Figure 15-15 
Figure 15-15 shows the cost and demand curves for the Erickson Power Company.
-Refer to Figure 15-15. If the government regulates Erickson Power Company so that the firm can earn a normal profit, the price would be set at ________ and the output level is ________.
Definitions:
Direct Materials Cost
The cost of raw materials that are directly traceable to a finished product and an essential part of manufacturing the product.
Transfer of Completed Goods
The movement of goods that have been finished in the manufacturing process from the production area to inventory or directly to sales.
Work in Process
Inventory consisting of goods that are in the process of being produced but are not yet finished.
Finished Goods
Finished goods are products that have completed the manufacturing process and are ready to be sold to customers.
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