XYZ Ltd signs a contract on 30 June 2015, agreeing to build a bridge for ABC Limited at a contract price of $40 million. XYZ Ltd estimates that construction costs will be as follows: Year Ending Cost 30 June 2016 $10 000 000 30 June 2017 $16 000 000 30 June 2018 $ 6 000 000 $32 000 000 The contract provides that ABC will make payments on 30 June of each year as follows: 2016 $8 000 000 2017 $20 000 000 2018 $12 000 000 $40 000 000 XYZ now estimates at the beginning of the 2017 financial year that construction costs will be as follows: Year Ending Cost 30 June 2016 $10 000 000 30 June 2017 $21 000 000 30 June 2018 $15 000 000 $46 000 000 Required: Calculate: a) Percentage of completion for each of the three years. (4 marks) b) Revenue to be recognised in each of the three years. (3 marks) c) Gross profit/loss to be recognised in each of the three years.

Recently, verizon wireless ran a pricing trial in order to estimate the elasticity of demand for its services. the manager selected three states that were representative of its entire service area and increased prices by 5 percent to customers in those areas. one week later, the number of customers enrolled in verizon's cellular plans declined 4 percent in those states, while enrollments in states where prices were not increased remained flat. the manager used this information to estimate the own-price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5 percent in an attempt to boost the company's 2016 annual revenues. one year later, the manager was perplexed because verizon's 2016 annual revenues were 10 percent lower than those in 2015"the price increase apparently led to a reduction in the company's revenues. did the manager make an error? yes - the one-week measures show demand is inelastic, so a price increase will decrease revenues. yes - the one-week measures show demand is elastic, so a price increase will reduce revenues. yes - cell phone elasticity is likely much larger in the long-run than the short-run. no - the cell phone market must have changed between 2011 and 2012 for this price increase to lower revenues.

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.

Which statement best describes the variety of workplaces commonly found in the health science career cluster? a. workplaces in this cluster include healthcare facilities such as hospitals, physician offices, and clinics. b. workplaces in this cluster include healthcare facilities, laboratories, and other environments such as offices or homes. c . workplaces in this cluster include nonprofit hospitals, government-run clinics, and private physicians' offices. d. workplaces in this cluster include private and nonprofit hospitals and clinics, and dentists' offices.