Answer: The company is using the comparative approach to evaluate the individual performances and thus seeking to develop some ranking of the individuals within a work group to identify the best performer.
Comparative approach concern with ranking an worker/individual performance with respect to that of others individual.
Roundel Inc. is using the Comparative approach to rank the individuals within a work group and identify the best performer for senior positions through internal recruiting.
Explanation:The company is using the Comparative approach to evaluate the individual performances and rank the individuals within a work group. The comparative approach involves comparing the performance of individuals to determine the best performer.
For example, Roundel Inc. may compare the sales figures, customer feedback, and other relevant metrics of the employees in the work group to identify the top performer.
The ranking can then help the company make decisions for internal recruiting and promotion, ensuring that the best performers are rewarded and positioned for senior positions.
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Trull Company uses a standard cost system. Variable overhead costs are allocated based on direct labor hours. In the first quarter, Trull had a favorable cost variance for variable overhead costs. Which of the following scenarios is a reasonable explanation for this variance?
A The actual number of direct labor hours was lower than the budgeted hours.B The actual variable overhead costs were higher than the budgeted costs.C The actual variable overhead costs were lower than the budgeted costs.D The actual number of direct labor hours was higher than the budgeted hours.
Answer:
C. The actual variable overhead costs were lower than the budgeted costs.
Explanation:
Variable Overhead Cost variance =Budgeted cost - Actual Cost
where this value is positive, this is favorable, where this is negative it is unfavorable.
Actual cost = Actual hours X Actual rate per hour
Budgeted Cost = Budgeted hours for actual level of production X Budgeted rate per hour
Even if actual hours are lower than budgeted it will not lead to favorable overhead as actual rate per hour might be less.
Total variable overhead will only be favorable when net actual variable overhead cost is less than budgeted variable overhead costs.
C. The actual variable overhead costs were lower than the budgeted costs.
In a standard cost system, a favorable cost variance for variable overhead costs indicates that the actual variable overhead costs were lower than the budgeted costs.
Explanation:In a standard cost system where variable overhead costs are allocated based on direct labor hours, a favorable cost variance for variable overhead costs means that the actual variable overhead costs were lower than the budgeted costs.
Therefore, the reasonable explanation for this variance would be option C: The actual variable overhead costs were lower than the budgeted costs.
This could happen if the actual number of direct labor hours was lower than the budgeted hours, resulting in lower variable overhead costs due to less labor being used.
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Braizen, Inc. produces a product with a $30 per-unit variable cost and an $80 per-unit sales price. Fixed manufacturing overhead costs are $100,000. The firm has a one-time opportunity to sell an additional 1,000 units at $60 each that would not affect its current sales. Assuming the company has sufficient capacity to produce the additional units, how would the acceptance of the special order affect net income?
Answer:
Net income will increase by $30,000
Explanation:
In this case the company has already made its regular sales and charged the entire fixed cost, also provided that the additional units can be produced, as the company has sufficient capacity, which means no additional fixed cost will be incurred. In that case, entire contribution margin from this sale will be added to increase the net income from regular sales.
Special order quantity = 1,000 units
Contribution= $60 - $30 = $30 per unit.
Total contribution from special order = 1,000 X $30 = $30,000
Now by this amount of $30,000 net income will increase.
During the year, Carlton Company had net credit sales of $ 40 , 000. At the end of the year, before adjusting entries, the balance in Accounts Receivable was $ 15 , 000 (debit) and the balance in Allowance for Bad Debts was $ 670 (credit). If the company uses an income statement approach to estimate bad debts at 4%, what is the ending balance in the Allowance for Bad Debts account?
Answer:
The ending balance in the allowance for bad debt account would be $2270.
Explanation:
In the question it is told to use income statement approach which is also know as percentage of sales method , we can use this approach to take out the bad debt expenses for the year ending by using the formula -
Bad debt expenses = Total credit sales X Estimated bad debt percentage
= $40,000 x 4%
= $1600
Now by adding this bad debt expense with the credit balance in accounts receivables , we will get the year ending balance in allowance for bad debts account.
ALLOWANCE FOR BAD DEBT ACCOUNTS =
Bad debt expenses + Credit balance in allowance for bad debt
= $1600 + $670
=$2270
Answer:
Ending balance in the Allowance for Bad Debts account = $1,600
Explanation:
Company's net credit sales for the period = $40,000
Balance of Accounts Receivable = $15,000
Existing balance of Bad Debts = $670
Bad Debts = 4%
Now bad debts = $15,000 X 4% = $600
But the company uses income statement approach which means bad debts on credit sales = $40,000 X 4% = $1,600
Already existing balance = $670
Thus ending balance shall be $1,600
Amount to be added to bad debts allowance = $1,600 - $670 = $930
Note: This is because company follows Income statement approach, otherwise bad debts allowance shall be $600 only based on closing accounts receivable.
Ending balance in the Allowance for Bad Debts account = $1,600
Tony wanted to buy a pair of binoculars, but not just any brand. He wanted to buy a pair of Steiner Nighthunters, just like the pair he had learned about in his newest copy of Peter's Hunt Magazine. He had to visit five different sporting goods stores before he found this brand. For Tony, the Steiner Nighthunter is an example of a(n) ________.
Answer: Specialty product
Explanation: Specialty product can be defined as those products which have particularly unique identifications or brand names for which the consumers are willing to make more purchasing effort. In this case tony wants a pair of steiner nighthunters because it was branded by peter hunts maganize which is followed by tony, thus, steiner nighthunters is a specialty product for tony.
Paula, the controller of Tasty Pizza, is purchasing several new delivery vehicles. Paula has numerous work responsibilities, so she has limited time to shop for cars. Because of the time constraints, she cannot make an extensive search for the best alternative, so she looks for cars until she finds a model that is satisfactory. Paula is following the _____ model.
Answer: Satisficing model
Explanation: Under satisficing approach an acceptable threshold criteria is set by the individual and he or she keeps searching till the component satisfying such criteria is met.
In the given case Paula has established a criteria that she can value satisfactory and she keeps searching for the car that meets such criteria hence she is using satisficing model.
There are a number of different types of listing contracts that can be used when marketing a property. What type of listings requires the broker to be paid a commission if any other broker, or even the owner, sells the property during the contract period?
Answer: Exclusive right of sale listing
Explanation:
Exclusive right of sale listing is known to be a mutual agreement between a broker and the owner of a property. In this type of contract, the listing broker act as an agent of the property and has the right to sell the property within the stipulated time period agreed upon with the seller. This is done in order for the property to be sold on time and at a good price. Thus, if the property is sold by another agent or the owner of the property, the listing broker will still be paid his commission.
An interpersonal skill is something that you cannot develop.
a. True
b. False
Answer:
An interpersonal skill is something that you cannot develop. - False ( b.)
Answer:
b. False
Explanation:
An interpersonal skill is something that you can develop.
Which of the following statements is CORRECT? a. A time line is not meaningful unless all cash flows occur annually. b. Time lines are not useful for visualizing complex problems prior to doing actual calculations. c. Time lines can be constructed to deal with situations where some of the cash flows occur annually but others occur quarterly. d. Time lines can only be constructed for annuities where the payments occur at the end of the periods, i.e., for ordinary annuities. e. Time lines cannot be constructed where some of the payments constitute an annuity but others are unequal and thus are not part of the annuity.
Answer: Option C
Explanation: The correct statement is time lines can be constructed to deal with situations where some of the cash occur annually but others occur quarterly. A time line can be defined as the display of events in a chronological order. While solving problems related to cash flow, time line is prepared to ease the calculations by showing cash flow as the the order of their occurrence.
What is the effect on the equilibrium price and equilibrium quantity of magazinesmagazines if the price of a newspapera newspaper decreasesdecreases and the wage rate paid to magazine production workersmagazine production workers decreasesdecreases? The equilibrium price of a magazinea magazine ______ and the equilibrium quantity ______.
Answer: The equilibrium price of a magazine decreases and equilibrium quantity remains the same.
Explanation:
The magazine and newspaper are substitute goods. So, if the price of a newspaper decreases as a result the demand for magazine decreases.
This shifts the demand curve of magazine leftwards from DD to D'D' in the diagram.
And, if the wage rate paid to the magazine production workers decreases as a result the cost of magazine production decreases.
This will increase the supply of magazine and shift the supply curve towards right from SS to S'S' in the diagram.
Hence, the equilibrium price of a magazine decreases from P to P' and equilibrium quantity remains the same at Q0 = Q1.
Final answer:
The equilibrium price of magazines is expected to decrease due to simultaneous leftward shift in demand and rightward shift in supply. The equilibrium quantity may increase or decrease depending on the relative shifts in the curves.
Explanation:
When analyzing market equilibrium, changes in external factors can lead to shifts in supply and demand curves, affecting the equilibrium price and quantity. In the case of a decrease in the price of newspapers, which can be seen as a substitute good for magazines, the demand for magazines might decrease accordingly. This would result in a leftward shift in the demand curve for magazines, leading to a lower equilibrium price and quantity for magazines. However, the decrease in the wage rate paid to magazine production workers may increase the supply of magazines, shifting the supply curve to the right, as production costs decrease. With a higher supply, the equilibrium quantity of magazines increases, but the equilibrium price could potentially decrease if the shift in supply exceeds the shift in demand. If both of these events occur simultaneously: a decrease in the price of newspapers and a decrease in the wage rate of magazine workers, the equilibrium quantity of magazines may either increase or decrease depending on the magnitude of the shifts in demand and supply curves. The equilibrium price of magazines is expected to decrease because both effects (a decrease in demand and an increase in supply) both exert downward pressure on the price.
Assume the Hiking Shoes division of the All About Shoes Corporation had the following results last year (in thousands). Management's target rate of return is 20% and the weighted average cost of capital is 30%. Its effective tax rate is 40%.
Sales - $5,000,000
Operating income - 1,250,000
Total assets - 1,000,000
Current liabilities - 750,000
What is the division's Residual Income (RI)?
Answer:
The division's residual income would be $1050,000.
Explanation:
Residual income is a concept which is used by the management to see the internal company performance, where the management will see how much of return generated by the company is in excess of the minimum required rate of return.
Formula for taking out the residual income is =
Net operating income - ( Total assets x target rate of return )
Here net operating income - $1250,000
total assets - $1000,000
target rate of return - 20%
= $1250,000 - ( $1000,000 x 20% )
= $1250,000 - $200,000
= $1050,000.
Final answer:
The division's Residual Income (RI) is calculated by subtracting the Minimum Required Return (20% of total assets) from the division's net operating income after taxes (operating income minus 40% tax). The RI for the Hiking Shoes division of All About Shoes Corporation is $550,000.
Explanation:
The student asks about the calculation of the Residual Income (RI) for a division in a corporation. Residual Income is the income earned by a division or an investment after accounting for the cost of capital. Here's how to calculate the RI:
Determine the net operating income after taxes. Since taxes are 40% of the operating income, subtract this from the operating income: Operating income - (Operating income * Tax Rate) = Net Operating Income after taxes.Calculate the Minimum Required Return (MRR) by multiplying the total assets by the target rate of return: Total Assets * Target Rate of Return = MRR.Deduct MRR from the net operating income after taxes to get the RI: Net Operating Income after taxes - MRR = RI.Now let's insert the given figures:
Operating Income = $1,250,000Effective Tax Rate = 40%Total Assets = $1,000,000Target Rate of Return = 20%First, calculate the net operating income after taxes:
$1,250,000 - ($1,250,000 * 0.40) = $750,000
Next, calculate the MRR:
$1,000,000 * 0.20 = $200,000
Finally, subtract the MRR from the net operating income after taxes to find the RI:
$750,000 - $200,000 = $550,000
Therefore, the division's Residual Income is $550,000.
Which nims command and coordination structures are offsite locations where staff from multiple agencies come together?
Answer: The correct answer is : Emergency Operations Centers (EOCs)
Explanation: MAC groups is the NIMS structure that makes cooperative decisions of multiple agencies.
The three NIMS guiding principles are: Flexibility, standardization, unity of effort. Standardization allows interoperability between multiple organizations.
Emergency Operations Centers are the National Incident Management System NIMS command and coordination structures are offsite locations where staff from multiple agencies come together. EOCs are frequently off-site locations created and outfitted particularly to support incident management operations.
Emergency Operations Centers EOCs are command and coordination organizations that are a part of the National Incident Management System (NIMS). They are generally set up in reaction to catastrophes or emergencies to act as focal points where representatives from various agencies and organizations can gather to coordinate response and recovery operations.
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Would it be easier to form a cartel in a market with many producers or one with few producers?
Answer:
it would be easier to form a cartel with few producers
Explanation:
since a cartel is a monopolistic type of org. few producer will earn and generate more profit
It is easier to form a cartel in an oligopoly with few producers because they can coordinate to act like a monopolist, controlling prices and output. However, cartels face legal barriers, the risk of members cheating for their own benefit, and the challenge of equitably distributing profits, all of which threaten their stability.
It would generally be easier to form a cartel in a market with few producers rather than many. In markets with fewer producers, known as an oligopoly, each firm holds a significant portion of market sales and can have an effect on market prices when they alter their output volume. Forming a cartel in such a market structure allows these companies to coordinate their activities, behave as a single enterprise, and potentially gain the same market power as a monopolist.
However, while creating a cartel may seem appealing due to the potential for higher prices and restricted output, there are numerous challenges. Cartels are often illegal, as they are designed to reduce competition and raise prices, which is anti-competitive. Moreover, individual members of a cartel have incentives to cheat by undercutting the agreed prices to increase their market share, which can lead to the cartel's breakdown. Also, the distribution of profits among the members can be contentious, particularly if some firms are more efficient than others, ultimately threatening the stability of the cartel arrangement.
Grid Corp. acquired some of its own common shares at a price greater than both their par value and original issue price but less than their book value. Grid uses the cost method of accounting for treasury stock. What is the impact of this acquisition on total equity and the book value per common share?
Answer: Grid Corp. acquired some of its own common shares at a price greater than both their par value and original issue price but less than their book value. This will impact his total equity and the book value per common share.
i.e. In this particular case Equity will decrease and book value per share will increase.
Acquiring its own common shares at a price greater than par value and original issue price but less than book value has an impact on total equity and treasury stock. However, it does not affect the book value per common share.
Explanation:When a company acquires its own common shares at a price greater than their par value and original issue price but less than their book value, it is referred to as treasury stock. The acquisition of treasury stock has two effects on total equity: a decrease in total equity and an increase in treasury stock. However, the book value per common share remains unaffected because the book value per common share is calculated by dividing total equity by the number of outstanding common shares, and both total equity and the number of outstanding common shares decrease proportionally due to the acquisition of treasury stock.
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On January 1, 2018, Ramsey Company purchased 35% of the outstanding common shares of the Vapor Company for $70,000 when the net assets were $200,000. During 2018, Vapor Company earned $80,000 and declared a dividend of $40,000. Ramsey accounted for the investment using the equity method. Ramsey’s share of Vapor’s income for 2018 is:
A. $42,000
B. $28,000
C. $14,000
D. $40,000
Answer: Investment income = Earning during 2018 × outstanding common shares
= $80,000 × 35%
Dividend declaration = Dividend × outstanding common shares
= $40,000 × 35%
Ramsey’s share of Vapor’s income for 2018 = Investment income - Dividend declaration
= $28,000 - $14,000
= $14,000
Ramsey's share of Vapor Company's income for 2018 is $28,000 when accounting for the investment using the equity method.
Explanation:Ramsey's share of Vapor Company's income for 2018 can be calculated using the equity method. The equity method requires recording the investor's share of the investee's net income as an increase in the investment account. In this case, Ramsey purchased 35% of Vapor's outstanding common shares which gives them a 35% ownership interest in the company. Vapor Company earned $80,000 in 2018, so Ramsey's share of that income would be 35% of $80,000, which equals $28,000. Therefore, the correct answer is B. $28,000.
Jane's aunt wants a cashmere blanket to put over her legs when she watches television from her favorite chair. Jane could drive 50 miles and pay $90 for the blanket, or she could order one off the Internet for $168. Because Jane works fifty hours a week, cares for three children, and tries to help her aunt, she opts to buy the blanket on the Internet. This is an example of how ________ influences the consumer decision-making process.
Answer:
Situational Factor
Explanation:
The factor has to do with Jane's involvement in the task of buying the blanket. Jane cannot afford to drive 50 miles to buy the blanket at a cheaper price because she works a full time job and takes care of her three children. although it is cheaper she cannot afford the time it takes to drive 50 miles on her busy schedule and finds it easier to order it online as it will be delivered to her door step.
Assume you decide to start a business and you quit your job that was paying you $60,000. You pay $36,000 to the landlord for the facility you are renting for your new business. You pay your vendor $35,000 for raw materials you purchased for the business. You no longer earn $1,000 of interest on the funds you took out of the bank to start the business. You pay $24,000 during the year for utilities. You sell 22,000 of your items for $10. What is your explicit costs?
Answer:
Explicit cost = $95,000
Explanation:
Explicit cost = the cost which is actually incurred and paid in cash, it does not include any opportunity cost foregone, as no direct cash payment is involved in that case.
Here explicit cost of business = Rent paid + Raw material purchased + Utilities
= $36,000 + $35,000 + $24,000 = $95,000
Note: Explicit cost does not consider the revenue generated as this is only the cash paid for expenses.
Explicit cost = $95,000
The explicit costs of starting the business include the costs of the rental, raw materials, foregone interest earnings, and utilities, which total to $96,000. The salary given up to start the business ($60,000) is an implicit cost and doesn't count towards explicit costs.
Explanation:The explicit costs are the actual out-of-pocket expenses incurred in running the business. To calculate them, simply add up the cost of the business premises rental ($36,000), the cost of raw materials ($35,000), the foregone interest earnings ($1,000), and the utilities ($24,000).
Step 1: Calculating Explicit Costs
To start, add up the known explicit costs:
Office rental = $36,000Raw materials = $35,000Foregone interest earnings = $1,000Utilities = $24,000Total explicit costs = $36,000 + $35,000 + $1,000 + $24,000 = $96,000.Step 2: Compare the total explicit costs to the business' revenues. However, keep in mind that although the foregone salary ($60,000) is a cost to you for starting the business, it is considered an implicit cost and is not included in the calculation of explicit costs.
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When interest rates fall a. firms want to borrow more for new plants and equipment and households want to borrow less for homebuilding. b. firms want to borrow less for new plants and equipment and households want to borrow less for homebuilding. c. firms want to borrow more for new plants and equipment and households want to borrow more for homebuilding. d. firms want to borrow less for new plants and equipment and households want to borrow more for homebuilding.
Answer: Option (c) is correct.
Explanation:
When interest rates fall then firms want to borrow more for new plants and equipment and households want to borrow more for home building.
If there is a fall in the interest rate in an economy this will make the loans cheaper.
So, every individual wants to grab this opportunity by taking cheaper loans for various purposes such as home building, buying new plants and equipment, etc.
Hence, firms take an advantage of the lower interest rate by making investment in plants, equipment and machinery.
Whereas households also want to borrow from banks at lower interest rates for building their home. Because it will become cheaper for them to take loan at the ongoing lower interest rate.
Suppose Company ABC has revenues of $200 million, cost of goods sold of $350 million, and depreciation of $50 million. What is the company's EBIT? Multiple Choice $200 million $0 $200 million Not determined
Answer:
the EBIT will be of minus 200 millons -$200,000,000
Explanation:
EBIT Will be the Earning before Interest and Taxes
Assuming there is no other operating expense like rent, the EBIT
will be 200 revenues
-350 cost of goods sold
-50 depreciation
-----------------------------
-200 EBIT
Notice it is negative so it is losses not earnings in this case.
To minimize central tendency bias, a manager should:
a. record examples of positive and negative performance throughout the year
b. be fair and realistic in evaluations
c. define an accurate profile with both high and low points
d. evaluate employees against a predetermined standard
e. provide only negative feedback
Answer:
To minimize central tendency bias, a manager should: define an accurate profile with both high and low points- c.
In medieval Europe an important technological advance was the use of the padded horse collar for plowing. Once this idea was thought of, other people used it. This illustrates that knowledge is generally a ___
(A) societal good
(B) private good
(C) normal good
(D) public good
Answer:
(D) public good
Explanation:
A public good refers to goods in common use of the people or Public Domain are goods that are intended for general use by the community. That is, public goods are goods for the common use of the people are goods of wide accessibility that can be used interchangeably by all citizens.
For this reason, the padded horse collar for plowing is considered a public good because there is no restriction for any citizen to wear. Everyone who needed to use the padded horse collar for plowing was free to wear this good.
Astrid, a customer service representative with NorthTel Wireless Services, was asked by one of her customers if NorthTel would be interested in joining the chamber of commerce to meet potential customers and increase its contacts in the local business community. Astrid believes this is a very good idea and approached her manager, DeShawn, about becoming a chamber member. DeShawn said to Astrid, "Because the cost of membership is over $500 and you will have to leave the office to attend meetings, I will have to get approval from management above me." NorthTel is an example of an organization with
Answer:
The answer is centralized authority.
Explanation:
Centralized authority, in the context of organizational types, refer to an organization where the ability to make any decisions – strategic or operational – is on the hands of the organizational leaders only. This type of organization might be commonly found in companies that are highly bureaucratic. Employees in these types of companies are not empowered – thus, ideas from the lower rungs of the organizations, rarely make it to the top of the organization.
Which of the following is not a question addressed by macroeconomists? a. Why is average income high in some nations but low in others? b. What, if anything, can the government do to promote growth in incomes, low inflation, and stable employment? c. What is the impact of foreign competition on the U.S. auto industry? d. Why do production and employment expand in some years and contract in others?
Answer:
c. What is the impact of foreign competition on the U.S. auto industry?
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 consumers and companies, including in relation to competitive structures. Therefore, item (D) deals with microeconomics and not macroeconomics.
The following listed questions are mostly related to macroeconomics but option c, concerning the impact of foreign competition on US auto industry, relates more specifically to microeconomics.
Explanation:The subject in focus is Macroeconomics and all of the options listed above correspond with considerations in the scope of Macroeconomics. However, option c. 'What is the impact of foreign competition on the U.S. auto industry?' aligns more closely with the field of Microeconomics. Macroeconomics often addresses questions about the economy as a whole, whereas Microeconomics would look more specifically at individual industries or businesses, such as the U.S. auto industry in relation to foreign competition. Thus, while it does have economic implications that could be considered in a macroeconomic context, it's more appropriately classed under Microeconomics. So, option c is the least-related to macroeconomics compared to the other choices.
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Your nonprofit organization is preparing to host its first annual 5K run/walk in City Park. You worked on a similar project for the organization two years ago when it cohosted the 10K run through Overland Pass. Which of the organizational process assets might be most helpful to you on your new project?
Answer: Past experience
Explanation: As per the case study we have worked for a similar project and that too not very long time ago thus we have the experience to handle these kinds events. This case study brings out the importance of human resource assets in the organisation and the intangible value they carry in form of experience .
PLEASE HELP, ILL GIVE BRAINLIEST IF IT'S RIGHT. 35 POINTS! the answer isnt C!
April is working on the company newsletter. She wants to include a photo that Dalton took at the sales meeting. What must she do first to import the photo?
a.) Select the photo from the Windows menu.
b.) Select Image Frame icon from the toolbar.
c.) Select Import from the File menu.
d.) Select Photo from the Insert menu.
Answer:
I think it is A but im not sure
Answer:
the answer is C
Jim has hired a real estate broker to help facilitate the sale of his home. If the broker requires a commission of 6%, how much will Jim clear from the sale (after the commission has been paid) if he is able to sell his house for $478,723? (Assume that Jim has already paid off his mortgage.)
Answer:
Jim will receive 449,999.62
Explanation:
We are going to discount the sales commission from the proceeds of the home, this will be the net cash received from Jim
sales price 478,723
commission 6% of 478,723 = 39723.38
net realizable 449,999.62
(sales price - commisions)
A sequential game can be used to analyze whether a retail firm should build a large store or a small store in a city, when the correct choice depends on whether a competing firm will build a new store in the same city. Which of the following is used to analyze this type of decision?
Answer: Decision tree
Explanation: A support tool that uses a tree like model for decision making by evaluating the possible consequences by taking into consideration chance event outcomes, resource cost and utility. Largely used in non parametric effective machine, it is a learning modelling technique for regression and classification problems.
Game theory is used to analyze this type of decision in a sequential game. The retail firm can simulate multiple scenarios of their choice to build a large or small store based on various predicted actions by the competitor and decide accordingly, factoring in market competition, firm strategies, likely competitor responses and customer reactions.
Explanation:The type of analysis used to determine a decision in a sequential game such as whether a retail firm should build a large or small store in a city, based on a competitor's similar actions, would be game theory. This aspect of microeconomics, specifically focuses on decision-making and strategy in situations of competition and conflict.
Using game theory, a retail firm can simulate multiple scenarios and the outcome of each choice, dependent on various predicted moves by the competitor. For example, if the retail firm decides to build a small store and the competitor also builds a new store, it can determine the likely profit or loss compared to if it had built a large store.
This requires careful evaluation of the market competition, assessment of individual firm strategies and the likely responses from competitors. It is also essential to factor in how customers might react to each scenario, thereby affecting demand and profits.
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Henri, who runs a French restaurant, wants his diners to have an authentic culinary experience. Thus, he wants to recruit qualified individuals of French origin for his restaurant. Henri can avoid a claim of national origin discrimination and still limit the job to individuals of French origin by showing that:
Answer: by showing that any applicant with fluent french and knowledge of french cuisine is qualified for the job.
Explanation: Henri in this case study wants his customers to have authentic french experience and for this he needs qualified personnel. He needs french individuals to make the atmosphere more french as they will be able to inform customers about french cuisine and can converse with customers in french so if any other individual has these qualities then regardless of national origin he or she will be taken in for the job.
If actual sales totaled $500,000 for the current year (40,000 units at $12.50 each) and planned sales were $495,000 (45,000 units at $11.00 each), the difference between actual and planned sales due to the unit price factor is A. $60,000 increase. B. $55,000 decrease. C. $20,000 increase.
Answer: The answer is A. $60,000 increase.
Explanation: 1: The actual units sold multiplied by the budgeted sale price is equal to a total of $440000 (40000 x 11 = $ 440000)
2: The actual units sold multiplied by the actual sale price is equal to $500000 (40,000 x 12.5 = $ 500,000)
3: $500000 - $440000 = $60000 increase by the unit price factor.
Kelly sells women's accessories. Her prospective buyer is smiling and is eyeing the samples Kelly brought with her to the sales presentation. The buyer’s legs are uncrossed, and her arms are relaxed. What should Kelly do?
Answer:
Ask the potential client to try out the accessories and give the prices.
Explanation:
Having the legs uncrossed and her arms relaxed the client is showing that is comfortable with the situation and open to accept the products offered by Kelly. The best way to proceed would be presenting her prices offer and starting the negotiation, she should pay attention to the client's behavior to know of she is willing to negotiate and acquire the products.
Kelly should capitalize on the buyer's positive body language by continuing to engage them, highlighting product features, and moving towards finalizing the sale, while remaining attentive to the buyer's ongoing reactions.
Kelly is in a sales presentation, and her prospective buyer's body language is positive-they're smiling, making eye contact, and have an open posture with uncrossed legs and relaxed arms. In sales, interpreting a customer's nonverbal signals can be critical to closing a deal, and in this case, the buyer's body language suggests they are receptive and likely interested in the product.
Based on these signals, Kelly should continue to engage the buyer in conversation about the samples, perhaps by highlighting the benefits and features of the accessories. She may initiate a closer look at specific items that the buyer seems interested in, involve the buyer in trying on the accessories, and lead the interaction towards making a sale. Building on the positive signals, Kelly can confidently move forward and attempt to finalize the purchase. It's important she also stays attentive to the buyer's reactions throughout the conversation to adapt her strategy as needed.
Some people want healthy cereal that will help them lose weight or possibly prevent certain kinds of cancer. Some want pre-sweetened cereal. Some want fruits and nuts in their cereal. Some people want whole wheat cereal while others want rice cereal. There are some who like hot cereal and others who like to eat their cereal right out of the box. The diversity of consumers for cereal is an example of ________.
Answer:
This is an example of market fragmentation.
Explanation:
Market fragmentation can be defined as the concept that all markets are segmented and divided into different fragments, based on different needs, wants and behavior.
All markets ,over time, break down into different group of consumers or we can say fragments especially as they grow.
Here, the market for cereals is divided on the basis of consumer's needs wants and tastes. So, it is an example of market fragmentation.