Answer:
confused
Explanation:
The goods whose demand decreases in the market when the consumer income rises are known as inferior goods.
The goods whose demand increases in the market when the consumer income rises are known as normal goods.
Thus, the reasoning of the student is confused as the classification of the goods on the basics of normal or inferior depends on response of the demand when there is a change in consumer's income. Thus, the student's own perception about such classification is confused.
Based on the scenario above, the economic concept which Frakie is faced with is OPPORTUNITY COST. Opportunity cost refers to a benefit or value that a person could have received but which he gave up in order to take another course of action. Thus, an opportunity cost represents an alternative given up when a decision is made.
Answer:
Direct Material Cost
= Cost of hardware + cost of wood
= 42,300 + 121,200
= $163,500
Direct labor
= Wages of Assembly workers + Finishing workers
= 87,400 + 74,100
= $161,500
Manufacturing Overhead
= Depreciation + Factory prop. taxes + Factory rent + Glue + Production Supervisor salary + Utilities for factory + Wages for maintenance workers
= 32,000 + 15,500 + 50,000 + 3,030 + 41,200 + 27,800 + 33,200
= $202,730
Prime Cost
= Direct labor + Direct material
= 161,500 + 163,500
= $325,000
Conversion Cost
= Direct labor + Manufacturing Overhead
= 161,500 + 202,730
= $364,230
Total Period Cost
= Advertising + Sales Manager's salary
= 25,600 + 41,500
= $67,100
Answer:
a. was largely driven by the desire for expanded overseas trade
Explanation:
Answer: D. all of the above
Explanation:
