Sales-Related Transactions Using Perpetual Imentory System The folowing selected transoctions were completed by Green Lawn Supplies Co, which sells irrigatich supplies primarily to wholesalers and occasionally to retail customers: The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally customers: July 1. Sold merchandise on account to Landscapes Co, $33,450, terms FOE shipping point, n/eom. The cost of merchandise sold was $20,000. 2. Sold merchandise for $86,000 plus 8% sales tax to retail cast customers. The cost of merchandise sold was $51,600. 5. Sold merchandise on account to Peacock Company, $17,500, terms fos destination, 1/10,n/30. The cost of merchandise sold was $10,000. 8. Sold merchandise for $112,000 plus 8% sales tax to retail customers who used V15A cards. The cost of merchandise sold was $67,200. 13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600. 14. Sold merchandise on account to Loeb Co
4
$16,000, termis FOB shipping point, 1/10,n/30. The cost of merchandise sold was $9,000. 15. Received check for amount due from Peacock Company for sale on July 5. 16. issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800. 18. Sold merchandlse on account to Jennings Company, $11,350, terms FOB shipping point, 2/10,n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Recelved check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $8,550 for merchandise delivered during July to customers under shipping terms of foB destination. 31. Received check for amount due from Landscapes Co. for sale of July 1. Aug. 3. Paid Hays Federal Bank 53,770 for service fees for handing MasterCard and VisA sales during July.
Answers
To record the sales-related transactions using the perpetual inventory system for Green Lawn Supplies Co., we need to update the relevant accounts and records.
How to explain the informationHere's a breakdown of the transactions:
July 1:
Sales on account to Landscapes Co: Debit Accounts Receivable ($33,450) and Credit Sales Revenue ($33,450). Also, debit Cost of Goods Sold ($20,000) and credit Inventory ($20,000).
July 2:
Sales to retail cash customers (including sales tax): Debit Cash ($86,000 + 8% sales tax) and Credit Sales Revenue ($86,000). Debit Cost of Goods Sold ($51,600) and Credit Inventory ($51,600).
July 5:
Sales on account to Peacock Company: Debit Accounts Receivable ($17,500) and Credit Sales Revenue ($17,500). Debit Cost of Goods Sold ($10,000) and Credit Inventory ($10,000).
July 8:
Sales to retail customers using V15A cards (including sales tax): Debit Cash ($112,000 + 8% sales tax) and Credit Sales Revenue ($112,000). Debit Cost of Goods Sold ($67,200) and Credit Inventory ($67,200).
July 13:
Sales to customers using MasterCard cards: Debit Cash ($96,000) and Credit Sales Revenue ($96,000). Debit Cost of Goods Sold ($57,600) and Credit Inventory ($57,600).
July 14:
Sales on account to Loeb Co: Debit Accounts Receivable ($16,000) and Credit Sales Revenue ($16,000). Debit Cost of Goods Sold ($9,000) and Credit Inventory ($9,000).
July 15:
Receipt of payment from Peacock Company for the sale on July 5: Debit Cash and Credit Accounts Receivable.
July 16:
Issuance of credit memo to Loeb Co. for returned merchandise: Debit Sales Returns and Allowances and Credit Accounts Receivable. Debit Inventory for the cost of merchandise returned ($1,800) and Credit Cost of Goods Sold.
July 18:
Sales on account to Jennings Company (including freight): Debit Accounts Receivable ($11,350) and Credit Sales Revenue ($11,350). Debit Cost of Goods Sold ($6,800) and Credit Inventory ($6,800). Debit Freight Out ($475) and Credit Accounts Payable (if not paid immediately).
July 24:
Receipt of payment from Loeb Co. for the sale on July 14: Debit Cash and Credit Accounts Receivable.
July 28:
Receipt of payment from Jennings Company for the sale on July 18: Debit Cash and Credit Accounts Receivable.
July 31:
Payment to Black Lab Delivery Service for merchandise delivered during July: Debit Freight Out and Credit Cash.
August 3:
Payment to Hays Federal Bank for service fees: Debit Operating Expense (Service Fees) and Credit Cash.
These transactions should be recorded in the appropriate accounts using the perpetual inventory system to maintain accurate inventory and financial records.
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Related Questions
Elijah and Aneesha are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of watermelon and zucchini each farmer
can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing watermelon or zucchini or to produce watermelon
on some of the land and zucchini on the rest.
Answers
Aneesha can also produce a total of 72,000 lbs of watermelon and 14,400 lbs of zucchini.
What is the total produce?Generally, Watermelon (lbs/acre) | Zucchini (lbs/acre)
------------------------|--------------------
4,500 | 800
If Elijah and Aneesha both choose to grow both watermelon and zucchini, Elijah can produce a total of 72,000 lbs of watermelon (4,500 x 18 acres) and 14,400 lbs of zucchini (800 x 18 acres).
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For my personal finance class
Which of the following is an example of the paradox of value?
a. You might choose an inflatable raft over a luxury car if you are adrift at sea
b. You might choose a diamond over a bottle of water if you really love dressing up
c. You might choose a hamburger over a veggie burger at a fast-food restaurant
d. You might choose a pair of socks over a hat if you are feeling cold
Answers
Answer:
b because diamonds dressing up
is a decision to spend four years of one’s life and tens of thousands of dollars earning a college degree based on an incentive? yes. although the costs of college usually exceed what one earns while attending college, various social pressures incentivize people to attend college. no. college has such obvious benefits that incentives are not necessary. no. there is no incentive, since the student must pay a price to attend college. yes. the potential long-term benefits of college more than offset the costs of college.
Answers
Yes, the decision to spend four years earning a college degree is motivated by motivation, because the potential long-term benefits outweigh the costs.
Yes, the decision to spend four years of one's life and incur great financial costs to earn a college degree is based on incentives. Although the cost of higher education often exceeds immediate income, various social pressures encourage individuals to pursue higher education.
These pressures can include societal expectations, potential career opportunities, higher long-term earnings potential, personal growth, and improved employment prospects. The potential long-term benefits, such as increased job opportunities and higher wages, often outweigh the immediate costs, making it an encouraging decision for many.
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Research the consumer services industries in United States. Choose any one of the consumer services companies and write an essay of about 500 words on how a diverse economy such as the United States can satisfy the needs of its consumers. Consider different cultures and languages, services offered to lower socioeconomic populations, or services offered to disabled consumers or women. Also analyze the challenges faced by the consumer service industry.
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During the recession and several years after, the housing sector suffered immeasurably. Businesses in the sector declared bankruptcy, unable to retain demand for their services. Fortunately, as demand for housing has slowly started to trend upward and consumer incomes have expanded, demand for home services has also recovered. The Landscaping Services industry is estimated to grow at an annualized rate of 1.3% to $70.6 billion in the five years to 2013. Operators in this industry are currently enjoying an estimated 6.0% profit margin and face a rosy outlook. Continuous recovery in the construction sector and in consumers’ wallets will underpin the industry’s forecast growth of 5.9% in the next five years.
On January 1, 2024, Ouachita Airlines issued $413,000 of its 20-year, 10% bonds. The bonds were priced to yield 12%. Interest is payable semiannually on June 30 and December 31. Ouachita Airlines records interest at the effective rate and elected the option to report these bonds at their fair value. On December 31, 2024, the fair value of the bonds was $357,000 as determined by their fair value in the over-the-counter market. None of the change in fair value was due to a change in the general (risk-free) rate of interest. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1a. Determine the price of the bonds on January 1, 2024, 1b. Prepare the journal entry to record their issuance. 2, 3 & 4. Prepare the journal entry to record interest on June 30, 2024 (the first interest payment), then prepare the journal entry to record interest on December 31, 2024 (the second interest payment). And also prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2024, balance sheet.
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(1a). The price of the bonds on January 1, 2024 is $340,470. (1b). The journal entry to record their issuance is:
Cash $340,470Bonds Payable $340,470The journal entry to record interest on June 30, 2024:
Interest Expense $20,428Discount on Bonds Payable $2,240Cash $18,188The journal entry to record interest on December 31, 2024:
Interest Expense $21,330Discount on Bonds Payable $1,337Cash $19,993The journal entry to adjust the bonds to their fair value for presentation in the December 31, 2024 balance sheet:
Bonds Payable $56,000Premium on Bonds Payable $1,000Loss on Fair Value Adjustment $56,000To adjust bonds to fair value.On January 1, 2024, Ouachita Airlines issued $413,000 of its 20-year, 10% bonds at a price of $340,470, and subsequently recorded semi-annual interest payments on June 30 and December 31, using the effective interest method, which resulted in interest expense and adjustments to the discount on bonds payable.
On December 31, 2024, the fair value of the bonds was $357,000, leading to a loss on fair value adjustment of $56,000 and an adjustment to the bonds payable and premium on bonds payable accounts.
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EPA is part of how to avoid this type of risk?
compliance
operational
strategic
financial
Answers
Answer:
A.compliance
Explanation:
______ occur(s) when property rights are not clearly defined. (enter one word in the blank.)
Answers
The term that occurs when property rights are not clearly defined is "Tragedy of the commons."
What is the tragedy of the commons?The tragedy of the commons is a term used to describe a situation in which people consume shared resources to the point that the resources are depleted or destroyed. It occurs when there is no clarity on who has the right to use a resource. Since no one is held accountable, everyone abuses the resource until it's depleted or destroyed.
This is because there are no laws or rules in place to regulate how much each person can use the resource. This ultimately leads to negative externalities, such as pollution, overconsumption, and destruction of the resource.
The tragedy of the commons is commonly used to describe environmental issues, such as overfishing or deforestation. It can also apply to other shared resources, such as public parks, water, and the atmosphere.
Therefore, the term used when property rights are not clearly defined is "Tragedy of the commons."
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Which one is not a Function in MS Excel?
MAX
ARG
MIN
SUM
Answers
There for the answer is ARG.
The seven ps of services refer to an expanded marketing mix for services that includes the four ps (product, price, place, and promotion) as well as:________
Answers
The seven Ps of services refer to an expanded marketing mix for services that includes the four Ps (product, price, place, and promotion) as well as three additional Ps: people, process, and physical evidence.
1. People: People refers to the employees or staff members who are involved in the delivery of the service. They play a crucial role in providing a positive customer experience and building customer satisfaction.
2. Process: Process represents the procedures, systems, and activities involved in delivering the service. It focuses on how the service is designed, created, and delivered to the customer. A well-defined and efficient process ensures a smooth and consistent service experience.
3. Physical Evidence: Physical evidence includes the tangible elements that customers can see, touch, or experience when interacting with a service. It can include the service environment, facilities, equipment, signage, or any other physical aspect that adds value and enhances the customer's perception of the service.
The inclusion of these three additional Ps acknowledges the unique characteristics of services and emphasizes the importance of customer interactions, service quality, and the overall service experience. By considering the people, process, and physical evidence aspects, organizations can better meet customer expectations and differentiate their services in the marketplace.
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The seven Ps of services refer to an expanded marketing mix for services that includes the four Ps (product, price, place, and promotion) as well as three additional Ps: people, process, and physical evidence.
1. People: People refers to the employees or staff members who are involved in the delivery of the service. They play a crucial role in providing a positive customer experience and building customer satisfaction.
2. Process: Process represents the procedures, systems, and activities involved in delivering the service. It focuses on how the service is designed, created, and delivered to the customer. A well-defined and efficient process ensures a smooth and consistent service experience.
3. Physical Evidence: Physical evidence includes the tangible elements that customers can see, touch, or experience when interacting with a service. It can include the service environment, facilities, equipment, signage, or any other physical aspect that adds value and enhances the customer's perception of the service.
The inclusion of these three additional Ps acknowledges the unique characteristics of services and emphasizes the importance of customer interactions, service quality, and the overall service experience. By considering the people, process, and physical evidence aspects, organizations can better meet customer expectations and differentiate their services in the marketplace.
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Marketing manufacturing mastery test
Answers
Explanation: A marketing manufacturing mastery test could be a test marking what is being sold in a supermarket and can see what things would buy out more and manufacture the amount of things that are sold in a certain time. There is no picture on this question so this is my educated guess on what the answer is / could be.
If average labor productivity in two countries is the same, average living standards will be lower in the country with:A)the lower share of population employed.B)the higher share of population employed.
Answers
If average labor productivity in two countries is the same, average living standards will be lower in the country with the lower share of population employed.
Why it is?
This is because the number of people employed in a country directly affects the overall level of output that can be produced.
If a higher share of the population is employed, there are more workers producing goods and services, which can increase the level of output and overall economic growth.
On the other hand, if a lower share of the population is employed, there are fewer workers producing goods and services, which can lead to lower levels of output and economic growth.
This can in turn lead to lower average living standards in the country, as there are fewer resources available to be distributed among the population.
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Which of these is a reason a closed culture is
more thoughtful about change in the
organization?
A. Change takes much longer in large organizations.
B. Ideas for change are debated in large organizations.
C. Hierarchy makes change impossible in large organizations.
Answers
Price lining is setting a price floor and a price ceiling for a line of products and then setting price points in between to represent differences in quality.A. TrueB. False
Answers
Answer:
FALSE
Explanation:
a manufacturer that makes products in plants located in european
Answers
A manufacturer that makes products in plants located in Europe would likely be classified as a multinational corporation (MNC).
A multinational corporation (MNC) is a company that operates in multiple countries and has production facilities or plants located in different parts of the world. In this case, the manufacturer has plants specifically located in Europe. Being a multinational corporation allows the manufacturer to take advantage of various resources, markets, and economies of scale in different countries. It also implies that the company has a global presence and engages in international trade and business activities.
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milk should ______ (keep) in a fridge.
Answers
The past tense of Keep is Kept
ultimately sales organizations need to work toward developing a performance management system. group of answer choices true false
Answers
True. Sales organizations do need to work toward developing a performance management system.
This is because a performance management system helps to track and measure the performance of sales representatives, identify areas for improvement, and provide feedback and coaching to help them achieve their goals.
Ultimately, sales organizations need to work toward developing a performance management system because it helps in setting goals, tracking progress, evaluating performance, and providing feedback. This ensures better performance, accountability, and continuous improvement for the sales team.
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how does teaching job contribute in the development of our society
Answers
Answer:
It helps with new children coming into school
As an entrepreneur, jill spends the majority of her time on the more 'glamorous' activities of running a business rather than the administrative
duties.
OA.
True
OB.
False
Answers
It is false that an enterprenuer, jill will spends the majority of her time on the more 'glamorous' activities of running a business rather than the administrative duties.
Who is an enterprenuer?An entrepreneur is an individual who Identifies a gap or problem and creates a new business around it.
The persons bears most of the risks attached to the business and is more dedicated to the activities, planning and administrative work of the business.
Therefore, It is false that an enterprenuer, jill will spends the majority of her time on the more 'glamorous' activities of running a business rather than the administrative duties.
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D This article cites a paper from New York Fed which suggests that adding the Racial Equity Mandate can make things worse True False Question 10 0.2 pts This article claims that pro growth policies (a
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The article, citing a New York Fed paper, argues that adding a Racial Equity Mandate can worsen things. This statement is true. While the Racial Equity Mandate appears to be well-intentioned, its implementation is misguided. The argument is based on the principle of moral hazard.
According to the New York Fed, banks that are subject to a racial equity mandate would be encouraged to take more risks in lending to minorities. This is because if the loans default, the banks can expect to be bailed out by the government. As a result, banks may be more likely to lend money to unqualified borrowers, making it difficult for them to repay the loans in the long run. Additionally, the Racial Equity Mandate would place a heavy burden on banks' compliance departments, requiring them to spend a lot of money to track and monitor their lending activities to ensure that they are in compliance with the mandate. This cost would be passed on to consumers in the form of higher fees and interest rates, making it harder for them to obtain loans. Therefore, it is important to consider the potential unintended consequences of the Racial Equity Mandate before implementing it. While the idea behind the mandate is admirable, it may do more harm than good in the long run.
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why am i the best in my class
Answers
1. Which is not part of a financial plan?
Analysis of working capital requirements
The capital budget
Analysis of competitors’ strategies
Forecasts of sales
Answers
Analysis of Competitors' strategies is not typically considered part of a financial plan. A financial plan includes analyzing working capital, creating a capital budget, and forecasting sales. Thus, option C is correct.
A financial plan is a comprehensive roadmap that outlines an individual's or organization's financial goals, strategies, and actions to achieve those goals. It focuses on managing and allocating resources effectively to optimize financial performance.
The main components of a financial plan include assessing the current financial situation, setting financial goals, creating a budget, managing cash flow, and planning for investments, retirement, and risk management.
While analyzing competitors' strategies is an important aspect of overall business strategy and market analysis, it is not directly related to the financial planning process. Competitor analysis involves examining competitors' products, pricing strategies, marketing initiatives, and market positioning to gain a competitive advantage.
This information is valuable for strategic decision-making and developing marketing plans, but it is not specifically part of the financial planning process, which primarily focuses on managing finances, budgeting, forecasting revenues, and optimizing resource allocation.
In conclusion, a financial plan encompasses various elements such as analyzing working capital requirements, creating a capital budget, and forecasting sales. While competitor analysis is crucial for business strategy, it falls outside the scope of a financial plan, which primarily revolves around financial management and planning.
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why the pattern of employment in a country may change over time？（essay question）
Answers
Answer:It would most likely change overtime because technology is being advanced.
Explanation:
Why is it important for a human resource manager to carefully maintain
employee records?
Answers
Answer:
Certain records require employee privacy to be protected. Not maintaining and following best practices for employee record keeping leaves you vulnerable to defending yourself against lawsuits, labor investigations or audits.
Explanation:
Which is an example of a pun that could be included in a book about space?
Answers
Answer:
When writing about planets, my favorite key on the keyboard is the space bar
Explanation:
btw can i plz get brainliest
Which of the five goals governs the current state and the history of the technical baseline for stakeholders across organizations? GOAL 3: Incorporate technological innovation to improve the engineering practice GOAL 5: Transform the culture and workforce to adopt and support digital engineering across the lifecycle GOAL 2: Provide an enduring, authoritative source of truth GOAL 4: Establish a supporting infrastructure and environments to perform activities, collaborate, and communicate across stakeholders GOAL 1: Formalize the Development, Integration, and Use of Models to Inform
Answers
The goal that governs the current state and the history of the technical baseline for stakeholders across organizations is GOAL 2: Provide an enduring, authoritative source of truth.
What is a Technical Baseline? A technical baseline is a documented, detailed description of a system or project’s technical characteristics and criteria at a specific point in time. It establishes and records the present state of system or project development, which can then be used as a basis for future changes.
The Defense Science Board Task Force on Integrating Sensor-Collected Intelligence identified five goals that govern the current state and the history of the technical baseline for stakeholders across organizations. The five goals are as follows:
GOAL 1: Formalize the Development, Integration, and Use of Models to Inform GOAL
2: Provide an enduring, authoritative source of truth GOAL
3: Incorporate technological innovation to improve the engineering practice GOAL
4: Establish a supporting infrastructure and environments to perform activities, collaborate, and communicate across stakeholders
GOAL 5: Transform the culture and workforce to adopt and support digital engineering across the lifecycle Out of the five goals, the one that governs the current state and the history of the technical baseline for stakeholders across organizations is
GOAL 2: Provide an enduring, authoritative source of truth.
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among the limitations associated with using personality tests in employee selection is
Answers
Personality tests have been used for employee selection as they have been found to be a reliable and valid means of measuring a candidate's personality traits. However, there are several limitations associated with using personality tests in employee selection.
One of the major limitations associated with using personality tests in employee selection is that the test results may be faked by the candidates. Candidates may alter their answers to create an impression of a desirable personality trait that the employer is seeking. This can lead to inaccurate results and the selection of unsuitable candidates.Also, personality tests are not able to predict performance in all types of jobs, such as jobs that require specific technical skills.
The use of personality tests for employee selection may result in a bias towards certain personality traits that the employer may perceive as desirable, resulting in unfair treatment of some candidates.Another limitation of personality tests is that they may not be culturally sensitive. Different cultures may have different values and beliefs about personality traits, which may not be reflected in the personality tests. This can result in candidates being unfairly screened out due to cultural differences.Finally, the interpretation of personality test results may be subjective, depending on who is administering and interpreting the tests. This can lead to inconsistencies in the selection process and the selection of unsuitable candidates.
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Explain how you would handle an issue with social media in your company?
Answers
Answer:
I will handle it no matter what
Explanation:
I think the way I handle it will be different from others like First I need to see what the issue is like then I will handle it legally if it want a lawyer I have to get one if the issue want legal process I will done by the law of the country
Use the information provided below to calculate the Internal Rate of Return (expressed to two decimal places) using interpolation. INFORMATION A machine with a purchase price of R1 200 000 is estimated to eliminate manual operations by R400 000 per year. The machine is expected to have a useful life of four years.
Answers
To calculate the Internal Rate of Return (IRR) using interpolation, we need to determine the discount rate at which the net present value (NPV) of the machine's cash flows is zero.
In this case, the machine has a purchase price of R1,200,000 and is estimated to eliminate manual operations by R400,000 per year for a useful life of four years. To calculate the IRR, we need to find the discount rate that makes the NPV of the cash flows equal to zero. Let's set up the equation for NPV: NPV = -Initial Investment + (Cash Flow / (1 + r)^1) + (Cash Flow / (1 + r)^2) + (Cash Flow / (1 + r)^3) + (Cash Flow / (1 + r)^4) Where: Initial Investment = R1,200,000 (negative because it's an outflow) Cash Flow = R400,000 (positive because it's an inflow) r = discount rate (unknown) Now, we need to find the discount rate (r) at which the NPV equals zero. We can use interpolation to approximate the IRR. By trying different discount rates, we can find two rates at which the NPV switches signs (one negative, one positive).
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a clothing store located in a shopping mall wants to give customers an opportunity to place orders. what is one form of direct marketing the store can use to provide this service?
Answers
One direct marketing activity that stores can use to get customers to order clothes by mail, phone, or over the Internet is to mail catalogs to customers. Market research shows that catalog users are more likely to buy products online.
In sales, commerce, and business, customers may purchase goods, services, products, or ideas obtained from vendors, vendors, or suppliers through financial transactions or in exchange for consideration of money or other monetary value. Recipient.
A customer is an individual or business that purchases goods or services from another business. Customers are important because they drive sales. Without them, companies cannot survive.
Customer value is the perception of what a product or service is worth to a customer compared to possible alternatives. Value means whether customers feel they are getting more than they paid for. In a simple formula, customer value is profit – cost (CV = B – C).
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the unregulated, single-price monopolist illustrated in the figure above makes an economic profit of
Answers
The unregulated, single-price monopolist illustrated in the figure above makes an economic profit of $ABCD.
In the figure above, the area representing the economic profit of the monopolist is the rectangle labeled ABCD. This economic profit arises when the monopolist sets the price (P) higher than the marginal cost (MC) of producing the goods. The monopolist can do so because it has the market power to be the sole provider of the product, allowing it to charge a higher price and earn a profit.
The economic profit is calculated by multiplying the difference between price and marginal cost (P - MC) by the quantity of goods sold. The resulting rectangle represents the surplus or profit earned by the monopolist.
It's important to note that this economic profit exists due to the absence of regulation or competition in the market. In a competitive market, economic profits tend to be driven to zero in the long run.
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