Suppose the Current Level of Output Is 5000

question 99

Multiple Choice

Suppose the current level of output is 5000.If the elasticities of output with respect to capital and labour are 0.3 and 0.7 respectively,a 10% increase in capital combined with a 5% increase in labour and a 5% increase in productivity would increase the current level of output to

• A)5015.
• B)5325.
• C)5575.
• D)6000.

Calculate and apply appropriate journal entries for merchandise sales and purchases.

Understand the concept of inventory shrinkage and how to account for it.

Distinguish between the net method and the gross method of recording purchases.

Comprehend the structure and differences between single-step and multiple-step income statements.

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