then trade and diversify in consumption because 14. Marginal revenue product is defined as the amount that an additional unit of the variable input adds to ____. 15. The marginal product is defined as: 16. Which of the following is never negative? 17. The combinations of inputs costing a constant C dollars is called: 18. The marginal rate of technical substitution may be defined as all of the following except: 19. Marginal factor
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Chapter 4 CODING SYSTEMS Introduction This chapter looks at how coding systems can be devised and used in accounting systems. The use of codes in categorising and processing transactions It is universal practice in accounting systems to use coding systems to refer to customers‚ suppliers‚ accounts and employees. Codes are used because they are concise and precise‚ and can be subject to computer checking Concise: instead of referring to a product as a “50cm‚ high Resolution LED monitor”‚
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LECTURE 3 – TAKE HOME QUESTIONS Question 1 Use the following graph showing the marginal benefit and marginal cost curves for activity A to answer the following questions. a. Net benefit is maximized when _________ units of A are chosen; marginal benefit is $_________ and marginal cost is $_________. b. If 300 units of A are chosen‚ net benefit will increase by $_________ if one _________ unit of A is used. c. If 100 units of A are chosen‚ net benefit will increase by $_________ if one
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| 9 | 171 | $600 | $900 | $1‚500 | $3.51 | $5.26 | $9 | $16.67 | 10 | 10 | 167 | $600 | $1‚000 | $1‚600 | $3.59 | $5.99 | $10 | -$25.00 | Figure 1: Total Cost (TC)‚ Total Variable Cost (TVC) and Total Fixed Cost (TFC) functions Figure 2: Marginal Cost (MC)‚ Average Total Cost (ATC)‚ Average Variable Cost (AVC) and Average Fixed Cost (AFC) functions Please see the Excel sheet attachment for more details Equation used in this assignment: Cost function | Equation | Total Fixed Cost
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plastic 20 screws and washers 30 minutes of time Marginal costing: * It is a costing system which treats only the variable manufacturing costs as product costs. The fixed manufacturing overheads are regarded as period cost * In marginal costing‚ fixed production costs are treated as period cost and are written off as they are incurred The difference between marginal costing & absorption costing is as below: 1. Under marginal costing: for product costing & inventory valuation
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exit • Perfectly elastic demand • Firm produces as much or little as they want at the price • Demand graphs as horizontal line LO2 Average‚ Total‚ and Marginal Revenue • Average Revenue • Revenue per unit • AR = TR/Q = P • Total Revenue • TR = P X Q • Marginal Revenue • Extra revenue from 1 more unit • MR = ΔTR/ΔQ LO3 Average‚ Total‚ and Marginal Revenue Firm’s Demand Schedule (Average Revenue) P QD Firm’s Revenue Data TR MR 0 $131 $0 ] $131 1 131 131 ] 131 2 131 262 ] 131 3 131 393 ] 131
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1. ALLTEL has attempted to create a competitive advantage as the major outdoor concert venue in a multi-city region. The firm has distinguished itself from its competitors by providing a unique experience to its customers. The unique value of the product would be: advanced technology‚ no bad seat in the house‚ beautiful outdoor setting‚ wonderful atmosphere‚ outstanding parking and food concession. Their strategies are to maximize net operating income by reducing the non-artist costs of operating
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work at the going wage rate. there is excess demand in the labour market. people are not willing to work at the going wage rate. at the going wage rate‚ there are people who want to work but cannot find work 11. a) b) c) d) If marginal benefit is greater than marginal cost‚ a rational choice involves: no more of the activity. more or less‚ depending on the benefits of other activities.
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Management Accounting PART-A Q. 1. State three points of similarities between financial accounting and cost accounting. Ans. Both financial and cost accounting are interdependent and their co-existence enables businesses to compute costs and sales realistically‚ properly and most importantly helps them to avoid loss some of similarities are mentioned below 1 Reports Financial accounting is used to produce reports that include financial statements‚ including the balance sheet‚ income
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Chapter 7: managing flow variability: safety inventory 7.1 Objective In the previous chapter on inventory‚ we focused on economies of scale as the major driver for inventory. The purpose of this chapter is to introduce the notion of safety inventory as a buffer against stochastic variability in supply / demand and discuss various levers for reducing it. The chapter is covered over two classes each of duration 100 minutes. In the first class‚ we first motivate the need for forecasting as a way
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