To think critically about: Application of competition principles in both public and private organizations. Introduction: Economics is the term used for the study of production, allocation and consumption of resources. Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Question

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Answer 1

Question

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

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EXERCISE 3-5 Treasury Stock Held by Subsidiary LO 8Pool Company purchased 90% of the outstanding common stock of Spruce Company on December31, 2019, for cash. At that time the balance sheet of Spruce Company was as follows:Current assets $1,050,000Plant and equipment 990,000Land 170,000Total assets $2,210,000Liabilities $ 820,000Common stock, $20 par value 900,000Other contributed capital 440,000Retained earnings 150,000Total 2,310,000Less treasury stock at cost, 5,000 shares 100,000Total equities $2,210,000Required:Prepare the elimination entry required for the preparation of a consolidated balance sheet workpaper on December 31, 2019, assuming:(1) The purchase price of the stock was $1,400,000. Assume that any difference between thebook value of net assets and the value implied by the purchase price relates to subsidiary land.(2) The purchase price of the stock was $1,160,000. Assume that the subsidiary land has a fairvalue of $180,000, and the other assets and liabilities are…

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Answer 2

Question

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

Answer 6

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

Answer 7

Chapter 2, Problem 1CT

Summary Introduction

To think critically about: Application of competition principles in both public and private organizations.

Introduction:

Economics is the term used for the study of production, allocation and consumption of resources.

Competition in economics refers to the availability of more than one seller or supplier of goods and services due to which buyers have the option to choose one amongst others.

Answer 8

Expert Solution & Answer

Explanation of Solution

Given information:

The government initiated giving money directly to parents for education so that they can choose amongst any prevailing public or private school.

Explanation:

Competition affects both private and public sector organizations due to the following reasons:

Public organizations need to follow guidelines of the government and in case the quality of services is not as good as other public organizations then government may take remedial actions against responsible officers and authorities.
Public organizations often receive funds on the basis of the performance or ranking.
Public organizations which perform better get opportunities which motivate people working under the organization.
Overall public sector may feel competition from private sector as private sector is does a better job, and then there is a possibility of disinvestment by the government in that particular sector.

Public sectors may remain unaffected by the competition due to the following reasons:

Public sectors do not have to worry about earnings since; the funding is to be done by the government.
Public sector organizations do not get bankrupted therefore; such organizations do not have to worry about repayment or cash inflows to make payments.
Public sector organizations do not shut their operations in case of lack of supply or sales or lack of earnings.
Therefore, public sector organizations remain unaffected from competition amongst themselves or private sectors.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Conclusion

Thus, public sector organizations generally do not face as much competition as it is faced by the private sector.

Answer 12

Ch. 2.1 - Prob. 2.1AQ Ch. 2.1 - Prob. 2.1BQ Ch. 2.1 - Prob. 2.1CQ Ch. 2.1 - Prob. 1TP Ch. 2.1 - Prob. 2TP Ch. 2.1 - Prob. 3TP Ch. 2.2 - Prob. 2.2AQ Ch. 2.2 - Prob. 2.2BQ Ch. 2.2 - Prob. 4TP Ch. 2.2 - Prob. 5TP

Solution Summary: The author explains that competition affects both public and private sector organizations due to the availability of more than one seller or supplier of goods and services.

Explanation of Solution

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