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Problem a. There are four elements that can be discussed to understand the major differences between perfect competition and monopoly; namely, price, output, profit and efficiency (productive and allocative). Explain these differences in detail. Use graph(s) to illustrate your answers.
Problem b. A monopoly firm has the following demand curve: Q = 2,000 - 25P where Q is its monthly output. Assuming its monthly short-run total cost is described by the function STC = 500 + 8Q + 0.035Q2
Answer the following questions:
i. What will be its profit-maximising price and output?
ii. How much profit will it have at the preceding output?
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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