Answer:
standardized good, full information, no transactions costs, participants are price takers.
Explanation:
Perfectly competitive markets are theoretical, because even commodities' markets (e.g. corn, oil, etc.) do not comply 100% with all the characteristics of a perfectly competitive market, but are close enough to consider them as such.
The 5 characteristics of perfectly competitive markets are:
Many participants (many buyers and sellers)Standardized goods or servicesZero transaction costsNo barriers to entryAll participants can access perfect informationAs I said before, no market complies 100% with these requirements, but some commodities' markets get close enough, but even there:
commodity traders charge a transaction feecapital is a great barrier to entry that cannot be eliminated, e.g. it costs millions to drill and sell oilnot all participants will be able to access perfect informationYou have been asked to assist a retail company. It sells clothing and would like to have a Point of Sale computer installed to help with inventory control and to allow customers to check out faster.What peripheral will you recommend to them to help them keep track of inventory and check customers out faster? *
a) Barcode reader
b) Signature pad
c) Smart card reader
d) KVM
The diminishing marginal utility effect states that as more of an item is consumed and the amount of additional satisfaction decreases, the seller must ________ price to induce the consumer to buy more.
Answer: decrease
Explanation: Marginal utility could be explained as the extra satisfaction derived from the consumption of one extra unit of an item. However, as consumption increases, the extra satisfaction (marginal utility) begins to decline. At this point, the demand for such product or item will tend to fall or drop due to the decline in satisfaction. When this happens, reduces the price of such item becomes paramount in other to fight the decline in demand of the product and induce consumers to buy more.
Beef Burgers, Inc. contracts to buy five hundred head of cattle from Cattle Ranch. Before the seller delivers, an outbreak of disease causes a quarantine of the ranch. In this circumstance, the perfect tender rule:________.
A) applies to both parties.
B) no longer applies.
C) applies only to Beef Burgers.
D) applies only to Cattle Ranch.
Answer:
B) no longer applies.
Explanation:
Based on the information given the perfect tender rule will NO LONGER APPLIES because the seller which is Cattle Ranch is yet to deliver the cattle to Beef Burgers, Inc before the outbreak of the disease causes a quarantine of the ranch, which is why the perfect tender rule states that a buyer is only permitted to reject goods that is been delivered to him or her from a seller only in a situation where the seller's delivered the goods in way that are not perfect or that does not meet the contract agreement between both the buyer and the sellers or in a situation where the goods did not conform to the description which may make the buyer to legally reject the goods delivered.
Therefore based on above scenario between Beef Burgers, Inc the buyer and Cattle Ranch the perfect tender rule will NO LONGER APPLIES .
Alex wants to maximize his utility. At his current level of consumption, Alex's marginal utility from an additional cup of coffee is 15 utils, and his marginal utility from an additional can of soda is 11 utils. If the price of a cup of coffee is $3 and the price of a can of soda is $2, Alex should:
Available Options Are:
A. decrease his spending on both coffee and soda.
B. reallocate his spending away from soda and towards coffee.
C. not change his consumption of either coffee or soda.
D. reallocate his spending away from coffee and towards soda.
Answer:
D. Reallocate his spending away from coffee and towards soda.
Explanation:
The utility per dollar of Coffee = 15 utils / $3 = 5 utils per dollar
Similarly
The utility per dollar of Soda = 11 utils / $2 = 5.5 utils per dollar
As the utility per dollar spending is more in the case of soda, hence ALex must spend more on soda to draw maximum utility out of its spending. Option D is correct statement.
Q 8.15: The financial statements of the Tyler Company report net sales of $300,000 and accounts receivable of $50,000 and $10,000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for the Tyler Company
Answer:
10 times
Explanation:
The financial statement of Tyler company reports a net sales of $300,000
The account receivables at the beginning of the year is $50,000
The account receivables at the end of the year is $10,000
Therefore, the accounts receivable turnover for Tyler company can be calculated as follows
= net sales/average net account receivables
= $300,000/($50,000+$10,000/2)
= $300,000/($60,000/2)
= $300,000/$30,000
= 10 times
Hence the accounts receivable turnover for Tyler company is 10 times
Think of examples of goods whose relative price has risen or fallen by a large amount. In 2007, the price of a gallon of gas was $2.59. In 2017, the price of a gallon of gas was $2.32 In 2007, the price of a dozen eggs was $1.63. In 2017, the price of a dozen eggs was $1.40. Between 2007 and 2017, the relative price of a gallon of gas with respect to a dozen eggs _______ and the relative price of a dozen eggs with respect to a gallon of gas _______.
Answer: Between 2007 and 2017, the relative price of a gallon of gas with respect to a dozen eggs rose and the relative price of a dozen eggs with respect to a gallon of gas fall.
Explanation:
Given: In 2007, the price of a gallon of gas was $2.59.
In 2017, the price of a gallon of gas was $2.32.
Change in price of a gallon of gas = price in 2017 - price in 2007
= $2.59 - $2.32
= $0.27
In 2007, the price of a dozen eggs was $1.63.
In 2017, the price of a dozen eggs was $1.40.
Change in price of a dozen eggs = price in 2017 - price in 2007
= $1.63 - $1.40
= $0.23
Clearly, Change in price of a gallon of gas > Change in price of a dozen eggs
It means, Between 2007 and 2017, the relative price of a gallon of gas with respect to a dozen eggs rose and the relative price of a dozen eggs with respect to a gallon of gas fall.
The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an example of a:
Answer:
Price ceiling
Explanation:
The price ceiling means the maximum price that is charged by the supplier to the consumer. If is not affected so it is above equilibrium price and in case when it is below than the demand is greater than the supply.
So in the given question, it is mentioned that the prices of food are set low that are sufficient to meet the requirement represent the price ceiling example
If a firm is worried about distance, country risk, employee morale, intellectual property protection, legal issues, and obtaining specialized talent, then which option is likely the best for this firm
Options:
Offshore
Outsource
Keep in-house
Keep domestic
Answer: keep domestic
Explanation: The recruitment options embarked upon by firms may affect the policies or type of processes the firm's employ in overseeing their recruitment process. For firms who seems skeptical about issues relating to distance, legal issues, country risk, morale and other issues listed above, such firms will best be better placed to oversee a hiring process which is restricted to the local environment which the firm is well informed about and devoid of international and legal barriers, oversea culture and mentality which may hamper or affect the required hiring structure of the firm.
Organizational culture refers to:_________.
a. the personal moral and ethical codes of ethics of its top management.
b. a written statement expressing its goals and objectives to be achieved through enacting a comprehensive strategic plan.
c. the fundamental, passionate, and enduring principles that guide its conduct over time.
d. the ethos of an organization that excludes its core values.
e. a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.
Answer:
e.A set of values,ideas,attitudes and norms of behaviour that is learned and shared among the members of an organisation.
Organizational culture refers to a set of values, ideas, attitudes, and norms of behavior that is learned and shared among members of organization. The appropriate response is option E.
What is Organizational culture?The general definition of organizational culture is all of a company's beliefs, values, and attitudes, and how these affect how its people behave. Whatever it's like for a customer to purchase from a business or for a supplier to cooperate with it is influenced by culture.
The definition of organizational culture pertains to the structure, values, sociology, and psychology of an organization, such as a business or non-profit. Philosophy, beliefs, expectations, and experiences are a few examples of organizational culture.
Hence, the appropriate response is option E.
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When one store stays open late to gain an advantage, its competitors begin to stay open late, too. At this point the first store is no better off than it was before, but now every store has additional expenses. This illustration is an example of what Frank and Cook call a
Answer:
Positional Arms Race
Explanation:
In the positional Arms Race, one of the competitor tries to increase its sales by offering more to its customer which would also encourage its competitor to offer more to its customers. This is because the competitor will try to retain his customers for the long term that other competitor wants to win.
As in this case, the company has began to stay open late, though it will increase its sales initially but later it would encourage its competitor to do so which will result in decline in value to company as it will increase the cost of both competitors and will not be generating enough value for the companies. This phenomenon is often referred to as Positional Arms Race.
Which of the following is NOT a factor that favors effective team behavior? Close physical layout of team members Leadership that supports team behavior and structures Individual rewards for contributions to the team Distinctive clusters of work assigned to the team Information systems that support the team
Answer:
Individual rewards for contributions to the team
Explanation:
A team should share rewards among themselves not to individuals, because effective teams are made of collaborators not competitors. By giving individual rewards for contributions to the team it reduces how effective the team behavior is.
For example, if a particular team is giving certain rights over others, there may begin to exist a competitive spirit amongst the team.
In the long run, monopolistically competitive firms: Group of answer choices charge prices equal to marginal cost have excess capacity produce at the minimum of average total cost have excess capacity and produce at the minimum of average total cost
Answer:
have excess capacity
Explanation:
As we know that in the case of monopolistically competitive firms, the output produced is less efficient as compared to the other market in the long run
Also
P = ATC
But
ATC > ATC or ATC > MC
This ATC > MC arise when there are differentiated products due to which the demand curve is downward sloping
Hence, the second option is correct
Which of the following would be an effective approach for encouraging authentic feedback? A. Defend yourself if you disagree with criticisms you receive. B. In the beginning, ask for feedback each time you see the person. C. Ask for feedback only when you are open to hearing it. D. only in formal situations, so employees understand the importance of the feedback.
Answer:
C. Ask for feedback only when you are open to hearing it.
Explanation:
Feedback refers to providing the information gathered after evaluating any specific action or event. Providing authentic feed-backs helps in promoting and improving the better quality of the original topic. It is more personalized and user-oriented. There are various ways by which authentic feed-backs can be given. Through messaging, writing, discussing over calls, and conversations over video calls helps in providing authentic feedback. Asking for feedback should be initiated by the person only when the person is willing to listen and acquire those feed-backs is an effective approach for encouraging authentic feedback.
A buyer bought a house, received a deed, and moved into the residence but neglected to record the document. One week later, the seller died and the heirs in another city, unaware that the property had been sold, conveyed title to a relative, who recorded the deed. Who owns the property
Buyer because he neglected the documents.
In the given case, buyer owns the property because he neglected the documents.
Who is the buyer?Anyone in the financial or business fields who research, assesses, and buys things for businesses to sell or utilize in their operations is referred to as a buyer.
Buyers, often referred to as purchasing agents, have to stick to a budget and frequently haggle for reasonable prices on the goods they wish to purchase. A person can learn more about the clients' requirements and desires by using buyer personas. This makes it possible to appeal to those particular desires more successfully.
Therefore, due to his lack of the paperwork, the buyer in the above situation is the owner of the property.
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An agent's customer says that ABC Corporation is about to be bought out. The customer wishes to place an order to buy ABC common stock based upon this yet unreleased information, which he claims he learned from an officer in the company. How should the agent respond in this situation
Answer:
Explanation:
In this specific scenario, the best thing for the agent to do would be to bring the information to the attention of the firm's supervisory principal named to handle such matters in a Supervisory Procedures Manual. That is because inside information or insider trading is illegal and even though it does not need to be reported to the state securities Administrator, it should still be handled by the firm's supervisory principal in order for it to be handled correctly so that the firm does not get into trouble.
Green Consulting closes out its withdrawals, expenses, and revenue accounts at the end of each fiscal period. These accounts are called Multiple Choice Balance sheet accounts. Permanent accounts.
Answer:
Temporary Accounts
Explanation:
All the income statement accounts are often termed as temporary accounts because the reason is that the accounts balances of the income statment accounts, which includes expense and income accounts, are closed at the end of each accounting period and the net balances of these accounts are adjusted in the balance sheet.
These accounts are only for one accounting period and thus the new accounting year starts with zero balances in these accounts as at the end of previous accounting period the accounts were closed.
The quantity of pencils sold is 1000 at the unit price $0.5. Suppose the price elasticity of demand for pencils by the initial value method (also known as the simple elasticity formula) is 2, and you would like to increase the quantity sold to 1200. Then the new price for pencils must be
Answer:
$0.45
Explanation:
Given the following :
At a unit price of $0.5 :
Quantity sold = 1000 and price elasticity of demand = 2. If quantity sold is to increase to 1200, new price of pencils equals ;
Price elasticity of demand :
(% change in quantity demanded / percentage change in price)
% change in quantity demanded equals :
[(1200 - 1000) / 1000] * 100
(200/1000) * 100
0.2 * 100 = 20%
Therefore ;
Price elasticity of demand :
(% change in quantity demanded / percentage change in price)
(2 = 20% / % change in price)
% Change in price * 2 = 20%
% change in price = 20% / 2
% change in price = 10%
Old price = $0.5
Since quantity demanded increases, then the price of pencil has decreased
10% decrease in old price
10% of $0.5
(10/100) * $0.5
0.1 * 0.5 = $0.05
New price = $0.5 - $0.05
New price = $0.45
Your sister recently opened a swanky three-floor cheese market, Fromagerie, which is quickly gaining attention from locals, the press, and restaurateurs in the area. Located near a college town, Fromagerie specializes in rare international cheeses; and on the top floor, there is a bistro where patrons can take cooking lessons, meet new people, dine, and sample some of the world's most savory cheeses before they make a purchase decision. The bistro element of the Fromagerie is primarily an example of your sister's retail strategy in the area of:______
a. merchandising
b. atmospheric
c. location
d. customer services
e. promotion
Answer:
customer service
Explanation:
In simple words, h Customer care or service refers to the immediate each-on-one relationship between a paying customer and the subject company's marketing agent. This direct engagement is seen by most merchants as a key factor in maintaining customer loyalty and promoting repeat sales.
Thus, from the above we can conclude that the given case relates to customer service.
Windsor, Inc. just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $301,000. In reviewing the details of the count and related inventory transactions, you have discovered the following tems that had not been considered.
1. Dobler has sent inventory costing $29,120 on consignment to Phillips Company. All of this inventory was at Phillips’s showrooms on December 31.
2. The company did not include in the count inventory (cost, $20,800) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
3. The company did not include in the count inventory (cost, $13,520) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.
Compute the correct December 31 inventory.
Answer:
Actual Inventory $ 343640
Explanation:
FOB Shipping point means as soon as the goods are sold they are the buyer's property and must be excluded from the inventory.
FOB destination means that the goods are the seller's property and responsibility unless the goods reach the destination. They are included in the seller inventory unless the buyer gets them.
Inventory sent on consignment is also counted in the cosigner's inventory.
The inventory costing $20,800 that was sold on December 28, terms FOB shipping point will not be included in the seller's inventory. They are now the buyer's responsibility.
Windsor, Inc
Inventory Stock Count on 31 Dec $301,000
Add inventory sent on consignment $29,120
Add Inventory purchased FOB shipping $13,520
Actual Inventory $ 343640
Darren notices that many people viewed specific products on his website without purchasing them. He creates a Google Display Ad to drive sales of those exact products. Which option will best suit Darren's marketing goal?
Answer: Dynamic remarketing
Explanation:
Dynamic Remarketing is when ads are shown to the people that have earlier used or ones mobile app or visited ones website. The contents shown will be related to what the user checked out on the website earlier.
Since Darren’s marketing strategy is to target the people who had previously used the website without buying the product, Dynamic Remarketing will be used.
Refer to Scenario 16.2. The makers of Whizz considered a new promotional method for their product. A small box of Whizz was placed in the mailbox of college students as they came on campus in the fall. Along with the Whizz, the students received a coupon for $1.00 off their next purchase. They could receive another coupon for $3.00 off if they went online and emailed five friends at another college, telling them about Whizz. The friends could then go to a website and print a coupon for $2.00 off their next purchase. The sample boxes given to the college students are an example of ____, while the emails to the five friends are an example of ____.
Answer: Sales promotion ; viral marketing
Explanation: Sales promotions may be explained as technique used by businesses to appease and lure their target market into buying and using their product through the use of appealing incentives such as cost or slash sales, free coupons or discount on purchase and various promotions which are normally not attached to buying the product. Viral marketing in the other hand simply employs the use of internet technology such as mail and social media in the spread of a business campaign and information. It is termed viral marketing as information dissemination can be so rapid when done via this channel.
Suppose that two factors have been identified for the U.S. economy: the growth rate of industrial production, IP, and the inflation rate, IR. IP is expected to be 2%, and IR 4%. A stock with a beta of 1.2 on IP and 0.7 on IR currently is expected to provide a rate of return of 10%. If industrial production actually grows by 5%, while the inflation rate turns out to be 7%, what is the revised estimate of the expected rate of return on the stock?
Answer:
15.3%
Explanation:
The computation of the revised estimated of the expected rate of return on the stock is shown below:
For Before
Rate of return = Standard deviation + (IP × beta + IR × beta)
10% = Standard deviation + (2% × 1.2) + (4% × 0.7)
10% = Standard deviation + 2.4% + 2.8%
So, the standard deviation is 4.4%
Now after changes the expected rate of return is
After
Rate of return = Standard deviation + (Growth rate × beta + Inflation rate × beta)
= 4.4% + (5% × 1.2) + (7% × 0.7)
= 4.4% + 6% + 4.9%
= 15.3%
A business-stealing externality is a. an externality that is likely to be punished under antitrust laws. b. the negative externality that occurs when one firm attempts to duplicate exactly the product of a different firm. c. an externality that is considered to be an explicit cost of business in monopolistically competitive markets. d. the negative externality associated with entry of new firms in a monopolistically competitive market
Answer:
Option d is the appropriate choice.
Explanation:
An externality arises whenever the advantages or disadvantages throughout a circumstance doesn't accrue throughout the individuals concerned. Where benefits accumulate, it can sometimes be beneficial, or harmful if premiums increase. Business-robbery or stealing seems to be a detrimental externality. Together all hotels shall be solely responsible for beginning a new business on an equal level.Some other alternatives given do not apply to the conditions in question. So option d may become the correct one.
Concord Company uses the FIFO method to compute equivalent units. It has 4000 units in beginning work in process, 20% complete as to conversion costs and 50% complete as to materials costs, 67000 units started, and 5800 units in ending work in process, 30% complete as to conversion costs, and 80% complete as to materials cost. How much are the equivalent units for materials under the FIFO method?
Answer:
67,840 units
Explanation:
The computation of the equivalent units for material by using the FIFO method is shown below:
Particulars Unit Percentage completion Equivalent units
Opening
inventory 4,000 units 50% 2,000 units
Completed
& transferred
(67,000
- 5,800) 61,200 units 100% 61,200 units
Closing
inventory 5,800 units 80% 4,640 units
Total 67,840 units
After a couple orally agrees to purchase an appliance at a special price, the salesman tells them he misquoted the price, indicating it was only available for an out-of-stock model with fewer options. The couple then agrees to purchase the appliance at a higher price. It appears that the salesman has effectively used the _____ technique.
Answer:
low-ball technique
Explanation:
Low-ball technique is a method used to persuade buyers make a purchase by offering a product at low price to get the customer to commit. The price is then increased.
This is a method commonly used by sales people.
In the given scenario this was used by the salesman when a couple orally agrees to purchase an appliance at a special price, he tells them he misquoted the price, indicating it was only available for an out-of-stock model with fewer options.
Since the couple had made a commitment to buy the particular appliance, they still buy at the higher price.
Julie transferred a building with an adjusted basis of $240,000 for another building with a fair market value of $350,000 and $25,000 in cash. The exchange qualified as a like-kind exchange. The realized gain on the exchange was $
Answer:
$135,000
Explanation:
The realized gain can be calculated as under:
Realized Gain = Market Value received - Adjusted Basis
Here
Market Value received is $375,000 (350k + 25k)
Adjusted Basis $240,000
By putting values, we have:
Realized Gain = $375,000 - $240,000 = $135,000
Compose two paragraphs that predict the impact this tax cut and increased funding for unemployment insurance will have on the following: the economy as a whole individuals other government programs the government debt Be sure to justify your predictions, use proper grammar, and include topic sentences, an introduction, a conclusion, and information from the video.
Answer:
Extending the cut to payroll taxes will have a positive impact on the economy as a whole. With the continued decrease in the tax rate, people will have more money to spend more on goods and services. This will encourage businesses to hire more workers and will reduce unemployment. The economy will experience a boost, and recovery will take place. This tax cut will add an extra $40 to the average paycheck. People might use the extra income for rent, groceries, or gas.
Increased funding for unemployment insurance will ensure that eligible unemployed individuals will continue to get unemployment compensation. The extended unemployment compensation will lead to more production in the economy, which will help reduce government debt. An increase in production will lead to an increase in employment and output. When production increases, individuals’ incomes also increase, so the government will collect more income taxes to fund repayment of its debt.
Explanation:
PLATO
Answer:
The tax cut and the increased funding of unemployment insurance will benefit the economy as a whole. As unemployment rise, fewer people are going to have money to buy goods therefore, businesses will have less money to hire workers. This will not be fixed if there weren't any unemployment insurance. With unemployment money, people are going to buy more and the economy will boost. This not only benefits individuals but the economy as a whole. However, this may increase government debt and may have decrease funding to other government programs.
Explanation:
This is not from plato or edmentum. I typed it myself
calculate revenue and capital expenditure
a) purchase of machinery 6500
Answer with its Explanation:
I was unable to find the question, but I think that I can help you understand the difference between the revenue expenditure and the capital expenditure.
Capital Expenditure:
Capital expenditure is the purchase of an asset whose value will last more than a year or expenditure incurred to increase the life of the asset above the initial life or expenditure to increase the productivity of the asset above productivity of the asset when it was purchased.
Examples include the purchase of van. It has life of more than a year hence it must be capitalized. Likewise if we install security system in it then this expenditure will qualify for capital expenditure as it adds additional feature to the asset.
a. The purchase of Machinery of $6,500 is capital expenditure as it has life more than a year.
Revenue Expenditure
The revenue expenditure is the purchase of product or services whose benefits will last within a year or are expenditure on the fixed asset to keep it running. Examples are, ballpoints which is a product that has life< one year. So it must be expensed out at the spot. Likewise the entertainment expenditures of $50 which includes the purchase of pizza and other items for guests, also has less than one year life. Hence these entertainment expenditures must also be expensed out.
Depreciation is a special case here, it is the decrease in the value of Non Current Asset. Hence the decrease in the value of the Non Current Asset must be reduced to its fair value. Depreciation is an utilization of the Non Current Asset's value in the form of benefits drawn from it and it can be measured as decrease in the asset's value. However, sometimes it is difficult to find the fair value of the asset in the market. To resolve this issue, we use depreciation formula to estimate the decrease in the value of the asset.
1. The design and management of seamless, value-added processes across organizational boundaries to meet the real needs of the end customer is called A. demand management. B. distribution channel management. C. supply chain management. D. logistics management.
Answer:
C. supply chain management.
Explanation:
The term that is being described is known as supply chain management. In other words, this term refers to the management of the flow of goods and services as well as all the processes involved in transforming raw materials into the final product. This is used by many large corporations in order to streamline the supply side activity in order to try and gain a competitive advantage in the marketplace.
Which is true? Group of answer choices If data is not available, management cannot measure analysts’ performance. The best companies typically place an emphasis on one extremely important goal. Team performance is only as good as the performance of the analysts on the team. All of the above.
Answer: If data is not available, management cannot measure analysts’ performance.
Explanation: Analysts render help to businesses by gatheriby external and internal data and communicating this data clearly to all stakeholders, facilitators and partners Invokv in the organizatio. An analyst main role is to principally interprete data, formulate reports and make recommendations based upon the research findings. Without this data the management can’t judge the performance of an analyst.