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2 years ago

When is output level and supply inelastic? short run or long run

1 answer:

4 0

Output and input levels always tend to an equilibrium point it the long run, meaning they are inelastic in the long run.

Elasticity refers to how much supply and/or demand changes with changes in pricing. The more elastic, the more change there is.

In the short-term, output and and supply can change dramatically, but in the long run things tend back to the middle (equilibrium).

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The following labor standards have been established for a particular product: Standard labor-hours per unit of output 9.4 hours

dexar [7]

Answer:

the labor efficiency variance is $35,244 favorable

Explanation:

The computation of the labor efficiency variance is shown below:

As we know that

Efficiency Variance is

= Standard rate × (Standard hours - Actual Hours)

= $13.20 × (9.4 ×1,050 units - 7,200 hours)

= $13.20 × (9,870 hours - 7,200 hours)

= $35,244 favorable

hence, the labor efficiency variance is $35,244 favorable

7 0

1 year ago

Suppose a tax of $3 is imposed on each new garden hose that is sold, resulting in a deadweight loss of $22,500. The supply curve

liq [111]

Answer: Equilibrium quantity of garden hoses after the tax is imposed is 85000.

Explanation:

Given that,

Dead weight Loss = $22500

Tax amount per unit (t) = $3

Equilibrium quantity before tax, $Q_{b}$ = 1,00,000 units

Equilibrium quantity after tax, $Q_{a}$ = ?

Dead weight Loss = $\frac{1}{2} \times t \times (Q_{b} - Q_{a})$

22500 = 0.5 × 3 × (100000 - $Q_{a}$ )

$Q_{a}$ = 85000 units

∴ Equilibrium quantity of garden hoses after the tax is imposed is 85000.

4 0

2 years ago

if Germany exports $100,000 of sauerkraut to Jamaica and purchases $100,000 of Blue Mountain Coffee from Jamaica Germany has a

sukhopar [10]

Neither a favorable nor an unfavorable balance of trade with Jamaica.

5 0

2 years ago

2. Find the lump sum that must be set aside today to make quarterly payments of $9,000 for 10 years, assuming 8% compounded quar

Svetach [21]

Answer:

i need help

Explanation:

5 0

2 years ago

UA Hamburger Hamlet (UAHH) places a daily order for its high-volume items (hamburger patties, buns, milk, and so on). UAHH count

Assoli18 [71]

Answer:

730 items

Explanation:

The objective of the given information is to determine the number of hamburgers UAHH should order for the following conditions:

Average daily demand 600

Standard deviation of demand 100

Desired service probability 99%

Hamburger inventory 800

The formula for a given order quantity in a fixed period of time can be expressed as :

$q = \overline d(L+T)+ z \sigma_{L+T}-I$

where;

$q$ = order quantity = ???

$\overline d$ = daily demand average = 600

L = lead time in days = 1

T = time taken = 1

z = no of standard deviation = ???

$\sigma_{L+T}$ = standard deviation of usage in lead time and time taken = ???

I = present inventory level = 800

$\sigma_{L+T}$ = $\sqrt 2$ × standard deviation of daily demand

$\sigma_{L+T}$ = $\sqrt{2} *100$

$\sigma_{L+T}$ = 1.4142 * 100

$\sigma_{L+T}$ = 141.42 items

From the Desired service probability 99% = 0.99; we can deduce the no of standard deviation by using the excel function (=NORMSINV (0.99))

z = 2.33

From $q = \overline d(L+T)+ z \sigma_{L+T}-I$

$q =600(1+1)+ 2.33*(141.42)-800$

$q =600(2)+ 2.33*(141.42)-800$

$q =1200+329.5086-800$

q = 729.5086 items

q ≅ 730 items

Therefore; the number of hamburgers UAHH should order from the following given conditions = 730 items

6 0

2 years ago