Answer:
Variable manufacturing overhead rate variance= $688.8 favorable
Explanation:
Giving the following information:
Variable overhead 0.3 hours $5.70 per hour
The company used 2,460 direct labor-hours to produce this output. The actual variable overhead cost was $13,331.
<u>To calculate the variable overhead rate variance, we need to use the following formula:</u>
Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity
Actual rate= 13,331/2,460= $5.42
Variable manufacturing overhead rate variance= (5.7 - 5.42)*2,460
Variable manufacturing overhead rate variance= $688.8 favorable
Answer:
Maximum people attending program
Adult = 140
Student = 70
Explanation:
Provided information,
Maximum seating capacity in the theater = 210 people
For each pair of adult there must be at-least one student.
Thus, maximum revenue can be calculated as follows:
Fee for each adult = $10
Fee for each student = $5
For each combination of two adult and one student revenue = $10 + $10 + $5 = $25
Total people in each combination = 3
Thus number of combinations possible = ![\frac{210}{3} = 70](https://tex.z-dn.net/?f=%5Cfrac%7B210%7D%7B3%7D%20%3D%2070)
Thus, number of adults attending program = 70
2 = 140
Number of students = 70
1 = 70
Maximum amount = 140
$10 + 70
$5
= $1,750
Maximum people attending program:
Adult = 140
Student = 70
Answer:
1. Consumer Surplus
2. Neither
3. Neither
Explanation:
Consumer Surplus is the difference between prevailing price & the maximum price consumers are willing to pay for a commodity
Producer Surplus is the difference between prevailing price & minimum price at which sellers are willing to sell a commodity
1. ' Even though I was willing to pay up to $191 for a used laptop, I bought a used laptop for only $185 ' : shows the difference between price paid by consumer (185) & maximum price consumer was willing to pay (191). So, it illustrates the case of Consumer Surplus.
2) & 3) don't illustrate case for any Surplus, as they have not arrived at a transaction price decision - based on supply & demand because of tax imposed by government.
5. C. cost push
6. A. Demand
7. A. Law of Demand
8. A. The product isn't a Necessity
9. C. Demand
Answer:
More freedom is the advantage