Material Requirements Plan (MRP) is an input to- O a. Inventory Plan O b. Master Production Schedule (MPS) O c. Production Plan O d. Production Activity Control O e. Strategic Business Plan
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- A snowboard company currently hires 10 skilled employees who are paid a weekly wage of$1,000. The cost of capital is $3,000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company’s cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. Should the company produce and sell it? YES/NO Explain 2(a) What core principles should be considered in the snowboard company’s decision making? Scarcity, Choice and Opportunity Cost Cost-Benefit analysis Incentive Principle Diminishing Returns Select one: All principles considered (i) only (i)and (ii) only (i), (ii) and (iii) only (ii) and (iii) only (i) and (iv) only (ii) and (iv) only (iii)and (iv) only (ii), (iii) and (iv) onlyClassify each individual element of cost according to its behavior pattern (fixed, variable, or semi-variable). b) Compute for: 1) total revenue at $63/u, 2) total variable costs, 3) total fixed costs, 4) total semi-variable costs 5) total cost & 6) profit per unit For: lower level, upper level and zero activity level. Lower Level Upper Level F,V,SV Production (units) 5,000 7,500 Manufacturing costs: Direct materials $50,000 $75,000 ______ Direct Labor 40,000 60,000 ______ Overhead: Indirect Labor 21,000 28,500 ______ Supplies 20,000 30,000 ______ Depreciation 12,000 12,000 ______ Distribution expenses:…You are planning to setting up a Fruity Juice Stand. The stand itself costs IDR2,000,000,- The ingredients for each plastic glass of Fruity Juice costs IDR 5,000,- a. What is your fixed cost of doing business? What is your variable cost perplastic glass of fruity juice? b. Construct a table showing your total cost, average total cost, and marginalcost for output levels varying from 0 to10 gallons. (Hint: There are 16 plasticglass in a gallon) c. Draw the three cost curves!
- The short-run and long-run average cost functions of a firm are generally U-shaped. Thisimplies high unit costs of production at very low and high levels of output.(a) Illustrating you answer with appropriate diagrams, discuss the reasons/factors behind theu-shaped short-run average cost (SAVC) curves of a producing firm.(b) Discuss in detail the factors/causes behind the u-shaped long-run average cost curves(LATC) of a producing firmwhat is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short run average cost and marginal cost curve generally U-Shaped?Accounting profit is total revenue less by Select one: a) Implicit costs only b) Implicit and Explicit costs c) None of the answers are correct d) Oppurtunity Costs e) Explicit cost only
- Economic costs of production differ from accounting costs in that Select one: a. economic costs include expenditures for hired resources while accounting costs do not. b. economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. c. accounting costs include expenditures for hired resources while economic costs do not. d. accounting costs are always larger than economic costs. e. Economic costs are historical costsWhich of the following is the extra, or additional, cost of producing one more unit of output? Select one: a. Marginal cost Ob. Average fixed cost Oc. Total variable cost Od. Average variable costYour aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Your aunt’s opportunity costs comprise: all economic costs none of the above the accounting costs and the implicit costs. the accounting costs
- Which of the following is considered as an important type of business processes ? Select one : O Based on work done across organizations O B Occurs solely within organizations O Used solely by internal users O D. Cross-departmental2b statements is true or false and explain If marginal cost is larger than average cost, average cost will fall as output increases.a. Give 2 examples of explicit cost b. Give 2 examples of implicit cost/opportunity cost/cost of ownership/cost of equity capital c. Imagine yourself as an entrepreneur. Pick any business you like. Run some numbers to calculate your accounting profit and economic profit. Show your numbers. Note: Make up those numbers yourself. d. After you have run the numbers, do you still want to start the business? Why or why not?
