RM 100 is the marginal cost of product X, what should be the optimal sale price?

Solve this question: Supposed a consumer utility function is written as U=(2q1,q2) where q1 and q2 are commodities 1 and 2 respectively. Let their respective price be given as p1=#2,p2=#8 and income be given as: B=#240. Use the above data to:

A. Find the maximum values of q1 and q2 that the consumer will consumed.

B. Show that the budget constraint is satisfied in the sense that all the income will be spent.

C. Show that the equal marginal principle is fulfilled.

Solve this question: Supposed a consumer utility function is written as U=(2q1,q2) where q1 and q2 are commodities 1 and 2 respectively. Let their respective price be given as p1=#2,p2=#8 and income be given as: B=#240. Use the above data to:

A. Find the maximum values of q1 and q2 that the consumer will consumed.

B. Show that the budget constraint is satisfied in the sense that all the income will be spent.

C. Show that the equal marginal principle is fulfilled.

there are 100 bakeries producing bread at a neighourhood with 10,000 households. each households demands curve is given by p = 5 - yD where yD referes to hundred loaves of bread , and p is in dollars per loaf. each backery faces the same short run and long-run cost function c(y)= y² + 4

find the new SR industry supply curve at the long-run equilibrium number of backeries.

1. y^SR = 2500p
2. y^SR=5000p
3. y^SR= 10000p

Given the demand and supply function for the three goods

qd1=20-p1-p3 ;qs1=-10+p1

qd2=40-2p2-p3 ;qs2=2p2

qd3=10-p1+p2-p3 ;qs3=-5+3p3

A Write the equilibrium condition?

B find the equilibrium price?

If the demand functions for the two consumers are:

For consumer 1 Qd1= 10-4P1

For consumer 2 Qd2= 4-2P2

When the two prices are 3 birr.

a. Determine the market demand using the same price for

the two functions?

if farmer jones plants no seeds on her farm, she gets no harvest. if she gets 5 bushels. if she plants 3 bags. she gets 6 bushels. a bag of seeds cost $100, and seeds are her only cost. use this data to graph the farmer's production function and total cost curve. explain their shapes.

Read the case to answer the following questions:

Case: The Ford Pinto | Business Ethics (uncg.edu)

Suppose you are trying to determine whether to go ahead with the existing Pinto design or to delay production and redesign. Taking a shareholder approach (Friedman), what action should you take given the information you have at the time of the decision and why? Taking a stakeholder approach (Freeman), what action should you take, and why?

Word Limit: 430 words