Answer: $3,875 Favorable
Explanation: We can compute direct labor efficiency variance by using following formula :-
Direct labor efficiency variance = standard rate ( actual hours - standard hours)
where,
standard hours = 5,500units * 0.5 hour = 2750 hours
actual hours = 3,000 hours
standard rate = $15.5
putting the values into equation we get :-
Direct labor efficiency variance = $15.5 ( 3,000 - 2750)
= $3,875 Favorable
8,400 is your answer all you have to do is add the 4 sales and subtract the discounts and the returns
Answer:
creates a shortage
Explanation:
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Because price is set below equilibrium price, demand would outstrip supply and this would lead to a shortage
Effects of a price ceiling
1. It leads to shortages
2. it leads to the development of black markets
3. it prevents producers from raising price beyond a certain price
4. It lowers the price consumers pay for a product. This increases consumer surplus
An agreement to exchange dollar bank deposits for euro bank deposits in one month is a <u>forward transaction.</u>
<h3>
What is a forward contract?</h3>
A tailored agreement between two parties to purchase or sell an item at a predetermined price at a later date is known as a forward contract. Although its non-standardized nature makes it particularly suitable for hedging, a forward contract can be utilized for speculating or hedging.
A forward contract can be tailored to a commodity, amount, and delivery date, unlike typical futures contracts. Grain, precious metals, natural gas, oil, and even chicken are examples of traded commodities. Settlement of a forward contract may take place in cash or by delivery.
Forward contracts are categorized as over-the-counter (OTC) instruments because they are not traded on a centralized exchange. While the OTC nature of these products makes it simpler to adjust terms, the absence of a centralized clearinghouse also increases the chance of default.
Thus, it is a forward transaction that is used to exchange dollar bank deposits for euro bank deposits in one month.
For more information on <u>Forward Transaction</u>, refer to the given link:
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The government would set its targeted interest at 6.5%
Based on the Taylor's rule
R = π + A + 0.5(A-A*) + 0.5
This is the formula that helps to get the output gap
<u>Definition of terms</u>
R is the nominal federal funds rate
π is the real rate of federal funds = 2%
A is the rate of inflation
A* is the target of of inflation = 2%
Rate of unemployment = 3%
The government has a target of full employment that is at 4 percent.
When we enter the values into the formula
R = 2% + 3% + 0.5(3%-2%) + 0.5%(2%)
= 5% + 0.5% + 1%
= 6.5%
Therefore the government would set its targeted interest at 6.5%
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