For Each of the Following Cost Standards, Indicate Which Manager

question 169

Essay

For each of the following cost standards, indicate which manager is responsible for the standard, and list one factor that should be used in setting the standard.
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$$\begin{array} { | l | l | l | } \hline \text { Cost standard } & \text { Responsible manager } & \text { Factor used in setting the standard } \\\hline \text { Direct materials } & & \\\\\hline \text { Direct labor } & & \\& & \\\hline\end{array}$$

Assess the impact of taxes on the equilibrium price paid by consumers and received by producers.

Understand the concept of elasticity and how it affects market outcomes.

Calculate equilibrium prices and quantities in markets for various goods.

Understand the concept of Pareto efficiency and its relevance to economic scenarios.

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Definitions:

Total Variable Costs

The overall expenses that change in proportion to the activity of a business, such as production volume or units of service delivered.

Total Fixed Costs

The sum of all costs that remain constant regardless of the level of production or output within a specific period.

Total Variable Costs

The sum of all costs that vary directly with the level of production or output, excluding fixed costs.

Total Costs

Total costs encompass the sum of all expenses incurred by a business in the production and sale of goods or services.