P = RM 1100 VMPxA = RM 800 VMPxB = RM 1300 VMPxC = RM 1100 where P is price and VMPxis the value of marginal product for good A, B dan C. Explain whether allocative efficiency is achieved based on the information provided above.
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- Given the following information:
P = RM 1100
VMPxA = RM 800
VMPxB = RM 1300
VMPxC = RM 1100
where P is price and VMPxis the value of marginal product for good A, B dan C.
- Explain whether
allocative efficiency is achieved based on the information provided above.
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- Franklin Company makes fine jewelry that it sells to department stores throughout the United States. Franklin is trying to decide which of the two bracelets to manufacture. Cost data pertaining to the two choices follow. Bracelet A Bracelet B Cost of materials per unit Cost of labor per unit Advertising cost per year Annual depreciation on existing equipment %24 30 37 43 43 8,800 6,500 7,700 5,900 Required a. Identify the fixed costs and determine the amount of fixed cost for each product. b. Identify the variable costs and determine the amount of variable cost per unit for each product. c. Identify the avoidable costs and determine the amount of avoidable cost for each product.Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods Inventory,June1 $61,600 $46,200 (e) Cost of goods manufactured 329,000 (c ) 484,800 Cost of finished goods available for sales (a) $260,400 $540,000 Finished goods Inventory ,June30 72,800 61,600 (f) Cost of goods sold (b) (d) $513,600THSHT Pritchett's Precious Time Pieces PATOG Bill's company, Pritchett's Precious Time Pieces, buys, sells, and repairs old clocks and clock parts. Bill sells rebuilt springs for a price per unit of $10. The fixed cost of the equipment to build the springs is $1,000. The variable cost per unit is $5 for spring material. Required: Create a quantitative analysis model to determine the company's profit, and answer the following: 1. How much would the company's profit/(loss) be if they were unable to sell anything? 2. How much would the company's profit/(loss) be if they sold 400 units? 3. How many units do the company need to sell to break-even?
- (b) Solve the linear program developed in part (a), to determine the optimal production plan. If the amount is zero, enter "0". Qty Produced Phillipines Mexico PT-100 PT-200 PT-300 Total Cost = __________$ (c) Use sensitivity analysis to determine how much the production and/or shipping cost per unit would have to change to produce additional units of the PT-100 in the Philippines plant. If required, round your answer to two decimal digits. At least $ _________/ unit. (d) Use sensitivity analysis to determine how much the production and/or shipping cost per unit would have to change to produce additional units of the PT-200 in the Mexico plant. If required, round your answer to two decimal digits. At least $ _______/ unit.Determine which factor of production is needed in the following problem. 1.The ABM manufacturing Co.hired a gardener.He uses a lawn mower for landscaping.Which factor of production would you consider this machine? 2.The owner of the company withdrew cash for the salaries of thw employees.which factor of production would you consider cash on hand? 3.The top manager of the firm said "the great ideas,consepts and emotional determination of a person to produce something that consumers want to buy" is very important for the company.What factor of production describes the ability to create great ideas? 4.The farmers planted pineapple cutting in the vacant area located in their locality.Which factor of production would you consider a pineapple plantation?Which of the following changes in cost-volume-profit factors will reduce the break-even point? Group of answer choices a. A decrease in total fixed cost d. An increase in total fixed cost b. A decrease in selling price c. An increase in unit variable cost In a contribution income statement Group of answer choices a. Costs are classified as to function b. Fixed and variable manufacturing costs are combined as one level item d. Fixed manufacturing costs are shown separately from variable manufacturing costs, but fixed and variable operating costs are combined as one line item c. Fixed costs are shown separately from variable cost
- The Porsche Club of America sponsors driver education events that provide high-performance driving instruction on actual race tracks. Because safety is a primary consideration at such events, many owners elect to install roll bars in their cars. Deegan Industries manufactures two types of roll bars for Porsches. Model DRB is bolted to the car using existing holes in the car's frame. Model DRW is a heavier roll bar that must be welded to the car's frame. Model DRB requires 20 pounds of a special high alloy steel, 40 minutes of manufacturing time, and 60 minutes of assembly time. Model DRW requires 25 pounds of the special high alloy steel, 100 minutes of manufacturing time, and 40 minutes of assembly time. Deegan's steel supplier indicated that at most 36,000 pounds of the high-alloy steel will be available next quarter. In addition, Deegan estimates that 2,000 hours of manufacturing time and 1,700 hours of assembly time will be available next quarter. The profit contributions are $200…The Porsche Club of America sponsors driver education events that provide high-performance driving instruction on actual race tracks. Because safety is a primary consideration at such events, many owners elect to install roll bars in their cars. Deegan Industries manufactures two types of roll bars for Porsches. Model DRB is bolted to the car using existing holes in the car's frame. Model DRW is a heavier roll bar that must be welded to the car's frame. Model DRB requires 20 pounds of a special high alloy steel, 40 minutes of manufacturing time, and 60 minutes of assembly time. Model DRW requires 25 pounds of the special high alloy steel, 100 minutes of manufacturing time, and 40 minutes of assembly time. Deegan's steel supplier indicated that at most 38,000 pounds of the high-alloy steel will be avallable next quarter. In addition, Deegan estimates that 2,000 hours of manufacturing time and 1,800 hours of assembly time will be available next quarter. The profit contributions are $200…Florida Citrus produced 40000 boxes of fruit that sold for OMR 3 per box. The total variable costs for the 40000 boxes were OMR 60000, and the fixed costs were OMR 75000. (a) What was the break-even quantity? (b) How much profit (or loss) resulted? (Ans. (a) 50000 boxes and (b) OMR 15000 loss) Draw a graph for the above question. Take appropriate scale on x and y axes. Label axes. Show Break-even point, break-even cost and break even quantity.
- 3. As manager of the St. Cloud Theater Company, you have decided that concession sales would support themselves. The following table provides the information you have been able to put together thus far: Item Softdrink Selling Price $1.00 Variable Cost $0.65 Percent of Revenue Wine Coffee 1.75 1.00 0.95 0.30 25 25 30 Candy 1.00 0.30 20 Last year's manager. Jim Freeland, has advised you to add 10% of variable cost as a waste allowance for all categories. You estimated labor cost to be $250.00 (5 booths with 2 people each). Even if nothing is sold, your labor cost will be $250.00, so you decide to consider this as fixed cost. Booth rental, which is a contractual cost of $50.00 for each booth per night, is also a fixed cost. a. What is the break-even volume per evening of performance? b. How mush would you expect to sell each evening at the break-even point?Director of legal services of ABC Company must decide whether to hire another full-time lawyer or to hire part-time lawyers. Anticipated costs for the two options under three possible demand levels are given in the table below: States of Nature Low Medium High Alternatives Demand Demand Demand Hire full-time $460 $380 $430 Hire part- $560 $500 $770 time Probabilities 0.25 0.25 0.5 What is the EMV of the best decision? Specify only the amount. e.g. 350 Answer:Lakewood Fashions must decide how many lots of assorted ski wear to order for its three stores. Information on pricing, sales, and inventory costs has led to the following payoff table, in thousands. Order size 2 lots 1 lot 1 lot 3 lots (a) Show a regret table. Order size 2 lots 3 lots Low 13 9 6 Low Demand Medium 16 23 38 High 16 38 61 Demand Medium (b) What decision should be made by the optimist? O 1 lot O2 lots O 3 lots (c) What decision should be made by the conservative? O 1 lot O 2 lots O3 lots (d) What decision should be made using minimax regret? O 1 lot O2 lots O 3 lots High Maximum Regret
