Around 56 thousand and 65 thousand dollars, I think
Answer:
$3,200 overapplied
Explanation:
The computation of the total underapplied or overapplied factory overhead is shown below:
Given that
Actual total factory overhead costs incurred is $45,400
Now Overhead applied to production
= (Total factory overhead application rate per standard DLH × Standard direct labor hours allowed)
= $2.70 × 18,000
= $48,600
As we can see that the overhead applied amount is more than the actual amount so the overhead cost would be overapplied i.e.
= $48,600 - $45,400
= $3,200 overapplied
The correct answer is false
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Answer:
at low levels of output, AFC will be high, while at high levels of output, MC will be high as the result of diminishing returns.
Explanation:
In Economics, the law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.
The short-run average total cost (ATC) curve of a firm will tend to be U-shaped because at low levels of output, average fixed cost (AFC) will be high, while at high levels of output, marginal cost (MC) will be high as the result of diminishing returns.
This ultimately implies that, the average fixed cost (AFC) will be high at small (low-level) output rates while marginal cost (MC) will be high at large (high-level) output rates due to diminishing marginal returns.
As a result of the law of diminishing marginal returns, a business firm would experience some rising per unit costs in the short-run.
In conclusion, an increase in the level of output for a business firm will eventually lead to an increase in average total cost (ATC) and marginal cost (MC) due to the law of diminishing marginal returns.
