The actual cost of direct materials is $10.50 per pound. The standard cost per pound is $10.25. During the current period, 9,100 pounds of direct materials were used in production and 17,500 pounds were purchased. The standard quantity of direct materials for actual units produced is 17,300 pounds. How much is the direct materials quantity variance?

Brian has just finished college. he wants to set up a small business to make and sell fireworks. he registers his company and acquires a license from the government. he finds that most of his competitors are selling fireworks at an extremely low price. he would like to make more money, so he decides to innovate and develop better fireworks. he sells his fireworks at a higher price, and they are a huge hit with the customers. after a few years, he earns enough profit to set up a bigger fireworks factory that complies with the government’s health and safety regulations. he even starts exporting fireworks overseas. which type of economy does this scenario describe?