could you explain some more please
Answer:
A monopolist does not have a supply curve because price and quantity are decided at the same time.
Explanation:
A supply curve is generally upward sloping showing a direct relationship between the price level and quantity supplied. In case of a perfectly competitive market, the demand curve is a horizontal curve, showing marginal; revenue and average revenue. The firm here is a price taker and decides the quantity to be supplied according to the price level. The firm is able to maximize profit at the level of output where the price is equal to marginal cost.
However, in case of a monopoly, the firm is a price maker. There is no unique relation between price and quantity. The price and quantity to be supplied are determined at the same time at the point where marginal revenue is equal to marginal cost.
Unlike a competitive firm, a monopolist does not have a supply curve since they set both their price and production quantity. They use their marginal revenue and marginal cost to determine these, setting their price at the highest amount consumers are willing to pay for their profit-maximizing quantity. A monopolist's marginal revenue is generally less than their product's price.
Contrary to a competitive firm, a monopolist does not have a defined supply curve because they determine both their price and production quantity. This ability is due to the monopolist's unique position as the sole supplier in the market. However, they don't set these arbitrarily; their decisions are guided by their marginal revenue—the additional income from selling one more unit—and their marginal costs. Where these two meet is their profit-maximizing quantity, and the highest price consumers are willing to pay for that quantity becomes the price. It's essential, however, to remember that a monopolist's marginal revenue is typically less than the price they charge for their product, which is why we say they don't have a supply curve.
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Answer:
1. Overhead rate = Overhead costs / Direct material costs
Overhead rate = $684,000 / $1,900,000
Overhead rate = 0.36
Overhead rate = 36%
2. How much direct labor cost and overhead cost are assigned to this job?
Total cost of job in process $71,000
Less: Overhead applied $7,920
($22,000 * 36%)
Less: Material cost of job in process $22,000
Direct labor cost $41,080
Hence, direct labor cost is $41,080 and Overhead cost is $7,920
The predetermined overhead rate is 36%. For the last job with direct materials cost of $22,000, the direct labor cost assigned remains $210,000 and the overhead cost assigned is $7,920.
To answer your questions, first we need to determine the predetermined overhead rate which is the ratio of overhead costs to direct materials costs. Given that the total overhead costs were $684,000 and the total direct material cost was $1,900,000, the predetermined overhead rate would be $684,000 / $1,900,000 which equals approximately 0.36 or 36%.
Secondly, to calculate how much direct labor cost and overhead cost would be assigned to the last job which has a direct materials cost of $22,000: the direct labor cost remains the same as provided, which is $210,000. However, the overhead cost would be calculated by multiplying the direct materials cost of the job by the overhead rate (0.36), giving $22,000 * 0.36 = $7,920.
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Answer:
An unreasonable noncompete clause
Explanation:
A noncompete clause is any provision of a contract that ensures that one party will not compete directly with the other party by starting a similar business or profession that generates competition between them. In the question, there was an example of An unreasonable noncompete clause, which is any clause provided for in a contract that goes beyond the limitations determined to be legally binding, such as the time period and geographic area where an individual cannot to compete.
b.Efficient use of housing space results.
c.Nonprice methods of rationing emerge.
d.The quantity of available rental housing units falls.
Answer: C) and D) answers.
Explanation: The rental market must have a free operation, that is, supply and demand have to set their price level, especially since, in this case, the product is not fungible, that is, it is not interchangeable. Each floor varies in location, number of square meters, construction qualities, etc. You cannot set a fixed reference price. Another of the most repeated consequences by experts is that the limitation will cause a reduction in supply, but demand will not go down, which will necessarily lead to greater tension in rental prices.
purchase order
employee time ticket
receiving document
Answer:
job cost sheet
Explanation:
The job cost sheet refers to the statement used to report production costs and is developed by businesses using a work-order charging system to measure and assign costs of goods and services.
is the responsibility of the accounts department to chart all production costs (primary supplies, direct labor and overhead production) on the work cost sheet. For each worker, a separate job expense sheet is arranged.
Job cost sheet not gets utilized for paying work expenses only, it's also component of the reporting records of the business. It is also used in the system account as something of a subordinate ledger to the project as it includes all the information about the work being done.
Answer:
The present value of $500 in one year is $434.78 and the present value of $1,000 in 5 years is $497.18
Explanation:
Hi, we need to use the following formula
Present Value = Future Value/ (1+Discount Rate)^years
Therefore, in the case of $500 in one year.
Present Value = $500/(1+0.15)^1 = $434.78
And for $1,000 in 5 years
Present Value = $1,000/(1+0.15)^5 = $497.18
Notice that the discount rate (15%) has to be used in its decimal form, that is 0.15 (which you can get by dividing 15/100).
Best of luck.
Best of luck