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Let a quarry's cost function of producing Q tons of stone per hour be given by TC = Q3- 10Q2+ 40Q + 25, so that marginal cost function is MC= 3Q2- 20Q + 40.
(i) Find the formula for the quarry's short-run supply curve and draw its detailed graph. Explain your solution.
(ii) If market price of a ton of stone is $28, how much will the quarry's manager be willing to produce per hour in the short run? Calculate per hour profit.
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
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Define Materials cost variance Material cost variance (MCV) is the difference between the standard cost of material specified and the actual cost of materials used." It is the
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