Miles is three years old and his grandparents have given him money to spend at the toy store as a birthday present. miles' number one favorite thing to play with is building blocks. assume that miles' utility will increase by 100 units if he purchases a new set of building blocks and and it will cost him $50. his second favorite thing to play with is fire trucks. fire trucks cost $20 and each new fire truck improves miles' utility by 80 units. his third favorite toy is trains. trains improve his utility by 15 units and cost $5 each. miles does not have to spend all of his money at once, but wants to get as much happiness as possible from his money. if miles buys only one toy, which should he buy to maximize his utility? a fire truck building blocks a train which relationship between marginal utility (mu) and price (p) indicates that a consumer is maximizing his or her utility regarding spending on two goods? muxpx = muypy mux+muy = px+py mux−px = muy−py muxmuy = pypx

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?

Which of these is an example of innovation?