Abbeville Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows:

Standard wage per hr. $15.00
Standard labor time per faucet 40 min.
Standard number of lb. of brass 3 lb.
Standard price per lb. of brass $2.40
Actual price per lb. of brass $2.50
Actual lb. of brass used during the week 14,350 lb.
Number of faucets produced during the week 4,800
Actual wage per hr. $14.40
Actual hrs. for the week 3,240 hrs

Determine the A detailed estimate of what a product should cost. standard cost per unit for direct materials and direct labor.

What happens when a bank is required to hold more money in reserve?

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Snuggables sells microwaveable heat packs online. their sales software collects customer/sales information and shares it with the customer service and sales departments. none of the customer complaints or suggestions reach the product development person, however. which step of the three-step processes for success is snuggables failing to use fully?