Table 3-23 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 Pork Pounds Produced in 24 Hours Pork Tomatoes omatoe:s Farmer Rancher 4 4 9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available....
The market for tomatoes is perfectly competitive. The equilibrium price in the market is $4.60/kg. When Tom the tomato farmer produces 10,000kg he has an average total cost of $5/kg, a marginal cost of $4.20/kg, and an average variable cost of $4.20/kg. In the short run Tom should: Select one: a. shut down, because he is losing money. b. produce...
3. Using the midpoint method The following graph shows two known points (X and Y) on a demand curve for tomatoes 10 II Demand 10 203050 00 0 8 100 QUANTITY (Thousands of pounds of tomatoes) 10 II Demand 10203° 40 50 60 70 BO 90 100 QUANTITY (Thousands of pounds of tomatoes) According to the midpoint method, the price...
Carrots (pounds) Tomatoes (pounds) 4 or 6 Huey Steve 9 or 1 Huey and Steve can grow carrots or tomatoes. The table above shows the pounds of carrots and tomatoes Huey and Steve can grow in a week. For example, if Huey only grows carrots in a week, the maximum he could produce is 4. If Huey only grows tomatoes...
3.1 There are two countries, the US and Canada. The two countries produce tomatoes and corn. A US worker can produce 200 pounds of tomatoes or 50 bushels of corn per year. The US has 300 workers. Canadian workers can produce 160 pounds of tomatoes or 20 bushel of corn per year. Canada has 30 workers. a. Which country has...
Assume that it takes John Connor 8 labor units to produce a tomato and 4 to produce a squash in his garden. It takes Sarah Connor 15 labor units to produce a tomato and 3 to produce a squash in her garden. a. Which Connor has an absolute advantage in the production of tomatoes? b. Which Connor has an absolute...
Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 5,000 lbs. $0.75 per lb. Vinegar 350 gal. 0.90 per gal. Corn syrup 40 gal. 7.50 per gal. Salt 125 lbs. 1.80 per lb. The actual...
Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,900 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,200 lbs. $ 0.52 per lb. Vinegar 180 gal. $ 3.20 per gal. Corn syrup 15 gal. $ 11.60 per gal. Salt 72 lbs. $ 2.90 per lb. The actual materials in a...
Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,400 pounds) has the following standards Standard Quantity Standard Price $ 0.54 per lb $ 3.30 per gal $12.00 per gal $ 3.00 per lb Whole tomatoes Vinegar Corn syrup Salt The actual materials in a batch may vary from the standard due to tomato...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,400 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,300 lbs. $ 0.51 per lb. Vinegar 130 gal. $ 3.10 per gal. Corn syrup 11 gal. $ 11.30 per gal. Salt 52 lbs. $ 2.80 per...