On September 30,the Sorting Department of Tea Works Had Beginning

question 134

Multiple Choice

On September 30,the Sorting Department of Tea Works had beginning Work-in-Process Inventory of 30,000 units which was 40% complete for materials and 35% complete for conversion costs.This means that for the beginning inventory ________ % of the materials and ________ % of conversion costs were added during October.

• A)40; 35
• B)65; 60
• C)60; 65
• D)35; 40

Identify the effects of price changes on the consumption of goods.

Deduce the slope of the budget constraint and interpret its economic implications.

Evaluate available and unavailable choices within a given budget constraint.

Explain the opportunity cost concept in the context of budget constraints.

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Definitions:

Opportunity Cost

The charge of overlooking the next most beneficial alternative while making a choice.

Consumer Goods

Goods that are produced and purchased for personal use, satisfying direct consumer wants and needs.

Opportunity Cost

Waiving the opportunity for improvement from multiple choices by deciding on one.

Linear Production

A type of production process where output increases at a constant rate as more inputs are added.