The following data have been provided by XYZ Corporation, a company that produces forklift trucks: Budgeted production 3,400 trucks Standard machine-hours per truck 2.9 machine-hours Standard supplies cost $ 1.50 per machine-hour Actual production 3,800 trucks Actual machine-hours 10,930 machine-hours Actual supplies cost (total) $ 17,496 Supplies cost is an element of variable manufacturing overhead. The variable overhead efficiency variance for supplies cost is:

Variable overhead efficiency variance= $135 favorable

Explanation:

Giving the following information:

Standard supplies cost $ 1.50 per machine-hour

Standard machine-hours per truck 2.9 machine-hours

Actual production of 3,800 trucks

Actual machine-hours 10,930 machine-hours

To calculate the variable overhead efficiency variance, we need to use the following formula:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Variable overhead efficiency variance= (2.9*3,800 - 10,930)*1.5

Variable overhead efficiency variance= (11,020 - 10,930)*1.5

Variable overhead efficiency variance= $135 favorable

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answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.