The accounting records of omar company contained the following information for last year: beginning ending direct materials $9,000 $7,000 work in process $17,000 $31,000 finished goods $10,000 $15,000 manufacturing costs incurred direct materials $72,000 overhead $24,000 direct labor cost (10,000 $80,000 $10,000 $12,000 $8,000 cost of goods $157,000* * selling and administrative costs incurred $35,000 $20,000 $25,000 *does not include over- or underapplied overhead. q1. the amount of direct material purchased during the year was:

Marketing1. suppose the average price for a new disposable cell phone is $20, and the total market potential for that product is $4 million. topco, inc. has a planned market share of 10 percent. how many phones does topco have the potential to sell in this market? 20,0002. use the data from question 3 to calculate topco, inc.'s planned market share in dollars. $400,0003. atlantic car rental charges $29.95 per day to rent a mid-size automobile. pacific car rental, atlantic's main competitor, just reduced prices on all its car rentals. in response, atlantic reduced its prices by 5 percent. now how much does it cost to rent a mid-size automobile from atlantic? $28.45

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.

Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncertainty.