1) The standards for a product call for 2.5 pounds of a raw material that costs $6.10 per pound. Last month, 30,000 pounds of the raw material were purchased for $187,500. The actual output of the month was 9,000 units of the product. A total of 22,200 pounds of the raw material were used to produce this output. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?
Q: In a competitive industry O a. individual firms face downward sloping demand curves O b. firms can…
A: "A competitive industry is a market structure which consists of large number of buyers and…
Q: In social welfare programs, there is no way to change either the benefit reduction rate or the…
A: While conducting social welfare programs, in most of the cases, there would be a conflict between…
Q: If bank reserves are 200, the public holds 400 in currency, and the desired reserve-deposit ratio is…
A: Given information: Bank reserves are 200 Pubic holds 400 in currency The desired reserve-deposit…
Q: Suppose that the market for microwave ovens is a perfectly competitive market. The following graph…
A: Perfect competition is a market structure that allows multiple businesses to provide the same good…
Q: The cost is $1000 in supplies and $1.50 for labor per unit to create a Tesla charger. The…
A: A crucial tool for analysing your company's key profit drivers, such as sales volume, average…
Q: Suppose a consumer is indifferent between the bundles (x1, x2) = (20, 10) and (15, 16), and suppose…
A: Indifference curve shows the combination of those goods which offers the consumer same level of…
Q: Suppose there are two major groups in the labor force, adults and teenagers, with adults divided…
A: The unemployment rate is calculated as Unemployment rate =No of Unemployed peopleLabor force×100 Let…
Q: Suppose you are planning to sell your house. You value your house at $150,000. If you do not hire a…
A: Economic surplus is the difference between buyers value and sellers value. The opportunity cost of…
Q: A firm is most likely to monopolize a market whenever: it has a U-shaped average total cost curve.…
A: Monopoly is the market situation in which there is only one seller. There would be no close…
Q: Emeril owns his own restaurant, which earns a yearly total revenue of $1,100,000. The yearly cost of…
A: Explicit Cost: Explicit costs are out-of-pocket costs for a firm—for example, payments to labour,…
Q: Consider a consumer with the following utility function: U(X1, xz) = In(x1 + 4) + In (Xz + 6) for…
A: A consumer maximizes his or her utility given the budget constraint when he or she consumes at the…
Q: An expansionary fiscal policy with crowding effect Select one: a) Reduce private spending b)…
A: Expansionary fiscal policy is a type of macroeconomic policy that aims to stimulate economic growth.…
Q: Consider an antique auction where bidders have independent private values. There are two bidders,…
A: A Dutch auction can be defined as a descending auction because the auction starts with the maximum…
Q: Price/Cost (5) A. $9 B. $3 5 C. $6 D. $4 15 MR 35 40 Demand 60 65 70 75 80 85 45 50 55 Quantity…
A: In monopoly A monopolist will produce where MR = MC MR is the marginal revenue MC is the marginal…
Q: The figure above shows the production possibilities frontiers for four nations that have identical…
A: PPF: A production–possibility frontier (PPF), production possibility curve (PPC), production…
Q: You may be familiar with Phase 3 of the Marvel Cinematic Universe, which ends with the hugely…
A: The curve that shows the combination of two good that an economy can produce with the given factors…
Q: 8. The micro-founded version of the sticky price model is summarized in the following equation P =…
A: The sticky wage model is the one that assumes that the prices and wages in the economy remain the…
Q: Engineers at a semiconductor company developed an improved front-end-of-line (FEOL) formulation…
A: A measure of cash flow that considers the effect of taxes on profits is called CFAT after taxes.This…
Q: 8) Determine the capitalized cost of an alternative that has a first cost of $155.000, an annual…
A: The term maintenance expense refers to any cost incurred by an individual or business to keep their…
Q: A two-product firm faces the demand and cost functions as follows. Q=40-2P+P₂, Q₂ =15+P-P₂, C=Q+99₂…
A: As given Demand and cost equations of two firms Q1 = 40 - 2P1 + P2 Q2 = 15 + P1 - P2 and cost…
Q: In 2021 ABC government has a nominal budget deficit of $1000 billions with inflation rate 3%, and…
A: Nominal value includes the effect of inflation. Real value doesn't include the effect of inflation.…
Q: If there is an increase in government spending how can you solve the change in equilibrium Y? What's…
A: The spending multiplier shows the change in equilibrium Y due to a change in autonomous spending.…
Q: As GDP rises in a proportional tax system, the average tax rate Select one: a) Either falls or…
A: When talking about proportional tax system, it can be said that it is the tax system in which…
Q: Seung's utility function is given by U - C^(1/2), where C is consumption and C^(1/2) is the square…
A: The expected utility of any individual is given by: Expected Utility = (probability of loss)(Utility…
Q: Increases in personal income taxes increase disposable income. increase aggregate demand. decrease…
A: A personal income tax is basically described to be as a tax imposed by generally public authorities…
Q: Which of the FF. statements is correct regarding the preference of the consumers when the income of…
A: An indifference curve shows the combinations of two goods or services that can get consumed such…
Q: what type of policy should the Federal Reserve use in order to bring the economy back to Long Run…
A: If the unemployment rate > the natural rate of unemployment, then the actual GDP is lower than…
Q: An apartment building in your neighborhood is for sale for $500,000. The building has 5 units that…
A: The IRR equivalent the discount rate that makes the NPV of future cash flows equal to 0. The IRR…
Q: What would be the Primary deficit if fiscal deficit is 77 and Interest payment is 66?
A: Interest payments are the expense of acquiring cash. The borrower makes these payments as well as…
Q: Consider the standard Harris-Todaro framework for rural-urban migration from class. I.e. there is a…
A: Some problems with rural-urban migration are explained by the Harris Todaro model. When expected…
Q: During the Thanksgiving holiday, turkey meat and turkey gravy are? Select one. a. Substitutes in…
A: Substitute goods are those that fulfil similar types of demands and can be utilised in place of one…
Q: Is MAClaim for comp MA lodged by the importer reasonable or not? 21910
A: >Here the exporting country is Brazil. >According to the contract the "If it suffers…
Q: If the consumption function is C = 80 + 0.6Y, then the marginal propensity to consume equals:…
A: Aggregate demand is the sum of consumption, investment, government spending and net export.…
Q: 13. For each of the following events in the market for natural gas, identify whether the event…
A: Supply refers to the quantity of a commodity that a seller is willingness to sell at a given price…
Q: Om1. 1. ______ capital is the sum of the resources a person possesses as a result of investments in…
A: ***Since the student has posted multiple questions, the expert is required to solve only the first…
Q: One idea is that individuals should answer the basic economic questions, but government should step…
A: introduction Economics was a sub-branch of the study of the subject called political economy. Adam…
Q: Productivity measures: Select one: a. per unit production costs. b. the changes in real wealth…
A: The term 'productivity' is primarily used in t he production process because it explains the ability…
Q: Price level * Real GDP (1) O b.2 O c. 3 O d. 4 AD Price level Real GDP (2) AS AD AS * Real GDP (3)…
A: What is currency appreciation? A currency appreciation refers to the situation when the nominal…
Q: Which of these explains why businesses seek more government regulation of market activity?…
A: A broad definition of regulation is the governmental imposition of guidelines backed by the use of…
Q: A company supplies 120 units of a good at a given price when the level of the price falls by one…
A: At the point when prices are falling, consumers postpone making buys on the off chance that they…
Q: If a single-price monopolist is presently producing at a level of output where marginal revenue (MR)…
A: A Monopolist maximizes profit by producing output at a level where Marginal Revenue is equal to…
Q: The following graph gives the demand (D) curve for satellite TV services in the fictional town of…
A: A monopoly firm produces at the intersection of the MR and MC curves. A monopoly becomes a natural…
Q: true or false The oligopolist reduces the price of the good by 10%, but the competitors reduced…
A: In an oligopoly sellers are few , therefore competition is high. If one firm increases the price the…
Q: 1. Discuss how COVID-19 has impacted on poverty and inequality. Using references & > 350 Words.
A: The COVID-19 pandemic has had a significant impact on poverty and inequality around the world. The…
Q: With a certain medical insurance policy, the customer must first pay an annual $350 deductible, and…
A: Given that First, pay on annual deductible = $350 Percentage of the cost of x - rays = 70% First…
Q: 2. There is concern that CFCs, a chemical by-product of refrigeration, are destroying Earth's…
A: The given supply and demand data reflect that the demand and supply curve is linear because the…
Q: asmeen purchased stock on January 30, 2017. If she wishes to achieve a long-term holding period,…
A: Capital assets are a type of asset the taxpayer purchases as a long-term investment. The purpose of…
Q: Other things being equal, if a monopolist's costs of production rise O a. the marginal cost curve…
A: "Monopolist is a single seller of a commodity or service and lacks competition. Due to lack of…
Q: hat causes shifts in the welfare of the unemployed in the one-sided search model? (Select all that…
A: A One-Sided Search Model of unemployment Spotlights on the way of behaving of a unemployed…
Q: The illustrates the combinations of two goods that a society can produce if all of its resources are…
A: The concept of absolute advantage illustrates the ability of a person, firm, or nation to produce…
1) The standards for a product call for 2.5 pounds of a raw material that costs $6.10 per pound. Last month, 30,000 pounds of the raw material were purchased for $187,500. The actual output of the month was 9,000 units of the product. A total of 22,200 pounds of the raw material were used to produce this output. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?
Step by step
Solved in 2 steps
- The materials price variance measures How much we should have paid in materials cost vs, what we actually paid in materials costs How much we should have used in materials vs. what we actually used in materials How much we should have paid our employees vs. what we actually paid the employees How much many hours our employees should have worked vs. the number of hours they actually workedWhich of the following interpretations of an unfavourable fixed overhead volume variance is correct? Select one: a. It is overapplied overhead. b. It is similar to a favourable variable overhead efficiency variance. c. It measures the cost of underutilising productive capacity. d. It has no use for control purposes. Clear my choiceSuppose that the repeated application of a pesticide used on orange trees causes harmful contamination of groundwater. The pesticide is applied annually in almost all of the orange groves throughout the world. Most orange growers regard the pesticide as a key input in their production of oranges. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- An entrepreneur intends to sell his product for 6.4$ each. The daily cost or expenses can be expressed as x+9.1+.11x^2, where x is the no. of product sold daily. Find the no. of products that will maximize the profit per day.Electrical Components Profit A company’s dailyprofit from the production and sale of electrical components can be described by the equation P(x) =6.45x - 2000 dollars, where x is the number of unitsproduced and sold. What level of production andsales will give a daily profit of more than $10,900?The following data relate to product no. 78 of Twittybird Corporation: Direct material standard: 3 square feet at $2.50 per square foot Direct material purchases: 30,000 square feet at $2.60 per square foot Direct material consumed: 29,200 square feet Manufacturing activity, product no. 78: 9,600 units completed The direct-material quantity variance is: A. $1,000F. B.$1,000U. C. $1,040F. D. $1,040U. 2. The direct-material price variance is: A. $2,880U. B.$2,920F. C. $3,000U. D. $3,000F. 3. TwittyBird Enterprises recently used 14,000 labor hours to produce 7,500 completed units. According to manufacturing specifications, each unit is anticipated to take two hours to complete. The company's actual payroll cost amounted to $158,200. If the standard labor cost per hour is $11, LadyOhSun's labor efficiency variance is: A. $11,000U. B. $11,000F.…
- Your pharmaceutical firm is seeking to open up new international markets by partnering with various local distributors. The different distributors within a country are stronger with different market segments (hospitals, retail pharmacies, etc.) but also have substantial overlap. a. In Egypt, you calculate that the annual value created by one distributor is $60 million per year, but would be $80 million if two distributors carried your product line. How much of the value can you expect to capture? b. Argentina also has two distributors with values similar to those in Egypt, but both are run by the government. How does this affect the amount you could capture? c. In Argentina, if you do not reach an agreement with the government distributors, you can set up a less efficient Internet-based distribution system that would generate $20 million in value to you. How does this affect the amount you could capture?A volunteer has been asked to drop off some supplies at a facility housing victims of a hurricane evacuation. The volunteer would like to bring at least 132 bottles of water, 82 first aid kits, and 45 security blankets on his visit. The relief organization has a standing agreement with two companies that provide victim packages. Company A can provide packages of 6 water bottles, 4 first aid kits, and 3 security blankets at a cost of $3. Company B can provide packages of 9 water bottles, 5 first aid kits, and 1 security blanket at a cost of $2. How many of each package should the volunteer pick up to minimize the cost? What amount does the relief organization pay? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Plan production for a four-month period: February through May. For February and March, you should produce to exact demand forecast. For April and May, you should use overtime and inventory with a stable workforce; stable means that the number of workers needed for March will be held constant through May. However, government constraints put a maximum of 5,000 hours of overtime labor per month in April and May (zero overtime in February and March). If demand exceeds supply, then backorders occur. There are 100 workers on January 31. You are given the following demand forecast: February, 80,000; March, 64,000; April, 100,000; May, 40,000. Productivity is four units per worker hour, eight hours per day, 20 days per month. Assume zero inventory on February 1. Costs are:hiring, $50 per new worker; layoff, $70 per worker laid off; inventory holding, $10 per unit-month; straight-time labor, $10 per hour; over time, $15 per hour; backorder, $20 per unit. Find the total cost of this plan.
- Q4 A business manager determines that t months after production begins on a new product, the number of units produced will be P thousand,where P(t) =6?2 + 5? /(? + 1)2 production in the long run (i) A ruptured pipe in a North Sea oil rig produces a circular oil slick that is y meters thick at a distance x meters from the rupture.Turbulence makes it difficult to directly measure the thickness of the slick at the source (where x = 0),but for x > 0,it is found that y =0.5(x2 + 3x)/ x3 + x2 + 4x Required:a)Assuming the oil slick is continuously distributed,how thick would you expect it to be at the source?A real estate firm faces two kinds of employees, those able to sell 10 houses per year, and those able to sell 5 units per year. High-productivity employees are willing to work for $100,000/year, low-productivity employees are willing to work for $50,000/year. Which compensation scheme would be able to weed out the low-productivity workers best? a. offer a salary of 100K b. Offer a salary of $75K with unit commission c. officer a sale commission of $10K per unit d. Office a sales commission of $20K a unity starting with unity 5There are two adjacent coal fields A and B. Under the fields is a common pool of coal worth $12 million. Drilling to extract the coal costs $1 million. If each company drills, each will get half the coal and each will earn a $5 million profit. Either company could drill a second time. If one company has two of the three wells drilled, that company gets two-thirds of the coal, yielding a profit of $6 million, and the other company gets one-third of the coal, for a profit of $3 million. If both companies drill a second well, the companies again split the coal, and each earn a profit of $4 million. What is company A's dominant strategy? Should it drill one well, two wells, or is there no dominant strategy? What is company B's dominant strategy? Should it drill one well, two wells, or is there no dominant strategy? What is the Nash equilibrium?