Tercer reports the following for one of its products. direct materials standard (4 lbs. @ $2 per lb.) $ 8 per finished unit actual direct materials used (aq) 300,000 lbs. actual finished units produced 60,000 units actual cost of direct materials used $ 540,000 aq = actual quantity sq = standard quantity ap = actual price sp = standard price compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance.

Alaska king crab fishing in the 1960s and '70s was a dangerous but rich fishery. boats from as far away as california and japan braved the treacherous gulf of alaska crossing to reach the abundant king crab beds in cook inlet and bristol bay. suddenly, in the early 1980s, the fishery crashed due to over fishing. all crabbing in those areas ended. to this day, there is no crabbing in bristol bay or cook inlet. a. how would an economist explain the decline of the alaska king crab fishery