<span>In economics, the three stages of production are increasing average product production, decreasing marginal returns and negative marginal returns. It would be during the first stage that a firm must allocate its factors of production. Hope this answers the question.</span>
Most economists prefer real GDP growth as the best indicator of current economic performance. Real GDP is the gross domestic product in constant dollars. In other words, it is a nation's total output of goods and services, adjusted for price changes. The real GDP allows economists to make useful comparisons of a nation's output and services by eliminating the effect of price changes. It is also known as inflation-corrected GDP and constant-price GDP.
Answer: The consumption schedule shows the amounts households intend to consume at various possible levels of aggregate income.
Explanation: Consumption function, in economics, the relationship between consumer spending and the various factors determining it. At the household or family level, these factors may include income, wealth, expectations about the level and riskiness of future income or wealth, interest rates, age, education, and family size.
A consumption schedule is a table of numbers showing the relation between consumption expenditures and income for the household sector. The income measure commonly used is national income or disposable income. Occasionally a measure of aggregate production, such as gross domestic product, is used instead.
Answer:
<u>Night Lights $ per unit 2.13</u>
<u>Desk Lamps $ per unit 8.50</u>
Explanation:
Determine total number of budgeted direct labour hours for the year
total number of budgeted direct labor hours for the year is calculated
= night lamp labor hours + desk lamp labor hours
= ( 60000 * 1/2 ) + ( 80000 * 2 )
= 30000 + 160000
= 190000
calculated the single plant wide factory overhead rate
factory overhead rate = total factory overhead / total number of budgeted unit
= 807500 / 190000
= 4.25 per labour hour
calculate factory overhead cost per each unit
night lamp = 4.25 * 1/2
= 2.13 per unit
desk lamp = 4.25 * 2
= 8.50 per unit
