Answer:
I believe the question is asking for a T/F answer.
The answer is T (True)
Explanation:
Under the "Utilitarian consumption," a utilitarian need is something that is functional to a person.
Purchasing the washer and the dryer is a very practical option, since Brett has been doing his laundry at the laundromat for many years. If he buys the washer and dryer, he'd be able to save more time and money so this means that the purchase is practical and a necessity for him. This will satisfy his utilitarian need.
The utilitarian need is an opposite to the "Hedonic consumption" wherein the hedonic need allows the person to purchase products that are thrilling and fun.
Thus, this explains the answer.
You graduated from college two years ago and began working at Hampstead Electronics. You have received good performance evaluations and a raise. You just found out that your organization has hired a recent college graduate with no experience at a higher salary than you are now making. You consider this an unfair act and resolve to do something about it. Which of the following theories best describes such a situation?A) equity
B) expectancy
C) goal setting
D) reinforcement
E) self-enhancement
Answer: (A) Equity
Explanation:
The equity is the term which refers to the financial equity difference between liabilities value to the assets value. It basically helps in understand the investment process properly and also define the worth of the business in terms of assets.
According to the given question, the equity is one of the type of theory that help[s in understanding the given unfair situation. It helps in managing all the technical skills and evaluating the given situation properly by using the systematic approach.
Therefore, Option (A) is correct answer.
The theory that best describes the situation of feeling unfairly compensated compared to a less experienced colleague with a higher salary is the equity theory, which suggests individuals seek fairness in compensation based on their contributions relative to others.
Explanation:The situation you described aligns closely with equity theory, which is concerned with the fairness of social exchanges. Equity theory posits that individuals are motivated by a sense of fairness in the exchange process and evaluate the fairness by comparing their inputs and outputs relative to others. In your case, discovering that a coworker with less experience is earning a higher salary creates a perception of inequity, since you have contributed more through experience and tenure but are receiving less in compensation. This perceived imbalance propels you to seek justice or a restoration of equity, which may include negotiating a raise or reassessing your own employment situation.
In the United States, what does the general level of a family’s income have to do with the amount of cash the family is likely to hold?
Answer:
The general level of family's income is directly proportional to the amount of cash a family is likely to hold
Explanation:
Of the three motives of money, transactional motives of money relates to holding money(whether at hand or at bank) to meet daily transaction e.g buying of fuel/gas, transport fare to work place.
If the level of income of a family increases, other things being equal, the family tends to hold more money for their daily transaction. The level of income is directly proportional to amount of cash a family holds...
For example, family A earns $100 per week and holds $30 to meet daily transaction or unforeseen circumstances. If his pay increases to$150, it is intuitive for Mr A to hold higher money, lets say $50
Eka manufacturing company produces part #2206 for the aerospace industry. each unit of part #2206 is sold for $15. the unit production cost of part #2206 is $3. the fixed monthly cost of operating the production facility is $3000. how many units of part #2206 have to be sold in a month to break even?
Final answer:
Eka manufacturing company must sell 250 units of part #2206 in a month to break even, using the formula for the break-even point in units which is Fixed Costs divided by the difference between Unit Selling Price and Unit Variable Cost.
Explanation:
To calculate how many units of part #2206 need to be sold to break even, we must first understand that the break-even point occurs when the total revenue equals the total costs. Here, we have a fixed monthly cost of $3000 and a unit production cost of $3. Each unit is sold for $15.
The formula to calculate the break-even point in units is:
Break-Even Units = Fixed Costs / (Unit Selling Price - Unit Variable Cost)
Plugging in the values:
Break-Even Units = $3000 / ($15 - $3)
Break-Even Units = $3000 / $12
Break Even Units = 250
Therefore, Eka manufacturing company must sell 250 units of part #2206 to break even for the month.
When entering variables in an Excel functions (or in a financial calculator) the sign convention can be critical to achieving a correct answer. The sign convention says that outflows are negative values'; inflows are positive values. For which variable is this a consideration?
Answer:
The applicable variables are:
Payment
Present value
Future value
Explanation:
The payment function is used to determine periodic repayment on loans or amount to invest at intervals in order to reach a targeted amount in future.Payment formula is given as:=PMT (rate, nper, pv, [fv], [type])
Present value is a financial function in excel used in determining the value of future cash flows in today's terms.That is how much amounts receivable in the future is today.The formulas is given as:=PV(rate,nper,pmt,(fv),type))
The future value is used in determining how much an certain amount or investment is worth at future time
2. Alicia makes the statement that every time she eats chocolate, she gets acne. By ignoring the possibility that there may be another factor that causes Alicia to eat chocolate and which also causes her acne, Alicia is committing the:
a. fallacy that association is causation
b. mistake of rejecting a null hypothesis
c. fallacy of segmentation
d. fallacy of composition
e. mistake of ignoring secondary effects
Answer:
a. fallacy that association is causation
Explanation:
Alicia is making an association between chocolate and acne but, there is no proof on Alicia statement There should be a positive correlation between the chocolate eaten by Alicia and the acne to stablish a cause-effect between each variable else, we are doing a simplistic analysis.
From a building designer's standpoint, three things that make a home livable are the client, the building site, and the amount of money the client has to spend.According to the passage, to make a home livable:________
a. the prospective piece of land makes little difference.
b. it can be built on any piece of land.
c. the design must fit the owner's income and the site.
d. the design must fit the designer's income.
Answer:
c. the design must fit the owner's income and the site.
Explanation:
For any building designer, be it Architect, civil engineer or builders, one thing is there major concern, which is the client specification. the building is design according to what the client desired. the building designer can only advised the client on a better design to suit the client specification based on his experience.
Therefore, a home is livable if the designer design the building based on the client income and site. the bigger the design, the more the money to be spent in the construction stage.
Also, Prior to the building construction, a building designer will have get the bill of quantity of the proposed building, which is the total cost that will finished the building. This will enable the client and the building designer to work on the available cost.
With all this precautions put in placed, the building will be livable.
Final answer:
To make a home livable, the design must align with the owner's income and the specific characteristics of the building site, also taking into account broader factors such as accessibility, habitability, and connection to essential services.
Explanation:
From a building designer's standpoint, three things make a home livable: the client's needs and preferences, the physical characteristics of the building site, and the budget available for the project. To make a home livable, option (c) is correct: the design must fit the owner's income and the site. This requires a thoughtful balance between affordability, habitability, and accessibility, ensuring that housing costs are aligned with wages, the home provides protection from the elements, and it accommodates the specialized needs of its occupants. Additionally, the location of the housing should provide access to jobs, educational facilities, and services, underscoring the importance of choosing the right piece of land in context to the environment and community needs.
The source texts highlight the complexity of creating livable environments that support access to essential resources and services, reflect the realities of local environments and lifestyles, and are shaped by economic considerations. Designers must work within these constraints to create homes that meet their clients' needs while being responsive to the larger community and environmental context.
Mr. wilkes has difficulty hearing sounds in the range of 20 to 40 decibels, but he has no difficulty hearing sounds above that range. he would most likely profit from today's digital hearing aids because they can deliver sound that is
Answer:
more audible
Explanation:
Note that decibels means the level of volume or loudness of sound. Therefore sounds higher than 20 to 40 decibels would be louder for Mr Wilkes.
It is important to note also that today's Hearing aids are used to correct hearing loss in patients. A device that could assist Mr Wilkes is a customized In the ear aids (ITE) device fitted to his outer ear bowl.
Which of the following is a statement made by Theodore Levitt about the globalization of world markets? a. Global corporations consider the world to consist of distinct and unique entities. b. Accustomed differences in national or regional preferences are becoming more significant. c. Multinational corporations are in danger of losing out to small businesses. d. Global markets for standardized consumer products have emerged on a large scale of magnitude. e. Capitalism is the force that drives the world toward a converging commonality.
Answer:
D. Global markets for standardized consumer products have emerged on a large scale of magnitude
Explanation:
According to Levitt, the development of internet and social media make it really easy for the customers to research the quality of products that hey about to buy. Along with it, the company's ability to market their product to customers world wide become really cheap.
The combination of the two make global markets for consumer products became massively increase. This means that each companies have to ensure that their products cater to the biggest market segmentation as possible if they want to maximize their profit.
Which of the following best describes a subsidy? A. Banks make low-interest loans to farmers. B. The government puts a tax of $100 per ton on wheat imports. C. The government pays farmers $100 per ton of wheat produced. D. Farmers pay the government $100 per ton of wheat produced.
Answer:
C. The government pays farmers $100 per ton of wheat produced.
Explanation:
Subsidy is grant/ financial aid given by government to producers of a commodity, to enable its availability in markets at a lower price.
Government paying farmers $100 tone per wheat produced is a subsidy as : It is a financial assistance given by government to reduce wheat's price in markets.
Bank's low interest rate to farmers is just credit ease policy ; Govt putting a tax on wheat imports is opposite of subsidy ; Farmer paying govt $100 per unit wheat is also a form of tax (opposite to subsidy).
You and your friend, Jim, have just moved out of your dorm and into a new apartment. Both of you decide that you need to get a couch. Jim thinks you should get a new one from a furniture store nearby. You feel that, given your budget, it is best to buy a used one. Your other options are to buy one online or get a couch custom-made at the same furniture store.
How would you arrive at an optimal solution here? Assume that your opportunity cost of time is $5 per hour.
You and Jim would need to consider ___________.
A. only the marginal benefit of each couch.
B. only the price of each couch.
C. the direct costs of the price of each couch and the cost of having each couch moved to your apartment.
D. the direct costs and the indirect opportunity cost of your time required to shop.
E. the indirect costs of traveling to the furniture store and the opportunity cost of your time required to shop.
Answer:
D. the direct costs and the indirect opportunity cost of your time required to shop.
Explanation:
Opportunity cost by definition or formula, is the return on an alternative foregone less than the return on your chosen option. Considering opportunity costs in decision making or investment can lead to more profitable decision-making.
Hence in arriving at an option or optimal solution in relation t the decision on where to buy the couch, the direct costs of the price of the couch and transportation to our appartment will be considered in conjuction with the oppotunity costs
If information is obscured or omitted, what can be the result for the communication? Group of answer choices The communication becomes unethical. a.The reader is more likely to support your argument. b.The communication becomes stronger It may not need audience input.c. The quantity of the information suffers.
Answer:
a. The communication becomes unethical
Explanation:
Note: The first option i.e option (a) has been construed as "The communication becomes unethical", upon which the following answer is based.
If the information to be conveyed is unclear, ambiguous or gets omitted, such communication would be termed as unethical.
Such communication is prone to misinterpretation and subsequently leads to poor decision making.
Unethical communication is the opposite of effective communication, with it's chief characteristic being omission of essential information.
Such form of communication suffers from, distortion of facts, imitation of ideas, vagueness and manipulation.
A city hired a research company to survey spring break vacationers to learn about this market. One of the questions asked was, "If you were able to hang out on the beach with any celebrity, who would she or he be?" This type of question is a means for gathering _________.
Answer:
Qualitative data
Explanation:
Qualitative data is defined as the data that approximates and characterizes. Qualitative data can be observed and recorded. This data type is non-numerical in nature. This type of data is collected through methods of observations, one-to-one interview, conducting focus groups and similar methods.
Answer:
qualitative data
Explanation:
Researchers seek two types of data, quantitative and qualitative. Quantitative data measures numeric variables and is expressed in numbers, while qualitative data measures types of data, e.g. tastes, likes, expectations, etc. Qualitative data is generally gathered through surveys and in-depth interviews, and there are no correct or incorrect answers.
Once the data has been gathered, qualitative data is sorted in groups and quantified. E.g. a beauty cream survey gathers 1,000 different answers about consumer expectations regarding a new product and the research team will sort them into groups (e.g. softness, moisture, textures, etc.) and then quantify the groups.
If we add up the consumer spending on goods and services, investment spending, government purchases of goods and services, and the value of exports, then subtract the value of imports, we have measured the nation's _____.
Answer:
Gross domestic product
Explanation:
Total national output is one of the most widely recognized markers used to follow the well being of a country's economy.
It speaks to the complete dollar estimation everything being equal and administrations delivered over a particular times span, regularly alluded to as the size of the economy.
It is the aggregate of all worth included made in an economy. The worth included methods the estimation of products and ventures that have been created less the estimation of the merchandise and enterprises expected to deliver them.
Jamil believes that his new Web site is the best way to sell the furniture that he makes in his workshop. If Jamil sells his work exclusively via the Web and ships to interested customers, he is most likely using a(n) _______ to distribute his products.
Answer:
Direct channel
Explanation:
Manufacturers when directly reach out to the customers by making the product available to them without involving any intermediaries are using direct channel of distribution.
in this case, Jamil sells furniture made by him directly to the customers by advertising it on his website. He is using direct channel of distribution in this case.
If you compute the price elasticity of demand using a quantity of tickets from 1 to 8 and using a quantity of tickets from 1,000 to 8,000, the value of the price elasticity of demand is a.equal to one in both cases. b.larger when values from 1.000 to 8.000 are used because these values are larger than units 1 to 8. c.the same because the percentage change in quantity demanded will remain the same. d.smaller when values from 1,000 to 8,000 are used because these values are larger than units 1 to 8.
Answer:
c.the same because the percentage change in quantity demanded will remain the same.
Explanation:
If you compute the price elasticity of demand using a quantity of tickets from 1 to 8 and using a quantity of tickets from 1,000 to 8,000, the value of the price elasticity of demand is the same because the percentage change in quantity demanded will remain the same.
The price elasticity of demand is measured by the formula 'the percentage change in quantity demanded in response to a one percent change in price.'
Therefore, price elasticity will not because: 1000/2000 units will give the same % change as 1/2.
In the context of organizational environments, which of the following is true of mechanistic organizations? a. They are characterized by loosely defined and frequently changing roles. b. They are characterized by specialized jobs and responsibilities. c. They are characterized by horizontal communication based on task knowledge. d. They are characterized by decentralized authority.
Answer:
The correct answer is B
Explanation:
Organizational environment is the environment which is comprise of the forces that surrounds the firm which affect the resources, performance and operations.
Mechanistic structure, it is also called as the structure of bureaucratic, which is defined as the organizational structure which is grounded on the centralized and the formal network. It is characyerized through the particular responsibilities as well as jobs. Under this structure, it is easy as well rarely needs to changed when the firm operates in an environment which is stable.
Mechanistic organizations are characterized by specialized jobs and responsibilities, with a clear hierarchy and defined roles. Communication follows the chain of command, from top down. These features differentiate them from more fluid, organic organizations.
Explanation:In the context of organizational environments, mechanistic organizations are best described by choice b: They are characterized by specialized jobs and responsibilities. A mechanistic organization typically features a strict hierarchy, with clear lines of responsibility and authority. Each individual has a defined role, with clearly outlined duties and tasks. Communication often follows the chain of command, flowing from the top down. This contrasts with organic organizations, which tend to be more fluid, with roles and responsibilities often changing and shared authority.
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Most global firms find it is better to have expatriates as their expatriates often are well-trained in skills and technical capabilities and much better prepared for the host country culture.True / False.
Answer: True
Explanation:
Expetraites are well-trained and experience for most host countries, they are also an advantage as they use their vast knowledge to train host country workers.
James and three college friends want to buy a houseboat with each of them owning an equal share. If the lender issues a joint 1098 showing interest, PMI and points paid in the amount of $3000, how much can James deduct as expenses on his federal tax return?
Answer:
James can deduct as expenses on his federal tax return $750.
Explanation:
When buying a houseboat, you’ll likely have to pay a monthly fee for the slip. Sometimes, the slip or the dock is included in the purchase, but often, you’ll have to pay rent. If buying a floating home, you’ll probably have a fee similar to a homeowners association fee. These monthly fees can range from a couple of hundred dollars to more than $700, Marden says.
You can have only one second home for purposes of the mortgage interest deductions. For example, if you have two houses, one of which is your primary residence and one that you use as a vacation home, you have to substitute your boat for your existing second home if you want to take a boat tax deduction. In addition, for tax years prior to 2018, joint filers are limited to deducting the interest on the first $1 million of mortgage debt. However, for tax years 2018 and forward, you may only deduct interest on the first $750,000 of mortgage debt originated after December 16, 2017. So, if you're already over the limit your boat loan won't help you even if it otherwise qualifies.
Complaints about Microsoft’s Xbox video game consoles began immediately after its introduction. These complaints ranged from missing parts to incorrect programming. To solve the problem, Microsoft have adopted a more rigorous __________ goal.
Answer:
Quality goal
Explanation:
Quality goals are objectives/targets of improvement in quality of the product produced or services rendered. Example of quality goals includes: reducing the number of defects, comparing quality of product or services to other competitors in the market, increasing durability, improving customer's experience and satisfaction, addressing data quality and process quality and so on.
In trying to solve the complaints problem, Microsoft needs to engage in a more rigorous QUALITY goal in order to improve the quality of the product.
The Classic Hotel Group has begun to offer entire floors of rooms in its hotels that are smoke-free, adults-only, and pet-friendly. The Classic Hotel Group is responding to changes in sociocultural values observation, secondary sources, marketing research
Answer:
Sociocultural values
Explanation:
Sociocultural values are values that are influenced by an individual's behavior in day to day life. This becomes a habit and eventually a culture. These values impact an individual's decisions as well.
When a hotel is trying to make rooms smoke-free and pet-friendly, it means they are adapting to sociocultural changes that prefer taking pets everywhere.
If the equation y = 50x + 25 represents the amount of (y) money it costs to rent a car for (x) days, how long could you rent a car for if you had 775 dollars?
Final answer:
Using the equation y = 50x + 25 and solving for x with y set to 775 dollars, you find that you could rent a car for 15 days.
Explanation:
To find out how long you could rent a car for with 775 dollars using the equation y = 50x + 25, where y represents the amount of money it costs and x represents the number of days, we need to solve for x. First, we substitute 775 for y to obtain 775 = 50x + 25. To solve for x, subtract the y-intercept, 25, from 775 and then divide the result by the slope, 50, which gives us:
x = (775 - 25) / 50
x = 750 / 50
x = 15 days
Therefore, with 775 dollars, you could rent a car for 15 days.
Which one of the following statements is correct?
A. Policymakers have good intentions and therefore their proposals will create good outcomes.
B. Potential secondary effects do not need to be considered when deciding whether to implement a new government program.
C. A good outcome is guaranteed from a government program if it is created with good intentions.
D. Government programs can be implemented with good intentions but can lead to undesirable outcomes because of unintended consequences.
Answer:
Option "D" is the correct answer to the following statement.
Explanation:
In studies, Unintended consequences are effects that are not expected by the purposive intervention.
Government programs generally begin with social welfare purposes, yet sometimes proceed to undesirable results.
Price control is an example of this, that include minimum wage legislation. these can cause unemployment among low-skilled workers.Final answer:
The correct statement is D. Policies with good intentions can still lead to undesirable outcomes because of unintended consequences. Policymakers need to consider potential secondary effects and recognize that policies might have different real-world impacts than intended.
Explanation:
Out of the provided options, the correct statement is: D. Government programs can be implemented with good intentions but can lead to undesirable outcomes because of unintended consequences. This is because the implementation of public policies is complex and involves various factors that may result in outcomes different from the intended ones. Good intentions are not a guarantee of successful policy outcomes, and thus policymakers must consider potential secondary effects and the possibility that a policy may harm certain groups even as it helps others. In addition, policies that aim to address complex issues might not align perfectly with majority views or could result in benefits or drawbacks that were not initially anticipated.
For example, a policy to promote attendance at liberal arts colleges may inadvertently cause a decrease in trade school enrollment, which could be an unintended consequence. Therefore, it is crucial for policymakers to analyze and predict these secondary effects to ensure that the policies being implemented achieve the desired outcomes without causing significant negative effects on other areas. The success of a public policy is measured not only in its intentions but also in its real-world impacts and the balance of its strengths and weaknesses.
Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which of the following is true of most of the negotiating countries?
a. They transport most exports by land.
b. They have access to the ocean.
c. They are primarily English-speaking.
d. They are in the Southern Hemisphere.
Answer:
B. They have access to the ocean.
Explanation:
Free-trade agreement allow different countries to import/export their goods with very little to no tariff.
Currently, goods delivery through commercial ships is correctly the most cost-efficient method for international distribution. (shipment through airplane tend to be faster but it cost a lot more)
Because of this, Countries that have access to the ocean tend to become a target for Free-trade Agreement.
Answer:
100% B
hope its right!!!!!
Explanation:
b) a student tests 100 students to determine whether other students on her campus prefer soda brand a or soda brand b and finds no evidence that preference for brand a is not 0.5. later, a marketing company tests all students on campus and finds no difference. choose the correct answer below.
Answer:
B) The student did not make an error. The actual value is 0.50, which was not rejected.
Explanation:
First the student carried out a study which provided no evidence that the preference for brand A was not 0.5 or 50%, then the marketing company carried out a similar study and showed the same results. Since we are trying to determine if the student's research was well done, we must assume first that the marketing company did their research correctly.
If the student had rejected the claim of the marketing company, then she would have made a type I error (which didn't happen). If the student had wrongly accepted the claim from the marketing company (without any evidence of her own), then she would have made a type II error.
Since both studies provided the same conclusions, then we can assume that the student carried out her study in a proper and correct manner.
Final answer:
The question pertains to using statistical methods in mathematics to analyze the preference for soda brands among students, likely at the college level. A binomial distribution or its normal approximation could be used to conduct a hypothesis test to evaluate the proportion of students preferring a certain brand.
Explanation:
The subject of this question involves determining the preference for soda brands which falls under the category of statistics, a branch of mathematics focused on the collection, analysis, interpretation, and presentation of masses of numerical data. The grade level is likely college, as the concepts of hypothesis testing and proportions tend to be covered at this level of education.
To answer the question, when testing the preference of soda brands among students, one would use a binomial distribution if each choice is independent and there are only two possible outcomes (preference for either brand A or brand B). However, to approximate this, especially with a large sample size (such as 100 or more), a normal distribution can be used thanks to the central limit theorem. This would involve conducting a hypothesis test for proportions, where the null hypothesis (H0) would be that the proportion preferring brand A is 0.5 (no preference shown) and the alternative hypothesis (Ha) would differ based on whether it is a one-tailed or two-tailed test.
The employees believe that their CEO is approachable and "feel close to him." The CEO is demonstrating: a.reasoning by analogy. b.emotional intelligence. c.being well informed. d.illusion of control.
Answer:
b. emotional intelligence
Explanation:
Emotional intelligence talks about the ability of one to identify his or her emotions from those of other people, understand, manage and use it to ease of stress and tension, also it is used to show empathy, communicate effectively and resolve conflict. Emotional intelligence is a strong tool for building good and successful relationships in business, career and even in the family. It is a skills that can be developed over time through constant practicing.
Emotional intelligence involves self management, self awareness, relationship management and social awareness.
At times, customers have an unexpected need and require certain departments, such as production, to change their schedule to meet the demands of the sales department. When Shannon, the vice president of marketing, inspires the production team to put in the extra effort, she is playing a(n) ________ role.a) implementation b) leadership c) monitoring d) staffing
Answer:
b. leadership role
Explanation:
Leadership role -
It refers to the role of people , to motivate and lead other members of the team to achieve the goal , is referred to as a leadership role.
A leader is supposed to be strong and straightforward , and helps to influence and command people for doing a particular task , by boosting their morale .
Hence , from the given scenario of the question,
the correct option is b. leadership role .
According to Lewin's Change Model, an organization must deliberately change old habits, learn new work methods, and accept the new work methods as parts of the job. Group of answer choices True False
Answer:
True
Explanation:
To understand the new working environment, and the changes in the overall market structure; it is very important to learn new methods and change old habits that is exactly what Lewin change model explains. This model emphasises on the importance of a change as part of a job to cope with the new era of globalisation.
A publisher receives cash for a magazine subscription during Year 1. The publisher sends magazines on a monthly basis to that customer in Year 2. According to the revenue recognition principle, the publisher should report the related magazine subscription revenue in its income statement for Year 1 since it received cash for the magazine subscription in Year 1.
Answer:
FALSE
Explanation:
The revenue recognition principle state the firm will only reocgnize a revenu once the sercvice is performed. in this case the revenu should be recognize over time after each magazine is delivered or through adjusting entries at year-end or quarter-end. Never entirely as this represent an obligation to delivwer this magazines or return the money. It isn't revenue. It is a liability which becomes revenue over time.
The publisher should recognize and report the magazine subscription revenue in the same period when the magazines are delivered, not necessarily when the money was received. Thus, revenue is recognized in Year 2, according to the revenue recognition principle in accrual accounting.
Explanation:In the context of the revenue recognition principle, the publisher would not report the revenue in Year 1, even though the cash was received during that time. This principle, critical in accrual accounting, requires that revenue is recognized and reported in the income statement during the period in which it is earned, regardless of when payment is received.
In this example, since the magazines are delivered in Year 2, the revenue from the sale is recognized in Year 2, when the service (delivering magazines) is actually being performed. Put simply, the revenue recognition principle dictates that revenues are recognized when earned, not necessarily when received.
It helps ensure the financial statement reflects the company's actual financial performance for a specific period. In the provided context, the magazine subscription revenue is earned in Year 2 and hence should be reported in Year 2's income statement according to the accrual accounting method.
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The price elasticity of demand for gasoline in the short run has been estimated to be 0.4. If a war in the Middle East causes the price of oil (from which gasoline is made) to increase, how will that affect the quantity of gasoline demanded and total revenue from gasoline in the short run, all other things unchanged?
Answer:
The demand for gasoline and the total revenue from the gasoline will remain the same.
Explanation:
Price elasticity of demand can be defined as a measure of the sensitivity of the demand of a particular good or service in relation to a change in the price. In the context of the price elasticity of demand, a good can either be elastic or inelastic. A good that is inelastic is one whose price elasticity of demand is less than 1. This basically implies that the good's demand doesn't change with a corresponding change in price. On the other hand, a good that is elastic, is one whose price elasticity of demand is more than 1, which implies that the demand of the good changes with changes in price. Goods that are predominantly inelastic are needs that people cannot do without which include things like food, while elastic goods are those that are considered luxuries that people can do without especially when the price rises.
Since the price elasticity of demand for gasoline is estimated to be 0.4, which is less than 1, we can conclude that gasoline is inelastic. Meaning it's demand doesn't change with increasing prices. The demand for gasoline will remain the same even with increase in the price of oil. The total revenue from gasoline will also remain the same since even though the availability of gasoline is reduced, the sellers will adjust for this reduction in the price.
Stefan is having discussions with customers, product enthusiasts, and other people who engage in online discussions. Which informal process to gather insights and guide his research efforts is he engaged in? A. Asking his supervisor for input
B. Talking with supervisors and colleagues
C. Considering the audience's perspective
D. Listening to the community
E. Reading reports and company documents
Answer:
The correct answer is option (D).
Explanation:
According to the scenario, having a discussion with customers and product enthusiasts show as listening to the community related to the products and this is also an informal process to gather insights.
While the other options are incorrect because of the following reasons:
Option (A) shows the formal process. Option (B) is not correct because the scenario describes the discussion with customers. Option (C) is not correct because he is discussing to get an insight about the products. Option (D) is not correct because the scenario describes the discussion with customers.Stefan is carrying out the informal process of listening to the community to gather research insights, involving discussions with various stakeholders and utilizing methods such as advisory boards and interviews.
Explanation:Stefan is engaging in an informal process to gather insights and guide his research efforts by listening to the community. This involves having discussions with customers, product enthusiasts, and other individuals participating in online communities. Alternatives to formal research include seeking input from an advisory board, consulting with professionals, gathering information from stakeholders, and conducting interviews. Utilizing such information allows for a phase called reflective observation, where insights are developed through interaction and consideration of various perspectives, leading to a more comprehensive understanding of the research topic.