Problem 1 Page 40 a- Cost of goods manufactured = Direct cost + Indirect cost = [Direct Cost of Material + Direct Cost of Labor] + [Indirect Cost of Material + Indirect Cost of Labor + Utilities Overhead] = Total Cost of Material + Total Cost of Labor + Utilities Overhead = 120‚000 + 90‚000 + 40‚000 = $ 250‚000 b- Total Cost of Operation = Cost of goods manufactured + Selling‚ General admin. and expenses. = 250‚000 + 60‚000 = $ 310‚000 c- Prime Cost =Direct Material
Premium Costs Variable cost Marginal cost
inflation raises inflation because firms and workers care about real prices and wages when they set nominal prices and wages. If expected inflation is higher‚ newly set prices and wages will be higher. d Draw the relevant AS curves showing what will happen if expected inflation falls. Label everything and discuss (typed). When the inflation falls‚ the AS curves shit upward‚ because the price level will increase. SECTION TWO: 2 points Explain for each event
Premium Supply and demand Inflation Aggregate demand
Fluctuating Gas Prices Kyle Bonzelaar Davenport University Gas prices have been on a rapid rise the last few years and not many people are happy with it. It limits those on a budget for how much they can do and how much they are willing to drive. Lately‚ gas prices have been fluctuating in price and going up but are more recently going back down‚ which gives people a little more flexibility at times in their schedule. It lets people do things such as travel and more‚ that they were not able
Premium Petroleum Automobile Internal combustion engine
Introduction to price discrimination In our study of the theory of the firm we have assumed so far that a business charges a single price for its products‚ naturally the reality is different! Most businesses charge different prices to different groups of consumers for the same good or service. Businesses could make more money if they treated everyone as individuals and charged them the price they are willing to pay. But doing this involves a cost‚ so they have to find the right pricing strategy
Premium Supply and demand Price elasticity of demand Elasticity
Demand Estimation After studying this chapter‚ you should be able to: 1. Discuss how the firm’s managers use the information about demand for its product to determine correctly its profit-maximizing rate of output and price‚ or whether to produce a particular product at all. 2. Discuss demand respond to consumer income increase or decrease as a result of an economic expansion or contraction. 3. Specify the components of a regression model that can be used to estimate a demand equation. 4. Interpret
Premium Regression analysis Supply and demand Linear regression
Economics Discussion Questions 1. Suppose the price of coffee beans increases by $0.20 per pound. What is the effect of this raw material price increase on the demand for roasted coffee? If one pound produces 50 cups of coffee‚ would the price of a cup of coffee rising by $0.01? Explain. Price of the product comes from the production of the goods all the way till it hits the market shelf. So when the price of the product like coffee increases during the productivity of the product then the end
Premium Cost
to the war in Iraq‚ Syria and Ukraine‚ oil prices increased significantly as did the profit earned by many oil companies including PETRONAS. Politicians in Malaysia opposed the government policy to oil price increase by twenty cents and the withdrawal of oil subsidy. As a manager or policy implementer‚ discuss the pros and cons if this policy in the context of the various theories of profit. Introduction The government of Malaysia increased the price of oil by 20 cents and withdrawal of the oil
Premium OPEC Supply and demand Price of petroleum
Manufacture Of paint Introduction: PPG Industries is a leader in its markets; is a streamlined‚ efficient manufacturer; and operates on the leading edge of new technologies and solutions. In this assignment I will be comparing the process of paint with the industry and in the laboratory. Process of paint In the industry Making paint involves mixing the pigment with resin‚ solvents‚ and other additives to form a paste. This is normally done as the first step. In industrial used paint it usually
Premium Risk Quality assurance Risk management
Hi guys‚ my name is Betty. I am the lead of my group today. I am goanna talk about fuel prices. The issue of fuel is very complex. First‚ what is fuel? It is material such as coal‚ gas‚ or oil that is burned to produce heat or power. And these 3 energies occupy the major parts of fuel use. In the past few years‚ fuel prices went up rapidly. Each country is very sensitive on the price. What causes fuel prices to rise and fall? For instance‚ let us have a look at oil. There are two main reasons
Premium Peak oil Price of petroleum Benchmark
Rolling Stones “ Paint it Black” The Rolling Stones were a big part of early Rock N’ Roll. They pushed the envelope more then any other band of their time. Paint it black which was released in 1966 is a very good example of the Rolling Stones not caring attitude. The Stones experimented a lot with different instruments‚ and gave their music a distinct sound‚ which I think helped with the influence of other bands and other genres to be made later on such as metal‚ some punk and
Premium Rock music Rock and roll Blues