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<span>A firm obeys the least-cost rule by equating the ratios of marginal physical product to the factor price.
The marginal physical product refers to the adjustment in the quantity of aggregate item yields that outcomes from an adjustment in an item input.The marginal physical product identifies with work increments and coming about profitability increments, in economics.
Factor price refers to the cost at which the methods for creation (that is, arrive, work, capital and sometime business enterprise) are sold.</span>
Answer:
C) supplier selection
Explanation:
The five stages of the business buying decision process are:
- Awareness and recognition: someone at the company identifies the need for a purchase.
- Specification and research: a detailed specification about what product is needed, quantity and technical requirements is elaborated. Using this information you start to search for potential vendors or suppliers that can offer the product.
- Request for proposals: vendors are contacted and you request them to send you their proposals regarding the products that you are looking for.
- Evaluation of proposals: the buying team must evaluate the proposals received form the potential vendors and select the most appropriate one.
- Order and review process: Price ans selling terms are negotiated, he order is placed and finally the products received are controlled to check that they meet the specifications.
Answer:
c. 3 loaves of bread for Andy and 1 loaf of bread for John.
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
For Andy, the opportunity cost of producing 1 pound of butter is = 24 / 8 = 3
For John, the opportunity cost of producing one pound of butter is 8/8=1
I hope my answer helps you
Answer:
d) $38,000 Debit balance.
Explanation:
Predetermined overhead rate = Estimated Total Overhead Costs / Estimated Direct Labor Costs
= $472000 / $2,360,000
= 0.2
= 20% of direct labor costs.
Applied overheads = (20%*Actual direct labor costs)
Applied overheads = 20% * $1,980,000
Applied overheads = $396,000
So, Overhead under-applied = $434,000 - $396,000 = $38,000 (Debit)