Week I Quiz Results/Answers ECO561 1. Revenue increases when * producer surplus increases 2. An increase in the price of an inelastic good * increases revenues 3. Price elasticity of Demand increases when * people become less price sensitive over time 4. The purpose of a market in a market system is to * bring buyers and sellers into contact 5. By specializing in the production of one good‚ a company is able to benefit from economies of scale which increases its revenue. Which
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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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A TERM PAPER ON THE RECOGNITION OF OPPORTUNITY COST AND RELEVANT COST: A TOOL FOR EFFECTIVE BUSINESS DECISION MAKING BY IWUCHUKWU UCHENNA IWUAKU O9AA08549 ACCOUNTING 300L LECTURER: MRS OBIGBEMI INTRODUCTION The role of opportunity cost and relevant cost cannot be overemphasized in the making effective decision making. They work hand in hand in making sure that the company makes the best economic decision‚ they are both used in making managerial decisions at every level of planning and
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COST ACCOUNTING Select the one best answer for each: 1. Which one of the following would not be classified as manufacturing overhead? a. Indirect labor b. Direct materials c. Insurance on factory building d. Indirect materials 2. Prime costs of a company are $3‚000‚000‚ manufacturing overhead is $1‚500‚000 and direct labor is $750‚000. What is the amount of direct materials? a. $1‚500‚000. b. $750‚000. c. $2‚250‚000.
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Through all periods of time children have been working‚ from hunting‚ to working on the farm‚ to being in a factory‚ to bagging groceries and a store. So children working are still here‚ although the requirements have changed. Some examples of these changes would be age requirements‚ certain wages‚ and amount of days and hours that can be worked in a week. In today’s time it is a lot different than when kids worked in the factories during the industrial revolution. The minimum wage for
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Chapter 2—Cost Terminology and Cost Behaviors MULTIPLE CHOICE 1. The term "relevant range" as used in cost accounting means the range over which a. | costs may fluctuate. | b. | cost relationships are valid. | c. | production may vary. | d. | relevant costs are incurred. | ANS: B PTS: 1 DIF: Easy OBJ: 2-2 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Measurement‚ Reporting 2. Which of the following defines variable cost behavior
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Cost and Price Analysis Instructor: Name: Class: Finance 230 Date: Period: Results: 1) Why is it important for the government to exercise good fiscal judgment when spending funds? Government employees are held responsible for use of good judgment so those excessive prices are not paid. 2) List and describe four types of market based pricing. Be sure to provide at least one (1) example of each type. Competitive Offers – response to solicitation encouraging competing offers Established
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statements. b. analyzing data. c. performance reports. *d. economic events. 4. _______________ is devoted to providing information for external users. a. Management accounting *b. Financial accounting c. Internal accounting d. Cost accounting 5. Financial accounting information is used for a. investment decisions. b. regulatory measures. c. stewardship evaluation. *d. all of these. 6. Which of the following is NOT part of the financial accounting information
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microprocessors handle I/O operations? h) Write a program segment that will: read in data from the switch bank in address $1500 and double the number and display the result on the LED bank in address $1600. Question 2 (5 Marks) Consider the following program segment LDAA #$05 LDAB #$04 INCB SBA WAI After executing the program‚ the condition code register flags (N‚V‚Z‚C) will be: N V Z C 1 Question 3 (10 Marks) Consider the following program segment: LDX #$2000 LDAA 00‚ X LDAB 01‚ X ABA CMPA #$0A
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Week Four Discussion Questions Tammy Jackson Accounting 561 March 26‚ 2013 Janice Mereba Week Four Discussion Questions Question 1: The components of the cost-volume-profit or CVP analysis has five components. The components are “volume (levels of activity)‚ unit selling price‚ variable cost per unit‚ total fixed costs‚ and sales mix” (Kimmel‚ etal‚ 2009‚ Chapter 19‚ Illustration 19-1). CVP analysis consists of target net income‚ income statement‚ margin of safety‚ and changes in the work
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