In getting the GDP or Gross Domestic Product for year 1 and
year 2, you should multiply the price to the quantity of goods sold and add
them all up.
For GDP Year 1
Given:
Quarts of Ice Cream with a price of $6 and 4 quantity of
goods.
Bottle of Shampoo with a price of $5 and 2 quantity of
goods.
Jars of Peanut butter with a price of $3 and 4 quantity of
goods.
= (6 x 4) + (5 x 2) + (3 x 4)
= $46
For GDP Year 2, the same products with different price and
quantity.
= (6 x 6) + (5 x 3) + (3 x 3)
= $60
Answer:
the amount of direct material and direct labor used is $85,000 and $125,000 respectively
Explanation:
The computation of the direct material and the direct labor used is shown below:
As we know that
Conversion cost = Direct labor + manufacturing overhead
And, the prime cost = direct material + direct labor
So the direct labor is
= Conversion cost - manufacturing overhead
= $240,000 - $115,000
= $125,000
Now the direct material is
= Prime cost - direct labor
= $210,000 - $125,000
= $85,000
hence, the amount of direct material and direct labor used is $85,000 and $125,000 respectively
"Perfect summer weather increases farm output by 30%. in the short run, this can be expected to decrease the price level and increase real wealth."
The price level will decrease because there is much to offer as the weather increased the production. Although the price level is expected to lower, people will pay less for the product, the real wealth increases because the farm now has much more products and sells more, making more money. The farm increases in real wealth because is accumulating resources.
A project manager only focuses on the projects that the business wants to do and complete whereas an operational manager controls the operational side of the business. They should be kept apart because otherwise, their job requirements will get in the way of each other. I hope this helps!