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WARRIOR [948]
3 years ago
11

First,label the following scenarios as to whether they would create a producer or consumer surplus. Then, after you have labeled

each scenario, calculate the ensuing surplus.
Jeff finds some steaks for $16 for which he would have been willing to pay $20. The butcher notices the meat is near the expiration date and gives him an extra 75% off.
Business
1 answer:
Iteru [2.4K]3 years ago
8 0
Alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off she found online. She selects and purchases a $35 pair of jeans, pre-discount. 
(Alice's consumer surplus, $5)

<span>Jeff finds some steaks for $16 for which he would have been willing to pay $20. The butcher notices the meat is near the expiration date and gives him an extra 75% off. </span>
(Jeff's consumer surplus, $16)

<span>Nicole has in her possession a hockey puck from the 2010 Winter Olympic Games and sells it on eBay. She will only sell the puck if the winning bid is greater than or equal to $500. After bidding closes, the last bid stands at $500. </span>
(Nicole's producer surplus, $0)

<span>Claire is trying to sell her used calculus textbook online. She asks for $150 or best offer and is willing to sell for anything over $100. She is able to sell it for $125. </span>
(Claire's producer surplus, $25)


<span>Roy is willing to pay $2.50 for a sports drink. He notices the price is $2.79 and chooses not to purchase a sports drink. (Roy's consumer surplus, $0)</span>
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Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of
vova2212 [387]

Answer and Explanation:

1. The computation of overhead rate based on direct labor cost is shown below:-

Overhead rate = Overhead applied × 100 ÷ Direct labor cost

= 888 × 100 ÷ 1,200

= 74%

2. The Preparation of job-order cost sheet for the four jobs is shown below:

Particulars                Job 86        Job 87        Job 88        Job 89

Beginning balance $6,888       $6,820

Direct materials       $3,000      $7,000         $2,100          $1,500

Direct labor              $800          $6,000        $900            $500

Applied overhead  

is 74% of direct labor $592           $4,440       $666            $370

Total                          $11,280       $24,260      $3,666      $2,370

3. The computation of ending balances of Work in Process and Finished Goods is shown below:-

Work in process of Job 88 = $3,666

Finished goods = Total of Job 86 + Total of Job 89

= $11,280 + $2,370

= $13,650

4. The computation of the Cost of Goods Sold for March is shown below:-

Cost of goods sold is

= Job 87

= $24,260

7 0
3 years ago
Which of the following is a benefit to corporate executives when a process is outsourced?
love history [14]

Answer:

<h2>In this case,the correct answer would be option b) given in the answer choices or More time to explore new revenue generation activities.</h2>

Explanation:

  • From an economic or business perspective, outsourcing of operational activities or conducts refer to assigning the business functions, activities, projects, assignments etc. to any third party or external agency with a view to enhance work productivity and minimize overall average operational costs or expenses.
  • The third party or the external entities involved in the outsourcing activities are typically not part of the parent or main company or are not commercially affiliated with the parent or main company.
  • One of the advantages of outsourcing to the company executives is to be able to assign some of the major and time consuming business activities to outsourced companies or entities and focus more on other mediums or sources of revenue generation for business. It might include introduction of new product or service lines, restructuring of the internal organizational settings or venturing new markets to capture higher consumer or client base. Hence, higher work or labor division through outsourcing activities can provide more time and opportunity for executives to focus more on other revenue generating endeavors.
5 0
3 years ago
A ______ is different from a sole proprietorship because it is legally defined as an entity that is separate from its owners.
olga_2 [115]
Corporation goes in the blank
7 0
3 years ago
Walk Like You Footwear Corporation's flexible budget cost formula for supplies, a variable cost, is $2.67 per unit of output. Th
yarga [219]

Answer:

Actual cost per unit  = $2.13

Explanation:

The spending variance for equipment and supplies can be calculated as below:

Spending variance = Actual spending - Standard Spending, or:

- 9,604 = Actual spending - Standard cost per unit x Budgeted quantity

- 9,604 = Actual spending - 2.67 x 19,200

Solve the equation we get Actual spending = 41,660.

The actual cost per unit for supplies is calculated as below:

Actual cost per unit = Actual spending/Actual production unit

                                  = 41,660/19,600 = 2.13

6 0
3 years ago
What is the key concern of engineering economics? Question 2 options: Costs and revenues in engineering decisions accrue over pe
jok3333 [9.3K]

Answer:

The correct answer is letter "A": Costs and revenues in engineering decisions accrue over periods of years.

Explanation:

Engineering Economics is a field that allows managers to make decisions effectively thanks to the application of engineering techniques to economics. Those approaches are mainly associates with cost allocation determining if a company is assigning expenses efficiently at the point of being able to save money after conducting its operations given a determined period.

8 0
3 years ago
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