An increase in the price of steel to producers of refrigerators will cause

a) the quantity demanded for steel to increase
b) the demand for refrigerators to decrease
c) the quantity supplied of refrigerators to increase
d) the supply curve for refrigerators to shift left

Gibson's bodywork does automotive collision work. an insurance agency has determined that the standard time to replace a fender is 2.5 hours (i.e., "standard output" 0.4

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.