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Osprey Oyster Hut is a restaurant that serves outstanding seafood. The following table provides data concerning the company’s costs (q refers to the number of meals served): Formula Cost of ingredients $17.50q Wages and salaries $33,000 Utilities $800 + $0.20q Rent $13,000 Miscellaneous $900 + $0.80q Assume that Osprey actually served [meals] meals last month. Also assume that Osprey had planned on serving 2,900 meals last month.  At the end of the month Osprey determined that they had a favorable flexible budget spending variance of $[VAR] for the Cost of Ingredients line item.  How much did Osprey actually spend on ingredients during the month? 

Questions 24 and 25 are based on the following information: The information below will be repeated with both questions for your convenience (so you do not have to go back to the original question to access the information), ABC Co. makes widgets. During the month of September, the company produced and sold 1,000 units. The company established the following cost formulas for its selling expenses:  Fixed cost per month Variable cost per unit sold Advertising $1,300        n/a Shipping expenses        n/a   $1.85  The planning budget for September was based on producing and selling 1,100 units.  Actual advertising and shipping expenses in September were $1,200 and  $2,100, respectively. What is the flexible budget spending variance related to advertising? 

In ancient Egypt, the Bronze Law set maximum prices for wages, preventing them from rising above what rulers perceived as the minimum needed to survive. If this was $0.10 a day for a porter (someone who carries things short distances) and the market wage was $0.08 a day, which would be a plausible consequence of this law?

Which of the following statements is true regarding arguments for protectionism? ​ I. National security is often cited as a reason to impose trade barriers II. Tariffs are considered an efficient method of increasing economic welfare III. Restricting imports from certain countries is an effective way to reduce the use of child labor in those countries.

Turtleducks are a popular pet in the Fire Nation. However, there are only a small number of turtleduck farmers in the Fire Nation as they are much easier to raise in the Earth Kingdom. If the small number of turtleduck farmers work together and convince the Fire Lord to implement a quota on the number of turtleducks imported, which of the following are possible outcomes? I. The price of turtleducks will increase II. Imports will increase III. Domestic producer surplus increases IV. There will be some deadweight loss

Figure: Foreign Trade with a Tariff The imposition of a $1 tariff would generate a value of lost gains from trade of ____ and a value of wasted resources of ____.

Jimmy enters into a futures contract with Sheen, where he agrees to buy 2,000 collectible UltraLord figurines at $2.00 per figurine in 3 years. If the price of a figurine is actually $2.50 after 3 years, how much does each make or lose?

The Coase theorem posits that governments need not intervene to solve externality problems:

What is the likely effect of a tariff on imported goods?

Bayes’ Net Figure below (or with main Assignment page, pdf file), with propositional variables B (burglary), E (Earthquake), A (alarm), J (Johncalls), and M (Marycalls). Upper-/Lower-case rule for variable/value applies. Use ~ for Not, and ^ for And. What is P(j ^ m ^ a ^ ~b ^ ~e)