Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company
2020 2019 2020 2019
Net sales $1,836,000 $561,000
Cost of goods sold $1,050,192 $296,208
Operating expenses $268,056 $79,101
Interest expense $9,180 $3,927
Income tax expense $53,244 $6,732
Current assets $329,500 $311,800 $82,600 $78,600
Plan assets (net) $522,000 $497,000 $138,600 $124,800
Current liabilities $64,000 $74,400 $35,800 $29,200
Long-term liabilities $109,000 $90,000 $28,600 $25,200
Common stock, $10 par $496,000 $496,000 $120,000 $120,000
Retained earnings $182,500 $148,400 $36,800 $29,000

Required:
a. Prepare a vertical analysis of the 2017 income statement data for Duke Company and Lord Company.
b. Compute the 2017 return on assets and the return on common stockholders' equity for both companies.

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Identify and describe a variety of performance rating scales that can be used in organizations including graphical scales, letter scales, and numeric scales.

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.