Answer:
Organizational culture
Explanation:
Organizational culture refers to the values, beliefs and ways of interactions shared by people belonging to a particular organization. Ways people dress and their interaction varies from an organization to another. This eventually become a part of organizational culture that is followed by people throughout the organization.
An example of organizational culture is the kind of interaction between employees and client. Some follow formal chain of communication such as e-mails and fax while some follow informal means through text messages, chats and telephonic conversations.
Madison's gross tax liability is $10,450. Madison had $4,520 of tax credits available and she had $9,300 of taxes withheld by her employer. What is Madison's taxes due (or taxes refunded) with her tax return?
Answer:
Madison got refunded $3,280.
Explanation:
tax due (or tax refunded ) = gross tax liability - tax credits - tax withheld
= $10,450 - $4,520 - $9,300
= -$3,280
Therefore, Madison got refunded $3,280.
All of the following are parts of the marketing function except Multiple Choice research and development. human resource management. logistics management.
Answer:
human resource management.
Explanation:
human resource management is the strategic approach to the effective management of people in a company or organization. So it belongs to the HR Unit.
Which of the following correctly describes NIMS? A. A communications plan. B. A static system used during large-scale incidents. C. A response plan. D. A systematic approach to incident management.
Answer:
D. A systematic approach to incident management.
Explanation:
National Incident Management System (NIMS) is a national system approach to incident management. It describes all the requirements for a standardised framework for communications between all jurisdictional levels and across functional disciplines.
Answer:
Option D.
Explanation:
A systematic approach to incident management, is the right answer.
NIMS is the abbreviated form of the National Incident Management System. It is a broad, nationwide approach to the management of various incidents. This approach is applicable to all the jurisdictional levels. This system provides a uniform nationwide structure and method to encourage the governments at all levels, NGOs and private sector to work unitedly and get ready to prevent, react and regain from the consequences of the incidents notwithstanding with the reasons, size, complexity and location of the incident.
In the context of Porter's five forces model, the bargaining power of suppliers (auto dealers) is a weak force when considering the example of auto dealers setting the price of new cars in which consumers are unable to verify the 'true price' of vehicles. T/F
Answer:
False
Explanation:
As per the Porter's Five force the force of supplier is described as follows:
The suppliers sets the price of goods that can be controlled by them, that depends on number of suppliers of inputs for the goods, if there are less suppliers then the price will move according to suppliers as for high demand there are low suppliers.
Further here it is provided that the price is determined by auto dealers, of a product for which consumers cannot derive the true price that means, that the suppliers can add any profit margin.
This will not make the supplier force weak in any respect.
Therefore, the statement is False.
Diana invested $61,293 in an account with a fixed annual percent of interest, compounding quarterly. At the end of five full years, she had $76,662.25 in principal plus interest. Approximately what was the annual percent rate of interest for this account?
Answer:
4.5%
Explanation:
Given:
Amount invested = $61,293
Time period = 5 years
Interest is compounded quarterly , thus, n = 5 × 4 = 20
Final amount = $76,662.25
Let the interest rate be 'i%' quarterly
Now,
for compound interest
[tex]\textup{Present value}=Amount invested\times(1+\frac{i}{100})^n[/tex]
on substituting the values, we get
[tex]\textup{76,662.25}=61,293\times(1+\frac{i}{100})^20[/tex]
or
( 1 + 0.01 × i )²⁰ = 1.250
or
or i = 1.122
thus,
annual interest rate = 1.122 × 4 = 4.488 ≈ 4.5%
A current loan balance is $118,000 on a 30-year loan at 7% interest, with a monthly payment of $831.63 for principal and interest. How much of the next payment will apply to principal reduction?
Answer:
$143.30
Explanation:
In order to determine the principal reduction payment, the monthly interest will need to be calculated. The interest will then be deducted from the total monthly payment to compute the principal reduction payment:
Annual Interest = $118,000 X 7/100
= $8,260
Monthly interest = $8,260/12
= $688.33
Principal reduction = $831.63 - $688.33
= $143.30
The next payment of $831.63 for a 30-year loan at 7% interest with a current loan balance of $118,000 will result in a principal reduction of approximately $143.30 after covering the interest payment of about $688.33.
Explanation:To determine how much of the next monthly payment of $831.63 will apply to the principal reduction on a $118,000 loan with a 30-year term at 7% interest, we first need to calculate the amount of interest that the payment will cover. The interest for one month is calculated by multiplying the current balance by the monthly interest rate, which for a 7% annual rate is 0.07/12.
The interest for the next payment is:
$118,000 x (0.07/12) = $118,000 x 0.00583333 ≈ $688.33
The remainder of the payment after covering the interest goes towards the principal. Therefore:
Principal reduction = Total payment - Interest
Principal reduction = $831.63 - $688.33 ≈ $143.30
So, $143.30 of the next payment will go towards reducing the principal balance.
Relevant accounting information must be reported within the operating cycle or one year, whichever is longer. is information that has been audited. is information that is capable of making a difference in a business decision. has been objectively determined.
Answer:
The correct answer is "Is information that is capable of making a difference in a business decision".
Explanation:
Relevance is the characteristic of the financial information of having a notorious, potential or real utility, for the purposes pursued by the different recipients of the financial information. Information is, therefore, relevant, when it is likely to influence user decision making. The relevance of an information implies that from its consideration differences can be established in a decision, helping users to make predictions about the consequences of past, present or future events, or to confirm or correct previous expectations.
Antonella owns a company that produces organic chips called Earth Chips, Inc. She wants to create a competitive advantage for Earth Chips by using quality. With this goal in mind, which of the following would she be most likely to support?
A) the establishment of well-trained customer service department
B) the use of the first organic, biodegradable packaging for chips
C) the implementation of a production process that speeds up output and lowers cost
D) the production of tasty quinoa chips that use pure olive oil and are reasonably priced
Answer:
D. The production of tasty quinoa chips that use pure olive oil and are reasonably priced.
Explanation:
D is the only option that points to the improvement in the quality of the product itself.
Option A improves customer service, but not mere product quality.
Option B aims to be environmentally friendly and aims for improvements in the product package, but not the product to be consumed.
Option C talks about producing more at a lower cost, which leaves out quality.
Option D is the only one that treats product quality by using quinoa and olive oil to improve the taste and texture of potatoes.
The results of a recent survey indicate that the average new car costs $23,000, with a standard deviation of $3,500. The price of cars is normally distributed. At what percentile rank is a car that sold for $30,000?
Final answer:
To find the percentile rank of a $30,000 car, the z-score is first calculated by dividing the difference between the car's price and the mean price by the standard deviation. With a z-score of 2, we then reference a z-table to determine the percentile, which is around the 97.5th percentile. This means that the car costs more than 97.5% of new cars.
Explanation:
The student's question involves finding the percentile rank of a car that sold for $30,000 given that the average (mean) new car costs $23,000 with a standard deviation of $3,500, assuming that the prices are normally distributed. To solve this, we first calculate the z-score for $30,000 using the formula:
Z = (X - μ) / σ
Where X is the value in question ($30,000), μ is the mean ($23,000), and σ is the standard deviation ($3,500).
Z = ($30,000 - $23,000) / $3,500 = $7,000 / $3,500 = 2
Next, we refer to the standard normal distribution table (z-table) to find the percentile rank that corresponds to a z-score of 2. This z-score is typically associated with the 97.5th percentile (however, please verify with a standard normal distribution table as exact values can vary slightly).
Therefore, a car sold for $30,000 is at the 97.5th percentile rank, indicating that it costs more than 97.5% of new cars.
Are any of the following NOT a good reason for managers to be well grounded in basic research?A. Do research for themselves.B. Make competent decisions on whether to make or 'buy' research from researchers outside the firm.C. Define their own needs and form researchable questions for the specialist.D. Judge the logic of a research approach.E. All are good reasons.
Answer: E
Explanation: managers to be well grounded in basic researcj so that they’ll be to do research for themselves ,make competent decisions on whether to make or 'buy' research from researchers outside the firm, be ble to define their own needs and form researchable questions for the specialist and Judge the logic of a research approach.
Brett works as a sales representative primarily in the industrial market. He develops long-term relationships with his customers, has a deep knowledge of their business, and helps them find creative solutions to problems. Brett's customers consider him to be a trusted advisor. What kind of sales representative is Brett?
Answer:
The correct answer is A consultative seller.
Explanation:
The basic concept of the consultative sale resides in how, through an inquiry process based on questions about the client's business executed by the seller, the prospect helps the prospect to solve a problem or reach a new goal through the use of its products or services. However, although the concept of “consultative sales” is familiar to most sellers, the truth is that many of them do not have the clarity to execute it correctly. This happens because sellers have been trained to believe that the best way to sell a product is to educate the customer about the product from a first contact. This form of sale focused on the description of product functionalities is not as efficient for a first sales meeting, especially for complex sales that require a longer process. Once the needs of the client have been detected, we will be able to educate the client more easily about the product or service but not waiting for the right moment can make us have to work harder to get the sale closed.
Answer:
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
consultative seller
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Explanation:
consultative seller consultative seller consultative seller
An employee's decision to inform the press or government officials of his or her firm's unethi-cal practices is referred to as a. whistle-blowing. b. the corporate code of ethics. c. business ethics. d. the grapevine.
Answer: A) Whistle-blowing
Explanation: Reporting irregularities or whistleblowing is the term used when a person gives information regarding an illegal act, such as corruption, sexual harassment, among others. We can refer to this action with the name "report irregularities" or otherwise. The person usually has a close relationship with the organization, often it is an employee, but sometimes it can be a supplier or a customer. He becomes a whistleblower when he observes behaviors or actions that he considers to be improper, illegal behaviors and that do not respect the company´s code of conduct, and reports that suspicion as a matter of reporting irregularities.
Why should financial managers strive to maximize the current value per share of the existing stock? -doing so guarantees the company will grow in size at the maximum possible rate -doing so increases employee salaries -because they have been hired to represent the interests of the current shareholders -because this will increase the current dividends per share -because managers often receive shares of stock as part of their compensation
Final answer:
Financial managers aim to maximize the current value per share to represent shareholder interests and ensure a healthy return on investment. This aligns with corporate objectives, benefits the firm's financial status, and incentivizes managers through compensation. It also supports long-term sustainability by encouraging fair employee treatment.
Explanation:
'Financial managers should strive to maximize the current value per share of the existing stock because they have been hired to represent the interests of the current shareholders, who are the owners of the company'. When the value per share increases, this indicates a healthy return on investment for the shareholders, leading to potential profits through dividends or increased share value. Furthermore, financial managers and executives often have their compensation linked to the company's performance, typically through bonuses or stock options, providing a personal incentive to focus on increasing the company's profitability and, by extension, its share value.
The goal of maximizing share value also aligns with a firm's need to access financial capital for expansion and increases the firm's visibility in financial markets. Profitable firms can opt to reinvest for growth or payout dividends, decisions that are directly tied to the firm's market capitalization. In the long run, maximizing firm value benefits not only the shareholders but can lead to fair treatment of employees, as companies that exploit their workforce may face talent loss and decreased motivation, ultimately impacting profits and firm value negatively.
"Tariffs and other trade restrictions increase the domestic scarcity of products from abroad. Such policies benefit domestic producers of the restricted products at the expense of domestic consumers." This statement: ____________
Answer: is correct
Explanation: Tariff refers to the tax imposed on import and export activities. These are a type of trade restrictions that are made to regulate the domestic market of the country.
The tariff imposed on export will increase the price of the exported goods in the domestic market. Thus a majority population in the country will not purchase it and the domestic producers will benefit from this situation. In such a case, the domestic producers will make unreasonable profits from domestic consumers.
Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of Raxston’s liability should be eliminated? Multiple Choice
a. $375,000.
b. $125,000.
c. $300,000.
d. $500,000.
e. $0.
Answer:
what amount of Raxston’s liability should be eliminated? d.$500,000
Explanation:
At different levels of the consolidation, certain intercompany payables and receivables balances must be eliminated. Eliminations are only required in the context of a consolidation where the trading parties are both included in a given consolidation.
As you saw in the video, one of the measures used to demonstrate Usain Bolt's competitive advantage in running is the number of gold medals he won during the Olympics. Which of the following measures, as described in the video, similarly demonstrates McDonald's competitive advantage in the fast-food industry?
a. Market share
b. A strong leadership team
c. Brand Recognition
d. Number of Menu options
e. All-day Breakfast
Answer:
a. Market share
Explanation:
Higher market share puts companies at a competitive advantage. Companies with high market share often receive better prices from suppliers, as their larger order volumes increase their buying power
Answer:
a. Market share
Explanation:
Market share -
It refers to the total amount of sales produced by the company , is referred to as the market share .
The value of market share is given by considering sales of the company for a specific time period then divide it by the total sales of the industry for the same time period .
Hence , from the given scenario of the question ,
The correct answer is a. Market share .
At a cost of $12,000, Community Hospital is refinancing the mortgage on the building that houses its clinic. The hospital will save $500/month in interest. What is the payback period on the refinancing?
Answer:
24 months
Explanation:
Payback method analysis the amount of time that will pass until you recover your capital. Since the capital is $12000 ant the payments are $500 per month, the payback period will be 12000/500 = 24 months.
Answer: 24 months
Explanation: First, the $500 x 12 months = $6,000 savings in the first year.
For the next 12 months, the savings is an additional $6,00.
Therefore, if you add those 2 together, it is 24 months to recover the cost of refinancing.
Opportunity costA.only is considered for goods in short supply.B.is the value of all alternatives forgone as a result of choosing some given alternative.C.is the value of the next best alternative as a result of choosing some given alternative.D.either B or C.
Answer:
C. is the value of the next best alternative as a result of choosing some given alternative.
Explanation:
Opportunity cost -
It is the the benefit that an individual , business or investor miss out , while choosing an alternative .
The financial reports does not show the opportunity cost , which the owner of the business use to make an educated decisions while going through multiple options .
Hence , the best alternative out of other .
Who criticized Marx for focusing exclusively on economics and social class as explanations for human behavior and advocated sociological analyses that allowed for multiple influences?
Answer: Max Weber
Explanation: Even before his crisis, Weber had shown the influence of Marx´s ideas when he juxtaposed, in a style full of reminiscences of the Communist manifesto, the personal domination of the pre-capitalist social order to the impersonal class government of the modern bourgeoisie. But this use of Marx was almost completely accidental.
Prepare a service blueprint for each of these banking transactions:
a. make a savings deposit using a teller.
b. apply for a home equity loan solutions
Answer:
b. apply for a home equity loan solutions
Explanation:
A service blueprint for banking transactions, such as making a savings deposit using a teller, involves front-stage services (interaction with bank personnel), backstage services (processing by the bank), and support services (the bank's electronic systems). A similar blueprint applies for applying a home equity loan where the bank also acts as the financial intermediary.
Explanation:In order to conduct banking transactions, such as making savings deposits using a teller or applying for a home equity loan, a service blueprint is crucial. This blueprint provides a visual representation of all the services involved.
First: Savings deposit using a teller:
The customer interacts with the bank teller i.e., front stage services.The teller deposits the money into the customer's account i.e., backstage services.The bank's electronic system updates the customer's account balance - this forms part of the support processes in the blueprint.Then: Applying for a Home Equity Loan Solution:
The customer provides the necessary information to the loan officer at the bank (front stage).The loan officer processes the application and makes a recommendation based on the client's credit worthiness and home equity value i.e., backstage services.The bank's loan system processes the application and finalizes the loan agreement - this is part of the support services.In both of these scenarios, the bank acts as a financial intermediary, facilitating the flow of money from savers to borrowers, or in this case, from depositors to loan applicants.
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Choose the correct statement.
A. What we do in pursuit of our self dash interest is independent of the social interest.
B. Social interest and self dash interest can come into conflict.
C. You make choices based on what you think is best for society as a whole.
D. Choices that are the best for more than one person are said to be in the social interest.
Answer:
The correct answer is D. Choices that are the best for more than one person are said to be in the social interest.
Explanation:
The social interest is a concept sufficiently clarified in Company Law. The Capital Companies Law refers to it in terms of challenging social agreements: if an agreement is not in accordance with the corporate interest, it can be challenged. It is only negatively contested, that is, if the plaintiff can argue that the agreement is contrary to the social interest, so that it is not a validity requirement that the agreement be in accordance with the social interest. Likewise, if the administrators act against the social interest when they exercise their discretionary powers, they incur responsibility for violation of their duty of loyalty.
In January 2012, one US dollar was worth 50 Indian rupees. Suppose that over the next year the value of the Indian rupee decreases to 60 Indian rupees to one US dollar. Suppose also that the price level of all goods and services in India, as measured in rupees, falls 20%, so that the Indian price index falls from a value of 100 to 80. At the same time, suppose that the US price level increases by 6%, to 106.
By what percentage did the value of the real exchange rate change over this period? Please give your answer to the nearest whole percentage point.
What will happen to the following as a result of the changes?
America's consumption of Indian goods and services will likely...
a)increase
b)decrease
c)stay the same
India's consumption of American goods and services will likely...
a)increase
b)decrease
c)stay the same
The value of the real exchange rate changed by 59% over the specified period. Consequently, American consumption of Indian goods and services will likely increase, while India's consumption of American goods and services will likely decrease.
Explanation:To calculate the percentage change in the real exchange rate, we have to adjust the nominal exchange rate change by the inflation rates of the two countries. From January 2012 to January 2013, the Indian rupee has depreciated from 50 INR/USD to 60 INR/USD, which is a 20% nominal depreciation (60-50)/50*100. However, taking into account inflation, with a 20% decrease in Indian prices (from 100 to 80) and a 6% increase in US prices (from 100 to 106), we can calculate the real exchange rate change.
The real exchange rate (RER) can be computed as follows: (Nominal Exchange Rate * Price Level abroad) / Price Level home. The initial RER is (50 INR/USD * 100) / 100 = 50. The final RER is (60 INR/USD * 106) / 80 = 79.5. Thus, the real exchange rate has changed by (79.5 – 50) / 50 * 100 = 59% to the nearest whole percentage point.
With a weaker rupee and lower price level in India, American consumption of Indian goods and services will likely increase, as these goods become cheaper for Americans. Conversely, with a stronger dollar and a higher price level in the US, India’s consumption of American goods and services will likely decrease, since these goods become more expensive for Indians.
If a price ceiling is not binding, then
a. the equilibrium price is above the price ceiling.
b. the equilibrium price is below the price ceiling.
c. it has no legal enforcement mechanism.
d. None of the above is correct because all price ceilings must be binding.
Answer:
The correct answer is option b.
Explanation:
A price ceiling refers to the control limit fixed by the government or a group on how high prices could be charged for a product. It is generally imposed to protect consumers from very high prices and keep the necessary commodities affordable for consumers.
A binding price ceiling means that the equilibrium price is above the price ceiling. When the price ceiling is fixed at a price level lower than the equilibrium price it binds the market for that product.
When a price ceiling is not binding, it is fixed above the equilibrium price. A non-binding price ceiling does not affect the market price.
The correct answer is b. the equilibrium price is below the price ceiling when the price ceiling is not binding. Non-binding price ceilings are set above the market equilibrium price and do not affect the market, whereas binding ones are set below the equilibrium price and could lead to shortages.
Explanation:If a price ceiling is not binding, then the correct answer is b. the equilibrium price is below the price ceiling. A price ceiling is a legal restriction that sets the maximum price that can be charged for a product or service. However, the presence of a price ceiling does not necessarily change the equilibrium price, which is determined by the intersection of supply and demand in a market.
If the price ceiling is set above the equilibrium price, it is considered to be non-binding because the market price would naturally settle at the equilibrium without any intervention. In this case, the actual market price does not reach the price ceiling, and therefore, the ceiling does not impact market transactions.
On the other hand, if a price ceiling was set below the equilibrium price, it would be considered binding, because it prevents prices from rising to the equilibrium level and typically results in shortages, as the quantity demanded exceeds the quantity supplied at the ceiling price.
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Juggernaut, Inc. makes large-size commercial appliances such as freezers and refrigerators. These items are bulky and the firms incur high transportation costs to distribute its products. Juggernaut, Inc. wants to enter foreign markets via exports. How can Juggernaut, Inc. avoid incurring high transport costs when exporting its bulk products?
Answer:
Regional Production
Explanation:
Juggernaut, Inc. can manufacture its bulk products by region, that way the distance to each selling point is less and the costs are lower.
Juggernaut, Inc. can reduce export transportation costs by producing closer to target markets, optimizing transport methods and routes, and partnering with local distributors for potentially localized assembly and customization of products.
Juggernaut, Inc. can avoid incurring high transportation costs when exporting its bulky commercial appliances by exploring a few strategic options. One approach is to establish manufacturing plants closer to the target foreign markets; by producing products in proximity to the consumers, the firm can significantly reduce transport distances and costs. Additionally, Juggernaut, Inc. can consider shipping disassembled units to reduce volume and possibly take advantage of some countries' lower tariffs on component parts compared to fully assembled products.
Another method to manage transportation costs is to use cost-effective transport options, like shipping via water transport, which is typically less expensive for heavy and bulky items than air freight. Juggernaut, Inc. should also assess its packaging methods, possibly adapting them to maximize space utilization and protect the goods during longer journeys. This can be coupled with strategies to maximize profits such as optimizing delivery routes and schedules to consolidate shipments.
Lastly, the company could explore partnerships with local distributors in the target markets. Distributors with established infrastructure can often handle bulk products more economically. Such partnerships might also open up additional services for the company, such as local assembly or customization of products, which can further reduce costs and make the offerings more attractive to local consumers. By adapting products and services, Juggernaut, Inc. has the potential to reduce transportation overhead while potentially increasing their global market share.
Microeconomics is the study of
A. the economy as a whole, including topics such as inflation, unemployment, and economic growth.
B. "small" (less than $100,000) economic transactions in the economy.
C. firms as individual units excluding how these firms interact with one another.
D. how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
Answer:
D. how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
Explanation:
Economic theory is divided into two broad areas: macroeconomics and microeconomics. Macroeconomics discusses large economic aggregates, such as income, inflation, and employment variations. It is an approach that aims to discuss these factors and bring about improvements through economic policies. In turn, microeconomics deals with micro factors, such as the behavior of households and companies, Including how these economic agents interact and make choices in the goods and services market and the role of government in the individual decisions of families and firms.
____ is/are measured as the sum of value added by resident firms, households, and government operating in an economy. National reserves Gross national product Gross national income Gross domestic product
Answer:
Gross domestic product
Explanation:
Gross domestic product is/are measured as the sum of value added by resident firms, households, and government operating in an economy.
Suppose that the world price of resins is $100 per ton. Now suppose that the United States imposes a 10% tariff on imported resins. What is the U.S. domestic price of resins after the 10% tariff is imposed (rounded to the nearest dollar) if exporters bear half of the tariff?
Answer:
$ 105 per ton
Explanation:
If the ton is worth $ 100 with a tariff of 10%, duties will be $ 10 per ton. However, if 50% of this amount is paid by exporter, duties equal $ 5 per ton. Therefore, domestic price =
$ 100 + $ 5 = $ 105
Final answer:
The U.S. domestic price of resins after a 10% tariff is imposed and with exporters bearing half of the tariff would increase by $5 to $105 per ton.
Explanation:
When the United States imposes a 10% tariff on imported resins, the world price of resins which is $100 per ton will increase due to this tariff. The tariff adds $10 to the cost, making the new price $110 per ton if the exporters bore the entire cost. However, if exporters bear half of the tariff, the increase in price would be split between exporters and U.S. consumers. Consequently, the price increase for U.S. consumers would be $5, leading to a new domestic price of resins of $105 per ton after the imposition of the tariff, rounded to the nearest dollar.
Goodwill is:
Amortized over the greater of its estimated life or forty years.
Only recorded by the seller of a business.
The value of a business as a whole, over and above the value of its net identifiable assets.
Recorded when created internally through advertising expense.
Answer:
The correct answer is The value of a business as a whole, over and above the value of its net identifiable assets.
Explanation:
Goodwill is an intangible asset that reflects the connections of a customer service business, reputation and other similar factors.
It shows the value of a company's reputation, which can affect its market situation, both positively and negatively.
If it affects positively, it is called goodwill. This is a fixed asset, an element of the company with prolonged value, not generally intended for sale.
However, goodwill can be characterized as something that can generate future profits for the company.
When demand is inelastic, an increase in price will cause
a. a decrease in total revenue.
b. no change in total revenue but an increase in quantity demanded.
c. no change in total revenue but a decrease in quantity demanded.
d. an increase in total revenue.
Answer:
The correct answer is d. an increase in total revenue.
Explanation:
In inelastic markets, demand is almost independent of price variations. Therefore, the best pricing strategy in this case is to increase the price to sell the same amount as before (that is, before the price increase), and maximize profit margins as a result.
In the context of inelastic demand, an increase in price results in an increase in total revenue, due to the limited change in the quantity demanded.
Explanation:When demand is inelastic, an increase in price would cause an increase in total revenue. This is because demand inelasticity means that the quantity demanded does not significantly respond to a change in price. For example, essential goods like medicines are often inelastic, if the price increases, people still need the product so they continue to buy it, leading to more revenue for the sellers.
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Which of the following terms best represents a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country, or what they can produce and sell to another country? A. Free trade B. Positive-sum game C. Socialism D. Absolute advantage E. Zero-sum game
Answer: A
Explanation: A. Free trade . A free trade represents a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country, or what they can produce and sell to another country . The free trade
is a trade policy that does not restrict imports or exports; it can also be understood as the free market idea applied to international trade. A free trade agreement is a pact between two or more nations to reduce barriers to imports and exports among them. Under a free trade policy, goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.