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2 years ago

Define term total utility and marginal utility

2 answers:

7 0

Term total utility: The utility is the satisfaction that an individual derives from consuming a good or service. Similarly, total utility is the total satisfaction received from consuming a given total quantity of a good or service.

Marginal utility: Marginal utility is the added satisfaction a consumer gets from having one more unit of a good or service. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase. ... Marginal utility can be positive, zero, or negative.

kherson [118]2 years ago

6 0

Answer:

While total utility measures the aggregate satisfaction an individual receives from the consumption of a specific quantity of a good or service, marginal utility is the satisfaction an individual receives from consuming one additional unit of a good or service.

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A process cost summary for a production department accounts for all costs assigned to that department during the period plus cos

tigry1 [53]

Explanation:

The process cost shows the summary of the activities related to the production. It includes the cost of goods completed & transferred units and the ending work in process inventory.

So, the given statement is true

The indirect cost are come under the manufacturing overhead cost. So, it would be charged to overhead control account

Thus, the given statement is false.

The direct labor includes that labor which is directly related to the production process of a product. So the single production department is likely to be a direct labor

Thus, the given statement is true.

To record the allocation of overhead, the following journal entry is required

Work in Process Inventory, Baking Dept A/c Dr $24,500

To Factory overhead A/c $24,500

(Being the overhead allocation is recorded)

The computation is shown below:

= Direct labor cost × allocation rate

= $10,000 × 245%

= $24,500

Thus, the given statement is true.

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3 years ago

The Acme Widget Company has found that if widgets are priced at s 389, then 1000 will be sold. They have also found that for eve

kvv77 [185]

Answer:

See the explanation below.

Explanation:

a. The number of widgets that will be sold

Let y represent the number of widgets that will be sold, and and we already have x as price of widget, we therefore have:

y - 1,000 = (-600/10) * (x - 389)

y - 1,000 = -60 * (x - 389)

y = 1,000 - [60 * (x - 389) ]

y = 1,000 - 60x + 23,340

y = 24,340 - 60x

b. The revenue generated by the sale of widgets

Let R represent Revenue, therefore we have:

R = xy

R = x(24,340 - 60x)

R = 24,340x - 60x²

c. The cost of producing just enough widgets to meet demand

Let C represent total cost, we therefore have:

C = 8,000 + 97.25y

C = 8,000 + 97.25(24,340 - 60x)

C = 8,000 + 2,367,065 - 5,835x

C = 2,375,065 - 5,835x

d. The proft from selling widgets

Let P represent profit, we therefore have:

P = R - C

P = 24,340x - 60x² - (2,375,065 - 5,835x)

P = 24,340x - 60x² - 2,375,065 + 5,835x

P = - 60x² + 30,175x - 2,375,065

e. Find the price that will maximize profits from the sale of widgets

Profit is optimum when dP/dx = 0

Therefore, we have

0 = - 120x + 30,175

120x = 30,175

x = 30,175/120 = $251.46

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3 years ago

A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. Advertising and Promotion Expenses 262,700 Incom

iren2701 [21]

Answer:

A. Net Income = $304,560

B. Ending Retained Earnings = $420,740

Explanation:

Req. (A)

Green Thumb, Inc.

Income Statement

For the year ended, 31 December, 20Y3

Revenues:

Sales Revenues $1,866,300

Expenses:

Salaries and wages expenses $725,000

Advertising and Promotion Expenses 262,700

Income Tax Expense 56,520

Interest Expense 43,920

Other Expenses 122,600

Other Selling & Administrative Expenses 351,000

Total Expenses = ($1,561,740)

Net Income = $304,560

Note: We can use a multiple step income statement. However, as there is no instruction, we use single step income statement.

Req. (B)

Green Thumb, Inc.

Statement of Retained Earnings

For the year ended, 31 December, 20Y3

Balances, January 1 $162,200

Add:

Net income for the current year $304,560

Less: Dividends ($46,020)

Balances, December 31 $420,740

Note: Here, Balances, January 1 = Beginning Retained earnings Balance

Balances, 31 December = Ending retained earnings.

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3 years ago

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mafiozo [28]

The answer is two and five.

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2 years ago

Casey is the 12% marginal tax bracket, and Jean is in the 35% marginal tax bracket. Their employer is experiencing financial dif

larisa [96]

Answer:

Casey would prefer option 1; that he pays the premiums ($8,000). Even if Casey cannot deduct his insurance premiums as medical expenses, his income will only be reduced by $8,000. If he decided to take option 2, his income would be reduced by $8,800 (= $10,000 - 12%), so he is saving $800 by taking option 1.

On the other hand, Jean would prefer option 2; that her salary is reduced by $10,000 and her employer pays the premiums. By choosing option 2, Jean is going to lose $6,500 (= $10,000 - 35%). If she chose option 1, her income would be reduced by $8,000, so she is saving $1,500 by choosing option 2.

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3 years ago

Define term total utility and marginal utility​

Define term total utility and marginal utility