Answer:
The correct answer is option (2) Anyone can fish in the river, and one's person's fishing activity decreases the ability of someone else to fish with success.
Explanation:
The fish in the river are considered rival in consumption and non-excludable whereas the fish in the private stream are rival in consumption and excludable.
In other words, the fish in the river are example of common resource and the fish in the private stream are an example of private good.
Fishing in the river will likely lead to the tragedy of commons because anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success.
The Fishing in the river will likely lead to anyone can fish in river which makes it competitive, and hence the correct option is 2.
Common and Private GoodThe question can be divided into two parts, one is about fill in the blanks, and second is to choose a correct option. We will go through them ony by one.
Answer 1:
A) Since there is no "Catch and release policy", and fishing in river is open to everyone. Therefore we can conclude that the Fish in the river are considered rival in Consumption, and non- excludable.
B) Whereas the fish in the private pond are Rival in Consumption and Excludable.
C) In other words the fish in the river are an example of common resource and the fish in the private stream are an example of private good.
Answer 2
D) Fishing in the river will likely lead to the tragedy of commons because:
If River is open for everyone, than everyone will try to catch more and more fish which will be a tragedy for farmers. Hence option 2 is the reason "anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success."
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Suppose that the relationship between sales (Y, in $000) and number of salespeople (X) is represented by the following regression equation: Y = 105.2 + 35.8X 38.Refer to Exhibit 13.3. What will be the average contribution to sales of one additional salesperson?
Answer:The mean of the 10 sales amounts for store A is $40,000
Explanation:
As a real estate agent, you learn that the home you are trying to sell resides in a low-lying frequently flooded area. The seller has not disclosed the information, and the buyer has only seen the property on "dry" days. Choose your best ethical choice:
Answer:
You disclose the information to the potential buyer and inform the seller of your action. You are risking the sale of the property
Explanation:
The reason is that not disclosing the matter would be fraudulent action, because if I didn't disclosed the issue to the buyer then I had datched the person by not disclosing the matter which has potential for altering the decision making of the buyer. So the right course of action would be disclosing the matter to the buyer and seller and encouraging ethical relationship.
1. When processing cash payments, the cashier accepts the check and cash payment from the
guest, restates the total to the guest, and then counts out the change. true or false
Answer:
That statement is true.
Explanation:
Most companies require this type of procedures to ensure that the employees wouldn't scam the customers during the transaction process.
Restating the total and the total changes allow the guests to conduct a self-calculation for the purchase, ensuring whether the price is suitable to the price tag that provided on the counter. This prevent the employees from giving a higher price to the customers and taking the additional amount for themselves.
__________ provide(s) a way to "test-drive" a potential employee, as well as allow the potential employee to evaluate whether the job and the company make a good fit. a. External recruiting b. Internships c. Social media d. Internal recruiting e. Realistic job previews
Answer: (B) Internships
Explanation:
An internship is one of the type of program which is offered by the various companies or an organizations for the short duration and it is one of the type of training in which the various types of industries providing experimental type of knowledge to the students.
The following are some benefits or the advantages of the internships are as follows:
Provide employees a valuable skills and knowledge Providing a industrial or work experienceEstablishing a professional relationship and network Learn teamwork and communication in industryAccording to the given question, An internship is one of the example of test drive and it basically helps in employees to evaluate their knowledge and job related skills.
Therefore, Option (B) is correct answer.
Like many other professional organizations and businesses, the American Marketing Association has developed a formal, written guideline to help its members make better ethical decisions. This document is called a:
Answer:
Code of Ethics
Explanation:
All professional bodies, companies have CODE OF ETHICS that guide its members.
Code of Ethics is a guide of principles and rules used by individuals and organizations designed to help professional conduct, decision making process, act with integrity etc.
Members of a professional body or staff of an organization are punished accordingly if they fail to abide by their existing code of ethics
In your work in a county public health clinic, you encounter parents of a three-month-old who are considering not vaccinating their child. What concerns might the parents raise regarding vaccine safety? As a microbiology student and public health care worker, what do you say to these parents regarding the risks of not vaccinating their child?
Answer:
I would tell them the risk of not vaccinating their child.
Explanation:
Some parents are concerned that vaccines might cause harmful side effects.
I would tell them what vaccination is that the risks of not vaccinating their child are much.
Vaccination is administering vaccines to help boost the immune system and prevent diseases. When Children are not vaccinated, they always at risk to harmful and deadly diseases. It is also important to help build your child's immunity through vaccination to help protect other people around them. An elderly person with an autoimmune disorder is at high risk of getting most diseases and infections. Your child's immunity will not only be in harm's way, but even others who have gotten vaccinated.
When a cherry orchard in Oregon adds a worker, the total cost of production increases by $24,000. Adding the worker increases total cherry output by 600 pounds. Therefore, the marginal cost of the last pound of cherries produced is:
A. $19.
B. $4,000.
C. $24,000.
D. $40
Answer:
D. $40
Explanation:
Given that
Total cost increased by $24000
Output increased by 600pounds
Recall that
Marginal cost = Change in total cost/change in total output
Thus
Marginal cost = 24000/600
Marginal cost = $40.
Therefore, marginal cost on the last pound of cherry produced is equal to $40
Final answer:
The marginal cost per pound of cherries when an additional worker is hired is $40, which is computed by dividing the increased cost of production by the additional cherry output.
Explanation:
The marginal cost of the last pound of cherries produced is obtained by dividing the increase in total cost by the increase in output. Therefore, the marginal cost per pound is calculated as $24,000 divided by 600 pounds, which equals $40 per pound. The correct answer to the question is therefore: D. $40.
The original capacity of the equipment is 10,000 units per year. After paying $2,500 to replace an important part, the company increases the capacity of equipment to 12,000 units per year. How does the company deal with the $2,500 expenditures
Answer:
The firm must increase the value of the equipment account by $2,500.
Explanation:
In this case, the repair expense must capitalize the asset account and not be considered an expense, instead it should be considered an additional investment. The $2,500 should be depreciated along with the normal depreciation of the equipment since it increased the productive capacity significantly.
Three years ago, James Matheson bought 300 shares of a mutual fund for $23 a share. During the three-year period, he received total income dividends of 0.70 per share. He also received total capital gain distributions of $0.80 per share during the three-year period. At the end of three years, he sold his shares for $26 a share. What was his total return for this investment
Answer:
1350
Explanation:
(300 x 0.70) + (300 x 0.80) + (300 x 26)
= 210+240+7800
=8250
8250- (300 x 23)
8250-6900 = $1350
Therefore his total return for this investment is 1350
Answer:
$1,350
Explanation:
his total returns per share = (sales price - purchase price) + dividends received + capital gains distributions received = ($26 - $23) + $0.70 + $0.80 = $4.50 per share
total returns of the investment = total number of shares x total returns per share = 300 shares x $4.50 per share = $1,350
Nathaniel is a manager at Mauve Inc He trains his team members to communicate effectively with customers in order to generate sales each week. Apart from concentrating on the team's performance, he encourages his subordinates to engage in recreational activities such as group games and team outings. In the context of the Blake/Mouton leadership grid, which of the following leadership styles is Nathaniel using in this scenario?
A) The middle-of-the-road style
B) The country club style
C) The authority-compliance style
D) The impoverished style
Answer:
The correct answer is A) The middle-of-the-road style .
Explanation:
This leadership is characterized by the balanced behavior of managers where a balance is maintained between the operational and organizational function along with the motivation of the entire work group. In this type of leadership, the manager is very clear about his role in terms of work to achieve adequate behavior, but at the same time he considers that the group environment is important to achieve the proposed objectives and for this reason he also cares about the state of encouragement of employees.
The leadership styles used by Nathaniel in this scenario is known as the middle-of-the-road style.
The middle-of-the-road style is a leadership style where a balance is maintained between the operational and organizational function along with the motivation of the entire work group.
The middle-of-the-road leadership style is based on strict rules, policies and standards.In the middle-of-the-road style of leadership, the manager is very clear about his role in terms of work to achieve adequate behavior,Hence, the leadership styles used by Nathaniel in this scenario is known as the middle-of-the-road style.
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Management at Growing Green, a company that markets organic and environmentally friendly gardening and landscaping supplies and equipment, are evaluating the benefits and disadvantages of indirect exporting, direct exporting, and licensing. In which stage of the international marketing process is Growing Green?A) deciding whether to go globalB) deciding which global markets are most attractiveC) deciding which market-entry strategy is bestD) deciding on the marketing mix strategies for foreign marketsE) deciding on the global marketing organization
Answer:
C) deciding which market-entry strategy is best
Explanation:
Global marketing is a marketing principle to satisfy the varied needs and the wants of different people living across the national borders and to undertake the marketing activity is more than one nation. Deciding in the market entry strategy is a must to focus on the target markets and creation and management and establishment of the contracts in a foreign nation. The company that makes organic and landscape supplies should first decide which technique to apply as in order to get maximum benefits such as the economies of scale, lower market costs, ability to leverage ideas, benefits of e-marketing and helps to establish relationships with the political arenas.Answer:
C. deciding which market-entry strategy is best
Explanation:
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Trio Company reports the following information for the current year, which is its first year of operations. Direct materials - $ 15 per unit Direct labor - $ 16 per unit Overhead costs for the year Variable overhead - $ 80,000 per year Fixed overhead - $ 160,000 per year Units produced this year - 20,000 units Units sold this year - 14,000 units Ending finished goods inventory in units - 6,000 unitsCompute the cost per unit using variable costing.
Determine the cost of ending finished goods inventory using variable costing.
Determine the cost of goods sold using variable costing.
Answer:
Finished Goods Inventory = $210,000
Cost of Goods Sold = $490,000
Explanation:
Unit Cost of Goods Manufactured - Variable Costing
Direct materials $ 15.00
Direct labor $ 16.00
Overhead costs :
Variable overhead - ($ 80,000/20,000) $ 4.00
Total $ 35.00
Finished Goods Inventory = 6,000 × $ 35.00
= $210,000
Cost of Goods Sold
Cost of Goods Sold = Opening Stock of Finished Inventory + Cost of Goods Manufactured - Closing Stock of Finished Inventory
Cost of Goods Sold Calculation
Opening Stock of Finished Inventory 0
Add Cost of Goods Manufactured (20,000× $ 35.00) $700,000
Available for Sale $700,000
Less Closing Stock of Finished Inventory ($210,000)
Cost of Goods Sold $490,000
While looking for ideas on how to craft a user-friendly dishwasher, the designers of a dishwasher-manufacturing company spent 10 days observing people as they used their dishwashers in their homes. In this instance, the designers were conducting ________. A. causal research B. survey research C. quantitative marketing research D. experimental research
Answer:
Option "C" is the correct answer to the following question.
Explanation:
Researchers observe the participants using qualitative method under ethnographic research.
In the following situation, the dishwasher company uses its dishwasher at different places for 10 days by common people. This is a good example of quantitative distribution research.
Final answer:
The designers were conducting naturalistic observation by watching people use their dishwashers at home, a method that involves observing subjects in their natural environment to gather genuine insights.
Explanation:
While looking for ideas on how to craft a user-friendly dishwasher, the designers of a dishwasher-manufacturing company spent 10 days observing people as they used their dishwashers in their homes. In this instance, the designers were conducting naturalistic observation. Naturalistic observation is a method used in descriptive research for collecting data, it involves observing subjects in their natural environment without any manipulation or control exerted by the researcher. The goal is to watch behavior in its natural setting, without the influence of artificial laboratory conditions or the potential biases of survey questionnaires.
Examples of naturalistic observation include a psychologist observing interactions between children on a playground, or biopsychologists watching animal behaviors in the wild. This methodology allows researchers to gather data that is not influenced by the subjects' awareness of being studied, thereby providing a more genuine insight into behaviors and interactions.
Rank from lowest credit risk to highest credit risk the following bonds, with the same time to maturity, by their yield to maturity: Treasury bond with yield of 5.55%, IBM bond with yield of 7.95%, Trump Casino bond with a yield of 9.15%, and Banc Ono bond with a yield of 6.12%. A. Treasury, Trump Casino, Banc Ono, IBM B. Trump Casino, IBM, Banc Ono, Treasury C. Treasury, Banc Ono, IBM, Trump Casino D. Trump Casino, Banc Ono, IBM, Treasury
Answer:
C) Treasury, Banc Ono, IBM, Trump Casino
Explanation:
Investors are risk averse, so the higher the yield to maturity, the higher the risk. So if you want to rank the bonds from lowest to highest risk, all you need to do is rank them form lowest to highest yield to maturity:
Treasury bond with yield of 5.55%Banc Ono bond with a yield of 6.12%IBM bond with yield of 7.95%Trump Casino bond with a yield of 9.15%Acme Global uses a software program to scan applications for minimum qualifications. If an applicant does not meet the minimum requirements for the job, the applicant is automatically rejected and no one at Acme Global has to review the application. This saves many hours for the human resource staff and is an example of a benefit of using ______ in recruiting.
Answer:
The correct answer is A. smart technology.
ExplanTation:
Smart technology, today it is sold in any type of electronic device, as well as a telephone, a computer, a TV, cooking utensils and household appliances in general.
This concept of intelligent technology, is justified mainly for the purpose of offering different electronic prototypes, a logical programming that reacts to stimuli that are attributed to its sensors. Something very similar to what occurs with a new brain that, in addition to receiving specific instigations, proceeds in an immediate way to generate the corresponding chords to the dictated call.
In this order of ideas, the electronic devices are endowed with sufficient capacity to understand messages such as, in the case of the cell phone or the television, the presence and use of this device by a person, as it proceeds to lower its performance by optimizing the energy that requires its operation.
Suppose that consumers' incomes increased, such that more video games were demanded at each price level. After the increase in demand, the new equilibrium price is _____, where both supply and demand equal _____.
Answer:
After the increase in demand, the new equilibrium price is $160, where both supply and demand equal 300.
Explanation:
When the income level of customers increases, the demand curve shifts to the right, increasing the quantity demanded at every price level.
If the quantity demanded for a good increases as its customers' income increases, it is called a normal good.
In this case, the previous equilibrium quantity was 200 units and the equilibrium price was $50. Since the demand curve shifted to the right, both the quantity demanded increased from 200 units to 300, and the equilibrium price increased from $50 to $160.
On october 1, steve's carpet service borrows $350,000 from first national bank on a 3-month, $350,000, 8% note. what entry must steve's carpet service make on december 31 before financial statements are prepared?
Final answer:
Steve's Carpet Service should record an interest expense by debiting Interest Expense and crediting Interest Payable for the three months' accrued interest on the $350,000 loan, calculated as $7,000.
Explanation:
Steve's Carpet Service needs to account for the interest that has accumulated on the loan taken from the First National Bank. Since the loan is for 3 months with an 8% annual interest rate, by December 31, three months of interest must be recognized on the balance sheet.
To calculate the interest for three months, we take the annual interest rate of 8%, divide by 12 to get the monthly rate, then multiply by 3 for the three months that have passed since October 1. The entry required on the balance sheet would be a debit to Interest Expense and a credit to Interest Payable for this interest amount.
The calculation goes as follows: Interest = Principal × Annual Interest Rate × Time (in years), so Interest = $350,000 × 0.08 × (3/12).
This yields an interest expense of $7,000 (which is $350,000 × 0.08 × 0.25). Therefore, Steve's Carpet Service should record a debit to Interest Expense for $7,000 and a credit to Interest Payable for $7,000.
Stephanie is nervous about giving a presentation at the marketing firm where she works. One of her male coworkers told her, "Don’t be such a girl, attack that presentation!" Now Stephanie is so concerned about appearing tough that she can barely concentrate on the content of the presentation. Stephanie’s anxiety stems from:
A) stereotype threat.
B) ethnocentrism.
C) plurality.
D) glass ceiling threat.
E) the female advantage.
Answer:
Stereotype threat
Explanation:
A. Stereotype threat
Explanation:
Stephanie's anxiety stems from Stereotype threat. She is way too concerned about how she appears to her audience. This has caused her to be nervous. She is in a predicament where she feels at risk of conforming to stereotypes about her gender. Especially because of her male coworker who told her, "don't be such a girl, attack that presentation! "
Answer:
A. Stereotype threat
Explanation:
Stereotype threat occurs in cases whereby individuals are or risk confirming to negative stereotypes about their social group. It is a situation whereby individuals become afraid or anxious about confirming a negative stereotype one's racial, ethnic, gender or cultural group. In this case, Stephanie became afraid of confirming to the negative stereotype about her gender in which ladies are seen to be weaker when compared with the other gender.
Assume that an American company today invests some of its spare cash in a Hungarian money market account that will earn 8 percent for a period of two months. Which of the following, if it happens during the next two months, would imply that the company will earn less than 8 percent on its investment?a. Spot and Channel tradeb. Price action tradec. Swap traded. Carry trade
Answer:
D. The dollar appreciates against the Hungarian forint.
Explanation:
If the dollar appreciates against the Hungarian forint, it implies that the american company will get lesser amount in dollars when they collect their money back as against what was anticipated when they made the investment. This is because, when the Hungarian forint depreciates against the dollar, each Hungarian forint will thus buy lesser amount of dollars than in the past or when the us company decided to invest. So the exchange rate plays a huge factor on what the us company will earn in return on investment. If the dollar were to depreciate against the Forint, the US company will earn more in that 2 months when they take it back in dollars.
In the past, a car manufacturer advertised 0% financing on many of its models. For example, a particular model had a cash price of $13,174.09. However, if you elected to buy the car under the 0% financing deal, then the manufacturer used a price of $15,408. If you chose a 48-month term, then the manufacturer calculated your monthly loan payments using the 0% financing price instead of the cash price ($321 per month). In the fine print, the manufacturer was legally obliged to disclose the effective annual rate that it charged for the loan. What rate did the manufacturer disclose?
Answer:
Effective annual rate is 6.25%
Explanation:
Effective annual interest rate is real interest rate. Nominal rate does not reflect compounding interest or fees on some financial products like loans. Effective does and is calculated as following:
( 1+ i/n)^n - 1, where i is nominal interest rate and n is the number of periods. If 321 dollars is the sum of monthly payments calculated as 15.408 * x * 48/12= 321, which gives its effective monthly rate of 0.5% or annual rate of 6.25%.
BioMd is a manufacturer of high-end medical diagnostic equipment. The company's revenues and profit margins have come under pressure during the last two years because of decline in product demand. Daisy Howell, the CEO of the company, calls for a senior management meeting to finalize the strategies to be adopted to tackle the dip in profit margins. In the meeting, most managers argue in favor of using downsizing as a means to reducing costs and improving margins. However, Daisy strongly argued for the use of layoffs instead of downsizing. Which of the following, if true, would most strengthen Daisy's argument? A) The organization has a business-based target for reducing the number of employees.B) Major hospital chains have announced plans to open up more facilities in the coming year.C) An internal demographics review has shown that about ten percent of the firm's employees would retire within three years.D) Worker Adjustment and Retraining Notification Act applies to the organization as it has more than hundred employees.
Answer:
C. An internal demographics review has shown that about ten percent of the firm's employees would retire within three years.
Explanations:
The fact that a worker knows that retiring would come with benefits will make them put in their best as regards work tasks and productivity. Daisy's argument against downsizing is shown in the internal demographics review.
Pasha Company produced 50 defective units last month at a unit manufacturing cost of $30. The defective units were discovered before leaving the plant. Pasha can sell them"as is" for $20 or can rework them at a cost of $15 and sell them at the regular price of $50. Which of the following is not relevant to the sell-or-rework decision? A.$30 manufacturing costB. $20 selling price of defective unitsC. $15 for reworkD. $50 regular selling priceE. all of these
Answer:
The $30 Manufacturing cost (Sunk Cost)
Explanation:
The manufacturing cost isn't relevant to the scenario as it's a sunk cost (historic cost) and has been incurred and can't be changed. Thus this cost should be disregarded when it comes to the relevant costing decision making. The selling price of defective units, the cost of the rework and the regular selling price is all relevant
The main difference between merchant wholesalers and other wholesalers is that they: A. are more aggressive at selling than agent wholesalers. B. offer fewer wholesaling functions. C. have the lowest operating expenses as a percent of sales. D. own (take title to) the products they handle. E. are willing to perform retailing functions also.
Answer:
D. own (take title to) the products they handle.
Explanation:
A merchant wholesaler is an independent institution that buys products in large quantities directly from producers and resell to businesses, governments and other wholesalers.
All merchant wholesalers take title to the products they handle. This is the major difference between merchant wholesalers and other wholesalers.
These merchant wholesalers take ownership rights (title to the product) while other wholesalers simply engage in the act of selling the product from retailers to the end users.
Other wholesalers receive commission from each sale and have very little say in the policy of the company they sell their products.
Ricky is 35 years old. He plans to retire when he is 63. He has opened a retirement account that pays 3.2% interest compounded monthly. If he makes monthly deposits of $400, how much will he have in the account by the time he retired?
Answer:
Amount received = 217,043.56 (Approx)
Explanation:
Given:
Monthly deposit = $400
Interest rate = 3.2% / 12 = 0.002667 per month
Number of year = 63 year - 35 year = 28 year
Number of period = 28 × 12 month = 336 month
Computation:
[tex]Amount \ received = PMT[\frac{(1+r)^n-1}{r} ]\\\\Amount \ received = 400[\frac{(1+0.002667)^{336}-1}{0.002667} ]\\\\Amount \ received =400[\frac{(1.002667)^{336}-1}{0.002667} ]\\\\Amount \ received =400[\frac{2.44713794-1}{0.002667} ]\\\\Amount \ received =400[\frac{1.44713794}{0.002667} ]\\\\Amount \ received =400[542.608901]\\\\Amount \ received =217,043.56\\\\[/tex]
Amount received = 217,043.56 (Approx)
Ricky will have approximately $216,101.85 in his retirement account by the time he retires.
Explanation:To calculate the amount Ricky will have in his retirement account, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A is the final amount in the accountP is the initial deposit (monthly deposit)r is the annual interest rate expressed as a decimaln is the number of times interest is compounded per yeart is the number of yearsIn Ricky's case:
P = $400 (monthly deposit)r = 3.2% = 0.032n = 12 (compounded monthly)t = 63 - 35 = 28 (years)Using these values in the formula:
[tex]A = 400(1 + 0.032/12)^(^1^2^*^2^8^)[/tex]
A ≈ $216,101.85
Therefore, Ricky will have approximately $216,101.85 in his retirement account by the time he retires.
According to Henry Mintzberg, the realized strategies of a firm: a.are a combination of deliberate and emergent strategies are decisions determined by both analysis and predicted b.environmental developments, anticipated resource constraints, and/or changes in managerial preferences c.are a combination of deliberate and differentiation strategies d.are decisions determined only by analysis
Answer:
A) are a combination of deliberate and emergent strategies
Explanation:
Minztberg differentiated the companies strategies and classified them into:
deliberate strategies: intended and planned, when properly carried out the results should be the planned ones. emergent strategies: when a deliberate strategy cannot be fulfilled due to changes in the company's environment, they must be adjusted to the company's new reality.An industry battle between incompatible product formats can occur if competing firms selling sets of ___ substitutable networkable complementary products fail to take into account ___ feedback substitution network effects.
Answer:
The correct answer is complementary, network.
Explanation:
The only condition for the battle between different products to emerge is that they are complementary, which suggests discrepancies between conditions established by different companies that entail a distance that usually benefits the buyer. This process requires feedback in order to achieve convenient results in the market, which means reaching agreements in the medium and long term considering the market conditions.
Which is NOT a positive reason for using a credit card to finance purchases? You will get charged high interest. You can buy something you need now and pay for it after pay day. You can get rewards and discounts. Paying it off on time can help build your credit history
Answer:
You Can get rewards or discounts
Explanation:
The option that is NOT a positive reason for using a credit card to finance purchases is being charged high interest. Credit cards can offer convenience and help build credit, but high-interest rates for carrying a balance are a significant downside.
You will get charged high interest is correct as while credit cards can be beneficial for their convenience, rewards, and credit-building potential, the high-interest rates associated with carrying a balance from month to month are a major drawback. Using a credit card wisely involves spending conservatively, paying off the full balance each month, not spending up to your limit, and ensuring others cannot use your card.
It's important to avoid using a credit card for purchases that you cannot afford to pay off promptly, such as unnecessary luxury items. However, in some emergencies, like unemployment and needing to purchase essentials, credit card debt can be a temporary solution until financial stability is regained. Yet, it's essential to understand that every month a balance is carried, the cardholder is charged interest on the owed amount, quickly escalating the debt.
A company’s normal selling price for its product is $30 per unit. However, due to market competition, the selling price has fallen to $25 per unit. This company's current inventory consists of 300 units purchased at $26 per unit. Replacement cost has fallen to $23 per unit. Calculate the value of this company's inventory at the lower of cost or market.
Answer:
value of this company's inventory at the lower of cost or market is $6,900
Explanation:
given data
selling price = $30 per unit
selling price fall = $25 per unit
current inventory consists = 300 units
purchased = $26 per unit
Replacement cost fall = $23 per unit
solution
As we know Under Cost or Market Price here lower price is Net realizable value is
lower price is Net realizable value = $23
so that value of company's inventory at the lower of cost will be
value of company's inventory = lower price is Net realizable value × Units in the inventory .....................1
put here value and we get
value of company's inventory = $23 × 300
value of company's inventory = $6,900
A. A cost object is a resource sacrificed or forgone to achieve a specific objective. Examples include direct materials, direct labor, and advertising. B. A cost object is a cost incurred (historical or past cost), as distinguished from a budgeted cost, which is a predicted or forecasted cost (a future cost). Examples include materials, labor, and overhead. C. A cost object is anything for which a separate measurement of costs is desired. Examples include a product, a service, and a customer. D. None of the above.
Answer:
C. A cost object is anything for which a separate measurement of costs is desired. Examples include a product, a service, and a customer.
Explanation:
The objective of the cost is to assigned the cost or to brief something that could be in terms of direct material cost, direct labor cost, manufacturing overhead cost, etc
Moreover it also have a distinct measurement which includes like product, service, customer as each one has separate measurement but they are linked to each other
Hence, the correct option is c.
Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month, and the cost of ingredients and overhead averages $500 per month. Ralph could earn $35,000 per year as the manager of a competing pizza restaurant nearby. His total economic profit for the year was:___________
a. –$35,000.
b. –$1,000.
c. $20,000.
d. $34,000.
e. $65,000.
Answer:
His total economic profit for the year was –$1,000. The right answer is b.
Explanation:
In order to calculate the total economic profit for the year, we have to use the following formula:
Total economic profit = total revenue - total explicit cost - implicit cost =
Acording to the data:
Total Revenue=$100,000
Total explicit cost= ($3,000×12)+($2,000×12)+($500×12)=$ 66,000
implicit cost= $ 35,000
Hence, Total economic profit= $100,000 - $66,000 - $35,000 = -$1,000