The Table Below Shows the Market for Fuji Apples in the Country

question 134

Essay

The table below shows the market for fuji apples in the country of Westchester. $\begin{array} { c c c } \hline \text { Price per kilo } & \text { Quantity Demanded } & \text { Quantity Supplied } \\\hline \$ 1.00 & 600 & 200 \\1.50 & 550 & 250 \\2.00 & 500 & 300 \\2.50 & 450 & 350 \\3.00 & 400 & 400 \\3.50 & 350 & 450 \\4.00 & 300 & 500 \\\hline\end{array}$ a) What is the equilibrium values of price and quantity? Suppose that the government imposes a price floor which is $0.50 different form the present equilibrium price.
b) What is the resulting shortage/surplus? Suppose, instead that the government imposes a price ceiling that is $1 different from the present equilibrium price.
c) What would be the resulting shortage/surplus?

Describe the impact of transactions under different accounting standards (IFRS and ASPE).

Understand the adjustments necessary in transitioning from accrual to cash basis in the operating section.

Understand the concept and application of the indirect method for preparing the statement of cash flows.

Identify the impact of changes in current assets and current liabilities on cash flows from operating activities.

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Definitions:

Reject

To refuse to accept, submit to, believe, or make use of something.

Perfect Tender Rule

Requirement that the seller deliver the goods in conformity with the contract, down to the last detail.

Local

Pertaining to or occurring in a particular area, community, or jurisdiction, not widespread or general.

Ordinance

A law or regulation made by a local government or authority.