In the long run in a perfectly competitive industry, price equals marginal cost and firms earn no economic profits. The following two equations describe this long-run situation for prices and costs, where the numbers indicate the amounts of each input (labor and land) needed to produce a unit of each product (wheat and cloth):
Pwheat = 60w + 40r
Pcloth = 75w + 25r
Suppose the price of cloth increases to 120. After computing the new equilibrium values for the wage rate and the rental rate, which below correctly reflects the relationship between the percentage changes in w, r, Pwheat, and Pcloth?

a) % change in w > % change in r > % change in Pcloth > % change in Pwheat = 0
b) % change in Pwheat = 0 > % change in w > % change in r > % change in Pcloth
c) % change in r > % change in Pcloth > % change in Pwheat = 0 > % change in w
d) % change in w > % change in Pcloth > % change in Pwheat = 0 > % change in r
e) None of the above

Barbara jones opened barb’s book business on february 1, 2010. the company specilizes in editing accounting textbooks. you have been hired as manager. your duties include maintaining the company’s financial records. the following transactions occurred in february , the first month of operations. a. received shareholders' cash contributions on february 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. paid $2,400 cash on february 2 for three months' rent for office space. tip: for convenience, simply record the full amount of the payment as an asset (prepaid rent). at the end of the month, this account will be adjusted to its proper balance. c. purchased and received supplies on february 3 for $300 cash. d. signed a promissory note on february 4, payable in two years; deposited $10,000 in the company's bank account. e. on february 5, paid cash to buy equipment for $2,500 and land for $7,500. f. placed an advertisement in the local paper on february 6 for $425 cash. g. recorded sales on february 7 totaling $1,800; $1,525 was in cash and the rest on accounts receivable. h. collected accounts receivable of $50 from customers on february 8. i. on february 9, repaired one of the computers for $120 cash. tip: most repairs involve costs that do not provide additional future economic benefits. j. incurred and paid employee wages on february 28 of $420.required: set up appropriate t-accounts for cash, accounts receivable, supplies, prepaid rent, equipment, furniture and fixtures, notes payable, contributed capital, service revenue, advertising expense, wages expense, and repair expense. all accounts begin with zero balances.tip: when preparing the t-accounts, you might find it useful to group them by type: assets, liabilities, stockholders’ equity, revenues, and expenses.2. record in t-accounts the effects of each transaction in february, referencing each transaction in the accounts with the transaction letter. show the unadjusted ending balances in the t-accounts. 3. prepare an unadjusted trial balance at the end of february.4. refer to the revenues and expenses shown on the unadjusted trial balance. based on this information, write a short memo offering your opinion on the results of operations during the first month of business.

In microeconomics, the point at which supply and demand meet is called the blank price

You have just been hired as a brand manager at kelsey-white, an american multinational consumer goods company. recently the firm invested in the development of k-w vision, a series of systems and processes that allow the use of up-to-date data and advanced analytics to drive informed decision making about k-w brands. it is 2018. the system is populated with 3 years of historical data. as brand manager for k-w’s blue laundry detergent, you are tasked to lead the brand's turnaround. use the vision platform to to develop your strategy and grow blue’s market share over the next 4 years.