Beer

A.C. = w₀L_hS_f Labour ✦56.2 Shadow wage w₀ ✦16 an hour × L_h 1.5 hours per tonne × skill factor S_f 2.34 S_f for industry: training ✦45,000 against ✦45,000, queue 20 hours against 48 + Σ q_iP_irλ_i Materials ✦214 Glass: 300 kg × $315/t × r 1.5 × border 0.93 × λ 1.00 = ✦131 Malt: 170 kg × $300/t × r 1.5 × border 1.08 × λ 1.00 = ✦82.4 + (D + M_o)α_e Capital ✦87 Depreciation and maintenance ✦60 per tonne × financing 1.45 × waste factor α_e 1.00 Financing is interest at 6% on equipment's average value over a 15-year life. α_e is 1.00 when maintenance hours and defects are on target. + Ep_e Energy ✦7.5 E 150 kWh per tonne × p_e ✦0.05 per kWh = ✦364

A.V. = rP*_world Accounted value ✦861 per tonne World price $600 per tonne less freight and insurance 4.33% = P* $574 × r 1.5 crowns per US dollar Export parity: the price at the Commonwealth border for a good it sells abroad. Observed abroad, not calculated: a wasteful producer raises only its own cost. = ✦861

Revenue = A.V. × Q Accounted revenue ✦1.12 bn p.a. Domestic: 1.18 million t × ✦861 = ✦1.02 bn Exports: 118,000 t × ✦861 = ✦102 m = ✦1.12 bn

Surplus = (A.V. − A.C.) × Q − levies Accounted surplus ✦630 m p.a. Revenue ✦1.12 bn − cost ✦364 × 1.3 million t = ✦645 m Export charges ✦15.2 m: 15% of export revenue (federal levy and permit fee) Distributed 40% to reinvestment, 20% to the municipal aggregate and 40% swept to the Treasury. = ✦630 m