Answer:
Variable manufacturing overhead rate variance= $677.1 unfavorable
Explanation:
Giving the following information:
Standard:
Variable overhead 0.3 hours $ 7.80 per hour
Actual output 5,000 units
Actual direct labor-hours 1,110 hours
Actual variable overhead cost $ 9,340
<u>To calculate the variable overhead rate variance, we need to use the following formula:</u>
Variable manufacturing overhead rate variance= (standard rate - actual rate)* actual quantity
Actual rate= 9,340/1,110= $8.41
Variable manufacturing overhead rate variance= (7.8 - 8.41)*1,110
Variable manufacturing overhead rate variance= $677.1 unfavorable
Answer:
Scarcity and Utility
I will explain the concepts of scarcity, value, and utility using my laptop and some writing pens. I have only one laptop available in my family. I use it 24-hours daily. I attach so much value (utility) to the laptop because it is only one. It is very scare in my household. On the other hand, I have a packet of writing pens. Pens are relatively not scare in my household. If my laptop is missing, I will raise uproar in the house. Everybody present will answer a tedious query. But, if one of the pens gets missing, I may not even be aware that it is missing. At the moment, I do not attach much value (utility) to the writing pens because I have many of them presently . Writing pens are not scare in my household, as I said earlier.
Using these examples, I have demonstrated the concepts of scarcity, utility, and value.
Explanation:
Therefore, scarcity is defined by the value and the relative availability of a good. Scarcity is a basic economic problem that shows the gap existing between limited resources and unlimited needs. Based on the lack experienced with satisfying a need, one has to always choose between alternatives in order to maximize resource allocation and utility.
Utility in Economics refers to the value or satisfaction derivable from the meeting of a human or economic need. It is initially connected to the concept of scarcity. But after attaining some level of utility, scarcity temporarily evaporates. And this is the dividing thin line. This is why they are mostly used together. "Something that is valuable is scarce and give utility." Something that is not highly valuable is not usual scarce and does not give much utility, at least, to an extent.
Answer:
Types of Consumer Product Examples
Convenience Product: Zest bar soap
Shopping Product: Sony Blu-ray Disc™ player
Doritos Hermès Birkin bag
Goodyear Ultra Grip tires
Specialty Product: Patek Philippe watch
Maytag® dishwasher
Unsought Product: Royce Poplar coffin
Explanation:
a) The factors that distinguish consumer products are:
(1) effort the consumer spends on the decision
(2) attributes used in making the purchase decision
(3) frequency of purchase.
b) Types of Consumer Product
Convenience Product
Shopping Product
Specialty Product
Unsought Product
c) Product Examples:
Royce Poplar coffin
Patek Philippe watch
Sony Blu-ray Disc™ player
Maytag® dishwasher
Doritos Hermès Birkin bag
Zest bar soap
Goodyear Ultra Grip tires
$250
COVERAGE LIMIT-DEDUCTIBLE = $4000-$1500 = 2500
$2500/10 = $250
the answer to this question would have to be all of the above.
