Output(tons of rice per year) Total cost(dollars per ton) 1 $400 2 $700 3 $1,200 4 $1,800 5 $2,500 6 $3,500 Based on the table above which shows Chip’s costs, if rice sells for $700 a ton, Chip’s profit-maximizing output is [value] ton(s) of rice per year. Enter a value.

In a perfectly competitive market, an increase in market demand causes the price to [value1] in the short run and new firms to [value2] the market in the long-run.

  Quantity(units) Price(dollars per unit) 2 35 3 30 4 28 5 25 6 22 7 15 Using the data in the above table for the demand for a monopolist’s output, the marginal revenue of increasing production from 3 to 4 units is $[value]. Enter a value. Do not include the “$”

Quantity (barrels of pickles) Total variable cost(dollars) 0 0 1 30 2 45 3 66 4 97 5 130 6 170 The above table gives some cost data for Peter’s Pickles. Peter’s fixed cost is $30. The average total cost (ATC) when 3 barrels of pickles are produced is $[value]. Enter a value. Do not use the “$” sign. Round to two decimal places. For example, 0.51 or 4.40.

Output(tons of rice per year) Total cost(dollars per ton) 0 $1,000 1 $1,200 2 $1,600 3 $2,200 4 $3,000 5 $4,000 Based on the table above which shows Chip’s costs, if rice sells for $600 a ton, Chip’s profit-maximizing output is [value] ton(s) of rice per year. Enter a value.

Mr. Sweet opened a candy store. He rented a building for $20,000 a year. During the first year of operation, Sweet paid $35,000 to his employees, $10,000 for utilities, and $25,000 for goods he bought from other firms. To buy equipment for the business, he withdrew $30,000 from his savings account, which earned an annual interest rate of 5 percent. His total revenue was $115,000. Sweet’s best alternative to running this candy store is to work for Wal-Mart as a sales associate for $25,000 a year. During the first year of operation, Sweet’s economic profit is Enter a value. Do not include the “$”sign. For values greater than 999, use a comma “,”. For example, 12,345.  For values less than zero, use a minus sign “-“.

March 3: The company purchased office equipment for $18,000 cash. Which journal entry should be recorded?

Which of the following would NOT be classified as an operating activity?

March 5: The company provided engineering services on account for $22,000. Which journal entry should be recorded?

October 31: Employees have earned $1,400 of salaries that will be paid next month. Which adjusting entry should be recorded?