Answer:
B) Favourable Variances occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.
Explanation:
Variances refer to the difference between actual and standard or budgeted costs. Standard cost is also referred to as budgeted cost. Budgeted costinh can be used by a food nutritionist to determine the food quantity he can cook as well as the ingredient amount which consists of the budgeted costs and the actual cost of preparing the food. Budgeted costchas a major advantage which is its ability to determine the pricing policy even before the product or service is delivered. When favourable or unfavourable variances are mentioned, it refers to the greater of budgeted or actual price or quantity. Favourable goes with a greater actual price or quantity while unfavorable or adverse goes with a greater standard price or quantity.
Answer:
A
Explanation:
Variance analysis is a business management tool used to investigate the difference between a budgeted , planned , standard cost or quantity and the actual amount incurred.
Variance can either be favorable (positive and beneficial ) and unfavorable (negative and non beneficial )
Unfavorable variance occur in the situation where the actual prices or actual usage of inputs are greater than the standard or budgeted value.
The implication here is that there will be a deficit in the envisaged profit as the cost of production is now greater than what was planned for the production
If labor in Mexico is less productive than labor in the United States in all areas of production, a. then neither nation can benefit from trade. b. then Mexico can benefit from trade but the United States cannot. c. then the United States will have a comparative advantage relative to Mexico in the production of all goods. d. then both Mexico and the United States still can benefit from trade.
Final answer:
Even if one country has an absolute advantage in all production areas, both nations can still benefit from trade by focusing on their comparative advantages and trading accordingly.
Explanation:
The concept in question is comparative advantage, which is fundamental to understanding international trade. Despite one country having an absolute advantage in all areas of production, there can still be beneficial trade based on comparative advantage. In the example provided with the United States and Mexico, although the U.S. has an absolute advantage in producing both shoes and refrigerators—requiring fewer workers for each task—this doesn't preclude the possibility of mutually advantageous trade. Comparative advantage suggests that each country should specialize in the production of goods for which they have the least absolute disadvantage, or the greatest relative efficiency.
Mexico's comparative advantage in shoes, which is the area where its productivity disadvantage is smallest, allows it to trade shoes for refrigerators, where the U.S. has a significant productivity advantage. Thus, through the principles of comparative advantage, both countries can still benefit from trade. Applying the concept of the production possibility frontier, we can visualize how each country can increase their overall consumption by specializing and trading accordingly.
The philosophical leaders of the quality movement, Philip Crosby, W. Edwards Deming, and Joseph M. Juran, had the same general message about what it took to achieve outstanding quality. Which of the following was part of that message? A. Quality is freeB. Leadership from senior managementC. Customer focusD. Total involvement of the workforceE. Continuous improvement
Answer:
C. Customer focus
Explanation:
Since the main recipient of what you're producing is targeted at the customer, Customer focus by every organization is very important. Customer focus involves taking into consideration the needs of the customer. It involves carrying out the activities of planning and operating using the terms of the customers who are the final consumers. According to those philosophical leaders, in trying to achieve outstanding quality, one must be customer focused. With customer focus an organization can ensure that its meeting the satisfaction of its customers. The general quality of such products is usually high as it is centered on what the customer wants.
Answer:
Customer focus
Explanation:
Customer focus
Total involvement of the workforce
Continuous improvement needs of the customer was also part of the message
Deming opined that by embracing certain principles of the management, organizations can improve the quality of the product and concurrently reduce costs. Reduction of costs would include the reduction of waste production, reducing staff attrition and litigation while simultaneously increasing customer loyalty. The key, in Deming’s opinion, was to practice constant improvement and to imagine the manufacturing process as a seamless whole, rather than as a system made up of incongruent parts.
The primary focus of every business, during Juran's time, was the quality of the end product, which is what Deming stressed upon. Juran shifted track to focus instead on the human dimension of Quality management. He laid emphasis on the importance of educating and training managers. For Juran, the root cause of quality issues was the resistance to change, and human relations problems.
His approach to quality management drew one outside the walls of a factory and into the non-manufacturing processes of the organization, especially those that were service-related.
Crosby's principle, Doing It Right the First Time, was his answer to the quality crisis. He defined quality as full and perfect conformance to the customers' requirements. The essence of his philosophy is expressed in what he called the Absolutes of Quality Management and the Basic Elements of Improvement.
All this are for the customer, they focus on te customers
Andrea had worked in the marketing department for 27 years. She knows the history and successes of the office better than any other employee. When change is suggested, she is reluctant because she remembers accomplishments related to the current way of doing things. As a result of ____, she is resistant to change.
Answer: As a result of DIFFERENT PERCEPTION she is resistant to change.
Explanation:
The way individuals perceive and react to information around them is unique and different to each individual and this can depend on individual's nature(IE what they are born with ) and Nurture( or experiences achieved in Thier lives).
In a business environment, it is therefore important to understand how perception of individuals affect communication by taking into consideration the different ways messages may be perceived by employees, customer s and buisness associates so as to fine-tune decision to suit productivity.
For example Andrea who had worked in the marketing department for 27 years has experience on what makes the office a success better than any other employee. By using her PERCEPTION due to her years of experience, she is reluctant to change because she remembers that accomplishments in the office is related to the current way of doing things and not a new method.
A total of $15, 000 is invested in two corporate bonds that pay 5% and 7% interest. The investor wants to earn $880 in interest per year from the bonds. How much should be invested in at 7% to earn this interest?
Answer:
$6500
Explanation:
Let the amount invested in 5% be X
Let the amount invested in 7% be 15000 - X
Therefore,
Given that interest from both is 880
We have
5x + 7(15000 - x) = 880 × 100
5x + 105000 - 7x = 88000
Collect like terms,
-2x = - 17000
x = 17000 ÷ 2
x = 8500
Therefore,
At 7%, amount invested
= 15000 - 8500
= $6500
A stimulative fiscal policy combined with a restrictive monetary policy will necessarily cause
A stimulative fiscal policy combined with a restrictive monetary policy will lead to a decrease in aggregate demand and a potential decrease in real GDP.
Explanation:A stimulative fiscal policy combined with a restrictive monetary policy will necessarily cause a decrease in aggregate demand and a potential decrease in real GDP. Stimulative fiscal policy involves increasing government spending or reducing taxes to stimulate economic growth and increase aggregate demand. On the other hand, restrictive monetary policy involves reducing the money supply and increasing interest rates to control inflation.
When these two policies are combined, the expansionary effect of the fiscal policy is counteracted by the contractionary effect of the monetary policy. The decrease in aggregate demand caused by the restrictive monetary policy can offset the increase in aggregate demand caused by the stimulative fiscal policy, leading to a potential decrease in real GDP.
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Final answer:
Contradictory economic effects.
Explanation:
A stimulative fiscal policy aims to increase government spending or decrease taxes to stimulate economic growth, while a restrictive monetary policy involves tightening the money supply by raising interest rates to control inflation. When combined, these policies may have contradictory effects on the economy. The stimulative fiscal policy may boost aggregate demand and increase economic activity, while the restrictive monetary policy may dampen borrowing and investment, thereby reducing economic growth.
The overall impact on the economy will depend on the magnitude and timing of these policies. In some cases, they may offset each other, leading to mixed or uncertain outcomes. Therefore, the combination of stimulative fiscal policy and restrictive monetary policy can result in conflicting economic effects.
If Young Explorers realizes that Gabby reacts better to social media than traditional marketing methods because of the ability to post relevant messages instantaneously, this would represent which difference between traditional and social media platforms?
a. Access
b. Social authority
c. Time to delivery
d. Credibility
e. Permanence
Answer:
The correct answer is c. Time to delivery .
Explanation:
Obviously, the information will reach people more quickly and accurately, since contact is direct, which is not possible in traditional media such as a television commercial. One of the main advantages is that due to direct contact, it is possible to influence the purchase decision using persuasion techniques widely known in the field of marketing. Young Explorers should focus on these new media in order to attract potential buyers in the future.
Answer:
c. Time to delivery
Explanation:
One of the most relevant differences between traditional and social media platforms is delivery time.
This is a phenomenon that has caused many companies around the world to adopt the strategy of having a presence on social media, due to the presence of the potential audience on these platforms and the ability to post relevant messages instantly, which corresponds to greater interaction between company and consumer, faster engagement and marketing communications, lower cost, greater value creation and greater ease of attracting potential audiences.
President Ronald Reagan once joked that a Trivial Pursuit game designed for economists would a. have no questions but hundreds of answers. b. have 100 questions and 3,000 answers. c. have 1,000 questions but no answers. d. never produce a winner.
Answer: b. have 100 questions and 3,000 answers.
Explanation:
There are many jokes about Economists and their inability to agree on a definite approach. It's almost as if no matter the position one takes, there will always be an economist to support them.
This is why President Ronald Reagan famously said that, "there should be a Trivial Pursuit game for economists with 100 questions and 3000 answers".
Answer:
b. have 100 questions and 3,000 answers.
Explanation:
The reason was that the economics doesn't gives straight forward answers in most of situations. The economics theories though help in understanding of the economic situations and help it to make it better by numerous solutions and strategical options available. So he was right that the trivial pursuit game will have lower number of questions and greater number of answers.
Suppose toyota and honda must decide whether to make a new breed of side-impact airbags standard equipment on all models. side-impact airbags raise the price of each automobile by $1,000. if both firms make side-impact airbags standard equipment, each company will earn profits of $3.5 billion. if neither company adopts the side-impact airbag technology, each company will earn $2 billion. if one company adopts the technology as standard equipment and the other does not, the adopting company will earn a profit of $4.5 billion and the other company will earn $0.5 billion.
Answer:
If i were a decision maker at Honda, i would make side-impact airbags standard equipment because it will tend to give me maximum and higher profit.
Explanation:
Toyota
Adopt, Not Adopt
Honda Adopt 3.5, 3.5 4.5, 0.5
Not Adopt 0.5, 4.5 2, 2
To adopt side airbags or not adopt them are the two strategies to use because if Honda chooses to adopt for side bags, then Toyota will also decide and choose to adopt them as it gets a higher pay-off.(3.5 > 0.5) and when Honda chooses to not adopt for side-bags, then Toyota will choose to adopt them due to the fact that it gives a higher pay-off.(4.5 > 2)
Furthermore when Toyota chooses to adopt for side bags, Honda will choose to adopt as it gives a higher pay-off.(3.5 > 0.5)
When Toyota chooses not to adopt the side bags, Honda will go ahead and choose for the side bags, as it gives him a higher pay-off.(4.5> 2)
Hence the Nash equilibrium will be to adopt for side bags for both the teo companies = (Adopt, Adopt) = (3.5, 3.5)
Therefore If i were a decision maker at Honda, i would make side-impact airbags standard equipment because it will tend to give me maximum and higher profit that I desired
A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $4,437; Freight-In, $567; Purchases, $13,447; Purchases Returns and Allowances, $2,866; Purchases Discounts, $493. The cost of merchandise purchased is equal to ________.
Answer:
$10,581
Explanation:
Given that
Purchase = $13,447
Purchases Returns and Allowances = $2,866
Purchases Discounts = $493
Freight in = $567
The computation of cost of merchandise purchased is shown below:-
Net Purchase = Purchase - Purchases Returns and Allowances - Purchases Discounts
= $13,447 - $2,866 - $567
= $10,014
Cost of merchandise purchased = Net purchase + Freight in
= $10,014 + $567
= $10,581
Demand pull inflation can be started by A. an increase in the price of oil B. a decrease in the quantity of money. C. an increase in government expenditure. D. a decrease in the money price of resources. E. a decrease in net exports
Answer:
Option "C" is correct.
Explanation:
An increase in government expenditure causes more money inflow on demand over supply.
Demand pull inflation is triggered by an increase in aggregate demand, which can result from an increase in government expenditure, leading to higher prices when demand exceeds an economy's production capacity.
Explanation:Demand pull inflation can be started by an increase in government expenditure. This type of inflation is brought about when there is an increase in aggregate demand. Essentially, it happens when the economy's demand for goods and services exceeds its production capacity. This scenario is often associated with periods of low unemployment and increased spending by various sectors, including consumers, businesses, and the government.
When the government increases its spending, this injects more money into the economy, raising aggregate demand. If this increase in demand surpasses the economy's capacity to produce goods and services, companies might be unable to meet the higher demand immediately. This imbalance can lead to higher prices as consumers are willing to pay more to obtain the goods and services they want, hence creating inflation.
Ginny was hired by her company because she agreed to work overtime and carry out all tasks assigned to her as per the instructions. She also signed a contract that would terminate her from the company if she was unable to comply with the organization's policies. Given this information, Ginny is most likely part of a(n) _____. a. employee involvement team b. traditional work group c. self-designing team d. semi-autonomous work group
Ginny's scenario of strict compliance with organizational policies and instructions, under direct management supervision, suggests she is part of a traditional work group.
Explanation:Given the information that Ginny was hired with a clear agreement to work overtime, follow instructions, and comply with the organization's policies under the threat of termination, she is most likely part of a traditional work group. Traditional work groups operate under the supervision of management, with employees expected to adhere to predetermined roles, instructions, and standards set by the company. This setup contrasts with more modern or flexible team arrangements that may allow for more autonomy, innovation, and employee involvement.
Bill Raymond is the CEO of the Drummond Group, a consulting group in the Carolinas. Sales have increased at least five percent every year for the past seven years. Unfortunately, the company has hit a slump this year, and revenue is far less than anticipated. However, in order to receive his performance bonus, Bill must show a sales increase of at least seven percent. When the financials are released, sales have increased by exactly seven percent. Which of the following ratio analyses would be most helpful in revealing that Bill included bogus sales in the company's financials? a) Inventory turnover b) Receivable turnover c) Debt-to-equity ratio d) Quick ratio
Answer:
B. Receivable turnover
Explanation:
Bill Raymond is the CEO of the Drummond Group, a consulting group in the Carolinas. Sales have increased at least five percent every year for the past seven years.
Unfortunately, the company has hit a slump this year, and revenue is far less than anticipated. However, in order to receive his performance bonus, Bill must show a sales increase of at least seven percent. When the financials are released, sales have increased by exactly seven percent. The ratio analyses that would be most helpful in revealing that Bill included bogus sales in the company's financials is called RECEIVABLE TURNOVER
Miley, a single taxpayer, plans on reporting $31,375 of taxable income this year (all of her income is from a part-time job). She is considering applying for a second part-time job that would give her an additional $10,900 of taxable income. By how much will the income from the second job increase her tax liability
Answer:$1,825
Explanation:
Based on the single tax rate schedule, of the additional $10,900 of taxable income, $9,000 is taxed at 15% (the increase $31,375 to $42,275) and the remaining $1,900 ($38,650 minus $37,650) is taxed at 25%. To summarize, ($9,000 × 15%) + ($1,900 × 25%)
= $1,350+$475
=$1,825
The income tax from second job increases her tax liability by $1,825.
Suppose you live in western Massachusetts and need to get to San Francisco to close a business deal by the following night. Because the only available flights are in Boston, you drive east to Boston in order to catch the first flight to San Francisco that morning. This solution would NOT have been possible if you had exclusively employed a
Answer:
hill-climbing strategy
Explanation:
Based on the scenario being described within the question it can be said that this would not have been possible if you exclusively employed a hill-climbing strategy. This is a strategy used for problem solving in which the easiest solution is employed first and adjustments are made to the solution as it is be implemented. In this scenario it would increase the travel time and you would never make it to the deal on time.
A company purchased 300 units for $60 each on January 31. It purchased 150 units for $25 each on February 28. It sold a total of 250 units for $70 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system. Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.)
Answer:
Weighted-average inventory costing method Ending Inventory = $ 9666.67= $ 9667
Explanation:
Date Particulars Units Unit Cost Total Cost
January 31 Purchases 300 $ 60 $ 18,000
February 28 Purchases 150 $ 25 $3750
Total 450 $ 21,750
Weighted-average inventory costing method= Total Cost/ Total Units=
$ 21,750/450= $48.33 purchase price per unit
Sales 250 units at $ 70 = $ 17500
Ending Units = Purchases-Sales = 450-250= 200
Weighted-average inventory costing method Ending Inventory = $ 9666.67
200 units at 448.33= $ 9666.67= $ 9667
Answer:
$9,667
Explanation:
January 31 Purchases = 300 × $60 = $18,000
February 28 Purchases = 150 × $25 = $3,750
Total cost of purchases = $1,800 + $3,750 = $21,750
Weighted average cost = $5,550 ÷ (300 + 150) = $48.33 per unit
Units of ending inventory = Total units purchased - Total units sold = (300 + 150) - 250 = 200
Amount of ending inventory on December 31 = 200 × $48.33 = $9,667.
One bag of flour is sold for $1.00 to a bakery, which uses the flour to bake bread that is sold for $3.00 to consumers. A second bag of flour is sold to a consumer in a grocery store for $2.00. Taking these three transactions into account, what is the effect on GDP?
Answer:
c. GDP increases by $5.00.
Explanation:
Data given in the question
Sale value of one bag of flour = $1
Sale value to bake the bread = $3
And, the second bag of flour sale value = $2
So by considering the above information, the effect on GDP is
Increase in GDP is
= Sale value of one bag of flour + (Sale value to bake the bread - Sale value of one bag of flour) + the second bag of flour sale value
= $1 + ($3-$1) + $2
= $5
Business products that are purchased routinely, do not become part of finished goods, and are expense items rather than capital goods are called a. process materials. b. raw materials. c. installations. d. component parts. e. accessory equipment.
Answer:
e. accessory equipment
Explanation:
Accessory equipment are the goods and services that are used by firms and organizations to complete their daily operation. They consist of products and services which are used in the production processes. Likewise, they are considered import which makes them expensive compared to other capital goods. These goods can easily be replaced without affecting the whole process.
An electronics manufacturer in Norway has developed a training program to train its support staff in foreign markets on the repair and maintenance of its products. The firm also ensures that there is enough stock of spare parts in all its distribution centers. According to the Product Component Model, the company is making improvements in the ________ component of the product.
A) coreB) support servicesC) packagingD) designE) global
Answer:
The correct answer is B) support services.
Explanation:
The main purpose of this model is to provide knowledge to collaborators so that they can provide the support service in the correct way. When any breakdown occurs in the electronic products, the buyer goes to the service centers recognized by the manufacturer in order to solve the problem with the product, for which it is necessary to train all the personnel looking for an effective and quality.
Answer:
B. Support service
Explanation:
The support service component is made up of activities like repair and maintenance services of products sold by the organization, installation, delivery, warranty information, training and instructions on how to use the product and so on. By training support staff and stocking the distribution centers with spare parts for repairs, maintenance and installation amongst others, the electronic manufacturer company is improving in its support service component.
I am thinking about decentralizing, allowing employees lower in the organization to make more decisions. When does decentralizing usually make sense?" Check all that apply.
A) When allowing employees to develop their decision-making and other strategic skills will be of value
B) When activities can be done more efficiently on a larger scale
C) When conditions are changing rapidly and it's desirable for employees with the most information about customers to make decisions quickly
D) When different areas of the company do not agree on which course of action to take and require coordination
The Decentralization should align with an organization's strategic objectives and the specific needs of its business model the decision to decentralize or centralize should be based on a careful assessment of these factors to ensure it enhances overall performance and agility.
Decentralizing can be a strategic choice for an organization under various circumstances.
Here are the scenarios in which decentralizing usually makes sense:
A) When allowing employees to develop their decision-making and other strategic skills will be of value:
- Decentralization can provide employees with opportunities to grow, enhance their skills, and take ownership of their work.
It allows them to become more self-reliant and responsible for their decisions, which can be valuable for personal and professional development.
C) When conditions are changing rapidly and it's desirable for employees with the most information about customers to make decisions quickly:
- In rapidly changing environments, decentralization can enable quicker responses to customer needs and market dynamics.
Employees closer to customers often have better insights into their preferences and can adapt more efficiently.
D) When different areas of the company do not agree on which course of action to take and require coordination:
- Decentralization can help address disagreements and conflicts within different areas of a company.
By allowing those responsible for specific functions or regions to make decisions independently, it can reduce the need for centralized coordination and expedite decision-making.
B) When activities can be done more efficiently on a larger scale:
- Decentralization may not be the best choice when activities benefit from economies of scale or standardization.
In such cases, centralization might be more efficient as it allows for uniform processes and resource optimization.
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Rachel Watts owns a chain of office supply stores. Over the past three years, Rachel has significantly increased her sales through the outright purchase of additional office supply stores. Rachel is pursuing a(n) ________ strategy.
Answer:
Acquisition
Explanation:
Acquisition strategy is strategy of buying of one firm by another. The company which buys another company is called acquirer while company which is being bought is called target company.
The primary objective of this strategy is growth. While another reason is
to acquire the better technologies and skills of target company. to establish business in different geographies to accelerate the growth of target company who have potential to grow but are handicapped due poor financier and infrastructure to grow by providing it infrastructure and finance to diverse business portfolio of product and services. To overcome entry barrier in different market.
An ad for Hanes brand of underwear says, "Wait ’til we get our Hanes on you!" The brand is positioned as being comfortable for the wearer, and the ad really stressed how comfortable the brand feels against your skin. This brand’s positioning is best described as appealing to consumers’ _____ needs.
The Hanes brand of underwear's positioning is best described as appealing to consumers' physiological needs by focusing on the comfort aspect. This aligns with the most basic level of human needs as per Maslow's Hierarchy.
Explanation:The Hanes underwear ad is positioned to appeal to consumers' physiological needs, specifically the need for comfort. Maslow's Hierarchy of Needs theory posits physiological needs as the most basic level of human needs, concerned with physical comfort and avoidance of discomfort. By positioning the Hanes brand as comfortable against the skin, the brand appeals to this basic human requirement.
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A group of 4 children and 7 adults are going to the zoo. Child tickets cost $4, and adult tickets cost $8. How much will the zoo tickets cost in all?
Select one:
a. $77
b. $67
c. $59
d. $72
Answer
The answer is D
Because
7 times 8 =56
4 times 4= 16
add them together and you get 72
Glad i could help!
In july, noel & vang company purchased materials costing $23,100 and incurred direct labor cost of $19,800. manufacturing overhead totaled $35,200 for the month. information on inventories was as follows: july 1 july 31 materials $6,820 $7,810 work in process 770 1,320 finished goods 3,630 2,970 if noel & vang company sold 10,300 units during july and its gross margin totaled $32,780, what was the sales price per unit? (note: round answer to two decimal places.)
a. $10.11
b. $9.94
c. $10.09
d. $10.68
Answer:
d. $10.68
Explanation:
The computation of sales price per unit is shown below:-
Sales = Cost of Goods Sold + Gross Margin
For computing the sales price per unit first we need to find out the cost of goods sold
Statement of Cost of Goods Sold
Direct material (on July 1) $6,820
Add:- Purchase Direct Materials $23,100
Less:- Direct Materials (on July 31) ($7,810)
Direct Material used in Production $22,110
Add:- Direct Labor $19,800
Manufacturing overhead $35,200
Total Production Cost $77,110
Add:- Work in process (on July 1) $770
Less:- Work in process (on July 31) ($1,320)
Cost of Goods Manufactured $76,560
Add:- Finished Goods (on July 1) $3,630
Less:- Finished Goods (on July 31) ($2,970)
Cost of Goods Sold $77,220
Sales = Cost of Goods Sold + Gross Margin
=$77,220 + $32,780
= $110,000
Sales price per unit = Sales ÷ Number of Units Sold
= $110,000 ÷ 10,300
= $10.68
Globalization has led to _____. Group of answer choices a reduction in the number of offshoring options a new focus on corporate social responsibility a reduction in the number of nearshoring options older workers behaving more like free agents
Answer:
A new focus on corporate social responsibility.
Explanation:
Globalization can be described as an interconnection that exists between nations around the globe which is promoted through free trade.
Corporate social responsibility is a management concept in which the company feels the need to give back to the society.
Corporate social responsibility is important to the community as well as the company. It can help to develop long lasting relationship between both the employees and corporations, it also helps the employers to feel more connected with the people around them.
Answer:
a new focus on corporate social responsibility
Explanation:
Globalization describes an interdependence of nations around the globe fostered through free trade.
Globalization motives are idealistic, as well as opportunistic, but the development of a global free market has benefited large corporation based in the western world. Its impact remains mixed for workers, cultures, and small business around the globe, in both developed and emerging nations.
Globalization is a social, cultural, political, and legal phenomenon. Socially, it leads to greater interaction among various populations.
William installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. William will install eight sound systems per day only if the eighth customer is willing to pay at least:_________.A. $400. B. $300 C. $50. D. $100.
Answer:
D. $100
Explanation:
Given: William install 7 system per day at the cost of $300.
William install 8 system per day at the total cost of $400.
Remember, If the marginal cost curve is upward-sloping, this means that as output increase, marginal costs will also increase.
Marginal cost is an additional cost incurred in producing additional unit of output.
Now, finding additional payment that eighth customer has to pay.
Change in marginal cost= [tex]Cost\ incurred\ in\ installing\ 8\ system - cost\ incurred\ in\ installing\ 7\ system[/tex]
⇒ Change in marginal cost= [tex]\$400-\$300[/tex]
∴ Change in marginal cost= [tex]\$ 100[/tex]
Hence, there is an increase in marginal cost by $100 as output increases, therefore, William will install eight sound systems per day only if the eighth customer is willing to pay at least $100.
Assessment
How does a global economy impact you?
Which of the following statements is a true statement about the Newsvendor model? 1 point In the Newsvendor model, the ordering decision is made before seeing the customer demand. The Newsvendor model can be only applied to vendors who sell newspapers or magazines. The Newsvendor model can be used only if unsold units cannot be salvaged. In the Newsvendor model, the decision-maker who decides how much to order, always knows the exact quantity of demand that will happen.
Answer:
The answer is (a) "In the Newsvendor model, the ordering decision is made before seeing the customer demand."
Explanation:
The Newsvendor model, used by various companies, is a way of predicting consumer demands based on already known variables. It is a core approach in determining supply and inventory in some businesses e.g Newspaper selling, ticket sales for some sports match,etc.Basically, it is used whenever demand for a product is uncertain.It helps to determine outcomes that favor and are less painful to the business owner, supplier or main seller like the Newspaper Vendor.
In the Newsvendor model, the ordering decision is made before customer demand is known. It can be applied to any kind of business, not just to newspaper vendors and also this model doesn't restrict to unsold units that can't be salvaged.
Explanation:The correct statement about the Newsvendor model is: 'In the Newsvendor model, the ordering decision is made before seeing the customer demand.' This model is used in operations management and supply chain management for determining optimal inventory levels. It makes an ordering decision based on estimates of demand, not knowing the exact quantity that will happen. The model can be applied to any retail or wholesale business, not just newspaper vendors. Also, the unforeseen leftovers can be salvaged or sold at a discount, so its not applicable only if unsold units can't be salvaged.
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Which of the following statements about the insurance verification process is a FALSE statement? A) Directly affects payment delays or denials. B) Insurance verification cannot be performed until the patient arrives for services. C) Is dependent on the accurate collection of demographic and financial information. D) Verifies whether scheduled service expenses will be covered.
Answer:
B
Explanation:
Insurance verification cannot be performed until the patient arrives for services
Bright Inc., a company exporting electrical appliances, fails to deliver a large shipment on time to a customer in a different country due to certain technical problems. In order to avoid embarrassment, the officials of Bright Inc. conduct themselves in a dignified manner, as they may have to deal with the customer in future. Which of the following aspects of negotiation is seen in the given example:
a. Face savingb. Barteringc. Making the roundsd. Confrontation
Answer:
a. Face saving
Explanation:
Face saving involves actions or in-actions that seek to prevent one from getting embarrassed or losing social status. They are attempts to upholds one's dignity by quickly correcting a mistake or remedying poor perception.
Bright Inc., are behaving in a dignified manner to avoid loss or reputation in the eyes of the customer. They need to maintain a respectful relationship with the customer for business continuation. The actions of Bright Inc. are face-saving as they aim at salvaging its business image after failing to deliver as expected.
You have recently noticed that your employees seem to be either requesting or demanding favors from management. More importantly, performance has been flat during that same time. Potentially, which style of management has been employed?
Answer: Indulging
Explanation:
The meaning of indulge is "to treat with unearned favor." In context of the organization, the employees are been allowed or permitted with an unearned favour even though they all seems to be lackadaisical about their attitude to their job. The management knew this yet, still gives room for the employees to keep doing that.
Answer:
Indulging
Explanation:
Indulging is the acts of treating someone with special kindness, often when it is not a good thing.
It means to give someone anything they want and not to mind if they behave badly.
In this case, the style of management employed is indulging because employees have been asking for favour and again performance have been flat during those period of request; so, employees are seeking for some favour when it is not a good thing to give them because of the flat performance that is bad.