Answer:
1. Technical improvements cause production costs to decline, which causes supply to increase and prices to decrease.
2. Decreased unemployment causes consumer incomes to increase which causes demand to increase and hence price to increase.
Explanation:
Demand refers to a consumer's desire to purchase a particular good or service at a given time for a specific price. Supply on the other hand, is the willingness of a producer to produce a particular good or service at a given time for specific price.
1. Production cost is a factor that influences supply. For example, cost of labor or raw material cost. When production costs fall, more products can be produced at a lesser cost. Hence'
- The supply curve shifts right from S1 to S2.
- This causes quantity supplied to increase from QS1 to QS2
- And price to fall from P2 to P1. Please refer Diagram 1 in attachment.
2. When unemployment decreases, it means that more people are working in the economy and hence their incomes are also higher. This means there is a higher purchasing power and also higher demand for products. Hence,
- The demand curve shifts from D1 to D2.
- This causes quantity demanded to increase from QD1 to QD2
- And price to increase from P1 to P2. Please refer Diagram 2 in attachment.
Answer:
Utilizing his saving as a down payment and buying the car using an auto loan.
Explanation:
Answer: d. $240,400
Explanation:
To calculate the Cost of Goods sold for the year we simply add the Opening Balance of Finished goods to the Cost of Goods for the year and then subtract the Finished goods balance at year end (ending).
That would be,
= 233,000 + 31,600 - 24,200
= $240,400
$240,400 is the Cost of Goods sold for the year so Option D is correct.
The best strategy which a person should use when interacting with a customer who has a rational style and keeps communication brief is:
- Ask open-ended questions to obtain information.
<h3>What is Communication?</h3>
This refers to the exchange of information between two or more people where feedback is given through a medium.
With this in mind, we can note that because the customer has a rational style and communicates in a straightforward manner, then the best strategy would be to ask open-ended questions to obtain information.
Read more about communication here:
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Wells Technical Institute's method of recording unearned revenues and prepaid expenses into its balance sheet accounts is known as an accrual method of accounting.
<h3>What is accrual method?</h3>
A method of accounting in which the payments and the receipts for a business are recorded in the books of accounts at the time they are due, but not yet received, is known as the accrual method of accounting.
Hence, the significance of accrual method is given above.
Learn more about accrual method here:
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