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For more course tutorials visit www.newtonhelp.com igel runs a ferret farm in Athens, Georgia 2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers. 3) The figure the production possibilities frontier for mario’s, a pizza and pasta producer. 4) The graph shows the market for disks in which the government has imposed a tax of $4 per disk. 5) Sara and Frank produce boards and sails for windsurfing . tha tables show their production possibilities. 6) Peter’s nice nails is a
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ECON 312 Success Begins /newtonhelp.com
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1) Nigel runs a ferret farm in Athens, Georgia
2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers.
ECON 312 Invent Yourself/newtonhelp.com
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www.newtonhelp.com
1) Nigel runs a ferret farm in Athens, Georgia
2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers.
Econ 312 Inspiring Innovation--tutorialrank.com
For more course tutorials visit
www.tutorialrank.com
1) Nigel runs a ferret farm in Athens, Georgia
2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers.
3) The figure the production possibilities frontier for mario’s, a pizza and pasta producer.
Econ 312 Teaching Effectively--tutorialrank.com
For more course tutorials visit
www.tutorialrank.com
1) Nigel runs a ferret farm in Athens, Georgia
2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers.
3) The figure the production possibilities frontier
Week 43 in manufacturing news
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World: Camping Goods - Market Report. Analysis and Forecast to 2025
IndexBox has just published its report: "World: Camping Goods - Market Report. Analysis and Forecast to 2025". The report provides an in-depth analysis of the global camping good market. It presents the latest data of the market size, consumption, domestic production, exports and imports, price dynamics and trends in the industry. The report shows the sales data, allowing you to identify the key drivers and restraints. You can find here a strategic analysis of key factors influencing the market. Forecasts illustrate how the market will be transformed in the medium term. Profiles of the leading manufacturers are also included.
1 ECO 441—Fall 2015 Prof. Miguel Iraola Name ____.docx
1
ECO 441—Fall 2015
Prof. Miguel Iraola
Name _________________________
Problem Set #2
(Due Wednesday, November 9)
1. Heckscher-Ohlin Model: Suppose that a free-trade equilibrium exists in a
two-country, two-good, two-factor world. Assume that the two goods, chemicals
(C) and electronic appliances (E), both employ capital (K) and labor (L), and that
both factors are perfectly mobile across sectors. Also assume that:
• The US is relatively capital-abundant
• Mexico is relatively labor-abundant.
• Chemicals are relatively capital-intensive.
• Electronic appliances are relatively labor-intensive.
• Assume that tastes and technologies are identical in the two countries.
(a) On the graph below, sketch the relationship between relative product price, relative
factor price and relative factor use in each industry in the US and Mexico. (Under the
assumption of identical technologies, the same curves can be used to describe the
relationships in both the US and Mexico.)
(L/K)
wage-rental
ratio (w/r)
(P
E
/ P
C
)
2
Relative Quantity of
Electronics (Q
E
/ Q
C
)
Relative price of
Electronics (P
E
/ P
C
)
(b) On the graph below, sketch & label the relative supply curves of the two countries.
• Briefly explain why they differ:
• Then, sketch & label the world relative supply curve.
RD
3
(c) Using the graph in part (a), label the relative price of electronics, the relative wage
(w/r), and each industry’s relative employment of labor-to- capital in each country prior
to trade (i.e. in autarky). Then make the following comparisons (write >, <, or =):
(PE/PC)US ______ (PE/PC)Mexico
(w/r)US ______ (w/r)Mexico
(KE/LE)US ______ (KE/LE)Mexico
(KC/LC)US ______ (KC/LC)Mexico
(d) Before trading, is the real wage higher in the US or Mexico? Briefly explain why.
(e) Now suppose that the US and Mexico trade freely. Which good will Mexico export to
US?
(f) Describe the effect of free trade on:
• The relative price of electronics (PE/PC) in the US.: increases/decreases
• The relative wage (w/r) in the US: increases/decreases
Briefly explain why:
• The real wage in the US: increases/decreases
Briefly explain why:
• The real wage in Mexico: increases/decreases
Briefly explain why:
4
(g) Of the four groups below, who are the “winners” and who are the “losers” from the
freeing of trade between the US and Mexico?
• Capital owners in the US: winners/losers
• Capital owners in Mexico: winners/losers
• Workers in the US: winners/losers
• Workers in Mexico: winners/losers
(h) Suppose the PPF for the US is given by the graph below. Using this graph,
demonstrate that in theory, all individuals in the US could be made better off by trading
freely with Mexico.
• Briefly describe what sort of policy would be necessary in practice to make every
individual bette ...
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1) Nigel runs a ferret farm in Athens, Georgia
2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers.
3) The figure the production possibilities frontier for mario’s, a pizza and pasta producer.
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1) Nigel runs a ferret farm in Athens, Georgia
2) When tha prince of a cruise rises from $19,500 to $20,000, the quantity demanded decreases from 2,100 to 1,900 travelers.
3) The figure the production possibilities frontier
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1 ECO 441—Fall 2015 Prof. Miguel Iraola Name ____.docx
1
ECO 441—Fall 2015
Prof. Miguel Iraola
Name _________________________
Problem Set #2
(Due Wednesday, November 9)
1. Heckscher-Ohlin Model: Suppose that a free-trade equilibrium exists in a
two-country, two-good, two-factor world. Assume that the two goods, chemicals
(C) and electronic appliances (E), both employ capital (K) and labor (L), and that
both factors are perfectly mobile across sectors. Also assume that:
• The US is relatively capital-abundant
• Mexico is relatively labor-abundant.
• Chemicals are relatively capital-intensive.
• Electronic appliances are relatively labor-intensive.
• Assume that tastes and technologies are identical in the two countries.
(a) On the graph below, sketch the relationship between relative product price, relative
factor price and relative factor use in each industry in the US and Mexico. (Under the
assumption of identical technologies, the same curves can be used to describe the
relationships in both the US and Mexico.)
(L/K)
wage-rental
ratio (w/r)
(P
E
/ P
C
)
2
Relative Quantity of
Electronics (Q
E
/ Q
C
)
Relative price of
Electronics (P
E
/ P
C
)
(b) On the graph below, sketch & label the relative supply curves of the two countries.
• Briefly explain why they differ:
• Then, sketch & label the world relative supply curve.
RD
3
(c) Using the graph in part (a), label the relative price of electronics, the relative wage
(w/r), and each industry’s relative employment of labor-to- capital in each country prior
to trade (i.e. in autarky). Then make the following comparisons (write >, <, or =):
(PE/PC)US ______ (PE/PC)Mexico
(w/r)US ______ (w/r)Mexico
(KE/LE)US ______ (KE/LE)Mexico
(KC/LC)US ______ (KC/LC)Mexico
(d) Before trading, is the real wage higher in the US or Mexico? Briefly explain why.
(e) Now suppose that the US and Mexico trade freely. Which good will Mexico export to
US?
(f) Describe the effect of free trade on:
• The relative price of electronics (PE/PC) in the US.: increases/decreases
• The relative wage (w/r) in the US: increases/decreases
Briefly explain why:
• The real wage in the US: increases/decreases
Briefly explain why:
• The real wage in Mexico: increases/decreases
Briefly explain why:
4
(g) Of the four groups below, who are the “winners” and who are the “losers” from the
freeing of trade between the US and Mexico?
• Capital owners in the US: winners/losers
• Capital owners in Mexico: winners/losers
• Workers in the US: winners/losers
• Workers in Mexico: winners/losers
(h) Suppose the PPF for the US is given by the graph below. Using this graph,
demonstrate that in theory, all individuals in the US could be made better off by trading
freely with Mexico.
• Briefly describe what sort of policy would be necessary in practice to make every
individual bette ...
Cassies Quilts alters, reconstructs and restores heirloom quilts. C.docx
Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800
purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is the marginal cost of completing the task? (Points : 1)
$200
$500
$1,000
$1,000 plus the value of her time
2. Where do economic agents such as individuals, firms and nations, interact with each other? (Points : 1)
in public locations monitored by the government.
in any arena that brings together buyers and sellers.
in any physical location people where people can physically get together for selling goods, such as shopping malls.
in any location where transactions can be monitored by consumer groups and taxed by the government.
3. Consider the following two factors:
These statements suggest that (Points : 1)
it is highly likely that the average person will lose her job due to outsourcing.
the likelihood that the average person will lose her job due to outsourcing is large small to losing her job due to other causes.
the likelihood that the average person will lose her job due to outsourcing is very small compared to losing her job due to other causes.
the US is not creating jobs fast enough to offset jobs lost due to outsourcing and other causes.
4. Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What should she do? (Points : 1)
She should cut her losses and sell the quilt now.
It does not matter what she does; she is going to take a loss on her project.
She should purchase the period fabric, complete the task and then sell the quilt.
She should not do anymore work on the quilt because she has already spent too much time on it and has not been paid for that time.
5. A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? (Points : 1)
marginal revenue
gross earnings
pure profit
marginal costs
net benefit
6. A successful market economy requires well defined property rights and (Points : 1)
balanced supplies of all factors of production.
an ind.
2-3 Outline how economies functionas production systemss. .docx
2-3 Outline how economies function
as production systems
s. (Shape ofthe PPDSuppose a production possibilities frontier
includes the following combinations:
Cars
0
100
200
Washing Machines
1,000
600
0
a. Graph the PPF, assuming that it has no curved segments.
b. What is the cost of producing an additional car when 50 cars
are being produced?
c. What is the cost of producing an additional car when 150 cars
are being produced?
d. What is the cost of producing an additional washing machine
when 50 cars are being produced?When 150 cars are being
produced?
e. What do your answers tell you about oppoftunity costs?
a. (Production Possibilities)Suppose an economy uses two resources
(labor and capital) to produce two goods (wheat and cloth). Capital
is relatively more useful in producing cloth, and labor is relatively
more useful in producing wheat. lf the supply of capital falls by
1 0 percent and the supply of labor increases by 1 0 percent, how
will the PPF for wheat and cloth change?
t. (Production Possibilities)Ihere's no reason why a production
possibilities frontier could not be used to represent the situation
facing an individual. lmagine your own PPF. Right now-today-
you have certain resources-your time, your skills, perhaps some
capital. And you can produce various outputs, Suppose you can
produce combinations of two outputs, call them studying and
partying.
a. Draw your PPF for studying and partying. Be sure to label the axes
of the diagram appropriately, Label the points where the PPF inter-
sects the axes, as well as several other points along the frontier,
b. Explain what it would mean for you to move upward and t0 the
left along your personal PPF. What kinds of adjustments would
you have to make in your life to make such a movement along
the frontier?
c. Under what circumstances would your personal PPF shift
outward? Do you think the shift would be a "parallel" one? Why,
or why not?
a. (Shifting Production Possibilities) Determine whether each of the
following would cause the national economy's PPF to shift inward,
outward, or not at all:
a. An increase in average length of annual vacations
b. An increase in immigration
c. A decrease in the average retirement age
d. The migration of skilled workers to other countries
2-4 Describe different economic systems and
the decision-making rules that define them
s. (Econ1mic Systems)Ihe United States is best described as having
a mixed economy, What are some elements of command in the
U.S. economy? What are some market elements? What are some
traditional elements?
326 PROBLEMS APPENDIX
GHAPTER 3
3-l Describe *re major sources of income
and expenditures for households
1. (Evllutiln of the Household) Determine whether each of the
following would increase or decrease the opportunity costs for
mothers.-who choose not to work outside the home. Explain your
answers.
a. Higher levels of education for women
b. Higher unemployment rates for women
c..
A ot e, ly ~n ~s, to [lS ly 1te .docx
A
ot
e,
ly
~n
~s,
to
[lS
ly
1te
• A monopolist often can raise its profits by charg-
ing different prices for the same good based on
a buyer's willingness to pay. This practice of
price discrimination can raise economic welfare
by getting the good to some consumers who
otherwise would not buy it. In the extreme case
of perfect price discrimination, the deadweight
loss of monopoly is completely eliminated, and
the entire surplus in the market goes to the
monopoly producer. More generally, when price
discrimination is imperfect, it can either raise or
1. Give an example of a government-created
monopoly. Is creating this monopoly necessarily
bad public policy? Explain.
2. Define natural monopoly. What does the size of a
market have to do with whether an industry is a
natural monopoly?
Why is a monopolist's marginal revenue less
than the price of its good? Can marginal
revenue ever be negative? Explain.
Draw the demand, marginal-revenue, average-
total-cost, and marginal-cost curves for a
monopolist. Show the profit-maximizing level
of output, the profit-maximizing price, and the
amount of profit.
A publisher faces the following demand schedule
for the next novel from one of its. popular authors:
Price Quantity Demanded
$100
90
80
70
60
50
40
30
20
10
0
0 novels
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
'
CHAPTER 15 MONOPOLY 325
lower welfare compared to the outcome with a
single monopoly price.
• Policymakers can respond to the inefficiency of
monopoly behavior in four ways. They can use
the antitrust laws to try to make the industry more
competitive. They can regulate the prices that the
monopoly charges. They can turn the monopolist
into a government-run enterprise. Or if the market
failure is deemed small compared to the jnevitable
imperfections of policies, they can do nothing at all.
5. In your diagram from the previous question,
show the level of output that maximizes total
surplus. Show the deadweight loss from the
monopoly. Explain your answer.
6. Give two examples of price discrimination. In
each case, explain why the monopolist chooses
to follow this business strategy.
7. What gives the government the power to regulate
mergers between firms? From the standpoint of
the welfare of society, give a good reason and a
bad reason that two firms might want to merge.
8. Describe the two problems that arise when
regulators tell a natural monopoly that it must
set a price equal to marginal cost.
The author is paid $2 million to write the book,
and the marginal cost of publishing the book
is a constant $10 per book.
a. Compute total revenue, total cost, and profit
at each quantity. What quantity would a
profit-maximizing publisher choose? What
price would it charge?
b. Compute marginal revenue. (Recall that
MR = A.TR/ A.Q.) How does marginal
revenue compare to the price? Explain.
c. Graph th.
ECON 1102 Test 4 (120414) ECON 1102 Test 4 Do all 40.docx
ECON 1102 Test 4 (120414)
ECON 1102: Test 4
Do all 40 questions
Use the table below, which gives the demand for a monopolist’s output, to answer questions 1, 2 and 3.
Quantity
(units)
Price
(dollars per unit)
1 8
2 7
3 6
4 5
5 4
6 3
1) Between which two quantities is marginal revenue equal to 2?
A) 4 and 5
B) 3 and 4
C) 2 and 3
D) 1 and 2
2) Between which two quantities is demand inelastic?
A) 6 and 5
B) 5 and 4
C) 4 and 3
D) 3 and 2
3) What is the marginal revenue when output is increased from 5 to 6 units?
A) $18
B) $4
C) $3
D) -$2
4) A single-price monopoly
A) charges all consumers the lowest price that they want to pay for each unit purchased.
B) produces less output than it would if it could price discriminate.
C) eliminates all the consumer surplus.
D) creates a smaller deadweight loss than it would if it could price discriminate.
5) A single-price monopolist determines
A) its output but not its price.
B) its price but not its output.
C) both its output and its price.
D) neither its output nor its price.
6) In monopolistic competition, the presence of a large number of firms making a differentiated product
means that
A) each firm has some ability to effect the price of its particular good or service.
B) each firm must charge the same price.
C) the price is established by agreements among the different firms.
D) each firm must produce the same quantity.
7) Firms in monopolistic competition have rivals that
A) match their price increases.
B) match their price decreases.
C) agree on a common price.
D) set their prices according to the demand curves they face.
ECON 1102 Test 4 (120414)
8) When firms in monopolistic competition are making an economic profit, firms will
A) enter the industry, and demand will increase for the original firms.
B) exit the industry, and demand will increase for the firms that remain.
C) exit the industry, and demand will decrease for the firms that remain.
D) enter the industry, and demand will decrease for the original firms.
9) Firms in monopolistic competition charge prices that are ________ those of the other firms in the market.
A) close to
B) very different from
C) the same as
D) completely unrelated to
10) A monopolistically competitive firm has ________ power to set the price of its product because
________.
A) no; there are no barriers to entry
B) some; there are barriers to entry
C) no; of product differentiation
D) some; of product differentiation
11) Monopolistically competitive firms and perfectly competitive firms are alike because both types of firms
I. face downward sloping demand curves.
II. have marginal revenue curves that lie beneath their demand curves.
III. can make only zero economic profit in the long run.
A) I and II
B) I and III
C) III only
D) I only
12) Dole Co. operates in a monopolistically competitive market. Whi ...
Sample Macro QuestionsMultiple Choice (Select the best option av.docx
Sample Macro Questions
Multiple Choice (Select the best option available.)
1..
In the factor market, households
(a)
sell resources.
(b)
buy resources.
(c)
are neither buyers nor sellers of resources.
(d)
are both buyers and sellers of resources.
2.
GDP does not include
(a)
business investment.
(b)
overseas production of U.S. subsidiaries.
(c)
net exports.
(d)
consumption expenditures.
3.
Official unemployment rates may underestimate the true rate of unemployment because the
official rate
(a)
includes those workers who only work part time.
(b)
may include some individuals who are not actually in the labor force.
(c)
does not include individuals receiving any type of unemployment compensation.
(d)
fails to include discouraged workers.
4.
If the U.S. economy enters a recessionary phase, the
(a)
economy experiences full employment.
(b)
unemployment rate will increase.
(c)
entire population will be unemployed.
(d)
entire population will be partially unemployed.
5.
The circular flow diagram shows
(a)
goods, services, and money payments flowing in the same direction.
(b)
goods and money payments flowing in one direction and services flowing in the opposite direction.
(c)
goods and services flowing in one direction and money payments in the other direction.
(d)
goods flowing in one direction and services and money payments flowing in the other direction.
6.
GDP measures
(a)
the total value of labor used in the economy.
(b)
the total market value of final goods and services produced within a nation’s borders.
(c)
the total income received by residents of a nation.
(d)
the total worth of all goods consumed within the borders of a nation.
7.
A price index shows
(a)
the current cost of a basket of goods.
(b)
the relative price of necessities.
(c)
the price of goods in the future.
(d)
the cost of today’s goods expressed in terms of the cost of goods in a base year.
8. A public good is:
(a) a good or service for which it is relatively easy to exclude nonpaying customers from consumption.
(b) a good or service which is consumed by both the paying and nonpaying customers.
(c) any good or service which is produced by the government.
(d) a good or service which is consumed by private individuals and financed by private contributions.
9.
The sum of all planned expenditures for the entire economy at each possible price level is
(a)
aggregate supply.
(b)
effective demand.
(c)
aggregate demand.
(d)
actual expenditures by consumers.
10.
Suppose the total value of all assets in the United States is $10 trillion. In 2006, the total value of all final services produced in the United States was $100 billion, the total value of all final goods produced in the United States was $300 billion, and the total value of all final goods and services produced by American firms in other countries was $100 billion. In this situation, gross domestic product for 2006 was
(a)
$600 billion.
(b)
$500 billion.
(c)
$400 billion.
(d).
1) Suppose that you purchased a ticket to the symphony for $40 fro.docx
1) Suppose that you purchased a ticket to the symphony for $40 from an online ticket broker. Once you arrived at the symphony, you discovered that parking costs you an additional $10. In this situation, the additional $10 you pay for parking is an example of
A) an inefficient cost.
B) marginal cost.
C) opportunity cost.
D) an economic loss.
2) Opportunity cost is
A) the additional cost incurred from the consumption of one more unit of output.
B) the cost involved when choosing between alternatives.
C) the cost of production which cannot be recaptured.
D) the total cost incurred from the consumption of additional output.
3) As an individual consumes ________ of a product within a given period of time, it is likely that each additional unit consumed will yield ________ satisfaction.
A) more; successively more
B) more; successively less
C) more; no additional
D) less; negative
Refer to the information provided in Figure 3.1 below to answer the questions that follow.
Figure 3.1
4) Refer to Figure 3.1. Which of the following would be most likely to cause the demand for Dr. Pepper to shift from D0 to D1?
A) an increase in income, assuming that Dr. Pepper is a normal good
B) a decrease in the price of 7-UP, assuming 7-UP is a substitute for Dr. Pepper
C) an increase in the price of Dr. Pepper
D) an increase in the price of sugar used to make Dr. Pepper
5) If the price of spinach decreases, there will be ________ of spinach enchiladas.
A) an increase in the supply
B) a decrease in the supply
C) an increase in the quantity supplied
D) a decrease in the quantity supplied
Refer to the information provided in Figure 3.15 below to answer the questions that follow.
Figure 3.15
6) Refer to Figure 3.15. A decrease in the wage rate of gardenburger makers will cause a movement from Point B on supply curve S2 to
A) Point A on supply curve S2.
B) Point C on supply curve S2.
C) supply curve S3.
D) supply curve S1.
Refer to the information provided in Table 3.2 below to answer the questions that follow.
Table 3.2
Price per Cheeseburger
Quantity Demanded (Cheeseburgers per Month)
Quantity Supplied (Cheeseburgers per Month)
$5
1,500
500
6
1,200
700
7
900
900
8
600
1,100
9
300
1,300
7) Refer to Table 3.2. This market will be in equilibrium if the quantity of cheeseburgers demanded is
A) 300.
B) 600.
C) 900.
D) 1,200.
8) Refer to Table 3.2. If the price per cheeseburger is $5, the price will
A) remain constant because the market is in equilibrium.
B) decrease because there is an excess demand in the market.
C) increase because there is an excess demand in the market.
D) decrease because there is an excess supply in the market.
Refer to the information provided in Figure 3.13 below to answer the questions that follow.
Figure 3.13
9) Refer to Figure 3.13. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will hav ...
Question 11. Using Microsoft Excel, draw a graph illustrating the .docx
Question 11. Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.Price/ComputerQuantity DemandedQuantity Supplied2001000220017512502050150150019001251750175010020001600752250145050250013002527501150
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025
Volumes
Prices
Question 2What is the equilibrium Price and Quantity in the market?Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025
Volumes
Prices
Question 3Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.Price/ComputerQuantity DemandedQuantity SuppliedPrice supplied + 100 tax2001000220030017512502050275150150019002501251750175022510020001600200752250145017550250013001502527501150125Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025Supply + 100 tax22002050190017501600145013001150300275250225200175150125
Volumes
Prices
Question 4 Disregard the new tax in part three. Now assume that the government imposes a price ceiling of $100 in this market, as a result of protests of price gauging by the sellers. What would happen to the price and quantity in this market?Price/ComputerQuantity DemandedQuantity SuppliedPrice ceeling2001000220010017512502050100150150019001001251750175010010020001600100752250145010050250013001002527501150100Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025Price ceeling 10010001250150017502000225025002750100100100100100100100100
Volumes
Prices
Question 5Disregard the events of part four. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What would happen in this market?Price/ComputerQuantity DemandedQuantity SuppliedPrice ceeling2001000220015017512502050150150150019001501251750175015010020001600150752250145015050250013001502527501150150Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025Price ceeling 15010001250150017502000225025002750150150150150150150150150
Volumes
Prices
Question 6If consumers’ expectations were such that they were concerned about the economy and jobs, what would you think would happen in this market?Price/ComputerQuantity DemandedQuantity SuppliedLower demand for bad expectations2001000220070017512502050950150150019001200125175017501450100200016001700752250145019505025001300220025275011502 ...
In January 2013, Mitzu Co. pays $2,650,000 for a tract of land wit.docx
In January 2013, Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $823,500, with a useful life of 20 years and an $75,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $305,000 that are expected to last another 10 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,921,500. The company also incurs the following additional costs:
Cost to demolish Building 1
$
346,400
Cost of additional land grading
189,400
Cost to construct new building (Building 3), having a useful life
of 25 years and a $402,000 salvage value
2,222,000
Cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value
173,000
Total costs
7,965,799
Allocation of purchase price
Appraised value
Percent of total appraized value
X
Total cost of acquisition
=
Apportioned cost
Land
x
=
Building 2
x
=
Land improvements 1
x
=
Total
Land
Building 2
Building 3
Land Improvements 1
Land Improvements 2
Purchase Price
Demolition
Land grading
New Building (Construction cost)
New Improvements cost
Totals
2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2013.
Journal Entry Worksheet
A. Record the costs of the plant assets.
Journal Entry Worksheet
Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the 12 months of 2013 when these assets were in use.
A. Record the year-end adjusting entry for the depreciation expense of Building 2
B. Record the year-end adjusting entry for the depreciation expense of Building 3
C. Record the year-end adjusting entry for the depreciation expense of Land Improvements 1
D. Record the year-end adjusting entry for the depreciation expense of Land Improvements 2.
Group Assignment - 0213
Instruction
Please you need to follow an appropriate format explained below..
· All written answers must be clearly typed
· All assignment questions and sub-questions should be typed in order at the heading.
· Separate each main question by different page. For example, if Question 1 (a) (b) (c) and (d) are answered on pages 1-2, then start Question 2 on page 3, etc.
1.1 The answers should be written clearly and concisely with the main points only, and avoid irrelevant points. In your answers,
· You should analyse, explain and show how and why you draw your answers. Providing just answers without explanation will not receive full marks.
1.2 You should also include appropriate and relevant diagrams, charts and tables together in your explanatio.
Introduction to Quality Improvement Essentials
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
The Roman Empire A Historical Colossus.pdf
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
special B.ed 2nd year old paper_20240531.pdf
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MARUTI SUZUKI- A Successful Joint Venture in India.pptx
Let us know about Maruti Suzuki, a successful Joint venture in India.
Home assignment II on Spectroscopy 2024 Answers.pdf
Answers to Home assignment on UV-Visible spectroscopy: Calculation of wavelength of UV-Visible absorption
How to Split Bills in the Odoo 17 POS Module
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
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Cassies Quilts alters, reconstructs and restores heirloom quilts. C.docx
Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800
purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is the marginal cost of completing the task? (Points : 1)
$200
$500
$1,000
$1,000 plus the value of her time
2. Where do economic agents such as individuals, firms and nations, interact with each other? (Points : 1)
in public locations monitored by the government.
in any arena that brings together buyers and sellers.
in any physical location people where people can physically get together for selling goods, such as shopping malls.
in any location where transactions can be monitored by consumer groups and taxed by the government.
3. Consider the following two factors:
These statements suggest that (Points : 1)
it is highly likely that the average person will lose her job due to outsourcing.
the likelihood that the average person will lose her job due to outsourcing is large small to losing her job due to other causes.
the likelihood that the average person will lose her job due to outsourcing is very small compared to losing her job due to other causes.
the US is not creating jobs fast enough to offset jobs lost due to outsourcing and other causes.
4. Cassie's Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What should she do? (Points : 1)
She should cut her losses and sell the quilt now.
It does not matter what she does; she is going to take a loss on her project.
She should purchase the period fabric, complete the task and then sell the quilt.
She should not do anymore work on the quilt because she has already spent too much time on it and has not been paid for that time.
5. A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? (Points : 1)
marginal revenue
gross earnings
pure profit
marginal costs
net benefit
6. A successful market economy requires well defined property rights and (Points : 1)
balanced supplies of all factors of production.
an ind.
2-3 Outline how economies functionas production systemss. .docx
2-3 Outline how economies function
as production systems
s. (Shape ofthe PPDSuppose a production possibilities frontier
includes the following combinations:
Cars
0
100
200
Washing Machines
1,000
600
0
a. Graph the PPF, assuming that it has no curved segments.
b. What is the cost of producing an additional car when 50 cars
are being produced?
c. What is the cost of producing an additional car when 150 cars
are being produced?
d. What is the cost of producing an additional washing machine
when 50 cars are being produced?When 150 cars are being
produced?
e. What do your answers tell you about oppoftunity costs?
a. (Production Possibilities)Suppose an economy uses two resources
(labor and capital) to produce two goods (wheat and cloth). Capital
is relatively more useful in producing cloth, and labor is relatively
more useful in producing wheat. lf the supply of capital falls by
1 0 percent and the supply of labor increases by 1 0 percent, how
will the PPF for wheat and cloth change?
t. (Production Possibilities)Ihere's no reason why a production
possibilities frontier could not be used to represent the situation
facing an individual. lmagine your own PPF. Right now-today-
you have certain resources-your time, your skills, perhaps some
capital. And you can produce various outputs, Suppose you can
produce combinations of two outputs, call them studying and
partying.
a. Draw your PPF for studying and partying. Be sure to label the axes
of the diagram appropriately, Label the points where the PPF inter-
sects the axes, as well as several other points along the frontier,
b. Explain what it would mean for you to move upward and t0 the
left along your personal PPF. What kinds of adjustments would
you have to make in your life to make such a movement along
the frontier?
c. Under what circumstances would your personal PPF shift
outward? Do you think the shift would be a "parallel" one? Why,
or why not?
a. (Shifting Production Possibilities) Determine whether each of the
following would cause the national economy's PPF to shift inward,
outward, or not at all:
a. An increase in average length of annual vacations
b. An increase in immigration
c. A decrease in the average retirement age
d. The migration of skilled workers to other countries
2-4 Describe different economic systems and
the decision-making rules that define them
s. (Econ1mic Systems)Ihe United States is best described as having
a mixed economy, What are some elements of command in the
U.S. economy? What are some market elements? What are some
traditional elements?
326 PROBLEMS APPENDIX
GHAPTER 3
3-l Describe *re major sources of income
and expenditures for households
1. (Evllutiln of the Household) Determine whether each of the
following would increase or decrease the opportunity costs for
mothers.-who choose not to work outside the home. Explain your
answers.
a. Higher levels of education for women
b. Higher unemployment rates for women
c..
A ot e, ly ~n ~s, to [lS ly 1te .docx
A
ot
e,
ly
~n
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[lS
ly
1te
• A monopolist often can raise its profits by charg-
ing different prices for the same good based on
a buyer's willingness to pay. This practice of
price discrimination can raise economic welfare
by getting the good to some consumers who
otherwise would not buy it. In the extreme case
of perfect price discrimination, the deadweight
loss of monopoly is completely eliminated, and
the entire surplus in the market goes to the
monopoly producer. More generally, when price
discrimination is imperfect, it can either raise or
1. Give an example of a government-created
monopoly. Is creating this monopoly necessarily
bad public policy? Explain.
2. Define natural monopoly. What does the size of a
market have to do with whether an industry is a
natural monopoly?
Why is a monopolist's marginal revenue less
than the price of its good? Can marginal
revenue ever be negative? Explain.
Draw the demand, marginal-revenue, average-
total-cost, and marginal-cost curves for a
monopolist. Show the profit-maximizing level
of output, the profit-maximizing price, and the
amount of profit.
A publisher faces the following demand schedule
for the next novel from one of its. popular authors:
Price Quantity Demanded
$100
90
80
70
60
50
40
30
20
10
0
0 novels
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
'
CHAPTER 15 MONOPOLY 325
lower welfare compared to the outcome with a
single monopoly price.
• Policymakers can respond to the inefficiency of
monopoly behavior in four ways. They can use
the antitrust laws to try to make the industry more
competitive. They can regulate the prices that the
monopoly charges. They can turn the monopolist
into a government-run enterprise. Or if the market
failure is deemed small compared to the jnevitable
imperfections of policies, they can do nothing at all.
5. In your diagram from the previous question,
show the level of output that maximizes total
surplus. Show the deadweight loss from the
monopoly. Explain your answer.
6. Give two examples of price discrimination. In
each case, explain why the monopolist chooses
to follow this business strategy.
7. What gives the government the power to regulate
mergers between firms? From the standpoint of
the welfare of society, give a good reason and a
bad reason that two firms might want to merge.
8. Describe the two problems that arise when
regulators tell a natural monopoly that it must
set a price equal to marginal cost.
The author is paid $2 million to write the book,
and the marginal cost of publishing the book
is a constant $10 per book.
a. Compute total revenue, total cost, and profit
at each quantity. What quantity would a
profit-maximizing publisher choose? What
price would it charge?
b. Compute marginal revenue. (Recall that
MR = A.TR/ A.Q.) How does marginal
revenue compare to the price? Explain.
c. Graph th.
ECON 1102 Test 4 (120414) ECON 1102 Test 4 Do all 40.docx
ECON 1102 Test 4 (120414)
ECON 1102: Test 4
Do all 40 questions
Use the table below, which gives the demand for a monopolist’s output, to answer questions 1, 2 and 3.
Quantity
(units)
Price
(dollars per unit)
1 8
2 7
3 6
4 5
5 4
6 3
1) Between which two quantities is marginal revenue equal to 2?
A) 4 and 5
B) 3 and 4
C) 2 and 3
D) 1 and 2
2) Between which two quantities is demand inelastic?
A) 6 and 5
B) 5 and 4
C) 4 and 3
D) 3 and 2
3) What is the marginal revenue when output is increased from 5 to 6 units?
A) $18
B) $4
C) $3
D) -$2
4) A single-price monopoly
A) charges all consumers the lowest price that they want to pay for each unit purchased.
B) produces less output than it would if it could price discriminate.
C) eliminates all the consumer surplus.
D) creates a smaller deadweight loss than it would if it could price discriminate.
5) A single-price monopolist determines
A) its output but not its price.
B) its price but not its output.
C) both its output and its price.
D) neither its output nor its price.
6) In monopolistic competition, the presence of a large number of firms making a differentiated product
means that
A) each firm has some ability to effect the price of its particular good or service.
B) each firm must charge the same price.
C) the price is established by agreements among the different firms.
D) each firm must produce the same quantity.
7) Firms in monopolistic competition have rivals that
A) match their price increases.
B) match their price decreases.
C) agree on a common price.
D) set their prices according to the demand curves they face.
ECON 1102 Test 4 (120414)
8) When firms in monopolistic competition are making an economic profit, firms will
A) enter the industry, and demand will increase for the original firms.
B) exit the industry, and demand will increase for the firms that remain.
C) exit the industry, and demand will decrease for the firms that remain.
D) enter the industry, and demand will decrease for the original firms.
9) Firms in monopolistic competition charge prices that are ________ those of the other firms in the market.
A) close to
B) very different from
C) the same as
D) completely unrelated to
10) A monopolistically competitive firm has ________ power to set the price of its product because
________.
A) no; there are no barriers to entry
B) some; there are barriers to entry
C) no; of product differentiation
D) some; of product differentiation
11) Monopolistically competitive firms and perfectly competitive firms are alike because both types of firms
I. face downward sloping demand curves.
II. have marginal revenue curves that lie beneath their demand curves.
III. can make only zero economic profit in the long run.
A) I and II
B) I and III
C) III only
D) I only
12) Dole Co. operates in a monopolistically competitive market. Whi ...
Sample Macro QuestionsMultiple Choice (Select the best option av.docx
Sample Macro Questions
Multiple Choice (Select the best option available.)
1..
In the factor market, households
(a)
sell resources.
(b)
buy resources.
(c)
are neither buyers nor sellers of resources.
(d)
are both buyers and sellers of resources.
2.
GDP does not include
(a)
business investment.
(b)
overseas production of U.S. subsidiaries.
(c)
net exports.
(d)
consumption expenditures.
3.
Official unemployment rates may underestimate the true rate of unemployment because the
official rate
(a)
includes those workers who only work part time.
(b)
may include some individuals who are not actually in the labor force.
(c)
does not include individuals receiving any type of unemployment compensation.
(d)
fails to include discouraged workers.
4.
If the U.S. economy enters a recessionary phase, the
(a)
economy experiences full employment.
(b)
unemployment rate will increase.
(c)
entire population will be unemployed.
(d)
entire population will be partially unemployed.
5.
The circular flow diagram shows
(a)
goods, services, and money payments flowing in the same direction.
(b)
goods and money payments flowing in one direction and services flowing in the opposite direction.
(c)
goods and services flowing in one direction and money payments in the other direction.
(d)
goods flowing in one direction and services and money payments flowing in the other direction.
6.
GDP measures
(a)
the total value of labor used in the economy.
(b)
the total market value of final goods and services produced within a nation’s borders.
(c)
the total income received by residents of a nation.
(d)
the total worth of all goods consumed within the borders of a nation.
7.
A price index shows
(a)
the current cost of a basket of goods.
(b)
the relative price of necessities.
(c)
the price of goods in the future.
(d)
the cost of today’s goods expressed in terms of the cost of goods in a base year.
8. A public good is:
(a) a good or service for which it is relatively easy to exclude nonpaying customers from consumption.
(b) a good or service which is consumed by both the paying and nonpaying customers.
(c) any good or service which is produced by the government.
(d) a good or service which is consumed by private individuals and financed by private contributions.
9.
The sum of all planned expenditures for the entire economy at each possible price level is
(a)
aggregate supply.
(b)
effective demand.
(c)
aggregate demand.
(d)
actual expenditures by consumers.
10.
Suppose the total value of all assets in the United States is $10 trillion. In 2006, the total value of all final services produced in the United States was $100 billion, the total value of all final goods produced in the United States was $300 billion, and the total value of all final goods and services produced by American firms in other countries was $100 billion. In this situation, gross domestic product for 2006 was
(a)
$600 billion.
(b)
$500 billion.
(c)
$400 billion.
(d).
1) Suppose that you purchased a ticket to the symphony for $40 fro.docx
1) Suppose that you purchased a ticket to the symphony for $40 from an online ticket broker. Once you arrived at the symphony, you discovered that parking costs you an additional $10. In this situation, the additional $10 you pay for parking is an example of
A) an inefficient cost.
B) marginal cost.
C) opportunity cost.
D) an economic loss.
2) Opportunity cost is
A) the additional cost incurred from the consumption of one more unit of output.
B) the cost involved when choosing between alternatives.
C) the cost of production which cannot be recaptured.
D) the total cost incurred from the consumption of additional output.
3) As an individual consumes ________ of a product within a given period of time, it is likely that each additional unit consumed will yield ________ satisfaction.
A) more; successively more
B) more; successively less
C) more; no additional
D) less; negative
Refer to the information provided in Figure 3.1 below to answer the questions that follow.
Figure 3.1
4) Refer to Figure 3.1. Which of the following would be most likely to cause the demand for Dr. Pepper to shift from D0 to D1?
A) an increase in income, assuming that Dr. Pepper is a normal good
B) a decrease in the price of 7-UP, assuming 7-UP is a substitute for Dr. Pepper
C) an increase in the price of Dr. Pepper
D) an increase in the price of sugar used to make Dr. Pepper
5) If the price of spinach decreases, there will be ________ of spinach enchiladas.
A) an increase in the supply
B) a decrease in the supply
C) an increase in the quantity supplied
D) a decrease in the quantity supplied
Refer to the information provided in Figure 3.15 below to answer the questions that follow.
Figure 3.15
6) Refer to Figure 3.15. A decrease in the wage rate of gardenburger makers will cause a movement from Point B on supply curve S2 to
A) Point A on supply curve S2.
B) Point C on supply curve S2.
C) supply curve S3.
D) supply curve S1.
Refer to the information provided in Table 3.2 below to answer the questions that follow.
Table 3.2
Price per Cheeseburger
Quantity Demanded (Cheeseburgers per Month)
Quantity Supplied (Cheeseburgers per Month)
$5
1,500
500
6
1,200
700
7
900
900
8
600
1,100
9
300
1,300
7) Refer to Table 3.2. This market will be in equilibrium if the quantity of cheeseburgers demanded is
A) 300.
B) 600.
C) 900.
D) 1,200.
8) Refer to Table 3.2. If the price per cheeseburger is $5, the price will
A) remain constant because the market is in equilibrium.
B) decrease because there is an excess demand in the market.
C) increase because there is an excess demand in the market.
D) decrease because there is an excess supply in the market.
Refer to the information provided in Figure 3.13 below to answer the questions that follow.
Figure 3.13
9) Refer to Figure 3.13. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will hav ...
Question 11. Using Microsoft Excel, draw a graph illustrating the .docx
Question 11. Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.Price/ComputerQuantity DemandedQuantity Supplied2001000220017512502050150150019001251750175010020001600752250145050250013002527501150
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025
Volumes
Prices
Question 2What is the equilibrium Price and Quantity in the market?Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025
Volumes
Prices
Question 3Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.Price/ComputerQuantity DemandedQuantity SuppliedPrice supplied + 100 tax2001000220030017512502050275150150019002501251750175022510020001600200752250145017550250013001502527501150125Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025Supply + 100 tax22002050190017501600145013001150300275250225200175150125
Volumes
Prices
Question 4 Disregard the new tax in part three. Now assume that the government imposes a price ceiling of $100 in this market, as a result of protests of price gauging by the sellers. What would happen to the price and quantity in this market?Price/ComputerQuantity DemandedQuantity SuppliedPrice ceeling2001000220010017512502050100150150019001001251750175010010020001600100752250145010050250013001002527501150100Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025Price ceeling 10010001250150017502000225025002750100100100100100100100100
Volumes
Prices
Question 5Disregard the events of part four. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What would happen in this market?Price/ComputerQuantity DemandedQuantity SuppliedPrice ceeling2001000220015017512502050150150150019001501251750175015010020001600150752250145015050250013001502527501150150Your response comes here
Supply22002050190017501600145013001150200175150125100755025Demand10001250150017502000225025002750200175150125100755025Price ceeling 15010001250150017502000225025002750150150150150150150150150
Volumes
Prices
Question 6If consumers’ expectations were such that they were concerned about the economy and jobs, what would you think would happen in this market?Price/ComputerQuantity DemandedQuantity SuppliedLower demand for bad expectations2001000220070017512502050950150150019001200125175017501450100200016001700752250145019505025001300220025275011502 ...
In January 2013, Mitzu Co. pays $2,650,000 for a tract of land wit.docx
In January 2013, Mitzu Co. pays $2,650,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $823,500, with a useful life of 20 years and an $75,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $305,000 that are expected to last another 10 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,921,500. The company also incurs the following additional costs:
Cost to demolish Building 1
$
346,400
Cost of additional land grading
189,400
Cost to construct new building (Building 3), having a useful life
of 25 years and a $402,000 salvage value
2,222,000
Cost of new land improvements (Land Improvements 2) near Building 2 having a 20-year useful life and no salvage value
173,000
Total costs
7,965,799
Allocation of purchase price
Appraised value
Percent of total appraized value
X
Total cost of acquisition
=
Apportioned cost
Land
x
=
Building 2
x
=
Land improvements 1
x
=
Total
Land
Building 2
Building 3
Land Improvements 1
Land Improvements 2
Purchase Price
Demolition
Land grading
New Building (Construction cost)
New Improvements cost
Totals
2. Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2013.
Journal Entry Worksheet
A. Record the costs of the plant assets.
Journal Entry Worksheet
Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the 12 months of 2013 when these assets were in use.
A. Record the year-end adjusting entry for the depreciation expense of Building 2
B. Record the year-end adjusting entry for the depreciation expense of Building 3
C. Record the year-end adjusting entry for the depreciation expense of Land Improvements 1
D. Record the year-end adjusting entry for the depreciation expense of Land Improvements 2.
Group Assignment - 0213
Instruction
Please you need to follow an appropriate format explained below..
· All written answers must be clearly typed
· All assignment questions and sub-questions should be typed in order at the heading.
· Separate each main question by different page. For example, if Question 1 (a) (b) (c) and (d) are answered on pages 1-2, then start Question 2 on page 3, etc.
1.1 The answers should be written clearly and concisely with the main points only, and avoid irrelevant points. In your answers,
· You should analyse, explain and show how and why you draw your answers. Providing just answers without explanation will not receive full marks.
1.2 You should also include appropriate and relevant diagrams, charts and tables together in your explanatio.
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