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3 years ago

What is time utility and possession utility?

2 answers:

Pie3 years ago

4 0

Answer: The four types of economic utility are form, time, place and possession. "Utility" in this context refers to the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services.

Margaret [11]3 years ago

3 0

Answer:

Definition: Time Utility. Many companies educate their business, marketing and advertising professionals about the customer purchase behaviour and needs of the consumers which create a utility function. There are total four types of utilities which are form, possession, place and time. Time value of Option.

Possession utility is the value customers have while buying a product and they have the choice to use the product for the purpose it was made for or finding a new way to use the product. However, The marketing utility that allows the customer to physically access what they bought, it is referred as "possession".

Explanation:

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the manufacturing overhead account shows debits of $240,000, $192,000, and $224,000 and one credit for $688,000. based on this i

frutty [35]

The manufacturing overhead was overapplied by $32,000. Hence the correct choice of answer for this question would be option (b).

<h3>Give a brief account on manufacturing overhead.</h3>

Manufacturing overhead includes all incidental costs encountered during the production process. This overhead applies to units produced within a reporting period.

Some examples of costs that fall within the manufacturing overhead category are as follows:

Depreciation may be applied to production-related equipment.
property assessments for the manufacturing facility

Rent on the manufacturing facility
wages for maintenance workers
Manufacturing managers' salaries
salaries of the personnel in charge of materials
salaries of the quality assurance personnel
supplies not specifically related to the products
Building janitorial staff's salaries

As direct materials and direct labor are generally considered to be the only costs that are directly applied to a unit of production, manufacturing overhead is becomes all of the indirect costs that a factory incurs.

To know more about, manufacturing overhead, visit :

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The complete question is mentioned below :

The Manufacturing Overhead account shows debits of $240,000, $192,000, and $224,000 and one credit for $688,000. Based on this information, was manufacturing overhead over- or underapplied and by how much?

a. $32,000 overapplied

b. $32,000 underapplied

c. Overhead has not yet been applied

d. Overhead is neither over- or underapplied

6 0

1 year ago

1. Which design style resembles a half-moon?

masya89 [10]

The correct answer for the question that is being presented above is this one:
(1) B. Crescent
(2) C. Clustering
(3) C. are difficult to carry.
(4) B. terracing
(5) B. Ikebana
(6) A. allow designers the opportunity to work with better flowers.
(7) D. Sequencing
(8) B. grouping.
(9) D. terracing.
(10) C. rocky creek bed.

7 0

3 years ago

Read 2 more answers

If 10,000 units which were 50% completed are in process at November 1, 90,000 units were completed during November, and 20,000 w

kakasveta [241]

Answer:

False

Total equivalent units 89,000 units

Explanation:

Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work. These units are determined as follows:

Equivalent units = Degree of work done(%) × units of inventory

Item unit Equivalent unit

Opening inventory 10,000 50% × 10,000 5000

Fully worked unit 80,000 100%× 80,000 80,000

Closing inventory 20,000 20% × 20,000 4,000

Total equivalent units 89,000

Notes:

1. Fully work represent units started and completed in the same period. They exclude the opening inventory.

Fully worked = 90000- 10,000 =80,000.

2. Note also at that the degree of completion for opening inventory is the simply the balance of work remaining to be done.

For example, for materials, 50% of work has been done on the opening inventory in the last period, hence the balance of 50% would be done this period

6 0

3 years ago

Diminishing marginal utiliDiminishing marginal utility means that A. the price of two hamburgers is twice the price of one. B. t

4vir4ik [10]

Answer: C beyond a certain point, total utility decreases as income rises

Diminishing marginal utility means that beyond certain point, the total utility from consuming a good decreases, and increasing its consumption monotonically, makes that every additional unit of consumption delivers less utility each time.

This is because most behavioral consumers models try to emulate the principle of scarcity: the less available units of a good, the more it values.
Then, an increasing income would allow us to buy more and more goods, and because of the existance of diminishing marginal utility, we would get less utility from consuming additional units of every goods each time.
As an example,one could think about eating chocolate. The first bar would give us much happiness (utility), but increasing the number of bars consumed would eventually vanish this "happiness".

5 0

4 years ago

Read 2 more answers

At March 1, 2013, Minutemen Corp. had supplies on hand of $500. During the month, Minutemen purchased supplies of $1,200 and use

Degger [83]

Answer:

Explanation:

Opening stock Mar 1 2013 $500

Purchases in the month. $1,200

Used stocks in the month. $1,400

Closing stock at 31st Mar $ 300

Inventory Account. Dr. Cr

Opening stock. 500

Purchases. 1,200

Used stock. 1,400

Closing bal c/d. 300

Total. 1,700. 1,700

Balance b/f. 300

8 0

3 years ago

Read 2 more answers