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Are standards designed to evaluate price and quantity variances separately?
True
When computing standard cost variances the difference between actual and standard price multiplied by actual quantity yields what?
Price Variance
What is cost price variances?
Price variance is the actual unit cost minus the standard unit cost, multiplied by the actual quantity purchased. The variance is said to be unfavorable if the actual price of the materials is higher than the standard price of the materials.
How do you find equilibrium quantity and price?
Quantity and price are proportional .as the price increases ,quantity is increases .as quantity is less and cheap then the market price fell down..example are cellphone ,electronics items etc.
If the price is less than the equilibrium price what is the relatiionship of quantity supplied to quantity demanded?
If the price is low, suppliers may well not wish to supply the full quantity that is demanded by consumers.The quantity demanded and quantity supplied determines the equilibrium price in the market. The quantity where these two are equal, that is where the market price is set.
Why are variances generally segregated in terms of a price variance and an efficiency variance?
Efficiency Varian materials and direct labor, the variances were recorded in specific general ledger accounts.
At equilibrium price the quantity is demanded always equal to the quantity supplied?
Yes, the equilibrium price equates the quantity supplied to the quantity demanded.
When quantity demanded is greater than quantity supplied the price will?
the price increase
A decrease in demand will have what effect on equilibrium price and quantity?
There will be a decrease in price and quantity.
What is the price called at which the quantity demanded is equal to the quantity supplied?
equilibrium price
What equilibrium price and equilibrium quantity?
equilibrium price and equilibrium quantity?: equilibrium price: When the price is above the equilibrium point there is a surplus of supply The market price at which the supply of an item equals the quantity demanded Price at which the quantity of goods producers wish to supply matches the quantity demanders want to purchase sa madaling salita supply=demand=price equilibrium quantity: Amount of goods or services sold at the equilibrium price The quantity demanded or supplied at the equilibrium price. supply=demand ayos?
Economics what is the arc elastic?
measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
