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2 years ago

1. For a firm in a perfectly competitive market, the price of the good is always

Business

1 answer:

andreyandreev [35.5K]2 years ago

4 0

Answer:

A). equal to marginal revenue.

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

Price = marginal revenue = average revenue

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The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In a

astra-53 [7]

Answer:

Actual Price paid for materials = $4.2136 $\times$ 2,200 = $9,270

Actual price per unit = $4.2136

Explanation:

Provided information,

Standard Material per unit = $4

Total cost = $8,400

Standard Quantity = $8,400/$4 = 2,100 units

Provided Material Price variance = $470 unfavorable = - $470

$= (Standard Price - Actual Price) \times Actual Units$

Material Quantity Variance = $400 Unfavorable = - $400

$= (Standard Quantity - Actual Quantity) \times Standard Rate$

Using Material Quantity Variance

- $400 = (2,100 - Actual Quantity) $\times$ $4

-$400/$4 = 2,100 - Actual Quantity

Actual Quantity = 2,100 + 100 = 2,200 units

Now, putting this value in Material Price Variance we have,

- $470 = ($4 - Actual Price) $\times$ 2,200

-$470/2,200 = $4 - Actual Price

- $0.214 = $4 - Actual Price

Actual Price = $4 + $0.2136 = $4.2136

Final Answer

Actual Price paid for materials = $4.2136 $\times$ 2,200 = $9,270

Actual price per unit = $4.2136

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3 years ago

The system that maintains records of a company's operations and then communicates that information to decision makers is referre

oksian1 [2.3K]

Answer:

Accounting

Explanation:

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2 years ago

Considering your program options is step _______________ of the planning process.

gizmo_the_mogwai [7]

Considering your program options is STEP TWO of the planning process.
The planning process is made up of five steps, which are:
1. determine your personal goals
2.consider your program options
3. Set SMART goals; that is, let your goals be specific, measurable, attainable, realistic and timely
4.Structure your program and document it
5. Keep a log and evaluate your program.

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2 years ago

Functions of the economic commission for Africa.

timofeeve [1]

Answer:

The main functions of the ECA include the study of problems of the economic and social development of the African countries, the promotion of the economic development of the African states, and the strengthening of their economic relations both with one another and with other countries.

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2 years ago

Read 2 more answers

Relationship between risk and return

Svetlanka [38]

Answer:

Generally, the higher the potential return of an investment, the higher the risk. There is no guarantee that you will actually get a higher return by accepting more risk. Diversification enables you to reduce the risk of your portfolio without sacrificing potential returns.

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3 years ago