Assume that spaghetti is an inferior good for most people. as peoples' incomes increase, all other things held constant, the demand for spaghetti will decrease.
In general economics, an inferior good is a good whose demand decreases when the income of consumer rises.
Demand for inferior goods increases when consumer income decreases, Unlike normal goods, the opposite is observed. Normal goods are those goods for which the demand rises with the increase in consumer income.
An inferior good is an economic word which describes the goods which fall out of favor as incomes and the economy improve as consumers begin buying more costly substitutes instead.
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If the average cost of producing 9 sweaters is $6. 50 and the marginal cost of producing the tenth sweater is $6. 25, the average cost of producing 10 sweaters will:____.
If marginal cost is less than average cost, average cost will decrease and therefore be less than $6.50. In this case, average cost of producing 10 sweaters is ($6.50 x 9 + $6.25)/10 = $6.48. Average cost comprises fixed costs, such as production costs that are constant regardless of output.
The equipment and building space required to assemble a product are two examples of fixed costs. The average cost includes variable costs. All costs that change with that amount of production are included in the marginal cost of production. For instance, if a business needs to construct a brand-new facility.
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If the economy is currently producing at point c, what is the opportunity cost of moving to point b? 10 thousand wrenches
The economy is currently producing at point c, 10 Thousand wrenches are the opportunity cost of moving to point b.
At point C. It produces 10 thousand hammers and 40 thousand wrenches. If we move to point B, it will produce 23 thousand hammers and 30 thousand wrenches.
So to produce13 thousand additional hammers, the production of wrenches should be cut by 10 thousand. It is the opportunity cost of producing extra 13 thousand hammers.
Economics is defined as the management of financial matters in communities, businesses, or families. An example of an economy is the US stock exchange system. Careful use of assets, resources, etc. Reduce waste through careful planning and use. economical or frugal use.
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What is the maximum charitable deduction for a car donated by a taxpayer without itemizing?.
Most taxpayers can deduct up to $300 in charitable contributions without enumerating deductions.
What is maximum charitable deduction?The charitable contributions deduction reduces taxable income by permitting individual taxpayers and businesses to subtract contributions of cash and property to qualified charitable organizations. Taxpayers stand for individuals who pay a percentage of their income to the government as tax. This is not bearing to cost the taxpayer anything. Tax-payers exist individuals who pay a percentage of their income to the government as tax.
A taxpayer exists as a person or organization subject to pay a tax. Modern taxpayers may include an identification number, a reference number allocated by a government to citizens or firms. The term "taxpayer" generally represents one who pays taxes. Most taxpayers can deduct up to $300 in charitable contributions without enumerating deductions.
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An automotive insurance company has 30,000 policyholders, and the accident rate is 0.06. if the company needs to make a profit of $1,740,000 this year and the payout for each claim (after deductibles) is $8,200, the minimum premium it must charge is $ . the company’s financial advisers have predicted that in the upcoming year, the accident rate will increase by 5% of the base rate and the number of policyholders will increase by 12%. if the company’s profit needs and the payout for each claim remain the same, the minimum premium should increase by $
$550 is the minimum premium payment.
The bare minimum premium went up by $18.4
Policyholders are 30,000
Rate of accidents: 0.06
Accidental deaths = 30,000*0.06 = 1800
If this year's required profit for the business is $1,740,000 and the payout for each claim (after deductibles) is $8,200
Total compensation equals each claim's payout times the number of claims.
Total compensation: 8200 × 1800, = $14,760,000
Total minimum premium now equals total payout plus profit.
= $ 14,760,000+ $1,740,000
= $ 16,500,000.
Total minimum premium / the number of policyholders equals the minimum premium charge.
= $ 16,500,000 ÷ 30,000
= $550
Thus the minimum premium charge = $550
The accident rate will rise by 5%, or 1.05, in this case.
Add this rate to the prior accident rate.
0.06 × 1.05 = 0.063
Rate of accidents: 0.063
The number of policyholders will rise by 1.12 times (12%).
30,000*1.12 = 33600
Accident total = 33600*0.063 = 2116.8
Total payout = each claim's payout × Amount of complaints
8200 × 2116.8 = $ 17357760
Minimum total premium equals total payout plus profit
= $ 17357760 + $ 1,740,000 = $19,097,760
Total minimum premium / the number of policyholders equals the minimum premium charge.
$ 19,097,760 / 33600 is the minimum premium fee.
568.4 - 550
= 18.4 $
The minimum premium increased by $18.4
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As their overseas operations have increased in importance, larger multinationals have felt the need to?
Companies have felt the need to: A. eliminate the international division as their overseas operations have grown in importance. The overseas operations are defined as any a flying operation conducted from any point on the North American continent to any landing point more than the four hundred and thirty-five nautical miles outside the boundary.
The North American continent; or any flying operation conducted between any points more than the four hundred and thirty-five nautical miles outside such boundary; and any other flying operations not now included herein that may be mutually agreed upon between the Company and such other parties.
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The labor/capital ratio in the capital-intensive industry is _____ the labor/capital ratio in the labor-intensive industry.
The labor/capital ratio in the capital-intensive industry is Sometimes lower than and sometimes greater than the labor/capital ratio in the labor-intensive industry.
Beacuse Capital intensive leads to an increase in operating and other maintenance costs whereas the labour intensive leads to optimum utilization of resources which reduces the production cost.
Intensive refers to the concentrated or strongly focused on a specific thing.
Labour means the work done by a group of workers or by a particular worker.
Utilization is a systematic approach to the process and use of resources to aide in the learning process
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The family and medical leave act of 1993 requires that employers allow eligible employees to take a maximum of _____ during any 12-month period
The family and medical leave act of 1993 requires that employers allow eligible employees to take a maximum of twelve weeks during any 12-month period.
The entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave.
An family and medical leave act worker is entitled to as much as 12 workweeks of depart for most qualifying reasons or up to 26 workweeks of family and medical leave act leave for army caregiver go away. The employee's actual workweek is the basis for figuring out the worker's family and medical leave actdepart entitlement.
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When agent jane meets with her sellers to offer suggestions, she most likely would not give them:_________
When Agent Jane meets with her salespeople to offer suggestions, she probably wouldn't mind being home during showings.
How to make effective sales?It is essential that the salesperson is attentive to the needs of his potential client, developing his communication skills to achieve a good negotiation. The seller needs to be attentive to the customers' questions, providing extra information about the products and their benefits.
An effective salesperson is one who knows how to listen to the customer and knows how to negotiate, providing solutions for possible counterpoints and showing empathy and cordiality through his service.
Therefore, the role of the sales agent is to lead salespeople with positive instructions so that they can reach their customers through product demonstrations, quality service during the sale and after the sale.
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What is the most appropriate use of competitors in the development of new-product ideas?
Assessing the strength and weaknesses of competitors' products is the most appropriate use of competitors in the development of new product ideas.
There are simple steps you need to take before developing the marketing mix. the primary is to identify your overall goal or marketing approach. the second is to identify your target market.
Companies need to follow steps like idea development, the screening of the latest ideas, enterprise evaluation, product improvement, test marketing, and commercialization.
SWOT analysis is a framework for figuring out and studying a business enterprise's strengths, weaknesses, opportunities, and threats. These phrases make up the SWOT acronym. The primary intention of SWOT analysis is to increase awareness of the elements that go into making a business decision or organizing a business strategy.
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To measure the strength of a currency, you can
measure the face value against what other
value?
A. market
B. intrinsic
C. foreign
What problems might face a company that focuses mainly on its most profitable customers?
Although the customer is unquestionably the cornerstone to a successful organization, client centricity has several drawbacks, ranging from financial to innovation-related areas.
The drawabacks can be listed as:
Budget-CostBusinesses create customer-focused policies in an effort to impress and keep consumers, but doing so can be expensive and may not be financially prudent.
Not every customer is equivalent!Although the customer is always right, not all customers are suitable for your company. So, building just a customer based approach can harm your business.
Customers are unsure too!Many marketers feel that if a company is consumer-focused, it will learn what the clientele truly desires and prosper.
While it's crucial for businesses to pay attention to their customers, they also need to know when to shift their attention away from them.
Love the Customer, but Don't Expect Love in ReturnAccording to conventional knowledge, clients are more loyal to companies that go above and beyond their expectations; nonetheless, your customers may betray you in order to get the cheap, satisfying solutions they actually desire.
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The situation in which one firm can produce the total output of the market at lower cost than several firms is called a a. pure monopoly. b. cost monopoly. c. ruling monopoly. d. natural monopoly
(D) Natural monopoly
The situation in which one firm can produce the total output of the market at lower cost than several firms is called a Natural monopoly.
There are many kinds of monopoly that exist in a particular market which are pure monopoly where only single seller is there with no competition.
Another kind of monopoly is the cost monopoly where the price is determined on the basis of the cost of the articles produced.
Ruling monopoly is another kind of monopoly which is greatest kind of monopoly in the competition only one produce rules and natural monopoly in which naturally the product is single selling.
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If you hold mutual fund shares in your Roth individual retirement account, the taxes on reinvested income will be: Multiple Choice Deferred. Evaluated. None of these is correct. Payable immediately. Eliminated.
If you hold mutual fund shares in your Roth individual retirement account, the taxes on reinvested income will be evaluated.
A Roth IRA offers a variety of investments, including actively managed mutual funds and index funds. Index funds track a particular index and tend to be cheaper than actively managed mutual funds. Even seemingly small differences in fees can have a big impact on your retirement savings over time.
Mutual funds typically distribute these net capital gains to investors on an annual basis. Capital gains are taxable income even if they are reinvested. In January, you received your IRS Form 1099-DIV showing your share of the Fund's capital gains for the previous year.
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When making good decisions, you must _____ before you select the best alternative.
When making good decisions, you must define the problem and explore alternatives before you select the best alternative.
Things to remember while making good decisions:They must make a decision between these two contestants. The act or process of determining; determination, as of an issue or doubt, by making a judgment: the act or need of making a decision.Things to remember while making good decisions:
Define the problem and explore alternatives.Don't let stress get the best of you.Allow yourself some time (if possible).Consider the advantages and disadvantages.Consider your objectives and values.Consider all of your options.Discuss it.Keep a journal.Plan how you will inform others.Reconsider your options.Therefore, when making good decisions, you must define the problem and explore alternatives before you select the best alternative.
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When out-groups are disregarded in a team, ______ is often decreased in the team.
When out-groups are disregarded in a team, as a whole is more likely to experience is often decreased in the team.
Effective teamwork can have an immediate positive impact on patient safety and outcomes. Rising comorbidities and increasing complexity in nursing specialties increase the need for effective teams. Gone are the days when doctors, dentists, or other healthcare professionals in a healthcare facility could only provide quality care that satisfied their patients.
The evolution of healthcare and the global demand for quality patient care requires parallel development of healthcare professionals with an emphasis on a patient-centered teamwork approach. This can only be achieved by putting patients at the center of their care and by sharing a broad culture of values and principles. This helps form and develop effective teams that can provide excellent patient care.
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To establish an effective customer service program, what should be completed first?
To establish an effective customer service program customer service quotient should be completed first.
A customer service program formalizes the level of customer service which you aim to provide the customers. In creating and evaluating your customer service program, avoid too much internal analysis. Instead, ask customers their perceptions of responsiveness, efficiency, and courtesy.
In order to establish an effective customer service program customer service quotient is important. Customer service quotient is the capacity of a company or a brand to build strong relationships with its customers. Thus, this required research and strong commitment to work
Hence, the answer is given and explained above.
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What factors are used in the rule-of-thumb methods to determine the communication budget?.
Prior sales and communication activities
To determine the current communication budget, rule-of-thumb methods use prior sales and communication activities. These methods are simple to implement, but they do have some limitations.
What is rule-of-thumb?A rule-of-thumb is a heuristic guideline that gives simplified counsel or a fundamental rule-set for a certain subject or course of action. It is a broad principle that provides specific directions for completing or performing a task. Generally, rules of thumb emerge from practice and experience rather than scientific study or a theoretical underpinning.
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In a cost-benefit analysis, hardware maintenance and repairs is generally considered a(n)?
In a cost-benefit analysis, hardware maintenance and repairs are generally considered operating costs.
Operating costs, often known as operating costs, are the costs associated with running a company, or with running a machine, part, piece of equipment, or facility. They represent the cost of the resources an organization uses just to stay in business.
Companies must keep track of both running expenditures and expenses related to non-operating activities, such as interest payments on loans. Because the two costs are recorded differently in a company's books, analysts can assess how the costs are related to its revenue-generating operations and whether they can be handled more effectively.
When operating costs are cut too deeply, a company's productivity suffers, which also affects its profitability.
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If the adjustment for prepaid expenses is not recorded:____.
a. net income will be overstated.
b. expenses will be overstated.
c. assets will be understated.
d. net income will be correctly stated.
If the adjustment for prepaid expenses is not recorded expenses will be overstated.
An expense is an item that generally requires an outflow of money or some form of property to another person or group in payment for an item, service, or other category of expense. For tenants, rent is an expense. For students and parents, teaching is a cost.
a: Financial Charges or Expenses: Monuments are erected at own expense.
b: Offset of operating expenses against revenue for a specified period.
c: Expended to secure superiority or achieve results.
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4. Throughout life, most people will experience many different parts of the employment process. Examine and explain the steps that occur in the early stages of employment, such as the steps in the job application process (including references and proper documentation), and how one might prepare for explaining gaps in employment in a job interview.
The steps that occur in the early stages of employment, such as the job application steps and preparing for a job interview, can be arranged in the following order:
Assessment of recruitment and selection needsAssembly of the personnel request documentSetting up the recruitment and selection planJob descriptionAdvertising in channels aligned with potential candidatesReach through headhunters and recruitersPreparing the interview processInterview with the candidateWhat is the importance of human capital in an organization?Nowadays, where there is a great increase in competitiveness, organizations are able to stand out through innovative ideas coming from their team, which generate market positioning, reliability and the creation of an organizational culture focused on development, cooperation and creativity.
Therefore, in the recruitment and selection process, the HR department must prepare a strategic hiring plan to reach professionals aligned with organizational needs and values, while the professional must prepare for the interview process by knowing about the company and the characteristics of the job.
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The concept of ________ explains how trade between two countries can make each better off.
The concept of comparative advantage explains how trade between two countries can make each better off.
The concept of comparative advantage suggests that countries will engage in trade with one another, exporting the goods that they have a relative advantage in.
Comparative advantage lead to gains from trade as countries and people have different costs of production, so they can take advantage of their differences in order to make themselves better off. Thus, when they do this, they experience gains from trade.
Hence, comparative advantage shows that trade can be beneficial to both trading partners and can make each better off.
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The 20/60/20 rule states that the total percent of employees who might be influenced to commit a fraudulent act is:__________
The 20/60/20 rule states that the total percent of employees who could commit a fraudulent act is 60% - 80%.
More about the fraudulent employees :
Basically, it's a non-scientific ratio intended to illustrate how the workforce will typically fall into one of three categories whenever a significant organizational change is anticipated
What it tries to say is:
20 percent will be on board and prepared to make the modifications as needed. 60 percent of people will be aware of the need for change, even though they are still dubious about it. 20% won't be participating at all. While it is the responsibility of the leader to advocate for change, it is unlikely that there will ever be a time when all employees are on board.
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Siblings, Inc., is expected to maintain a constant 6.4 percent growth rate in its dividends, indefinitely. If the company has a dividend yield of 4.3 percent, what is the required return on the company's stock
Siblings, Inc., is expected to maintain a constant 6.4 percent growth rate in its dividends, indefinitely. If the company has a dividend yield of 4.3 percent, what is the required return on the company's stock is 10.7 %.
What is Company?
The legal organization that conducts business is referred to as a "company." According to business law, the company will be the registrar. The task is being carried out by the business. It has a complicated organizational structure.
The term will be given are:
Dividend yield = 4.3 %
Growth rate = 6.4 %
Required rate of return = ?
Required rate of return = Dividend yield + growth rate
Required rate of return = Dividend yield (4.3 %) + growth rate ( 6.4 %)
Required rate of return = 10.7%.
Therefore, the correct answer is 10.7%.
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A single-price monopoly is producing at an output level where marginal revenue is $15, marginal cost is $13, and price is $20. This monopoly is?
The monopoly is maximizing its profit but still should decrease output to earn even more profit. A market structure characterized by a single seller selling a market-exclusive product. The seller has no competition in a monopoly market because he is the sole seller of goods with no close substitute.
The Monopoly occurs when one market is the sole provider of phone service in a given area. A cat is the only pet that can be aloof, which is an example of monopoly. A monopoly is a phone company that is the only provider of phone service in a given area.
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An example of price floor is a. minimum wages b. rent controls in new york c. both a and b d. none of the above
Option c. Both a and b are right as
a. Minimum wages and b. rent control in New York is an example of a price floor.
What is Price Floor?A fixed lower limit on a commodity's market price is known as a price floor. In order to prevent a commodity's market price from falling too low and endangering the producers' ability to make a living, governments typically create a price floor.
Types of Price FloorPrice floors are classified into two types:
A non-binding price floor is one that is lower than the current market price.A binding price floor is one that is higher than the prevailing market price.Price floors can be classified into two extremes:
A price floor of infinity is similar to making the exchange or sale of the commodity unlawful.A non-inclusive price floor of zero can be thought of as a requirement that the product not be given away for free.Therefore, Option c. Stating both options a. and b. are correct examples of Price Floor is the right answer.
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The short run is a time period that is Group of answer choices long enough to change the size of the firm's plant. too short to change the size of the firm's plant. too short to change the amount of labor hired. too short to change the amount of any resource the firm employs. equal to a day.
The short run is a time period that is too short to change the amount of any resource the firm employs.
What is a short run?This refers to the concept that states that at least one input is fixed while others are variable and also expresses the idea that an economy behaves differently depending on the length of time it has to react to certain stimuli.
Hence, as it means the time period during which at least one of the firm's inputs is fixed, it is also the time period that is too short to change the amount of any resource the firm employs.
In the concept, all the production process that takes place in the short run applies more of the variable factors (such as labour for example) to the fixed factor (capital, land)).
Therefore, the Option D is correct.
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The _____ is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO). Group of answer choices Mercosur Maastricht Treaty International Monetary Fund Uruguay Round North American Free Trade Agreement
The Uruguay Round is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO). This is further explained below.
What is Uruguay Round?Generally, The following are the primary characteristics of the Uruguay Round Final Settlement: An agreement on agriculture with the goals of expanding market access, lowering export subsidies and tariffs, and removing non-tariff obstacles. An agreement about textiles that places a strong emphasis, in particular, on the gradual removal of quota limits
In conclusion, The Uruguay Round was an agreement that resulted in a significant reduction of trade barriers all over the globe and led to the establishment of the World Trade Organization (WTO).
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Consider the information below for a purely competitive firm : if output is two units, then mr > mc > avc and output should be _________ .
Consider the information below for a purely competitive firm : if output is two units, then mr > mc > avc and output should be increased.
During July of the current year, the management of Genuine Spice Inc. asked the controller to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory: Cases Cost
Estimated finished goods inventory, August 1 300 $12,000 Desired finished goods inventory, August 31 175 7,000 Materials Inventory: Cream Base (ozs.) Oils (ozs.) Bottles (bottles) Estimated materials inventory, August 1 250 290 600 Desired materials inventory, August 31 1,000 360 240
There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January.
Required:
1. Prepare the August production budget.
2. Prepare the August direct materials purchases budget.
3. Prepare the August direct labor budget. Round the hours required for production to the nearest hour.
4. Prepare the August factory overhead budget. If an amount box does not require an entry, leave it blank. (Entries of zero (0) will be cleared automatically by CNOW.)
5. Prepare the August budgeted income statement, including selling expenses. NOTE: Because you are not required to prepare a cost of goods sold budget, the cost of goods sold calculations will be part of the budgeted income statement.
Based on the August Production Budget, from the information provided, the total units to be produced are:
1, 375 cases. See the attached image for the production budget.
The production budget computes and estimates the number of units of a good that must be produced, and is calculated by summing up:
the sales forecast and the planned amount of finished goods inventory to have on hand.What is Direct Materials Purchases Budget?The amount of material that must be purchased to meet the production budget is determined by a direct materials purchasing budget. This is computed for every manufacturing period, which is often monthly or quarterly.
See the attached image for the direct materials purchasing budget.
What is the Direct Labor budget?To determine how many work hours will be required to create the items listed in the production budget, the direct labor budget is utilized. A more intricate direct labor budget will compute both the overall number of hours required and the breakdown of those hours by labor type.
See the attached image for the direct labor budget.
What is factory overhead budget?With the exception of direct expenditures, which are already covered by the direct material budget and the direct labor budget, the factory overhead budget lists all projected manufacturing expenses required to generate the budgeted output level for a period.
See the attached image for the actual budget.
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Giving workers explicit instructions to meet the goals and objectives of the organization is _______.
Giving workers explicit instructions to meet the goals and objectives of the organization is directing.
What do you mean by directing?
Planning, organizing, and staffing are merely pre-work activities; directing initiates the action of individuals. For the purpose of achieving organizational objectives, direction is a component of management that deals specifically with persuading, directing, monitoring, and motivating people.
Directing assistance to encourage organization members to take the first steps toward achieving targeted goals. For instance, if a manager helps his employees complete tasks and answers any questions they have, it will enable them to meet their assigned job goals.
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