The Alfarm Corporation processes raw milk up to the split-off point where two products, cream and liquid skim, are produced and sold. There was no beginning inventory. The following material was collected for the month of February: Direct materials processed: 780,000 gallons (758,500 gallons of good product) Production: Cream 443,500 gallons Liquid skim 315,000 gallons Sales: Cream 425,500 at $110 per gallon Liquid skim 305,000 at $95 per gallon The cost of purchasing 780,000 gallons of direct materials and processing it up to the split-off point to yield a total of 758,500 gallons of good product was $2,310,000. When using a physical-volume measure, what is the approximate amount of joint costs that will be allocated to cream and liquid skim

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

10. which of the following is true regarding preretirement inflation? a. defined-benefit plans provide more inflation protection than defined-contribution plans. b. because of preretirement inflation, possible investment-related growth is increased for defined-contribution plans. c. all types of benefits are designed to cope with preretirement inflation. d. preretirement inflation is generally reflected in the increase in an employee's compensation level over a working career.

What could cause a production possibilities curve to move down and to the left? a.) a nation loses land after being defeated in a war. b.) an increase in the use of computer technology speeds up production c.) a baby boom 20 years ago results in a large number of young adults in the population today. d.) thousands of investors from overseas invest money in a nations economy.