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2 years ago

Explain why economics is often called the study of choices

Business

1 answer:

sineoko [7]2 years ago

5 0

Answer:

Ultimately, economics is the study of choice. Because choices range over every imaginable aspect of human experience, so does economics. Economists have investigated the nature of family life, the arts, education, crime, sports, law—the list is virtually endless because so much of our lives involves making choices.

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Osborn Manufacturing uses a predetermined overhead rate of $19.70 per direct labor-hour. This predetermined rate was based on a

Snowcat [4.5K]

Answer:

Underapplied overhead= $3,900 underapplied

Explanation:

Giving the following information:

Osborn Manufacturing uses a predetermined overhead rate of $19.70 per direct labor-hour. The company incurred $260,000 of manufacturing overhead and 13,000 direct labor-hours during the period.

<u>The under or overapplied overhead is the difference between the allocated overhead and the real overhead for the period.</u>

First, we need to calculate the allocated overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 19.7*13,000= $256,100

Now, using the following formula, we calculate the over/under applied overhead:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 260,000 - 256,100= $3,900 underapplied

8 0

3 years ago

Explain the importance of cultural awareness or understanding of sociocultural differences in the global marketplace.

bonufazy [111]

Answer:

Cultural awareness exemplifies the ability to recognize diverse beliefs, customs, and values whom are significant to some individuals.

Explanation:

Basically, being able to understand this is necessary, because you need to respect others unless you want to be deemed ingnorant

6 0

3 years ago

Paladin Furnishings generated $2 million in sales during 2016, and its year-end total assets were $1.7 million. Also, at year-en

professor190 [17]

Answer:

The large of a sales increase can the company achieve without having to raise funds externally is $81,784

Explanation:

In order to calculate How large of a sales increase can the company achieve without having to raise funds externally we would have to calculate the following:

sales increase=Sales*growth rate

Sales=$2,000,000

growth rate=(Profit Margin * Retention ratio * Sales) /( Total year end Assets - Accounts payable - Accrued liabilities) - (Profit Margin * Retention ratio * Sales)

growth rate= (0.05 * 0.35 * 2,000,000 ) / (1,700,000 - 200,000 - 100,000) - ( 0.05 * 0.55 x 2,000,000)

growth rate=$55,000/$1,345,000

growth rate=4.089%

Therefore, sales increase=$2,000,000*4.089%

sales increase=$81,784

The large of a sales increase can the company achieve without having to raise funds externally is $81,784

4 0

3 years ago

What is a major function of the public sector

Flauer [41]

Answer:

Public sector provides many services such as; education, health and social care.

3 0

3 years ago

The Frank Company has issued 10%, fully participating, cumulative preferred stock with a total par value of $300,000 and common

jeka57 [31]

Answer:

(D) $60,000 to preferred and $162,000 to common

Explanation:

Annual preference dividend = 10% * $300,000 = $30,000

Since dividends for the previous year were not paid, and the preference stock are cumulative, previous year dividend will need to be paid. ($30,000).

However, since no participating rule was defined, no additional dividend will be paid on preference stock.

Therefore, total payment on preference stock = current year dividend + previous year arrears = $30,000 + $30,000 = $60,000.

The balance will be paid on common stock

= $222,000 - $60,000 = $162,000

6 0

3 years ago