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Explain what each of the following variances indicates,and discuss what conditions might have caused each variance.
Direct material price variance: $1,000 U
Direct material quantity variance: $1,500 F
Direct labor rate variance: $800 F
Direct labor efficiency variance: $300 U
Externalities
Economic side effects or by-products that affect an uninvolved third party; can be positive or negative.
Pollution Abatement
Measures and processes undertaken to reduce, control, or eliminate pollution from various sources.
Optimal Amount
The quantity of a good or service that yields the highest utility or benefits under specific conditions.
Moral Hazard
A situation in economics where one party is more likely to take risks because another party bears the costs of those risks.
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