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Masteriza [31]
3 years ago
11

Presented below are data relating to labor for Verde Appliance Repair Shop.

Business
1 answer:
Andrei [34K]3 years ago
4 0

Answer:

Total cost is $200,000 and the bill for the job is $407.5

Explanation:

The total cost would be:

Total cost = Wages + Benefits + Overhead

= $110,000 + $40,000 + $50,000

= $200,000

Cost per hour = Total Cost / Labor hours

= $200,000 / 5,000

= $40 per hour

Profit per hour required is $20 per hour

Total rate per hour = Cost per hour + Profit per hour

= $40 + $20

= $60 per hour

The bill for the job would be:

Let the bill be X

Total bill = Used part cost + Repair cost per hour (1.5 hr is 93) + Loading charges

X = $70 + 93 + .6X

0.4 X = $163

X = $163 / 0.4

X = $407.5

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If we look at the equation for money demand from Irving Fisher, which of the following statements is true?
Juliette [100K]

Answer:

The correct answer is option D.

Explanation:

The money equation given by Irving fisher is popularly known as fisher's equation.

The equation is given as MV=PT

Here, M represents money supply, V is the velocity of money, P is the price level and T refers to the volume of transactions or output level.

The supply of money refers to the quantity of money in existence while the velocity of transactions shows the number of times, money changes hands.  Together they show the volume of money in circulation.

P is the average price level and T represents the expenditures on all transactions or, in other words, output level.  

Here, V and T are assumed to be constant. This means that the money supply directly affects the price level.  

There is no explicit mention of the interest rate in this equation.  

So, option D is the correct answer.

6 0
3 years ago
Compare revolving credit and closed-end credit.
jolli1 [7]

The lender and borrower agree to the amount borrowed, the loan amount, the interest rate and the monthly payment, which depend on the borrower's credit rating.Generally, real estate and auto loans are closed-end credit, but home-equity lines of credit and credit cards are revolving lines of credit or open-end.

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3 years ago
"in which type of operations are you likely to see, at most, only minor variations in the product or service being produced usin
Pani-rosa [81]
Repetitive production
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How did speculative investing weaken the stability of the stock market
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7 0
3 years ago
Suppose that demand for a product is Q = 1200 − 4P and supply is Q = −240 + 2P. Furthermore, suppose that the marginal external
eimsori [14]

Answer: 16 units more than social optimum.

DWL = dead weight loss = (1/2)*(Q* - Q°) 12 =96

Explanation:

Q=1200 - 4P and Q=-240 + 2P

In a free market quantity demand =quantity supplied

1200 -4P = -240 +2P

P =240

Sub P

Q* = 240

Socially optimal quantity is

Marginal social benefit (MSC)= marginal social cost(MSC), including external damage =MEC

MPC= marginal private cost =inverse of supply function

MPC = (1/2)*Q + 120

MEC=12

MSC =(MPC +MEC) = (1/2)Q +120 +12

MSC= MPB where MPB is marginal private benefit = inverse of demand functn

MPB = 300 -(1/4)Q

(1/2)Q + 132 =300 - (1/4)Q

Q° = 224

Difference btw Q* & Q° = 16 units more than social optimum.

DWL = dead weight loss = (1/2)*(Q* - Q°) 12 =96

4 0
3 years ago
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