2-22 Variable costs and fixed costs. Consolidated Minerals (CM) owns the rights to extract minerals from beach sands on Fraser Island. CM has costs in three areas: a. Payment to a mining subcontractor who charges $80 per ton of beach sand mined and returned to the beach (after being processed on the mainland to extract three minerals: ilmenite‚ rutile‚ and zircon). b. Payment of a government mining and environmental tax of $50 per ton of beach sand mined. c. Payment to a barge operator. This
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equations for X and Y. Do the graphing. The solution‚ solving the two equations for the two unknowns‚ are X=240 and Y=50. 3) Sam believe that the number of job offers he will get depends on the number of courses in which his grade is B+ or better. He concludes from observation that the following figures are typical: Number of grades of B+ or better Number of job offers 0 1 1 3 2 4 3 5 4 6 Plot these numbers on a graph. Measure and interpret the slopes between adjacent dots. Plot the set of ordered
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education‚ but sometimes I find myself wondering: Do the benefits of college still outweigh the costs? I want to say that college will always outweigh the cost‚ but I have no facts to support my opinion. With this paper‚ I have set out to prove or disprove my opinion. I will do so by researching three main topics. I will find the pros and cons of gaining a higher education‚ the statistical facts about the costs and debts gained and the possible ability to repay in a timely manner‚ and finally I will address
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that incurs cost when producing a product or providing a service” (Kimmel‚ 2009‚ pg. 867). Very important detailed information on how these costs are processed through the company’s work flow. The activity-based costing system shows the company management all the deficiencies‚ where cost improvements are needed‚ and where prices need to be increase for future production or location planning. The other reasons that activity-based costing can be used are that these are variable costs. Under variable
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THE COST AND SALES CONCEPT Cost is defined as a reduction in the value of an asset for the purpose of securing benefit or gain. Cost is defined in a hotel and restaurant as the expense to a hotel or restaurant for goods or services when the goods are consumed or the services are rendered. KINDS OF COSTS 1. Fixed costs – are those that are normally unaffected by changes in sales volume. They are said to have little direct relationship to the business volume because they do not change
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Competing coffee companies Industry Analysis According to Starbucks corporation‚ 66 billion cups of coffee are drunk every year in the U.S. and a full three quarters of those cups of coffee are enjoyed at home. The other 25% of coffee is drunk at the office‚ traveling‚ or in a coffee shop (CNN Money). Starbucks has no clear competition; however the closest competitors include other specialty coffee shops‚ doughnut shops‚ and restaurants. Starbucks holds a dominant position in the specialty coffeehouse
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Chapter 4: Costs and Cost Minimization Multiple Choice 1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA? a) The value of your college scholarship that you have given up. b) The skills that two more years of playing at your college would have given you along with their additional value
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Is the Cost of Education Too High? Education is a human right. At the core of education is the development of societal and individual cultural identity. Education makes people neither tired nor rich and can make all people equal through social justice. Social justice is the precondition for sustainable human development and peaceful coexistence. Every child has the right to an education and every person has a right to satisfy their basic learning needs. However‚ in recent years‚ education
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prevents them from dying. The increasing demand and dependence on medication has led to an increase of the cost and prices of medication to skyrocket into the unaffordable price range. With this soaring costs happening‚ it seems that the pharmaceutical industry is starting to care more about their profits‚ rather than the main focus‚ which is the people of the world. In recent years‚ the cost of certain
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Cost Behavior Cost behavior is term for describing whether a cost changes when the level of output changes. The cost can vary proportionately with the changes in the level of activity or unaffected by changes in the level of activity. Costs can be variable‚ fixed‚ or mixed. A cost that does not change in total as output changes is a fixed cost. A variable cost‚ on the other hand‚ increases in total with an increase in output and decreases in total with a decrease in output. Understanding how costs
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