Answer:
No, Private Ownership
Explanation:
Jane Doe cannot be said to reside in a command economy because a command economy is mainly characterized by state ownership and the determination of prices and choices of goods and services to be produced; by the government
In the scenario, Jane Doe owns her own shop owner in the country of Xanadu, and private ownership is not found in command economies.
However because the government’s planning ministry sends her a large booklet (which resembles a phone book) regulating the prices of essential commodities, it implies that there is a degree of government intervention.
Such private ownership plus government intervention characterizes a mixed economy.
Answer:
Xanadu is not a command economy, it can be classified as a mixed market economy.
Explanation:
Since Jane is allowed to run her own business, Xanadu cannot be considered a command economy (e.g. communism). Since the government does regulate several products (enough to resemble a phone book and they were large), it is not a market economy (capitalism) either. It is mixture of both (mixed market economy), since private ownership is allowed, but the government does intervene in some aspects of the economy.
After the elimination period, a totally disabled insured qualified and started receiving benefits from his disability income policy that has a waiver of premium rider. What will most likely happen to the premiums paid into the policy during the elimination period?
a. premiums will be waived
b. premiums will be refunded
c. premiums will be retained by the company, but no further premium will be required for the duration of the disability
d. premiums will be prorated
A physical inventory count of MegaCorp has a $50,000 balance before considering the following:
Consigned goods sent to and held by Madison Company: $10,000
Inventory in transit sold FOB destination: $7,500
Inventory in transit purchased FOB destination: $2,500
At what amount should inventory be reported on the balance sheet?
Answer:
The amount of inventory reported on balance sheet is $62,500
Explanation:
In this question, we are asked to calculate the value at which inventory will be reported on the balance sheet.
To do this, we can employ a mathematical approach.
Mathematically;
Amount of inventory reported in Balance sheet = physical inventory + goods sent on consigned + inventory purchased on fob destination
From the question, we can identify the following;
Physical inventory = $50,000
Goods sent on consigned = $10,000
Inventory purchased on fob destination = $2,500
The amount of inventory reported in balance sheet = 50,000 + 10,000 + 2,500 = $62,500
Answer:
The answer is $67,500
Explanation:
The term free on board(FOB) implies that the goods remain the asset of the seller until the goods arrive at the buyer's receiving point,hence the inventory in transit purchased FOB destination of $2,500,does not belong to MegaCorp unitl it reaches MegaCorp's destination.
Consigined goods are goods in business's possession but not owned by the firm because it has been mandated by the owner to hold and sell them.As a result,the consigned goods with Madison company still belong to MegaCorp an should be added to its inventory.
Finally, the goods sold FOB($7,500) are goods belonging to MegaCorp until the buyer receives them,in other words it is part of the closing inventory:
Physical inventory count $50,000
Consigned goods $10,000
Inventory sold FOB $7,500
closing inventory $67,500
As a young boy, drew remembers his grandfather telling him, "son, if you can find something you like to do, and somebody is willing to pay you to do it, well, that's the secret to a great life." The way Drew saw it, this was his big break. For the past five years, he split his time between school and working for a local tree farm/nursery business. The owner recently announced he was ready to retire. As Drew began creating a business plan, he contemplated what the business might be worth. How much will he need to buy this business? for starters, drew:
a) needs to find a government data base that outlines what nursery businesses are worth, on average, across the country.
b) should speak with the current owner and determine the total value of assets (what the business owns), its earning potential, and its unique advantage.
c) will want to determine the assessed value of the acreage that the business owns, and then bid competitively.
d) needs to understand that it's difficult to buy an existing business, rather than start your own. the key will be to meet with the company's accountant, and explain your interest. the accountant will have all the answers.
Answer: b) should speak with the current owner and determine the total value of assets (what the business owns), its earning potential, and its unique advantage.
Explanation: Drew needs to speak to the current owner as he would be the best person to person to tell him about the business value in asset and market, it's earning potential in the environment it is located and society at large and it advantages and disadvantages as this would help drew better prepare for the task ahead.
Suppose a manufacturer makes two types of skis: a trick ski and a slalom ski. Each trick ski requires 8 hours of design work and 4 hours of finishing. Each slalom ski requires 8 hours of design and 12 hours of finishing. Furthermore, the total number of hours allocated for design work is 160 and the total available for finishing work is 180. Finally, the number of tricks skis produced must be less than or equal to 15. How many trick and slalom skis can be made under these conditions? The profit on each trick ski is $5 and the profit on each slalom ski is $10.
Answer:
The company can make 13 trick skis and 6 slalome skis
Explanation:
For trick skis:
8 hours design
4 hours finishing
For Slalom skis:
8 hours design
12 hours finishing
Total number for design = 160
Total number for finishing= 180
Therefore we have:
8x + 8y = 160
4x + 12y = 180
Let's solve with substitution method
8x + 8y = 160........*1
4x + 12y = 180........*2
We now have:
8x + 8y = 160
8x + 24y = 360
= -32y = -200
[tex] y = \frac{200}{32} [/tex]
y = 6.25
Let's substitute 6.25 for y in equation 1.
8x + 8(6.25) = 160
= 8x = 160 - 50
[tex] x = \frac{110}{8} [/tex]
x = 13.75
x = 13.75 and y = 6.25
The company can make a 13 trick skis and 6 slalom skis.
Is the loss in efficiency due to market power large or small? explain. the loss in efficiency due to market power is?
Answer:
Small
Explanation:
Competition limits the market power, even when the market is not perfectly comparative.
Market power refers to a company's relative ability to manipulate the price of an item in the marketplace by manipulating the level of supply demand or both.
A company with substantial market power has the ability to manipulate the market price and thereby control its profit margin, and possibly the ability to increase obstacle to potential new entrants into the market.
Wall Street, in the borough of Manhattan in New York City, is the heart of the U.S. financial system, where banks, brokerage houses, other financial firms, and the New York Stock Exchange are all located. What is the reason for New York City's comparative advantage in the financial market
Incomplete question, here's the options that complete the questions:
A. external economies
B. the development of superior infrastructure
C. an abundant supply of skilled labor
D. New York City has one of the largest sea ports in the world
Answer:
A. external economies
Explanation:
The summarizing reason for this unique advantage of New York City is the influence of external economies. The population is made up of a large number of foreign businesses which plays a role in New York's local economy and has placed it as the financial capital of the world.
This has thus given the city comparative advantage.
Answer:
Its External Economies
Explanation:
Comparative advantage is the ability of an organization to carry out production activities and other business operation at a cheaper opportunity cost compared to rivals.
Some factors give rise comparative advantage which one of them is Internal and external External economies. While internal economies are firm specific and internal to the organization , external economies are caused by external situations.
External economies also occur when companies are located in a place where there are other specialized worker
Saving is:___________. 1. a sophisticated IOU that documents who owes how much and when payment must be made. 2. the desire to have goods and services sooner rather than later (all else being equal). 3. the purchase of new capital goods. 4. income that is not spent on consumption goods.
Answer: Option 4
Explanation:
Savings means a portion of the income which is not spent kept for creating value for money. The savings is the excess amount after meeting essential expenses. Savings is the amount that is used to create wealth.
By gradually saving the money one can investment them in any kind of assets to increase the value of the money. Savings is also useful to meet the future expenses. The income left out after meeting the expenditure is known as savings.
The form of resource (input) substitution where one input can be exactly substituted for another in production is known as: Select one: a. Perfect substitutes b. Imperfect complements c. Imperfect substitutes d. Complementary substitutes e. Perfect complements
Answer:
a) Perfect substitution
Explanation:
When two good or services can satisfy the same purpose, and their prices are closely matched then they are called perfect substitutes. Example.
Answer:
A) Perfect substitutes
Explanation:
In business, perfect substitutes are products that are identical to each other, with similar characteristics, utility and price. They usually refer to certain commodities, specially agricultural products, e.g. corn. But the concept only refers to the products being on their primary state, for example once corn is processed into cooking oil, you can recognize the different brands like Mazola or Crisco.
Perfect substitutes shouldn't be branded or at least its purchase should not be influenced by its brand. In real life, perfect substitutes only apply to raw materials or primary goods, but as a concept it is used to explain how markets should theoretically work. E.g. perfect substitutes should all be price takers, identical and customers should not be able to distinguish between them.
Ravi Singh is working his way through college as an independent distributor of the Rapier Knife Co. The Rapier product line includes kitchen knives, hunting knives, and other special-purpose cutlery. Ravi makes sales presentations to potential customers in their homes. If a customer wants to make a purchase, Ravi buys the knives from Rapier and sells them to the customer at a markup. For example, Rapier's most popular knife is a chef's knife that Ravi buys for $25 and resells to the consumer for $50. Ravi is:________.
A. engaged in direct selling but is part of an indirect channel.
B. part of a direct-to-customer channel.C. engaged in direct marketing.D. None of these answers is correct.
Answer:
the correct answer is A. engaged in direct selling but is part of an indirect channel.
Explanation:
if you can see, ravi is actually dealing with his customers head on and maintain a direct and friendly relationship with them, the question states that he even makes presentations to customers at their homes. so there is no doubt that he is engaged in direct selling!
but the indirect channel he use is the way he gets the goods to sell. here he buys them from a supplier and sell them at a markup price. although this might be an indirect way, it does not mean that he is not engaged in "direct marketing". marketing aspect relates to how the seller is engaging with the market and customers.
Ravi Singh's method of selling knives from Rapier Knife Co. directly to consumers in their homes is an example of direct selling and constitutes a direct-to-consumer distribution channel.So,option B is correct.
Ravi Singh is involved in direct selling where products are sold directly to consumers without being stocked in traditional retail locations. Given that Ravi purchases the knives from Rapier Knife Co. and personally sells them to the end customer, he isn't part of an indirect channel which typically involves intermediaries like wholesalers or retailers. Thus, Ravi is part of a direct-to-consumer channel. This means that he is involved in a form of distribution where products are delivered directly from the manufacturer or distributor to the buyer, without retail intermediaries. It aligns with the marketing strategy of many businesses that aim to build a direct relationship with their customers.
Mainstream economic theorizing sees work as a lousy activity that workers tolerate in order to earn income. One way that work is seen as lousy is as a pain cost (e.g., hot, dangerous, boring, stressful). A second way is as an _________ cost.
Answer:
the correct answer is "opportunity cost".
the opportunity cost here means the cost of the next best opportunity lost because of spending time at work, this could be 8 hours, 10 hours at work, etc.
the underline point here is that when someone works for, lets say, 8 hours, he or she could have done something else that they enjoy and brings value to them and their family.
but since they are working, they can not engage in that activity. because of this, we call it the opportunity cost! simple right?
Explanation:
Mainstream economic theorizing sees work as a lousy activity that workers tolerate in order to earn income. One way that work is seen as lousy is as a pain cost (e.g., hot, dangerous, boring, stressful). A second way is as an opportunity cost. The correct answer is option B.
Opportunity cost refers to the potential benefits an individual misses out on when choosing one alternative over another. In the context of work, this means the leisure time or other activities that workers forgo in order to earn income.
Opportunity cost highlights what workers sacrifice to engage in work.It reflects the value of the best alternative use of their time.Understanding opportunity costs helps in assessing the true cost of work beyond just physical or mental effort, providing a more comprehensive view of the trade-offs involved in labor decisions. This perspective is crucial for evaluating how workers value their time and make decisions about employment and leisure.
The commplete question is:
Mainstream economic theorizing sees work as a lousy activity that workers tolerate in order to earn income. One way that work is seen as lousy is as a pain cost (e.g., hot, dangerous, boring, stressful). A second way is as an _________ cost.
A) Plain
B) Opportunity
C) Real
D) Production
Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. Allie's situation best illustrates which economic concept?
A) Opportunity Cost
B) Scarcity
C) Unlimited Resource
D) Trade Offs
E) Trade
Answer: B.) Scarcity
Explanation: Scarcity simply refers to the limited availability of a commodity or resource such that demand or want exceeds the level of supply or availability. In the context above, Allie's situation exemplifies a situation or condition Scarcity whereby the level of want or desire exceed the available resource. Allie's insufficient resource or bank balance was unable to cater for her want (pair of running shoes).
The economic concept that best illustrates Allie's situation is Scarcity. Hence, option B is the correct answer.
Scarcity is the fundamental economic problem that arises due to limited resources and unlimited wants and needs. It implies that there are not enough resources available to fulfill all human desires and demands.
In Allie's case, her debit card was declined because her balance was insufficient to cover the cost of the running shoes. This situation exemplifies scarcity because Allie's financial resources (money) were limited, and she could not satisfy her desire to purchase the shoes due to the scarcity of funds.
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In the Boston Consulting Group's Growth Share Matrix, the relative competitive position of a product or division is defined as its market share. its gross sales divided by its market share. its market share multiplied by that of its nearest competitor. its market share divided by that of the smallest other competitor. its market share divided by that of the largest other competitor.
Answer:
Option D Its market share divided by that of the largest other competitor.
Explanation:
The market share is usually calculated using the following formula:
Market Share = Company's gross sales / Total sales of Industry firms
This gives a percentage view of how much the business has captured the total of the market share. So if their is not available much data that provides information about the industry sales then the business can use the greatest competitor's gross sales as a total sales of industry firms. The market share calculated would help here in assessing the pace of market share growth of its firm.
Answer:
The correct answer is its market share divided by that of the largest competitor.
Explanation:
The competitive position of a firm from Boston Consulting Group Matrix's point of view is measured in terms of the percentage of the market served by the product i.e market share.
The relative competitive position is either computed using market share or revenue,invariably by diving the company's market share by the total market share.
However, when the total market share value is not available, the market share of the largest rival company can be sued as a proxy.
Sunland Company acquires land for $77000 cash. Additional costs are as follows.
Removal of shed $500
Filling and grading 1600
Salvage value of lumber of shed 170
Broker commission 1150
Paving of parking lot 11000
Closing costs 500
Sunland Company will record the acquisition cost of the land as:
Answer:
$91,580
Explanation:
The cost of an asset includes all cos incurred in making the asset available for use. These includes the cost of the item net all discounts, sales tax, freight cost etc.
As long as the cost is necessary for the asset to be available for use, such cost will be capitalized with the cost of the item of asset. Other cost such as maintenance, insurance costs are expensed and not considered as a part of the cost of the asset.
Cost of Land
= $77000 +$500 + $1600 - $170 + $1150 + $11000 + $500
= $91,580
The originate-to-distribute business model has a serious ________ problem since the mortgage broker has little incentive to make sure that the mortgagee is a good credit risk.
Answer:
Principal-agent.
Explanation:
This problem comes to play when one has to make decisions on behalf of another person.
The principal-agent problem is a conflict in priorities between a person or group and the representative authorized to act on their behalf. An agent may act in a way that is contrary to the best interests of the principal.
It can occur in any situation in which the ownership of an asset, or a principal, delegates direct control over that asset to another party, or agent.
Calculate the score for the layout below. Do not count the departments with just corners touching. The desirability ratings are based on a (-1 to 3) scale, where -1-undesirable, osunimportant, 1-slightly important, 2=moderately important and 3-very important. Existing Office Layout Reception Area (A) Managers Offices (D) Copy Room (B) Conference Room (C) President Office (E) Accounting Office (F) Desirability Ratings B D C A 2 - 3 E 2 a. 15 b. 8 c. 18 d. 11
Answer:
The answer is d as the total score is 11.
Explanation:
(A) Managers Offices with a rating of 2
(B) Conference Room with a rating of 2
(C) President Office with a rating of 3
(D) Copy Room with a rating of 2
(E) Accounting Office with a rating of 2
which gives the total score as 11.
so the option is d.
Maytag's front-loading Neptune washer comes in attractive designs and also guarantees quick cleaning and high energy efficiency. The Neptune washer is most likely an example of a ________ product.
A. deficient
B. pleasing
C. salutary
D. desirable
E. disposable
Answer: The Neptune washer is most likely an example of a desirable (D) product.
Explanation:
Neptune washer has marketed through public sales by installing the good features of rapid washing and additionally lodging the capacity of saving the power of utilizing the washer equipment with utmost optimum level. It is the desirable nature of selective consumers who satisfies with the Maytag's front-loading Neptune washer.
The nature of the desire is always coupled with the expectations of the essential products used in day to day routine life. In this situation, The Neptune washer is fulfilled with all the general features of the washer. But it is manufactured with unbelievable special features. So we can consider the Neptune washer is considered as the example of the desired product.
The Maytag Neptune washer, with its attractive design, quick cleaning, and high energy efficiency, is an example of a desirable product.
The Maytag's front-loading Neptune washer is most likely an example of a desirable product. A desirable product is one that not only meets the basic functional requirements but also provides additional benefits and features that make it appealing to consumers, like quick cleaning and high energy efficiency. It is not a deficient product since it fulfills its intended purpose efficiently, not a pleasing product as the term is too vague, not salutary which relates more to health benefits, and not disposable since washers are durables that are meant to last for years.
Cooper Mills is a company that accomplished one of the greatest success stories of our time. The company, which began in the garage of its current CEO, Kyle Cooper, went on to become one of the largest producers of textiles in the country. The company has now diversified successfully into other product lines. A group of researchers is now undertaking a study on Cooper Mills as an organization led by a transformational leader. Which of the following, if true, would most support the conclusion that Kyle Cooper is a transformational leader?
Cooper Mills' goals tend to be very ambitious and to hold personal value for employees
Cooper Mills' goals tend not to be very ambitious and to hold personal value for employees.
Answer:Cooper Mill's goals tend to be very ambitious and to hold personal value for employees
Explanation:
Transformational leadership is a leadership theory where a leader transforms a follower into a leader by creating and adding positive values to such a follower for the sake of the organization.
The four attributes of a transformational leader are intellectual stimulation, inspirational motivation, idealized influence and individualized consideration.
A transformational leader must be very ambitious for changes and also hold personal value for employees
All quality social media creation for a business has some cost attached to it, therefore business managers have many factors they should take into consideration before adopting a particular form of social media. Before participating in ________ a business should consider who will create the photo and video content, how the content will be distributed, and how much it will cost to create and distribute.
Answer: media share site
Explanation: In other to promote business growth, most businesses have tapped into the use of social media which enables business to reach a very large audience all over the world within a very short span of time. The media sharing sites refers to a website which gives users the privilege to store and share digital contents such as pictures, videos and other media content with others. Platforms such as Instagram, Vine, Flickr, and so on. Media sharing sites offers the ability to share contents with a others around the world through a website which is accessible from anywhere in the world. In selecting a media sharing site however, one must consider the content act or creator, distribution and cost.
The present value of a future amount of money is the amount​ that
Answer:
would have to be invested today at a given interest rate over a specified period of time to equal the future amount.
Explanation:
One of the reasons for calculating present value of a future amount is to know how much value of money has changed over a period of time.
It also allows various investors make an informed decision with some level of accuracy on the profit that would be earned in the future when money is placed on different investment today.
It is the sum of money if invested today, yields certain amount of money at a given rate of interest over a specified period.
Examples of instruments traded are treasury bonds and bills.
The illegal and unethical practice of providing old (or early) investors above-average returns on their investment with funds raised from new (or late) investors in the absence of any real business operation to generate profits is referred to as the _____.
Answer:
Ponzi scheme
Explanation:
Ponzi scheme is a fraud investment strategy that promises to pay a substantial sum of returns. In a Ponzi scheme, generate income for the old investor by using the money of the newest investor and this chain goes on. This is basically a fraudulent scam or investment strategy to get a significant amount of money. Ponzi scheme is similar to pyramid strategy both are based on using new investor’s fund.
The practice where old investors are paid returns with funds raised from new investors without legitimate business operations is known as a Ponzi scheme, which is illegal and unethical.
Explanation:The illegal and unethical practice being described is referred to as a Ponzi scheme. In a Ponzi scheme, returns are paid to earlier investors using the capital from new investors, rather than from profit earned by the operation of a legitimate business. This practice leads to a situation akin to moral hazard, where the person or organization running the scheme presents a false sense of security about the investment's prospects, which can result in significant losses when the scheme eventually collapses. Ponzi schemes are often associated with fraudulent activity and are illegal in many jurisdictions.
Salon Products recently introduced a new all-natural shampoo. Logan, director of new product development, has just reviewed the dismal results. As it appears that his team adequately researched the product’s acceptance by consumers prior to its introduction, he is confused by the outcome. But to keep his team open to innovation, Logan should _________.
Answer:
Acknowledge the team for their effort.
Explanation:
By acknowledging the effort of the team that worked on the shampoo, the members of the team are encouraged and motivate, knowing that their efforts are accepted. After so doing, Logan can now tell the team about the dismal results which isn't supposed to have happened and the motivation earlier would have let the team members open to innovation.
Cheers.
Flowers Inc. recently issued noncallable bonds that mature in 15 years. They have a par value of $1,000 and an annual coupon of 5.7%. If the current market interest rate is 7.7%, at what price should the bonds sell?
Answer:
The answer is $825.63
Explanation:
Price of the bond is what the issuer will pay for the bond
Yield-to-maturity is the rate an investor is expecting from his bonds.
Number of years (N) - 15 years
Yield-to-maturity(YTM) - 7.7%
Present Value(price of bond) = ?
Future Value(FV) = $1,000
Payment Coupon(PMT) = $57(5.7% x $1000)
Using a Financial calculator, price of the bond is
=$825.63
Walmart created the Great Value brand for their food products and the Equate brand for their pharmacy, health, and beauty products. Walmart does not manufacture any of these products. Which type of brand sponsorship is Walmart using?
Answer:
a private brand
Explanation:
because created the Great Value brand for their food products and the Equate brand for their pharmacy, health, and beauty products.
Private brand sponsorship is what Walmart uses to attract customers.
What is a brand?When a demand for a product or one of its many product lines is marketed using a strategy, it is said to have developed a brand. It basically functions as a signal that the client can use to explain the goods.
In this particular system, Walmart is using different brands to cater their different needs and give different products to the customer. Walmart was creating a private brand sponsorship for all these products. Even though Walmart is not producing the product he still can sell the product of different brands under his own name.
This product will be available to Walmart at a lower price or according to the partnership and they will take some part of the profit of each unit that is being sold to them.
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Perform online research and find the formula for calculating compound interest. If Mr. John Chrystal invests $6,000 today (Present Value) at a compound interest of 9 percent, calculate the Future Value of the investment after 30 years using the compound interest formula. In addition, calculate the Future Value of the investment 30 years from now using a 9 percent simple interest rate. State the difference between the two Future Values (using compound and simple interest). You may use an online calculator to determine the answer.
Answer:
It is 7,816.79
Explanation:
joemama10110101
Answer:
Calculation using compound interest:
The formula for calculating compound interest is below:
In the above given formula,
FV = Future Value
PV = Present Value
r = rate of interest
n = number of years to be compounded
Thus, we have:
Thus, the Future Value (FV) of the given investment will be $79,800 after 30 years at a compound interest rate of 9 percent.
Calculation using simple interest:
Simple interest rate applies only on the principal value of the initial investment every year. Thus, 9 percent of $6,000 is $540.
The simple interest earned over 30 years =
FV = $16,200 (simple interest earned over 30 years) + $6,000 (initial investment) = $22,200
Thus, the Future Value (FV) of the given investment will be $22,200 after 30 years at a simple interest rate of 9 percent.
The difference between the two FVs = $79,800 (using compound interest) – $22,200 (using simple interest) = $57,600. This illustrates the power of compounding.
Explanation:
A client with severe shortness of breath comes to the emergency department. The client tells the emergency department staff that they recently traveled to China for business. Based on the client's travel history and presentation, the staff suspects severe acute respiratory syndrome (SARS). Which isolation precautions should the staff institute?
Answer:
Explanation:
The individual should adapt social distancing.
* Cover the nose and mouth when coughing or sneezing.
* Use tissues to contain respiratory secretions.
* Dispose of tissues in the nearest waste receptacle after use.
* Perform hand hygiene after contact with respiratory secretions and contaminated objects and materials.
Then either go to any isolation center in a nearby hospital or self isolate for 2-7 days
Answer:airborne and contact precautions for SARS
Explanation:
Which organizational structure is easily displayed in student's notes written in two columns with an action on the left column and the result of the action in the right column?
A. cause and effect
B. spatial relationships
C. order of importance
D. pare and contrast
Answer:
A. cause and effect
Explanation:
Based on the scenario being described within the question it can be said that the structure that is being mentioned is known as cause and effect. This basically refers to a structure in which the action or cause is written and detailed out on one side while the result/effect is written and detailed out on the opposing side to indicate a connection between both.
Two engineers submitted sealed bids to a prospective client for a design project. The client told Engineer A how much Engineer B had bid and invited Engineer A to beat that amount. Engineer A really wants the project and honestly believes he can do a better job than Engineer B. What should he do?
(A) He should submit another quote, but only if he can perform the work adequately at the reduced price.
(B) He should withdraw from consideration for the project.
(C) He should remain in consideration for the project, but not change his bid.
(D) He should bargain with the client for the cost of the
work.
Answer:
(C)
Explanation:
Based on the scenario being described within the question it can be said that Engineer A should remain in consideration for the project, but not change his bid. This is mainly due to the fact that if Engineer A wants it he should stick to his decision and there is no evidence that the client is telling the truth about Engineer B's bid. The client may be benefiting from Engineer A bidding more.
Final answer:
Engineer A should submit a revised bid only if able to maintain quality at the lower price, referencing the concepts of maintaining high standards and avoiding the winner's curse.
Explanation:
In the scenario presented, where two engineers have submitted sealed bids and Engineer A is given an opportunity to submit another quote, the ethical and professional choice for Engineer A would be (A) He should submit another quote, but only if he can perform the work adequately at the reduced price.
In making this decision, Engineer A should consider factors such as the ability to maintain high-quality standards, the integrity of the bidding process, and the potential financial implications of underbidding. It is crucial not to compromise on the quality of work or on the safety aspects related to engineering projects. Instead, the focus should be on providing the best value for both the client and the engineer's own business.
It is also important for Engineer A to recognize the potential impact of the winner's curse, which may occur when a bid is won by overestimating a project's value and thereby facing a loss. Thus, the engineer must carefully evaluate the bid amount against his estimate of the project's value and work cost.
Last year the Perfection Logistics Company delivered a total of 3.1 million packages, during which they damaged 45,000 deliveries, sent 28,000 to the wrong address, and were late 20,000 times. Their percent perfect order is: A. 93,000 B. 3,007,000 C. 97% D. 93.7%
Answer:
97%
Explanation:
Total number of packages delivered = 3,100,000packages
Imperfect orders are as follows;
Deliveries damaged = 45,000
Packages sent to wrong address = 28000
Late deliveries =20,000
Total packages not perfectly delivered = 45000+28000+20000
= 93,000packages
Percent of orders that are not perfectly delivered = Total packages not perfectly delivered/Total packages × 100%
Percent of orders that are not perfectly delivered = 93000/3,100,000 × 100
= 0.03× 100
= 3%
Percent perfect order = 100% - Percent of orders that are not perfectly delivered
Percent perfect order = 100%-3%
Percent perfect order = 97%
Suppose a local hardware store has explicit costs of $2 million per year and implicit costs of $44,000 per year. If the store earned an economic profit of $50,000 last year, this means that the store's accounting profit equaled:________.a. 6000b. 94000c. 2.044 milliond. 2.05 million
Answer: Option B$94000
Explanation:
The economic profit of the company can be found from the difference of the total revenue and the total cost that includes implicit and explicit cost. To find the total revenue earned the economic profit formula can be used.
Economic profit = Total revenue - (Explicit cost+ Implicit cost)
50000=Total revenue - (2,000,000+44,000)
Total Revenue = 2,044,000+50000
=2,094,000
Accounting profit is the actual profits earned by the firm which is calculated as difference between revenue and explicit cost. Implicit cost are not paid for they are the hidden costs.
Accounting profits = Total revenue - Explicit cost
=2,094,000 - 2,000,000
=$94,000
Thus the accounting profit of the local hardware store is $94,000.
Annette, an energetic college junior, had been involved in the selling of goods for a number of years online. Annette supported herself in this way but yearned for greater success. She was particularly interested in selling women's dresses. She studied the clothing lines of famous designers Giorgio Armani and Bill Blass. Annette then contacted a clothing manufacturer who agreed to copy the styles under the names of Armani and Blass. Annette began to sell the copied clothing articles under the names "Gorgo Ormani" and "Bill Bless." The names, however, were not clearly printed on the labels but written in a handwritten scrawl making it difficult to discern the actual spelling. The matter has been brought to the attention of the FTC. Is Annette in violation of the law?
a. Yes, you cannot list and sell designer dresses online.b. No, Annette can sell any dress that she wants.c. Yes, deceptively passing one's goods off as designed by someone else is wrong.d. No, the consumer would know that the dress was not an original.
Answer:.c. Yes, deceptively passing one's goods off as designed by someone else is wrong
Explanation:This is like plagiarism or illegally coping of one's own music, anything that has to do with copying someone else work is illegal be wise you are taking someone else's work and jeopardizing its value when you make it a copy.
People will think these copies are original Gorgo Ormani and because it is likely that Annette will make them cheaper they will buy more of these fake items instead of buying the original hence she will also be negatively affecting the market for this brand.
You can't copy something that isn't yours because you don't have that right hence this is deceptive action and legally wrong.