Answer:
identifying pricing constraints.
Explanation:
From the question we are informed about George and Arthurine Renfro decided who decided to start a family business in 1990 and market chowchow, a southern regional food, they had to determine how they would price the chowchow by examining the demand for the product (would people rather eat home-made or store-bought), the cost of getting the jars for bottling the chowchow, and how much it would cost to distribute the product to area stores. In other words, in this case, the Renfros had to begin the development of their pricing strategy by identifying pricing constraints. .
Pricing constraints can be regarded as
factors which brings about limit of latitude of prices which a company may set.
Answer:
price variance $(22,800.00) UNFAVORABLE
Explanation:
std cost $6.00
actual cost $9.00
quantity 7,600
difference $(3.00)
price variance $(22,800.00)
We calculate the actual cost by dividing total cost by the lbs purchased:
68,400/7,600 = 9
Because the diference is negative, the variance is unfavorable.
Each pound cost more than it was planned.
If a price floor of $15 is imposed on this market and the government chooses to purchase the surplus, the government must buy <u>10</u> units of the good and spend a total amount of <u>$150</u> on its purchase.
<u>Explanation</u>:
According to the given figure, a surplus of the good will result if the price is $15. The government has a total amount of $150. If it decides to spend the total amount on purchasing, the government should buy 10 units of goods.
As the price of each good is $15 and the total amount with the government is $150.
On calculating with the given information,
150/15= 10
So the government can buy 10 units of goods for the total amount of $150.
