If service stations raise the price of gasoline and experience a decrease in demand for automobile tires, then gasoline and tires are Complementary goods .
Meaning of Complementary Goods
An object used in combination with another product or service is a complementary good or service. Usually, when consumed alone, the complementary good has little or no value. Still, when paired with another good or service, it adds value to the overall value of the bid. A product may be considered to be complementary if it shares a beneficial relationship with another product. An ideal example could be a sharpener and eraser given away with a box of pencils.
The complementary goods have a nature of joint demand, and it allows interaction since the consumer craves for the second product when the price of the first commodity fluctuates. In economics, this connection is termed as negative cross-elasticity of demand.
Explanation→
Hence, as the product's price rises, the user's demand for the replacement product declines. It is because customers are reluctant to buy the supplement alone. Therefore, the market price of the complementary good or service can decline as consumer demand weakens.
Complementary goods can either be weak ones or strong ones. The weak ones have low cross-elasticity of demand. For instance, if the coffee price rises, it will only have a marginal impact on reducing cream's consumption.
Complementary goods are different from substitute goods, which are different goods or services that satisfy the same consumer needs. The additional products would have a negative cross- elasticity of demand.
Impact of complementary goods :
If the price of one good increases, the market will decrease for both complementary products. The closer the products are to it, the higher will the cross elasticity of demand be. If they are weak complementary goods, then demand will be low on cross-elasticity.
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Lucy has recorded her weekly lecture to deliver to her students in their online classroom. This type of business presentation is called a(n) ________.
Answer:
Lucy has recorded her weekly lecture to deliver to her students in their online classroom. webinar. a complete sentence or two introducing each major idea.
_______ are expenditures that keep an asset in good operating condition. They are necessary if an asset is to perform to expectations over its useful life.
Blank is expenditures that keep an asset in good operating condition. They are necessary if an asset is to perform to expectations over its useful life.
Improvement
Improvement (improvement) is the cost of making a facility more efficient or productive. They are capitalized (added to the cost of fixed assets). Abnormal repairs extend the useful life of an asset beyond its originally estimated useful life.
Regular repairs are the cost of keeping an asset in good working order. Regular repairs do not extend the useful life of an asset beyond its initial estimate or increase productivity beyond its initial expectations.
Expenditures to keep assets under normal operating conditions. These are necessary for an asset to function as expected during its useful life. They are treated as expenses. Spending makes facilities more efficient or productive
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Answer:ordinary repairs
Explanation:
Ann, a manager, finds one of her employees watching a recently-released movie on his company-issued computer. Ann reports the incident to the IT Security department. An incident response technician examines the computer and determines that the employee has violated company policy. What is the next action that the technician should take?
Ann, a manager, finds one of her employees watching a recently-released movie on his company-issued computer. Ann reports the incident to the IT Security department. An incident response technician examines the computer and determines that the employee has violated company policy. The next action that the technician can take is to restrict the access of the employee on the computer.
What is access restriction?Access control is done to restrict and restrain foreign users in an organization property such as companies computer.
The Technician can restrict the access of the employee who is violating the company rule by denying her access to vital information about the company and also deny her the access to using the system.
This can be done by changing relevant passwords and passcodes to the company account. Warning can also be sent in this regard so that the employee can desist from such unlawful act.
Therefore, Ann, a manager, finds one of her employees watching a recently-released movie on his company-issued computer. Ann reports the incident to the IT Security department. An incident response technician examines the computer and determines that the employee has violated company policy. The next action that the technician can take is to restrict the access of the employee on the computer.
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What could support autoedge's ability to generate economic profits over the long term?
A binding price floor on engines sold to a major customer.
What is customer?A client is the recipient of a good, service, product, or idea gained from a seller, vendor, or supplier through a financial transaction or exchange for money or some other valuable consideration.
A client is defined as someone who purchases goods or services from a store, restaurant, or other retail seller. A customer is someone who goes to an electronics store and purchases a television. (informal) A person, particularly one who is interacting with others.
Customers that shop regularly yet make their purchasing decisions mostly based on markdowns. Need-based clients are those who intend to purchase a specific product. Customers who wander: Customers who are unsure of what they want to buy.
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True or false: japan generally runs a significant trade surplus because of the structural barriers against imports into japan
The statement, Japan generally runs a significant trade surplus because of the structural barriers against imports into Japan, is true.
As Japan's savings rate is high relative to Japan's domestic investment, Japan generally runs a trade surplus. Thus, the result is high net capital outflow which is matched by high net exports, resulting in a trade surplus.
Japan's overall trade surplus is the result of its exports in the scientific and optical equipment, rubric machinery, semiconductors, electronic parts, and telecommunications equipment. Now the current account surplus has been shrinking for four fiscal years in a row.
Hence, in 2019, Japan reported the biggest trade surpluses with different countries.
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Opportunity costs are irrelevant costs when doing capital budgeting analysis.
a) true
b) false
Opportunity costs are irrelevant costs when doing capital budgeting analysis. The given statement is FALSE.
Opportunity cost is the advantage that was lost because a particular option was not selected.
It is necessary to weigh the advantages and disadvantages of each choice offered in order to correctly assess opportunity costs.
Opportunity costs have a value that can help people and businesses make more lucrative decisions.
Opportunity cost is a wholly internal expense that is only utilized for strategic consideration; it is not included in accounting profit and is not reported externally.
Costs that won't be impacted by a managerial choice are irrelevant costs.
Expenses that will be impacted by a managerial choice are relevant costs.
When you choose one course of action over another, irrelevant expenses won't change in the future.
Sunk expenses, committed costs, and overheads are examples of irrelevant costs because they cannot be avoided.
Hence, the given statement is FALSE.
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A manager is concerned that there isn’t enough time spent on production and too much time spent on setups. The manager decides to double all production batch sizes. This change has no impact on demand. What impact will this likely have on the average inventory in the process?.
It will result in an increase in average inventory as larger batches require more time to be completed.
What is Operations Management?
Operations management (OM) is the management of business practices within an institution to achieve the highest level of efficiency possible. It is involved with converting materials and labor as efficiently as feasible into goods and services in order to maximize an institution's profit.
What are the 3 types of operations management?Product design and product.Planning and managing of manufacturing facilities.Purchasing/procurement.Forecasting.Capability planning.Inventory control.Quality control.Delivery to clients.To learn more about Operations management, refer
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If the daily demand is 100 units and the lead time is 10 days, the reorder point is?
If the daily demand is 100 units and the lead time is 10 days, the reorder point is 1000 units
The formula for reorder point is:
Reorder point = (Average daily demand * Lead time) + Safety stock
putting the values in the above formual, we get,
Reorder point = (100 * 10) + 0
Reorder point = 1000 units
Demand is the number of consumers willing and able to purchase a product at various prices over a period of time. Demand for goods refers to consumers' desire to purchase goods and their willingness and ability to pay for them.
For example, if a consumer is hungry and buys a slice of pizza, the first slice has the highest utility or utility. Each additional piece makes the consumer happier and the profit decreases. Theoretically, the first production can get a higher price from the consumer.
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The payment of utility bills is an example of _____.
a. immediate annuity
b. ordinary annuity
c. annuity due
d. lump-sum payments
e. uneven cash flows
Uneven cash flows is an example of the payment of utility bills. In essence, uneven cash flows are series of unequal payments made over a specific time period. For example, over a five-year period, one could receive the following annual payments: $500 US Dollars (USD), $300 USD, and $750 USD.
If on the other hand, the regular payment were fixed at a specific amount, the cash flows would be equal. For example, one could receive a $500 USD annual payment, also known as an annuity. Furthermore, irregular cash flows can be associated with variety of financial situations, including capital budgeting.
Therefore, the correct answer will be option (e)
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