Answer:
c. inferior good.
Explanation:
Inferior goods are items purchased buy a consumer as a result of his limited income such that when that consumer's purchasing power increases, he purchases other commodities in place of the one initially purchased.
Hence the purchase more T-bone steak and less hamburger is an indication that hamburger is an inferior good to the consumer.
Answer:
The correct answer is option (b).
Explanation:
According to the scenario, computation of the given data are as follows:
first we calculate the predetermined OH, then
Predetermined OH rate = Estimated Manufacturing OH Cost ÷ Estimated Direct Labor Hours
= $451,140 ÷ 61,800
= 7.3
So, Applied MOH = 60,500 × 7.3 = $441,650
So, Underapplied OH = Actual MOH - Applied MOH
= $532,000 - $441,650
= $90,350 (under applied)
Answer:
Solution attached in picture
Explanation:
Answer:
Constant Return to Scale
Explanation:
Based on the information given the numbers
suggest that between 100 and 110 units of output, the firm producing this output has CONSTANT RETURN TO SCALE.
Constant Return to Scale occurs in a situation where the proportional increase in all the inputs is as well equal to the proportional increase in output which means the returns to scale are constant , which is why RETURNS TO SCALE help to describe all what happens to long run returns when the scale of production increases.
Therefore Constant returns to scale often occur when the output increase in exactly the same way or the same proportion as the factors of production.
Answer:
Gross pay:
- consultant $4,000
- computer programmer $3,300
- administrator $2,800
Net pay:
- consultant $2,767.98
- computer programmer $2,295.48
- administrator $1,993.98
Explanation:
regular earnings overtime withholding
allowances
Consultant $4,000 per week N/A 2
Computer programmer $60 per hour 1.5 1
Administrator $50 per hour 2 2
computer programmer worked 50 hours = ($60 x 40) + ($60 x 10 x 1.5) = $3,300
administrator worked 48 hours = ($50 x 40) + ($50 x 8 x 2) = $2,800
Social security taxes:
-
Consultant = 6% x $4,000 = $240
- Computer programmer = 6% x $3,300 = $198
- Administrator = 6% x $2,800 = $168
Medicare taxes:
- Consultant = 1.5% x $4,000 = $60
- Computer programmer = 1.5% x $3,300 = $49.50
- Administrator = 1.5% x $2,800 = $42
Federal income taxes:
- Consultant: amount subject to withholding = $4,000 - (2 x $75) = $3,850. Federal income taxes = $356.90 + [28% x ($3,850 - $1,796) = $932.02
- Computer programmer = amount subject to withholding = $3,300 - (1 x $75) = $3,225. Federal income taxes = $356.90 + [28% x ($3,225 - $1,796) = $757.02
- Administrator = amount subject to withholding = $2,800 - (2 x $75) = $2,650. Federal income taxes = $356.90 + [28% x ($2,650 - $1,796) = $596.02
Gross pay:
- consultant $4,000
- computer programmer $3,300
- administrator $2,800
Net pay:
- consultant $4,000 - ($240 + $60 + $932.02) = $2,767.98
- computer programmer $3,300 - ($198 + $49.50 + $757.02) = $2,295.48
- administrator $2,800 - ($168 + $42 + $596.02) = $1,993.98
