The decision-making process followed by consumers to maximize utility assumes that the consumer has a limited income, the consumer is able to rank their preferences, the consumer behaves rationally.
The term utility used by the economist as a measure of satisfaction, happiness, a joy of a person.
Answer:
The correct answer is letter "A": is an example of private law.
Explanation:
Private law is part of the law legal system that affects individuals, families, businesses and small groups. Examples of legal law are the civil law, labor law, commercial law, and corporation law. It contrasts <em>public law</em> since private law does not affect the complete society.
Thus, <em>Wexler Corporation by regulating the use of corporate e-mails is making use of private law.</em>
Answer:
False
Explanation:
Required time, budget and resources are the factors to be calculated before development of that project. First phase of a project is requirement, after requirement these factors should be estimated. Once a project is developed then there is no use of these estimates.
Answer:
The price variance is unfavorable, while the efficiency variance is favorable
Explanation:
To determine the labor efficiency variance, we will use the following formula: Variance = (standard hours – actual hours) x standard rate = variance = (250 hours – 200 hours) x $10 per hour = 50 hours x $10 per hour = $500 favorable
To determine the labor price variance, we will use the following formula: variance = (standard rate - actual rate) x standard hours = ($10 per hour - $12 per hour) x 250 hours = -$2 per hour x 250 hours = -$500 unfavorable
