Tutor profile: Ahmad H.
Subject: US Government and Politics
What inhibits one branch of U.S. government from becoming too powerful?
Checks and balances and the separation of powers are an essential part of the American political system and stability. For instance, part of the role of Congress is to perform oversight of the executive branch of government. In addition, Congress has the right to make and pass laws, however, the President (head of the executive branch) has the right to veto (deny) any law passed. Congress can also override a Presidential veto with a supermajority vote. Yet, following the passing of a law, the judicial branch has the ability to determine a law unconstitutional. The President and Congress both play crucial roles in the development of justices and judges who sit in the judicial branch. There are so many levels of checks and balances in American government that it effectively reduces the rise of simple majority tyranny.
For the fiscal year 2018, the Happy Bakery Company ordered 100 boxes of OREO cookies at a cost of $3 per box on February 1, 60 boxes for $2 per box on May 1 and 50 boxes for $3 per box on July 1. Using the FIFO (first-in, first-out) method, if only 25 boxes remain, what is the ending inventory for the Happy Bakery Company? (Assume no beginning inventory)
When using the FIFO inventory method you must understand that the units first bought (the oldest units you have on-hand) must be accounted for first. When using FIFO to determine the account value of the remaining inventory, I generally like to think somewhat backwards (i.e. the newest inventory will be used last). If only 60 boxes remain, then we should know: - All 50 boxes from July 1 will still be on hand - 10 boxes (60 overall boxes remaining, less the 50 boxes from more recent months) from May 1 will still be on hand Now, we must calculate the inventory value: - July 1: 50 x $3 = $150 - May 1: 10 x $2 = $20 By summing the above numbers we arrive at an answer of $170.
For a firm in a perfectly competitive market, the price of each good sold is $50. The minimum average total cost of each good when 36 units are sold is $62. Given this information, at what price will the firm maximize profit?
A key rule of economic theory that you will use repetitively throughout economics is that a firm maximizes PROFIT when marginal revenue (MR) = marginal cost (MC). However, in this question, since MR is not explicitly provided, we must recall that for firms in perfectly competitive markets price (P) = MR. So here, we maximize profit where P = MR = MC. So, the answer to this question is $50.
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