The country with the higher standard of living is Sigma.
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Which country has the higher standard of living?
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Standard of living is measured by GDP per capita. The higher the GDP per capita, the higher the standard of living.
GDP per capita = GDP / population
Sigma : $25 billion / 1 million = 2500
Kappa : $25 million / 2 million = 1250
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Answer: $197
Explanation:
With absorption costing, the fixed manufacturing costs are absorbed by the products which means that the product cost will include fixed costs related to manufacturing.
The absorption costing unit product cost is therefore:
= Direct materials + Direct Labor + Variable manufacturing overhead + Fixed manufacturing Overhead per unit
Fixed manufacturing overhead per unit is:
= 224,000 / 6,400 units
= $35 per unit
Absorption cost unit product cost = 72 + 80 + 10 + 35
= $197
Answer:
During a period of inflation, Mast’s ending inventory and income tax payable will be higher using LIFO than FIFO.
Explanation:
In a period of inflation the closing inventory will be higher because of increase in price. In LIFO the oldest unit is sold first and the last purchased remains in the inventory. So Closing inventory is higher which decrease the Cost of goods sold and Increase in profit and ultimately Increase in Taxes as well. In FIFO the Newest unit is sold first and the oldest unit purchased remains in the inventory. So closing inventory is lower which increase the Cost of goods sold and decrease in profit and ultimately decrease in Taxes as well.
Answer:
MC = $17
P = $25.5
Explanation:
We proceed as follows;
Firstly calculate MC when e = -2, where MR = MC
(P-MC) / P = 1 / IeI
Here P = $34 and e = -2
(34 - MC) / 34= 1/ I-2I
(34 - MC) / 34= 1 / 2
78-2MC = 34
2MC = 34
MC = 34/2
MC = 17
Now, as we have MC, we will calculate the new price when e = -3
(P-MC) / P = 1 / IeI
(P - 17) / P = 1 / I-3I
(P - 17) / P = 1 / 3
3P -51 = P
2P = 51
P = 51/2
P = 25.5