Rand Company had May operations as follows. Units actually produced 76,000 Actual direct labor hours worked 160,000 Actual variable overhead incurred $500,000 Actual fixed overhead incurred 384,000 Based on monthly normal volume of 100,000 units (200,000 direct labor hours), Rand's standard cost system contains the following overhead costs:
Variable $6 per unit
Fixed 4 per unit
The unfavorable variable overhead spending variance was:
A. 12,000
B. 20,000
C. 24,000
D. 44,000

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

When the federal reserve buys bonds from or sells bonds to member banks, it is called monetary policy reserve ratio interest rate adjustment open market operations

What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?