Answer:
Allocative inefficiency.
Explanation:
Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.
In Economics, there are four (4) main factors of production and these are;
I. Land.
II. Labor (working).
III. Capital resources.
IV. Entrepreneurship.
When these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.
Basically, there are two (2) types of inefficiency associated with the production of goods and services to meet the unending requirements or needs of consumers, these includes;
1. Technical (productive) inefficiency: it occurs when a company or business firm produce goods and services that consumers do not want. This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.
2. Allocative inefficiency: it occurs when a company or business firm do not maximise output from the given inputs such as raw materials, capital, etc. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.
Hence, when a business do not maximise output from the given inputs, it is referred to as an allocative inefficiency.
<em>In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.</em>
Marketing environmental forces are often interdependent.
Answer: Department of labor
Explanation: Google Have a good day :)
1 liter is 1000 milliliters. 6 times 250 is 1500. Kyong bought one and a half liter of wood stain.
Answer:
Total overhead= $267,000
Explanation:
Giving the following information:
advertising expense, $99,500
depreciation expense - factory building, $147,500
direct labor, $264,500
direct material used, $314,500
factory utilities, $119,500
sales salaries expense, $164,500.
The overhead costs are all costs incurred involved in the production, but can't be directly assigned to a single product line.
Total overhead= depreciation of factory + factory utilities
Total overhead= 147,500 + 119,500= $267,000
Depreciation is not a cash disbursement.
