After trying on a dress, a consumer assesses it to be worth a maximum of $100 and is willing to pay that amount for the dress. However, the dress was priced at $80. What is the amount, $100, referred to as?
A. the consumer surplus
B. the producer surplus
C. the firm's cost (C) in manufacturing the dress
D. the value (V) the consumer attaches to the dress
Answer: D
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Identify the phenomenon in which the conventional functional relationship assumed is that unit costs are a decreasing function of accumulated experience, or production volume
A) the regression curve B) the experience curve C) the Chasm model D) Parfitt-Collins model
Sevenbergen Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit$92Budgeted unit sales (all on credit): July 9,000August 11,300September 10,400October 10,800? Raw materials requirement per unit of output 4poundsRaw materials cost$1.00per poundDirect labor requirement per unit of output 2.8direct labor-hoursDirect labor wage rate$22.00per direct labor-hourVariable selling and administrative expense$1.50per unit soldFixed selling and administrative expense$70,000per month?Credit sales are collected: 40% in the month of the sale 60% in the following month?Raw materials purchases are paid: 30% in the month of purchase 70% in the
following month?The ending finished goods inventory should equal 20% of the following month's sales. The ending raw materials inventory should equal 30% of the following month's raw materials production needs.?The estimated selling and administrative expense for August is closest to: A. $86,950 B. $57,970 C. $70,000 D. $16,950
Describe the three strategic roles for union leaders. What are the major challenges for a union leader in each role with regard to labor relations?
What will be an ideal response?
The failure to speak out when an ethical or legal lapse occurs within your firm is in itself an ethical violation
Indicate whether the statement is true or false