A car repair service requires an outdoor space for the cars to drive into/be serviced. There is not a large indoor space required due to the fact that staff are mainly outside working on the cars. With an accounting firm, there is a significantly larger number of staff so a large indoor space is required. This an accounting firm requires a location that is larger and closer to the city so it is accessible to all staff. A car repair service can be located somewhere with outdoor space and generally isn’t located in the city
Answer:
A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts. Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.
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Answer:
$166.8
Explanation:
Given that,
Units expected to produced = 400,000 units
Machine hours required = 1.2 each
Manufacturing overhead costs:
= Department 1 + Department 2
= $2,530,000 + $2,752,000
= $5,282,000
Total Machine hours:
= Department 1 + Department 2
= 30,000 MH + 8,000 MH
= 38,000 MH
Overhead cost per machine hour:
= Manufacturing overhead costs ÷ Total Machine hours
= $5,282,000 ÷ 38,000 MH
= $139 per MH
Overhead cost per unit:
= Overhead cost per machine hour × Machine hours required for each
= $139 per MH × 1.2
= $166.8
Answer:
e. $111,000
Explanation:
Absorption costing income for year 3 = Income under variable costing - {Beginning inventory (units) * Fixed manufacturing overhead per unit} + {Ending inventory (units) * Fixed manufacturing overhead per unit}
Absorption costing income for year 3 = 115,000 - (500*8) + (0*8)
= 115,000 - 4,000 + 0
= $111,000
Answer:
price for a monopolistically competitive firm exceeds the marginal cost
Explanation:
Monopolistically competitive firms do not achieve allocative efficiency because the <em>"price for a monopolistically competitive firm exceeds the marginal cost"</em>
Allocative efficiency is known to be an economic concept which actually regards efficiency at the societal level. This usually refers to the production of the optimal quantity of some output. The quantity produced is actually the marginal benefit of one more unit which the society enjoys and which is equal to the marginal cost.
In a monopolistically competitive industry, they will produce a lower quantity of a good and then their prices will be higher than would a perfectly competitive industry. A monopolistic competitive firm’s demand curve actually slopes downward. This then means that it will charge a price that exceeds marginal costs.
