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Solutions for Chapter 12: Intermediate Accounting 15th Edition

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Full solutions for Intermediate Accounting | 15th Edition

ISBN: 9781118147290

Intermediate Accounting | 15th Edition | ISBN: 9781118147290 | Authors: Donald E. Kieso

Solutions for Chapter 12

Solutions for Chapter 12
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Textbook: Intermediate Accounting
Edition: 15
Author: Donald E. Kieso
ISBN: 9781118147290

Chapter 12 includes 25 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Intermediate Accounting, edition: 15. Intermediate Accounting was written by Sieva Kozinsky and is associated to the ISBN: 9781118147290. Since 25 problems in chapter 12 have been answered, more than 1906 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • average variable cost

    variable cost divided by the quantity of output

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • efficient scale

    the quantity of output that minimizes average total cost

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • open economy

    an economy that interacts freely with other economies around the world

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

Textbook Survival Guides

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