Other Economics Answers

The following is the condensed information from the records of Hilal Manufacturing Company for the month of December 2021.

5000 units in process December 01, 2021 (40% Completed to material & 60% to CC)​Rs. 30,000

Cost incurred during December

Direct Material​​​​​​​​​​Rs. 74,000

Labor​​​​​​​​​​​Rs. 57,600

Applied FOH​​​​​​​​​​Rs. 43,200

The Company has started 13,000 units in December 2021. There are 3000 units in process at the end of month which is 60% completed to material and 80% completed to CC.

Required:

Prepare cost of production report of the company for the month of December 2021 using FIFO method.

Explain, briefly using as many examples as possible how conservationists and other private individuals were able to increase the amount of environmental quality, though it is a public good, by the use of permits, credits, or certification.

The utility function of a consumer from consumption of  Q1 units of good x1 and Q2  units  of good  is given by U(Q1,Q2) =5 lnQ1 + 2 lnQ2 , while the unit price of good x1 is 4 dollars while that of good x2 is 2. Find the combination of  Q1 and  Q2 which will maximize the utility function with the budget constraint of 28 dollars. 

Required 

a) Write the mathematical model.  

b) Write the Lagrange function. 

c) Test the output level using second order condition. 

d) Find the Lagrange multiplier and interpret it.

. A monopolist has the following weekly total revenue and total cost function (R) = 30Q- Q^2 and (C )= Q^3 -15Q^2+10Q+100, respectively in dollars.

a) Find the level of output that maximizes the profit?

b) Find the maximum weekly profit?

c) Find the point elasticity of demand at equilibrium level of output?

Read the case to answer the following questions:

Case: The Ford Pinto | Business Ethics (uncg.edu)

Suppose you are trying to determine whether to go ahead with the existing Pinto design or to delay production and redesign. Taking a shareholder approach (Friedman), what action should you take given the information you have at the time of the decision and why? Taking a stakeholder approach (Freeman), what action should you take, and why?

Word Limit: paragraph of 250 words

Suppose you are a monopolist and find that the demand elasticity of your product is different in two markets what would be your pricing strategy

June 30, 2021, a flash flood damaged the warehouse and factory of a particular manufacturing company, completely destroying the work in process inventory. There was no damage to either the direct materials or finished goods inventories. A physical inventory taken after the flood revealed the following costs Direct material $62,000Work in process -0-Finished goods 119,000The inventory on June 1, 2021, consisted of the following Direct material $30,000Work in process 100,000Finished goods 140,000A review of the records disclosed that the gross margin historicallyapproximated 25% of sales. The sales for the first six months of 2021 were $340,000. Direct material purchases were $1150,000. Direct labor costs for this period were $80,000, and manufacturing overhead has historically been 50% of direct labor hour.Required: Compute the cost of work in process destroyed on June 30, 2021

Latin Corporation’s breakeven point in revenues is $1,000,000 and fixed costs is $400,000Required: 1)Compute the contribution margin ratio2)Compute the selling price if variable costs are $12 per unit3)Suppose 80,000 units are sold, compute the margin of safety

Show diagrammatically the impact on the firm's profit if in the short run demand or the product reduces

Explain why Microeconomic and Macroeconomic issues should be treated at different levels