Answer:
The price elasticity of demand is 1.14.
The price is Elastic.
Elasticity is more than one so total revenue will fall.
Explanation:
Given the initial price of good x = $12
Final price of good x = $12.90
% change in price = [(12.90 - 12) / 12] x 100 = 7.5 %
Initial quantity = 5000
Final quantity = 4600
% change in quantity = [(4600 - 5000)/5000] x 100 = -8%
Elasticity = % change in quantity / % change in price
Elasticity = 8% / 7%
Elasticity = 1.14
The price elasticity of demand is 1.14.
The price is Elastic.
Since elasticity is more than one so total revenue will fall.
On March 7, a buyer and a seller execute a contract for the purchase of the seller's property. Closing is set for June 10. On April 15, the property is struck by lightning and destroyed by the resulting fire. If the Uniform Vendor and Purchaser Risk Act has been adopted by the state in which the property is located, which party bears liability for the loss?
Answer:
Under the act, the seller bears the loss alone.
Explanation:
Since in the given question it is mentioned that on march 7 the buyer and seller comes into the contract and on April 15 the property is destroyed so as per the given act, here the seller party bears the liability for the loss alone as he is full responsible of it also the closing is to be on June 10
Therefore the above should be the answer
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 100 items per hour. Two workers sharing a computer can together inventory 150 items per hour. Three workers sharing a computer can together inventory 160 items per hour. And four or more workers sharing a computer can together inventory fewer than 160 items per hour. Computers cost $100 each and you must pay each worker $25 per hour. Instructions: In parts a and b, round your answers to two decimal places. In part c, enter your answer as a whole number. a. If you assign one worker per computer, what is the cost of inventorying a single item
Answer: $1.25
Explanation:
Cost of inventorying a single item:
= (Cost of computer + Cost to employ worker per hour) / Items inventoried per hour
= (100 + 25) / 100
= $1.25
What is your long term career goal?
Tenant Tomas and landlord Landis enter into a contract for Tomas to rent Landis's home for two years. Halfway through the lease, Tomas decides to install smart lights and a security system that requires intensive modifications to the wiring and electrical system. May Tomas make such improvements?
Answer:
Yes, with Landis' permission
Explanation:
Yes, with Landis' permission.
Any major modifications to a property leased must be done with the knowledge and permission of the landlord. In the case of Thomas(Tenant), the permission of Landis (Landlord) must be sought before Thomas can install the smart light and security system on the property.
When Lee talks about an approach to management that helps to attain customer satisfaction through tools that deliver high-quality goods, he is referring to
Answer:
Total quality management (TQM).
Explanation:
Total quality management is refer to a management framework that is focused on achieving long-term success through the satisfaction of your customers by the efforts of all the member of staff in an organization.
This ultimately implies that, total quality management (TQM) is a management tool used by businesses to attain customers' satisfaction and improved level of productivity leading to long-term success in the business.
In conclusion, total quality management (TQM) is an approach to management that helps a business firm to attain customer satisfaction by employing or making use of tools that deliver high-quality goods. Thus, Lee is referring to total quality management (TQM).
What are the effects on U.S. imports and exports when the U.S. experiences economic growth stronger than its major trading partners
Answer:
Imports will increase
Explanation:
Exports provide money into the system, increasing the GDP of the exporting country. If a country imports items, it does so from outside manufacturers. The money that is spent on imports departs the economy, lowering the GDP of the importing country.
Imports will rise if the United States' economic growth outpaces that of its main trade partners.
1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.)'
Answer:
0.31
0.27
Explanation:
Here is the full question used in answering this question
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: (Enter your answers in millions, not in dollars.)
($ in ,millions)
Current assets:
Cash and cash equivalents $307
Current investments 82
Net receivables 218
Inventory 122
Other current assets 138
Total current assets $867
Current liabilities:
Accounts payable $1,165
Short-term debt 709
Other current liabilities 904
Total current liabilities $2,778
Required:
Calculate the current ratio and the acid-test ratio for Queen's Line
Current ratio is an example of a liquidity ratio. Liquidity ratios measure a firm's ability to honour its short terms obligations. the higher the current ratio, the higher the firm's liquidity and its ability to meet short term obligations
Current ratio = current asset /current liability
867 / 2778 = 0.31
Acid test ratio also known as the quick ratio measure the ability of short term assets to meet current liabilities
Acid test ratio = (current asset - inventory) / current liabilities
(867 - 122) / 2778 = 0.27
A market situation where all participants have an incentive to exploit a resource yet no one can limit anyone else's access to that resource, resulting in over-exploitation, can be described as a(n)
Answer:
Tragedy of the Commons
Explanation:
The tragedy of the commons refers to a situation where the individual could access to the resources that are shared for their own interest.
So it is the market situation where the participant expolited the resources also there is no limited for accessing the resources
So the above term should be considered for the given situation
According to RET, unanticipated changes in the price level, or ______, cause temporary changes in real output.
Answer:
price-level surprises
Explanation:
Price can be defined as the amount of money that is required to be paid by a buyer (customer) to a seller (producer) in order to acquire goods and services. Thus, it refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. Also, the price of goods and services are primarily being set by the seller or service provider.
In sales and marketing, pricing of products is considered to be an essential element of a business firm's marketing mix because place, promotion and product largely depends on it.
The rational expectations theory (RET) is an economic theory which states that consumers would always make decisions based on the best information that is made available to them at a given time.
According to rational expectations theory (RET), unanticipated changes in the price level, or price-level surprises would cause temporary changes in real output. Thus, macroeconomic policy such as price level, economic growth, Gross Domestic Product (GDP), inflation, unemployment and national income levels are ineffective in both the short run and long run
Ed was working on a custom-made workbench for a customer. The job, TB0414, was begun in November. At the end of November, the job cost sheet for TB0414 showed direct materials of $215, direct labor of 14 hours at $18 per hour, and overhead of 50% of direct labor cost. During December, Ed’s time ticket showed 15 hours on Job TB0414, 25 hours on Job TB0614, 10 hours of maintenance on the lathe, and 40 hours on a new job, DR1014. What is the total amount of overhead applied to TBO414?
Answer:
Allocated MOH= $261
Explanation:
Giving the following information:
Predetermined overhead rate= 50% of direct labor cost
To allocate overhead to Job TB0414, we need to use the following formula:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
First, we need to determine the total labor cost:
TB0414:
Direct labor hours= 14 + 15 = 29
Total direct labor cost= 29*18= $522
Now, the allocated overhead:
Allocated MOH= 522*0.5
Allocated MOH= $261
On March 12, Klein Company, Inc. sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system. On March 15, Babson returns some of the merchandise. The selling price of the returned merchandise is $600 and the cost of the merchandise returned is $350. The entry or entries that Klein must make on March 15 is:
Answer:
Date Account Title Debit Credit
March 15, Sales returns and allowances $600
Accounts Receivable $600
Merchandise Inventory $350
Cost of Goods Sold $350
hat sets one organization apart from others and provides the firm with a distinctive edge for meeting marketplace needs is known as _____ a target market b decentralization c competitive distinction d competitive advantage e core competency
Answer:
d competitive advantage
Explanation:
The Target market refers to the customers that the company wants to sell its products or services. Therefore this option is incorrect.
Decentralisation is basically a transfer of authority to several branches of an organisation instead of only one. This option is also incorrect.
The competitive distinction is defined as the difference between what the organisation offers in comparison to its competitors. This option is also incorrect as it does not provide any distinctive edge in the marketplace for the organisation.
Competitive advantage defines the factors that help a company produce goods or services in a way that is cheaper and/or better than its competitors. This is the correct option as it is providing factors that would be helpful for firms to have a distinctive edge in the marketplace.
Core competency refers to the fact that the organisation must define its resources and capabilities in order to have a strategic advantage over its competitors. This option is mainly suggesting to define its advantages over the competitors. Hence, this option is also not correct.
Using an end-of-period spreadsheet, the flow of accounting information moves from the a.financial statements to the adjusted trial balance. b.adjusting entries straight to the financial statements. c.adjusted trial balance to the financial statements. d.unadjusted trial balance to the financial statements.
Answer:
C. adjusted trial balance to the financial statements.
Explanation:
The end-of-period spreadsheet can be regarded as accounting tools used in summarizing the movement of transactions that has been carried out throughout an accounting period. It is a tools that give representation of the end of the current accounting period.
permanent accounts that been found
the balance sheet, which are not not closed are been consisted by The post-closing trial balance.
It should be noted that Using an end-of-period spreadsheet, the flow of accounting information moves from the
adjusted trial balance to the financial statements.
The obligation, placed on employees through delegation, to perform assigned tasks satisfactorily and be held accountable for the proper execution of work is the definition of ______.
According to equity theory, in order to restore equity or fairness of a work situation a worker may ______. (select all that apply)
Group of answer choices.
A. try to have the inputs of coworkers increased
B. try to increase the outputs of coworkers
C. try to increase his or her own outputs
D. try to increase his or her own inputs
Answer:
A. try to have the inputs of coworkers increased.
C. try to increase his or her own outputs.
Explanation:
Adam Smith was a Scottish political economist, social and moral philosopher, author and he is famously considered to be the father of modern economics. Smith was born on the 5th of June, 1723 in Kirkcaldy, United Kingdom and he died on the 17th of July, 1790 in Panmure House, Edinburgh, United Kingdom.
The equity theory by Adam Smith helps to measure and strike a balance between the work input and output of a worker.
An equality norm can be defined as a reward system in which the employer or human resource manager decide to compensate or pay the entire workforce the same amount of money without discrimination or favoritism.
Basically, it's paid regardless of individual productivity levels, in order to promote the ability to work effectively in groups.
According to equity theory, in order to restore equity or fairness of a work situation a worker may;
I. Try to have the inputs of coworkers increased.
II. Try to increase his or her own outputs.
Oriole Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31 $19800 Deposits in transit 950 Notes receivable and interest collected by bank 4880 Bank charge for check printing 100 Outstanding checks 12700 NSF check 1090 The adjusted cash balance per books on August 31 is $11780. $10790. $24440. $23490.
Answer:
$23490
Explanation:
Update the Cash Book by recording the items that appear in the Bank Reconciliation Statement and not in the Cash Book.
Cash Book
Debit :
Balance before adjustments $19,800
Notes receivable and interest $4,880
Totals $24,680
Credit :
Bank charge $100
Dishonored check $1,090
Balance (adjusted) $23,490
Totals $24,680
Sun Petroleum Corp. recently moved its operations from Galveston, Texas, to Somalia. The decision to move was the result of new federal regulations regarding clean air standards that all petroleum corporations are subjected to. A critic of globalization would say this example demonstrates what concern
Answer:
Facilities in advanced nations are moving to less developed countries that have lower environmental regulations.
Explanation:
The move from Texas to Somalia seem to be one which aimed at allowing the company to operate under less strict regulations especially legislations regarding environmental pollution and degradation owing to ozone layer depletion and climate change resulting from high carbon emission. Petroleum processing generates a lot of carbon and strict federal regulations have been established in other to control emission in most developed countries such as Texas where Sum petroleum operates. Therefore Sun petroleum's move to Somalia will be seen as one which is aided by the company's desire to operate under less strict environmental guidelines.
PLEASE HELP!
Question: Give an example of a patent in business.
Answer:
Examples of inventions protected by utility patents are a microwave oven, genetically engineered bacteria for cleaning up oil spills, a computerized method of running cash management accounts, and a method for curing rubber.
Explanation:
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Memorial Hospital CEO conducts performance reviews of the hospital's departments and discovered that the average cost of deliveries ($5,000) was above their average revenue, and that the hospital was losing $700 on each delivery. From the information on how much the hospital is losing on deliveries, what is the change in profit for each extra delivery
Answer:
Memorial Hospital
From the information on how much the hospital is losing on deliveries, the change in profit for each extra delivery is:
= 16.3%.
Explanation:
a) Data and Calculations:
Average cost of deliveries = $5,000
Average revenue per delivery = $4,300 ($5,000 - $700)
Loss on each delivery = $700
The change in profit for each extra delivery is
= 16.3% ($700/$4,300 * 100)
b) The implication of the above information is that the hospital is losing 16.3% each time it performs a delivery because it cost it $5,000 while it can only receive $4,300 from each patient delivered.
How investment tax credit and employment tax credit can be used to address unemployment?
Answer:
Investment tax credit means that companies will pay less taxes if they invest in new projects. These new projects will need people to work on them for it to be successful. When companies take advantage of investment tax credits therefore and invest, they end up hiring people which would reduce unemployment.
Employment tax credit has a more direct effect on unemployment. It reduces taxes per worker hired so if an employer wants to take advantage of this, they should employ more people which would directly reduce unemployment.
what are the main functions of HR department
Answer:
Personnel administration.
Personnel recruitment and selection.
Compensation and incentive management.
Development of a positive work climate.
Employee performance evaluation.
Staff training and development.
Labour relations.
Occupational health and safety.
Explanation:
The functions of a human resources Department are numerous and diverse, as this team is responsible for managing a company's human capital to meet the established business objectives. The personnel department is key in any company, from attracting and retaining talent to guaranteeing the interests and well-being of employees.
Today's most successful companies are including _____ directly in the product and service development process.
Answer:
Today's most successful companies are including customers directly in the product and service development process.
You are obligated to do anything you can to lawfully win an advantage for your buyer. This is an example of which fiduciary duty
Answer:
Loyalty
Explanation:
Fiduciary responsibility is a form of obligation one owes another.
A fiduciary duty refers to when a person or entity places trust, confidence, and reliance on another to exercise expertise in acting on the client's behalf.
The fiduciary(the person who has the dity) must willingly accept that trust and confidence. He must always act in the interest of the beneficiary.
Fiduciary responsibilities:
1. The duty of care
2. The duty of loyalty
3. The duty of obedience
The balanced scorecard is a unique system of performance measures in that it: (Check all that apply.) Multiple select question. has financial and nonfinancial measures. has multiple perspectives. has key indicators measured by all companies. has a focus on customer satisfaction. can only be used by small companies.
Answer:
has financial and nonfinancial measures.
has multiple perspectives.
has a focus on customer satisfaction.
Explanation:
A balanced scorecard is a strategic management performance metric in which it helps the companies to identifying and improve the operations internally for helping out the external results. Also at the same time it determined the performance data related to the past and according to this it gives the feedback so that better decisions could be carried out
So as per the given options, the above 3 options should be selected
Answer:
has financial and nonfinancial measures.
has multiple perspectives.
has a focus on customer satisfaction.
Explanation:
Monetarists argue that the Federal Reserve System should
A. institute a prescribed rate of growth in the money supply.
B. self-correction is less effective than activist monetary policy.
C. policymakers should use monetary policy rather than fiscal policy to stabilize the economy.
D. since velocity is unstable, a fixed annual increase in the money supply will exacerbate inflation in the long run.
Answer:
C. policymakers should use monetary policy rather than fiscal policy to stabilize the economy.
Explanation:
Monetarists argue that the Federal Reserve System should "use monetary policy rather than fiscal policy to stabilize the economy."
According to monetarists, a monetary policy is a policy that involves the regulation or control of money supply, including the rate of interest such that it regulates the microeconomic of a nation. Hence, Monetarists argue that the Federal Reserve System should "use monetary policy rather than fiscal policy to stabilize the economy, " because it helps in the control of inflation, consumption, development, and cash flow.
Required-: JOURNAL ENTRY
Paid Rs. 28,000 to Sansee stores in fullsettlement of Rs. 30,000 by cheque
please help Me with this.
I'm still confused in it.
Explanation:
Given:
Paid 28,000 in full settlement
Explanation:
Books of (......LTD)
Journal entries
Particular Debit Credit
Sansee stores A/C DR. 30,000
To Discount A/C CR 2,000
To Bank A/C CR 28,000
Glowbot is a mobile app development firm. The firm allows its employees to grow by giving them the liberty to make their own decisions to help maximize the firm's benefits as well as the customer's benefits. The employees are treated fairly, and diversity is welcomed in the organization. This scenario illustrates the concept of _____.
Answer:
C) an organizational plurality
Explanation:
A) diversity pairing
B) skill-based diversity
C) an organizational plurality
D) structural accommodation
If the market rate of interest is 7%, the price of 6% bonds paying interest semiannually with a face value of $500,000 will be
Answer:
the present value is $495,250.76
Explanation:
The computation of the present value is shown below;
Given that
RATE is 7% ÷ 2 = 3.5%
Future value be $500,000
NPER is 2
PMT = $500,000 × 6% ÷ 2 = $15,000
The formula is shown below:
=-PV(RATE,NPER,PMT,FV,TYPE)
After applying the above formula, the present value is $495,250.76
A _____, offered by companies such as American Express, carries no spending limit, and the entire amount billed to the card is due at the end of the billing period.
Answer:
Charge card
Explanation:
A charge card is a type of electronic payment card in which there is no interest is to be charged but you needs to the pay the balance of the statement either full or monthly basis. Also it has the highest annual fee that should be charged
So as per the given situation, it is the charge card scenario
In _____ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.
Answer:
operational
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