Economics chapter 2 Economics is the efficient allocation of the scarce means of production toward the satisfaction of human wants The central fact of economics is scarcity. Human wants are unlimited while resources are limited. Four economics resources: land‚ labor‚ capital and entrepreneurial ability The opportunity cost of any choice is the forgone value of the next best alternative. The production possibilities curve is a hypothetical model of an economy that produces only two products.
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purchase of major fixed assets such as machinary ‚ building‚ and equipments. So there are two main catagories of selection of project‚ 1-Financial model 2-Non- financila model FINANCIAL METHODS: In financial maethod we determine the capital budget of the project. In capital budgeting following techniques are used‚ 1-Pay back period 2-Net present value 3-Internal rate of return 4-Profitability index These method are explained below‚ 1-PAY BACK PERIOD: Payback
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Transaction Cash Net Income a) Purchased $100 of supplies for cash. -100 0 b) Recorded an adjusting entry to record use $20 of the above supplies. 0 -20 c) Made sales of $1‚300‚ all on account. 0 1‚300 d) Received $800 from customers in payment of their accounts. 800 0 e) Purchased equipment for cash‚ $2‚500. -2‚500 0 f) Recorded depreciation of building for period used‚ $600. 0 -600 a)
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Exercises E2-1. Determining accrual and cash basis revenue (AICPA adapted) Since the subscription begins with the first issue of 1999‚ no revenue can be recognized in 1998 on an accrual basis. No product or service has been exchanged between Gee Company and its customers. Therefore‚ no subscription revenue has been earned. On a cash basis‚ Gee would recognize the full amount of cash received of $36‚000 as revenue in 1998. E2-2. Determining unearned subscription revenue (AICPA adapted)
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Unit 6 Chapter Exercises NT 1430 Tyrel Cain (19103625) Tyrel Cain NT1430 4/23/2015 Unit 6 Chapter Exercises Chapter 13 2. Which command would you give to update all installed packages using yum? # yum update 3. Why would you build a package from its source code when a (binary) rpm file is available? Most packages have options that are specified at compile time. The person who builds the rpm file sets these options to commonly used values. You may want other values; if you do‚ you need
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Managerial Economics Q.1.0) For each of the following events‚ assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the price of radio sets declined‚ while the number of radio sets purchased increased. c.Housing prices are rising but more houses are sold. d.Australian
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Chapter 2 This chapter presents Review of Related literature and Studies that are somewhat interrelated with the present study. The main sources are the internet‚ books‚ and other theses. This chapter also includes the synthesis of the state-of-the-art and the gap bridge of the study. Related Literature According to Jovito Delcano Gabion Jr III Batanes State College is one of the primarily institution here in Batanes w/c offer degree courses from Bachelor of Science in Hospitality Management up to
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TUTORIAL 2 1. Stevie G was shopping in a departmental store when he saw a bottle of cologne he liked. He put it in his shopping basket. He then went up to the 3rd floor of the store to carry on with his shopping. He changed his mind about the cologne and put it back on the shelf. Michael O‚ who works for the store‚ sees this happening and insists that Stevie pay for the cologne. Is Michael O right? Give your reasons. 2. Rahman is at an auction when he sees a Manchester United shirt. The starting
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units $64) $336‚000 Labor (3‚500 equivalent units $162) 567‚000 Overhead (3‚500 equivalent units $21) 73‚500 976‚500 Total cost accounted for $1‚964‚500 b. Finished Goods Inventory 988‚000 Work in Process Inventory 988‚000 Task: 2 a) Let the BEP sales be x dollars‚ x * 0.40 + 300‚000 = x a) So‚ x = 500‚000 dollars Total Selling price = 500‚000 Total Variable cost = 200‚000 Total fixed cost = 300‚000 b) For a monthly profit of $ 60‚000 Let sales be x dollars So‚ x - 60000 = 0.4
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Application of linear functions in Economics (or) Application of straight lines in Economics The linear function is one in which ‘y’ is the first degree expression in ‘x’‚ i.e.‚ y = ax + b. The graph of this function is a straight line. The co-efficient of x represents the slope of the line. If a > 0‚ then the lines are upward sloping‚ and if a < 0‚ then the lines are downward sloping Let us explain certain linear equations used in Economics and business. 1. Linear cost curves
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