ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 11, Problem 5.8P
To determine
Whether the demand would increase, decrease or remain unchanged for the each situation described below
Concept Introduction:
Demand: The ability and willingness of the consumer to be able to purchase a good at a given quantity and price over a set period of time.
Demand for labour: This is a concept that defines the amount of demand for labour that an economy or firm is willing to employ at a given point of time.
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Jim's Bank Account for the Year to 30 April 2008:
We will start by calculating the balance of the business bank account, using the transactions provided.
Opening Balance:
Jim initially deposited €150,000 into his business bank account on 1 May 2007.
Transactions:
Receipts:
Cash Sales (May 2007 to April 2008): €96,000
Credit Sales (Business customers): €19,600 (Note: This amount is not yet received as it is on credit, but it will be included in the Income Statement and not the bank balance at this stage.)
Bank receipts from credit customers (amount owed at 30 April 2008): €6,800
Total Receipts:€96,000 (Cash Sales) + €6,800 (credit customer payments) = €102,800
Payments/Expenditures:
Lease Payment (Paid in advance for five years): €50,000
Shop Fitting: €10,000
Assistant’s Wages: €250 per month × 12 months = €3,000
Telephone expenses: €800
Heat & Light expenses: €1,000
Jim’s withdrawals for personal expenditure: €1,000 × 12 months = €12,000
Accounting Fee (after the year-end):…
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