Vicky Torres and Juanita Alva were the first in line at Best Buy during a Black Friday sale so that they could secure a large-screen TV, which was normally $499 and was advertised on sale at $199. Because they arrived three weeks early, they ended up waiting in line for a total of 500 hours! The authors of your textbook found their choice puzzling because of the high opportunity cost in this scenario. The authors say:

Individual consumers belong to which step of choosing a target market? possible customers competition demographics communication

The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. the equivalent units of production (eup) for the period were 9,000 for direct materials and 6,000 for conversion. the costs per eup were:

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.