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Ratling [72]
3 years ago
10

The productivity of labor in a firm has decreased due to the recent retirement of many of the firm’s most skilled workers. Assum

ing that the firm is a profit maximizer in a perfectly competitive situation, the firm will:
I. Increase the average wage.
II. Decrease the average wage.
III. Reduce the number of worker-hours it hires.
IV. Hire additional labor.
V. Increase the number of worker-hours it hires.

a. Statement I only.
b. Statement IV only.
c. Statements I and V only.
d. Statements II and III only.
e. Statement V only.
Business
1 answer:
PSYCHO15rus [73]3 years ago
6 0

Answer: The correct answer is "d. Statements II and III only.".

Explanation: Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will:

- II. Decrease the average wage.

- III. Reduce the number of worker-hours it hires.

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Find the product of 28 and 97.
Inga [223]
The product of 28 and 97 is 2716
8 0
2 years ago
Read 2 more answers
At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year,
polet [3.4K]

Answer:

1. 9.60 per hour

2. $11,129

3. Dr Manufacturing overhead 172500

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

4. Over applied overhead= $1,260

5. $634,340

Explanation:

1) Calculation for the overhead rate for the year

Using this formula

Overhead rate = Estimated overhead/Estimated hour

Let plug in the formula

Overhead rate = 129600/13500

Overhead rate = 9.60 per hour

2) Calculation for the total cost of Job K456

Total cost of Job K456

Direct material 2750

Direct labor 5355

Overhead 3024

(5355/17*9.60)

Total cost of Job $11129

3) Preparation of the journal entries to record actual overhead and to apply overhead to production for the year.

Dr Manufacturing overhead 172500

(6800+19340+90400+14560+41400)

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

(Being To record actual overhead)

Work in process (18100*9.6) 173760

Manufacturing overhead 173760

(To record applied overhead)

4) Calculation for whether overhead is overapplied or underapplied

Over applied overhead = 173760-172500

Over applied overhead= $1260

5) Calculation for the adjusted cost of goods sold

Adjusted cost of goods sold = 635600-1260

Adjusted cost of goods sold= $634340

8 0
3 years ago
What is one main feature of the free enterprise system
earnstyle [38]

Answer:

Businesses that produce good products are rewarded with profits

Explanation:

In the free enterprise system, governments do not interfere with economic activities in the country. The private sector does all the production and distribution of goods and services.

No restrictions are put in place on the type or number of businesses that entrepreneurs can operate. Due to this reason, business competition is very intense. Customers choose their preferred products from a wide variety offered by the many suppliers. Producers who make products that satisfy customers' needs are rewarded with profits.

7 0
3 years ago
____________ looks at the behavior of individual people and organizations in specific markets.
mezya [45]

Answer: Microeconomics

Explanation:

Microeconomics is a branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the economics at an individual, group or company level.

The microeconomics helps in macro analysis. It is microeconomics that tells us how a free market economy with its millions of consumers and producers work to decide about the allocation of productive resources among the thousands of goods and services

7 0
3 years ago
Simone has worked as an editorial assistant at a magazine publisher for the last six months. Her boss is impressed with her dedi
pochemuha

Answer:

​job enlargement

Explanation:

Job enlargement refers to the increase in duties and responsibilities related to the job. It combined all other activities with the same level in the organization

Since in the question it is mentioned that Simone boss is impressed by her dedication and her hard work so he assigner her more task for freelancer writers

Therefore this situation represents the job enlargement

5 0
3 years ago
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