Answer:
price variance 12,000 U
quantity variance 4,500 U
Explanation:
std cost $9.00
actual cost $9.20
quantity 60,000
These are givens so no calculation needed.
difference $(0.20)
price variance $(12,000.00)
The difference is negative, we purchase at a higher price, so the variance is unfavorable
std quantity 59500.00 (7 lbs per unit x 8,500 untis manufactured)
actual quantity 60000.00
std cost $9.00
difference -500.00
efficiency variance $(4,500.00)
The difference betwene standard lbs and the actual lbs used into production is negative, we use more lbs than standard. This variance is also unfavorable.
Answer:
incentives, trade-offs, opportunity cost, marginal thinking, and the principle that trade creates value.
Explanation:
Answer:
1. Tax avoidance
2.Tax avoidance
3.Tax evasion
Explanation:
Tax avoidance refers to a legal way of reducing one's tax liability through lawful deductions. Ways to reduce tax liabilities are; capitalizing on tax advantage retirement accounts, liasing with tax advisor on the legal way for tax avoidance. Tax avoidance is however legal.
Examples of tax avoidance are;
1. Andrea keeps a record of all her business related expenses.
2. Daniel claims the amount of interest paid for his mortgage as tax deductions.
Tax evasion is a deliberate attempt by a tax payer to avoid payment of tax liability. It is a fraudulent action by a tax payer to wilfully evade tax in an illegal manner. In tax evasion, income is concealed to tax authorities inorder to evade tax payment which is a criminal offence. It is to be noted that tax evasion is illegal in the eye of the law.
Example of tax evasion is ;
3. Christian did not report the tips he earned on his tax return.
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Answer:
c. a significant amount of market power
Explanation:
Cross price elasticity measures the responsiveness of quantity demanded of a good to the changes in price of another good.
If the cross price elascitiy is postive, the goods are subsituites.
If the cross price elasticity is negative, the goods are complementary goods.
If the cross price elasticitiy is low the firm has market power. It means that it's consumers do not change the quantity demanded when the price of the good changes
If the cross price elasticitiy is high, the market has low market power.
I hope my answer helps you.
