Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. suppose that currently 50 million hamburgers are being produced and sold at a price of $5.00. this outcome in the market for hamburgers is economically because: some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. the opportunity cost of producing the last hamburger equals the marginal benefit of consumption. some hamburgers that are valued more highly by consumers than their opportunity cost of production are not being produced and sold

Because the demand for wheat tends to be inelastic. true or false

Which of the following would cause a shift to the right of the supply curve for gasoline? i. a large increase in the price of public transportation. ii. a large decrease in the price of automobiles. iii. a large reduction in the costs of producing gasoline

Exercise 4-9presented below is information related to martinez corp. for the year 2017.net sales $1,399,500 write-off of inventory due to obsolescence $80,440cost of goods sold 788,200 depreciation expense omitted by accident in 2016 43,600selling expenses 65,800 casualty loss 53,900administrative expenses 53,500 cash dividends declared 43,300dividend revenue 22,100 retained earnings at december 31, 2016 1,042,400interest revenue 7,420 effective tax rate of 34% on all items exercise 4-9 presented below is information relateexercise 4-9 presented below is information relate prepare a multiple-step income statement for 2017. assume that 61,500 shares of common stock are outstanding. (round earnings per share to 2 decimal places, e. g. 1.49.)prepare a separate retained earnings statement for 2017. (list items that increase retained earnings first.)