Falk Corporation has a joint process,which produces three products,Slow,Fast and Faster.Each product may be sold at split-off or processed further and then sold.Joint processing costs for a year are $30,000.Other relevant data are:
Required:
A)Which products should be processed further? Why?
B)If the Falk Company maximizes profits,what is the operating income?
Definitions:
Total Social Benefit
The total benefit to society from producing or consuming a good, including both private benefits and any external benefits.
Total Individual Benefit
The total value or satisfaction that an individual derives from consuming a particular quantity of goods or services.
Marginal Benefit
The supplementary enjoyment or advantage gained by consuming another unit of a good or service.
Marginal Social Benefit
The additional benefit received by society as a whole from the production or consumption of one more unit of a good.
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