Wheat Inc. has an exclusive contract with an exporter. Two brands of wheat are imported, labeled AB and CD. The following data are provided for the current fiscal year:
The total market was estimated to 40,000 bushels at the time of budget. The actual total market for the year is 32,000 bushels.
What is the firm's total sales quantity variance?
Definitions:
Shrimp Sales
The commercial activity of selling shrimp, a popular seafood, either cultivated or wild-caught, in various markets.
Binding Price Floor
A government-imposed price control set above the equilibrium price, causing a surplus by preventing the price from falling to its natural level.
Hybrid Cars
Vehicles powered by a combination of an internal combustion engine and one or more electric motors, using less fuel than conventional vehicles.
Deadweight Loss
A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.
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