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Labour Rate and Efficiency Variances
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A popular product of Loring Glassworks is a hand decorated vase. The company's standard cost system calls for 0.75 hours of direct labour per vase, at a standard wage rate of $8.25. During September, Loring Glassworks produced 4000 vases at an actual direct labour cost of $24,464 for 2,780 direct labor hours. What is the actual wage rate per hour? Compute the labor rate and efficiency variances for the month. Was paying workers the actual wage rather than the standard wage an efficient strategy for Loring?
Use the firm's isoquant-isocost diagram and the firm's marginal cost curve to explain and illustrate the output and substitution effects of a decrease in the price of labor.
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How do you explain and predict hospital behaviors if using the utility-maximizing
A Monopolist is deciding how to allocate output between two markets. The two markets are separated geographically. Demand and marginal revenue for the two markets are given by:
Illustrate what effect a contractionary fiscal policy have on the price level and real GDP.
In the text we mentioned how Levi Strauss price discriminates between the European and American markets. This question is designed to help you analyze this situation.
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Suppose a frost kills a large portion of an orange crop, with a resulting higher price of oranges. It has been said that such an increase in price benefits no one since it cannot elicit a supply response; the higher price, it is said, simply "line..
Suppose the firm raised the price to $4.00 while increasing its advertising expenditure by $100. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule and a demand curve.
Construct a graph showing the outputs, and prices before and after the corrective taxes were imposed.
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