BUSINESS COLLEGE

An inferior good is Multiple Choice A. one whose demand curve will shift rightward as incomes rise.

B. not accurately defined by any of these statements.

C. one that has not been approved by the Federal Food and Drug Administration.

D. one whose price and quantity demanded vary directly.

Answers

Answer 1
Answer:

Answer:

B. not accurately defined by any of these statements.

Explanation:

An inferior good is defined as one whose the quantity demanded decreases as the income of its consumers increases and vice versa.

Option A is incorrect because the income elasticity for inferior goods is negative and therefore, as the income of the consumers increases, the demand curve shifts to the left.

Option C is incorrect because an inferior good does not necessarily mean a fake good. A good can be inferior but yet meet all the standards for approval by the FDA.

Option D is incorrect. The price and quantity demand for inferior goods, just like normal goods do not vary directly. This is only applicable to luxurious goods.

None of the statements in A, C, and D accurately defined an inferior goods.

Hence, the correct option is B.
Answer 2
Answer:

Answer:

B. not accurately defined by any of these statements.

Explanation:

Inferior goods are goods whose demand decreases as the consumers income increases. This is different for normal goods in that the more the consumer earns, the more he/she tends to buy.

As such, inferior goods are not necessarily goods that has not been approved by the Federal Food and Drug Administration.

For Inferior goods, prices and quantity demanded do not vary proportionately.

Furthermore, the demand curve for an inferior good shifts out (rightward) when income decreases and shifts in when income increases.

Related Questions

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Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January. Sales (3,600 units)$108,000 Variable expenses 49,680 Contribution margin 58,320 Fixed expenses 44,300 Net operating income$14,020 If the company sells 4,300 units, its total contribution margin should be closest to: (Do not round intermediate calculations.)

Ultra Day Spa provided $94,850 of services during Year 1. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 1 percent service charge. Required a. Show the credit card sales (Event 1) and the subsequent collection of accounts receivable (Event 2) in a horizontal statements model like the one shown next. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). (Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed.)

Answers

Answer and Explanation :

The presentation is shown below:

As per the data given in the question,

Assets =  Liabilities   +   Equity    Revenue -  Expenditure = Net income Cash flow

Cash + Acc. Rev.

NA      $94,850  NA       $94,850 $94,850        NA                $94,850      NA

$93,901.5 -$94,850 NA    -$948.5   NA           -$948.5          -$948.5   $93,901.5

We simply present the transactions on the financial statements

If any, which of the following statements is FALSE?A. NPV measures the value created by taking on an investmentB. NPV indicates how much a project will improve owner wealthC. NPV is the discounted present value of a project's expected future accounting net income at the required return, subtracting the initial investmentD. None of the above statements is false

Answers

Answer:

C. NPV is the discounted present value of a project's expected future accounting net income at the required return, subtracting the initial investment.

Explanation:

NPV means Net Present Value, this is calculated by computing the present value of cash returns and not the accounting income, as accounting income takes in account non cash items also, although while computing returns the non cash transactions are not considered.

Therefore the chosen statement which states about accounting income less initial investment is false as even in case the project requires additional mid term investment then that is also considered.

Thus, false statement is

Statement C

The period before the trial takes place is called the

Answers

Answer:

Explanation:

Pretrial Stage - discovery process, finding of facts. ... Trial Stage - seating of the jury, testimony on behalf of the plaintiffs and testimony on behalf of the defendants

Answer:

Pretrial Stage - discovery process, finding of facts. ... Trial Stage - seating of the jury, testimony on behalf of the plaintiffs and testimony on behalf of the defendants.

McBride and Associates employs two professional appraisers, each having a different specialty. Debbie specializes in commercial appraisals and Tara specializes in residential appraisals. The company expects to incur total overhead costs of $378,210 during the year and applies overhead based on annual salary costs. The salaries and billable hours of the two appraisers are estimated to be as follows:Debbie Tara Annual Salary $ 150,000 $ 81,000 Billable Hours 2,000 1,800 The accountant for McBride and Associates is computing the hourly rate that should be used to charge clients for Debbie and Tara’s services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 20 percent markup.Required:(1) Compute the predetermined overhead rate.(2) Compute the hourly billing rate for Debbie and Tara. (Do not round your intermediate calculations.)

Answers

1. Predetermined Overhead Rate ≈ $160.27

2. Hourly Billing Rate for Tara ≈ $245.73

(1) To compute the predetermined overhead rate, we need to calculate the total cost of services (salary plus overhead) for both appraisers and then divide it by the total billable hours.

Total Overhead Costs = $378,210

Total Salary Costs = Salary of Debbie + Salary of Tara = $150,000 + $81,000

= $231,000

Total Billable Hours = Billable hours of Debbie + Billable hours of Tara

= 2,000 + 1,800

= 3,800

Predetermined Overhead Rate = (Total Overhead Costs + Total Salary Costs) / Total Billable Hours

Predetermined Overhead Rate = ($378,210 + $231,000) / 3,800

Predetermined Overhead Rate = $609,210 / 3,800

Predetermined Overhead Rate ≈ $160.27 (rounded to 2 decimal places)

(2) To compute the hourly billing rate for Debbie and Tara, we'll use the formula:

Hourly Billing Rate = (Total Cost of Services + 20% Markup) / Total Billable Hours

For Debbie:

Total Cost of Services for Debbie = Salary of Debbie + (Predetermined Overhead Rate × Billable hours of Debbie)

Total Cost of Services for Debbie = $150,000 + ($160.27 × 2,000)

Total Cost of Services for Debbie = $470,540.00

Hourly Billing Rate for Debbie = ($470,540.00 + 0.20 × $470,540.00) / 2,000

Hourly Billing Rate for Debbie ≈ $282.32 (rounded to 2 decimal places)

For Tara:

Total Cost of Services for Tara = Salary of Tara + (Predetermined Overhead Rate × Billable hours of Tara)

Total Cost of Services for Tara = $81,000 + ($160.27 × 1,800)

Total Cost of Services for Tara = $369,486.00

Hourly Billing Rate for Tara = ($369,486.00 + 0.20 × $369,486.00) / 1,800

Hourly Billing Rate for Tara ≈ $245.73 (rounded to 2 decimal places)

Learn more about overhead rate here:

brainly.com/question/31012385

#SPJ12

Final answer:

The predetermined overhead rate is found to be 163.77%, and the hourly billing rates for Debbie and Tara (including a 20% markup) are $237.40 and $142.44, respectively.

Explanation:

To calculate the predetermined overhead rate, we need to divide the total overhead costs by the total salary costs of both appraisers. In this case:

Total Overhead Costs = $378,210

Total Salary Costs = Debbie's Salary ($150,000) + Tara's Salary ($81,000) = $231,000

Predetermined Overhead Rate = Total Overhead Costs / Total Salary Costs = $378,210 / $231,000 = 1.6377 or 163.77%

To calculate the hourly billing rate for each appraiser, you add their salary cost per hour, the overhead cost per hour, and then mark up the total cost by 20%. For Debbie:

Debbie's Salary per Hour = $150,000 / 2,000 hours = $75

Debbie's Overhead per Hour = 1.6377 × $75 = $122.83

Total Cost per Hour for Debbie = $75 + $122.83 = $197.83

Hourly Billing Rate for Debbie (with 20% markup) = Total Cost per Hour × 1.20 = $197.83 × 1.20 = $237.40

Similarly, for Tara:

Tara's Salary per Hour = $81,000 / 1,800 hours = $45

Tara's Overhead per Hour = 1.6377 × $45 = $73.70

Total Cost per Hour for Tara = $45 + $73.70 = $118.70

Hourly Billing Rate for Tara (with 20% markup) = Total Cost per Hour × 1.20 = $118.70 × 1.20 = $142.44

For Tax Year 2019, amounts are indexed using the Chained Consumer Price Index for All Urban Consumers ("chained CPI"). What impact will this have on 2019 tax returns?

Answers

Answer:

2019 Tax Impact of Chained Consumer Price Index for All Urban Consumers

The impact is very minimal with just a reduction of $150 from 2018's $24,550.   However, the chained Consumer Price Index  (chained CPI) is more progressive than the fixed weighted CPI, as it does not use a fixed bracket of goods.

Explanation:

The chained Consumer Price Index indexes consumer spending, taxes, and Social Security benefits to the rate of inflation.  Considered an alternative measurement to the Consumer Price Index (CPI), the Chain-weighted CPI factors in the product substitutions by consumers and other changes in their spending habits, which are unlike the fixed-weighted bracket of goods used by the ordinary CPI.

On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $44,000. Residual value at the end of an estimated four-year service life is expected to be $8,000. The company expects the equipment to operate for 20,000 hours. The equipment operated for 2,900 and 3,700 hours in 2021 and 2022, respectively. Required:a. Calculate depreciation expense for 2021 and 2022 using straight line method.
b. Calculate depreciation expense for 2021 and 2022 using double-declining balance method.
c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated.

Answers

Answer:

a. $9,000

b. $22,000 and $11,000

c. $5,220 and $6,660

Explanation:

The computation of the depreciation expense for the two years are shown below:

a) Straight-line method:

= (Original cost - residual value) ÷ (useful life)

= ($44,000 - $8,000) ÷ (4 years)

= ($36,000) ÷ (4 years)  

= $9,000

In this method, the depreciation is same for all the remaining useful life

So, in year 2021 and 2022, the depreciation expense would be $9,000

(b) Double-declining balance method:

First we have to find the depreciation rate which is shown below:

= One ÷ useful life

= 1 ÷ 4

= 25%

Now the rate is double So, 50%

In year 2021, the original cost is $44,000, so the depreciation is $22,000 after applying the 50% depreciation rate

And, in year 2022, the $22,000 × 50% = $11,000. The $22,000 is come from $44,000 - $22,000

(c) Units-of-production method:

= (Original cost - residual value) ÷ (estimated production)  

= ($44,000 - $8,000) ÷ (20,000 hours)

= ($36,000) ÷ (20,000 hours  

= $1.8 per hours

For the 2021, it would be

= Production hours in 2021 year × depreciation per hour

= 2,900 hours × $1.8

= $5,220

Now for the 2022 year, it would be  

= Production hours in 2022 year × depreciation per hour

= 3,700 hours × $1.8

= $6,660
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