Answer:
The measure of occupational prestige is determined through the process in which a nationwide sample of people is asked to evaluate a series of different jobs.
Explanation:
Occupational prestige is also known as job prestige. It is a way used by sociologists to define the social position or standing of people based on their occupation. Rather than using the personal attributes of individuals, it ranks people according to their profession or occupation. The ranks lie from 0 to 100, with 0 being lowest score and 100 the highest. These ranks are alloted to different professions by conducting nationwide surveys.
In citing the source in MLA format, Fatima should place the
title as the first to be read or written, followed by the author and citation
in the end. So it should be, “Benefits of Laptops” by Michael Gray. Technology
Now, August 2, 2013. Web. March 16, 2014.
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>
Answer:
Total product cost= $150,000
Explanation:
Giving the following information:
10,000 units:
Direct materials $ 6.00
Direct labor $ 3.50
Variable manufacturing overhead $ 1.50
Fixed manufacturing overhead $ 4.00
<u>The product cost is the sum of direct material, direct labor, and total overhead. </u>
First, we need to calculate the total fixed overhead:
Fixed overhead= 4*10,000= $40,000
Now, the total product cost:
Total product cost= 10,000*(6 + 3.5 + 1.5) + 40,000
Total product cost= $150,000
