Question: Please help solve the whole thing. I need to know how to do this to study for test 1. Using the below information, o solve
Please help solve the whole thing. I need to know how to do this to study for test
1. Using the below information, o solve for the breakeven price for Quinn's Quince Jelly, o solve for the target margin price if Quinn wants to earn a 30% gross profit margin. The processing cost for the jelly is $0.25/jar for labor and $1,000/hr for utilities and overhead. The plant runs at minimum average cost at 1000 cases per hour. There are 24 jars of jelly per case. Jars cost $0.10 each and the box for a case costs $0.35. Ingredient Amount per jar Quince 1 pound Sugar 1 pound Misc. spices 2 dashes Cost of ingredient $0.80/pound $0.12/pound $0.10/dash The U.S. and Mexico have the following demand and supply curves for an imaginary vegetable (all prices are in cents, quantities are 1000 lbs). US Mexico Demand P= 100 - P= 50 - 0.50 Supply P = 40 + 20 P= 10 + 0.50 2. Find the equilibrium price and quantity in each country in autarky (no trade between the countries). 3. Find the equilibrium price and quantity in each country given free rade, but with a transportation cost of 5 cents per 1000 lbs. 4. Discuss, using a graph if you like, what will happen if the USA raises its minimum wage by 25%, assuming that at least some
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