-The figure above shows the market for pizza.
a) If the price of a slice of pizza is $3, what is the consumer surplus of the 50th slice?
b) If the price of a slice of pizza is $3, what is the producer surplus of the 50th slice?
c) What is the efficient quantity? What is the equilibrium quantity? What is the deadweight loss when the equilibrium quantity is produced?
Definitions:
Predetermined Overhead Rate
A rate used to allocate manufacturing overhead costs to products or job orders, calculated before the period begins based on estimated overhead costs and activity levels.
Cost of Goods
The total cost of manufacturing or acquiring a product or service that is sold to customers.
Machine-Hour
A measure of production or operation time where costs are allocated based on the number of hours a machine is operated.
Predetermined Overhead Rate
A rate calculated before the accounting period begins, used to allocate manufacturing overhead to individual jobs.
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