Answer:
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people
hope this helps
Explanation:
Answer:
Labour rate variance $2,925 unfavorable
Explanation:
<em>The labour rate variance is the difference between the standard labour cost allowed for the actual hours worked and the actual labor cost for the same hours</em>
$
Standard labour cost ($19.70× 6500) 128,050
Actual labour cost <u>130,975</u>
Labour rate variance <u> 2,925 unfavorable</u>
<u>Answer:</u>
Answer Choice: <em>A. Communication</em>
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<u>Explanation:</u>
Communication is the single most important factor in determining the success or failure of a project because the better you explain the project the higher your grade will be so, that will result in your grade being a A or a B so, that will cause you to pass, and the worst you explain the project the lower your grade will be so, that will result in your grade being a C or D or F (or an E depending on how your school grades) so, that will cause you to fail.
Answer:
a. Toby is not maximizing his utility
b. Toby should reduce his spending on cashew and increase his spending on peanuts.
Explanation:
a. Is Toby maximizing his total utility from the kinds of nuts? If so, explain how you know.
Toby will maximize his utility when we have:
MUp/Pp = MUc/Pc
Where;
MUp/Pp = Marginal utility of peanut divided by price of peanut = 100/10 = 10
MUc/Pc = Marginal utility of cashew divided by price of cash = 200/25 = 8
From the above, Toby is not maximizing his utility. I am able to know this because MUp/Pp > MUc/Pc (i.e. 10 > 8). An Toby will only maximize his utility when MUp/Pp = MUc/Pc.
b. If not, how should he rearrange his spending?
Since MUp/Pp > MUc/Pc (i.e. 10 > 8), Toby should reduce his spending on cashew in order to increase MUc and increase his spending on peanuts reduce MUp until MUp/Pp = MUc/Pc.
Answer:
Option C. 30,000 decrease
Explanation:
At the moment Product G is covering its own variable cost which is 180,000 from its sale figure of 210,000. So there is a balance of 30,000 which product G is contributing to offset the Fixed costs of the company.
It will be inadvisable for management to discontinue the production of Product G because it appears to be making a loss. The loss is as a result of the fixed cost of 50,000 imposed (apportioned) to the product. So product G can only cover 30,000 out of this 50,000 which is resulting in the 20,000 loss.
If the product is discontinued, the 30,000 contribution of product G will be lost which will lead to a decrease in profit of that amount.
