Answer:
a. $6
b. $3204000
Explanation:
Given:
- Product X is 534,000 units
- cost for materials $1,441,800
- cost for labour: $1,762,200
(a) a standard cost
As we know standard cost is the cost of producing 1 unit and is recorded in a standard cost card. However, the cost of labor, materials and overhead are used to make a single unit, so
standard cost = unit variable cost = the total cost / the total number of unit.
In this situation, the overheading cost is not gven, so the total cost:
= The cost of labor + materials
= $1,441,800 + $1,762,200
= $3204000
=> standard cost = $3204000 / 534,000 = $6
(b) a budgeted cost represents the total costs
The total number of units * standard cost
= 534,000 * 6
= $3204000
C- they help get people’s opinions and day to day activities that they might do.
Answer:
Yes, I agree
Explanation:
As managers in an organization, proper attention must be paid to the forces in the external environment because these forces are dynamic and business cannot exist without them hence must align with these changes inorder to be successful.
Some of theses forces have direct impact with an organization such as customer's reaction to a company's product, how well the company stays ahead of it's competitors , suppliers and creditors. External forces in the environment that have indirect impact to a company are compliance with local laws, socio cultural forces, religion etc.
Practical examples
• Customer's reaction to a product speaks to what measures are taken by a company to improving the quality of products produced and sold. Favourable reaction would make the company succeed while unfavourable reaction could mar the company's performance.
• Level of compliance with local laws is also an important force in the external environment that must be adhered to. If a company must succeed, it must comply with local laws and order, failure to do so could result to fine or expulsion from the community.
Many people are entrepreneurs. My dad actually is, but anyway...
Entrepreneurs are people who own a company or business. They are not working for another company but working for themselves.
Many citizens don't feel confident in entrepreneurship and many don't know where to start.
Some people prefer following orders instead of making them.
Or even some don't prefer hard work. Just to point out, entrepreneurship is very hard, not all are successful.
I hope this helped!
Answer:
Price
The price in the short-run will decrease because with less marginal costs, producers would produce more goods and services which would shift the supply curve to the right. The new intersection with the demand curve will be at a lower price.
Quantity
As said above, producers would produce more goods and services which means that the quantity supplied will increase.
Profit
This is a competitive market. Each firm will earn zero profits because the drop in price will match the drop in marginal costs to ensure that firms are not making anything extra.
