Answer:
A. The market clearing price of the tickets is more than $480.
Explanation:
Market-clearing price is a level where the quantity demanded of a product matches or the quantity supplied. At this price, A product or service does not experience any surplus or shortages. It is the price where the demand curve and the supply curve intersect. The market-clearing price is the same as the equilibrium price.
As the price of $480, the demand for the show is at 6000, but supply is at 4000. There is a surplus in demand. The price of $480 is attractive to more people than supply can handle. Matching supply and demand would require the price to be set above the $480.
Answer:
Fixed overhead application rate
= <u>Budgeted fixed overhead</u>
Budgeted direct labour hours
= <u>$114,000</u>
60,000 hrs
= $1.90 per direct labour hour
Amount of overhead applied to job X387: $
Variable overhead $4.90 x 170 hours = 833
Fixed overhead $1.90 x 170 hours = 323
1,156
Explanation:
In this case, there is need to calculate the fixed overhead application rate based on direct labour hours by dividing the the budgeted fixed overhead by budgeted direct labour hours. Then, we will calculate the overhead applied to Job X387 by multiplying the fixed and variable application rate by actual direct labour hours of 170 hours.
Answer:
Strategic Factors Analysis Summary (SFAS) Matrix
Explanation:
Answer:
B) satisfying the changing needs of current and new customers.
Explanation:
When a restaurant wants to introduce a new dish, it's best to test the market response to the dish before listing it on the standard menu. A type of test would be offering the dish only in special occasions, when sales are higher, and more potential customers visit the restaurant.
Another way is to simply offer the dish in a normal weekday, and see how people respond to it under regular conditions.
