Answer:
The profit maximizing output for a monopolist is the output level where marginal cost is equal to marignal revenue.
Explanation:
Price Q Demanded Marginal Revenue Marginal Cost
$76 100 $76 $25
71 200 66 68
66 300 56 56
61 400 46 82
56 500 36 76
51 600 26 48
Arranging the information in the chart above, we can see that for a quantity demanded of 300 units, and a price of $66, marginal revenue and marginal cost are exactly the same, $56.
Thus, the profit-maximizing level of output is 300 units.
Answer:
Inventory Cost = $14,500
Explanation:
Using the lower of cost or market method implies firstly valuing the inventory at the purchased cost (historical cost). But as the value of a good can change and if the price at which the inventory can be sold falls below its net realizable value the loss (and new value) must be recorded. It is a method for adjusting asset values in subsequent reporting periods.
Answer:
Direct labor time (efficiency) variance= $6,270 favorable
Explanation:
Giving the following information:
Standard= Direct labor 0.4 hours $ 11.00 per hour
Actual output 2,600 units
Actual direct labor-hours 470 hours
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Standard quantity= 0.4*2,600= 1,040
Direct labor time (efficiency) variance= (1,040 - 470)*11
Direct labor time (efficiency) variance= $6,270 favorable
Answer:
The answer is B.
Explanation:
Capital is what is used to start a business. It is what the owner's contribution in the business. In advanced class, it is called stock or equity. Capital is usually from the owner's savings. But if this money is borrowed either from an individual or a bank, the person is a borrower while the other party is the lender.
Option A is incorrect because money raised from someone makes the person borrowing a borrower and not a saver.
Option C and D are incorrect because the items needed for the business are not consumables, they are needed for the smooth running of the business, hence they are not consumption.
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Personal Purchases.
Mercantile Purchasing.
Industrial Purchasing.
Institutionalized or government purchasing.
