Answer:
B) To maximize profit, firms should produce at a level of output where price equals average variable cost
Explanation:
Firms maximize their profit by equating Marginal revenue with The Marginal cost. So, since for perfectly competitive firms, the price equals the Marginal revenue, for these firms profit is maximized by equating Price with Marginal cost not the average variable cost.
The statement 'To maximize profit, firms should produce at a level of output where price equals average variable cost.' is incorrect. Instead, to maximize profit, firms should produce where marginal cost equals marginal revenue.
Explanation:The statement B) 'To maximize profit, firms should produce at a level of output where price equals average variable cost.' is not correct. To maximize profit, firms should produce at a level of output where marginal cost equals marginal revenue, not average variable cost.
The other statements A) 'In a long-run equilibrium, marginal firms make zero economic profit,' C) 'The amount of gold in the world is limited. Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping,' and D) 'Long-run supply curves are typically more elastic than short-run supply curves' are correct as per standard economic theory.
Statement A refers to the characteristic of a perfectly competitive market where in the long run, firms make zero economic profit because any profit opportunities are eroded by the entry of new firms.
Statement C is correct because when the supply of a resource is limited, increasing the output of products using that resource becomes costlier, causing the supply curve to slope upwards.
Statement D illustrates that in the long run, firms have more flexibility to adjust to changes, making the supply more elastic.
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Consider the market for cars. suppose buyers expect that new regulations set to go into effect next year will lead to. in this case, the non-price determinant of demand that is currently changing is:______
Answer: Preferences and taste
Explanation:
The preferences and the taste are the characteristics in the business that are changed according to the customer requirement for the various types of products and the services in an organization.
The preferences is one of the main factors which helps in influencing the user or the customers demand.
According to the given question, the non-pricing determinant of the demand is changing according to the preferences and the taste of the consumer as the requirement of the user are get changed in the market.
Therefore, Preferences and taste is the correct answer.
Advertising _______. A. shifts the average fixed cost curve upward and the average variable cost curve downward B. shifts the average fixed cost curve and the average total cost curve upward C. increases marginal cost and decreases economic profit D. increases demand for the product and increases total revenue
Answer:
Option D is correct
Explanation:
Due to the increase in awareness amongst target market would increase consumers demand of product which would increase revenue.
What macroeconomic impact would a tax cut have in a recession, most likely?
Answer:
A tax cut will increase aggregate demand, reduce unemployment and result in inflation
Explanation:
Recession is a sustained period of significant fall in real GDP- a record of negative growth rate in real GDP. It causes loss of jobs and results in grave personal costs on households as people lose incomes for lack productivity.
The goverment can remedy recession by stimulating any or a combination of the expenditure components of aggregate demand; which are consumption, investment, government spending and net export.
A cut in personal income tax, for example, will increase the disposable income(income after tax), which will increase consumption tendency, and in turn increase the household purchases of goods and services. This will result to further series of spendings in the economy-multiplier effect and then cause a shift in aggregate demad to the right. The real output level will increase and unemployment will reduce.
However, an increase in real output, all other factors remaining constant, will drive up the price level- results in inflation.
The term ________ refers to a company's efforts to reach distribution channels and target customers through communications such as personal selling, advertising, public relations, and direct marketing social marketing viral marketing promotion mix positioning
Answer: Promotion Mix
Explanation: Promotion mix is the blend of various promotional variables used in helping a firm reach is goals.
There are various elements of promotional mix and they are: Advertising, Public relations, Sales promotion, Direct marketing and Personal selling.
The above stated elements helps an organization reach its marketing goals
Northern Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,000 in cash receipts and $34,500 in cash disbursements during June. Northern Company has an agreement with its bank to maintain a cash balance of at least $10,000. As of May 31, the company owes $15,000 to the bank. To maintain the $10,000 required balance, during June the company must:
Answer:
Save additional $17,500 or reduce disbursement by that much
Explanation:
The cash budget of the company would be as follows:
May 31 owed to be bank ($15,000)
June 1 opening cash balance $12,000
June expected cash receipts $30,000
June expected cash disbursement ($34,500)
Net cash flow at the end of June (excluding bank): $7,500
Net cash flow (including bank): $7,500 - $15,000 = ($7,500)
Thus, the company will be owing the bank $7,500 by the end of June.
To maintain the minimum $10,000 positive balance with the bank, the company would need to payback the $7,500 which will be owed by the end of June, and make additional deposit of $10,000.
Total deposit required = $7,500 + $10,000 = $17,500.
This can be achieved by reducing expected disbursement by $17,500 or via other means.
Ross and Tony, father and son, opened a large boutique named Tradus in Chicago. The father and son, being the owners of the business concern, decide about the important matters and all the rest of the functions like the product, finance, marketing, and personnel are carried out by the department heads who have to act as per the instruction and orders of both of them. Which of the following is true about Tradus?
a. It has a very tall organizational structure.
b. The degree of formalization is very low in the organization.
c. It has a centralized system of decision making.
d. It has a narrow span of control.
e. It has a matrix organizational structure.
Answer:
c. It has a centralized system of decision making.
Explanation:
Tradus operates a centralized system management as decisions are taken at the apex of the organisational hierarchy. He the CEO or chairman of the board takes up decision making roles from units and departments.
Final answer:
Tradus, the boutique operated by Ross and Tony, clearly employs a centralized system of decision making, where the owners make all significant decisions and the department heads execute these directives.
Explanation:
The business structure described for Tradus, a boutique opened by Ross and Tony in Chicago, provides clear insight into the operational dynamics of their establishment. Given that all major decisions are made by the owners, Ross and Tony, and all department heads act based on their directives, it's evident that Tradus operates under a centralized system of decision making. This approach is characterized by decision-making authority being concentrated at the top level, with lower levels executing those decisions without inputs on strategic matters. This structure simplifies decision-making processes, but may limit innovation and responsiveness at lower levels.
Contrary to a decentralized system where decision-making powers are distributed across various levels within an organization, a centralized system significantly reduces the complexity of managing the operations but can also slow down decision-making processes and limit the sense of autonomy among employees.
How many hours of approved continuting education within a 3-year period are required?
Answer:
The correct answer should be: "60 minutes of instruction over around 10 hours certification multiplied by the required years, although this is always dependant on the program".
Explanation:
Approved Continuing Education (ACE) is a kind of continuing literacy in which people search for the best practices to improve work and study. It is always dependant on the program chosen, which means that the subjects, units, schedules, hours, and activities will be according to different patterns. Usually, most of them have a minimum of around 1 hour of instruction, concluding in a 10 hours certification multiplied by the required years, although some others have a concluding certificate of a multiplied 20 hours, such as in the case of most of brazillian certificates for continuing courses.
Answer:
how many hours of continuing education must be completed within every two-year cycle
Explanation:
If a broker receives a deposit check with a purchase contract, which of these is he not allowed to do?
A. Deposit it directly into escrow.
B. Give it to the principal.
C. Deposit into the brokerage business account.
D. Hold it with the buyer's permission until the contract is accepted.
Answer:
C) Deposit into the brokerage business account.
Explanation:
The broker does not own the money, therefore it cannot make a deposit to its own account. Once the sale is completed, the broker collects its fees, but it cannot collect earnest money or any other type of deposit as advanced fees. It is OK for them to keep the check if the buyer gives them permission but they cannot attempt to cash it for themselves or deposit the check in their account.
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the __________ era of marketing.A. market-orientedB. production-orientedC. value-based marketingD. retailing-orientedE. sales-oriented
Option B, "Customers can have any color they want so long as it's black," typified the production-oriented era of marketing.
Explanation:
From the start of capitalist systems to the early 1950s, a production orientation company dominated the market. The prevailing attitude was to potentially sell itself a high quality product. Due to the high demand and short supply of products, this approach has worked for many companies throughout this era.
The first stage acknowledged is the production period in marketing on the presumption that customers prefer products that are accessible and affordable. This philosophy won strategic combinations of broad allocation and cost leadership.
Final answer:
Henry Ford's quote represents the production-oriented era, which focused on manufacturing efficiency and cost reduction through standardized products and limited consumer choice.
Explanation:
Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the production-oriented era of marketing. This approach was characterized by a focus on manufacturing efficiency, standardized products, and the notion that a high volume of production would lower costs and lead to lower prices. In this era, companies prioritized the optimization of production and typically offered a limited range of options to consumers, as variety was seen as an impediment to efficiency and cost-effective manufacturing.
Establishing the structure of a portfolio to meet specific financial goals is called:
A. Strategic allocationB. Tactical allocationC. RebalancingD. Risk adjustment
Answer:
A I believe
Explanation:
Why can hiring people through the attraction-selection-attrition (ASA) framework be disadvantageous?
Answer: Like minded employees have difficulty offering fresh perspectives.
Explanation: The attraction - selection - attrition framework, or ASA framework is a model that states that people within a workplace are a function of 3 interellated elements: attraction, selection and attrition. It basically goes on to say that individuals are attracted to, selected by and kept in organisations by other employees who have the same psychological attributes as themselves. The ASA framework is then able to define the nature, processes, culture, and structure of the organisation by determining the types of individuals who work in the organisation.
A manager reports that she makes the right hiring decision 90% of the time. This is an example of _______________________.
Complete Question: A manager reports that she makes the right hiring decision 90% of the time. This is an example of _________________.
a. Attribution error
b. Judgment heuristic
c. Representativeness error
d. Halo effect
E. Overconfidence bias
Answer:
Overconfidence bias
Explanation:
Like a popular saying that "too much of anything is bad", Overconfidence bias is a situation in which a person elevates his confidence in making judgement above the accuracy of the judgement which is as a result of too much confidence.
It is a miscalculation of judgement accuracy simply put.
Cheers.
The manager's ability to make the right hiring decision 90% of the time demonstrates probability in business.
Explanation:This situation is an example of probability in business.
Probability is a branch of mathematics that deals with the likelihood of events occurring. In this case, the manager is reporting that she has a 90% success rate in making the right hiring decisions.
This means that there is a 90% chance that the manager will make the right hiring decision, and a 10% chance of making the wrong decision.
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Thomas Company incurs these expenditures in purchasing a truck: cash price $24,000, accident insurance (during use) $2,000, sales taxes $1,080, motor vehicle license $300, and painting and lettering $1,700. What is the cost of the truck
Answer:
$26,780
Explanation:
Data provided in the question:
Expenditures:
Cash price = $24,000
Accident insurance = $2,000
Sales taxes = $1,080
Motor vehicle license = $300
Painting and lettering = $1,700
Now,
The cost of the truck will include
= Cash price + Sales taxes + Painting and lettering
= $24,000 + $1,080 + $1,700
= $26,780
Note:
Accident Insurance and Motor Vehicle license are not included in the cost of the truck as they are revenue expenses
The cost of the truck for Thomas Company is $26,780, which is the sum of the cash price, sales taxes, and the cost of painting and lettering. The accident insurance and the motor vehicle license fee are not included in the initial cost.
Explanation:The cost of the truck for Thomas Company includes not only the base cash price but also other initial costs that are necessary to place the asset into service. Thus, you need to add together the cash price of $24,000, sales taxes of $1,080, and painting and lettering $1,700. The accident insurance of $2,000 and the motor vehicle license of $300 are considered operating expenses and are not part of the initial cost of the truck.
So, the cost of the truck can be calculated as follows: $24,000 (cash price) + $1,080 (sales taxes) + $1,700 (painting and lettering) = $26,780.
Therefore, the cost of the truck is $26,780.
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Mark and Steve work as crane operators in a construction company called Asai Corp. Asai uses a skill-based plan that establishes single flat rates for each skill level. Mark performs better than Steve even though Steve has more seniority. Which of the following statements is most likely to be true in this scenario? Steve will be paid more than Mark as he has more seniority.
Steve will be given more incentives than Mark.
Both Mark and Steve will be paid the same amount.
Mark will be paid more than Steve as his performance is higher.
Answer:
Both Mark and Steve will be paid the same amount.
Explanation:
According to a skill-based plan, each skill level is paid equally regardless of the job the employee is performing and his seniority. Here, although Mark is a better performer than Steve, and Steve is senior to Mark, but both are designated at the same job level. Therefore, as the company follows the skills-based plan that is based on establishing single flat rates for each skill level, both Mark and Steve will be paid the same amount.
Quanttiy of Labor Total Product of Labor
0 0
1 3
2 10
3 16
4 21
5 25
6 28
1. Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $10 each. The table shows the relationship between the number of workers and the number of cakes produced. If Debbie must pay each worker a competitive market wage of $40 per day, how many workers will she hire to maximize profit?
a) three
b) four
c) five
d) six
Answer:
A). 3 Labors will produce 16 cakes which can be sold in $160 giving 25% profit margin which is the maximum profit.
Labors cost cakes Sales Profit %
1 40 3 30 -10 33%
2 80 10 100 20 20%
3 120 16 160 40 25%
4 160 21 210 50 24%
5 200 25 250 50 20%
6 240 28 280 40 14%
Explanation:
Please refer to the attached file for detailed calculation of profit margin.
Profit margin(Gross Profit/Sales) : is the ratio used to calculate to measure maximum profit.
Option A, 3 labors are delivering maximum efficiency in work and producing maximum number of cakes resulting in the highest profit margin.
Robert is a successful 51-year-old, lives in the suburbs, and enjoys reading Jet and Ebony magazines. He drives out of his way to shop exclusively at black-owned businesses. To which segment of the African American market identified by Yankelovich would Robert belong
Answer:
Boomer blacks
Explanation:
Daniel Yankelovich and Radio One carried out a segmentation study titled The Black America Today study about African American consumers. This study was carried out in order to determine a way to better reach consumers, since general labels like Latino communities or African American communities are too broad for marketing purposes. They segmented African Americans into:
Connected Black Teens Digital Networkers Black Onliners Stretched Black Straddlers New Middle Class Family Struggles Black is Better Sick and Stressed Faith Fulfills Broadcast Blacks Boomer Blacks: they represented the oldest group studied by Yankelovich, with an average age of 52. They believe in black roles models, and are very tech savvy. They also belong to upper middle class or upper class.Robert belongs to the "Conscious Consumer" segment of the African American market, characterized by a deliberate effort to support black-owned businesses to foster economic empowerment within the African American community.
Explanation:Robert, a successful 51-year-old who lives in the suburbs and enjoys reading Jet and Ebony magazines, and drives out of his way to shop exclusively at black-owned businesses, would belong to the "Conscious Consumer" segment of the African American market identified by Yankelovich. This segment is characterized by a higher level of awareness and a deliberate effort to support black-owned enterprises as a means of fostering economic empowerment within the African American community. They tend to be more intentional in their purchasing decisions, seeking to positively impact the broader social and economic landscape of their community.
The decline in money spent at black-owned businesses from nearly a quarter of all expenditures by black consumers prior to integration, to just 3 percent by the mid-1990s, underscores the significance of the conscious consumer's role in revitalizing these businesses. By choosing to support black-owned businesses, conscious consumers like Robert play a crucial part in reversing the trend of economic displacement caused by the expansion of chain stores into primarily black neighborhoods, which, while a sign of black consumer power recognized by the civil rights movement, also led to the closure of many black-owned enterprises.
If South Dakota's governor reports a budget surplus in 2011, that state government likely:
The governor of South Dakota reports a budget surplus in 2011 and he states that the government received more taxes in the year than it spent in that year
Explanation:
Budget is the amount that the government plans and spends for the future needs and always the government introduces the budgets in the beginning of the year
Taxes must be paid regularly by the citizens and it is the due responsibility and the report of the taxes paid will be given to the governor an the report will be read and in one such report the governor of Dakota reported that there was a budget surplus the government received more taxes than it spent
A budget surplus in South Dakota implies that the state's revenues exceeded its expenditures in 2011. This could allow the government to repay debts, prepare for future costs, or potentially offer tax cuts, depending on various factors. However, tax cuts are not guaranteed merely because of a budget surplus.
Explanation:If South Dakota's governor reports a budget surplus in 2011, it means the state government's revenues exceed its expenditures for that year. This puts the state in a favorable financial position. A budget surplus might be used in various ways, such as repaying state debt, preparing for future expenses, or even potentially offering tax cuts. This last point is not guaranteed and depends on various factors: the size of the surplus, the state's financial obligations and overall fiscal policy, political considerations, and more.
A budget surplus contrasts with a budget deficit, which occurs when government spending exceeds revenue. When a surplus is present, it signifies that the government is living within its means. The surplus might also signify greater fiscal health, enabling the government to borrow less, repay existing debts, and potentially cut taxes if other obligations don't demand surplus funds.
However, it should be noted that a budget surplus doesn't always or immediately lead to a tax cut. Decisions about savings, spending, and taxation are informed by a complex interplay of factors and usually involve comprehensive long-term planning.
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Suppose your bank pays you 4 percent interest per year on your savings account, so that $1,000 grows to $1,040 over a oneminusyear period. If prices increase by 1 percent per year over that time, approximately how much real value do you gain by keeping $1000 in the bank for a year?
Answer:
3 percent which is $30
Explanation:
The real value of money is measured against a basket of goods or services, or against a particular product or service. The real value is adjusted for inflation. In other words, the real value of money is its nominal value adjusted for inflation.
If the bank pays an interest rate of 4 percent, which leads to an increase of savings from $1000 to $1040, should prices increase by 1 percent, then the real value of money has increased by 3 percent. One percent increase in prices represents inflation. Keeping $1000 in the bank will earn a 3 percent real value or $30.
In recent times, approximately the top ________ percent of households made more than $51,000..
Answer:
In recent times, approximately the top 50% of households made more than $51000
Explanation:
Foreign Direct Investment means:________a. buying or creating facilities in another country for producing in local markets. b. buying or creating facilities in home country. c. buying facilities based in home country for the purpose of exporting products. d. buying facilities in home country for the sole purpose of importing essential goods.
Answer:
a. buying or creating facilities in another country for producing in local markets.
Explanation:
Foreign direct investments refer to establishments or acquisition of a business in a foreign country. The individual or firm involved in foreign direct investment is a citizen of a local country but starts a business in a different country.
Foreign direct investments are different from portfolio investments. In Portfolio investment, the investor buys securities in a foreign market, but foreign direct investment involves setting up a business or purchasing one in another country.
What is the Head Start Program? A. A teaching method which equips students to regurgitate facts in order to do well on standardized tests B. A federal program that provides academically focused preschool to students of low socioeconomic status C. A state mandate that determines the eligibility of students who expect to attend college D. A curriculum which requires states to test students in prescribed grades, with the results of those tests determining eligibility to receive federal funding
Answer: A federal program that provides academically focused preschool to students of low socioeconomic status.
Explanation: Head Start is a U.S. Department of Health and Human Services program that offers extensive early childhood development, healthcare, nutrition, and permissive parenting services to children and families with low incomes.
The services and programs are intended to promote stable and loving relationships, strengthen the emotional and financial well-being of children, and create an atmosphere for the development of good cognitive abilities.
A broker induces an owner to sell by telling him that Hispanics are moving into the neighborhood. This broker is guilty of what prohibited activity?
A. RedliningB. Panic sellingC. SteeringD. Mis-representation
Answer:
B. Panic selling
Explanation:
Panic selling is an action of selling large quantities of a commodity out of fear of forthcoming decline in the demand or reduction in value of the commodity. It is what the broker made the owner do because of the broker's fear of the Hispanics.
Cheers.
The misperceptions theory of the short-run aggregate supply curve says that the quantity of output supplied will increase if the price level
a. increases by more than expected so that firms believe the relative price of their output has decreased.
b. increases by less than expected so that firms believe the relative price of their output has decreased.
c. increases by less than expected so that firms believe the relative price of their output has increased.
d. increases by more than expected so that firms believe the relative price of their output has increased.
Answer:
Option C is correct
Explanation:
This means an increase in actual price would make quantity aggregate supply curve to shift to the right.
The correct answer is that the quantity of output supplied will increase if the price level increases by more than expected, leading firms to believe the relative price of their output has increased.
Explanation:The misperceptions theory of the short-run aggregate supply curve suggests that the quantity of output supplied will increase if the price level increases by more than expected so that firms believe the relative price of their output has increased. Option (d) 'increases by more than expected so that firms believe the relative price of their output has increased' is the correct answer. This theory assumes that in the short-run, firms may misinterpret general increases in prices as increases in the relative prices of their products, which may lead them to increase production. Under the rational expectations framework, it is believed that people will not be consistently fooled by changes in the price level, and as a result, any effect on output and employment will be temporary, with the only long-term effect being on the price level.
A new product task team met for the first time. Tony, the team leader, was particularly stressed that day from work and home issues, and he answered questions gruffly. Tony’s gruff manner, thick New York accent, and age (over sixty years old) were interpreted by some team members to mean that Tony was closed-minded to new ideas and would be difficult to work with. Over time, the team asked fewer questions or offered few new ideas. Tony became gruffer because of his frustration with the team’s lack of participation. Tony felt pressure to move the project forward, so he pushed ahead with his own ideas. Team members grumbled to themselves that he was exactly what they first thought. This is an example of:
Answer:
stereotyping
Explanation:
Based on the information provided within the question it can be said that this is an example of stereotyping. This refers to overgeneralizing something or someone based on a mistaken idea or belief based on how they look on the outside. Which is what the team members are doing by judging and overgeneralizing Tony's personality and beliefs based on the behavior that he had the first time they met.
Eric has been hired by Brooks Automotive to asses whether the company should air television commercials only in the local market. He is planning a study of the relationship between local television commercials and the sales of new vehicles. Which of the following is the best way for Eric to define his research problem?
Answer:
Determine how effective television commercials are in convincing viewers to purchase new vehicles
Explanation:
By determining how effective TV commercials are to persuade the customers to purchase the vehicles will help Eric study the relationship between local television commercials and the sales of new vehicles.
This will ultimately help him develop an effective marketing plan to advertise vehicles via TV commercial to boost the sales
If there is a structural deficit at full employment then G is still _________.
A. contractionary
B. neutral
C. expansionary
D. none of the above
Answer:
C. expansionary
Explanation:
If there is a structural deficit at full employment then Government Spending (G) is still expansionary. This is when the government expands the money supply within the economy, in order to either increase spending or cut taxes. This is done in order to get more money into the hands of consumers and business to spend and help move the wheels of the economy.
Refer to Scenario 13.1. Redbox kiosks keep track of what movies are being ordered frequently at that location. The individual kiosks inform the company about past purchases, and the company can adjust the availability of DVDs or Blu-rays its uses to supply the kiosks based on this information. These activities most likely fall under which of the following?
Answer:
inventory management
Explanation:
Inventory management refers to the process of managing a company’s inventory. A company's inventory includes raw materials, components, and finished products (merchandise).
The goal of an efficient inventory management is to reduce inventory costs, i.e. your inventory must include only the amount of goods that your company will sell or need during a specific period. Excess inventory = excess costs
As we become more senior and lead larger teams, the focus of leader development becomes more about what action?
Answer:
As we become more experienced, more senior, and lead bigger teams, the focus of leader development becomes more about enhancing the performance and building of characters. Moreover, leaders must remain competent, and team performance is the primary success of any leader. A leader must be a solution finder at any stage to leads the team towards success.
Explanation:
Answer:
Strengthening the performance and character of our teams is the correct answer.
Explanation:
When leading larger teams, a person also receives more responsibilities and has to focus his or her attention in different things. Leader development also changes and when new groups are assigned, the person should focus on strengthening the performance and character of our teams; due to this, it is the correct answer.
Which of these makes this a true statement? When determining the appropriate weights used in calculating a WACC, it should reflect:
A.) The relative sizes of the total book capitalizations for each kind of security that the firm issues.
B.) The relative sizes of the total market capitalizations for each kind of security that the firm issues.
C.) Only the market after-tax cost of debt.
D.) Only the market after-tax cost of equity
Answer:
B.) The relative sizes of the total market capitalizations for each kind of security that the firm issues.
Explanation:
WACC is the weighted average cost of capital. It is used as the discount rate when evaluate projects whose risk are similar to company's risk. Calculation of WACC uses relative market values of common equity, preferred stock and debt to calculate each proportion. Cost of equity, cost of preferred stock and aftertax cost of debt are also used. This makes choice B correct.
Ashley received a scholarship to be used as follows:___________tuition $6,000; room and board $9,000; and books and laboratory supplies $2,000. Ashley is required to include only $9,000 in her gross income.A) TrueB) False
Answer:
A) True THE CORRECT ANSWER
Explanation: