Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Pork Tomatoes Farmer 6 3 4 8 Rancher 4 4 16 6 Refer to Table 3-23. Without trade, the farmer produced and consumed 2 pounds of...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,000 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,700 lbs. $ 0.37 per lb. Vinegar 90 gal. $ 2.30 per gal. Corn syrup 8 gal. $ 8.20 per gal. Salt 36 lbs. $ 2.10 per...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,000 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,700 lbs. Vinegar $ 0.45 per Ib. $ 2.70 per gal. $ 10.00 per gal. $ 2.50 per lb. 90 gal. 8 gal. 36 lbs. Corn syrup...
(Five parts; 12 marks in total): A study was conducted to test the effect of fertilizer and irrigation on tomato crop yield. Two types of fertilizers (Fertilizer A and Fertilizer B) and five levels of irrigation (100, 150, 200, 250, and 300 mm) were applied. For each combination of these factors, 5 replicate plots of tomatoes of the same variety...
Suppose Spain can produce 1200 pounds of olives or 1600 pounds of tomatoes each week and that Italy can produce 800 pounds of olives or 800 pounds of tomatoes each week. Which country has the absolute advantage in olives? Which country has the absolute advantage in tomatoes? If the Theory of Comparative Advantage is utilized what good(s) will each country...
1. Potato growers have a mandatory demand expansion program where all growers pay a certain amount to fund a promotion program for tomatoes. You have estimated the following market supply and demand functions for potatoes, which include a demand shifter for generic potato promotion: Qd = 15 - P + 0.1PROM Qs = 5 + 2.5P TC = 0.2Qs where:...
TS nortunately, any cases not sold by the end of the month are of no value, due to spoilage. How many cases of cheese should Jason manufacture each month? 3-27 Farm Grown, Inc., produces cases of perishable food products. Each case contains an assortment of veg- etables and other farm products. Each case costs $5 and sells for $15. If...
Part 2: Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer were as follows: Product Cases Additional Costs Selling Price Ketchup 100.000 $3.00 per case $28...
47 47) Researchers are using heirloom tomato genetic analysis to A) find the last common ancestor of all extant tomatoes B) stop the tomato homworm pest C) clone tomato genes into grains, making pasta with sauce included D) genetically modify hot house tomatoes for better taste
1. Assume that the (weekly) market demand and supply of tomatoes are given by the following figures: Price (£ per kilo) 4.00 3.50 3.00 2.50 2.00 1.50 1.00 Qa (000 kilos) 30 35 40 45 50 55 60 Q. (000 kilos) 80 68 62 55 50 45 38 (a) What are the equilibrium price and quantity? (b) What will be...