MICROECONOMICS
5th Edition
ISBN: 9781319395018
Author: KRUGMAN
Publisher: MAC HIGHER
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Question
Chapter 17, Problem 2P
To determine
The different types of goods, based on several criterions.
Concept Introduction:
Rival Good:
Rival Goods are the goods which cannot be consumed by more than one person at a time.
Non-rival Goods:
Non-rival goods are the goods for which the availability does not reduce through consumption of others
Excludable Goods:
Excludable goods are the goods for which the supplier can exclude the people who does not pay for it.
Non-excludable Goods:
The non excludable goods are the goods for which anybody can use it. The suppliers cannot stop anybody from using it, even they do not pay for it.
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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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