If Clarence is visiting his friends in Germany, he will use euros to pay any souvenirs he buys. Other places that uses euros are Greece, Austria, Finland, and Spain.
Answer:
Explanation:
Fixed costs - will remain similar no matter of output amount
Variable costs - vary with the change in output
Average cost=(Fixed cost(FC) + Variable cost(VC))/number of units produced
VC = VC per cup of coffee served *cup of coffee served in a week
Total Cost(TC)= FC+VC
Average cost=TC/Cup of coffee served in a week
1. Let's calculate for 2000 cups of coffee:
FC remain the same! = $1200
VC=0.22*2000= $440
TC=FC+VC= 1200+440= $1640
Average cost of 1 cup of coffee= TC/#of cups=1640/2000=$0.82
2. Calculation for 2100 cups:
FC=1200
VC=0.22*2100=462
TC=1200+462=1662
Av cost=1662/2100=0.79
3. Calculation for 2200 cups:
FC=1200
VC=0.22*2200=484
TC=1200+484=1684
Av cost=1684/2200=0.77
As the number of cups increased from 2000 to 2100, the average cost per cup devreased 0.82 to 0.79. Then when number of cups increased to 2200, average cost decreased to 0.77. The reduction is due to the variable cost
The market demand curve would be 1000 - 0.125Q.
<h3>How to calculate the demand curve?</h3>
It should be noted that the market demand curve will be the sum of the individual demand curve.
The market demand curve will be calculated thus. Mary’s demand curve is 5P = 5000 – 1.25QM. Here, p = 1000 - 0.25QM
Jack’s demand curve for donuts is given by P = 1000 – 0.5QJ. Helen’s demand curve is given by QH = 2000 – 2P. This will be P = 1000 - 0.5QH.
The slope will be:
= 0.5 × 0.25
= 0.15
The demand function of Jack and Helen are the same. The demand curve will be 1000 - 0.125Q.
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Answer:
D. $162
Explanation:
We know,
Using high-low method, variable cost per unit = (Highest maintenance expense - Lowest maintenance expense) / (Highest machine hours - Lowest machine hours)
Given,
Highest maintenance expense = $4,360
Lowest maintenance expense = $2,950
Highest machine hours = 2,500 hours
Lowest machine hours = 1,660 hours
Therefore,
Variable cost per unit = $(4360 - 2950)/(2500 - 1660)
Variable cost per unit = 1410/840 = 1.68
Total Fixed cost using lowest machine hours =
Total cost - (variable cost per unit x least machine hours)
= 2,950 - (1.68*1,660)
= $162
Answer:
b. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.
Explanation:
Cash over and short account, is not the actual cash account or something like that. In fact it is an expense account made which reports all the over-dues that is overages or short-dues that results from an imprest account, like petty cash.
This account records the difference created in between the expected value of cash and actual value of cash in imprest account.
Therefore the correct option in all the above is:
b. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.
