On may 11, sydney co. accepts delivery of $40,000 of merchandise it purchases for resale from troy corporation. with the merchandise is an invoice dated may 11, with terms of 3/10, n/90, fob shipping point. the goods cost troy $30,000. when the goods are delivered, sydney pays $345 to express shipping for delivery charges on the merchandise. on may 12, sydney returns $1,400 of goods to troy, who receives them one day later and restores them to inventory. the returned goods had cost troy $800. on may 20, sydney mails a check to troy corporation for the amount owed. troy receives it the following day. (both sydney and troy use a perpetual inventory system.) 1. prepare journal entries that sydney co. records for these transactions.

Which job role belongs in the middle management level? a. president b. chief executive officer c. department manager d. chief operating officer e. vice president

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a. what is the firm’s labor demand function? b. if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c. now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Which change is illustrated by the shift taking place on this graph? a decrease in supply an increase in supply o an increase in demand o a decrease in demand