Answer:
Predetermined manufacturing overhead rate= $42 per direct labor hour
Explanation:
Giving the following information:
Estimated manufacturing overhead= $924,000
Estimated direct labor hours= 22,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 924,000/22,000
Predetermined manufacturing overhead rate= $42 per direct labor hour
Answer: Analogy
Explanation:
The method of forecasting that this example illustrate is analogy. Forecast by analogy refers to the forecasting method which simply assumes that two different kinds of situations have identical models and therefore share the same model of behaviour.
This can be infered from the situations that once the per capita GDP is known for the country, the per capita demand for the toys can be estimated.
A command economy is one in which a centralized government controls the means of production. The government determines what is produced, how it is produced and how it is distributed. Private enterprise does not exist in a command economy. The government employs all workers and unilaterally determines their wages and job duties. There are advantages and disadvantages of command economy structures. Command economy advantages include low levels of inequality and unemployment and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency.
Because the government controls the means of production in a command economy, it determines who works where and for how much pay. This power structure contrasts sharply with a free market economy, in which private companies control the means of production and hire workers based on business needs, paying them wages set by invisible market forces. In a free market economy, the law of supply and demand dictates that workers who have unique skills in high-demand fields receive high wages for their services, while low-skill individuals in fields that are saturated with workers settle for meager wages, if they can find work at all.
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Explanation:
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The main determinant of the Elasticity of Supply is the availability of close substitutes.
The Elasticity of Supply means the relationship between a commodity and its price. It measures how the company increases or decreases its production based on its change in price.
The major determinant of the Elasticity of Supply is:
1. Nature of the Goods - It takes into account the factor of production, which can easily get transferred.
2. The definition of the commodity- The narrower the definition the greater the supply of elasticity.
3. Time- It works more in long run than in the short run.
4. Cost of attracting goods- If the related goods are cheaply available, the elasticity of supply is more.
5. Level of Price- It is inversely proportional to the elasticity of supply.
Learn more about Elasticity of Supply here: https://brainly.in/question/6581899?msp_srt_exp=6
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