Over the past seven weeks, we have explored the foundational concepts and principles of microeconomics, and we have applied them to the world around us. take this time to share what you have learned with your classmates. in your initial post, respond to the following: choose one microeconomic concept applied in your final project. explain your findings and the implications to your chosen firm’s sustainability. using the same microeconomic concept chosen above, explain how it would be applied to the firm where you work or the type of firm you hope to work for in the future. what does this imply about this firm’s future? in your response posts to peers, comment on the conclusions your peers drew. add any of your own observations about the firm and how the selected microeconomic concept applies. additionally, discuss how the concepts your peers chose would be applied to your current or future work. microeconmic concept that i used. apply microeconomic models to real-world situations for informing effective business decisions

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.