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What else can I help you with?
After you set a price for your product you discover that your competitors are selling the same thing at a significantly lower price. One reasonable option you have is to?
The best to do in this case is to find a way to cut costs. This may mean buying from a different source, or lowering over head costs.
What is the Differences between internal and external cost?
Internal costs are costs that a business bases its price on. External costs are costs that are not included in what the business bases its price on Nicodem
What factors contribute to determining the real price of a good or service?
The real price of a good or service is determined by factors such as supply and demand, production costs, competition, and government regulations. These factors influence the market forces that ultimately set the price at which a good or service is bought and sold.
What can affect the cost of production causing a change in supply?
The cost of production can be affected by various factors, including changes in the price of raw materials, labor costs, and operational expenses. For instance, an increase in the cost of raw materials can lead to higher production costs, prompting producers to decrease supply. Additionally, technological advancements can lower production costs, potentially increasing supply. Regulatory changes, such as new taxes or compliance requirements, can also impact production costs and supply levels.
What is total revenue minus total costs?
Total revenue minus total costs is the total profit of a producer. This can be increased by increasing the price, decreasing the costs while keeping the price constant and/or increasing the sales of the product or service.
What was an effect of the war on the Northern Businesses?
they had increased costs for materials.
What is conversion costs?
Pricing is based on direct labor and overhead. Materials does not affect pricing. Example: Your customer provides materials used in production.
How are the costs of coveyancing set?
Conveyancing involves reselling mortgages and of reselling properties. The costs of conveyancing vary according to the price of the property one is intending to sell.
In construction which is the proper term for the cost of construction material is it price or cost?
Cost is the correct term to use, whether it be direct costs such as materials and labor or indirect costs such as overhead or supervision.
If a store uses a selling price - based markup of 40 and an item costs the store $300 what selling price would the store set for the item?
420
If a store uses a selling price based markup of 40 percent and an item costs the store 300 what selling price would the store set for the item?
420
If a store uses a selling price- based markup of 40 percent and an item costs the store 300 what selling price would the store set for the item?
420
Waste on the production line will result in a materials price variance?
Waste on the production line can indeed lead to a materials price variance, as it indicates that more raw materials are being consumed than planned. This discrepancy can cause actual costs to differ from budgeted costs, affecting overall profitability. Additionally, if the waste is significant, it may necessitate purchasing additional materials, further impacting financial performance. Monitoring and reducing waste is essential for maintaining cost efficiency in production.
After you set a price for your product you discover that your competitors are selling the same thing at a significantly lower price. One reasonable option you have is to?
The best to do in this case is to find a way to cut costs. This may mean buying from a different source, or lowering over head costs.
What costs other than direct materials costs and direct labor costs incurred in the manufacturing process are classified as?
Indirect costs(salaries, materials not directly involved in manufacturing), period costs(selling and admin costs)
How do you calculate material price variances and what are the possible reasons for such variances?
Following are the causes of material price variance: 1.There could have been recent changes in purchase price of materials. 2.Price variance can be due to substituting raw materials different from the original material specification. 3.Price variance can be attributed to the non availability of cash discounts which was originally anticipated at the time of setting the price standards. 4.Changes in transportation costs and storekeeping costs can also be contributing factors to material price variance.
How can I get a good price for Phoenix University?
The prices for online courses are usually set. However you can try to get scholarships and grants to offset the costs.
