6. If a society produces a pie at the lowest possible cost and then distributes the...
| 6. | If a society produces a pie at the lowest possible cost and then distributes the pie evenly among its population, then: | ||||||||
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Homework Answers
Only production efficiency is achieved
Explanation: Production efficiency takes place when a good or service is produced at the lowest possible cost. In allocation efficiency, production takes place according to the preferences of the consumers.
In this case, production efficiency is achieved but allocative efficiency is not.
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6.
If a society produces a pie at the lowest possible cost and
then distributes the...
4. "Production of an output at the lowest possible average cost" is the definition of: *...
4. "Production of an output at the lowest possible average cost" is the definition of: * OA) Allocative efficiency O B) Opportunity cost OC) Productive efficiency OD) None of above
Suppose society is producing a perfectly competitive good or service at the lowest possible cost in...
Suppose society is producing a perfectly competitive good or service at the lowest possible cost in the long run. Which of the following must be true? Check all that apply. New firms have an incentive to enter the market. The market is resource allocatively effident. Mice (P) - marginal cost (MC) - minimum average total cost (ATC). The firms in this market are earning positive profit.
If an accountant were to calculate total cost, the accountant would be sure to include only...
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QUESTION 14 Cuevas Company produces magic swords. It uses units as the cost driver for overhead....
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I only need 4, 6, 7, & 8 Highland Company produces a lightweight backpack that is...
I only need 4, 6, 7, & 8
Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or Hours Standard Price or Rate $6.00 per yard Standard Cost $ ? Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit $ 2 per direct labor-hour $? Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were...
Petrillo Company produces engine parts for large motors. The company uses a standard cost system for...
Petrillo Company produces engine parts for large motors. The company uses a standard cost system for production costing and control. The standard cost sheet for one of its higher-volume products (a valve) is as follows: Direct materials (7 lbs. @ $5.40) $37.80 Direct labor (1.75 hrs. @ $18) 31.50 Variable overhead (1.75 hrs. @ $4.00) 7.00 Fixed overhead (1.75 hrs. @ $3.00) 5.25 Standard unit cost $81.55 During the year, Petrillo experienced the following activity relative to the production of...
MNS Company produces helmets which it normally sells to retailers for $6 each. The cost of...
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l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact...
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4. "Production of an output at the lowest possible average cost" is the definition of: * OA) Allocative efficiency O B) Opportunity cost OC) Productive efficiency OD) None of above
Suppose society is producing a perfectly competitive good or service at the lowest possible cost in the long run. Which of the following must be true? Check all that apply. New firms have an incentive to enter the market. The market is resource allocatively effident. Mice (P) - marginal cost (MC) - minimum average total cost (ATC). The firms in this market are earning positive profit.
If an accountant were to calculate total cost, the accountant would be sure to include only implicit costs. Oinclude only explicit costs include both implicit and explicit costs include neither implicit nor explicit costs. D | Question 5 A business pays incom taxes on O its economic profht. O its accounting proft O its marginal revenue. its total revenue. D Question 6 The choices regarding future production for a business owner is most influenced by her O economic costs. O...
QUESTION 14 Cuevas Company produces magic swords. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2014: Standard/Budgeted Data Material y lb. @ $15.00 per Labor 1.2 hrs. @ $12 per Fixed overhead $62,000 Variable $11 per unit overhead Production 2,000 units Actual Data Produced 12,100 units Materials 1,050 lbs. for $14,700 purchased Materials used 1,080 lbs. Labor worked 12,500 hrs. costing $29,375 Overhead $82,000 How much is the...
I only need 4, 6, 7, & 8
Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or Hours Standard Price or Rate $6.00 per yard Standard Cost $ ? Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit $ 2 per direct labor-hour $? Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
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