XYZ Company makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.5 ounces $ 2.00 per ounce $ 13.00 Direct labor 0.2 hours $ 23.00 per hour $ 4.60 Variable overhead 0.2 hours $ 6.00 per hour $ 1.20 The company reported the following results concerning this product in June. Originally budgeted output 2,700 units Actual output 2,800 units Raw materials used in production 19,380 ounces Purchases of raw materials 21,400 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 40,660 Actual direct labor cost $ 12,116 Actual variable overhead cost $ 3,100 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The direct labor rate variance for June is: Multiple Choice $616 F $616 U $550 F $550 U

Ateam of engineers has decided to design a new shoe for people suffering from a painful foot condition. what should the engineers do during the planning stage of their project? a. look at the trial's results to see how the design can be improved. b. build a variety of shoe models. c. have patients wear the new shoe in an experimental trial to see if symptoms improve. d. estimate how much potential consumers would be willing to pay for this new shoe.

What is the most direct result of free trade supplying productive resources to areas where they're most needed? a. enhanced efficiency b. lower interest rates c. increasing specialization d. greater competition 2b2t

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]