Confidence levels_90-95.jpgUse the following information to answer 31-34.   In his audit of Daily Company’s accounts receivable, Hayes has decided to use MUS and has established the following parameters:   Risk of incorrect acceptance            5% Tolerable misstatement                    $100,000 Expected misstatement                     $20,000   The company’s recorded balance for accounts receivable is $2,000,000.   After conducting his audit procedures, Hayes found one overstatement error, an item recorded at $12,000, but the audited value was $9,000. Assume a sampling interval of $13,000, determine the amount of upper misstatement limit due to this error.

Which of the following controls is most likely to help ensure that all credit revenue transactions of an entity are recorded?

Please translate the sentence with abbreviations into a full English sentence.  Pt is A & O x4. 

The demand for a good is P= 100 – 3Q. The supply is P= 40 + 2Q. Assuming a perfectly competitive market : a) What is the equilibrium price and quantity?b) What is the consumer surplus? c) What is the producer surplus? d) What is the total wealth?

The demand for a good is P= 100 – 5Q. The supply is P= 40 + 3Q. Assuming a perfectly competitive market : a) What is the equilibrium price and quantity?b) What is the consumer surplus? c) What is the producer surplus? d) What is the total wealth?

If we say a good is “perfectly elastic”, then:

A seller can ‘rip-off’ a buyer when:

The demand for a good is P= 40 – 3Q. The supply is P= 20 + 2Q. Assuming a perfectly competitive market : a) What is the equilibrium price and quantity?b) What is the consumer surplus? c) What is the producer surplus? d) What is the total wealth?

Cost function for a hypothetical firm is TC ($) = 200 + 2Q + 0.5Q2 Please calculate the following cost items for producing 20 units of product: 1) Fixed Costs 2) Variable Costs 3) Total Costs 4) Average Total Cost 5) Marginal Cost (assuming that the firm is already producing 20 units, what is cost of producing one more unit)  

 Following table shows the demand for three goods: Price of good A Quantity Sold of good A Quantity Sold of good B Quantity Sold of good C $50 250 400  200 $60 220  500 140 1) Calculate cross-elasticity of demand between good A and B2) Based on your result in part 1 explain the relationship between Goods A and B (are they substitutes or complements)3) Calculate cross-elasticity of demand between good A and C4) Based on your result in part 3 explain the relationship between Goods A and C (are they substitutes or complements)