According to hong and wolak (2008), a 5% postal price increase, such as the one in 2006, reduces postal revenue by $198 million and lowers consumer surplus by $333 million. hong and wolak estimate that the elasticity of demand is minus1.6. assume that there is a constant elasticity of demand function, qequalsxp superscript negative 1.6, where x is a constant and q is the quantity of first-class stamps (in millions). in 2006, the price of a first-class stamp went from $0.37 to $0.39. given the information in the problem about the effect of the price increase on revenue, calculate x. the value for x is

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.