Answer:
-0.136 and $528
Explanation:
Given that
p = 50 - 0.5Q
where,
Q = 88
So, p equals to
= 50 - 0.5 × 88
= 50 - 44
= $6
As it is mentioned that
p = 50 - 0.5Q
0.5Q = 50 - p
Q = 100 - 2p
And we know that
Price elasticity of demand is
= Percentage Change in quantity demanded ÷ Percentage Change in price
So,
= -2 × (6 ÷ 88)
= -0.136
And, the revenue is
= Price × Quantity
= $6 × 88
= $528
Answer:
The car should be given to Betty because Barney already have a contract with the dealer and he has stated explicitly in the terms to the contract that the car belongs to his wife. Porsche dealer should be prosecuted for breach of contract in the court of law.
Explanation:
Answer:
a. 7400 U
b. 4120 U
Explanation:
A.Calculation to determine the labor rate variance for the month
Using this formula
Labor rate variance=(SR-AR) * AH
Let plug in the formula
Labor rate variance=[20.60-(153,180/7400)]*7400
Labor rate variance=(20.60-20.70)*7400
Labor rate variance=0.1*7400
Labor rate variance=7400 U
Therefore is Labor rate variance 7400 Unfavorable
b. Calculation to determine the labor efficiency variance for the month
Using this formula
Direct Labor Efficiency Variance = (Actual Direct Labor Hours Worked * Standard Labor Rate) - (Units Produced * Standard Direct Labor Hours per Unit * Standard Labor Rate)
Let plug in the formula
Direct Labor Efficiency Variance = (7400 hours x $20.60) - (1500 units x 4.8 hrs* $20.60)
Direct Labor Efficiency Variance = $152,440 - $148,320
Direct Labor Efficiency Variance = $4,120 UnFavorable
Therefore the labor efficiency variance for the month is $4,120 UnFavorable