Answer:
Tough Jeans Company
Production Budget For the Year Ending December 31
Working Life Social Life
Budgeted Sales 400,000 250,000
Add Budgeted Closing Inventory 7,500 10,000
Total 407,500 260,000
Less Budgeted Opening Inventory (9,000) (18,000)
Budgeted Production 398,500 242,000
Explanation:
A Production Budget is prepared to determine amount of units required to meet the Sales and Inventory targets during the year.
Answer:
see below
Explanation:
a. What you give up for taking some action is called the <u>opportunity cost. </u>
b. <u>Average total cost</u> is falling when marginal cost is below it and rising when marginal cost is above it.
c. A cost that does not depend on the quantity produced is a <u>fixed cost.</u>
d. In the ice-cream industry in the short run <u>variable costs</u> includes the cost of cream and sugar but not the cost of the factory.
e. Profits equal total revenue minus <u>total costs.</u>
f. The cost of producing an extra unit of output is the <u>marginanal cost.</u>
Explanation:
here is an explanation and solution to your question
For Euphoria:
The opportunity cost of producing a unit of rye in terms of jeans =20/5 = 4
for contente:
The opportunity cost of producing a unit of rye in terms of jeans = 16/8 = 2
opportunity cost of producing 1 unit of jean in terms of unit of rye:
for euphoria = 5/20 = 1/4
for contente = 8/16 = 1/2
1.
Euphoria's opportunity cost of producing a a bushel of rye is 4 pairs of jeans.
contentes opportunity cost of producing a bushel of rye is 2 pairs of jeans.
2.
contente has comparative advantage in producing rye
euphoria has comparative advantage in jeans production
3
contente produces 8 bushels of rye so with 4 million hours of labor = 8x4 = 32 million bushels in a week.
euphoria 20 pairs of jean in a week, using 4 million hours of labor. 20x4 = 80 pairs of jean a week
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