In monopolistic competition, what effect do price variations generally have on the market as a whole?
It's no effect.
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<u>Full question:</u>
Bobby is speaking to his friend and says, "this musical is going to cost me $60 when I buy the ticket." His friend corrects him and says, "actually, this concert will cost you more than $60 since you have to miss work." His friend is referring to the _________________.
Select the correct answer below:
a)economies of scale
b)budget constraint
c)opportunity cost
d)opportunity set
<u>Answer:</u>
His friend is referring to the opportunity cost
<u>Explanation:</u>
Opportunity costs describe the gains a person, investor or company drops out on when picking one choice over another. The cost of practicing something is previously the cost of the highest-valued alternative use. Bottlenecks are frequently a condition of opportunity costs.
The method for determining an opportunity cost is solely the contrast within the expected returns of any option. Estimating opportunity costs can lead you to more effective decision-making. Opportunity cost examination also performs a crucial role in preparing a business's capital structure.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Blanchard Company manufactures a single product that sells for $280 per unit and whose total variable costs are $224 per unit. The company's annual fixed costs are $879,200. Management targets an annual pretax income of $1,400,000. Assume that fixed costs remain at $879,200.
A) Break-even point= (fixed costs + profit)/ contribution margin
Break-even point= (879,200 + 1,400,000)/(280 - 224)= 40,700 units
B) Break-even point (dollars)= (fixed costs + profit)/ contribution margin ratio
Break-even point (dollars)= 2,279,200/ (56/280)= $11,396,000
Answer:
For (a) $21250 favorable (b) $21300 Unfavorable
Explanation:
Solution:
Now,
(a) The Standard rate of variable overhead = $450000/60000 = $7.50 per hour
so,
The Variable factory overhead controllable variance = Actual variable overhead costs - Standard variable overhead costs
Gives,
= (725000-262500)-(64500*7.50) = $21250 favorable
(b) The fixed factory overhead volume variance = Budgeted overhead - standard overhead
= 262500 - 262500*64500/60000
Therefore,
= $21300 Unfavorable