Increases in the Wage Rates of Coal Miners and Decreases

question 57

Multiple Choice

Increases in the wage rates of coal miners and decreases in the price of natural gas would cause the price of coal to

• A)rise,fall,or remain unchanged depending on the magnitude of the changes,but the equilibrium quantity of coal would fall.
• B)rise,fall,or remain unchanged depending on the magnitude of the changes,but the equilibrium quantity of coal would increase.
• C)rise,but the equilibrium quantity of coal would rise or fall depending on the magnitude of the changes.
• D)rise,but the equilibrium quantity of coal would fall.
• E)fall,but the equilibrium quantity of coal would rise or fall depending on the magnitude of the changes.

Calculate total product costs for financial reporting purposes.

Understand the calculation of total variable costs and cost per unit.

Identify and calculate fixed manufacturing costs.

Calculate the contribution margin per unit.

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