How does an increase in fixed costs effect the optimal levels of production. Does the level of production decrease because the cost of production has increased. Also when drawing the diagram for this would you just shift the total cost, average cost and marginal cost curves to the right?
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Hi. How does an increase in fixed costs effect the optimal levels of production. Does the level of production decrease because the cost of production has increased. Also when drawing the diagram for this would you just shift the total cost, average cost and marginal cost
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- Exercise 3 Costs for a month in which it produced 800 units. The production manager was asked to review these costs and provide her best guess as to how they should be categorized. He responded with the following information: Total Costs Variable Costs Fixed Costs Material used in Production OMR 420000 420000 Labour, used in Production 214000 100000 114000 (Assembly and supervisor) Production Facilities cost( rent 115000 90000 250000 „Insurance, Utilities,.) Total production cost 749000 610000 139000 Required: A. Describe the production costs in the equation form Y = f + vX B. Assume Company intends to produce 1200 units next month. Calculate total production costs for the month.Suppose the government imposes a per-unit tax on the buyers of instant noodles. Does it necessarily mean that the buyers have to bear the entire tax burden? Explain with a diagram. With the above diagram, explain the impact of the per-unit tax on the consumer surplus, producer surplus and total surplus.Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods Inventory,June1 $61,600 $46,200 (e) Cost of goods manufactured 329,000 (c ) 484,800 Cost of finished goods available for sales (a) $260,400 $540,000 Finished goods Inventory ,June30 72,800 61,600 (f) Cost of goods sold (b) (d) $513,600
- Franklin Company makes fine jewelry that it sells to department stores throughout the United States. Franklin is trying to decide which of the two bracelets to manufacture. Cost data pertaining to the two choices follow. Bracelet A Bracelet B Cost of materials per unit Cost of labor per unit Advertising cost per year Annual depreciation on existing equipment %24 30 37 43 43 8,800 6,500 7,700 5,900 Required a. Identify the fixed costs and determine the amount of fixed cost for each product. b. Identify the variable costs and determine the amount of variable cost per unit for each product. c. Identify the avoidable costs and determine the amount of avoidable cost for each product.To illustrate these different approaches to Production Planning, identify to most appropriate Production Planning and Manufacturing approach the following industrial scenarios A company that manufactures tinned custard with predicted sales volumes of 6 million tins per yearNorth Pole Toys needs to decide on their newest product line for Christmas. They narrowed their options to two possibilities: Product A would incur a fixed cost of $3,000 and a variable cost of $6 per unit and sells for $7.50; Product B would incur a fixed cost of $1,200 and a variable cost of $9 per unit and sells for $10. __________4a. What is the breakeven point for each of the two products? __________4b. What is the point of indifference between the two products?
- Please only answer parts f) rank pays 50,000/year in fixed costs. If his shop sells Q cups of tea in a year, the other costs add up to be 10000/Q + Q/20000 per cup of tea What is the: a) average fixed cost, b) average total cost c) variable cost and marginal cost (derived from the the variable cost) d) the annula production level such that the average variable cost is minimised e) the difference between the marginal cost and average variable cost at this production level f) supports Frank's cafe is small and cant influence market price. If price is P=4 use the forumula for marginal cost to the find the cafe's (short-run) profit maximising quantity of tea in a year. Also, show that at profit maximising quantity, price is greater than ATC so that Frank will operateCompany DEF has a choice of two machines to purchase. They both make the same product which sells for P10. Machine A has FC of P5,000 and a per unit cost of P5. Machine B has FC of P15,000 and a per unit cost of P1. Under what conditions would you select Machine A?Standard Costing; Variance Analysis; Strategic Considerations In a Wall Street Journalarticle, the author notes that various retailers in the United States (e.g., Meijer, Gap, and OfficeDepot) are turning to consulting firms, such as Accenture, to develop engineered labor standards forcashiers and other retail workers. Monitoring labor-hour consumption (i.e., labor efficiency) undersuch standards involves timing from the first scan of an item in a customer’s purchase to the production of a sales receipt for the customer. A commentator for Meijer states that the system now in usehas enabled the company to more efficiently staff stores while concomitantly increasing customerservice ratings. A representative from another client of Accenture states that the new system allowsthe retailer to determine how many workers to schedule at a given time, resulting in a labor-costreduction of approximately 8%. Engineered standards were developed many years ago in a manufacturing environment, at…
- For a product of your choice, describe and explain the following A one or two sentence description of your chosen product: What type of demand does this firm face (dependent / independent) for this product, and why? Should the firm use the push / pull method for the production of this product, and why? Does the concept of yield management apply to this product? How? If not, why not? For a specific component / raw material necessary to produce / "create this"product, should the firm use a single-period or a multi-period inventory order model, and why? For each type of inventory (raw material inventory, work-in-process inventory, and finished goods inventory), should the firm carry any safety stock? Why? a. Product Description b. Dependent / Independent Demand c. Push / Pull d. Yield Management e. Single-period / Multi-period f. Safety Stock- Raw Material Safety Stock - Work-in-Process Safety Stock - Finished GoodsDirector of legal services of ABC Company must decide whether to hire another full-time lawyer or to hire part-time lawyers. Anticipated costs for the two options under three possible demand levels are given in the table below: States of Nature Low Medium High Alternatives Demand Demand Demand Hire full-time $460 $380 $430 Hire part- $560 $500 $770 time Probabilities 0.25 0.25 0.5 What is the EMV of the best decision? Specify only the amount. e.g. 350 Answer:The term in the airline industry may be used to refer to s situation where an empty seat is recorded on a flight. Select one: a. Marginal cost b. Overhead cost c. Marginal loss d. Revenue loss Widner Industries reports annual sales of Ghc160 million, cost of goods sold of Ghc120 million, inventory of Ghc20 million, and net income of Ghc5 million. What is Widner's annual inventory turns? Select one: a. 8 turns per year b. 6 turns per year c. 0.17 turns per year d. 4 turns per year