Darrel was laid off for a job recently, which paid him a very decent salary. He started to work part time in a local grocery store, which pays him slightly above the minimum wage. Based on Darrel's choice we can deduce which of the following? Darrel works less because he experiences both an income effect and a substitution effect and the income effect is stronger. Darrel works less because he experiences both an income effect and a substitution effect and the substitution effect is stronger. Darrel works less because he only experiences an income effect. Darrel works less because he only experiences a substitution effect.

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: