The journal entries in the books of Marc Industries are following the rules of double-entry bookkeeping.
Here are the journal entries for each transaction:
Transaction 1: Borrowed $5,000 from the bank by signing a note.
Debit: Cash - $5,000
Credit: Notes Payable - $5,000
Transaction 2: Paid $3,100 cash for a computer.
Debit: Computer (Fixed Asset) - $3,100
Credit: Cash - $3,100
Transaction 3: Purchased $850 of supplies on account.
Debit: Supplies - $850
Credit: Accounts Payable - $850
following the rules of double-entry bookkeeping.
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The adjusted trial balance for Yondel Company at December 31, 2018 is presented below: Accounts Debit Credit Cash $ 8,000 Prepaid rent 23,000 Land 445,000 Accounts payable $ 12,000 Salaries payable 20,000 Common stock 230,000 Retained earnings 109,000 Dividends 14,000 Service revenue 340,000 Salaries expense 160,000 Rent expense 29,000 Utilities expense 32,000 Totals $ 711,000 $ 711,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2018.
Answer:
Explanation:
Cash =8000
Prepaid rent = 23,000
Land = 445000
Accounts payable = 12,000
Salaries payable = 20,000
Retained earnings = 109,000
Dividends = 14,000
Service revenue = 340,000
Salaries expenses = 160,0000
Rent expenses = 29,000
Utilities expenses = 32,000
Net income = Service revenue - Salaries-Rent-Utilities-
=340,000-160,000-29,000-32,000 = 119,000
Journal
1. Debit Service revenue - 340,000
Credit income summary - 340,000
2, Debit Income summary - 221,000
Credit Salaries expenses 160,000
Credit Rent expenses 29,000
Credit Utilities expenses 32,000
3 Debit Income summary 119,000
Credit retained earnings 119,000
4 Debit retained earnings 14,000
Credit retained earnings 14,000
hich occurs during digestion?
The mouth only allows for physical digestion.
The mouth only allows for chemical digestion.
Chemical digestion prepares the food for physical digestion.
Physical digestion prepares the food for chemical digestion.
Answer:
Digestion can be either chemical or physical - physical digestion occurs when you chew food in your mouth (mastication) or chemical when it is broken down in the stomach (via HCl), just to give a few examples. There are many examples of both chemical and physical digestion.
Explanation:
how did Suzy Batiz failures set her up for success?
Answer:
I'm not sure
Explanation:
Not enough explanation.
Performance Assessment Task
Jrotc
This performance assessment task gives you an opportunity to document your achievement of the lesson’s competency: Demonstrate proper etiquette in social settings For this performance assessment task, you will complete the Dining-Out scenario. For this assessment you will: Read the following scenario and individually complete the information below. Be prepared to share your answers in class. The same criteria in the scoring guide below can be used to evaluate your performance of proper etiquette and manners at the annual Cadet Ball. Scenario: The annual Dining-Out is in five months. You have been asked to be a member of the Dining-Out committee. The committee plans all aspects of the Dining-Out. Complete this assignment as if you are preparing for the meeting and event. The committee will discuss invitations, table settings, receiving line protocol (guest speaker and other dignitaries), proper dress, protocol for honoring the nation, and thank you notes. 1. Invitations: Create the text for the invitation. Include all pertinent information including dress code and RSVP: Table Setting: On the back of this page, draw a picture of the appropriate table setting for the following menu: Fresh Garden Salad with Dressing Dinner Roll Tomato Soup Beef Tenderloin or Grilled Salmon New York Style Cheesecake with strawberries Iced Tea and water 2. Receiving line and other protocol: a. Who belongs on the line? b. What order should the guests stand in? c. Address the appropriate protocol for honoring the nation. d. Describe how you will greet the guest of honor(s): e. What attire should you wear? 3. Thank you notes: Create a sample thank you note to send to the guest speaker: 4. Explain your role in the annual Cadet Ball as a Year 1 Cadet: 5. Use the attached scoring guide criteria for what you need to do to complete this task. 6. Submit your completed performance assessment task and scoring guide to your instructor for evaluation and a grade.
The invitation should include the date, time, location, the dress code, RSVP deadline, and any other important relevant information such as the theme of the event.
The invitation text will be like this: You are cordially invited to attend the Annual Dining-Out hosted by the JROTC program. The event will take place on [date] at [time] at [location]. Dress code for the evening is formal attire, which includes a dress uniform or civilian formal wear.
Please RSVP by [RSVP deadline] to [contact information]. We look forward to your presence at this event.
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When fire alarm sounds. Why should you evacuate children immediately even if you do not see flames?
Answer: because even if there is no fire there could be an explosion, fire and gasoline WILL make an explosion. So Basically it can start with fire but soon turn into an explosion. If it's a fire DRILL then it's for practice if that actually does happen.
in a transitioning economy, why would privatization tend to raise a nation’s overall standard of living?
Option c) people are more likely to be productive when it benefits them personally.
A transition economy is an economy that is evolving from a command economy to a market economy.
Transition economies have undergone a series of structural transformations aimed at developing market-based institutions.
These include economic liberalization where prices are set by market forces rather than by central planning bodies.
It also removes trade barriers, privatizes state-owned enterprises and resources, reorganizes state-owned enterprises and collectively owned enterprises into enterprises, and creates a financial sector that promotes macroeconomic stability and the movement of private capital.
Used in the former Soviet Union and Eastern Bloc countries of Europe, it has also been applied to some Third World countries, with detailed studies of its economic and social impact.
Transitional processes are usually characterized by changes and creation of institutions, especially private companies.
Changing the role of the state, creating radically different state institutions, promoting private enterprise, markets and independent financial institutions
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Complete question:
In a transitioning economy, why would privatization tend to raise a nations overall standard of living?
a) people are less likely to assume the risks of entrepreneurship
b) it places the means of production in the hands of the government
c) people are more likely to be productive when it benefits them personally
d) it places a nations ruling class in a position to administer the economy efficiently
Suppose the production function is the same as in question (2), and K = 100.
The production function for a firm producing widgets (Q) is given by Q = KL . In
the short run K, which is the capital input, is fixed at 100 in the short run. L is the
labor input per hour and is variable in the short run.
a. If the wage rate per hour is $20 and the price of a widget is $2, what is the optimal choice of labor for a profit‐maximizing firm? Assume that the markets for both labor and widgets are competitive.
b. What will be the profit‐maximizing output of the firm?
c. What will be the profit‐maximizing choice of labor and output if K = 50 (assume 1/2 that the wage rate and widget price remain unchanged. The new MPL = 25/L )?
The optimal choice of labor for a profit-maximizing firm can be determined by finding the level of labor that maximizes the firm's profit. To do this, we need to calculate the firm's marginal revenue product (MRP) and compare it to the wage rate.
a. The MRP is equal to the marginal product of labor (MPL) multiplied by the price of a widget. In this case, MPL = Q/L, where Q is the output and L is the labor input per hour. Since Q = KL, we can substitute Q with KL to get MPL = KL/L = K. So, MPL = K = 100.
The MRP is MRP = MPL * Price of a widget = K * Price of a widget = 100 * $2 = $200.
The profit-maximizing firm will hire labor up to the point where the wage rate equals the MRP. So, the optimal choice of labor is when the wage rate per hour is $20, which is equal to the MRP. Therefore, the firm should hire 10 units of labor (L = 10).
b. The profit-maximizing output of the firm can be found by substituting the optimal choice of labor into the production function. Q = KL = 100 * 10 = 1000 units of widgets.
c. If K = 50, the MPL will be MPL = 25/L. The MRP can be calculated as MRP = MPL * Price of a widget = (25/L) * $2 = $50/L.
To find the profit-maximizing choice of labor and output, we need to equate the MRP to the wage rate. So, $50/L = $20. Solving for L, we get L = 2.5 units of labor.
Substituting this value of L into the production function, we can find the profit-maximizing output: Q = KL = 50 * 2.5 = 125 units of widgets.
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What does accounting help you achieve in an organization?
Answer:
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
Explanation:
1.How does the Internet affect the purchasing habits of users and what is its relationship to inventory management?
2.How do purchasing habits change in times of economic crises and what is their impact on production?
3.Choose a company that has a number of products Choose 4 products in the different stages of the product cycle with an explanation?
How does the Internet affect the purchasing habits of users and what is its relationship to inventory management?The internet has revolutionized the way people buy and sell goods and services.
With the widespread availability of the internet, consumers can easily access information about products and services, compare prices, and make purchases from the comfort of their homes or offices. As a result, the internet has made it easier for consumers to shop and has also changed their purchasing habits.
Consumers are now more likely to buy online, which has led to a shift in inventory management.Inventory management has become more complex in the age of the internet. Companies that sell products online need to have an efficient system in place to manage their inventory.
They need to be able to track their inventory levels in real-time and ensure that they have enough products in stock to meet the demands of their customers. They also need to be able to manage their inventory across multiple channels, including their website, social media, and other online platforms.
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how do you stay productive in a work environment?
Here are 5 ways to stay productive in a work environment.
Limit the distractions around you. Take small breaks to help you refocus.Make a schedule with what you need to do each day.Communicate if you need help with something. Make sure you have the supplies you need.I hope this helps you! Good luck! :) Have a nice day!
Expenses that need to be paid before a new business can open are called _____.
operating expenses
ending inventory
start-up costs
beginning inventory
Answer:
start-up costs
Explanation:
Hopefully that helps.
Answer:
Start Up Costs
Explanation:
Im taking a business major this is the right answer
Calculate the price elasticity of demand for the price range of $9 to $10 & $10 to $15 for movie tickets for on D1. Show all work & formulas. Explain if the range is elastic, inelastic, or unit elastic for each demand curve. Tell me if total revenue would rise, fall, or stay the same for the range given
To calculate the price elasticity of demand and determine the elasticity for each price range, we need the formula for price elasticity of demand:
Price elasticity of demand = (% change in quantity demanded) / (% change in price)
First, let's calculate the percent change in quantity demanded for each price range:
For the price range of $9 to $10:
% change in quantity demanded = ((Q2 - Q1) / Q1) * 100
Q1 = quantity demanded at $9
Q2 = quantity demanded at $10
For the price range of $10 to $15:
% change in quantity demanded = ((Q2 - Q1) / Q1) * 100
Q1 = quantity demanded at $10
Q2 = quantity demanded at $15
Once we have the percent change in quantity demanded, we can calculate the price elasticity of demand using the formula mentioned earlier.
If the price elasticity of demand is greater than 1, demand is elastic.
If the price elasticity of demand is less than 1, demand is inelastic.
If the price elasticity of demand is equal to 1, demand is unit elastic.
To determine the effect on total revenue, we consider the relationship between price and quantity demanded. If demand is elastic, a price increase will lead to a decrease in total revenue. If demand is inelastic, a price increase will result in an increase in total revenue. For unit elastic demand, total revenue remains the same when price changes.
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When dealing with balance in a composition, an artist is actually dealing with
actual weight.
the balance between form and content.
proportion.
visual weight.
An artist or designer genuinely deals with visual weight when attempting to achieve balance in a composition. Even while boredom is a common connotation of repetition, it also fosters rhythm.
How does an artist or designer deal with balance in a composition?balance in a composition when positive and negative space are arranged in a way that prevents any one region from dominating the others. Everything functions as a seamless whole and fits together well. The component parts don't aim to become the sum; rather, they each add to their total.
when a composition has exactly the same design on either side?When visual components are positioned with equal weight on either side of a central axis, symmetrical balance is created. One way to conceptualise symmetrical balance, also known as formal balance, is as the mirror reflection of one half of an artistic creation on the other
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when a buyer hands over an earnest money check to you as the buyer's agent, what's your responsibility?
When the buyer hands over earnest money to someone as the buyer's agent, it is their responsibility to buy the particular thing for the buyer with that money from the seller.
A buyer is someone who purchases a good or subscribes to a service offered for sale by the seller. Many buyers, however, appoint agents to make purchases on their behalf. Thus, it becomes the responsibility of the buyer's agent to look after the remaining processes and complete the purchase, because they are under a legally binding contract.
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A factory has a dedicated room just for computers. They are generally kept locked in the room and are never
directly used by users.
Which of the following is NOT true:
O That room is part of the infrastructure.
O Those computers are part of a network.
O Those computers are servers.
O Those computers form an architecture.
If the computers are not generally kept locked in the room and are never directly used by users, then the following is not true: D. Those computers form an architecture.
What is not true?The statement that is not true from the data given is that computers form an architecture. Computers that form an architecture work together to achieve a common goal. As the name implies, architecture is a combination of processes and systems that are meant to achieve a common purpose.
The computers in the room described do not work together to achieve a common purpose. Thus, we cannot say that they form an architecture.
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Dude Company incurred the following costs while producing 425 units: direct materials, $13 per unit; direct labor, $30 per unit; variable manufacturing overhead, $12 per unit; total fixed manufacturing overhead costs, $5,950; variable selling and administrative costs, $11 per unit; total fixed selling and administrative costs, $3,400. There are no beginning inventories. What is the unit product cost using absorption costing? A. $88 per unit B. $55 per unit C. $66 per unit D. $69 per unit
The unit product cost using absorption costing is approximately $0
to calculate the unit product cost using absorption costing, we need to consider all the manufacturing costs, both variable and fixed, as part of the cost per unit.
the unit product cost using absorption costing is calculated as follows:
total cost per unit = (direct materials per unit + direct labor per unit variable manufacturing overhead per unit + fixed manufacturing overhead per unit) / number of units
given:
direct materials per unit = $13
direct labor per unit = $30
variable manufacturing overhead per unit = $12
fixed manufacturing overhead costs = $5,950
number of units = 425
fixed manufacturing overhead per unit = fixed manufacturing overhead costs / number of units
fixed manufacturing overhead per unit = $5,950 / 425 = $14
total cost per unit = ($13 + $30 + $12 + $14) / 425 = $69 / 425 ≈ $0.1624 1624, which is equivalent to $69 per unit (rounded to the nearest dollar).
the closest to the calculated unit product cost is:
d) $69 per unit
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influences of Business environment,
Factors that Influence the business environment are :
Economic environmentSocial environmentTechnological environmentPolitical environmentLegal environment
The business environment means the total of all the individuals, and institutions that could affect the working of the business firm.
Importance of business environment:
Business environments help the firm to prepare itself for every possible obstruction or hindrance that can affect the functioning of the firm.It also helps the firm to adjust to frequent changes.The economic environment is all the things that create an economic impact on the firm.
The social environment is all the traditions and customs of the society that creates an impact on the firm.
The technological environment is all the impact on the firm caused due to new technology and upgradations.
The political environment is the conditions and behavior that the elected representatives hold toward the business
The legal environment is entirely based on the rules and legislation of the authorities.
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which of the following is used by organizations to measure customer response by allowing them to express their degree of opinion?
Direct Criticism and Consumer loyalty. Using a survey to find out how satisfied your customers are the simplest way to provide them with the assistance they need. When it comes to gathering information about the aforementioned customer satisfaction metrics, surveys are a useful tool.
What does customer satisfaction entail?
A measure of how satisfied customers are with a business's products, services, and capabilities is known as customer satisfaction. A company can use information about customer satisfaction, such as ratings and surveys, to figure out how to make its products and services better or change them.
Why is customer satisfaction so significant?
Consumer loyalty (CSAT) is a proportion of how well an organization's items, administrations, and by and large client experience meet client assumptions.By demonstrating how well your products or services resonate with customers, it demonstrates the health of your business.
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How do you define marketing? what are the four basic ideas that combine to represent marketing and how do they fit into your definition? based on your definition of marketing, what role does marketing play in the free enterprise system? explain.
Answer:
The awnser in my eyes are for client purposes for Cliental, Social media, Etc.
Explanation:
A customer is contacted by a phone and visited by a sales representative. A. Direct b. Indirect
A customer is contacted by a phone and visited by a sales representative is an example of a direct marketing approach. Option A
What is a direct marketing approach?Direct marketing refers to any form of advertising or promotion that is targeted directly to individual consumers, rather than through a mass medium such as TV or print advertising.
This is an example of a direct marketing approach, as the customer is being contacted directly by phone and visited by a sales representative.
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A supermarket building was purchased for $567,000. The down payment was 12%. The balance was financed at 7.97% for 25 years. Find the montly payment is
The monthly payment for the supermarket building is approximately $3,667.63. To find the monthly payment for a supermarket building, the following formula: Monthly payment = P[r(1+r)^n/((1+r)^n)-1)]
we will need to make use of the following formula: Monthly payment = P[r(1+r)^n/((1+r)^n)-1)]
where P = the principal,
r = the interest rate per month, and
n = the total number of months.
We will calculate the values of P, r, and n using the information provided in the problem statement:
Down payment = 12% of $567,000 = 0.12 × $567,000 = $68,040
Principal = $567,000 − $68,040 = $498,960
Interest rate per year = 7.97%
Number of years = 25Number of months = 25 × 12 = 300To convert the interest rate per year to the interest rate per month, we will divide by 12:
Interest rate per month = 7.97% ÷ 12 = 0.6642% Plugging in these values into the formula, we get:
Monthly payment = $498,960[0.006642(1+0.006642)^300/((1+0.006642)^300−1)]
Monthly payment = $3,667.63.
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The average U.S. worker is MOST likely to hold about _____ jobs between the ages of 18 and 25. Please choose the correct answer from the following choices, and then select the submit answer button. three two seven five
when all closing entries are completed, the owner's capital account should be the same as the capital account balance in the:
The capital account balance for the owner should match the capital account balance on the balance sheet once all closing entries have been made.
This is because, depending on the kind of business entity, closure entries are made to move the balances of temporary accounts (such as revenue, expenses, and withdrawals) to the owner's capital account or retained earnings account.
For a certain period of accounting, temporary accounts are used to keep track of receipts, payments, and withdrawals; at the end of that period, they shut down or reset to zero. Closing entries are used to compile the period's net profit or loss and pass it to the owner's equity column of the balance sheet.
After all closing entries have been made, the balance in the owner's capital account or retained earnings account should equal the capital account balance on the balance sheet because they both show information about the owner's interest in the company.
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How can the business cycle affect your income?
I
Walmart is one of the largest corporations in the world, and it has presented at a public hearing on the matter by members of each obviously enjoyed tremendous success. But while many welcome of these groups: its location in their communities, others do not. Some complain 1. Owners of small businesses located nearby that its presence has too many negative effects on a community, 2. Town residents, and residents of nearby towns ranging from traffic congestion to anti-union sentiment to unfair How might a Walmart representative respond to the negative competition. Suppose Walmart has announced plans to seek approval from criticisms that might be brought up, and what other benefits could the planning commission of a small town to build a new store. the representative offer the planning board to bolster Walmart's Develop a list of the main arguments, pro and con, that could be case for gaining the board's approval?
One of the largest corporations in the world, Walmart, is faced with the challenge of being welcomed and hailed with approval while also being confronted by residents who want it to leave their neighborhood.
This is because people think that because of Walmart's absurdly low-profit margin and competitive price, it eliminates competition when it enters a local market.
Market statisticians think this data is accurate. It has been observed that Walmart does attempt to eliminate local competition, either by acquiring it so they can open their own store or by just driving them away so they can compete in a free market.
In order to persuade those who will still be doubtful after hearing about the goal and advantages of Walmart in their town, a representative must be prepared to reply to negative criticism by providing verifiable facts to support their statements.
Walmart does have a tendency to eliminate competition, but in some circumstances, it also gives local businesses and communities the opportunity to develop better ideas, better products, or active competition that ultimately benefits the general public.
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Why Strategic Planning is an Important Life Skill?
Answer:
Explanation:
Because if you're able to plan things, its a useful skill for jobs, family planning etc. Its a useful skill to have.
Skipper’s Pet Products was started by Steve to sell a range of dog food and treats made from fish. Due to fish being a very perishable product, different methods are used to preserve the life and quality of the product. Arguably, the best method, albeit the most labour intensive and time-consuming, is to dry the fish over several days. This process maintains the nutritional content of the fish, which is often lost using other methods, and it is this that enables Skipper’s to offer a product with a clear USP.
The company is based in Steve’s hometown of Grimsby and he is proud of the local fishing heritage. The fish used in Skipper’s products is sourced from the docks in Grimsby or nearby Hull. Steve says the location of the business means that raw materials and qualified labour are easy to source.
Skipper’s Pet Products have lots of competition, but the competitors buy low quality fish
in China and cook the treats at high temperatures which removes some nutrients so they
are not high quality, healthy dog treats like Skipper’s treats.
The company website allows Skipper’s to sell their dog treats to customers all over the UK. The website sales are increasing each month and generate a larger profit margin than Skipper’s sales to pet shops.
question: Evaluate whether locating Skipper’s close to raw materials was the most important
factor Steve should have considered when choosing a location for his business.
You should use your knowledge of the business as well as the information provided
Answer: Yes it was
Explanation:
When considering where you should set up location, it is best to look at the cost of locating your business from various perspectives such as raw material acquisition, transport to suppliers, transport to customers and accessibility.
Depending on the business, some factors would have to be given more weight. In the above scenario, raw material acquisition and transport from suppliers should be given a higher weight because the goods are perishable and so costs would be high if the location is too far from the source of the fish.
Given that technology has made it easier to sell from many places, transport to customers is not as major a factor as transport to suppliers. The most important factor to focus on for this business therefore is raw material acquisition and by locating the company so close to the source, the cost to acquire the raw material from suppliers was heavily reduced so this was the best option.
which section of the country’s economy was opposed to protective tariffs?
The section of the country's economy that was opposed to protective tariffs was the Southern agricultural economy.
They believed that tariffs would increase the cost of goods they needed to purchase, such as manufactured goods, and hurt their ability to sell their agricultural products overseas. Additionally, they felt that the tariffs primarily benefited Northern industrial interests.
The section of the country's economy that was opposed to protective tariffs was primarily the agricultural sector, particularly in the Southern United States.
Understand the terms. Protective tariffs are taxes imposed on imported goods to protect domestic industries from foreign competition.
Identify the opposition. The agricultural sector, especially in the Southern United States, relied heavily on exporting their products (such as cotton) to other countries. They also needed to import manufactured goods, which would become more expensive due to the tariffs.
Recognize the reasoning. Southern farmers opposed protective tariffs because they increased the cost of imported goods and decreased the demand for their exported products, which could lead to lower incomes and economic difficulties for the agricultural sector.
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Consider the production process represented by the total product curve (TP¹), the average product of labor curve (AP¹),
and the marginal product of labor curve (MP¹) illustrated in the figure.
If each worker produces an extra unit of output, how do total product, the average product of labor, and the marginal product of labor vary with labor? Plot these curves in the graph.
1.) Using the multipoint curve drawing tool, graph the firm's new total product curve for one through four workers. Label this curve 'TP²
2.) Using the multipoint curve drawing tool, graph the firm's new average product curve for labor for one through four workers. Label this curve 'Ap²
3.) Using the multipoint curve drawing tool, graph the firm's new marginal product curve for labor for one through four workers. Label this curve 'MP²
Carefully follow the instructions above, and only draw the required objects.
The total product (TP²), average product (AP²), and marginal product (MP²) curves for labor are graphed for one through four workers. TP² initially increases at a decreasing rate, AP² reaches a maximum and then declines, and MP² initially increases and then declines.
The total product (TP²) curve represents the quantity of output produced as the number of workers increases. In the graph, TP² initially increases at a decreasing rate, which means that each additional worker contributes to an increasing output, but the additional output diminishes as more workers are added. This is evident as the curve becomes flatter as it extends to the right.
The average product (AP²) curve represents the average output per worker. AP² is calculated by dividing total product (TP²) by the number of workers. In the graph, AP² initially increases, indicating that each additional worker leads to an increase in average output. However, AP² reaches a maximum and then declines. This occurs because the increase in total product (TP²) becomes smaller than the increase in the number of workers, causing the average product to decrease.
The marginal product (MP²) curve represents the additional output produced by each additional worker. MP² is calculated as the change in total product (TP²) when one additional worker is added. In the graph, MP² initially increases, indicating that each additional worker contributes more to the total output. However, MP² eventually declines, which means that each additional worker contributes less to the total output. This decline occurs because the productivity of additional workers diminishes as the production process becomes crowded or less efficient.
In summary, as the number of workers increases, the total product (TP²) initially increases at a decreasing rate, the average product (AP²) reaches a maximum and then declines, and the marginal product (MP²) initially increases and then declines. These relationships are represented by the respective curves on the graph.
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which of the following is a person who authorized an agent to act on his or her behalf
Answer:
Principal
Explanation:
A power of attorney (POA) is a legal document giving one person (the agent or attorney-in-fact) the power to act for another person (the principal).