1.Please, give the definitions of Total Cost (TC), Total Variable Cost (TVC), Total Fixed Cost (TFC), and Marginal Cost (MC). What is the “diminishing marginal utility” and “diminishing marginal returns? Explain each concept separately to see the difference between them. If you wish, you may give examples in order to empower your answer.

1. What is the relationship between price elasticity of demand and total revenue?

2.You are the manager of a theater. At present the theater charges the same admission price of $8 to all customers, regardless of age. You propose a two-tier pricing scheme: $5 for children under the age of 12 and $10 for adults. You tell your supervisor that your proposal is likely to increase revenue. What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.

3. If pilots and flight attendants agree to wage and benefit reductions in the wake of the financial difficulties in the airline industry, what impact would this have on the supply and demand in the market for airline service, assuming no other changes take place in this market?

Use your own words to explain， thank you.

Tiger Furnishings produces two models of cabinets for home theater components, the Basic and the Dominator. Data on operations and costs for March follow:

Tiger Furnishings’s CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company’s cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related to machine-hours.

The analysis of overhead accounts by the cost accountant follows:

Required:

b. Compute the product costs per unit assuming that Tiger Furnishings uses direct labor costs and machine-hours to allocate overhead to the products. (Do not round intermediate calculations.)

   BASIC DOMINATOR    TOTAL

PRODUCT COSTING
DIRECT MATERIAL    ?    ? ?
DIRECT LABOR    ?    ? ?
OVERHEAD
MACHINE-RELATED    ? ? ?
LABOR-RELATED    ?    ? ?
TOTAL-OVERHEAD    ?    ? ?
TOTAL COST ?    ? ?
UNITS PRODUCED    ? ?
UNIT COST    ?    ?

ALL THE ONES WITH QUESTIONS MARKS REQUIRED ANSWERS THANK YOU

  

- The average total cost of production

a) equals total cost of production multiplied by the level of output.

b) equals total cost of production divided by the level of output.

c) equals the explicit cost of production.

d) is the extra cost required to produce one more unit.

- The law of diminishing marginal returns

a) ultimately explains why production displays diseconomies of scale.

b) sets in because not all workers are equally productive

c) applies only in the short run.

d) holds even when there are no fixed factors.

- The law of diminishing marginal returns

a) causes the difference between average total cost and average variable cost to get smaller as output increases.

b) explains why the average total cost and marginal cost curves are U-shaped in the short run.

c) explains why the average total cost, average fixed cost, and the marginal cost curves are U-shaped in the short run.

d) causes average total cost to rise at a decreasing rate as output increases.

Total cost of ownership for a personal vehicle

Compare the total cost of ownership for the purchase of two personal vehicles of your choice (use two that are currently for sale!). One vehicle should be a new car, while the second should be a used car that would serve as a reasonable substitute for the new car (i.e. don’t compare a Civic and Tahoe… you don’t have to compare the same exact vehicle model, but make sure they are in the same ‘class’).

What costs should you include?Maintenance/repairs, motor vehicle taxes, insurance, fuel… plus anything else you believe is relevant. This is going to require extra research, including things such as miles per gallon calculations, typical maintenance/repair needs, average insurance costs, and local motor vehicle tax information.

Also consider how long you expect your ownership period to be… will you drive the vehicles until they fall apart? Or will you trade it in after several years? Regardless of which you choose, you should estimate a salvage value at the end of your ownership period (again, this salvage value estimate will require some research into expected resale values).

1. Provide a description of vehicle #1, a new car. Calculate its total cost of ownership, being as detailed as possible in your costs.

Calculate the Net Present Value of this series of cash flows using a discount rate of 4%.

Calculate the Net Present Value of this series of cash flows using a discount rate of 7%.

A food services manager for a baseball park wants to know if there is a relationship between gender (male or female) and the preferred condiment on a hot dog. The following table summarizes the results. Test the hypothesis with a significance level of 10%.

Although there are a variety of definitions for this group, Baby Boomers are typically considered the generation that were born following World War II baby boom. It is generally agreed that the group consists of individuals born between the 1940s to the early 1960s.

With this in mind, do a little research and post statistics about the baby boomer generation. As always, please remember to post your sources.

Posa Hotels, Inc., has a sixth night free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5. Rooms at Posa Hotels cost $300 per night. In 2019, Posa had a total of 100,000 paid room-nights and collected a total of $30 million from customers. Also in 2019, customers redeemed a total of 10,000 free room-nights. Some of the room-nights awarded were based on customers paid nights from previous years and some were based on paid nights from the current year. Required: Prepare journal entries to record revenue for 2019 for Posa. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1)Prepare the entry to record the revenue recognized for the nights paid by customers. 2)Prepare the entry to record the revenue recognized for the free nights redeemed by customers.

You are ordering a new home theater system that consists of a TV, surround sound system, and a DVD player. You can choose from 6 different TV's, 23 different surround sound systems, and 22 types of DVD players. How many different home theater systems can you build?