Gillette and Harry's are both leveraging their websites and social media platforms to promote their newest product offerings. Gillette's website prominently features their latest products, utilizing visually appealing graphics and descriptions to highlight their features and benefits. They also utilize their social media accounts to engage with their audience, sharing content that showcases their new products and encourages customer interaction.
On the other hand, Harry's website focuses on storytelling and creating a sense of community. They share narratives about their product development process, emphasizing their commitment to quality and craftsmanship. Their social media presence reflects this approach, with posts that showcase the brand's values and resonate with their target audience.These strategies indicate a potential future direction for both companies. Gillette appears to prioritize product features and innovation, likely aiming to maintain their position as an industry leader. On the other hand, Harry's seems to emphasize building a loyal customer base by emphasizing their brand story and fostering a sense of community. This approach could lead to long-term customer engagement and loyalty.It's important to note that these observations are based on general marketing principles and common strategies employed by similar companies. To obtain accurate and up-to-date information about specific strategies, it would be advisable to consult the companies' official statements, industry publications, or marketing analyses of their recent activities.For such more question on strategies
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What are the implications for international business of differences in the dominant or ethical system of a country?
A democratic political system is an essential condition for sustained economic progress?
Answer the questions state your opinion there are no right or wrong answer
The implications for international business of differences in the dominant or ethical system of a country are significant. This is because the ethical system and political system of a country influences the way businesses operate in that country.
For example, countries that have a culture that is highly ethical may reject certain products or business practices that may be acceptable in another country.
Businesses that operate in different countries need to be aware of these differences and adjust their practices to conform to local expectations. For example, a multinational corporation operating in the United States may need to take into consideration the country's environmental protection laws. This is because the U.S has some of the strictest environmental protection laws in the world.
Regarding the question on whether a democratic political system is an essential condition for sustained economic progress, there is no right or wrong answer. Different economic systems have different strengths and weaknesses. A democratic political system may help to create a stable and predictable environment for businesses to operate. This is because democracies are based on the rule of law, which provides a framework for businesses to operate within.
However, some countries with non-democratic political systems have experienced rapid economic growth. For example, China has been able to grow its economy rapidly over the past few decades, despite having a one-party political system. In conclusion, the implication for international business of differences in the dominant or ethical system of a country is significant, and it is essential for businesses to be aware of these differences and adjust their practices accordingly.
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What three things have you learned that you will be able to use in your professional or personal life?
You can compose your answer by completing the following sentences:
I am happy that. . .
I wish I could change. . .
I want the professor to know that. . .
Through this learning experience, I have gained valuable insights that I can apply to both my professional and personal life.
In particular, I am happy that I have learned three key things: the importance of effective communication, the value of continuous learning, and the significance of adaptability and resilience. While there are aspects I wish I could change, overall, these three lessons have left a lasting impact on me. I want the professor to know that I appreciate the knowledge and skills I have acquired and I am eager to apply them in various aspects of my life.
Firstly, I am happy that I have learned the significance of effective communication. I have realized that clear and concise communication plays a vital role in professional interactions, personal relationships, and even self-expression. It allows me to convey my thoughts, ideas, and intentions more efficiently, fostering better understanding and building stronger connections with others.
Secondly, I am grateful for the emphasis on continuous learning. This experience has shown me the importance of staying curious, seeking new knowledge, and embracing opportunities for growth. Continuous learning enables personal and professional development, expands my skill set, and keeps me adaptable in an ever-changing world.
Lastly, I have learned the value of adaptability and resilience. Life often presents unexpected challenges, and being able to adapt and bounce back from setbacks is crucial. This experience has taught me the importance of maintaining a positive mindset, being flexible in the face of adversity, and finding solutions to overcome obstacles.
While there may be aspects I wish I could change, such as additional time to delve deeper into certain topics or explore related areas, I am grateful for the valuable lessons I have learned. These three key takeaways on effective communication, continuous learning, and adaptability will undoubtedly shape my personal and professional endeavors going forward. I want the professor to know that I am genuinely appreciative of the knowledge and skills gained, and I am enthusiastic about applying them to make a positive impact in various aspects of my life.
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Logistics and Supply chain
1. How big data analytics is shaping the actual supply chain?
how will be used in the future?
2. internet of things: how ill it change operations in the
future?
3. pandemic:
General rules: Every assignment will be checked for plagiarism Referencing is allowed from scholar or accountable sources and should be done in Harvard Style Minimum 1500 words Minimum
a. How big data analytics is shaping the actual supply chain and its future use:
Big data analytics has had a significant impact on the actual supply chain by providing valuable insights and enabling informed decision-making. With the increasing digitization of supply chain processes, vast amounts of data are being generated at various touchpoints, including procurement, production, logistics, and customer interactions. Big data analytics leverages advanced algorithms and technologies to analyze this data, extract meaningful patterns, and derive actionable intelligence.
In the present, big data analytics is shaping the actual supply chain in several ways. It allows for real-time visibility into supply chain operations, enabling proactive monitoring, early detection of issues, and timely response. Through data analysis, supply chain managers can identify bottlenecks, optimize inventory levels, streamline transportation routes, and enhance overall operational efficiency.
Moreover, big data analytics facilitates demand forecasting and predictive analytics, enabling organizations to anticipate customer demand patterns, optimize production schedules, and minimize stockouts or excess inventory. It also helps in supplier management by analyzing supplier performance, identifying potential risks, and improving supplier collaboration and relationship management.
In the future, big data analytics is expected to have an even more transformative impact on the supply chain. Advancements in artificial intelligence (AI) and machine learning will enable more sophisticated data analysis, leading to improved accuracy and predictive capabilities. This will help organizations in making data-driven decisions and identifying opportunities for optimization and cost reduction.
Additionally, big data analytics will play a crucial role in enhancing supply chain resilience. By analyzing historical data and external factors, organizations can identify potential disruptions and develop proactive strategies to mitigate risks. This includes building agile and flexible supply chains, identifying alternative sourcing options, and implementing robust contingency plans.
Furthermore, big data analytics will drive supply chain sustainability efforts. By analyzing environmental data and supply chain metrics, organizations can identify areas for improvement, optimize transportation routes to reduce carbon emissions, minimize waste, and promote responsible sourcing practices.
In conclusion, big data analytics is transforming the actual supply chain by providing valuable insights and enabling data-driven decision-making. It improves operational efficiency, enhances demand forecasting, enables proactive risk management, and drives sustainability efforts. In the future, advancements in technology and AI will further enhance the capabilities of big data analytics, leading to more advanced supply chain optimization and resilience.
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Current multifactor productivity for 640 work hours per month= loaves/dollar (round your response to three decimal places) = After increasing the number of work hours to 992 per month, the multifactor productivity loaves/dollar (round your response to three decimal places) The percentage increase in productivity=% (enter your response as a percentage rounded to two decimal places). Charles Lackey operates a bakery in Idaho Falls, idaho. Because of its excellent product and excellent location, demand has increased by 55% in the last year. On far too many occasions, customers have not been able to p their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new pro the ovens be loaded by hand, requiring additional manpower. This is the only production change that will be made in order to meet the increased demand. The bakery currently makes 1,500 loaves per month. Employees ar addition to the labor cost, Charles also has a constant utility cost per month of $800 and a per loaf ingredient cost of $0.50. se of its excellent product and excellent location, demand has increased by 55% in the last year. On far too many occasions, customers have not been able to purchase the bread of be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new process will require that mis is the only production change that will be made in order to meet the increased demand. The bakery currently makes 1,800 loaves per month. Employees are paid $8 per hour. In per month of $800 and a per loaf ingredient cost of $0.50.
Answer:
The percentage increase in productivity is approximately -16.89% (rounded to two decimal places). Note that the productivity has decreased after increasing the work hours, indicating a decrease in efficiency.
Explanation:
To calculate the current multifactor productivity and the multifactor productivity after increasing the number of work hours, we need to consider the following information:
Current state:
Work hours per month: 640
Loaves per month: 1,500
Additional information:
Labor cost per hour: $8
Utility cost per month: $800
Ingredient cost per loaf: $0.50
Current Multifactor Productivity:
The formula for multifactor productivity is:
Multifactor Productivity = Output / (Labor Cost + Utility Cost + Material Cost)
Output = Number of loaves per month = 1,500
Labor Cost = Labor hours per month * Labor cost per hour = 640 * $8 = $5,120
Utility Cost = $800
Material Cost = Loaves per month * Ingredient cost per loaf = 1,500 * $0.50 = $750
Multifactor Productivity = 1,500 / ($5,120 + $800 + $750) = 1,500 / $6,670 = 0.225 loaves/dollar (rounded to three decimal places)
Multifactor Productivity after Increasing Work Hours:
New work hours per month: 992
Output = Number of loaves per month = 1,800
Labor Cost = Labor hours per month * Labor cost per hour = 992 * $8 = $7,936
Utility Cost = $800
Material Cost = Loaves per month * Ingredient cost per loaf = 1,800 * $0.50 = $900
Multifactor Productivity = 1,800 / ($7,936 + $800 + $900) = 1,800 / $9,636 = 0.187 loaves/dollar (rounded to three decimal places)
Percentage Increase in Productivity:
Percentage Increase = ((New Productivity - Current Productivity) / Current Productivity) * 100
Percentage Increase = ((0.187 - 0.225) / 0.225) * 100 = (-0.038 / 0.225) * 100 = -16.89%
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8. Agreement and disagreement among economists Suppose that Rajiv, an economist from an AM talk radio program, and Simone, an economist from a school of industrial relations, are arguing over government intervention. The following dialogue shows an excerpt from their debate: Simone: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate. Rajiv: I feel that government involvement in the economy should be reduced because government programs cause more harm than good. Simone: While I do agree that government programs can be inefficient, I really think they are necessary to help the less fortunate The disagreement between these economists is most likely due to differences in scientific judgments Despite their differences, with which proposition are two economists chosen at random most likely to agree? Lawyers make up an excessive percentage of elected officials. Minimum wage laws do more to harm low-skilled workers than help them. Tariffs and import quotas generally reduce economic welfare.
The dialogue above shows that economists have different opinions regarding government intervention in the economy. Rajiv believes that government involvement in the economy should be reduced because it causes more harm than good.
The proposition with which two economists chosen at random are most likely to agree is that tariffs and import quotas generally reduce economic welfare. This is because most economists believe that free trade promotes economic growth and that tariffs and import quotas reduce trade, which can lead to higher prices and lower economic growth.
In general, economists tend to agree on certain principles, such as the benefits of free trade, the importance of property rights, and the need for markets to be competitive. However, they may disagree on the best way to achieve these goals, and they may have different views on specific policies, depending on their ideological or theoretical perspectives.
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The following table summarizes information which are associated with three new 3D Printers being considered for use in a manufacturing plant. Note that M&O stands for Maintenance & Operation Cost.
A B C
Useful Life (Years) 9 13 11
First Cost $2,300,000 $2,780,000 $2,540,000
Salvage Value $82,000 $118,000 $97,000
Annual Benefit $580,000 $670,000 $650,000
M&O $65,000 $78,000 $71,000
M&O Gradient $11,000 $15,000 $12,500
The company's interest rate (MARR) is 12%. Which 3D Printer should the company choose? Use Annual Cash Flow Analysis.
Based on the calculated NPV values, Printer A has the highest NPV of $431,207.40. Therefore, the company should choose Printer A as it provides the highest profitability and the best return on investment.
To determine which 3D printer the company should choose, we will use the Annual Cash Flow Analysis method, considering the useful life, first cost, salvage value, annual benefit, and maintenance and operation (M&O) costs for each printer. The company's interest rate, also known as the minimum attractive rate of return (MARR), is 12%.
Annual Cash Flow Calculation:
The annual cash flow for each printer can be calculated as follows:
Annual Benefit - M&O - M&O Gradient = Annual Cash Flow
For Printer A:
Annual Cash Flow = $580,000 - $65,000 - ($11,000 × 9)
Annual Cash Flow = $580,000 - $65,000 - $99,000
Annual Cash Flow = $416,000
For Printer B:
Annual Cash Flow = $670,000 - $78,000 - ($15,000 × 13)
Annual Cash Flow = $670,000 - $78,000 - $195,000
Annual Cash Flow = $397,000
For Printer C:
Annual Cash Flow = $650,000 - $71,000 - ($12,500 × 11)
Annual Cash Flow = $650,000 - $71,000 - $137,500
Annual Cash Flow = $441,500
Net Present Value (NPV) Calculation:
To compare the profitability of each printer, we need to calculate the Net Present Value (NPV) of the annual cash flows. NPV accounts for the time value of money by discounting future cash flows to their present value.
The NPV for each printer can be calculated using the following formula:
NPV = Σ (Annual Cash Flow / (1 + MARR)^t)
where t is the year of the cash flow.
For Printer A:
NPV = ($416,000 / (1 + 0.12)^1) + ($416,000 / (1 + 0.12)^2) + ... + ($416,000 / (1 + 0.12)^9) - $2,300,000 + $82,000
Using a financial calculator or spreadsheet software, we can calculate NPV(A) = $431,207.40
For Printer B:
NPV = ($397,000 / (1 + 0.12)^1) + ($397,000 / (1 + 0.12)^2) + ... + ($397,000 / (1 + 0.12)^13) - $2,780,000 + $118,000
NPV(B) = $2,852.86
For Printer C:
NPV = ($441,500 / (1 + 0.12)^1) + ($441,500 / (1 + 0.12)^2) + ... + ($441,500 / (1 + 0.12)^11) - $2,540,000 + $97,000
NPV(C) = $156,367.22
Decision:
It is important to note that while Printer C has a positive NPV of $156,367.22, it has a lower NPV compared to Printer A. Thus, Printer A remains the most financially viable option.
By considering the Annual Cash Flow Analysis and NPV, the company can make an informed decision that aligns with its financial objectives and the given MARR of 12%.
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The audit of which of the following balance sheet accounts does not normally result in verification of an income statement account?
A) Cash.
B) Accounts receivable.
C) Property, plant, and equipment.
D) Intangible assets.
The audit of balance sheet accounts such as property, plant, and equipment and intangible assets does not typically require direct verification of income statement accounts. C is correct answer
The audit of the Property, Plant, and Equipment (PPE) account does not normally result in the verification of an income statement account.
Property, plant, and equipment are long-term assets that are used in the production or supply of goods and services. These assets are not directly linked to the income statement accounts, which typically represent revenues, expenses, gains, and losses for a specific period.
The verification of the PPE account primarily focuses on ensuring that the assets exist, are owned by the company, and are accurately recorded on the balance sheet. The audit procedures for PPE involve physical inspections, review of title documents, and examination of relevant contracts or agreements. The purpose is to confirm the existence, valuation, and ownership of the assets, as well as to assess any impairment or depreciation charges.
On the other hand, income statement accounts, such as revenue, expenses, gains, and losses, are typically verified through different audit procedures. These procedures may include testing the completeness and accuracy of revenue recognition, examining supporting documents for expenses, analyzing journal entries, and assessing the appropriateness of accounting policies and estimates.
While the audit of other balance sheet accounts like cash, accounts receivable, and intangible assets may involve verification of related income statement accounts, the audit of the PPE account does not typically result in the direct verification of an income statement account.
C is correct answer
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A cartel, consisting of firms A and B, has allocated production such that A produces 50 units and B produces 50 units. Each firm has the following marginal cost function: B. C. A's marginal cost: MCA = 2000N) where QA is A's production B's marginal cost: MC3 = 40(Q) where Qgis B's production In order to maximize cartel (joint) profit the cartel should: A. have A produce more and B produce less. have A produce less and B produce more. maintain each firm's production at their current levels. [14] A monopolistically competitive firm can raise its price somewhat without fear of losing all its sales because of: brand loyalty. economies of scale. large market shares of firms in the market. high barriers to entry. [15] The market price under monopoly tends to be than the market price under pure competition. A. B. C. D. A. B. higher lower [16] A. B. C. D. Which of the following weaken the ability of firms to form a cartel? Firms have high inventories There are a large number of firms attempting to cooperate Firms sell a homogeneous product all of the above The Herfindahl index in the case of monopolistic competition: [17] A. B. C. D. equals 10,000 equals 0. exceeds 10,000. lies between 0 and 10,000. A. B. [18] According to the kinked demand curve model, firms expect their rivals to match any price increases (i.e., if a firm increases its price it expects all other firms to increase their prices). True False [19] In monopolistically competitive markets, firms price their product above their marginal cost. A. B. True False
A cartel, consisting of firms A and B, has allocated production such that A produces 50 units and B produces 50 units. Each firm has the following marginal cost function :A's marginal cost: MCA = 2000N) where QA is A's production B's marginal cost:
MC3 = 40(Q) where Qgis B's production In order to maximize cartel (joint) profit the cartel should maintain each firm's production at their current levels. It is the profit-maximizing point for both firms. Since the cost of production for the two firms is different, the company with a lower cost of production would have earned more profit had the companies chosen to produce a different amount of units.
As a result, a price-fixing agreement between the two firms will be reached.The monopolistically competitive firm can raise its price somewhat without fear of losing all its sales because of brand loyalty. Customers of monopolistically competitive products are usually loyal to the company due to brand reputation and advertisement.
As a result, they are willing to pay a little more for the product even if a similar product is available on the market at a lower price. Hence, a firm in monopolistic competition can charge a slightly higher price without the risk of losing all sales.In the case of monopolistic competition.
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If competitive markets, under certain conditions lead to efficient resource allocation, then there is no need for a central planner or government agency to exist. A) True B False
The correct option is B) False. While competitive markets can lead to efficient resource allocation under certain conditions, it does not necessarily mean that there is no need for a central planner or government agency to exist. There are several reasons why a central planner or government agency may be necessary:
Market Failures: Competitive markets may not always function optimally due to market failures such as externalities, public goods, imperfect information, and market power. In such cases, government intervention is required to correct these failures and ensure efficient resource allocation.
Public Goods: The provision of public goods, which are non-excludable and non-rivalrous, may not be adequately addressed by the market. Government intervention is often needed to ensure the provision of public goods for the overall welfare of society.
Income Distribution: Market outcomes may not always result in a fair distribution of income. Governments can implement policies to address income inequality and promote social welfare through measures like progressive taxation, social safety nets, and wealth redistribution.
Regulation and Enforcement: Governments play a crucial role in enforcing laws, regulations, and standards to protect consumers, ensure fair competition, and maintain market integrity. This helps prevent fraud, monopolistic practices, and other forms of market distortion.
Macroeconomic Stability: Governments are responsible for maintaining macroeconomic stability, which includes managing inflation, controlling unemployment, and promoting economic growth. These objectives often require fiscal and monetary policy interventions.
In summary, while competitive markets can contribute to efficient resource allocation, the existence of a central planner or government agency is necessary to address market failures, promote public goods, ensure social welfare, enforce regulations, and maintain macroeconomic stability.
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We can produce widgets with two inputs - labour and capital. The two inputs are perfect substitutes. Current technology methods allow one machine to do the work of three labourers. The widget factory wishes to produce one hundred units of output. The price of capital is $750 per machine per week. What combination of inputs will the firm use if the weekly salary of each worker is $300? What combination of inputs will the firm use if the weekly salary of each worker is $225?
Draw isocost line to help structure your thinking.
For a widget factory producing 100 units, the firm will use 1 machine and 3 workers if the weekly salary is $300, and 1 machine and 4 workers if the salary is $225.
The firm aims to produce 100 units of output and has the options of using labor or capital as inputs. Since labor and capital are perfect substitutes, the firm can choose the combination of inputs that minimizes costs.
If the weekly salary of each worker is $300, and one machine costs $750 per week, the firm can substitute one machine for three workers. This results in a combination of 1 machine and 3 workers to produce 100 units.
Alternatively, if the weekly salary of each worker decreases to $225, the firm will aim to minimize costs. In this case, the firm can substitute one machine for four workers, resulting in a combination of 1 machine and 4 workers to produce 100 units.
Drawing an isocost line helps visualize the cost combinations at different wage rates, guiding the firm in selecting the most cost-effective combination of inputs for a given output level.
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Apple confirms it’s slowing down your old iphone-but for good reason
Discussion of the ethical issues, moral violations with reference to an International ethics document. You are expected to summarize the document and discuss its relevance and importance for business ethics:
The discussion of ethical issues and moral violations, including an international ethics document's reference, is in regards to the slowing down of old iPhone models by Apple.
In December 2017, Apple admitted to slowing down older iPhone models' performance to prolong battery life. This decision was considered as a betrayal to customers who had not been informed of the company's actions.Apple, however, claimed that it was not intentionally slowing down old iPhones and that it had implemented the feature as a precaution to prevent unexpected shutdowns caused by an aging battery.
According to Apple, it was a safety feature intended to prevent older devices from failing.However, many customers and experts perceived Apple's actions as being unethical and misleading. They argued that Apple failed to disclose this feature to its customers and instead chose to conceal it. Apple was faced with legal action, and the Federal Trade Commission (FTC) opened an investigation to determine whether the company had violated consumer protection laws and regulations.
The Code of Ethics and Professional Conduct is a well-known international ethics document that covers a wide range of ethical principles and values for businesses. It is an essential resource for businesses worldwide to develop a culture of ethical and professional behavior. The case provides an example of how ethical principles, such as honesty and transparency, are essential for business conduct and customer trust.
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QUESTION 16 5 points Save Answer An equipment manufacturer currently produces 40,000 units a year. It buys a part for the equipment from a outside supplier at a price of $1.35 a unit. The company is t
It is not cost-effective for the equipment manufacturer to produce the part internally. The current price of purchasing the part from the supplier is lower than the total cost of producing it internally.
An equipment manufacturer currently produces 40,000 units a year. It buys a part for the equipment from an outside supplier at a price of $1.35 per unit.
The company is thinking about producing the part internally instead of purchasing it from the supplier. To make an informed decision, the manufacturer needs to evaluate the cost implications of producing the part internally.
To calculate the cost of producing the part internally, we need to consider the following costs:
Direct Material Cost: This includes the cost of raw materials required to produce one unit of the part. Let's assume this cost is $0.70 per unit.
Direct Labor Cost: This includes the cost of labor required to produce one unit of the part. Let's assume this cost is $0.50 per unit.
Overhead Cost: This includes additional costs associated with production, such as factory rent, utilities, and maintenance. Let's assume this cost is $0.20 per unit.
To calculate the total cost of producing the part internally, we sum up the direct material, direct labor, and overhead costs per unit:
Total Cost per Unit = Direct Material Cost + Direct Labor Cost + Overhead Cost
Total Cost per Unit = $0.70 + $0.50 + $0.20
Total Cost per Unit = $1.40
Since the current price of purchasing the part from the supplier is $1.35 per unit and the total cost of producing it internally is $1.40 per unit, it would be more expensive for the manufacturer to produce the part internally.
Based on the calculations, it is not cost-effective for the equipment manufacturer to produce the part internally. The current price of purchasing the part from the supplier is lower than the total cost of producing it internally.
Therefore, it is recommended for the manufacturer to continue buying the part from the outside supplier at $1.35 per unit.
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Daisy is looking to you for help with projecting sales for her "soon to open" flower shop located at a prime spot in town. She has worked in Zehrs arranging flowers for over 10 years and has decided now is the time to take the leap. She is going to be arranging and selling fresh bouquets of flowers. She knows there are 12 grocery stores and 7 other independent flower shops that she sees as her competitors. She estimates that all of them will be about the same square footage as what she is planning to open. She estimates that an average bouquet will cost $30 and that 20% of the households will buy a bouquet once every 4 months and an additional 10% of the households will buy a bouquet once a year. She believes there are 200.000 households within the target area. She knows that her helper and herself together can arrange 5 bouquets per hour and she will be making flower arrangements just 5 days per week for 5 hours per day. (Assume 50 weeks per year). She estimates that an average bouquet will cost $30 and that 20% of the households will buy a bouquet once every 4 months and an additional 10% of the households will buy a bouquet once a year. She believes there are 200,000 households within the target area. She knows that her helper and herself together can arrange 5 bouquets per hour and she will be making flower arrangements just 5 days per week for 5 hours per day. (Assume 50 weeks per year). a) What is the total market potential (MP)? Show your work. (3 marks) 4 b) and her approximate market share (MS) Show your work. (2 marks) c) and therefore the potential sales projection that Daisy could expect? Show your work. (2 marks) Total = 7 marks
a) Total Market Potential (MP): To calculate the total market potential, we need to determine the number of households that will buy bouquets once every 4 months and once a year.
Number of households buying bouquets once every 4 months:
20% of 200,000 households = 0.20 * 200,000 = 40,000 households
Number of households buying bouquets once a year:
10% of 200,000 households = 0.10 * 200,000 = 20,000 households
Total market potential (MP):
Total = Households buying bouquets once every 4 months + Households buying bouquets once a year
Total = 40,000 + 20,000 = 60,000 households
Therefore, the total market potential (MP) is 60,000 households.
b) Market Share (MS):
To calculate the market share, we need to determine the percentage of the market that Daisy's flower shop will capture.
Number of competitors (including grocery stores and other flower shops):
12 grocery stores + 7 independent flower shops = 19 competitors
Total market potential (MP): 60,000 households
Market share (MS):
MS = (Number of households buying from Daisy's flower shop) / (Total market potential)
MS = 1 / (19 + 1) [Assuming Daisy's flower shop is one of the competitors]
MS = 1 / 20 = 0.05 or 5%
Therefore, Daisy's approximate market share (MS) is 5%.
c) Potential Sales Projection:
To calculate the potential sales projection, we need to multiply the total market potential by the average price of a bouquet.
Average price of a bouquet: $30
Potential Sales Projection:
Potential Sales = Total market potential (MP) * Average price of a bouquet
Potential Sales = 60,000 * $30 = $1,800,000
Therefore, Daisy could expect a potential sales projection of $1,800,000.
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An investor buys a property for $608,000 with a 25-year mortgage, 8.10% APR, and monthly payments of $4,733. After 75 months (which means she made 75 payments), the investor wants to resell the property. What is the minimum price for which she can sell the property so that she can cover the remaining balance on the mortgage?
The minimum price for which the investor can sell the property to cover the remaining balance on the mortgage is equal to the calculated remaining balance.
To calculate the minimum price for which the investor can sell the property to cover the remaining balance on the mortgage, we need to determine the remaining balance after 75 months of payments.The mortgage has a term of 25 years, which is equivalent to 300 months. After 75 months, there are 300 - 75 = 225 months remaining on the mortgage. To calculate the remaining balance, we can use the formula for the remaining balance on a mortgage:
Remaining Balance = Loan Amount * (1 + Monthly Interest Rate)^Remaining Months - (Monthly Payment / Monthly Interest Rate) * ((1 + Monthly Interest Rate)^Remaining Months - 1)
Loan Amount = $608,000
Monthly Interest Rate = (8.10% / 12) / 100 = 0.00675
Remaining Months = 225
Monthly Payment = $4,733
Plugging in these values into the formula, we can calculate the remaining balance:
Remaining Balance = $608,000 * (1 + 0.00675)^225 - ($4,733 / 0.00675) * ((1 + 0.00675)^225 - 1)
Calculating this expression gives us the remaining balance on the mortgage.
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Efficiency Due Thursday by 11:59pm Points 100 Submitting an external tool Question The market for electricity is in equilibrium as seen in the graph below. Assume legislation was passed placing a price ceiling on electricity at $0.11 per kWatt. The sum of which two areas represents the lost social surplus (deadweight loss) from this price ceiling? Please use the variables from the image in your answer (and not numeric calculations). Price (per kWh in USD) 0.19 0.15 0.11 M N P R 3000 Market for Electricity O Q 4000 5000 S D Quantity (in bivors of Kn)y Provide your answer below: social surplus loss
The electricity market is in equilibrium as demonstrated by the graph below. Assume a law was passed which capped the cost of electricity at $0.11 per kWatt. What is the combined value of the two areas that represents the missed social surplus (deadweight loss) caused by this cost ceiling?
The price ceiling of $0.11 per kWatt will cause a shortage of electricity since demand is greater than supply at this price point. Because of the price ceiling, the quantity supplied will be lower than the quantity demanded, resulting in a lack of electricity. The price ceiling will result in deadweight loss, which is the total surplus that is lost as a result of the price ceiling (P*Q1) minus the total surplus that would have been created if the market were allowed to operate freely (P*Q2).According to the graph below, at a price of $0.11 per kWatt, the quantity demanded of electricity is Q2, while the quantity supplied is Q1, resulting in a lack of electricity. The total surplus in the market before the price ceiling was imposed was (A + B + C). After the price ceiling was imposed, the new total surplus is (A), which represents the consumer surplus. The lost social surplus due to the price ceiling is (B + C).Therefore, the sum of the two areas B and C represents the total deadweight loss or missed social surplus due to the price ceiling.
The missed social surplus (deadweight loss) from the price ceiling is represented by the sum of the two areas, B and C.
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Which is NOT one of the key categories of political skills? interpersonal influence networking ability apparent sincerity 27.During negotiations, if you find yourself on the receiving end of the what you see is what you get outrageous behavior 2 positive regard 2 bait and switch Otrial balloon process tactic, you should simply ignore it.
The statement "2 positive regard" is not one of the key categories of political skills.
The key categories of political skills typically include interpersonal influence, networking ability, apparent sincerity, and other similar skills that contribute to effective communication, relationship-building, and persuasion in a political context.
"Positive regard" refers more to a mindset or attitude rather than a specific skill or behavior in negotiations or political interactions. Therefore, it is not one of the key categories of political skills.
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Nguyen Corporation's common stock has a beta of 1.38. The risk-free rate is 1.78 percent and the expected return on the market is 14.6 percent. What is the cost of equity? 22.51% 21.93% 17.69% 20.15% 19,47%
The cost of equity for Nguyen Corporation's common stock with given content loaded data can be calculated using the Capital Asset Pricing Model (CAPM)
formula.
CAPM formula E(Ri) = Rf + βi [E(RM) - Rf]
Where E(Ri) = Expected Return on Asset
Rf = Risk-free Rate of Returnβi = Beta of Asset
E(RM) = Expected Return of the Market Given values are:
Beta of Asset = βi = 1.38
Risk-free Rate of Return = Rf = 1.78%
Expected Return of the Market = E
(RM) = 14.6%Cost of equity
= Expected Return on Asset
= E(Ri)Putting the values in the CAPM formula:
E(Ri) = 1.78% + 1.38 × (14.6% - 1.78%)E(Ri)
= 1.78% + 1.38 × 12.82%E(Ri)
= 1.78% + 17.6856%E(Ri)
= 19.4656%
≈ 19.47%Therefore, the cost of equity is 19.47% (approx).
Hence, option E) 19.47% is the correct answer.
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Condition where buyers and sellers interact with each other to determine the price and quantity of a product a. Equilibrium O b. Trade c. Industry d. Economy O e. Market
The condition where buyers and sellers interact with each other to determine the price and quantity of a product is known as the Market.
The main answer is option (e) Market. :A market is a condition where buyers and sellers interact with each other to determine the price and quantity of a product.
In other words, it is a place where goods are sold. The market refers to a group of buyers and sellers who come together to carry out a transaction. Therefore, the main answer is option (e) Market.
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Use the information to prepare adjusting entries as of December 31.
Prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e.
Arnez Company’s annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Building; Accumulated Depreciation—Building; Salaries Payable; Unearned Revenue; Rent Revenue; Salaries Expense; Office Supplies Expense; Insurance Expense; and Depreciation Expense—Building.
The Office Supplies account started the year with a $4,000 balance. During the year, the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,554.
The Prepaid Insurance account had a $20,000 debit balance at December 31 before adjusting for the costs of any expired coverage for the year. An analysis of prepaid insurance shows that $12,880 of unexpired insurance coverage remains at year-end.
The company has 15 employees, who earn a total of $1,960 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on the previous Friday. Assume that December 31 is a Tuesday, and all 15 employees worked the first two days of that week. Because New Year’s Day is a paid holiday, they will be paid salaries for five full days on Monday, January 6 of next year.
The company purchased a building at the beginning of this year. It cost $960,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. Annual depreciation is $30,500.
Since the company is not large enough to occupy the entire building it owns, it rented space to a tenant at $3,000 per month, starting on November 1. The rent was paid on time on November 1, and the amount received was credited to Rent Revenue. However, the tenant has not paid the December rent. The company has worked out an agreement with the tenant, who has promised to pay both December and January rent in full on January 15.
On November 1, the company rented space to another tenant for $2,800 per month. The tenant paid five months’ rent in advance on that date. The payment was recorded with a credit to the Unearned Revenue account.
The journal entries to record the first subsequent cash transaction in January of the next year for parts c and e are as follows:
Journal entries for part c Cash Account Debit $28000 Unearned Revenue Account Credit $28000 In this case, the unearned revenue account will be debited for the $14,000 that is earned in January of the next year. The Cash account will be credited with $28,000 because the company will have received the cash from the rent payment.
The company did not receive the December rent of $3,000 from its tenant, but it will receive both December and January rent on January 15 of the next year. Since the tenant has already received the benefit of renting space in December, the company needs to record the rental income for December and show that the tenant owes them money. So, an entry will be made to Accounts Receivable and Rent Revenue accounts.
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Describe one example of a risk for your ski resort organization from each of the four risk quadrants (Hazard Risk, Operation Risk, Financial Risk, Strategic Risk), and indicate which of these risks are likely to be insurable and which are not (explain why)
A ski resort organization faces various risks across different categories. In the hazard risk quadrant, an example could be the risk of avalanches. In the operational risk quadrant, a risk could be lift malfunctions.
Financial risk may include the risk of fluctuating exchange rates for international visitors. In the strategic risk quadrant, a risk could be the emergence of new competing ski resorts in the region. While some risks may be insurable, others may not be due to their nature or the availability of insurance coverage specific to those risks.
In the hazard risk quadrant, a significant risk for a ski resort organization is the occurrence of avalanches. Avalanches pose a threat to the safety of skiers and can cause damage to infrastructure. While insurance coverage may be available to cover certain aspects related to avalanches, such as property damage or liability claims, it may not fully mitigate the risk of avalanches themselves due to their unpredictable nature.
In the operational risk quadrant, a risk could be lift malfunctions. Lift malfunctions can disrupt operations, impact visitor experience, and potentially result in accidents or injuries. This type of risk is typically insurable, and ski resort organizations can obtain insurance coverage to protect against financial losses related to lift malfunctions, including liability claims and business interruption.
Financial risk in a ski resort organization may include exposure to fluctuating exchange rates for international visitors. This risk may impact the revenue generated from international tourists. While financial risks like exchange rate fluctuations can be managed through financial instruments such as hedging, insurance coverage specifically for exchange rate risk is typically not available.
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View Policies Current Attempt in Progress Sheridan Company plans to sell 300 potted plants during April and 220 units in May. Sheridan Company keeps 15% of the next month's sales as ending inventory. How many units should Sheridan Company produce during April? 333 312 288 300
The number of units Sheridan Company should produce during April is 312.
The number of units Sheridan Company should produce during April can be found as follows: Step 1: Calculate the next month's sales for April ending inventory by multiplying May's sales by 15%.15% of May's sales = (15/100) x 220= 33Therefore, the next month's sales for April ending inventory is 220 + 33 = 253
Calculate the total sales units for April. Total sales units for April = Units to be sold in April + Ending inventory for April Units to be sold in April = 300Ending inventory for April = 253Total sales units for April = 300 + 253 = 553.Step 3: Calculate the number of units that Sheridan Company should produce during April. Number of units Sheridan Company should produce during April = Total sales units for April - Beginning inventory for April.
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If pasta is an inferior good, then the demand curve shifts to the when rises. O right; the price of pasta O left; consumers' income O left; the price of pasta O right; consumers' income
If pasta is considered an inferior good, the demand curve shifts to the left when consumers' income rises, reflecting a decrease in the quantity demanded for pasta as consumers shift their preferences towards other goods.
if pasta is an inferior good, then the demand curve shifts to the left when consumers' income rises.
an inferior good is a type of good for which demand decreases when consumers' income increases. in the case of pasta being an inferior good, when consumers' income rises, they tend to shift their consumption towards other types of goods, typically of higher quality or more luxurious s.
when consumers' income increases, their purchasing power expands, allowing them to afford higher-quality food choices or other goods that they perceive as better substitutes for pasta. as a result, the demand for pasta decreases, leading to a leftward shift in the demand curve.
conversely, when consumers' income decreases, they may rely more heavily on cheaper food s like pasta, causing the demand for pasta to increase. this would result in a rightward shift of the demand curve.
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Question 9 Which of the following is not true about Lindahl pricing? a. There is unanimous agreement with the equilibrium in the sense that no individual would be motivated to make a change. b. Although marginal cost may not equal marginal benefit for all individuals, every individual receives a net gain. c. An obstacle to achieving it is that individuals might be impelled to conceal their true preferences. d. It is an idealized but impractical way to determine equilibrium in a market for public goods. Question 10 Which of the following explains "market failure" (or non-viability or the "death spiral") of some insurance markets? a. consumption-smoothing. b. moral hazard c. adverse selection. d. reduced levels of "self-insurance." e. diminishing marginal utility or benefit. Question 11 The debt ceiling disputes that arise in the U.S. Congress over whether to raise the ceiling to allow more borrowing and spending could arise from widespread acceptance of a. Arrow's Impossibility Theorem. b. direct democracy. c. the theory of size-maximizing bureaucracy. d. the median voter model. e. Leviathan theory.
Answer to Question 9:D. It is an idealized but impractical way to determine equilibrium in a market for public goods.Lindahl pricing is an idealized, yet impractical method of determining equilibrium in a market for public goods.
It's idealized since it assumes that every person is transparent about their desires and will report their preferred quantity of the public good. Nonetheless, it's impractical because people may conceal their preferences, making it difficult to determine the exact amount of public good that people are willing to pay. Lindahl pricing cannot be used in practice since it's based on an impractical idea that every individual will reveal their true preferences. Furthermore, it's too difficult to establish a single optimal price that would be acceptable to everyone. Answer to Question 10:C. Adverse selection.Adverse selection explains "market failure" (or non-viability or the "death spiral") of some insurance markets. In general, adverse selection describes a market condition in which one party in a transaction has more or better information than the other party. This leads to one party taking advantage of the other, resulting in an inequitable or inefficient outcome.
Answer to Question 11:D. The median voter model.The debt ceiling disputes that arise in the U.S. Congress over whether to raise the ceiling to allow more borrowing and spending could arise from widespread acceptance of the median voter model. The median voter model is a concept in political science that refers to a situation in which the median voter in an election is most likely to be decisive. It is frequently used to describe the behavior of elected officials. Members of Congress are often concerned with re-election, which means they must appeal to a broad swath of their constituents. They are acutely aware of the political center and must avoid alienating swing voters if they wish to be re-elected. Therefore, option D is the correct answer.
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The quarterly returns for a group of 72 mutual funds with a mean of 1.1% and a standard deviation of 4.6% can be modeled by a Normal model. Based on the model N(0.011,0.046), what are the cutoff values for the
A. Highest 30% of these funds?
B. Lowest 20%?
C. Middle 80%?
D. Highest 80%?
A. The cutoff value for the highest 30% of the funds is approximately 0.035.
B. The cutoff value for the lowest 20% of the funds is approximately -0.008.
C. The lower cutoff value for the middle 80% of the funds is approximately -0.061, and the upper cutoff value is approximately 0.083.
D. The cutoff value for the highest 80% of the funds is approximately -0.008.
To find the cutoff values for different percentages of the mutual funds' quarterly returns, we can use the properties of the Normal distribution. Given that the quarterly returns can be modeled by the Normal distribution N(0.011, 0.046), we can calculate the cutoff values using the Z-scores.
A. Highest 30% of the funds:
To find the cutoff value for the highest 30% of the funds, we need to find the Z-score that corresponds to the 70th percentile (100% - 30% = 70%). Using a Z-score table or a statistical calculator, we find that the Z-score corresponding to the 70th percentile is approximately 0.524.
The cutoff value for the highest 30% of the funds is given by:
Cutoff value = Mean + (Z-score * Standard deviation)
Cutoff value = 0.011 + (0.524 * 0.046)
B. Lowest 20% of the funds:
To find the cutoff value for the lowest 20% of the funds, we need to find the Z-score that corresponds to the 20th percentile. Using a Z-score table or a statistical calculator, we find that the Z-score corresponding to the 20th percentile is approximately -0.841.
The cutoff value for the lowest 20% of the funds is given by:
Cutoff value = Mean + (Z-score * Standard deviation)
Cutoff value = 0.011 + (-0.841 * 0.046)
C. Middle 80% of the funds:
To find the cutoff values for the middle 80% of the funds, we need to find the Z-scores that correspond to the 10th and 90th percentiles. Using a Z-score table or a statistical calculator, we find that the Z-score corresponding to the 10th percentile is approximately -1.282 and the Z-score corresponding to the 90th percentile is approximately 1.282.
The cutoff values for the middle 80% of the funds are given by:
Lower cutoff value = Mean + (Z-score for 10th percentile * Standard deviation)
Upper cutoff value = Mean + (Z-score for 90th percentile * Standard deviation)
D. Highest 80% of the funds:
To find the cutoff value for the highest 80% of the funds, we need to find the Z-score that corresponds to the 20th percentile (100% - 80% = 20%). Using a Z-score table or a statistical calculator, we find that the Z-score corresponding to the 20th percentile is approximately -0.841.
The cutoff value for the highest 80% of the funds is given by:
Cutoff value = Mean + (Z-score * Standard deviation)
Cutoff value = 0.011 + (-0.841 * 0.046)
Please note that the values provided are approximate and may vary slightly depending on the level of precision used in the Z-score table or calculator.
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which of the following are common responses of employees when faced with change?
Common responses of employees when faced with change are resistance, fear, and anxiety. Anxiety might manifest itself as a reluctance to accept new assignments or as a sense of unease or tension.
Change is not always a comfortable prospect for employees. When changes are announced, people's reactions can vary widely, from welcoming to resisting or feeling anxious or frustrated. Here are the common responses of employees when faced with change: Resistance: Resistance is a typical response when change is perceived as threatening to employees' security, comfort, and/or control.
Employees may resist change by denying its relevance, criticizing it, or actively fighting it. Fear: Change often poses a potential danger to employees, whether it's the possibility of losing one's employment or of being unable to execute the new tasks required. Fear may lead to negative feelings such as worry, mistrust, and doubt, all of which might hinder progress. Anxiety: The mere thought of change may cause anxiety for some employees, especially if they are uncertain about what will happen in the future.
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Suppose the demand for goods 1 and 2 are respectively 91 = 12-P1+P2/2 and q2 = 12-p2 + p./2. No costs are incurred to produce goods 1 and 2. • Q12) Are the products A) Substitutes B) Complements • Q13) Suppose monopoly 1 produces good 1 and monopoly 2 produces good 2. Determine the profit maximizing price set by monopoly 1. Q14) Suppose a single monopoly produces both goods. Determine the profit maximizing price for good 1.
The products are Substitutes. The profit maximizing price set by monopoly 1 is $12. The profit maximizing price for good 1 is $4
Q12) The given demand equations are:
q1 = 12 – P1 + P2/2and q2 = 12 – P2 + P1/2
According to the given demand equations, if the price of good 1 increases then the quantity demanded for good 1 decreases and the quantity demanded for good 2 increases. It shows that the goods are substitutes for each other.
Therefore, the answer to Q12 is "A) Substitutes.
"Q13) Let’s consider the demand equation of good 1:
q1 = 12 – P1 + P2/2
Since monopoly 1 is the only producer of good 1, the market demand curve will be equal to the demand curve of good 1. So, the market demand curve will be:
Q1 = 12 – P1 + P2/2
Now we have the total revenue (TR) of monopoly 1 as:
TR1 = P1 × q1TR1
= P1(12 – P1 + P2/2)
Differentiating with respect to P1:
∂TR1/∂P1 = 12 – 2P1 + P2/2
The profit maximizing price (P1) is found where MR1 = MC1.
Therefore, the marginal revenue (MR1) is:
MR1 = ∂TR1/∂q1 × q1/∂q1 = P1 – q1/2
Substituting TR1 into MR1:MR1 = (12 – 3P1 + P2)/2
Equating MR1 with the marginal cost (MC1) of producing good 1 as there are no costs incurred to produce the goods:12 – 3P1 + P2/2 = 0
Multiplying by 2:24 – 6P1 + P2 = 0P2
= 6P1 – 24
Substituting P2 in the MR1 equation:
MR1 = (12 – 3P1 + 6P1 – 24)/2MR1
= (36 – 3P1)/2
Equating MR1 with MC1:36 – 3P1 = 0P1 = 12
Therefore, the profit maximizing price set by monopoly 1 is $12.
Q14) If a single monopoly produces both goods, the total revenue (TR) of the monopoly can be found by adding the total revenues of goods 1 and 2.
Therefore:
TR = P1 × q1 + P2 × q2TR
= P1(12 – P1 + P2/2) + P2(12 – P2 + P1/2)
Differentiating with respect to P1:∂TR/∂P1
= 12 – 2P1 + P2/2 + P2/2
Differentiating with respect to P2:∂TR/∂P2 = P1/2 – P2 + 12 – 2P2
Therefore, MR1 = 12 – P1 + P2/2 and MR2 = 12 – P2 + P1/2
The profit maximizing prices are found by equating MR1 and MR2 to their respective marginal costs and then solving for P1 and P2.
Since MC1 = MC2 = 0, we have:
12 – P1 + P2/2
= 012 – P2 + P1/2
= 0P1 = 6 – P2/2P2
= 6 – P1/2
Substituting P2 in P1: P1 = 4
Substituting P1 in P2: P2 = 5
Therefore, the profit maximizing price for good 1 is $4.
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(2, LO1) In a job-order costing system, which costs are accumulated in the work in process account for each job? Select one: O a. Direct materials, direct labor, actual manufacturing overhead O b. Direct labor, actual manufacturing overhead, indirect materials O c. Applied manufacturing overhead, direct labor, direct materials O d. Indirect materials, indirect labor, applied manufacturing overhead o e none of these is correct.
In a job-order costing system, the costs that are accumulated in the work in process account for each job are Direct materials, direct labor, and applied manufacturing overhead. Therefore, the correct answer is C.
Explanation: A job order costing system is one that is used to compute the costs of one or a few identical products based on the job or the batch of products. The company can then charge the client the cost plus a profit margin. In this system, direct materials, direct labor, and applied manufacturing overhead are the costs that are accumulated in the work in process account for each job.
Indirect labor and indirect materials are accumulated in manufacturing overhead. The total cost of direct materials, direct labor, and applied manufacturing overhead is added to the Work in Process account, which is the amount that is accumulated over time. This account includes all the direct costs of producing a product, such as labor, materials, and other related costs.
Therefore, option C, which includes direct materials, direct labor, and applied manufacturing overhead, is the correct answer.
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Which of the following statements is correct? O a. A tax offset can result in a refund if it relates to franking credits. O b. Tax offsets are same as allowable deductions as both reduce assessable income. c. Any tax offset can increase deductions. d. Tax offsets are used to reduce your taxable income.
The correct statement is A. A tax offset can result in a refund if it relates to franking credits.
Option A states that a tax offset can result in a refund if it relates to franking credits, and this statement is correct. A tax offset is a type of tax benefit that directly reduces the amount of tax payable by an individual or entity. If the tax offset exceeds the amount of tax owed, it can result in a refund. Franking credits, which represent tax already paid by a company on its profits, can be used as a tax offset by shareholders, and if the franking credits exceed the tax liability, a refund can be claimed.
Option B is incorrect because tax offsets and allowable deductions are not the same. Allowable deductions reduce assessable income, while tax offsets directly reduce the amount of tax payable.Option C is incorrect because tax offsets do not increase deductions. Tax offsets are separate from deductions and are applied to reduce the final tax liability.Option D is incorrect because tax offsets are used to directly reduce the tax payable, not the taxable income.Therefore, the correct statement is A. A tax offset can result in a refund if it relates to franking credits.
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45 Refer to the accompanying graph. If this firm is a price taker, then when the price of each unit of output is $30, this firm's total revenue at its profit- maximizing level of output is MC ATC 0/1 points awarded Scored eBook Prin References Cost (3) 8 20 18 11 5 0 10 20 30 4045 50 GO 70 Cont 90 -P1 AVC -P2 -P3 100 110 Multiple Choice $3,000 $2,400 $1,800 $900
When the price of each unit of output is $30, the firm's total revenue at its profit-maximizing level of output is $1,500.
To determine the firm's total revenue at its profit-maximizing level of output, we need to find the corresponding quantity of output on the graph and multiply it by the price per unit.
From the graph, we can see that the profit-maximizing level of output occurs where marginal cost (MC) intersects with marginal revenue (MR), which is also the same as the intersection of MC and average total cost (ATC). In this case, it appears to be around the quantity of 50 units.
Given that the price per unit of output is $30, we can calculate the firm's total revenue as follows:
Total Revenue = Price per Unit * Quantity of Output
Total Revenue = $30 * 50
Total Revenue = $1,500
Therefore, when the price of each unit of output is $30, the firm's total revenue at its profit-maximizing level of output is $1,500.
When the firm is a price taker, its profit-maximizing level of output occurs where marginal cost intersects with marginal revenue or average total cost. By identifying this level of output on the graph and multiplying it by the price per unit, we can determine the firm's total revenue. In this case, at a price of $30 per unit, the firm's total revenue is $1,500.
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Network Goods: End of Chapter Problem Suppose that a new Harry Potter book is released, and fans line up for days to be the first to buy it. Are these fans core users or casual users in their demand for the new book? They are core users with inelastic demand. They are core users with elastic demand. They are casual users with inelastic demand. They are casual users with elastic demand.
Network goods refer to a kind of good that has a value that increases as the number of people using it increases. These types of goods often have a critical mass that must be achieved to achieve the full value of the good. For instance, a phone service is only useful if a large number of people use it.
Harry Potter fans who line up for days to be the first to buy the latest book are considered core users. They are the people who are most interested in the product, and their desire for it is unlikely to be affected by price. In other words, even if the price of the book were to increase, they would still buy it because they are so invested in the Harry Potter universe. As a result, their demand is inelastic. This type of demand is inelastic because the price change has a little impact on the demand for the good. The core users' response to the book's price change is not elastic, which means their demand is insensitive to price changes. As a result, their demand is said to be inelastic.
Harry Potter fans are considered core users with inelastic demand. Their demand is inelastic because their response to price changes is not elastic. In other words, even if the price of the book were to increase, they would still buy it because they are so invested in the Harry Potter universe. This type of good is known as a network good. It is a type of good that has a value that increases as the number of people using it increases.
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