They should do identifying and documenting the lessons that are learned for improving out the performance of upcoming projects
The performance of the upcoming projects should depend upon the following information:
Return on investment.Cost of quality.Cost performance.Cycle time of the project.ProductivityPlanning the strategy, identifying it, analyzed it, and executed it.These above factors should be for the performance
So in order to improve the performance of the upcoming projects. we should do the identification and documenting the lessons that are learned.
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A job was budgeted to require 5 hours of labor per unit at $12.00 per hour. The job consisted of 8,100 units and was completed in 37,500 hours at a total labor cost of $489,800. What is the direct labor rate variance
Answer:
3,800 unfavorable
Explanation:
A job was budgeted at 5 hours of labour unit at $12 for an hour
The job consists of 8,100 units
It was completed in 37,500 hours
The total labor cost is $489,800
The direct labor rate variance can be calculated as follows
= 5×12×8100
= 486,000
486,000-489,800
= -3,800(since It has a negative sign it is unfavorable)
= 3,800 unfavorable
TRUE OR FALSE?WHY?
The goods that the enterprise wants or intends to add to its capital stock are inventories.
Answer:
True
Explanation:
Because for their profit
________ refers to a method of matching a single project of a company to another company with a single business focus in an effort to assign an appropriate level of risk to the project. A. Outside assignment B. Ghosting C. Subjective assignment D. Pure play
The method that should be matched the individual project of a company to the other company having an individual business focus for allocating a risk level is pure-play.
The information related to the pure-play is as follows:
It is to be focused on one business line only.It is distinct from the expanded companies where there are diversify product lines and revenue sources. It determined the beta coefficient because it compared to the other project as an individual business focus.So it cannot be as the outside assignment, ghosting, and subjective assignment.
Therefore we can conclude that the method that should be matched the individual project of a company to the other company having an individual business focus for allocating a risk level is a pure-play.
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Vera PLC uses exponential smoothing with trend to forecast monthly sales. At the end of September, Small Industries PLC hopes to forecast sales for October. The trend through August has been 500 additional unit sales per month (Tt-1). Average sales have been 1800 units per month (St-1). The demand for September was 1780 units (AL). Vera PLC uses alpha (a) - 0.2 and Beta (B)-0.3. Note: This Forecasting Question relates to Questions 65-67. Following the first stage of the trend-adjusted exponential smoothing method, smooth the level of the series and calculate St for Vera PLC. (retain your answer and calculation for:________
a) 1985
b) 2563
c) 2196
d) 2144
e) 2373
Answer:
Option c (2196) is the right solution.
Explanation:
Given:
[tex]\alpha = 0.2[/tex]
[tex]\beta=0.3[/tex]
[tex]A_t=1780[/tex]
By using the formula, we get
⇒ [tex]S_t=\alpha\times A_t+(1-\alpha)\times (S_{t-1}+T_{t-1})[/tex]
By substituting the values, we get
[tex]=0.2\times 1780 + (1 - 0.2)\times (1800+500)[/tex]
[tex]=356+0.8\times 2300[/tex]
[tex]=356+1840[/tex]
[tex]=2196[/tex]
Inventors in developing countries are usually unable to capture the full benefit of their innovations. They therefore tend to devote too few resources to research. Government can address this problem of under-investment in research by (i) increasing restrictions on trade; (ii) establishing a patent system to provide inventors with exclusive control over their inventions for a period of time; (iii) subsidising the purchase of technology from other countries.
a. only (i) is used.
b. only (ii) is used.
c. only (iii) is used.
d. (i), (ii) and (iii) are all used.
Answer:
establishing a patent system to provide inventors with exclusive control over their inventions for a period of time.this way inventors will devout a lot of resources to research.
I hope this helps and sorry if it's wrong
On September 1, Home Store sells a mower (that costs $320) for $620 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 3 4 Record the cost of mower sales. Note: Enter debits before credits. General Journal Debit Credit Date Sep 01 Record entry Clear entry View general journal
Answer:
Sep 1
Dr Cash $620
Cr Sales revenue $620
Sep 1
Dr Cost of Goods Sold $320
Cr Inventory $320
Sep 1
Dr Warranty expense $47
Cr Estimated warranty liability $47
Jan 24
Dr Estimated warranty liability $43
Cr Repair parts inventory $43
Explanation:
Preparation of the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs
Sep 1
Dr Cash $620
Cr Sales revenue $620
( To record sale )
Sep 1
Dr Cost of Goods Sold $320
Cr Inventory $320
(To record costs)
Sep 1
Dr Warranty expense $47
Cr Estimated warranty liability $47
($620*8%)
(To record Warranty expense )
Jan 24
Dr Estimated warranty liability $43
Cr Repair parts inventory $43
(To record Warranty incurred)
Answer:
Explanation:
1 September:
Dr Cash $620
Cr Sales revenue $620
(To record cash receipt from mower sale)
1 September:
Dr Cost of goods sold $320
Cr Finished goods inventory $320
(Cost of mower sale recorded)
1 September:
Dr Warranty expense $49.60
Cr Warranty liability $49.60
(To record estimated warranty expense)
24 January:
Dr Warranty liability $43.00
Cr Repair Parts Inventory $43.00
(To record cost of warranty repairs)
Calculation:
Warranty Expense = Sales Revenue × Estimated Warranty Expenses
= $620 × 8%
= $49.60
Joe had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. For which type of violation will Joe not be covered under his insurance?
Answer:
.Concealment
Explanation:
From the question we are informed about Joe who had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. the type of violation that Joe will not be covered under his insurance is Concealment.
Concealment can be regarded as omission of information during insurance process, which would definitely has effect on the issuance as well as the rate of an insurance contract. In a case whereby the insurer is unable to get access to the nondisclosed information and the
nondisclosed information is material as regards the decision-making process, nullification of the insurance contract can be carried out by the insurer.
A project manager forgets to assess how national holidays and team member vacations will affect the project’s completion date. Now, because of team member time off, the project delivery will be two weeks late. What flexible planning strategy could the project manager have used to avoid the delay?
The flexible strategy is used to avoid the delay in assessing the external constraints.
The following information regarding accessing external constraints:
It could be thrust upon an organization.It permits for uncovering the things that are beyond the control.The example involved national holidays or sick leaves.If we accessing the external constraints so the delay could be avoided.
So, The other options seem incorrect
Therefore we can conclude that the flexible strategy is used to avoid the delay in assessing the external constraints.
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To reduce delays in considering external restrictions, a flexible technique is employed. The following details about external limitations are available:
It has the potential to be imposed on a company.It enables us to see what we can't see.National holidays and sick leave were used as examples.The delay may be minimized if we used external limitations.It concludes that the flexible technique is employed in order to prevent a delay in considering external limitations.Therefore, "Assessing external constraints" is correct.
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Network externalities: Select one: A. exist when the usefulness of a product increases with the number of consumers who use it B. are created when celebrity endorsements of products lead to a surge in the demand for those products C. can only exist when there are economies of scale D. prevent the dominance of a market by one firm.
Answer:
A. )exist when the usefulness of a product increases with the number of consumers who use it
Explanation:
Network externality can be regarded as a change that occur in benefit as well as in surplus, which is been derived by agent from a good when there is a change in number of other agents that consumes this same type of good. Network externality can as well be regarded as "network effect" this effect is one is that is been had by one user of a good/service on the value of the product with respect to each other people.
It should be noted that Network externalities exist when the usefulness of a product increases with the number of consumers who use it
state and explain five (5) challenges you will encounter as a service marketer.
Explanation:
1.Not finding your market segment
2.Not knowing how to explain the product or dervice you want to sell
Some of the challenges a service marketer faces are:
It being harder to sell a service than a product. The fact that services are perishable. Services being variable which means that others can offer it. Customers being rude. Finding it difficult to find a niche.A service marketer will find it harder to sell a service than a good because services are perishable which means that they cannot be stored like goods. People might therefore not want to buy because they can only use the service once.
Services are also variable which means that several people can offer it at reduced prices which makes it difficult to make a profit. Customers can also be rude.
Some services are also applicable to certain people and finding those people can be difficult to a service marketer.
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If the importer... the bill
Answer:
sorry
Explanation:
Swifty Corporation manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480000 when 10000 units were produced and sold. The company has a one-time opportunity to sell an additional 1000 units at $145 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
Income would increase by $45000.
Income would increase by $3000.
Income would increase by $145000.
Income would decrease by $3000.
Coronado Industries is using the target cost approach on a new product. Information gathered so far reveals:
Expected annual sales 350000 units
Desired profit per unit $0.35
Target cost $168000
What is the target selling price per unit?
a. $0.48
b. $0.35
c. $0.70
d. $0.83
Answer:
1. Swifty Corporation
If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
Income would increase by $45000.
2. Coronado Industries:
The target selling price per unit is:
d. $0.83
Explanation:
a) Data and Calculations:
Swifty Corporation:
Variable cost per unit = $100
Sales price per unit = $176
Contribution margin per unit = $76 ($176 - $100)
Fixed manufacturing costs = $480,000
Production and sales units = 10,000 units
Revenue from special order = $145,000 ($145 * 1,000)
Variable costs for 1,000 units 100,000 ($100 * 1,000)
Contribution margin $45,000 ($145,000 - $100,000)
Fixed costs for special order $0
Net income = $45,000
Coronado Industries:
Expected annual sales 350,000 units
Desired profit per unit $0.35
Target cost $168,000
Desired profit = $122,500 (350,000 * $0.35)
Total sales revenue = $290,500 ($168,000 + $122,500)
Target selling price per unit = $0.83 ($290,500/350,000)
This year, Gogo Inc. granted a nonqualified stock option to Mrs. Mill to buy 10,000 shares of Gogo stock for $8 per share for five years. At date of grant, Gogo stock was selling on a regional securities market for $7.87 per share. Gogo recorded $26,700 compensation expense for the estimated value of the option. Five years after Gogo granted the option to Mrs. Mill, she exercised it on a day when Gogo stock was selling for $10.31 per share. Required: How much income must Mrs. Mill recognize in the year of exercise
Answer:
Gogo Inc. and Mrs. Mill
The Income that Mrs. Mill must recognize in the year of exercise is:
= $23,100
Explanation:
a) Data and Calculations:
Options given to Mrs. Mill = 10,000 shares of Gogo stock
Exercise price of the options = $8 per share
Period of option exercise = 5 years
Selling price of shares at grant date = $7.87
Selling price of shares at exercise date = $10.31
Compensation expense recorded by Gogo = $26,700
Cost of options to Mrs. Mill = $80,000 (10,000 * $8)
Income that Mrs. Mill must recognize in the year of exercise = $23,100 ($10.31 - $8) * 10,000
Answer:
marco
Explanation:
On January 2, 2021, Cullumber Hospital purchased a $106,000 special radiology scanner from Bella Inc. The scanner had a useful life of 4 years and was estimated to have no disposal value at the end of its useful life. The straight-line method of depreciation is used on this scanner. Annual operating costs with this scanner are $104,000. Approximately one year later, the hospital is approached by Dyno Technology salesperson, Jacob Cullen, who indicated that purchasing the scanner in 2021 from Bella Inc. was a mistake. He points out that Dyno has a scanner that will save Cullumber Hospital $25,000 a year in operating expenses over its 3-year useful life. Jacob notes that the new scanner will cost $110,000 and has the same capabilities as the scanner purchased last year. The hospital agrees that both scanners are of equal quality. The new scanner will have no disposal value. Jacob agrees to buy the old scanner from Cullumber Hospital for $57,500.
(a) Your answer is correct.
If Twilight Hospital sells its old scanner on January 2, 2022, compute the gain or loss on the sale.
(b) Prepare an incremental analysis of Twilight Hospital. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Should Twilight Hospital purchase the new scanner on January 2, 2022?
Answer:
Explanation:
EI lá, nn sou da área da matemática, foi mal
Floyd tells his daughter Glenda that she can have his Harley Davidson when he dies, but he does not add this to his will, and he is not on his deathbed. This is
The scenario explained shows that this is not a valid gift.
Some of the criterias for a gift to be considered a valid gift is that there should be a competent donor, an eligible donee, an intention to donate a particular thing and there should be a transfer of possession of that property or thing.
In this case, Floyd tells his daughter that he will give her a particular gift when he dies, but he eventually does not add this to his will.
Therefore, in this case, there's no transfer of possession to the daughter. Therefore, it's not a valid gift.
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Buff is considering a new packaging machine. The initial cost is $10,000 and we would save $4,000 per year in labor costs. If our MARR is 12% and our projects must have a 3-year discounted payback period, should we purchase this packaging machine?
Yes
No
Not enough nformation to answer.
Answer:
NO
Explanation:
Discounted payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative discounted cash flows
For the machine to be accepted, the total amount invested should be recovered in three years or less
Amount recovered = - cost of the project + discounted value of the cash flow
Amount recovered in year 1 = -10,000 + (4000 / 1.12) = -6,428.57
Amount recovered in year 2= -6,428.57 - (4000/ 1.12^2) = -3239.74
Amount recovered in year 3= -3239.74 + (4000/ 1.12^3) = -392.62
the project would not be accepted because the amount invested would not be recovered within 3 years
The company has net sales revenue of $3.6 million during 2018. The company's records also included the following information: Assets 12/31/17 12/31/18 Property, plant and equipment $ 2.3 million $ 2.5 million Licensing agreements $ 0.5 million $ 0.4 million Goodwill $ 0.3 million $ 0.3 million Investments $ 0.4 million $ 0.5 million What is the company's fixed asset turnover ratio for 2018
Answer:
1.5
Explanation:
Calculation to determine the company's fixed asset turnover ratio for 2018
Average Net Fixed Assets=3,600,000/ [(2,300,000 + 2,500,000)/2]
Average Net Fixed Assets=3,600,000/(4,800,000/2)
Average Net Fixed Assets=3,600,000/2,400,000
Average Net Fixed Assets = 1.5
Therefore the company's fixed asset turnover ratio for 2018 is 1.5
Exercise 8-19 Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $418,000 on January 1. The copyright is good for 10 more years. The company plans to sell prints for 11 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Answer:
Jan 01
Dr Copyright $418,000
Cr Cash $418,000
Dec 31
Dr Amortization expense—Copyright $41,800
Cr Accumulated amortization—Copyright $41,800
Explanation:
Preparation of entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Jan 01
Dr Copyright $418,000
Cr Cash $418,000
(To record purchase of copyright )
Dec 31
Dr Amortization expense—Copyright $41,800
Cr Accumulated amortization—Copyright $41,800
($418,000/10 years)
(To record amortization expense of copyright )
As of December 31, Drake Inc. reported the following (in millions): Current AssetsLong-term AssetsCurrent LiabilitiesTotal Liabilities $31,967$42,737$26,132$61,491 What amount did Drake Inc. report as equity on December 31
Answer:
$13,213
Explanation:
The computation of the equity is shown below:
As we know that
Total assets = total liabilities + total stockholder equity
here
Totalassets be
= $31,967 + $42,737
= $74,707
ANd, the total liabilities is $61,491
So, the equity should be
= $74,707 - $61,491
= $13,213
Jebali Company reports gross income of $340,000 and other property-related expenses of $229,000 and uses a depletion rate of 14%. Calculate Jebali's depletion allowance for the current year. $fill in the blank 1
Answer:
15,540
Explanation:
Depletion = depletion rate x (gross income - expenses)
0.14 x ($340,000 - $229,000) = 15,540
A new employee, John Chapman, earns $10 per hour and gets time-and-a-half over 40 hours per week. His first week he worked 45 hours. Deductions from his check were $30 for OASDI, $7 for Medicare, $ 61 for federal income tax withholding, and $15 for a United Way contribution. What was his gross pay for the period
Answer: $475
Explanation:
Gross pay is:
= Regular pay + Overtime
= (Regular hours * Regular pay) + ( Overtime hours * regular pay * time and a half)
= (10 * 40 hours) + ( (45 - 40 hours) * 10 * 1.5)
= 400 + 75
= $475
Cheers Corporation purchased for $500,000 5,000 shares of Beer Corporation common stock (less than 5% of the outstanding Beer stock) at the beginning of the current year. It used $400,000 of borrowed money and $100,000 of its own cash to make this purchase. Cheers paid $50,000 of interest on the debt this year. Cheers received a $40,000 cash dividend on the Beer stock on September 1 of the current year. Cheers has $5 million of taxable income before any dividends-received deduction. a. What amount can Cheers deduct for the interest paid on the loan
Answer:
Cheers Corporation
The amount that Cheers can deduct for the interest paid on the loan is:
= $50,000.
Explanation:
a) Data:
Investment in Beer Corporation = $500,000
Number of Beer shares purchased = 5,000
Percentage shareholding in Beer Corporation < 5%
Amount borrowed for the investment = $400,000
Own cash used for the purchase = $100,000
Interest paid on the debt for this year = $50,000 = 12.5%
Cash dividend received for the year = $40,000
Cheers taxable income before dividends = $5 million
The amount of interest deductible = $50,000
b) Since the interest was made for the purpose of the investment in Beers Corporation, the whole amount of interest expense for the year is deductible.
Define the KPI ‘rate of staff absenteeism’.
Answer:
KPI, Key Performance Indicators are used for measuring the average absenteeism rate per employee. This is computed as a % of the total working days.
Explanation:
Individual employee Key Performance Indicators (KPIs) are metrics that assist in tracking the ability of your employees to meet your expectations and their impact on the business goals.
Assume, for this question only, the following: During the negotiations Juan guaranteed Sarita that the business had turned a profit in each of the past 5 years. Actually, it lost money in each of those years, although Juan did not know that. When Juan made the statement about the business's profitability, however, Sarita was conferring with her attorney and did not hear it. Her friend Harry, who was observing the negotiations, heard Juan's statement. Before long, when Sarita realizes what a bad deal she's made, she laments the fact to Harry. When Harry inquires how a business that had been profitable under Juan was suddenly losing money, Sarita is confused. They finally realize that Harry heard Juan's misstatement about the business's profitability and Sarita did not. Even so, Sarita is thrilled. With Harry as her key witness, she seeks to rescind the sale agreement claiming innocent misrepresentation. Which of the following is true?
A. Rescission, because Juan intended to defraud Sarita.
B. No rescission, because Juan's claims of the business's profitability would not have been material to Sarita if she had heard them.
C. No rescission, because Juan lacked sufficient knowledge of the false nature of his statement and did not intend to trick Sarita.
D. Rescission, because Juan's claims of the business's profitability would have been material to Sarita if she had heard them. E. No rescission, because Sarita did not actually rely on Juan's false statement about the business's profitability.
Answer:
The true statement about this case is:
D. Rescission, because Juan's claims of the business's profitability would have been material to Sarita if she had heard them.
Explanation:
Though Juan was unaware that the statement was false at the time the contract was signed, the remedy is recession since no damage has been sustained by the other party. The false statement borders on negligent misrepresentation because Juan was supposed to be aware of the company's profitability by investigating the material fact. While it is not clear if reliance was placed on the statement when the contract was signed, the fact remains that there was a negligent misrepresentation.
A company like Motorola might establish a goal of reducing its inventory by 50 percent over the next year. To ensure that it reaches this goal, the company could monitor its progress on a quarterly or monthly basis. If the managers at Motorola discover that there is a danger of not achieving this goal, they can take corrective action to adjust for the deficiency. This is a description of the managers' ____ function.
Answer:
stfhgocovovohdj vbb
Explanation:
sryyy
Super Garage was started on June 1 by Mr. Peter Thomson . A summary of June transactions
is presented below.
June 1. Invested $25,000 cash to start the garage.
2. Purchased repair equipment for $5,000 cash.
4. Paid $500 cash for the space rent.
4. Hired an employee
5. Paid $700 for a one-year fire insurance policy.
6. Received $10000 in cash from customers for repair service.
10. Provided repair service on account to customers $1750.
21. Collected cash of $5000 for services provided on June 6.
27. Withdrew $1,000 cash for personal use.
30. Paid employee salaries $3,000.
30. Received an electricity bills $170.
Required:
i. Journalize the transactions
ii. Post and balance the transactions to ledger accounts
Bombs Away Video Games Corporation has forecasted the following monthly sales:
January $113,000 July $58,000
February 106,000 August 58,000
March 38,000 September 68,000
April 38,000 October 98,000
May 33,000 November 118,000
June 48,000 December 136,000
Bombs Away Video Games sells the popular Strafe and Capture video game. It sells for $5 per unit and costs $2 per unit to produce. A level production policy is followed. Each month's production is equal to annual sales (in units) divided by 12. Of each month's sales, 40 percent are for cash and 60 percent are on account. All accounts receivable are collected in the month after the sale is made.
Required:
Construct a monthly production and inventory schedule in units. Beginning inventory in January is 38,000 units.
Answer:
Bombs Away Video Games Corporation
Production and Inventory Schedule
Sales Units Production units Ending Units
Beginning inventory 38,000
January 22,600 15,200 30,600
February 21,200 15,200 24,600
March 7,600 15,200 1,800
April 7,600 15,200 9,400
May 6,600 15,200 18,000
June 9,600 15,200 23,600
July 11,600 15,200 27,200
August 11,600 15,200 30,800
September 13,600 15,200 32,400
October 19,600 15,200 28,000
November 23,600 15,200 19,600
December 27,200 15,200 7,600
Explanation:
a) data and Calculations:
Sales Budget ($'000) Sales Units Production units Ending Units
Beginning inventory 38,000
January $113,000 22,600 15,200 30,600
February 106,000 21,200 15,200 24,600
March 38,000 7,600 15,200 1,800
April 38,000 7,600 15,200 9,400
May 33,000 6,600 15,200 18,000
June 48,000 9,600 15,200 23,600
July 58,000 11,600 15,200 27,200
August 58,000 11,600 15,200 30,800
September 68,000 13,600 15,200 32,400
October 98,000 19,600 15,200 28,000
November 118,000 23,600 15,200 19,600
December 136,000 27,200 15,200 7,600
Total 182,400 182,400
Dilts Company has a unit selling price of $400, unit variable costs of $250, and fixed costs of $210,000. Compute the break-even point in units using (a) the mathematical equation and (b) unit contribution margin.
Answer:
(a) Break-even point in units using the mathematical equation = 1,400 units
(b) Break-even point in units using unit contribution margin = 1,400 units
Explanation:
(a) Break-even point in units using the mathematical equation
Break-even point in units using the mathematical equation = Fixed costs / (Unit selling price - Unit variable costs) …………….. (1)
Substituting the relevant values into equation (1), we have:
Break-even point in units using the mathematical equation = $210,000 / ($400 - $250) = 1,400 units
(b) Break-even point in units using unit contribution margin
Unit contribution margin = Unit selling price - Unit variable costs = $400 - $250 = $150
Therefore, we have:
Break-even point in units using unit contribution margin = Fixed costs / Unit contribution margin = = $210,000 / $50 = 1,400 units
Explain how the hotel business could create added value to the goods they buy in?
Answer:
Well-designed rooms, attractive and comfortable appliances, well-dressed and respectful assistants, good quality entertainment equipment, and delightful food made by experienced chefs.
Explanation:
Guests will feel more welcomed to a clean and comfortable hotel. Respectful assistants, good quality entertainment equipment, and food made by experienced chefs can boost the morale of guests.
A consumer's weekly income is $250, and the consumer buys 12 bars of chocolate per week. When weekly income increases to $280, the consumer buys 13 bars per week. The income elasticity of demand for chocolate by this consumer is about
Answer:
0.69
Explanation:
Given that we have the formula for calculating income elasticity of demand as the percent change in quantity demanded divided by the percent change in income, hence, we have the percent change in quantity demanded => 13 - 12 = 1 ÷ 12 = 0.083
the percent change in income => 280 - 250 = 30 ÷ 250 = 0.12
Therefore we have => 0.083 ÷ 0.12 = 0.69
Hence, the final answer is 0.69
