From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks' ATM machines. On average, noncustomers earn a wage of $24 per hour and pay ATM fees of $3.00 per transaction. It is estimated that banks would be willing to maintain services for 6 million transactions at $1.00 per transaction, while noncustomers would attempt to conduct 22 million transactions at that price. Estimates suggest that, for every 1 million gap between the desired and available transactions, a typical consumer will have to spend an extra minute traveling to another machine to withdraw cash.
1. Based on this information, what would be the nonpecuniary cost of legislation that would place a $1.00 cap on the fees banks can charge for noncustomer transactions?
Instructions: Round your answer to the nearest penny (2 decimal places).$
2. What would be the full economic price of this legislation?
$

a.  Nonpecuniary cost of legislation that would place a $1.00 cap on the fees banks can charge for noncustomer transactions is: $6.40.

b. The full economic price of this legislation is: $7.40 per transaction.

Equilibrium price, Pe = $3.00 per transaction

Opportunity cost = $24 per hour

Ceiling price, C = $1.00 per transaction

First step is to calculate the Shortage in transaction volumes

Shortage in transaction volumes =22million - 6million

Shortage in transaction volumes =16million

Second step is to calculate the time lost in 16million of shortage transaction

Time lost= (16mn x 1 minute)/60

Time lost= 16 minutes /60

Third step is to calculate  opportunity cost of 16 minutes which is the non pecuniary cost of legislation

Opportunity cost = $24 per hour x 16 / 60

Opportunity cost = $6.40

b. Full economic price of this legislation:

Full economic price of this legislation= Ceiling price + Opportunity cost

Full economic price of this legislation = $ 1.00+$6.40

Full economic price of this legislation = $7.40 per transaction

Inconclusion the  Nonpecuniary cost of legislation  is $6.40 and the full economic price of this legislation is $7.40 per transaction.

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Knowledge Check 01 Zeta Corporation is a manufacturer of sports caps, which require soft fabric. The standards for each cap allow 2.00 yards of soft fabric, at a cost of $2.00 per yard. During the month of January, the company purchased and used 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps. What is Zeta Corporation's materials price variance for the month of January

How do firms maximize profits? Fill in the blanks to complete the passage regarding sunk costs for a manufacturer of ethanol.
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1. Region A (the purple shaded area) represents the total producer surplus when the market price is (Blank) , while Region B (the grey shaded area) represents the change in total producer surplus when the market price changes from $100 to $140 .

In the following table, indicate which statements are true or false based on the information provided on the previous graph.
2. Assuming each student receives a positive surplus, Sam will always receive less producer surplus than Teresa. (True or False)

3. .Producer surplus is smaller when the price is $140 than when it is $100. (True or False)

3. In order for Beth to earn a producer surplus of exactly $60 from selling a used smartphone, the market price needs to be (Blank)

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Which of the following
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A) How many more pounds of cookies will a consumer purchase if the price of cookies decreases?
B) What effect would a cure for Mad Cow Disease have on the market for beef?
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A) Integration of different types of businesses through merger or acquisition
B) Charities
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O Fixtures
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window?

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Activity-based costing for varying batch production
A manufacturing company has the following two activities associated with completion of products:
The setting up of machines for running batches of products
The actual production of units produced
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C) a computer programmer
D) a commercial aircraft

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Goal Setting Theory
Job Characteristic Theory
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Siobhan's boss asked her to take over a project with several problems. What is the first step Siobhan should take in tackling the problems?

Which of the following is not a characteristic of a cafeteria?

A tray is used to collect chosen dishes.
Customers tell servers what they want.
Food is displayed along the serving line.
Amounts are usually "all you care to eat" with no limits.

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B) money but not time.
C) time but not money.
D) neither time nor money​

The Blossom Company is a multidivisional company. Its managers have full responsibility for profits and complete autonomy to accept or reject transfers from other divisions. Division A produces a sub-assembly part for which there is a competitive market. Division B currently uses this sub-assembly for a final product that is sold outside at $1,488. Division A charges Division B the market price of $868 per unit of the part. Unit variable costs are $644 and $744 for Divisions A and B, respectively. The manager of division B feels that division A should transfer the part at a lower price than market because, at market, division B is unable to make a profit.

Required:
Calculate division B's contribution margin if transfers are made at the market price, and calculate the company's total contribution margin.

Pacific Ink had beginning work-in-process inventory of $1,070,790 on October 1. Of this amount, $436,900 was the cost of direct materials and $633,890 was the cost of conversion. The 65,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs During October, 136,000 units were transferred out and 47,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,390,200 for direct materials and $4,343,130 6.00 points
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