Match each term on the left with the best definition on the right. Note: Not all definitions will be used. A detailed record of costs incurred to complete a specific job. A source document that shows how a worker spent time each week. An accounting system used by companies to make standardized or homogeneous products or services. An accounting system used by companies that offer customized or unique products or services. Major inputs that can be directly and easily traced to a product, job or service. Hands-on work that goes into producing a product, job or service. Costs not easily traceable to producing a product, job or service. The amount of actual overhead is greater than the applied overhead. A form that lists the quantity of direct materials to be used in a job. Indirect costs that are allocated to each job. Estimated manufacturing overhead divided by estimated cost driver. A measure that causes or influences the incurrence of a cost. Total cost divided by units produced. The amount of actual overhead is less than the applied overhead. Actual direct materials plus actual direct labor plus applied manufacturing overhead.

Suppose that fixed costs for a firm in the automobile industry (start-up costs of factories, capital equipment, and so on) are $5 billion and that variable costs are equal to $17,000 per finished automobile. because more firms increase competition in the market, the market price falls as more firms enter an automobile market, or specifically, , where n represents the number of firms in a market. assume that the initial size of the u.s. and the european automobile markets are 300 million and 533 million people, respectively.a. calculate the equilibrium number of firms in the u.s. and european automobile markets without trade.b. what is the equilibrium price of automobiles in the united states and europe if the automobile industry is closed to foreign trade? c. now suppose that the united states decides on free trade in automobiles with europe. the trade agreement with the europeans adds 533 million consumers to the automobile market, in addition to the 300 million in the united states. how many automobile firms will there be in the united states and europe combined? what will be the new equilibrium price of automobiles? d. why are prices in the united states different in (c) and (b)? are consumers better off with free trade? in what ways?