Whenever there is maximization of total surplus that is been received by those that are part of society by market allocation of resources then there is market Efficiency.
- Economic efficiency can be regarded as economic state whereby there is allocation of resource to serve each individual or entity in way that everyone is satisfied while minimizing waste and inefficiency.
Therefore, When there is an economy efficiency, there would be maximization of total surplus.
Learn more at:brainly.com/question/15520856?referrer=searchResults
Answer:
$8.20/Direct Labor hours
Explanation:
Cost of performing engine repair work = Shop and repair equipment depreciation + Shop supervisor salaries + Shop property taxes + Shop supplies
Cost of performing engine repair work = $40,000 + $133,000 + $22,000 + $10,000
Cost of performing engine repair work = $205,000
Direct Labor Hours = Direct Labor/Direct Labor rate
Direct Labor Hours = 500,000/$20 per hour
Direct Labor Hours = 25,000 hours
Predetermined shop overhead rate per direct labor hour = $205,000 / 25,000 Hours = $8.20/Direct Labor hours
Answer:
explanation of opportunity cost:
A. Because of scarcity, people must make choices, and each choice incurs a cost
exampes of opportunity cost:
A. The money spent on a movie ticket cannot buy a Blu-ray player
C. The time spent preparing for a test cannot be spent playing computer games
Explanation:
The opportunity cost refers to the return or ouput of the resource used in the best alternative decision.
That means, the wages we get fro ma certain job most be compared with the wages we could do in another to really check if we are making a gain or not with our job.
Same applies for capital and other factors.
