Answer:
D
Explanation:
Economic theory provides economists with a common language and way of thinking about how the world works
Is a set of definitions, postulates, and principles assembled in manner that helps make cause-and-effect relationships clear in economics?
Is like a guidebook in that it points out what to look for
Answer:
The opportunity cost of attending the concert=$0
Explanation:
An opportunity cost is the total monetary loss that one has when they choose a given option. It can also be defined as the gain that one misses when the individual or business chooses one alternative over the other. Opportunity costs are not heavily considered in financial reports, however individuals or businesses who have the opportunity to choose from many alternatives at the same time need to consider the opportunity cost to make a more valuable decision in the long-run. Opportunity costs helps individuals and businesses to make better decisions on the options they have at their disposal.
The opportunity cost can be Determined using the following expression;
OC=FO-CO
where;
OC=opportunity cost
FO=return on best forgone option
CO=return on chosen option
Since in our case, the forgone option was not attending the concert, the cost would be=0
Also since the chosen option was the ticket at no charge, the cost would be=0
In our case;
OC=unknown
FO=0
CO=0
replacing;
OC=0-0=0
The opportunity cost of attending the concert=$0
Answer:
Results are below.
Explanation:
Match each of the following formulas and phrases with the term it describes.
A) (Actual Direct Labor Hours - Standard Direct Labor Hours) × Standard Rate per Hour
This is the formula for Direct labor time (efficiency) variance
B) (Actual Rate per Hour - Standard Rate per Hour) × Actual Hours
This is the formula for Direct labor rate variance
C) (Actual Price - Standard Price) × Actual Quantity
This is the formula for Direct materials price variance
D) (Actual Quantity - Standard Quantity) × Standard Price
This is the formula for Direct materials quantity variance
E) Standard variable overhead for actual units produced
Budgeted variable factory overhead
Answer:
A,Because at ceteris paribus the lower the price the higher the demand and vice versa according to the law of demand.
<span>Single-shot and repeating</span>
