Which of the following choices correctly indicates the use of the standard price per unit of direct material when calculating the materials price variance and the material quantity variance? Price Varlance Quantity Varlance A. Used Always used B. Used Occasionally used C. Used Not used D. Not used Always used E Not used Not used Multiple Choice • Choice A • Choice B • Choice C • Choice D • Choice E

Which of the following choices correctly indicates the use of the standard price per unit of direct material when calculating the materials price variance and the material quantity variance? Price Varlance Quantity Varlance A. Used Always used B. Used Occasionally used C. Used Not used D. Not used Always used E Not used Not used Multiple Choice • Choice A • Choice B • Choice C • Choice D • Choice E

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.16P

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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?
Critics of command-and-control policy often argue that regulationsare costly to business and industry, yet cost-benefitanalyses (p. 94) repeatedly show that regulations bring citizensmore benefits than costs, overall. Each year the U.S. Officeof Management and Budget assesses costs and benefits ofmajor federal regulations of administrative agencies. Resultsfrom the most recent report, covering the decade from 2003to 2013, are presented in the table (shown are averages fromranges of estimates). Subtract costs from benefits, and enterthese values for each agency in the third column. Divide benefitsby costs, and enter these values in the fourth column. For how many of the agencies shown do regulations exertmore costs than benefits? For how many do regulationsprovide more benefits than costs?
Critics of command-and-control policy often argue that regulationsare costly to business and industry, yet cost-benefitanalyses (p. 94) repeatedly show that regulations bring citizensmore benefits than costs, overall. Each year the U.S. Officeof Management and Budget assesses costs and benefits ofmajor federal regulations of administrative agencies. Resultsfrom the most recent report, covering the decade from 2003to 2013, are presented in the table (shown are averages fromranges of estimates). Subtract costs from benefits, and enterthese values for each agency in the third column. Divide benefitsby costs, and enter these values in the fourth column. What percentage of total benefits from regulations comesfrom EPA regulations? Most of the benefits and costs fromEPA regulations are from air pollution rules resulting fromthe Clean Air Act and its amendments. Judging solely bythese data, would you say that Clean Air Act legislationhas been a success or a failure for U.S. citizens? Why?
Critics of command-and-control policy often argue that regulationsare costly to business and industry, yet cost-benefitanalyses (p. 94) repeatedly show that regulations bring citizensmore benefits than costs, overall. Each year the U.S. Officeof Management and Budget assesses costs and benefits ofmajor federal regulations of administrative agencies. Resultsfrom the most recent report, covering the decade from 2003to 2013, are presented in the table (shown are averages fromranges of estimates). Subtract costs from benefits, and enterthese values for each agency in the third column. Divide benefitsby costs, and enter these values in the fourth column. Which agency’s regulations have the greatest excess ofbenefits over costs? Which agency’s regulations have thegreatest ratio of benefits to costs?
Which 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 choice
A decrease in people's disposable income OA. increases investment demand. B. increases consumption. OC. decreases saving. O D. increases saving and decrease consumption. OE. increases saving. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.
A large company in the communication and publishing industry has quantiﬁed the relationship between the price of one of its products and the demand for this product as Price = 150−0.01 × Demand for an annual printing of this particular product. The ﬁxed costs per year (i.e., per printing) = $50,000 and the variable cost per unit=$40. What is the maximum proﬁt that can be achieved if the maximum expected demand is 6,000 units per year? What is the unit price at this point of optimal demand?
[A] Suppose that a drug company has developed an ointment that can be used to treat sores and reduce scarring. Surveys indicated that the ointment, which costs $10,000 for a full course of treatment, can improve the quality of life from 0.6 to 0.7 for patients with this problem. Assume that this population has a life expectancy of 70 years. No need to worry about discounting. 1. What is the Incremental Cost-Utility Ratio (ICUR) for taking the ointment over doing nothing for a typical 20-year-old patient? [Hint: This patient has only 50 years of life remaining.] 2. If the cost-effectiveness threshold is $5,000 per QALYS, will the 20-year-old patient choose to get the ointment? What about a 60-year-old patient? [B] Is it appropriate to evaluate a healthcare intervention using various methods of economic evaluation as discussed in this course, or should we choose one primary method that best fits the analysis?
House price y is estimated as a function of the square footage of a house x and a dummy variable d that equals 1 if the house has ocean views. The estimated house price, measured in $1,000s, is given by yˆ = 118.90 + 0.12x + 52.60d. In all scenarios, round intermediate calculates to 4 decimal places and round your answer to 2 decimal places. What is the predicted price (in $1,000s) of a house with ocean views and 2,000 square feet? What is the predicted price (in $1,000s) or a house without ocean views 2,000 square feet? In $1,000s, how much does an ocean view influence the price of a home?
A small countertop installing company hires you to estimate their customers weekly demand function for marble (per sq ft). The demand function is as follows: Qm=5000-30Pm +20Pg + 0.05Inc m=marble, g= granite, inc = avg disposable income for home improvements in the surrounding area. Current prices: marble = 40, granite = 25 and disposible income = 5000 Suppose during the supply change shortage the price of marble triples to $120 Determine the elasticity of demand at the new market price for marble
Agnes, a General Manager in XXX Company, estimated a multiplicative demand function of the form: using a cross-section data collected in the company sales on 30th June, 2019. The estimation results are as follows: Constant Price(P) Income (I) Price of other Good (Po) Estimated coefficient 0.022 -0.223 1.354 0.133 Standard Error 0.012 0.056 0.502 0.814 t-statistic (1.19) (-3.98) -2.69 -0.13 Number of Observations, n=210; R-squared= 0.7516 Critical Students t=1.96 at 5% Level of Significance Write down the estimated demand equation Interpret the coefficients and value Describe any three managerial decisions that can be applied by the manager from the estimated demand function
A farmer believes there is an equal chance that the next growing season will be abnormallyrainy. His expected return function has the formExpected return = 0.5lnYNR + 0.5lnYRwhere YNR and YR represent the farmer’s income in the states of “normal rain”and “rainy,” respectively.Suppose the farmer must choose between two crops that promise the following incomeprospects:Crop YNR YRMaize $14,000 $5,000Cotton $9,500 $7,500a) Which of the crops will he plant?b) Suppose the farmer can plant half his field with each crop. Would he choose to do so?Explain your result.c) What mix of Maize and Cotton would provide maximum expected utility to this farmer?d) Would Maize crop insurance, available to farmers who grow only Maize, which costs$2,000 and pays off $4,000 in the event of a rainy growing season, cause this farmer tochange what he plants?