the material price variance and usage variances for the month. 2. Calculate the labor rate and efficiency variances for the month. 3. How would your answers to Questions 1 and 2 change if you had been told that November’s planned production activity was 4‚000 units of A and 4‚000 units of B? 4. How would your answers to question 1 and 2 change if you had been told that November’s sales were 4‚000 units of A and 3‚500 units of B? SOLUTIONS: 1. (a.) MATERIAL PRICE AND (b.) USAGE
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PRICE ELASCITIY OF DEMAND: There are several uses of Price Elasticity of Demand that is why firms gather information about the Price Elasticity of Demand of its products. A firm will know much more about its internal operations and product costs than it will about its external environment. Therefore‚ gathering data on how consumers respond to changes in price can help reduce risk and uncertainly. More specifically‚ knowledge of Price Elasticity of Demand can help the firm forecast its sales and
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The Changing Price Elasticity of Demand for Domestic Airline Travel Consumers make economic decisions as to what they buy based largely on price. More specifically‚ the change in the amount of a good purchased is often highly dependent on its change in price. That measure of responsiveness is defined as the price elasticity of demand. Mathematically‚ it is often expressed as: Ed = - percent change in quantity demanded / percent change in price‚ or -(dQ/Q)/(dP/P). The minus sign is often
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following would most likely cause equilibrium quantity and price of x to rise? (a) a fall in income when the income elasticity of demand for x is positive Wrong. This will cause a drop in demand and thus a fall in quantity. (b) a fall in the price of complementary product y Correct. A fall in a complementary product will cause a rise in demand for that product “y” and thus a rise in demand of product “x” (see graph). (c) a fall in the price of substitute product Z Wrong. A fall in a substitute
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Price and Quantity Adjustments for Australian Tourism and Hospitality Products. EXECUTIVE SUMMARY: This report is aimed to provide knowledge about the fundamental microeconomics which is demand and supply. Through the research of books and online information‚ the following report demonstrates the information about the change in supply and demand by price and non-price determinants. These would be illustrated through the analysis of three different scenarios. In addition‚ the report also
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Evaluate the view that‚ because price discrimination enables firms to make more profit‚ firms‚ but not consumers‚ benefit from price discrimination Price discrimination is where a firm changes different consumers different prices for the same service. Consumer Surplus is the difference between what the consumer is willing to pay and the price they actually have to pay. In all three degrees of price discrimination firms are able to make more profit and eliminate any excess capacity they
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Peter Weir in his film uses many themes including identity‚ cultural clash‚ relationship and violence in order to ensure strong impact to the audience. The characters are the main tools in portraying these impacts to the audience. An Amish woman Rachel Lapp and her 8 years old son Samuel experience a crime scene while waiting for a train to visit Rachel’s sister. However Samuel witnesses a murder in the restroom by two men. He hides himself in a stall so that he will not be detected by the murderer
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Summary: Active and Passive Euthanasia (James Rachels) James Rachels argues against the traditional doctrine in medicine that prohibits the physician from taking any action which would contribute to the death of a patient. Rachels takes the position that in some cases‚ abiding by this doctrine leads to more suffering. In the situation where continued medical support would prolong suffering‚ doctors have the option of discontinuing support. If‚ according to Rachel‚ they choose that option on the basis of
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raise prices when facing an inelastic demand curve but might or might not raise price when facing an elastic demand curve? Explain and justify your answers in detail. Elasticity and profit maximization behavior When facing an inelastic demand curve‚ a profit maximizing businessman would always raise price because increase in price will bring about increase in total revenue. On the other hand‚ when facing an elastic demand curve‚ he might or might not raise price because increase in price will
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six main characters: Rachel Green‚ Monica Geller‚ Joey Tribbiani‚ Chandler Bing‚ Phoebe Buffay‚ and Ross Geller. Episodes portray the friends’ romantic involvements‚ career issues‚ and humorous encounters with each other. The group helps one another take on life’s obstacles with a touch of humor as the group slowly approaches their thirties. Monica‚ the obsessively neat “older sister” of the group is working to find her passion in cooking. Ross‚ Monica’s older brother
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