In a business, a cost function describes the total cost associated with a given level of production. A revenue function describes the amount of money received at a given level of production. These two functions form a system of equations. The solution of this system is called the break-even point. It is the level of production for which revenue equals cost. Business is profitable only if revenue is greater than the cost. suppose the system of equations containing the revenue and the cost of functions is an inconsistent system. What does this mean in the context of businesses?
a. The business will sell a lot of products
b. The business will sell products for a very high price.
c. The business will never profit
d. The business will make lots of products
Answers: 1
Business, 21.06.2019 23:00
Which of the following statements about the relationship between economic costs and accounting costs is true? multiple choice accounting costs are equal to or greater than economic costs. accounting costs must always equal economic costs. accounting costs are always greater than economic costs. accounting costs are always less than or equal to economic costs.
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Business, 22.06.2019 11:00
Your debit card is stolen, and you report it to your bank within two business days. how much money can you lose at most? a. $500 b. $25 c. $50 d. $150
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Business, 22.06.2019 17:10
Calculate riverside’s financial ratios for 2014. assume that riverside had $1,000,000 in lease payments and $1,400,000 in debt principal repayments in 2014. (hint: use the book discussion to identify the applicable ratios.)
Answers: 3
Business, 22.06.2019 23:30
Miller company’s total sales are $171,000. the company’s direct labor cost is $20,520, which represents 30% of its total conversion cost and 40% of its total prime cost. its total selling and administrative expense is $25,650 and its only variable selling and administrative expense is a sales commission of 5% of sales. the company maintains no beginning or ending inventories and its manufacturing overhead costs are entirely fixed costs. required: 1. what is the total manufacturing overhead cost? 2. what is the total direct materials cost? 3. what is the total manufacturing cost? 4. what is the total variable selling and administrative cost? 5. what is the total variable cost? 6. what is the total fixed cost? 7. what is the total contribution margin?
Answers: 3
In a business, a cost function describes the total cost associated with a given level of production....
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