Which of the following statements regarding a 20-year monthly payment amortized mortgage with a nominal interest rate of 10% is correct? a. exactly 10% of the first monthly payment represents interest. b. the monthly payments will increase over time. c. a larger proportion of the first monthly payment will be interest, and a smaller proportion will be principal, than for the last monthly payment. d. the total dollar amount of interest being paid off each month gets larger as the loan approaches maturity. e. the amount representing interest in the first payment would be higher if the nominal interest rate were 7% rather than 10%.

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Why is efficiency an important economic goal?

Dozier company produced and sold 1,000 units during its first month of operations. it reported the following costs and expenses for the month: direct materials $ 69,000 direct labor $ 35,000 variable manufacturing overhead $ 15,000 fixed manufacturing overhead 28,000 total manufacturing overhead $ 43,000 variable selling expense $ 12,000 fixed selling expense 18,000 total selling expense $ 30,000 variable administrative expense $ 4,000 fixed administrative expense 25,000 total administrative expense $ 29,000 required: 1. with respect to cost classifications for preparing financial statements: a. what is the total product cost