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Labour Rate and Efficiency Variances
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A popular product of Loring Glassworks is a hand decorated vase. The company's standard cost system calls for 0.75 hours of direct labour per vase, at a standard wage rate of $8.25. During September, Loring Glassworks produced 4000 vases at an actual direct labour cost of $24,464 for 2,780 direct labor hours. What is the actual wage rate per hour? Compute the labor rate and efficiency variances for the month. Was paying workers the actual wage rather than the standard wage an efficient strategy for Loring?
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
What price will the monopolist charge and how much output will he produce? Sketch a diagram of this market and show the equilibrium price and quantity. In addition, calculate the firm's profits.
The economy of a country called Econoland is described by the following desired aggregate expenditure components (all figures in billions of $). For the purposes of this question, the first set of equations will be referred to as fiscal policy1.
Explain International Monetary System
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
Explain what accounts for the Hong Kong Monetary Authority behaving differently than the other central banks in emerging Asia.
Explain why cannot nations like Greece or Spain use quantitative easing as a means to stimulate their economies.
What are the firm's fixed costs? What is the firm's marginal cost? Now suppose other firms in the market sell the product at a price of $10.
Consider the Bertrand model with no product differentiated in which each firm has a positive and fixed sunk cost F and zero marginal cost. What are the equilibrium prices and profits? Illustrate your result on a proper diagram.
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
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