Pronghorn Corp. reported income from continuing operations before income tax of $2,926,800 in 2023. After considering additional transactions, the income statement for the year 2023 reveals a loss from discontinued operations of $313,200 before tax. Earnings per share for the year, including the impact of discontinued operations, amount to $24.62.
In 2023, Pronghorn Corp. had income from continuing operations before income tax of $2,926,800. However, certain additional transactions need to be taken into account.
Firstly, the sale of equipment resulted in a gain of $64,920 ($151,200 - $86,400 - $38,880) before tax. This gain is not included in the income from continuing operations.
Secondly, the company discontinued operations of one of its subsidiaries, incurring a loss of $313,200 before tax. This loss includes both the loss from the operations of the discontinued subsidiary ($97,200 before tax) and the loss from the disposal of the subsidiary ($216,000 before tax). Since the criteria for discontinued operations are met, this loss is presented separately.
Thirdly, the company received $561,600 as a result of a lawsuit for a breached 2020 contract. This amount is recognized as income, as legal counsel was uncertain about the outcome of the suit and no receivable had been established previously.
Fourthly, upon reviewing accounts receivable, the company determined that $58,320 of old accounts receivable were unlikely to be collected. This amount is recognized as a bad debt expense, reducing the income from continuing operations.
Lastly, an internal audit discovered an understatement of $37,800 (net of tax) in the prior period's amortization of intangibles. This amount is charged against retained earnings and does not affect the income statement for the current year.
By incorporating all the relevant transactions, the income statement for the year 2023 shows a loss from discontinued operations of $313,200 before tax. The earnings per share, including the impact of discontinued operations, amount to $24.62.
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Diana refuses to take her turn in her employer's mandatory overtime schedule, citing family commitments. Diana's employer could discharge her for failing to meet job requirements without too much concern that a court might question its decision based on public policy reasons.
True
False
False. Discharging Diana could be questioned due to family commitments.
Diana's refusal to take her turn in her employer's mandatory overtime schedule, citing family commitments, does not automatically give her employer the right to discharge her without concerns about potential legal repercussions based on public policy reasons.
While employers generally have the right to establish job requirements and expect employees to meet them, there are legal limitations to consider. In many jurisdictions, employment laws protect employees from adverse actions by employers that violate public policy. These public policy exceptions may vary depending on the specific jurisdiction, but they generally include protections against termination or retaliation for reasons such as exercising legal rights, reporting illegal activities, or taking leave protected by law.
In Diana's case, if her family commitments are protected under applicable laws, such as family and medical leave laws or other similar regulations, her employer's decision to discharge her solely based on her refusal to work overtime may be subject to legal scrutiny. If the court determines that the employer's action violates public policy protections, it could potentially question the decision and hold the employer accountable.
It is important for employers to be aware of the legal obligations and potential consequences related to terminating employees based on job requirements. While employers have the right to expect employees to fulfill their job duties, they must also consider legal protections afforded to employees and ensure that their actions comply with applicable laws.
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WHY DID ERIN ANDREWS SUE THE HOTELS FOR NEGLIGENCE? DID ANDREWS
ALSO SUE FOR EMOTIONAL DISTRESS?
Erin Andrews sued the hotels for negligence due to a violation of her privacy, while also filing a lawsuit for emotional distress.
Erin Andrews, a well-known sportscaster, sued the hotels for negligence because she argued that they failed to protect her privacy. In 2008, Andrews discovered that she had been secretly recorded by a stalker while she was staying at several hotels. The stalker had modified peepholes in her hotel room doors, allowing him to film her without her knowledge or consent. Andrews claimed that the hotels were negligent in not detecting the modifications to the peepholes or taking appropriate measures to ensure her safety and privacy.
In addition to suing for negligence, Andrews also filed a lawsuit for emotional distress. The incident had a profound impact on her mental well-being, causing her significant emotional trauma and distress. Andrews argued that the hotels' failure to prevent the invasion of her privacy directly contributed to her emotional suffering and sought compensation for the psychological harm she experienced as a result of the incident.
By taking legal action for negligence and emotional distress, Erin Andrews aimed to hold the hotels accountable for their failure to protect her privacy and the emotional toll it took on her.
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For union decisions that require voting, it is helpful to
understand the _______________.
union by-laws
median voter concept
company mission
employee handbook
By considering both the union by-laws and the median voter concept, you can gain a comprehensive understanding of the voting process within the union.
To understand the voting process for union decisions, it is helpful to consider the union by-laws and the median voter concept.
1. Union by-laws: These are the rules and regulations that govern the operation of the union. They outline the procedures for voting, including who is eligible to vote, the voting methods, and any specific requirements or restrictions. By familiarizing yourself with the union by-laws, you can understand the framework within which the voting process takes place. This knowledge helps ensure that the voting is conducted in a fair and transparent manner.
2. Median voter concept: This concept states that in a group decision-making process, the option preferred by the median voter tends to be the one that is ultimately chosen. The median voter is the one whose preference lies in the middle when all the voters' preferences are ranked. Understanding the median voter concept can be useful when analyzing voting outcomes within the union. It allows you to identify the preferences of the majority and predict the likely outcome of a vote.
By considering both the union by-laws and the median voter concept, you can gain a comprehensive understanding of the voting process within the union. This understanding will enable you to participate effectively and make informed decisions based on the rules and dynamics of the union.
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The law is a leviathan composed of various pieces obtained from various aspects, countries, cultures and religions.
TASK
With the aid of case law, succinctly discuss the various sources of Zambian law. Clearly outline their relevance to good governance and good business practices.
The sources of Zambian law can be categorized into statutory law, case law, customary law, and international law. Each of these sources contributes to the legal framework in Zambia and has relevance to good governance and good business practices.
1. Statutory Law: Statutes are laws passed by the Zambian parliament. They include acts of parliament, regulations, and statutory instruments. Statutory law provides a clear framework for governance and business practices, ensuring consistency and predictability. For example, the Companies Act regulates the formation, management, and operation of companies, promoting transparency and accountability in business.
2. Case Law: Case law refers to judicial decisions made by the courts. Although not a formal source of law, it has persuasive authority and helps interpret statutes and establish legal principles. Case law plays a crucial role in shaping legal principles, resolving disputes, and promoting fairness. For instance, landmark cases related to contract law provide guidance for businesses in drafting and enforcing contracts.
3. Customary Law: Customary law is based on customs and traditions followed by various ethnic groups in Zambia. It is recognized and protected by the Zambian constitution. Customary law is particularly relevant to good governance and business practices in rural areas where customary norms and practices prevail. It ensures respect for cultural diversity and community-based decision-making.
4. International Law: Zambia is a member of the international community and is bound by international treaties and conventions. International law includes treaties ratified by Zambia, such as human rights conventions and trade agreements. Compliance with international law is essential for good governance and business practices, as it promotes adherence to global standards and norms.
Thus, the sources of Zambian law include statutory law, case law, customary law, and international law. These sources provide a comprehensive legal framework that promotes good governance and good business practices. Statutory law ensures consistency and predictability, case law interprets and applies the law, customary law recognizes cultural diversity, and international law sets global standards. By incorporating these sources, Zambia fosters a legal environment conducive to ethical conduct and sustainable development.
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Which of the following is NOT true about the supply and demand of labour
A. Labour supply is forecasted through techniques such as trend analysis, nominal group technique, regression, etc.
B. An external strategy to dealing with a labour shortage is to recruit new employees
C. A surplus of workers can be managed by hiring freezes, attrition, reducing the workweek, layoffs
D. They must be in equilibrium or else there is a shortage or surplus of workers
E. A gap analysis is used to compare the forecasted supply and forecasted demand to determine equilibrium, shortage, or surplus
D. They must be in equilibrium or else there is a shortage or surplus of workers. In the context of supply and demand of labor, equilibrium refers to the state where the quantity of labor supplied is equal to the quantity of labor demanded. If the supply and demand of labor are not in equilibrium, it means there is either a shortage or a surplus of workers.
When there is a shortage of workers, it implies that the demand for labor exceeds the available supply. In such cases, companies may adopt strategies to address the shortage, such as recruiting new employees externally.
On the other hand, when there is a surplus of workers, it means that the supply of labor exceeds the demand. To manage a surplus of workers, companies may implement measures like hiring freezes, attrition (not replacing workers who leave), reducing the workweek, or even laying off employees.
To determine if there is an equilibrium, shortage, or surplus of workers, companies often use techniques like forecasting labor supply through trend analysis, nominal group technique, regression, and conducting a gap analysis. A gap analysis compares the forecasted supply and forecasted demand to determine if there is equilibrium, shortage, or surplus.
In summary, the correct statement is D. They must be in equilibrium or else there is a shortage or surplus of workers.
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The Reinhart Corporation is trying to decide whether to switch to a bank that will accommodate electronic funds transfers from Reinhart's customers. Reinhart's financial manager believes the new system would decrease its collection float by as much as three days. The new bank would require a compensating balance of $3,000,000, whereas its present bank has no compensating balance requirement. Additionally, the new bank will require a fixed annual fee of $150,000 each year to service the account. Reinhart's average daily collections are $1,000,000, and it can earn 5% on it short-term investments. Should Reinhart make the switch? (Assume the compensating balance at the new bank will be deposited in a non-interest earning account.) (10 pts) 6.
Reinhart Corporation should make the switch to a bank that will accommodate electronic funds transfers from Reinhart's customers because the cost of switching is lower than the benefits accrued from the switch. As per the given problem, the current average daily collection is $1,000,000 and Reinhart Corporation can earn 5% on it short-term investments.
Therefore, its earnings from investments = 1,000,000 × 5% = $50,000/year. Due to switching to the new bank, the collection float would decrease by three days, hence decrease in collection float cost= 3 × 1,000,000 × 0.08/365 =$6,575.34So, the annual cost of switch= $150,000 + $6,575.34= $156,575.34.
The compensating balance required by the new bank is $3,000,000, and this balance does not earn interest. Therefore, the interest forgone annually on the compensating balance=$3,000,000 × 8% = $240,000.
The total cost of the compensating balance = $156,575.34 + $240,000 = $396,575.34.
Since the earnings from investments ($50,000) are more than the total cost of the switch ($396,575.34), it is not feasible for Reinhart Corporation to make the switch.
Therefore, Reinhart Corporation should not make the switch.
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Company A has 50% of its total variable manufacturing cost in labor and the other 50% in fuel. Company B has 10% of its total variable manufacturing cost in labor and the remainder in fuel. Suppose in a given year, labor costs rise 6% and fuel costs rise 10%.
1) Using the information above, calculate the percentage increase in total variable cost for each company.
Percentage Increase in total variable costs:
Company A: ??
Company B:??
2) Which company has higher percentage increase in total variable cost?
To calculate the percentage increase in total variable cost for each company, we can use the information provided about the distribution of labor and fuel costs and the percentage increase in each cost component.
For Company A:Labor cost increase = 6Fuel cost increase = 10Total variable cost increase for Company A = (0.5 * 6%) + (0.5 * 10%) = 3% + 5% = 8%For Company B:Labor cost increase = 6%Fuel cost increase = 10%Total variable cost increase
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You are the manager of a monopoly, and your analysts have estimated your demand and cost functions as P = 300 − 2Q and C(Q) = 1,500 + 2Q2, respectively.
a. What price–quantity combination maximizes your firm’s profits? Instructions: Round your response to the nearest penny (two decimal places).
Price: $ Quantity: units
b. Calculate the maximum profits. Instructions: Round your response to the nearest penny (two decimal places). $
c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price–quantity combination? multiple choice 1 Inelastic Elastic Unit elastic
d. What price–quantity combination maximizes revenue? Instructions: Round your response to the nearest penny (two decimal places). Price: $ Quantity: units
e. Calculate the maximum revenues. Instructions: Round your response to the nearest penny (two decimal places). $
f. Is demand elastic, inelastic, or unit elastic at the revenue-maximizing price–quantity combination?
multiple choice:
Inelastic
Unit elastic
Elastic
a. The price-quantity combination that maximizes profits is Price: $150, Quantity: 75 units. b. The maximum profits amount to $4,875. c. Demand is elastic at the profit-maximizing price-quantity combination. d. The price-quantity combination that maximizes revenue is Price: $200, Quantity: 50 units. e. The maximum revenues amount to $10,000. f. Demand is unit elastic at the revenue-maximizing price-quantity combination.
a. The price-quantity combination that maximizes profits is determined by finding the point where marginal revenue equals marginal cost. In this case, the marginal revenue is $150 and the corresponding quantity is 75 units.
b. The maximum profits can be calculated by subtracting the total cost from the total revenue at the profit-maximizing quantity. Using the given cost function, the maximum profits amount to $4,875.
c. Demand is elastic at the profit-maximizing price-quantity combination because a small change in price will result in a relatively larger change in quantity demanded.
d. To maximize revenue, the price-quantity combination should be set where the marginal revenue is zero. In this case, the marginal revenue is zero when the price is $200 and the quantity is 50 units.
e. The maximum revenues can be calculated by multiplying the price by the quantity at the revenue-maximizing point. The maximum revenues amount to $10,000.
f. Demand is unit elastic at the revenue-maximizing price-quantity combination because the percentage change in quantity demanded is equal to the percentage change in price.
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[MUST SHOW WORK] In a 12 hour day, Ali can produce 2 chairs or 8 tables, while Ahmad can produce 4 chairs or 12 tables. Based on this information,
Select one:
A. Ali has an absolute advantage in producing tables.
B. Ali has a comparative advantage in producing chairs.
C. Ahmad has a comparative advantage in producing chairs.
D. Ali has an absolute advantage in producing chairs.
E. Ahmad has a comparative advantage in producing tables. Clear my choice
The correct answer is: E. Ahmad has a comparative advantage in producing tables.
Based on the information provided, we can determine the comparative and absolute advantages of Ali and Ahmad in producing chairs and tables.
To determine comparative advantage, we need to compare the opportunity costs of producing chairs and tables for both Ali and Ahmad.
Ali can produce 2 chairs or 8 tables in a 12-hour day, while Ahmad can produce 4 chairs or 12 tables in the same time frame.
For Ali, the opportunity cost of producing 1 chair is 8/2 = 4 tables.
For Ahmad, the opportunity cost of producing 1 chair is 12/4 = 3 tables.
Comparing the opportunity costs, we can see that Ahmad has a lower opportunity cost in producing chairs (3 tables) compared to Ali's opportunity cost (4 tables). Therefore, Ahmad has a comparative advantage in producing chairs.
On the other hand, for Ali, the opportunity cost of producing 1 table is 2/8 = 0.25 chairs.
For Ahmad, the opportunity cost of producing 1 table is 4/12 = 0.33 chairs.
Comparing the opportunity costs, we can see that Ali has a lower opportunity cost in producing tables (0.25 chairs) compared to Ahmad's opportunity cost (0.33 chairs). Therefore, Ali has a comparative advantage in producing tables.
In conclusion:
- Ali has a comparative advantage in producing tables.
- Ahmad has a comparative advantage in producing chairs.
Thus, the correct answer is:
E. Ahmad has a comparative advantage in producing tables.
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Find the effective annual interest rate on a $220,000 short-term loan, with a term of 260 days and a nominal interest rate of 7%. The bank discounts the interest.
Interest is discounted by the bank
loan amount $220.00
terms (days) 260
APR 7%
Find the effective annual interest
1. Interest paid on the loan
2. Periodic interest rate
3. Calculate APY
The effective annual interest rate on the $220,000 short-term loan with a term of 260 days and a nominal interest rate of 7% is approximately 7.073%.
The effective annual interest rate can be calculated using the formula:
Effective Annual Interest Rate = (1 + Periodic Interest Rate)^n - 1
1. To find the interest paid on the loan, multiply the loan amount by the nominal interest rate: $220,000 * 7% = $15,400.
2. To calculate the periodic interest rate, divide the nominal interest rate by the number of periods in a year. Since the loan term is 260 days, divide 7% by 260 to get the periodic interest rate: 0.07 / 260 = 0.0002692.
3. To determine the Annual Percentage Yield (APY), substitute the values into the formula. Here, the periodic interest rate is 0.0002692 and the number of periods in a year is 365/260 = 1.4038:
APY = (1 + 0.0002692)^1.4038 - 1
Using a calculator, this equation can be solved to find the APY, which is approximately 7.073%.
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Estimated shipping cost at Junk. Food Imports is estimated using the high-low method. Past records indicate total shipping cost was $18,000 for 16,000 pounds shipped and $22,500 for 22,000 pounds shipped. Using the high-low method, what is the company's estimated cost function? a Y=$4.500+$1.13(x)
b Y=1.13+$4,500(x)
c None of the answers are correct. d Y=$6,000+$0.75(x)
e Y=$0.75+$6,000(x)
The company's estimated cost function using the high-low method is: Y = $6,000 + $0.75(x) Option d: Y= $6,000 + $0.75(x) is the correct answer.
The high-low method is used to calculate the fixed and variable components of a mixed cost. The formula is: y = a + bx where y is the total cost, a is the fixed cost, b is the variable cost per unit, and x is the level of activity. Using the high-low method, the first step is to calculate the variable cost per unit of activity, which is the difference in total cost divided by the difference in activity.
For Junk Food Imports:
Variable cost per unit = (Total cost at the highest level of activity – Total cost at the lowest level of activity) ÷ (Highest level of activity – Lowest level of activity)= ($22,500 – $18,000) ÷ (22,000 – 16,000)= $4,500 ÷ 6,000= $0.75
Therefore, the variable cost per unit of activity is $0.75 per pound shipped. The next step is to calculate the fixed cost by using either the high or low level of activity and the variable cost per unit. Using the high level of activity (22,000 pounds shipped):
Total cost = Fixed cost + Variable cost per unit × Activity$22,500 = Fixed cost + $0.75 × 22,000
Fixed cost = $22,500 – $16,500
Fixed cost = $6,000
Option d: Y=$6,000+$0.75(x) is the correct answer.
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RFP Inc. has a new CFO who has come to you for some advice. In preparing the March 31, 2021, year-end financial statements, he became aware of the fact that one of the assets of the company may be impaired. He has done the following initial investigation:
Carrying value $800,000
Fair Market Value $740,000
Costs to sell $ 7,400
When pressed further, he estimates that the asset will have another 10 years of useful life and is expected to generate cash flows of $75,000 per year.
The company can borrow funds at 5% and follows ASPE. The CFO wants to know if impairment needs to be recorded and, if so, how much.
In this question, it's required to calculate the impairment of an asset. The following is the solution to this problem: Given, Carrying value $800,000 Fair Market Value $740,000Costs to sell $ 7,400 Life of the asset 10 years Expected cash flow per year $75,000 Discount rate 5% First, we need to find the recoverable amount.
The recoverable amount is the greater of the fair value of the asset less the costs of disposal or the value in use. Fair value less cost to sell = $740,000 - $7,400 = $732,600. Value in use = $75,000 [ (1 - 1/(1+5%)^10) ] / 5% = $508,376.
Therefore, the recoverable amount is $732,600. Second, we compare the carrying value to the recoverable amount. Since the carrying value is greater than the recoverable amount, an impairment loss must be recorded.
The carrying value of $800,000 is greater than the recoverable amount of $732,600. The impairment loss is the excess of the carrying value over the recoverable amount, or $800,000 - $732,600 = $67,400.
Answer: Therefore, the amount of impairment loss to be recorded is $67,400.
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A monopoly that is not regulated will result in market failure based on too little production and a dead weight loss triangle, unless they can price discriminate for all customers. True False
Read and decide if this is true. The reason that a perfectly competitive industry moves to its long run equilibrium is because firms will enter if price is above ATC and that entry makes the market supply curve shift rightward until firms are breaking even. True False
True. A monopoly that is not regulated will result in market failure based on too little production and True. The reason that a perfectly competitive industry moves to its long-run equilibrium is because firms will enter if price is above ATC.
In an unregulated monopoly, the lack of competition allows the monopolistic firm to have significant market power, enabling them to restrict output and set prices at a level that maximizes their own profits. This results in too little production compared to a competitive market where output is determined by consumer demand and allocative efficiency.
Regarding the second statement, it is True that a perfectly competitive industry moves towards its long-run equilibrium. In a perfectly competitive market, firms will enter the market if the price is above average total cost (ATC), and this entry of new firms increases the market supply, pushing prices downward until firms are breaking even or earning only normal profits. This process ensures that the market supply and demand reach equilibrium and there is no excess supply or excess demand in the long run.
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What are the advantages to Tesla for being the first to enter the
large scale, battery storage system market? What are the
disadvantages?
Advantages for Tesla being the first to enter the large-scale battery storage system market include gaining a significant first-mover advantage, establishing themselves as a leader in the industry, and benefiting from early market adoption. However, disadvantages may include higher initial research and development costs, potential risks associated with untested technology, and the challenge of setting industry standards without established benchmarks
Tesla's market entry to the large scale, battery storage system market comes with both advantages and disadvantages. Below are some of the advantages and disadvantages:
Advantages to Tesla for being the first to enter the large scale, battery storage system market:
1. Establishing brand recognition as a leader in the battery storage industry
2. Capturing a large portion of the market share before competitors enter the market
3. Gaining a competitive edge by establishing proprietary technology and unique production methods
Disadvantages to Tesla for being the first to enter the large scale, battery storage system market:
1. High initial investment costs required to develop and produce the battery storage systems
2. Risk of competitors copying their technology and improving on it
3. Need to continuously innovate and stay ahead of the competition to maintain market share
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Prepare a report on :
Explain the concept of Green Business.
Discuss it challenges and practices in Canada.
Also assume if you ant to open a Business what kind of green
product you will deal in?
Green business refers to an approach where companies adopt sustainable practices to minimize their environmental impact and promote ecological responsibility.
Green business, also known as sustainable business or eco-friendly business, is a concept that encompasses the adoption of environmentally conscious practices by companies. It involves integrating sustainability into various aspects of business operations, such as energy efficiency, waste reduction, and responsible sourcing. The primary goal of green business is to minimize the negative impact on the environment while still achieving profitability and long-term success.
In Canada, the concept of green business has gained significant importance due to the country's commitment to environmental conservation and sustainability. The challenges faced by businesses in adopting green practices include regulatory compliance with environmental laws and standards.
Canadian businesses must adhere to strict regulations regarding emissions, waste management, and natural resource usage, which can pose challenges in terms of cost and operational adjustments.
Furthermore, resource management plays a crucial role in green business practices in Canada. Efficient use of energy, water, and raw materials is essential to minimize waste and environmental footprint.
Many Canadian businesses invest in technologies and strategies that promote energy conservation, such as using renewable energy sources, implementing energy-efficient processes, and adopting sustainable transportation methods.
Another significant aspect of green business in Canada is the promotion of eco-friendly products and services. Canadian consumers are increasingly demanding environmentally responsible choices, leading businesses to focus on developing and offering sustainable alternatives.
This involves creating products with recyclable or biodegradable materials, reducing packaging waste, and implementing responsible supply chain practices.
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We have the following two demand and supply functions Qd=137−0.28P Qs=84+0.73P The government decided to impose a tax on each unit produced of the commodity in the amount of 10 riyals Required: 1)What is the condition of equilibrium 2)Calculate the equilibrium price (P) before imposing tax 3)Calculate the equilibrium price after tax 4) Does the equilibrium price decrease after imposing the tax or does it rise compared to the equilibrium price before tax?
The equilibrium condition is Qd= Qs. the equilibrium price before imposing the tax is approximately 52.48 riyals. the equilibrium price after imposing the tax is approximately 62.38 riyals.
1) The condition of equilibrium occurs when the quantity demanded (Qd) is equal to the quantity supplied (Qs). In other words, Qd = Qs.
2) To calculate the equilibrium price (P) before imposing the tax, we need to set the demand function equal to the supply function and solve for P. So,
137 - 0.28P = 84 + 0.73P.
To solve this equation, we can first simplify it by moving all the terms with P to one side and the constant terms to the other side: 0.73P + 0.28P = 137 - 84.
This simplifies to: 1.01P = 53.
Dividing both sides of the equation by 1.01, we find that P ≈ 52.48. Therefore, the equilibrium price before imposing the tax is approximately 52.48 riyals.
3) To calculate the equilibrium price after the tax is imposed, we need to consider the effect of the tax on the supply function. The tax is imposed on each unit produced, so the supply function needs to be adjusted. Since the tax is 10 riyals per unit, the new supply function becomes
Qs = 84 + 0.73P - 10.
Now we can set the adjusted supply function equal to the demand function and solve for P:
137 - 0.28P = 84 + 0.73P - 10.
Simplifying this equation, we get:
0.28P + 0.73P = 137 - 84 + 10.
This simplifies to: 1.01P = 63.
Dividing both sides of the equation by 1.01, we find that P ≈ 62.38. Therefore, the equilibrium price after imposing the tax is approximately 62.38 riyals.
4) The equilibrium price decreases after imposing the tax compared to the equilibrium price before tax. This is because the tax adds an additional cost to producers, reducing the quantity supplied at each price level. As a result, the equilibrium price needs to decrease in order to match the reduced quantity supplied with the quantity demanded.
the equilibrium price is determined by the intersection of the demand and supply functions. When a tax is imposed, it affects the supply function, leading to a new equilibrium price that is lower than the original equilibrium price.
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What is a personal quality checklist (PQC)? What are the
specific steps associated with this approach?
A Personal Quality Checklist (PQC) is a self-assessment tool used to evaluate personal qualities and characteristics that contribute to personal and professional success.
The specific steps associated with this approach involve identifying key qualities, assessing strengths and areas for improvement, setting goals, and taking action to enhance personal growth.
A Personal Quality Checklist (PQC) is a systematic approach to evaluate personal qualities and characteristics that are essential for personal and professional success. The steps involved in this approach include:
1. Identify Key Qualities: Begin by identifying the key qualities and characteristics that are important for your personal and professional growth. These may include traits like resilience, adaptability, communication skills, leadership abilities, and time management.
2. Assess Strengths and Areas for Improvement: Reflect on your strengths and weaknesses related to each identified quality. Assess your current level of proficiency and identify areas where you can improve.
3. Set Goals: Based on your assessment, set specific and achievable goals to enhance your personal qualities. These goals should be measurable and time-bound, allowing you to track progress and stay motivated.
4. Take Action: Develop an action plan to work towards your goals. This may involve seeking learning opportunities, attending workshops, reading relevant books, finding mentors, or practicing new skills. Implement consistent actions to develop and strengthen your personal qualities.
5. Monitor and Evaluate: Regularly monitor your progress and evaluate the effectiveness of your efforts. Adjust your approach as needed and celebrate milestones along the way.
By following these steps, a Personal Quality Checklist helps individuals identify their strengths, target areas for improvement, and take deliberate action towards personal growth and development. It serves as a framework for self-assessment, goal setting, and continuous improvement to enhance personal qualities and succeed in various aspects of life.
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Leo Company provides a 12-month warranty on all its products. During 2020, they had total sales of $700,000, estimated warranty costs to be 3% of sales, and incurred $ 20,790 in costs servicing the warranties. On January 1, 2020, the Estimated Warranty Liability account had a credit balance of $ 400. Required: Calculate the accrued liability for product warranties at the end of the year.
To calculate the accrued liability for product warranties at the end of the year, we need to consider the estimated warranty costs and the costs incurred in servicing the warranties.
The estimated warranty costs are given as 3% of sales, which amounts to $21,000 ($700,000 * 3%). This represents the estimated future costs that Leo Company expects to incur for fulfilling warranty obligations related to the products sold in 2020.
However, the costs incurred in servicing the warranties during 2020 are given as $20,790. These are the actual costs that were expended during the year.
To calculate the accrued liability for product warranties at the end of the year, we need to adjust the Estimated Warranty Liability account, which had a credit balance of $400 on January 1, 2020.
Accrued Liability = Estimated Warranty Costs - Costs Incurred
Accrued Liability = $21,000 - $20,790
Accrued Liability = $210
Therefore, the accrued liability for product warranties at the end of the year is $210. This represents the amount that Leo Company needs to set aside to cover potential future warranty costs for the products sold in 2020.
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Surplus and Shortage (using graph above) 1. Suppose the government imposes the price of $100. a. If binding, does this represent a price floor or a price ceiling? b. Will it result in a market surplus or shortage? c. What is the value of this surplus/shortage? d. What quantity will end up being sold? 2. Suppose the government imposes the price of $160. a. If binding, does this represent a price floor or a price ceiling? b. Will it result in a market surplus or shortage? c. What is the value of this surplus/shortage? d. What quantity will end up being sold?
In the first scenario, a price floor of $100 leads to a market surplus as the quantity supplied exceeds the quantity demanded at that price. In the second scenario, a price ceiling of $160 creates a market shortage as the quantity demanded surpasses the quantity supplied at that price. These situations demonstrate the consequences of prices deviating from the equilibrium, resulting in imbalances in supply and demand.
1. a) The imposed price of $100 represents a price floor.
b) There will be a market surplus.
c) The value of this surplus will be the difference between the quantity supplied and the quantity demanded at the price of $100.
d) The quantity that will end up being sold is the same as the quantity demanded at the price of $100.
2. a) The imposed price of $160 represents a price ceiling.
b) There will be a market shortage.
c) The value of this shortage will be the difference between the quantity demanded and the quantity supplied at the price of $160.
d) The quantity that will end up being sold is the same as the quantity supplied at the price of $160.
The above graph represents the demand and supply curves. The point where these two curves intersect is the equilibrium price and quantity. Any price below the equilibrium will cause a shortage and any price above the equilibrium will cause a surplus.
In the first case, the price of $100 is below the equilibrium price, which will result in a market surplus. The quantity supplied will be more than the quantity demanded at this price, leading to excess supply.In the second case, the price of $160 is above the equilibrium price, which will result in a market shortage. The quantity demanded will be more than the quantity supplied at this price, leading to excess demand.
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If organizational objectives and supply objectives are incongruent: Multiple Choice it will be easy to translate organizational objectives into supply objectives. it will be difficult to translate organizational objectives into supply objectives. It is likely that many organizational resources will be made available to supply. It will be easy to define quality, quantity, price, delivery, and service goals.
When organizational objectives and supply objectives are incongruent, it will be difficult to translate organizational objectives into supply objectives. It is important for organizations to align these objectives to ensure a smooth and efficient supply chain operation.
More description can be given as:
If organizational objectives and supply objectives are incongruent, it will be difficult to translate organizational objectives into supply objectives. This means that the goals and targets set by the organization may not align with the goals and targets of the supply department or function.
To understand why it is difficult, let's consider an example. Let's say the organizational objective is to increase customer satisfaction by providing high-quality products at a competitive price. However, the supply objectives may focus on reducing costs by sourcing materials from cheaper suppliers. In this case, the two objectives are incongruent because the supply objective of reducing costs contradicts the organizational objective of providing high-quality products.
When organizational objectives and supply objectives are incongruent, it can lead to challenges in achieving the desired outcomes. The supply department may struggle to meet the specific requirements set by the organization, such as quality, quantity, price, delivery, and service goals. This misalignment can result in inefficiencies, increased costs, and a lower level of customer satisfaction.
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Addison Company Master Budget Practice Problem (includes Taxes)
1. Addison Company expects its sales in January to be $150,000 and expects sales to
grow by 12% each month.
2. All sales are on credit and it collects 20% of all sales in the month of the sale, the
remaining 80% in the month after the sale.
3. The cost of goods sold is equal to 70% of sales.
4. Addison Company likes to keep an ending inventory equal to 10% of next
month’s cost of goods sold on hand.
5. All purchases of inventory are on account, and the company pays for 90% of all
purchases in the month of the purchase, 10% in the month after the purchase.
6. The company pays its sales force a commission equal to 4% of sales.
7. The company also believes that its supplies expense is equal to $3,000 plus 1% of
sales.
8. Rent is $4,500 per month, advertising is $3,500 per month, depreciation is $2,000
per month, and utilities are $1,500 per month.
9. The company purchased an insurance policy covering 12 months for $18,000 on
January 1.
10. All selling and administrative expenses are paid in the month they are incurred
except for commissions that are paid in the month after they are earned and the
insurance which is paid one year in advance.
11. On January 31, Addison Company purchased land costing $48,000. Addison paid
cash for the land.
12. Interest on long-term debt is equal to 1% of the beginning balance and is paid
each month. The company must maintain a minimum balance in cash of $10,000
and will use any cash surplus to pay down long-term debt. The company borrows
cash in $1,000 increments.
13. The company is subject to a 25% income tax rate. The company pays income
taxes in the month after they are accrued (expensed).
14. In January, the company will declare a $4,500 cash dividend that it will pay in
February.
15. The company had a beginning balance sheet (as of January 1) as follows:
student submitted image, transcription available below
Addison Company Master Budget Practice Problem (includes Taxes)
Prepare for January, February and March:
1. Sales budget
2. Purchases budget
3. Selling & Admin Expense budget
4. Cash Budget
5. Budget/Proforma Income Statement
6. Budget/Proforma Balance Sheet
To prepare the master budget for Addison Company for the months of January, February, and March, we need to create the following budgets: 1. Sales Budget: - In January, sales are expected to be $150,000.
- Sales will grow by 12% each month.
- To calculate the sales for February, multiply the January sales by 1.12.
- To calculate the sales for March, multiply the February sales by 1.12.
2. Purchases Budget:
- The cost of goods sold is equal to 70% of sales.
3. Selling & Admin Expense Budget:
- The company pays a sales commission equal to 4% of sales.
4. Cash Budget:
- Start with the beginning cash balance.
- Add cash receipts from sales collected in the month of the sale.
5. Budget/Proforma Income Statement:
- Calculate the total sales for each month.
- Calculate the cost of goods sold for each month.
6. Budget/Proforma Balance Sheet:
- Start with the beginning balance sheet.
- Add the net income for each month to the retained earnings.
Remember to double-check your calculations and ensure accuracy. It is also important to note that these budgets are based on the given assumptions and should be adjusted accordingly if there are any changes or additional information provided.
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With regard to accounts payable: a) Explain the significance of financing with accounts payable. b) Explain (including computations) the rationale of taking a cash discount, such as 4/8, n/30. att c) Additionally, determine the approximate balance of accounts payable, if a company stretches its payables to 50 days and on average, they make purchases of $1,000,000 per day from their vendors. d) Explain what the stretching accomplishes if the vendors should be paid in 30 days.
Accounts payable is the sum of money owed to a supplier or vendor by a company for goods or services purchased on credit. Financing with accounts payable is significant because it is a cheap source of capital. A company can stretch their payment terms with their suppliers to finance their operations and cash flow needs.
It also means that a company can use their cash reserves for other operational requirements rather than paying upfront for purchases. This process helps in lowering the risk of not having adequate cash to pay their bills on time.The rationale of taking a cash discount, such as 4/8, n/30 is that it helps a company save money by incentivizing prompt payment.
In a 4/8, n/30 discount term, the buyer is given a 4% discount if the payment is made within eight days; otherwise, the full amount is due in 30 days. The calculation of the discount amount is 4/100 x $1,000 = $40, which is the savings amount from taking advantage of the discount.
The calculation of the net amount due is $1,000 - $40 = $960, which is the payment amount if made within the eight-day discount period. On the other hand, if the buyer opts to pay the full amount in 30 days, no discount is given.
The approximate balance of accounts payable if a company stretches its payables to 50 days and on average, they make purchases of $1,000,000 per day from their vendors would be $50,000,000.
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Most Company has an opportunity to invest in one of two new projects. Project Y requires a $300,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $300,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1. EV of $1, PVA of $1, and EVA of $1 ) (Use appropriate factor(s) from the tables provided.) Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (28%) Net Income Required: 1. Compute each project's annual expected net cash flows. Project Y Project Z Project Y Project $370,000 $296,000 51,800 37,000 74,000 44,400 133,200 26,000 133,200 26,000 240,600 285,000 85,000 55,400 23,000 15,512 $ 61,200 $ 39,888 Most Company has an opportunity to invest in one of two new projects. Project Y requires a $300,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $300,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1. FV of $1. PVA of $1, and FVA of $1 ) (Use appropriate factor(s) from the tables provided.) Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (288) Net income 2. Determine each project's payback period. Project Y Project Z Choose Numerator: Payback Period Project Y Project z $370,000 $296,000 51,800 37,000 74,000 44,400 133,200 26,000 240,600 55,400 15,512 133,200 26,000 285,000 85,000 23,900 $ 61,200 $ 39,888 Choose Denominator. W " Payback Period Payback period Most Company has an opportunity to invest in one of two new projects. Project Y requires a $300,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $300,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1. FV of $1, PVA of $1, and FVA of $1 ) (Use appropriate factor(s) from the tables provided.) Sales Expenses Direct materiale Direct labor Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (201) Het income 3. Compute each project's accounting rate of return. Project Y Project Z Choose Numerator: Project Y Project I $370,000 $296,000 51,800 74,000 133,200 26,000 285,000 240,600 85,000 23,800 $ 61,200 Accounting Rate of Return Choose Denominator. 37,000 44,400 133,200 26,000 55,400 15,512 $39,888 W Accounting Rate of Return Accounting rate of return
Project Y should be selected as it has a higher net annual cash inflow, same payback period but higher accounting rate of return than Project Z.
Payback Period = 4 years
Calculation of accounting rate of return
Project YAverage annual income = Net income / Number of years$143,856 / 5 years = $28,771.20
Average investment = Initial investment + Salvage value / 2 = $300,000 / 2 = $150,000
Accounting rate of return = Average annual income / Average investment= $28,771.20 / $150,000 = 19.18%Project Average annual income = Net income / Number of years$58,608 / 4 years = $14,652Average investment = Initial investment + Salvage value / 2 = $300,000 / 2 = $150,000
Accounting rate of return = Average annual income / Average investment= $14,652 / $150,000 = 9.77%
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Which of the following statements about a single payment loan is correct? Select one: a. It typically is due in 2-10 years. b. It typically has a variable interest rate tied to an index. c. Its payment amount is known when the loan is approved. d. It cannot be repaid before the due date.
The correct statement about a single payment loan is: c. Its payment amount is known when the loan is approved.
A single payment loan, also known as a balloon loan or bullet loan, is a type of loan where the entire principal amount, along with the interest, is due in a single lump sum payment at the end of the loan term.
This type of loan is typically used for short-term financing needs and does not involve periodic payments like traditional installment loans.Since the payment amount is known when the loan is approved, the borrower is aware of the exact amount that needs to be repaid at the end of the loan term.
This differs from other types of loans, such as installment loans, where the payment amounts are spread out over the loan term. With a single payment loan, the borrower usually has the flexibility to pay off the loan before the due date if desired.
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You just arrived at a deal worth $100 more (I.e., better) than your reservation point. You also realize that the opposing side in the negotiation got $1000 more (I.e., better) than their reservation point. Did you get a good or bad deal here?
A. Good deal
B. Bad deal
Based on the information provided, you got a good deal in this negotiation. The deal you arrived at is $100 better than your reservation point, indicating that you obtained a favorable outcome.
However, it is important to consider the other party's outcome as well, as they received $1000 more than their reservation point.
A good deal in a negotiation is subjective and depends on each party's reservation point, which represents their bottom line or minimum acceptable outcome. In this scenario, the deal you arrived at is $100 better than your reservation point, meaning you achieved an outcome that exceeded your minimum expectations. This suggests that you secured a favorable result and obtained a better outcome than you initially anticipated.
While it is noteworthy that the opposing side obtained $1000 more than their reservation point, their outcome does not necessarily impact the assessment of your own deal. Each party in a negotiation has their own goals and priorities, and their individual reservation points reflect their unique thresholds for accepting an agreement.
Therefore, considering your deal in isolation, obtaining a result that surpasses your reservation point by $100 indicates that you obtained a good deal. It signifies that you achieved a more favorable outcome than you initially expected, contributing to your negotiation success.
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1. True of false. If false, explain in a few sentences.
(1) When a country experiences net capital inflow, its capital account will be in deficit and current account in surplus.
(2) According to the Interest Parity Condition, if the interest rate is 2% in the U.S. and 5% in the U.K., investors are expecting a capital loss from holding the dollar.
(3) Margin accounts are required for trading in forward, futures and options contracts.
When a country experiences net capital inflow, its capital account will be in surplus and current account in deficit. Capital inflows are investment inflows, so they represent an excess of funds in the country.
which will cause the capital account to have a surplus. A current account deficit means that the country is importing more than it exports and thus is spending more foreign currency than it is earning, resulting in a deficit in the current account.
True. According to the Interest Parity Condition, investors should expect to receive the same return on investment in any country, regardless of the currency in which the investment is made. This is achieved through an adjustment of the exchange rate. So, if the interest rate is 2% in the U.S. and 5% in the U.K.
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Managers should make sure his or her decisions are ‘ethical’. (Answer the situation below)
If you are the owner of a small laundry shop, and because of Covid19 you are encouraged to prioritise the health and safety of your employees and your customers. Describe how you will use ethics in the operation of your business in dealing with your employees and customers?
To prioritize health and safety during the Covid-19 pandemic, a small laundry shop owner should implement safety protocols which are as follow:
1. Implement safety protocols
2.Provide necessary protective equipment
3.Communicate effectively
4. Support employees.
5. Customer safety
As the owner of a small laundry shop during the Covid-19 pandemic, it is crucial to prioritize the health and safety of both your employees and customers. To operate ethically, you can take the following steps:
1. Implement safety protocols: Ensure that all employees and customers adhere to safety guidelines such as wearing masks, practicing social distancing, and frequently sanitizing surfaces.
2. Provide necessary protective equipment: Supply your employees with personal protective equipment (PPE) like gloves and masks to minimize the risk of exposure.
3. Communicate effectively: Keep your employees and customers informed about the safety measures in place and any updates or changes in protocols. This can be done through signage, email, or social media.
4. Support employees: Offer flexible work arrangements or paid sick leave to employees who may need to take time off due to Covid-19 symptoms or exposure. Additionally, provide training on proper safety procedures to ensure their well-being.
5. Customer safety: Offer contactless payment options and encourage online or phone orders to reduce in-person contact. Regularly clean and disinfect all customer areas and equipment.
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Bailey, Inc., is considering buying a new gang punch that would allow them to produce circuit boards more efficiently. The punch has a first cost of $150,000 and a useful life of 15 years. At the end of its useful life, the punch has no salvage value. Labor costs would increase $1,000 per year using the gang punch, but raw material costs would decrease $14,500 per year. MARR is 5%/year.
What is the internal rate of return of this investment?
To calculate the internal rate of return (IRR) of this investment, we need to determine the cash flows associated with the gang punch over its useful life.
1. Calculate the annual net cash flow:
- The labor costs increase by $1,000 per year, so this is considered a cash outflow (-$1,000).
- The raw material costs decrease by $14,500 per year, so this is considered a cash inflow (+$14,500).
- Net cash flow = cash inflows - cash outflows.
- In this case, the net cash flow = $14,500 - $1,000 = $13,500 per year.
2. Determine the initial investment:
- The initial cost of the gang punch is $150,000.
3. Calculate the present value of the annual net cash flow:
- Since the net cash flow is the same each year, we can use the annuity formula to calculate the present value.
- The formula for present value of an annuity is PV = CF * [(1 - (1 + r)^-n) / r], where PV is the present value, CF is the cash flow, r is the discount rate (MARR), and n is the number of years.
- In this case, CF = $13,500, r = 5% (or 0.05), and n = 15 (the useful life of the punch).
- Plugging these values into the formula, we can calculate the present value of the annual net cash flow.
4. Calculate the total present value:
- The total present value is the sum of the present value of the annual net cash flow and the initial investment.
- Total present value = present value of net cash flow + initial investment.
5. Determine the IRR:
- The IRR is the discount rate that makes the total present value equal to zero.
- By using trial and error or a financial calculator, we can find the discount rate (IRR) that satisfies this condition.
By following these steps, you can calculate the internal rate of return (IRR) of this investment in the gang punch.
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What is a subcontractor?
O A. A person who owns part of the company and makes executive
decisions.
B. A person who works solely with one company on a constant basis.
O C. A person who does work for another company or person as a part
of a larger job.
OD. A person who manages a company and hires all employees.
SUBMIT
Answer:
c
Explanation:
A subcontractor is a person who does services for another business or individual as a component of a bigger project. Option (C) is hence the appropriate response.
What do you meant by a subcontractor?An individual or, in many situations, a firm who signs a contract to carry out some or all of the requirements of another's contract is known as a subcontractor.
The primary responsibility of a subcontractor is to carry out the work for which they have been appointed by the main contractor. The subcontractor is in charge of carrying out the task according to instructions because it is frequently a specialized operation, like electrical or HVAC.
A subcontractor (or subcontractor) is a business or individual that a general contractor, prime contractor, or main contractor employs to carry out a particular duty as part of a larger project. The subcontractor is often compensated for the services they give to the project. Despite the fact that subcontracting frequently occurs in construction and civil engineering projects, the variety of opportunities for subcontractors is
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Monthly consumption of packaged milk in Turkey is 100 000 tons when price is 10 TL/kg. Producers force the government to provide a support price of 12 TL/kg. The government accepts this but in order not to punish the consumers promises the producers to pay the difference between 12 TL and the going market price at the end of the month when all milk has been sold. Compute prices, quantities and government expenditure that result from this policy. Assume demand and supply elasticities are -1.5 and 0.8 respectively. (To keep calculations simple, do NOT work with arc elasticities). Show on a supply and demand diagram how this policy changes consumer and producer surplus and DWL. (Don't calculate, just construct a table referring to areas of the diagram, making sure all areas are clearly defined).
Prices: Market price: 10 TL/kg Support price: 12 TL/kg Quantities: Quantity demanded at market price: 100,000 tons Quantity supplied at market price: 100,000 tons Government expenditure:
Government will pay the difference between the support price and the market price for the entire quantity sold. With the support price set at 12 TL/kg, the market price increases from 10 TL/kg to 12 TL/kg. As a result, the quantity supplied by producers increases, while the quantity demanded by consumers decreases. The table illustrating the areas on the supply and demand diagram would include the following: Areas on the diagram: Consumer surplus: Before the policy, consumer surplus is the area above the market price and below the demand curve. After the policy, consumer surplus decreases. Producer surplus: Before the policy, producer surplus is the area below the market price and above the supply curve. After the policy, producer surplus increases Deadweight loss (DWL): The triangle area representing the loss in total surplus due to the inefficiency of the policy. It arises because the quantity supplied exceeds the quantity demanded at the new higher price.
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