Paulis Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During February, the kennel budgeted for 2,500 tenant-days, but its actual level of activity was 2,480 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for February:
Data used in budgeting:
Actual results for February:
-The net operating income in the flexible budget for February would be closest to:
Definitions:
Keynes
Refers to John Maynard Keynes, a British economist whose theories on government economic intervention to mitigate the adverse effects of recessions and depressions significantly influenced modern macroeconomics.
Aggregate Demand
The entire market demand for goods and services in an economic setting, priced collectively at a given level during a specified period.
Aggregate Supply
The aggregate amount of commodities and services scheduled for sale by businesses within a national economic framework during a designated timeframe.
Aggregate Demand Curve
A graphical representation showing the total amount of goods and services demanded across all levels of an economy at various price levels.
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