-Use the Gantt Chart and Activity List to Determine Which

question 27

Multiple Choice

-Use the Gantt chart and activity list to determine which resource is used the least. $$\begin{array} { | l | l | l | l | } \hline \text { Activity } & \text { Resources } & \text { Activity } & \text { Resources } \\\hline \mathbb { R } & 5 & \mathrm { M } & 1 \\\hline \mathrm { H } & 1 & \mathrm {~K} & 4 \\\hline \mathrm { G } & 5 & \mathrm {~T} & 3 \\\hline \mathbb { F } & 2 & \mathrm { P } & 1 \\\hline \mathrm { B } & 2 & \mathrm {~S} & 2 \\\hline \mathrm { T } & 4 & \mathrm {~W} & 3 \\\hline\end{array}$$

• A) Resource 1
• B) Resource 2
• C) Resource 4
• D) Resource 5

Understand the basic concept and conditions necessary for the Coase theorem to apply in resolving externalities.

Identify the role of taxes, subsidies, and government intervention in addressing external costs and benefits associated with production.

Recognize the impact of externalities on social costs, social benefits, and the efficiency level of production.

Explore the implications of property rights, legal frameworks (injunctions, liability rules), and collective bargaining on addressing externalities.

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Definitions:

Unfavourable Variance

A financial term referring to a situation where actual costs are higher than planned or budgeted costs, or actual revenue is lower than forecasted revenue.

Standard Costing

A cost accounting technique that uses predetermined costs for assessing the performance of processes and employees by comparing these standard costs against the actual costs incurred.

Seasonal Pattern

The fluctuation in data or activities that occur regularly each year in a predictable manner.

Stable Product Costs

Costs that remain consistent over time without significant fluctuations, making budgeting and pricing strategies more predictable.