Business, 19.03.2020 22:02 Baby010391
Suppose that the turkey industry is in long-run equilibrium at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health.
The Surgeon General’s report will cause consumers to demand turkey at every price. In the short run, firms will respond by .
Answers: 2
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Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.
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Suppose that the turkey industry is in long-run equilibrium at a price of $5 per pound of turkey and...
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