The costs that would be included in the recorded cost of merchandise inventory are invoice cost, storage costs, and wages costs. Insurance costs and selling costs would not be included in the recorded cost of merchandise inventory.
Invoice cost is the total amount shown on the invoice received from a supplier for merchandise purchased. This amount would be included in the recorded cost of merchandise inventory.
Storage costs refer to the costs associated with storing the merchandise. This could include rent for the storage space, labor associated with storing the inventory, or other costs associated with storing the inventory. These costs would be included in the recorded cost of merchandise inventory.
Wages costs refer to the wages of employees used to help transport, unload, and store the merchandise. These costs would be included in the recorded cost of merchandise inventory.
Insurance costs and selling costs would not be included in the recorded cost of merchandise inventory. Insurance costs refer to the costs associated with protecting the merchandise against losses, while selling costs refer to the costs associated with the sale of the merchandise, such as advertising and shipping.
In summary, the costs that will be included in the recorded cost of merchandise inventory are invoice cost, storage costs and wages costs.
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casey majored in marketing and really enjoyed studying market research as a subject. through research on the internet and in the university library, she discovers that this industry appears to have significant positive trends in employment. she interprets this as a(n) .
Casey interprets the significant positive trends in employment in the market research industry as an opportunity.
Casey's interest in market research led her to research the industry's employment trends. The significant positive trends she discovered indicate an increase in demand for professionals in the industry, creating opportunities for those with a marketing degree or specialization in market research.
This trend could mean that there will be more job openings, higher salaries, and greater career advancement opportunities for those interested in this field.
As such, Casey sees this as an opportunity to pursue a career in market research, using her marketing degree and knowledge in the field. She could also consider furthering her education and obtaining additional qualifications that would enhance her chances of landing a job in this growing industry.
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As the marketing director for a mid-range chain hotel in rural Indiana that boasts several locations worldwide, you have been informed that your hotel is losing business to some of its nearby competitors. What would you do or implement to try and rectify the situation? Identify and evaluate several marketing channels that you could use to promote your hotel's destinations and products
As the marketing director, I would recommend implementing a multi-pronged marketing strategy that leverages various channels to promote the hotel's destinations and products.
Here are a few potential marketing channels that could be used:
Social Media Advertising: Target specific demographics with ads to showcase hotel amenities, highlight promotions/events, and provide information about local attractions.Content Marketing: Create engaging content (blog posts, videos, infographics) to attract potential customers, showcase local attractions, and provide insights into the hotel's unique offerings.Influencer Marketing: Partner with influencers to reach new audiences, promote special promotions/events, showcase hotel amenities, and provide travel recommendations.Email Marketing: Cost-effective way to stay in touch with customers by sending newsletters and promotional emails about special offers and events.Search Engine Optimization (SEO): Optimize website for search engines by using relevant keywords and optimizing content to improve visibility and attract organic traffic.What is SEO?
SEO stands for Search Engine Optimization. It refers to the process of optimizing a website's content and structure to improve its visibility and ranking in search engine results pages (SERPs). The goal of SEO is to attract more organic traffic to a website by making it more relevant and valuable to search engine users.
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if an agent resigns from an agency relationship and does not complete the purpose of the agency agreement, what actions can the principal take against the agent?
If an agent resigns from an agency relationship and does not complete the purpose of the agency agreement, the principal can take legal actions against the agent.
When an agent breaches an agency relationship agreement by resigning and leaving the principal stranded without completing the purpose of the agency agreement, the principal may sue the agent for damages, among other things.
What is an agency relationship?
An agency relationship is a contractual arrangement in which one party (agent) agrees to act on behalf of another (principal) and bind the principal legally to others. The agent serves as a liaison between the principal and third parties with whom the principal may do business.
Agents can enter into contracts with third parties, make purchases, sell goods, and perform other tasks authorized by the principal because of their authority to act on behalf of the principal. Furthermore, an agent must act in the best interests of the principal and be honest and transparent about all transactions.
What occurs when an agent resigns from an agency relationship?
When an agent resigns from an agency relationship, they are effectively terminating their power to act on behalf of the principal. Furthermore, the agent is no longer authorized to engage in any further transactions or perform any more acts on behalf of the principal.
If the agent departs before completing the agency agreement's objective, they have failed to perform the agency agreement's obligation. The principal may sue the agent for damages, among other things, if the agent breaches the agency agreement.
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why is it important for an hrd practitioner to understand managerial roles and competencies? how are these assessed? how is this information used as a needs assessment in designing a management development program?
It is important for an HRD practitioner to understand managerial roles and competencies in order to properly assess and develop them in order to improve management skills and overall performance.
Managerial roles and competencies are assessed by looking at the job roles and responsibilities of the managers, and analyzing the specific competencies they need in order to successfully fulfill their duties. This information can then be used to design a management development program that focuses on the areas that need improvement.
The needs assessment can involve researching the current levels of competency among the managers and looking for areas that need improvement. It can also involve observing the daily operations of the managers to get a better understanding of the challenges they face in their roles.
Once these areas of development are identified, an HRD practitioner can then create a management development program to address these needs. This program should focus on enhancing the skills and knowledge of the managers in order to help them become better at their jobs.
Overall, the assessment of managerial roles should be used to design a management development program that focuses on the areas that need improvement. Through this program, managers can gain the necessary skills and knowledge to lead effectively and maximize their potential.
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a customer-oriented firm should focus exclusively on satisfying its internal customers. group of answer choices true false
A customer-oriented firm should not focus exclusively on satisfying its internal customers. This statement is false.
Here's why: What is a customer-oriented company?
A customer-oriented company is one that prioritizes the needs and interests of its clients.
The organization places a premium on consumer satisfaction, and as a result, it is dedicated to delivering high-quality goods and services that are tailored to meet the needs of the clients.
A company that is customer-focused understands the needs of the customer and strives to meet or surpass their expectations. The consumer is placed at the forefront of every choice, decision, and action taken by a customer-centric company.
Why should a customer-oriented firm not focus exclusively on satisfying its internal customers?
An internal customer is a member of the organization's staff or team. Focusing only on the internal customer, in this case, may cause the company to overlook the importance of the external customer.
The internal customer is important, but their satisfaction should not be prioritized over that of the external customer.A customer-oriented firm must focus on both the internal and external customers, and it must make sure that they are both satisfied with the goods and services delivered by the organization.
Focusing solely on internal customers may cause the firm to lose sight of its goal of satisfying its external clients. It is also critical to remember that external customers are the source of revenue for the company, so their satisfaction should be a top priority.
In summary, while the satisfaction of internal customers is crucial, a customer-oriented company must prioritize external customer satisfaction. A balanced approach to satisfying both internal and external customers can help to improve a firm's competitiveness and profitability.
Therefore, the statement that a customer-oriented firm should focus exclusively on satisfying its internal customers is false.
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suppose the gasoline tax is increased. will gasoline sellers, workers, or consumers be most impacted? use the concept of elasticity to explain your answer.
The increase in the gasoline tax will most likely impact consumers the most. The concept of elasticity states that when the price of a good increases, the demand for that good decreases, and vice versa. Therefore, when the gasoline tax is increased, consumers will likely buy less gasoline, thus impacting them the most.
When the gasoline tax is increased, it will have the most impact on consumers. This is due to the concept of elasticity, which states that the responsiveness of demand to changes in prices is dependent on the good or service being provided. In the case of gasoline, demand is relatively inelastic, meaning that an increase in the tax rate will cause a larger proportional increase in the price of gasoline than in the quantity sold. Thus, consumers will feel the greatest impact of the increased gasoline tax.
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1. what is the best way to group the work represented by the 16 workgroups for an average demand of 306 outgoing wires per day? what is your line balance if peak demand is 450 wires per day? what is assembly-line efficiency for each line-balance solution?
The best way to group the work represented by the 16 workgroups for an average demand of 306 outgoing wires per day is to use a line-balancing technique. The line balance for a peak demand of 450 wires per day would be determined by the same process of examining the workloads and time it takes each workgroup to produce a unit. The assembly-line efficiency for each line-balance solution will depend on the number of units produced and the time it takes to produce them.
The best way to group the work represented by the 16 workgroups for an average demand of 306 outgoing wires per day is to use a line-balancing technique. This technique involves examining each workgroup, the number of units it produces and the time it takes to do so, and determining the optimal workload for each workgroup in order to maximize the output.
For example, if one workgroup produces 100 wires in 4 hours and another produces 75 wires in 6 hours, it would be beneficial to reduce the workload of the workgroup that takes longer to produce the same amount of units. This would allow the production line to have a better balance, leading to a more efficient assembly line.
The line balance for a peak demand of 450 wires per day would be determined by the same process of examining the workloads and time it takes each workgroup to produce a unit. By determining the optimal workloads, the assembly line will be able to meet the peak demand while maintaining efficiency.
The assembly-line efficiency for each line-balance solution will depend on the number of units produced and the time it takes to produce them. The higher the output of the line, and the shorter the time it takes to produce a unit, the more efficient the line will be. This efficiency can be determined by measuring the rate of production, the number of idle workers, and the rate of scrap or rework.
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to be considered a qualifying child of a taxpayer, the individual must be a child of the taxpayer. t/f
To be considered a qualifying child of a taxpayer, the individual must be a child of the taxpayer. This statement is TRUE.
What is a qualifying child?A qualifying child is a child who meets a set of IRS requirements. The qualifying child must be the child of the taxpayer, a stepchild or foster child, a sibling or stepsibling, or a descendant of any of these relatives, and must meet several other criteria to be considered a qualifying child of the taxpayer.
The requirements for a child to be a qualifying child are as follows:
Age: The qualifying child must be under the age of 19 or under the age of 24 if enrolled full-time in college or university for at least five months out of the year.Residence: The qualifying child must have lived with the taxpayer for more than half of the year.Support: The qualifying child must not have provided more than half of their financial support throughout the year.Relationship: The qualifying child must be the child, stepchild, foster child, sibling, stepsibling, or descendant of the taxpayer.The following details should be kept in mind: To claim a dependent as a qualifying child on your tax return, you must also have earned income. If your qualifying child meets all of the requirements, you may be eligible for the Child Tax Credit or the Earned Income Tax Credit (EITC).
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which of the following new businesses is an example of a business with a high operating leverage? question 1 options: personal training business dogwalking service luxury hotel consulting firm
A C: luxury hotel is an example of a business with a high operating leverage.
Operating leverage refers to the extent to which a company relies on fixed costs in its operations. In the case of a luxury hotel, there are high fixed costs associated with maintaining and operating the hotel, such as staff salaries, utilities, property maintenance, and other expenses. This means that the hotel has a high degree of fixed costs relative to variable costs, which can lead to high profits in periods of high occupancy but also high losses in periods of low occupancy.
Therefore, a luxury hotel is an example of a business with high operating leverage.
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an interval fund: a only offers its shares at stated intervals b only redeems its shares at stated intervals c trades in the market d continuously issues and redeems its own shares
An interval fund is a type of investment fund that only offers its shares at stated intervals, so the correct answer is (a).
What is an interval fund ?Interval funds are a type of closed-end fund, which means that they raise a fixed amount of capital through an initial public offering (IPO) and then issue a fixed number of shares that trade on an exchange.
However, unlike traditional closed-end funds, interval funds do not trade continuously on an exchange. Instead, they offer their shares to investors at specified intervals, such as once per quarter or once per year.
Interval funds also have restrictions on when investors can redeem their shares. Typically, they allow investors to redeem their shares at specified intervals, which can range from monthly to annually.
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the implied warranty of merchantability shifts the burden of proof from multiple choice producers to consumers. suppliers to consumers. producers to suppliers. consumers to producers.
The implied warranty of merchantability shifts the burden of proof from multiple-choice producers to consumers.
What is an implied warranty? An implied warranty is a type of warranty in which it is not necessary to provide a written guarantee. It is also referred to as an unwritten guarantee. The implied warranty exists under the terms of a sale, and it is made by operation of law rather than by explicit written guarantee. When goods are sold, the implied warranty of merchantability may be an element of that sale.
What is the implied warranty of merchantability? The implied warranty of merchantability is a guarantee made by the seller that the goods being sold are in good working order, fit for use, and free of any defects that would make them unusable. An implied warranty of merchantability, like an express warranty, provides consumers with protection against defective goods. This means that if a product fails to meet its reasonable intended purpose, a consumer can make a claim. This warranty assures that the product will be used for its intended purpose.
The burden of proof is shifted from producers to consumers by the implied warranty of merchantability. Producers are not required to prove that their product is free of defects if a consumer makes a claim. Rather, it is up to the consumer to demonstrate that the product is defective, which puts the burden of proof on the consumer.
Therefore, it can be concluded that the implied warranty of merchantability shifts the burden of proof from producers to consumers.
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rebeya is setting goals with the executive team of her organization. these goals include financial and productivity goals, as well as environmental and sustainability goals. which type of goals is rebeya establishing?
Rebeya is establishing a set of multidimensional goals that encompass financial, productivity, environmental, and sustainability objectives. These types of goals are commonly referred to as "balanced scorecard" goals or "integrated goals."
The ''integrated goals'' recognizes that an organization's success cannot be measured by financial metrics alone, but rather by a combination of factors that contribute to long-term success and sustainability.
By setting multidimensional goals, Rebeya is taking a holistic approach to management that considers not only the financial bottom line but also the impact of the organization's activities on the environment and society.
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an industry whose average total cost curve shifts upward as the industry expands and shifts downward as the industry contracts is known as a(n) industry.
An industry whose average total cost curve shifts upward as the industry expands and shifts downward as the industry contracts is known as a "decreasing-cost industry."
What is a decreasing-cost industry.?In a decreasing-cost industry, as the industry expands and the total output increases, the per-unit cost of production decreases due to various factors such as economies of scale, lower input costs, and better technology.
This makes it easier for firms to enter the industry and compete, which leads to further expansion and a downward shift in the average total cost curve. On the other hand, if the industry contracts, the per-unit cost of production increases, which leads to a shift upward in the average total cost curve, making it more difficult for firms to operate and compete in the industry.
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the well-run organization strives for compensation that treats similar positions equitably and that is competitive with similar employment elsewhere. why? are you sure you agree? if you have doubts, what are the alternatives?
Well-managed organizations will provide alternatives including offering flexible working hours or other forms of benefits such as health insurance or retirement plans.
The well-run organization strives for compensation that treats similar positions equitably and that is competitive with similar employment elsewhere because it helps to attract and retain qualified employees. Offering competitive compensation packages ensures that the organization can attract top talent and keep them motivated to perform their best. Additionally, equitable compensation can improve employee morale and job satisfaction, leading to higher productivity and better outcomes for the organization as a whole.
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in a production process, an excessive amount of the variable input relative to the fixed input is being used to produce the desired output. this statement is true for:
This statement is true for a short-run production process, where the amount of fixed inputs (such as machines or tools) remain constant, while the amount of variable inputs (such as labour or materials) can be changed.
In a short-run production process, increasing the amount of variable inputs relative to the fixed inputs will increase the output.
For example, if a company manufactures car parts and the number of machines and tools used remain constant, then the company can increase production by hiring more workers or purchasing more materials.
This will lead to an increase in output as more variable inputs are used relative to the fixed inputs.
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T/F: A business transaction carried out with a person after being introduced on a social networking website is an example of e-commerce.
The given statement, "A business transaction carried out with a person after being introduced on a social networking website is an example of e-commerce," is false (F) because while social networking websites can facilitate business introductions, e-commerce specifically refers to commercial transactions conducted electronically over the internet.
E-commerce involves the buying and selling of goods or services through the internet, while social networking websites are platforms that allow individuals to connect and share information. While a business transaction may result from a connection made on a social networking site, it is not considered e-commerce unless the actual transaction takes place electronically, such as through an online marketplace or website.
Therefore, social networking sites are not e-commerce platforms in themselves, but can serve as a starting point for e-commerce transactions. E-commerce involves a broader range of activities and technologies, such as online payment systems, supply chain management, and digital marketing, that facilitate online transactions between buyers and sellers.
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your journal what‘s the difference between sales tax and excise tax?
Excise taxes are typically levied on a per-unit basis rather than as a percentage of the buy price, in contrast to general sales taxes. For instance, the excise duty on cigarettes is determined in cents per pack.
Additionally, the majority of petroleum taxes are calculated in cents per gallon. The current sales tax stipulates that it must be paid after a transaction or other special circumstance. While in the case of service tax, it is accounted for at the conclusion of the three-month period and becomes due when payment is received, or if not, from the date of the invoice.
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since her divorce, therese has had trouble making the mortgage payment and paying off the credit card debt accumulated during her marriage. what type of nonwork hindrance stressor best describes therese's experience?
The answer to your question is:
Therese's experience is best described as a financial strain nonwork hindrance stressor. This type of stressor occurs when people experience financial hardship, such as difficulty paying bills or debts, losing a job, or facing a large and unexpected expense.
Financial strain is a type of nonwork hindrance stressor that can affect individuals both at work and outside of work. Financial strain refers to the experience of financial difficulty or hardship, which may arise from a variety of factors such as high debt levels, unexpected expenses, or a lack of income.
Financial strain can have negative effects on individuals' mental and physical health, as well as their job performance and job satisfaction. For example, financial strain may lead to increased levels of anxiety, depression, and other mental health problems. It may also result in physical health problems, such as headaches, insomnia, and high blood pressure.
In Therese's case, her difficulty making the mortgage payment and paying off the credit card debt accumulated during her marriage qualifies as a financial strain.
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which of the following items are included in cash? multiple select question. checks from customers accounts receivable from customers currency and coins balance in checking accounts notes receivable from customers
Currency and coins are physical forms of money and are the most liquid assets of a business and is included in cash.
Therefore, correct option is : A. Currency and coins.
Checks from customers are pieces of paper that are written by customers that promise payment of a certain amount of money. Balance in checking accounts refers to the amount of money available in a business’s checking account.
Accounts receivable from customers are not considered cash. Accounts receivable is an asset that arises from the sale of goods or services and represents the amounts due from customers. Notes receivable from customers are not considered cash either. Notes receivable is a legal promise to pay a certain amount of money at a specified date and may involve interest payments.
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the united states is best known as a question content area bottom part 1 a. mixed economic system. b. command and control system. c. pure price system. d. dictatorship.
The United States is best known as a mixed economic system. Option (A) is correct answer. An economy is the process of creating wealth.
The economy encompasses all of the different activities that contribute to the production and distribution of goods and services in a region or country.
The United States is known as a mixed economic system because it combines aspects of both capitalist and socialist economic systems, as well as public and private enterprise.
In a mixed economy, the government regulates the economy and helps ensure that it functions smoothly. The private sector is allowed to operate without interference from the government, but the government can also step in if needed to address market inefficiencies or other problems.
The United States' economy is one of the largest in the world, with a GDP of over $20 trillion. It is driven by a diverse range of industries, including technology, healthcare, finance, and manufacturing.
Therefore option (A) is the correct answer.
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you are looking at figures and trying to understand the overall message weight for your client's shaving cream ads. you remind yourself that some people who watched the ad on a tv program may have also seen it in a magazine. this is called:
After analyzing the scenario, you remind yourself that some people who watched the ad on a tv program may have also seen it in a magazine. this is called: cross-platform viewing.
Cross-platform viewing refers to the phenomenon of people interacting with advertising content across different media platforms. This could mean that someone who viewed a shaving cream ad on a TV program may have also seen the same ad in a magazine. Understanding cross-platform viewing is crucial for marketers trying to determine the effectiveness of their advertising campaigns.
By taking into account how consumers engage with content through various channels, marketers can gain a more comprehensive understanding of their target audience's behaviors and preferences. This, in turn, can help them craft more effective advertising strategies in the future.
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jim's car was totaled in a wreck. he failed to yield to oncoming traffic and jim was found to be at fault. the driver of the car he hit did not have insurance. jim's own car insurance policy reimbursed him for the property damage to his own vehicle. what type of coverage would pay for this? g
Option (d) is correct. If Jim’s own car insurance policy reimbursed him for the property damage to his own vehicle then collision coverage would pay for that.
Collision coverage insurance is known for a coverage which helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object such as a fence or a tree. If you're leasing or financing your car this insurance coverage is required by the lender. If your car is paid off, collision is an optional coverage on your car insurance policy as per the collision insurance. It helps pay to repair or replace your vehicle if it's damaged from collision with another vehicle, collision with an object, such as a building or a tree, single-car accident that involves rolling or falling over badly. This insurance coverage has a limit which is the maximum amount your policy will pay toward a covered claim.
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The complete question is,
Jim’s car was totaled in a wreck. He failed to yield to oncoming traffic and Jim was found to be at fault. The driver of the car he hit did not have insurance. Jim’s own car insurance policy reimbursed him for the property damage to his own vehicle. What type of coverage would pay for this?
A)Liability coverage.
B)Uninsured motorist coverage.
C)Comprehensive coverage.
D)Collision coverage.
according to the traditional view of the production function how does output per worker change when capital per worker increases? a. it decreases. this decrease is larger at larger values of capital per worker. cross out b. it increases. this increase is the same at all values of capital per worker. cross out c. it increases. this increase is smaller at larger values of capital per worker. cross out d. it increases. this increase is larger at larger values of capital per worker.
The correct answer is D: it increases. This increase is larger at larger values of capital per worker.
According to the traditional view of the production function, how does output per worker change when capital per worker increases?
The traditional view of the production function is that when capital per worker increases, output per worker increases too. This view assumes that technological knowledge is given and fixed. Therefore, the traditional view is also known as the neoclassical production function.
According to the traditional view of the production function, when capital per worker increases, output per worker increases, and this increase is larger at larger values of capital per worker.
Therefore, the answer is d. It increases. This increase is larger at larger values of capital per worker.
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The correct answer is D: it increases. This increase is larger at larger values of capital per worker.
According to the traditional view of the production function, how does output per worker change when capital per worker increases?The traditional view of the production function is that when capital per worker increases, output per worker increases too. This view assumes that technological knowledge is given and fixed. Therefore, the traditional view is also known as the neoclassical production function.
According to the traditional view of the production function, when capital per worker increases, output per worker increases, and this increase is larger at larger values of capital per worker.
Therefore, the answer is d. It increases. This increase is larger at larger values of capital per worker.
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a manufacturer uses programmatic media buying to place social media ads every day for a period of two months. this is called
Programmatic media buying is the automated process of placing ads on social media platforms.
It is an efficient way to reach customers as it allows advertisers to precisely target their desired audience, allowing them to adjust their campaigns based on real-time data.
For example, a manufacturer may use programmatic media buying to place ads on social media every day for a period of two months.
This type of media buying is beneficial as it is cost-effective and allows advertisers to precisely reach their target audience. Additionally, it allows them to track results and adjust their campaigns to better meet their goals.
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company 7 has a gross profit of $70 million and net sales of $150 million. what is the gross profit ratio for that company?
The gross profit ratio for Company 7 is 46.7%.
Given:
1. Gross Profit = $70 million
2. Net Sales = $150 million
3. Gross Profit Ratio = Gross Profit/Net Sales
4. Gross Profit Ratio = $70 million/$150 million
5. Gross Profit Ratio = 46.7%
Gross profit ratio is an accounting ratio used to determine the relationship between gross profit and net sales. It is calculated by dividing gross profit by net sales, which results in a percentage. The gross profit ratio is sometimes referred to as the gross margin ratio.
The formula is as follows: Gross profit ratio = Gross profit / Net sales × 100
In this instance, Gross profit = $70 million, Net sales = $150 million
Gross profit ratio = $70 million / $150 million × 100Gross profit ratio = 0.46667 × 100 = 46.667%Therefore, the gross profit ratio for that company is 46.667%.
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from her discussions with employees, angelica learned quickly that production workers put their trust in 20-year veteran willie mcclaren. many people told her that if you wanted something done, willie was the person to see. willie appears to be an important part of the
Numerous individuals informed her that Willie was the one to go to if you needed something done in that division. Willie seems to play a significant role in the decentralized power structure.
Roberta quickly discovered from her conversations with staff members that production employees trusted Willie McClaren, a 20-year shop veteran. According to this notion, there should be a distinct chain of command within the organization.
It should be obvious to the workers who the proper authority is to obey. A worker should only take commands from one management, according to Fayol. Fear, uncertainty, and worry are typical emotional reactions to change. It's possible that workers won't be able to express their emotions. Or maybe they don't want to tell the boss.
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India specializes in business process outsourcing and does this more efficiently than any other country. It buys agricultural commodities, which it produces less efficiently than outsourcing activities, from the United States, even though it produces these agricultural commodities more efficiently than the United States Which international trade theory supports India's decision to buy agricultural commodities from the United States?O Absolute Advantage ExampleO Comparative Advantage ExampleO Product Life Cycle Theory ExampleO Heckscher-Ohlin Model (Factor Proportions Theory) Example
The Heckscher-Ohlin Model (Factor Proportions Theory) Example supports India's decision to buy agricultural commodities from the United States.
This theory suggests that countries that have an absolute advantage in the production of certain goods will tend to export them and import goods that they have a comparative disadvantage in producing.
In this case, India specializes in business process outsourcing, which it can do more efficiently than other countries. However, it is not as efficient in producing agricultural commodities as the United States, so it is more efficient for India to buy these commodities from the United States.
This is an example of comparative advantage, as India can produce the agricultural commodities, but does so less efficiently than the United States. Therefore, it makes sense for India to focus on its comparative advantage in business process outsourcing and buy agricultural commodities from the United States.
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what are the major determinants of price elasticity of demand? instructions: in order to receive full credit, you must make a selection for each option. for correct answer(s), click the box once to place a check mark. for incorrect answer(s), click the option twice to empty the box.
The major determinants of price elasticity of demand are the availability of substitutes, the necessity of the item, the share of the item in the consumer's budget, and the time frame over which the demand is considered.
Price elasticity of demand refers to how responsive consumers are to changes in the price of a good or service.
Availability of Substitutes: The availability of substitutes determines how easily a consumer can find another good to fulfill their needs. The more substitutes available, the more price elastic the demand.
Necessity of Item: The necessity of the item determines how much consumers are willing to pay. Necessary items, such as food, will have more inelastic demand than luxury items, like jewelry.
Share of Item in Consumer's Budget: The share of the item in the consumer's budget determines how sensitive consumers are to changes in the price of the item. Items that are a large share of the consumer's budget will be more price elastic than items that are only a small share of the budget.
Time Frame: The time frame over which the demand is considered determines how quickly consumers can adjust their spending. If the time frame is longer, consumers have more time to adjust their spending and the demand will be more price elastic.
In conclusion, understanding the major determinants (availability of substitutes, the necessity of the item, the share of the item in the consumer's budget, and the time frame over which the demand is considered) of price elasticity of demand is crucial for businesses when setting prices. Businesses must consider the availability of substitutes, the proportion of income spent on the product, the necessity of the product, the time available for consumers to adjust, and the degree of brand loyalty in order to determine the optimal price for their product.
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bob purchases a book for $4, and his consumer surplus is $2. how much is bob willing to pay for the book? group of answer choices $2 $6 $8 $4
Bob's consumer surplus can be defined as the difference between what he is willing to pay for an item and the actual price he pays for it His willingness to pay was $6
Thus, if Bob paid $4 for the book and his consumer surplus was $2, then he would have been willing to pay $6 for the book.
Since consumer surplus is defined as the difference between the maximum amount that consumers are willing to pay and the actual amount they pay for a product, Bob's willingness to pay for the book is $6.
His willingness to pay was $6 because the consumer surplus he gained was $2.
Thus, if the price of the book was $6, Bob would have had no consumer surplus, and if it was higher than $6, he would have been better off without purchasing the book. Consequently, the amount Bob is willing to pay for the book is $6.
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calculate fixed cost using the high-low method. month units sold total cost jan. 190 $2,200 feb. 200 $2,100 march 120 $1,700 april 100 $1,500
To determine the fixed cost using the high-low method, we'll have to calculate the variable cost per unit. We can then subtract the variable cost per unit from the total cost of the month with the lowest unit sold to get the fixed cost.
What is the high-low method?
The high-low method is a management accounting tool that is used to analyze and split mixed expenses into their fixed and variable components.
It involves analyzing the costs at two levels of output, usually the highest and lowest levels. To calculate the variable and fixed costs, we first use these data points and then extrapolate them.
The calculation of fixed cost using the high-low method is as follows:
We first need to calculate the variable cost per unit. We'll do that by subtracting the cost of the lowest activity month from the cost of the highest activity month and dividing it by the difference in unit sales between the two months. We can calculate the variable cost per unit by following the steps below:
Variable cost per unit = (Highest Total Cost - Lowest Total Cost) ÷ (Highest Unit Sales - Lowest Unit Sales)
Now let's substitute the values we have:
Highest Unit Sales = 200
Lowest Unit Sales = 100
Highest Total Cost = $2,200
Lowest Total Cost = $1,500
Therefore,
Variable cost per unit = ($2,200 - $1,500) ÷ (200 - 100)
= $700 ÷ 100
= $7 per unit
The variable cost per unit is $7. To calculate the fixed cost, we subtract the variable cost per unit from the total cost of the month with the lowest unit sold.
Fixed cost = Total Cost - (Variable Cost per unit × Unit Sales)
Let's use the month with the lowest unit sold, April, to calculate the fixed cost. In this month, the unit sold was 100, and the total cost was $1,500. Therefore,
Fixed cost = $1,500 - ($7 × 100)
= $1,500 - $700
= $800
Therefore, the fixed cost is $800.
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