Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $116,000; Allowance for Uncollectible Accounts = $1,900 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 15% of accounts receivable.
Required:
1. Record the adjusting entry for uncollectible accounts on December 31, 2021.
2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.
3. Calculate the net realizable value of accounts receivable.
Answers
Answer:
Bad Debt expense = Allowance for uncollectible debit + (Estimated uncollectibles)
= 1,900 + (15% * 116,000)
= $19,300
1.
Dec. 31 DR Bad debt expenses $19,300
CR Allowance for Uncollectable $19,300
2. Balance Sheet;
= 116,000 * 15%
= $17,400
Income Statement;
= $19,300
3. Net realizable value
= Accounts receivable - Estimated uncollectibles
= 116,000 - 17,400
= $98,600
Related Questions
What will high performing project teams typically preserve despite challenges?
Answers
High performing project teams typically preserve a strong sense of collaboration, communication, and trust despite challenges. They maintain open and honest communication channels that enable team members to voice concerns and share ideas freely.
They also build and maintain strong relationships based on trust and mutual respect, which helps them to work together effectively even in the face of obstacles.
In addition, high performing project teams tend to be adaptable and flexible, able to adjust their approach and priorities as needed to meet changing circumstances. They are also committed to continuous improvement, regularly evaluating their performance and seeking feedback to identify areas for growth and development. By preserving these key elements, high performing project teams are able to overcome challenges and deliver successful outcomes.
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Which of the following statements is true of activity-based costing?
ABC ignores the allocation of storage costs.
An activity cost pool collects costs related to the same activity.
ABC is more likely to result in big differences from a traditional costing system if the business makes only one product rather than multiple products.
Activities are the cost objects of the second stage of ABC.
ABC uses a single overhead rate.
Answers
Answer:
Option B (An activity....................same activity) would be the correct choice.
Explanation:
ABC would be used by companies since there would be a variety of resources consumed. Throughout ABC, that each expense is identified as well as identified to something like the operation. A predetermined overhead price wasn't used so rather than using numerous geographical expense driver amounts.Only certain costs are defined in the sense of various activities as well as averaged to create each activity cost collection. That is why the above is indeed the correct answer.
I’ve been stuck on this question for a while. Does anyone know the answer ?
Answers
Answer:
B. $9.33 per canoe
Explanation:
Variable Cost Per Unit = (Highest Activity Cost – Lowest Activity Cost) / (Highest Activity Units – Lowest Activity Units)
Highest Activity Cost = 2000
Lowest Activity Cost = 1700
Highest Activity Units = 7800
Lowest Activity Units = 5000
Variable Cost Per Unit = ($7,800 – $5,000) / (2000 – 1700)
Variable Cost Per Unit = ($2,800) / (300)
Variable Cost Per Unit = $9.33
Gary's wife died last year, so he has been raising his three children on his own. When he files his taxes this year, which tax status will best fit his
situation?
OA single
OB. widow/widower
OC. married, filling jointly
OD. married, filing separately
Answers
If he he files his taxes this year, the tax status that will best fit his situation is:widow/widower.
What is tax?Tax can be defined as the amount a person or a tax payer files or remit to the government.
Based on the given scenario if his wife died last year which means that when he files his taxes this year the tax status that will best fit his situation will be a widower.
Therefore Gary is a widower.
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The reality test that a business plan must pass in order to attract financing from lenders and investors involves proving:
a.
that the business venture will provide lenders and investors a high probability of repayment or an attractive rate of return.
b.
that the company can gain a competitive advantage over its key competitors.
c.
that the industry in which the business will compete is growing faster than the overall economy and has room for more competitors.
d.
that a market for the company's product or service actually does exist and that the company can actually build it for the cost estimates included in the plan.
Clear my choice
Answers
Answer:
T/F The executive summary of a business plan should summarize all of the relevant points of the proposed venture and should be concise-no more than two pages.
Explanation:
Review the two buyer profiles provided, and using the property profiles provided in the assessment, match each buyer with potential properties from the suburbs. You may use any real estate website to find these properties. Document your findings in the Buyer Profile form.
Prepare an email to each of the buyers inviting them to inspect the properties that you have matched them with, detailing the property features and explaining how the property can meet their needs.
Briefly prepare an email response to the following scenario: Buyer 1 responds to your selection by explaining that the price of the property is out of their comfortable borrowing power.
Develop a communication strategy for your agency, including record keeping processes, to address buyer expectations.
This strategy must address the following criteria:
How often you would communicate with clients and why
What methods you would use to communicate with clients and their advantages
How to present information to clients and why
What record keeping system would you use to record buyer interactions
Questions you would ask during the initial meeting
Answers
A communication strategy for your agency, including record-keeping processes, to address buyer expectations.
Communication Strategy:
Communication Frequency: The agency should communicate with clients regularly to keep them informed about new properties, provide updates on the properties they are interested in, and answer their queries promptly. Regular communication helps build trust and rapport with clients.Communication Methods: The agency should use various communication methods, including phone, email, text messages, and social media, to communicate with clients. Each method has its advantages, and the agency should use them based on the client's preferences and the urgency of the communication.Information Presentation: The agency should present information to clients in a clear, concise, and organized manner. The agency should use visuals, such as photos and videos, to showcase properties' features and provide detailed property information. Clear communication helps clients make informed decisions.Record Keeping: The agency should maintain a detailed record of all client interactions, including their property preferences, budget, and communication history. The agency should use CRM (customer relationship management) software to keep track of all client interactions.Initial Meeting Questions: The agency should ask clients questions about their property preferences, budget, location, and other relevant information during the initial meeting. The agency should use this information to provide tailored property recommendations to clients.To learn more about communication strategy visit;
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Len Corp. reported net sales of $300 million last year and generated a net income of $66 million. Last year’s accounts receivable increased by $29 million. What is the maximum amount of cash that Len Corp. received from sales last year?
Answers
Answer:
$37,000,000
Explanation:
When you are preparing a statement of cash flows, you start with net income and then make all necessary adjustments that include any changes in accounts receivables.
Cash flow from operating activities:
Net income $66,000,000
Adjustments to net income:
Increase in accounts receivable ($29,000,000)
Net cash flows from operating activities $37,000,000
according to a ____, the party who opens the box automatically accepts the terms by keeping the goods.
Answers
According to a contract of adhesion, the party who opens the box automatically accepts the terms by keeping the goods.
How can it be explained in detail?This type of agreement is made when one party, usually a bigger and more powerful entity like a corporation, presents the other party with a predetermined set of terms while the other party has little to no power to negotiate the terms. The consumer is considered to have accepted the terms by opening the box or using the product, which are frequently included in a document like a software licence or a product warranty. This kind of agreement is frequently criticised for being unfair to consumers and one-sided.
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According to a contract of adhesion, the party who opens the box automatically accepts the terms by keeping the goods.
What is an adhesion contract?
A contract of adhesion, also known as an adhesion contract, is one in which the parties have such disproportionate bargaining power that the party with less power could not have negotiated for changes to the contract's terms.
What distinguishes a contract of adhesion?An adhesion contract is one in which one party has significantly more control over the contract's terms than the other. The offeror must provide a customer with standard terms and conditions that are identical to those offered to other customers in order to establish a contract of adhesion.
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State three major features of an organisation
Answers
Answer:
1. Composition of Interrelated Individuals
2. Deliberate and Conscious Creation and Recreation
3. Achievement of Common Objectives
Answer:
division of work
coordination
co operative relationship
Which groups of people are eligible for Medicare?
A. People over 65 who live below the poverty level only
B. People over 65 only
C. People who live below the poverty level
D. People over 65 and people with disabilities
Answers
If exports rises by $300 million in an economy where the marginal propensity to spend is 0.6 then GDP will rise by Select one: O a. $500 million. O b. $750 million. O c. $1,250 million. d. $833 million.
Answers
Answer:
Explanation:
WTmonkie IS THIS
Because of his job Joseph knows how to operate machinery ...
Answers
Because of his job Joseph knows how to
operate machinery design pounds and has knowledge of geography and math he is also colour blind which indicates that Joseph is a meter reader.
If you're color blind, you see colors
differently from the majority of people.
Color blindness frequently makes it
challenging to distinguish between
particular hues. Color blindness typically
runs in families. Specialized glasses and
contact lenses can assist, but there is no
Cure.The only form that truly embodies the phrase "color blind" is achromatopsia, sometimes known as "total color blindness."
Achromatopsia is a condition in which a
person can only perceive the world in hues of grey, black, and white.
Specialized glasses and contact lenses can assist, but there is no cure. The majority of color-blind persons are adaptable and have little trouble going about their daily lives.
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Complete question: Because of his job Joseph knows how to operate machinery design pounds and has knowledge of geography and math he is also colorblind which career is Joseph most likely a part of
Which of the following could be sources of friction in a barter economy? a. Determining purity of gold bullion b. Coincidence of wants c. Lack of uniform pricing d. Impossible to extend credi
Answers
Option B. In a barter economy, two parties exchange goods or services directly with each other, without the use of money.
A barter economy requires a coincidence of wants, which means that both parties must have what the other party wants and wants what the other party has. If this coincidence does not exist, then a trade cannot be made. This creates friction in a barter economy as it may be difficult to find a trade partner with the desired goods or services.
Determining the purity of gold bullion refers to a potential issue with the quality of a traded good, but it is not a source of friction in a barter economy.Lack of uniform pricing refers to the difficulty of determining the value of goods and services in a barter economy, but it is not a source of friction.Impossible to extend credit refers to the lack of a lending and borrowing system in a barter economy, but it is not a source of friction.To learn more about barter economy please click on below link.
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Which of the following could be sources of friction in a barter economy?
a. Determining purity of gold bullion
b. Coincidence of wants
c. Lack of uniform pricing
d. Impossible to extend credit
d. the expectation that the equilibrium price of auto tires will be lower in the future than it is now: (click to select) .
Answers
In the hopes that the equilibrium price of auto tires would drop in the future, businesses are selling their inventory now while the price is still high.
What is supply?The amount of a resource that businesses, producers, workers, providers of financial assets, or other economic agents are willing and able to offer to the market or to a specific person is known as supply in economics.
Supply can refer to manufactured items, labor hours, raw resources, or any other in-demand or pricey item.
Supply is frequently represented graphically as a supply curve, with the amount supplied as a function of price on the horizontal axis and price per unit on the vertical axis.
It is sad yet a common practice to reverse the dependent and independent variables from their customary positions.
So, in the given situation, the supply increases.
Businesses sell their inventories now while the price is still high in the hopes that the equilibrium price of auto tires would decrease in the future.
Therefore, in the hopes that the equilibrium price of auto tires would drop in the future, businesses are selling their inventory now while the price is still high.
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Correct question:
The expectation that the equilibrium price of auto tires will be lower in the future than it is now: Supply _____
Deciding on a specific course of study in college typically involves choosing blank
Answers
Answer: i think a career path
Explanation:
Answer: Academic Major
Explanation:
Got it right
WHAT IS Segmentation,
Answers
Answer:
Segmentation is to divide something into separate parts or sections
operations management course concept
Answers
The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.
This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.
Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.
The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.
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Warner Brothers Entertainment owns the rights to the intellectual property of the Scooby Doo cartoon show and its characters. A lunchbox menecturer
has reached an agreement with Warner Brothers Entertainment to use the Scooby Doo characters on their new line of lunchboxes. This is an example o
Multiple Choice
contract manufacturing
licensing
creating a subsidiary
franchising
Answers
Option B is the correct one. Using intellectual property rights, such as trademarks, patents, brand names, or technologies, is called licensing. It involves the licenser giving the licensee permission to do so under specific guidelines.
A contract or arrangement between two businesses known as a licensing is one that allows one business to give another permission to produce its goods in exchange for a certain fee and subject to certain terms.
The ability to safeguard a company's valuable assets, such as patents, trademarks, copyrights, and trade secrets, depends on having a solid grasp of how these assets operate and are produced.
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is the money you receive from work that you do and from
money that you invest.
Answers
Yes and now that you have money that you invested with your time you get to chose where it gose to.
Answer:
Money received for work is/are _____.
taxes
wages
mean salary
expenses
i think its wages
explain in a essay on good or bad services that you have at a hospital
Answers
Title: An Assessment of Good and Bad Services in a Hospital
Hospitals are crucial institutions that provide essential medical care to individuals during times of illness or injury.
The quality of services offered by hospitals plays a significant role in patient satisfaction, outcomes, and overall healthcare experience.
In this essay, we will explore and evaluate both good and bad services that can be encountered in a hospital setting. Prompt and Efficient Care: A hallmark of a good hospital is the ability to provide prompt and efficient care.
This includes minimal waiting times, quick triage processes, and timely access to medical professionals. Patients appreciate hospitals that prioritize their well-being and minimize unnecessary delays.
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In the present quickly developing medical services, administration quality assumes a vital part in forming patients' encounters and fulfillment. Hospitals, as the essential suppliers of medical services administrations, are supposed to convey great consideration in a humane and effective way.
Administration quality in hospital settings can change essentially, affecting patients' encounters, fulfillment, and in general medical services results. While great emergency clinics focus on empathy, powerful correspondence, and idealness, examples of unfortunate help, like breakdowns in correspondence and significant delays, can sabotage patients' trust in the medical services framework.
Hospitals should consistently evaluate and further develop their administration conveyance to guarantee that patient-focused care stays at the cutting edge of their tasks.
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Homeowners insurance gives you both property and liability protection.
Answers
Answer:
True
Explanation:
If you have drunk friends you want this insurance.
True. Homeowners insurance provides both property and liability protection.
What is property protection?The property protection aspect of homeowners insurance covers the physical structure of the home, as well as personal belongings within the home, against perils such as fire, theft, and vandalism.
It may also provide coverage for additional structures on the property, such as garages or sheds. Liability protection, on the other hand, safeguards homeowners from legal and financial responsibility if someone is injured on their property or if they accidentally cause damage to someone else's property.
This coverage typically includes legal expenses and medical payments to the injured party.
The answer is true.
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2. Joe, a bartender, is typically “over” in his cash drawer by two or three dollars each shift. In the past, you have always thought that it is “better to be over than to be short” and have not worried about it. However, after reviewing chapter 12, you recognize that there might be a problem.
Why could this be a problem? What would you do?
Answers
Answer:
It will add up.
Explanation:
Money adds up very fast.
If the amount of gasoline purchased per car at a large service station has a population of $15 and a population standard deviation of$4 then 99.73% of all cars will purchase between $3 and $27
Answers
The range between $3 and $27 is three standard deviations away from the mean.
Since we know that 99.73% of the data falls within three standard deviations of the mean, we can estimate that 99.73% of all cars will purchase gasoline between $3 and $27.
According to the given information, the population mean is $15, and the population standard deviation is $4.
This means that 99.73% of all cars will purchase gasoline within three standard deviations of the mean, using the empirical rule.
Therefore, we can use the empirical rule to estimate the percentage of cars that will purchase gasoline between $3 and $27.
The empirical rule is also known as the 68-95-99.7 rule, which states that:Approximately 68% of the data falls within one standard deviation of the meanApproximately 95% of the data falls within two standard deviations of the meanApproximately 99.7% of the data falls within three standard deviations of the mean.
To find the number of standard deviations that correspond to $3 and $27, we need to calculate the z-scores.
The z-score formula is given as:z = (x - μ) / σwhere z is the standard score, x is the value of the variable, μ is the population mean, and σ is the population standard deviation.
To find the z-score for $3, we plug in the values:z = (3 - 15) / 4z = -3To find the z-score for $27, we plug in the values:z = (27 - 15) / 4z = 3.
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discuss the pros and cons of four performance appraisal tools
Answers
Answer:
Pros and cons are for every method listed below. A person can only see his strength and power during self assessment and he may ignore all his mistakes as it can be his over confidence in himself. Graphic rating may be disappointing as many employees can get same rating and there will not be any difference among them in the pay rise.
Explanation:
There are four major performance appraisal tools
1. Self assessment
2. Graphic Rating
3. Behavioral Checklist
4. 360 degree feedback
Fickel Company has two manufacturing departments—Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $19.00 per direct labor-hour and $15.00 per direct labor-hour, respectively. The company’s direct labor wage rate is $21.00 per hour. The following information pertains to Job N-60: Assembly Testing & Packaging Direct materials $ 375 $ 39 Direct labor $ 168 $ 84 Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.) 2. If Job N-60 consists of 10 units, what is the unit product cost for this job?
Answers
The total manufacturing cost assigned to Job N-60 is $ 696. If Job N-60 consists of 10 units, the unit product cost for this job is $111.00.
How to find the manufacturing costs ?Direct materials (Assembly + Testing & Packaging) = $375 + $39
= $414
Direct labor (Assembly + Testing & Packaging) = $168 + $84
= $252
Overhead applied (Assembly + Testing & Packaging) = $19 * 168 + $15 * 84 = $316 + $126
= $442
Total manufacturing cost = $414 + $252 + $442
= $1110
Unit product cost = Total manufacturing cost / Number of units
= $1110 / 10
= $111.00
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Which of the following is incorrect regarding Form 8915-F - Qualified Disaster Retirement Plan Distributions and Repayments?
A. Form 8915-F will be used to report qualified 2021 and later disaster distributions
B. The taxpayer should use Form 8915-F to report repayments of qualified 2020 disaster distributions
C. Form 8915-F will only be used to report distributions for qualified 2020 disasters
D. Form 8915-F is a redesigned Form 8915
Answers
C) Form 8915-F will only be used to report distribution for qualified 2020 disasters is incorrect.
Form 8915-F will be used to report distribution for qualified 2020 disasters and also for years 2021 and later years. Repayments are also can be done in the same Form.
Form 8915-F is issued by IRS, to report disaster -related retirement distribution and its repayments, the people affected by the coronavirus are also eligible for this program. Form 8915-F is replaced by Form 8915-E of 2020.
Form 8915-F is a forever form used for distributions for qualified 2020, 2021, and future disasters. This is a change of approach to the IRS taken since 2016, from then a new form has been issued each year.
Form 8915-F has modifications, it shows in which year the form was filled, and in which year the disaster happened. There will be two flow charts one indicates the corona virus and the other indicates the assistance which would make it clear to people.
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Which of the following is incorrect regarding Form 8915-F - Qualified Disaster Retirement Plan Distributions and Repayments?
A. Form 8915-F will be used to report qualified 2021 and later disaster distributions
B. The taxpayer should use Form 8915-F to report repayments of qualified 2020 disaster distributions
C. Form 8915-F will only be used to report distributions for qualified 2020 disasters
D. Form 8915-F is a redesigned Form 8915-E
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Explain what is meant by the saying that consumers "vote" with their dollars every time they buy products in the marketplace
Answers
What is meant by means of pronouncing that consumers "vote" with their greenbacks every time they purchase merchandise inside the marketplace when purchasers purchase something, they send a message to companies regarding their shopping for preferences, helping to direct use resources
The definition of a consumer is a person that buys goods and services. An instance of the customer is someone who purchases a brand new tv. A heterotrophic organism feeds on different organisms in a meal chain.
The consumer is the only one who's the end-person of any items or offerings. Any person, aside from the consumer who buys the product or offerings, and consumes the product via taking his/her permission is categorized as a customer.
Consumers represent the top trophic stages. not like producers, they can't make their personal food. To get electricity, they eat vegetation or different animals, even as some devour each. Scientists distinguish between numerous forms of customers. primary clients make up the second one trophic degree.
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At December 31, 2021, Suisse Imports reported this information on its balance sheet. Accounts receivable $ 600,000 Less: Allowance for doubtful accounts 37,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $ 2,500,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,200,000 4. Write-offs of accounts receivable deemed uncollectible 41,000 (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets
Answers
The journal entries to record the transactions will be:
Debit Account receivable $2,500,000
Credit Sales Revenue $2,500,000.
Debit Sales return and allowances $50000
Credit Accounts receivable $50000
Debit Cash $2,200,000
Credit Accounts receivable $2,200,000
Debit Allowance for doubtful accounts $41000
Credit Accounts receivable $41000
Debit Accounts receivable $15000
Credit Allowances for doubtful accounts $15000
(To reinstate account previously written off)
Debit Cash $15000
Credit Account receivable $15000
(To record collection of accounts receivable)
In double-entry bookkeeping, journal entries are the accounting entries that debit one account and credit the corresponding account.
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Magnificent Blooms is a florist specializing in floral arrangements for weddings, bo graduations, and other events. Magnificent Blooms has a fixed cost associated with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production § function for Magnificent Blooms is shown in the accompanying table. © Macmil Submit All Quantity of labor (workers) 0 1 2 3 4 5 a. Calculate the marginal product of each worker. Quantity of floral arrangements 0 5 9 12 14 15 Marginal product Quantity of labor (workers) 1 2
Answers
The marginal product of each worker for Magnificent Blooms is as follows: Worker 0: N/A: Worker 1: 5: Worker 2: 4: Worker 3: 3: Worker 4: 2: Worker 5: 1
To calculate the marginal product of each worker for Magnificent Blooms, we need to determine the change in the quantity of floral arrangements resulting from each additional worker.
Here's how to calculate the marginal product for each worker:
Worker 0: Since there are no workers (0 workers), the quantity of floral arrangements is 0. Therefore, the marginal product for worker 0 cannot be calculated.
Worker 1: The quantity of floral arrangements with 1 worker is 5. To calculate the marginal product for worker 1, we subtract the quantity of floral arrangements with 0 workers from the quantity with 1 worker: 5 - 0 = 5.
Worker 2: The quantity of floral arrangements with 2 workers is 9. To calculate the marginal product for worker 2, we subtract the quantity of floral arrangements with 1 worker from the quantity with 2 workers: 9 - 5 = 4.
Worker 3: The quantity of floral arrangements with 3 workers is 12. To calculate the marginal product for worker 3, we subtract the quantity of floral arrangements with 2 workers from the quantity with 3 workers: 12 - 9 = 3.
Worker 4: The quantity of floral arrangements with 4 workers is 14. To calculate the marginal product for worker 4, we subtract the quantity of floral arrangements with 3 workers from the quantity with 4 workers: 14 - 12 = 2.
Worker 5: The quantity of floral arrangements with 5 workers is 15. To calculate the marginal product for worker 5, we subtract the quantity of floral arrangements with 4 workers from the quantity with 5 workers: 15 - 14 = 1.
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Marginal benefit is the
Answers
Answer:
Marginal benefit is the benefit received from maximum price you are willing to pay for it. Marginal benefit is the benefit received from. consuming one more unit of a good or service. Consumer surplus is the. value of a good minus the price paid for it summed over the quantity bought.
Answer:
A marginal benefit is the maximum amount a consumer is willing to pay for an additional good or service.