On August 13, a journal entry is recorded for cash received for services rendered, amounting to $9,000. This transaction increases the cash account and recognizes revenue for the services provided.
Date: August 13, 20XX
Accounts Receivable | Dr | $9,000
Cash | Cr | $9,000
The journal entry on August 13 reflects the cash received for services rendered. The debit to the Accounts Receivable account represents the decrease in the amount owed to the business by the customer. Since the customer has now paid in cash, the Accounts Receivable account is reduced. On the other hand, the credit to the Cash account indicates the increase in cash received.
This transaction recognizes the revenue earned by the business for providing services. The revenue is typically recorded separately, but in this case, it is not specified in the prompt. Therefore, we assume that the revenue recognition process has already been completed, and only the cash receipt is being recorded in this journal entry.
Overall, the journal entry on August 13 accurately reflects the cash received for services rendered, with the debit to Accounts Receivable decreasing the amount owed by the customer, and the credit to Cash increasing the cash balance of the business.
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Blank______ levels of withdrawal behavior are closely correlated with a Blank______ degree of organizational commitment.
High levels of withdrawal behavior are closely correlated with a low degree of organizational commitment.
The definition of behavior is the way a person or thing acts or reacts. Behavior can be of two types:
voluntaryinvoluntaryGood behavior helps to enhance an individual's understanding as to why people act the way that they do as well as assist with ways to help manage people within the organization.
Three fundamental types of behavior can be distinguished: the purely practical, the theoretical-practical, and the purely theoretical. These three types of behavior have three different reasons: the first a determining reason, the second a motivating reason, and the third a supporting reason.
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currently a monopolist's profit-maximizing output is 400 units per week. it sells its output at a price of $70 per unit and collects $40 per unit in revvenues from the sale of the last unit produced each week. the firms tptal costs each weel are $7,500
The answer is:
A) $ 20,500
B) $40.
C) $ 18
What is Monopolist Market ?A monopolist market is a market that is expressed theoretically as the place where a single company offers the products and services to its customers. It is very opposite to the perfectly competitive market that includes the infinite number of firms operating with the number of buyers.
According to the scenario, the computation of the given data are as follows:
Given:
Total Cost per week = $7,500
Total weekly Output = 400 unit
Price per Unit = $70
Revenue per Unit = $40
A) What are the firm's weekly economic profits?
The company's weekly economic profit = Total Revenue - Total Accounting Cost - Total Opportunity Costs
Revenue per week = Total Output x Price per Unit
= 400 units x $ 70 = $28,000
Weekly economic profit = $7,500
Weekly economic profit = $28,000 - $7,500
= $ 20,500
B) What is the firm's marginal cost?
Since the firm is maximizing its profits, its marginal revenue = marginal cost. Since the marginal revenue of the last unit sold= $40, then the marginal cost of the last unit sold = $40.
C) The Firm's average total cost = Total cost / Number of units
Firm's average total cost = $ 7,500 / 400
Firm's average total cost = $ 18
Your question is incomplete, but most probably your full question was:
Currently, a monopolist's profit-maximizing output is 400 units per week. It sells its output at a price of $70 per unit and collects $40 per unit in revenues from the sale of the last unit produced each week. The firm's total costs each week are $7,500 per week.
a. What are the firm's weekly economic profits?
b. What is the firm's marginal cost?
c. What is the firm's average total cost?
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A seller wants to net $10,000 after the brokerõs commission of 6 nd a loan balance of $250,000 are paid. for how much does the property need to sell?
The selling price of the property is $276,595.74
What does net of $10,000?
Net of $10,000 means that the seller wants a profit of $10,000 when the property is sold.
The fact that brokers would charge 6%, means that the loan balance and the net of $10,000 constitutes 94% of the selling price and by adding the brokers' commission of 6%, we would arrive at the selling price of the property which is 100%(i.e. 94%+6%).
94% of selling price=loan balance+ net
loan balance=$250,000
net=$10,000
94% of selling price=$250,000+$10,000
94% of selling price=$260,000
divide both sides by 94% to arrive at the selling price
selling price=$260,000/94%
selling price=$276,595.74
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__________ is the requirement that every employee be able to perform the work of another employee
Job Task rotation is the requirement that every employee be able to perform the work of another employee. Task rotation can bring about reduction and the repetition of the difficulty a job task may have on an employee. Read below about employee.
Who is an employee?An employee is a person who has agreed to be employed to work for some form of payment under a contract of employment. Your employment status will help define what rights and responsibilities you have at work.
Therefore, the correct answer is as given above.
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The credit purchase of a new oven for $6,500 was posted to Kitchen Equipment as a $6,500 debit and to Accounts Payable as a $6,500 debit. What effect would this error have on the trial balance
The effect this error would have on the trial balance would be when the trial balance is completed, the amount in the debit column will be more than the amount in the credit column by $13,000.This is further explained below.
What is a trial balance?Generally, In a double-entry accounting system, if there is a discrepancy between the debits and credits, it means there was a mistake.
In conclusion, If this mistake is included in the final trial balance, it will cause the debit column to exceed the credit column by $13,000. You may learn more about this in the sections below.
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Is it more common for a firm to fail due to lack of sales or poor financial management? multiple choice question.
a. poor financial management
b. overcapitalization
c. lack (shortage) of sales
d. too many sales
When it comes to lack of sales or poor financial management, the reason why most firms fail is a. poor financial management.
Why do companies fail?There are several reasons why a company can fail such as budgetary issues, and a lack of concrete goals to guide the activities of the company.
Most of these things stem from poor financial management however. Think of it this way, if a ship has a bad captain, then the chances of the ship sinking increases.
Poor financial management would lead to money not going to the right expenses which means that the business will make a lot of losses instead of profit and so will close.
In conclusion, between lack of sales and poor financial management, poor financial management is worse.
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Market competition can provide _______________ for _________________ , unsustained profits; firms with marketable patents the needed incentive; discovering new technologies time; competitors to catch up with other's inventions an opportunity; competitors seeking out innovations
An incentive; discovering new technologies
Market competition can provide incentives for discovering new technologies, unsustained profits; firms with marketable patents.
Market competition - the competition between businesses supplying comparable goods and services. Consumer rivalry is fueled by a competitive market. This implies that consumers compete with one another for a good or service, particularly when stock is low. For instance, when buying tickets to a sporting event or concert, customers frequently compete to get the best seats. Market competition is essential to the health of the American economy. Economic fundamentals show that when businesses compete for customers, the result is lower pricing, better goods and services, more variety, and more innovation.
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Property taxes are a major source of revenue for: Multiple Choice state governments. local governments. the federal government. both local governments and school districts. school districts.
Property taxes comprise some of the highest revenue sources for local governments.
Where do local governments get revenue?Local governments are able to source the largest portion of their revenue from property taxes on people living in the area.
This then allows them to fund government activities such as running schools and providing road markings.
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The internet has resulted in which two factors that affect the competitive environment for pricing?
Two factors that affect the competitive environment for pricing are
a. Consumer's access to pricing information from many competitors.
b. Companies' ability to change prices frequently.
A system where numerous businesses compete with one another utilizing diverse marketing channels, advertising strategies, pricing approaches, etc. is referred to as a competitive environment. Businesses should abide by the rules contained in this system. Direct competitors are the most obvious example of a competitive environment aspect, but additional examples include regulatory sources, indirect competitors, and societal and technical changes.
Whether it is used in team sports or intellectual endeavors, competition can have an impact on performance. However, most people concur that when a competitive setting is healthy, it aids participants in developing qualities referred to as sportsmanship.
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Assuming that all occupied blocks need to be moved, how long will it take to compact the memory
Assuming that all occupied blocks need to be moved, to compact the memory it will take a while.
To compact the memory all the free partitions are made contiguous and all the loaded partitions are brought together. Also, all the occupied blocks need to be moved.
By applying this technique, we can store the bigger processes in the memory. The free partitions are merged which can now be allocated according to the needs of new processes.
When you compact the memory, it moves the in-use areas of memory to eliminate holes in order to create larger contiguous free areas.
Hence, to compact the memory it will take a while.
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Which form of promotion is most suitable to promote complex and technical products such as automobiles, computers, and investment services
The form of promotion that would work for technical products like automobiles is b. Informative promotion.
What is informative promotion?This is where features of the good being advertised are elaborated on to ensure the viewer understands the product's functionality.
This is useful for technical products like computers and cars as there is a need for customers to know what makes them better.
Options for this question include:
a. Persuasive promotion
b. Informative promotion
c. Connective promotion
d. Reminder promotion
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Help ASAP please
Which of the following is NOT a financial intermediary?
A.
a savings and loan association
B.
commercial banks
C.
the Federal Reserve Bank of New York
D.
the Internal Revenue Service
An option listed that is not considered to be a financial intermediary is D. the Internal Revenue Service.
What are financial intermediaries?These are companies that transfer money from the savings of people and companies, to those who need them as loans and investments.
These include commercial banks and savings associations. The Fed is also an intermediary as they regulate banks. The IRS is not a financial intermediary.
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Compared to digital goods, traditional goods have:
Compared to traditional goods, digital goods have: lower distribution costs.
What are digital goods?
Any goods that are sold, delivered, and transferred digitally are referred to as digital goods. Media files, such as music files, video files with movies or television shows, branded multimedia files, and other similar products, are among the most prevalent examples of digital goods.
Problems with digital goods:
The protection of intellectual property is one of the main problems with digital goods. Producers and distributors must ensure that digital goods are packaged in technologies that are largely resistant to piracy or illegal sharing because they are sold in such a flexible and transferable format.
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What is the core content included in each section of the report?
Title page, Table of contents, Executive summary, Introduction, Discussion, Conclusion, Recommendations and References are the core content included in each section of the report.
A report is a written document that organizes information for a particular audience and use. Complete reports are nearly always supplied in the form of written papers, despite the fact that summaries of reports may be given verbally.
Report writing is a formal way of writing in-depth about a subject. Reports always have an official tone. Always consider who the intended audience is before writing a section. Writing a report about a school event, a business case, etc. are a few examples.
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Tammy has had a lot of success investing in preferred stocks. She wants to invest in other assets that are very similar to preferred stocks. What options would BEST match her investment preferences
If Tammy wants to invest in assets that are very similar to preferred stocks because she has been successful with them, she should try common stocks and corporate bonds.
What investments are similar to preferred stocks?Corporate bonds are quire similar to preferred stocks because they involve getting a specified amount every period just like the dividends on preferred stocks.
Common stocks are also similar to preferred stocks because they get dividends and both represent an ownership stake in a company.
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A monopolistic competitor wishing to maximize profit will select a quantity where:.
The primary objective of a monopolistically competitive firm is to maximize profits by increasing revenues and minimizing the total costs of production. The profit maximizing level of output occurs where marginal revenue is equal to the marginal cost of production.
What is Profit Maximization?Monopolistic competition is a market structure characterized by many firms selling differentiated products with some barriers to entry into the market.
The primary objective of a monopolistically competitive firm is to maximize profits by increasing revenues and minimizing the total costs of production. The profit maximizing level of output occurs where marginal revenue is equal to the marginal cost of production.
In Other Term, Profit maximization is a process business firms undergo to ensure the best output and price levels are achieved in order to maximize its returns.
Therefore, we can conclude that the correct option is A.
Your question is incomplete, but most probably your full question was:
A monopolistic competitor wishing to maximize profit will select a quantity where:
a) Marginal revenue equals marginal cost
b) Marginal cost equals demand
c) Marginal cost equals average cost
d) Marginal revenue equals average cost
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A major benefit of a limited partnership is the limited partner is only liable for the_______________.
A major benefit of a limited partnership is the limited partner is only liable for the amount invested.
What is a limited partnership?
A limited partnership is when two or more partners establish a business together. There are two sets of partners in a limited partnership. One is known as the general partner. The general partner is in charge of the day to day running of the business and the general partner usually has unlimited liabilities.
The second type of partner is a limited partner. The limited partner only contributes capital and he is not involved in the day to day running of the business. The liability of this partner is limited to the amount invested in the business. This means that in the case of a bankruptcy or debt, the maximum amount the limited partner can lose is the amount invested in the business.
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What is the contribution margin if the sales price per unit is $15,000, variable cost per unit is $10,000, and fixed costs are $2,000?
$5000 is the contribution margin. The contribution margin is the portion of a product's sales revenue that is not consumed by variable costs and is used to pay the firm's fixed expenses. The concept of contribution margin is a key component of break-even analysis.
Labor-intensive businesses with few fixed expenses tend to have low contribution margins, whereas capital-intensive, industrial businesses have more fixed costs and, thus, higher contribution margins.
It offers a means of demonstrating the potential for profit of a specific product being offered by a business and displays the percentage of sales that goes toward paying the business' fixed costs. Profit is the amount that remains after fixed expenses have been paid.
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Scrapper Elevator Company has 20 sales representatives who sell its product throughout the United States and Canada. The number of units sold last month by each representative is listed below. Assume these sales figures to be the population values. 2 3 2 3 3 4 2 4 3 2 2 7 3 4 5 3 3 3 3 5
The mean ls the average of a distribution obtained by taking the ratio of the sum and the frequency. The mean and standard deviation values of the distribution are 3.30 and 1.26 respectively.
We know,
Mean, μ = ΣX/ nStandard deviation = √varianceTo calculate mean and variance :-
X = 2,3,2,3,3,4,2,4,3,2,2,7,3,4,5,3,3,3,3,5
ΣX = sum of X = 66n = sample size = 20As, Mean = sum of x / sample size
66 / 20 = 3.3
Mean = 3.3
The variance = [Σ(X - μ)²] ÷ (n - 1)
Variance = [Σ(X - μ)²] ÷ (n - 1)
= (30.2) / 19 = 1.589
The standard deviation = √variance
= √1.589
= 1.26
Standard deviation = 1.26
Therefore,
The mean and standard deviation values are 3.3 and 1.26.
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Correct Question - Scrapper Elevator Company has 20 sales representatives who sell its product throughout the United States and Canada. The number of units sold last month by each representative is listed below. Assume these sales figures to be the population values. 2,3,2,3,3,4,2,4,3,2,2,7,3,4,5,3,3,3,3,51. Compute the mean of the population.2. Compute the standard deviation.3. what would be the mean of the sample means?4. what would be the standard deviation of the sample means?
Learning by doing contributes to a firm's ______
Learning by doing contributes to a firm's explicit cost
Explicit costs are normal operating costs that appear in your general ledger and have a direct impact on your company's profitability. Explicit costs clearly define the amount entered in the income statement. Examples of explicit costs are wages, rent, utilities, raw materials, and other direct costs.
Explicit costs (also known as accounting costs) are easily identified and linked to the business activities of the company to which the costs are assigned. They are recorded in the company's general ledger and are included in the expenses recorded in the income statement. A company's net income (NI) reflects the residual income that remains after all explicit costs have been paid.
Explicit costs are the only accounting costs required to calculate profits, as they have a clear impact on a company's profits. Explicit cost metrics are especially useful for long-term strategic planning by an enterprise.
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Through the recording, classifying, summarizing, and interpretation of financial events in an organization, the function of ______ helps managers make good decisions about the firm's operations.
Through the recording, classifying, summarizing, and interpretation of financial events in an organization, the function of Accounting helps managers make good decisions about the firm's operations.
Accounting is the process of identifying events of a financial nature, recording them in a journal, classifying them into the respective accounts, and aggregating them in the income statement and balance sheet. and communicate the results to those who use this information. owners, government, creditors, investors, etc. at least, of a financial nature and to interpret the results.
In 1970, the American Institute of Certified Public Accountants revised the definition and stated: “The function of accounting is to provide quantitative information, mainly of a financial nature, about economic entities, in order to useful for making economic decisions.
Objectives of Accounting:
Systematic recording of business transactions - It is necessary to keep systematic records of all business transactions because of remembering such a large number of transactions. is beyond human capacity. Neglecting to record any transactions can lead to false and misleading results. Determining Profit or Loss - To determine net profit at the end of an accounting period, we need to calculate profit or loss. For this purpose, a trading account and a profit and loss account are prepared. It provides information about the quantity of goods bought and sold, the costs incurred and the amount earned in a year. Establishing the Financial Condition of the Business - Establishing insufficient profits or losses; The owner is also interested in knowing the financial position of his business, i.e. the value of his assets, the amount of his liabilities, the net increase or decrease in his capital. This goal is accomplished by the preparation of a balance sheet that helps determine the true financial position of the company. Management Support - Systematic accounting helps management to make effective decisions, effectively control cash management policies, prepare budgets and forecasts, and more. Evaluating a company's progress - Accounting helps in assessing a company's progress from year to year because accounting facilitates comparisons between companies and within companies. Fraud and Error Detection and Prevention - Fraud and errors, mismanagement and financial waste need to be detected and prevented. Systematic recording facilitates the detection and correction of frauds, errors and inefficiencies if they arise. Communicating Accounting Information to Various Users - An important step in the accounting process is communicating accounting and financial information to a variety of users, including internal and external users such as owners ownership, management, government, employees, tax authorities, etc. This helps users to understand and interpret accounting data meaningfully and appropriately without any ambiguity.To learn more about accounting:
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Claire has borrowed . She plans to pay off the loan in full after two payments. She will make one payment 3 years from now, then another payment 6 years from now. The second payment will be exactly double the amount of the first payment. How much is the first payment if the interest rate of the loan is , compounded annually
Answer:
$2,489.05
Explanation:
PMT=5000 / (1*1.085^-3 + 2*(1.085^-6))
PMT = $2,489.05
Total surplus can be used to measure a market’s efficiency. is the sum of consumer and producer surplus. is the value to buyers minus the cost to sellers. all of the above are correct.
The total surplus;-
can be used to measure a market’s efficiency.is the sum of consumer and producer surplus.is the value to buyers minus the cost to sellers.The total market surplus is a measure of the overall welfare of all market participants. It is the sum of consumer surplus and producer surplus. Consumer surplus is the difference between the willingness to pay for a product and the price consumers actually pay.
If you are looking for a mutual fund as a stand-alone investment or as a core holding in a diversified portfolio, an all-stock index fund is a good choice. However, it should be noted that while all equity index funds offer a wide range of diversification, they carry the same level of market risk as any other equity investment.
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If in some year nominal gdp was $28 trillion and real gdp was $32 trillion, what was the gdp deflator?
Here the GDP deflator is 87.5.
Given that in some year nominal GDP was $28 trillion and real GDP was $32 trillion.
GDP Deflator = [tex]\frac{Nominal GDP}{Real GDP}[/tex] × 100
GDP Deflator = [tex]\frac{28}{32}[/tex] × 100
GDP Deflator = 87.5
The price level of all domestically produced final products and services in an economy is measured by the GDP deflator. It is also known as the Implicit Price Deflator or the GDP Price Deflator. It represents changes in the economy's average price level. As a result, along with the Consumer Price Index, it is frequently used by economists and policymakers as a gauge of inflation.
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As a promotional tool, podcasting offers the advantage to listeners of:____.
a. high frequency
b. convenience
c. extensive reach interactivity
d. benchmarking
As a promotional tool, podcasting offers the advantage to listeners of convenience. Option B. This is further explained below.
What is a promotional tool,?Generally, Consumers may be persuaded to purchase a product or service via the use of promotional tools such as tactics, techniques, or resources. They are used by many experts in marketing and advertising to enhance sales of a certain item or service as well as to spread knowledge of a recently released product.
In conclusion,
The convenience factor is one of the many benefits that listeners may get from podcasting as a form of advertising.
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Seller Martin is looking at his Closing Disclosure. Which one of the following items is he likely to see
Martin is likely to see credits and debits appear on the closing statement. since he is looking at his Closing Disclosure.
What is closing disclosure?Closing disclosure is a document which gives full information about loan taken by an individual or institution.
In other words, closing disclosure provides final details about the mortgage loan you have selected.
Contents of closing disclosure are:
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An insurance company requires homeowners it insures to have smoke detectors in their homes. The insurance company is trying to combat the
Insurance companies require homeowners to install smoke detectors in their homes. Insurance companies try to address the issue of moral hazard.
Option (C) is correct.
State Farm is the top auto insurer in the nation based on market share and premiums, followed by Geico, Progressive, and Allstate at $44/month. The cheapest local company is Farm Bureau for $39/month.
Insurance companies are financial intermediaries that provide direct insurance or reinsurance services and provide financial protection against potential future risks.
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Your question is incomplete. please read below to find the full content.
An insurance company requires homeowners it insures to have smoke detectors in their homes. The insurance company is trying to combat the
adverse selection problem.
the free-rider effect.
moral hazard problem.
"lemons" problem.
none of the above
Ethanol, a biofuel derived from corn, is used in the production of both gasoline and pharmaceutical-grade hand sanitizer. During the pandemic, as the demand for gasoline plummeted, several producers of ethanol retrofitted their plants by purchasing new capital in order to produce a higher-quality ethanol, which could be used to make a medical-grade hand sanitizer. Future decisions about whether to produce ethanol for gasoline or for hand sanitizer – be informed by the – costs they incurred to retrofit their plant.
Ethanol, a biofuel derived from corn, is used in the production of both gasoline and pharmaceutical-grade hand sanitizer. During the pandemic, as the demand for gasoline plummeted, several producers of ethanol retrofitted their plants by purchasing new capital in order to produce a higher-quality ethanol, which could be used to make a medical-grade hand sanitizer. Future decisions about whether to produce ethanol for gasoline or for hand sanitizer would not be informed by the sunk costs they incurred to retrofit their plant.
An unrecoverable expense that has already been made is referred to as a sunk cost. Sunk costs are a manifestation of the business principle that you must "spend money to make money." Sunk costs are distinct from potential expenses that a company may incur in the future, such as choices on the price of products or the cost of purchasing inventories. Sunk costs are not considered in future business decisions since they will not change regardless of the outcome. An unrecoverable expense that has already been made is referred to as a sunk cost. Sunk costs, for instance, might include the price of machinery and equipment as well as the cost of the factory's lease for a manufacturing company.
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The average revenue for Professional Road Bikes in the US market was $17,362, and in Germany was $19,669. Can you conclude that road bike sales in Germany are significantly higher than in the US? Yes, or no? why? Explain your answer in a few sentences.
Yes. Road bike sales in Germany are significantly higher than in the US.
What is revenue?Revenue can be defined as the income or money generated from the sales of goods and service.
Since the average revenue of Professional Road Bikes in the United States is market was $17,362 while that of Germany was $19,669 , this implies that road bikes sell more in Germany than United States.
Hence, the likely reason for the difference in revenue may be because their are high number of people that make use of rode bike in Germany compare to US.
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If the price of hockey pucks goes up from $7.99 to $14.99, what can be expected from suppliers of hockey pucks as a result?
If the price of hockey pucks increase, the supplier of hockey pucks would increase the quantity supplied of hockey pucks.
What happens when the price of hockey pucks increase?
The law of supply states that when the price of a good increases, the quantity supplied increases and when price falls, the quantity supplied falls. This shows that price and quantity supplied are positively related. This is the reason why the supply curve is positively sloped.
So, when the price of hockey pucks increase, the quantity supplied increases also.
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