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What is the general trend of trade barriers over recent decades: higher, lower, or about

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor ISBN: 9781938168239 470

Solution for problem 33 Chapter 34

Principles of Economics | 1st Edition

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Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Principles of Economics | 1st Edition

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Problem 33

What is the general trend of trade barriers over recent decades: higher, lower, or about the same?

Step-by-Step Solution:
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Managerial Accounting Chpt 2 Concepts Cost Object: -Anything for which managers want a separate measurement of cost -Direct cost: Can be easily and directly traced to a cost object -Indirect Cost: Relates to but cannot be easily and directly traced to a cost object. Period Cost: Prime and Conversion Costs: Controllable and Uncontrollable Costs: -Controllable: Management can influence or change cost -Uncontrollable: Management cannot change or influence cost in the short run Relevant and Irrelevant Costs: -Relevant: Differential costs, which are costs that differ between alternatives -Irrelevant: Costs that do not differ between alternatives or sunk costs: costs incurred in the past that cannot be changed. Cost Behavior: -Variable Costs: Change in total cost in direct proportion to changes in volume -Fixed Costs: Stay constant in total cost over a wide range of activity levels Total Variable Costs: Assume we pay 5% sales commissions on all sales The cost of sales commissions increases proportionately with increases in sales. Total Fixed Costs. Stay constant in Total over a Wide Range of Activity Levels Total Cost -Total cost= Fixed Costs + (Variable cost per unit x number of units) Example: Fixed costs = $20,000 Variable cost per unit = $50 per unit Number of units = 100 Total cost = $20,000 + ($50 x 100)

Step 2 of 3

Chapter 34, Problem 33 is Solved
Step 3 of 3

Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

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What is the general trend of trade barriers over recent decades: higher, lower, or about