Plastic and Co manufactures industrial plastic containers. As petroleum prices fall, the price of plastic materials also falls. As a result, a: Plastic and Co’s marginal cost curve will shift.
b: The market price for the plastic containers will rise, other things equal.
c: The fixed cost curve for Plastic and Co would shift downward.
d: Average cost curve of plastic containers will shift upward.

When , a competitive firm will produce and earn economic profits.

a: marginal revenue is rising
b: marginal costs are decreasing
c: marginal revenue is above average costs
d: marginal revenue = average total cost = marginal costs

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy. year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period. required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.