Bailey Corporation manufactures orange safety suits for road workers. The following information relates to the corporation's purchases and use of material for April: Material purchased 10,000 yards Material used in production 10,000 yards Standard material allowed for suits produced 10,800 yards Its materials quantity variance for April was $6,000 Favorable. What does the company use as a standard price per yard of material for its safety suits

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.

Suppose the production function in an economy is y = k0.5l0.5, where k is the amount of capital and l is the amount of labor. the economy begins with 64 units of capital and 16 units of labor. use a calculator and equations in the chapter to find a numerical answer to each of the following questions. what are the wage and the rental price of capital? the wage is equal to unit(s) of output and the rental price of capital is equal to unit(s) of output.

When a market is in equilibrium, the buyers are those with the willingness to pay and the sellers are those with the costs.