The Following Materials Standards Have Been Established for a Particular $\quad$

question 29

Multiple Choice

The following materials standards have been established for a particular product:Standard quantity per unit of output 5.3 meters
Standard price $\quad$$\quad$$\quad$$\quad$ £ 17.20 per meter
The following data pertain to operations concerning the product for the last month:Actual materials purchased $\quad 8,100$ meters
Actual cost of materials purchased $£ 141,345$
Actual materials used in production 7,600 meters
Actual output $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 1,400 units
What is the materials price variance for the month

• A)£3,141 U
• B)£2,025 U
• C)£8,600 U
• D)£8,725 U

Differentiate between normative and positive economic statements.

Recognize the role of economists in storytelling to clarify economic theories and models.

Identify the characteristics of rational behavior in economic models.

Comprehend the function and importance of hypotheses in economic studies.

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Definitions:

Product Development Teams

Teams charged with moving from market requirements for a product to achieving product success.

Concurrent Engineering

Use of participating teams in design and engineering activities.

Design Activities

Tasks involved in conceiving, specifying, and creating a design for a product, system, or structure, including research, development, prototyping, and testing.

Concurrent Engineering

A systematic approach to integrated product development that emphasizes the parallelisation of tasks and early consideration of every aspect of the product life cycle.