Answer:
The answer is A
Explanation:
To start with;
Contribution margin per unit = selling price($29) - variable cost($21)
$29 - $21
= $8 per book...
So break even sales =fixed cost(expense) / contribution margin.
Break even sales is 44,000 units and contribution margin is $8.
Therefore, fixed cost or expenses=
Break even sales x contribution margin
44,000 x $8
=$352,000
has taken out a loan for $9,800. The bank offered him a simple interest rate of 6% over a three-year period. If Ron pays the loan back in three years, what will be the total amount paid to the bank?
Answer:
The total amount that would be paid to bank is $11,564.
Explanation:
I = PRT/100
I is the simple interest on the loan
P is the amount of loan taken = $9,800
R is the simple interest rate = 6%
T is the duration for the loan to be paid with interest = 3 years
I = 9,800×6×3/100 = $1,764
Total amount to be paid = P + I = $9,800 + $1,764 = $11,564
The North American Free Trade Agreement Group of answer choices is an example of the unilateral approach to free trade. eliminated tariffs on imports to North America from the rest of the world. reduced trade restrictions among Canada, Mexico and the United States. All of the above are correct.
Answer:
reduced trade restrictions among Canada, Mexico and the United States.
Explanation:
The North American Free Trade Agreement reduced trade restrictions among Canada, Mexico and the United States.
The goal of The North American Free Trade Agreement was to eliminate barriers to trade and investment between the U.S., Canada and Mexico.
The implementation of NAFTA brought the immediate elimination of tariffs on more than one-half of Mexico's exports to the U.S. and more than one-third of U.S. exports to Mexico
NAFTA, signed by the United States, Canada, and Mexico, primarily aimed at reducing trade restrictions among these three countries. It didn't eliminate tariffs on imports to North America from the rest of the world.
The North American Free Trade Agreement (NAFTA) is a trade agreement signed by the United States, Canada, and Mexico, with the goal of reducing trade barriers among these three countries. This deal is not a unilateral approach to trade, but rather a tripartite agreement that was devised to allow for the free flow of goods among these nations. Furthermore, it did not completely eliminate tariffs on imports to North America from other parts of the world, but significantly reduced trade restrictions within the confines of the agreement. Consequently, the most accurate statement is that NAFTA reduced trade restrictions among Canada, Mexico, and the United States.Learn more about NAFTA here:
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Shovels R Us sends a purchase order to Acme Snow Shovel Inc. for 500 shovels to be delivered by September 30, 2017, in time for the winter season. Acme returns an acknowledgment form indicating that the shovels will be delivered on March 1, 2018. The acknowledgment letter forms a valid contract.
Answer:
The correct answer is False.
Explanation:
The acknowledgment letter to customers is a resource that each company implements to create those ties between the product and the consumer, ensuring that the customer feels part of the company each time they purchase or use a product designed by the organization.
Thank you letters are usually personalized and sent to customers on important dates, holidays or before the launch of a new product to the market.
This question relates to contract law. A valid contract may be formed between Shovels R Us and Acme Snow Shovel Inc. if Acme's counteroffer, proposing a different delivery date, is accepted by Shovels R Us.
Explanation:
The subject matter of this question pertains to the area of contract law, specifically discussing the formation of a contract. When Shovels R Us sends a purchase order to Acme Snow Shovel Inc. for 500 shovels to be delivered by a specific date, it is extending an offer. Acme, by returning an acknowledgment form with a different delivery date, is essentially rejecting the original offer and making a counteroffer. This can form a valid contract only if Shovels R Us accepts Acme's counteroffer. The business of the small company that shovels sidewalks and driveways and its labor and capital combinations, while interesting, is not directly relevant to the main question about contract formation.
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Zibba Company enters materials at the beginning of the process. In January, there was no beginning work in process, but there were 200 units in the ending work in process inventory. The number of units completed equals the number of:________.a. units started .b. units started less 200. c. units started plus 200.d. equivalent units.
Answer:
b. units started less 200
Explanation:
The computation of the number of units completed is shown below:
As we know that
Ending work in progress units = Number of Units started - number of units completed
where,
Ending work in process units = 200 units
So, the number of units completed is
= Number of units started - Ending work in progress units
= Units started - 200
Carl has worked on a factory line for years. Recently, his job on the line has been increasingly replaced by robotics in his industry. As a result, Carl is laid off. Carl is struggling to find a job in his particular field because the majority of positions have been eliminated due to robotics technology. What type of unemployment is Carl experiencing
Answer:
structural unemployment
Explanation:
Unemployment is a situation where people who are ready and willing to work can not find one.
Structural Unemployment
Structural Unemployment: One of the reasons for unemployment is when the production process is automated. In this instance, works and tasks that were formerly done by humans and now been taken over by machines
For example, the work formerly done by Carl has now been taken over by robotics. Usually , this will lead to mismatch of skills because the skills possessed by Carls are no longer needed by his employer.
Therefore, Carl is experiencing structural unemployment
A subsidy is defined as a. the difference between total revenue and total cost for a business firm. b. a payment to either the buyer or seller of a good or service, usually on a per-unit basis, when a good or service is purchased. c. a payment that must be made to the government whenever a good or service is sold. d. the number of trades that are eliminated from a market when a tax is imposed.
Answer:
Option B A subsidy is a payment made to a firm or individual, made by the government for the purpose of increasing the purchase or supply of a specific good.
Explanation:
The reason is that the government makes the payment to promote its home production and increased purchases of the government desired goods or services. So this benefits the organizations who sell products, employees, farmers, etc. Basically the country don't want its employees getting unemployed because a similar foreign product is cheaper than the home produced porducts which means that to support them, the government waives taxes on the product or sets a standard amount for a unit product that the government will donate to promotes its home product.
Bonita Industries is planning to sell 780000 units for $1.50 per unit. The contribution margin ratio is 20%. If Bonita will break even at this level of sales, what are the fixed costs
Answer:
Fixed Costs.........................234,000
Fixed costs at Break even point will be equal to Contribution value.
Explanation:
Bonita Industries is planning to sell 780,000 units for $1.50 per unit.
The contribution margin ratio is 20%. If Bonita will break even at this level of sales, what are the fixed costs
Sales 780, 000 x 1.50 = 1,170,000
Variable costs @ 80% = 936,000
Contribution @ 20% = 234,000
Fixed Costs.........................234,000
Profit .................................... NIL
Answer:
The fixed costs for Bonita Industries are $234000
Explanation:
Break Even Point is when Bonita Industries neither makes a profit or a loss.
The Break Even Point in Units is Calculated as follows:
B.E.P=Fixed Costs/Contribution per unit
It is already given that Bonita will break even at 780000
The Break Even Point in Revenue terms is Calculated as follows:
B.E.P=Fixed Costs/contribution margin ratio
Break Even Point in Revenue terms is = $ 1170000 ($1.50×780000)
The Missing Figure is now the Fixed Cost which is calculated as
Tip : Make Fixed Costs the Subject of formula
Fixed Cost = Break Even Point in Revenue× contribution margin ratio
=$ 1170000×20%
=$234000
On September 23, Reese Company received a $350 check from Mike Moluf for services to be performed in the future. The bookkeeper for Reese Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper shoulddebit Accounts Receivable $350 and credit Service Revenue $350.
debit Accounts Receivable $350 and credit Unearned Service Revenue $350.
debit Cash $350 and credit Unearned Service Revenue $350.
debit Accounts Receivable $350 and credit Cash $350.
Answer:
debit Accounts Receivable $350 and credit Unearned Service Revenue $350
Explanation:
The bookkeeper incorrectly made the following journal entry:
Dr Cash 350
Cr Accounts receivable 350
The correct entry should have been:
Dr Cash 350
Cr Unearned revenue 350
So the adjusting entry should be:
Dr Accounts receivable 350
Cr Unearned revenue 350
The correct action to rectify the mistake made by Reese Company's bookkeeper is to debit Accounts Receivable and credit Unearned Service Revenue, reflecting the $350 as a liability for services yet to be provided.
Explanation:When Reese Company received a $350 check from Mike Moluf for services to be performed in the future, and incorrectly recorded it as a debit to Cash and a credit to Accounts Receivable, the correct procedure to rectify this error involves acknowledging that the money received is for services that have not yet been provided. Therefore, the correct accounting entry should represent this transaction as a liability (since the service has not yet been performed) rather than as revenue or receivables from sales or services that have already been provided.
The correct action to rectify the mistake is to debit Accounts Receivable for $350 to reverse the incorrect entry, and then credit Unearned Service Revenue for $350. This entry correctly reflects that the $350 is received for services that are to be provided in the future - essentially, this amount is a liability for the company until the service is performed, at which point it can be recognized as revenue.
Making sure all channels work together when a company sells through additional channels beyond the web is: A) brand engagement. B) customer engagement. C) channel integration. D) cyber consistency.
Answer:
The correct answer is c. channel integration.
Explanation:
Producers and intermediaries act together to obtain mutual benefits. Sometimes the channels are organized through agreements; There are others that are organized and controlled on the initiative of a single director that can be an agent, a manufacturer, a wholesaler or a retailer. This director can establish policies for it and coordinate the creation of the marketing mix.
The links of a channel can be combined horizontally and vertically under the administration of a channel leader. The combination can stabilize supplies, reduce costs and increase coordination of channel members.
Vertical integration of the channels: Two or more stages of the channel are combined under one direction. This results in the purchase of the operations of a channel link or the performance of the operations of this link to carry out the functions.
This integration includes the control of all functions from manufacturing to the final consumer.
Horizontal integration of the channels: It consists of combining institutions at the same level of operations under a single administration. An example will be department stores. This integration provides significant savings in advertising specialists, market research, purchases, etc. And it can be carried out by an organization by merging with other organizations or by increasing the number of units
Early in 2015, Mathew is analyzing shares of Janeff Corp. He expects the following dividends per share (end of year). 1. 2015: $1.00 2. 2016: $1.25 3. 2017: $1.50 He expects 2017 earnings per share to be $4.50 and Janeff's P/E ratio to be 20. His required rate of return for this stock is 12%. He should pay no more than:______.a) $66.68 per share. b) $71.17 per share.c) $93.75 per share.d) $76.15 per share.
Answer:
correct option is a) $66.68 per share
Explanation:
given data
1. 2015: $1.00
2. 2016: $1.25
3. 2017: $1.50
earnings per share = $4.50
P/E ratio = 20
required rate of return = 12%
solution
we get here Market Price per share that is express as by P/E Ratio
P/E Ratio = Market Price per share ÷ Earnings per share .............1
put here value and we get
20 = Market Price per share ÷ $4.50
Market Price per share = 20 × $4.50
Market Price per share = $90
and
earn 12% of return
so here discount all the expected dividend and market price to present value
use here an required rate of return as discount factor
present value of all amounts = [tex]\frac{1}{(1+0.12)} +\frac{1.25}{(1+0.12)^2} +\frac{1.50}{(1+0.12)^3} +\frac{90}{(1+0.12)^3}[/tex]
solve it we get
present value of all amounts = 66.7
so maximum amount that is paid to earn 12% return is $66.7
so correct option is a) $66.68 per share
Jim, an employee of CL Inc., is responsible for planning, marketing, budgeting, sales, and profit performance of a specific brand. He has two assistants who helpin planning, implementing, and controlling the marketing program. In this scenario, Jim is an example of a:_________ .1. product manager.2. art director.3. account executive.4. copywriter.5. account director.
Answer: Product Manager.
Explanation:
Jim is the product manager in his company, hence he is in charge of supervising the design, development and marketing of the product of his organization. Jim's duty is to ensure quality products are produced that meet the consumer needs and at the same time the products are profitable for his company.
When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it
a. reduces the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
b. raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
c. raises the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.
d. reduces the quantity of labor supplied and raises the quantity of labor demanded compared to the equilibrium level.
Answer: (B). raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
Explanation: When a minimum-wage law forces the wage to remain above the level that balances supply and demand, it raises the quantity of labor supplied and reduces the quantity of labor demanded compared to the equilibrium level.
hich of these is the definition of client business risk? a. Risks affecting the business operations and potential outcomes of an organization's activities. b. The susceptibility of an assertion about a class of transaction, account balance, or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements, before consideration of any related controls. c. The risk that a misstatement that could occur in an assertion about a class of transaction, account balance, or disclosure and that could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on a timely basis by the entity's internal control.
Answer:
Option A Risks affecting the business operations and potential outcomes of an organization's activities.
Explanation:
The reason is that the business risk are those risks that has potential to increase the cost of the company or decrease the revenue of the organization. So here the misstatement will not increase the cost of the organization and the only risk that increase the cost or decrease the revenues is the poor performance of the organization's activities and operations. So the right option which doesn't talks about misstatements is option A.
Client business risk refers to the risks affecting the operations and potential outcomes of a company's activities, which include various operational, strategic, and financial risks, particularly with decisions like outsourcing.
The definition of client business risk is:
a. Risks affecting the business operations and potential outcomes of an organization's activities.
This encompasses various types of risks that a business might face, including but not limited to operational risks, strategic risks, and financial risks. For example, when a company decides to outsource part of its operations, it is exposing itself to outsourcing risks such as loss of control, loss of innovation, loss of organizational trust, and potentially higher-than-expected transaction costs. Outsourcing can lead to nonquantifiable risks such as damaging the employer-employee relationship and creating confusion among employees about their roles and loyalties. Furthermore, businesses must conduct risk assessments to identify, quantify, and manage risks, considering both internal and external factors, intentional and accidental threats, and natural or man-made disasters.
Betty pledges to donate $1,000 to the Children's Hospital. On the basis of the pledge, the hospital orders additional equipment. Betty reneges on the pledge. The hospital sues Betty. If the court enforces the pledge, it will be
Answer:
under the doctrine of promissory estoppel
Explanation:
Promissory estoppel is a doctrine of the law that prevents somebody that made a promise or a pledge from reneging on their promise. This is enforceable even when there is no contract. The beneficiary can sue for damages incurred if the damages are as a result of the pledge that has been made.
In this instance Betty pledged to donate $1,000 and on the strength of this pledge the Children's hospital orders additional equipment. The hospital has incurred expenses, so Betty reneging on her promise has resulted in damages. The hospital has a right to sue for recovery of damages.
Mathew had purchased 100 shares of Blue Corporation for $100 per share. Currently, the stocks of Blue Corporation are trading at $150. Which of the following is the return on Mathew’s investment on one share?
(A) 65%
(B) 50%
(C) 75%
(D) 80%
(E) 40%
Answer:
(B) 50%
Explanation:
Mathew's personal returns on each share is 50% because he bought the shares for a price of $100, and now the shares are trading at a price of $150.
If he sold the shares, he would gain $50, and $50 is obviously the 50% of he original $100 that he initially invested.
If during 2009, the country of Sildavia recorded a GDP of $65 billion, interest payments of $15 billion, imports of $13 billion, profits of $7 billion, exports of $15 billion, and rent of $7 billion, wages during 2009 in Sildavida were:___________.
Answer:
36 billion
Explanation:
The GDP can be calculated using the income approach in which the output of a country is equal to the total income people receive in that country.
GDP= Compensation of employees + Net interest + Rental income + Corporate profits
From this formula, you can isolate the compensation of employees:
Compensation of employees= GDP-Net interest - Rental income - Corporate profits
Compensation of employees= $65-$15-$7-$7
Compensation of employees= $65-$29
Compensation of employees= $36
The wages during 2009 in Sildavida were: $36 billion.
Mica buys "Nature," a movie, through Open View, an online entertainment vendor. Before completing the purchase and downloading "Nature," Mica is asked to review a warning not to make and sell a copy of it but is not required to click "I agree." This warning is:_______. a. a browse-wrap term. b. a click-on agreement. c. a shrink-wrap agreement. d. none of the choices.
Answer: A browse-wrap term.
Explanation:
A browse-wrap term is an agreement between the owner of a website and the user of that website, where the web user is notified that he/she agrees to the terms of usage of the website (clearly stated on the site) even as they continue browse in the website. A browse-wrap term doesn't require a site user to click an agreement box to accept terms of website usage. Open view is making use of browse-wrap term in their website.
During the acquisition process, the potential buyer must sign a ______________ which is an agreement to keep all conversations and information secret and legally binds the buyer from telling anyone any information the seller shares with him / her.
Answer:
b) nondisclosure statement
Explanation:
Based on the scenario being described within the question it can be said that the individual in this scenario must sign a Non-disclosure agreements. Like mentioned in the statement this is a legal contract that prohibits the signing individual from revealing any confidential information to anyone other than the parties involved with the contract. This contract is legally binding and is used in many situation in which confidential information is involved.
Johanna's grandmother gives her $9,000 to pay for the entire first year's tuition at a state college, a year from now. johanna puts the money into her checking account, but during the next year, inflation is 10% and the tuition of her college increases with inflation. how much additional money must johanna come up with to pay her tuition?
Answer:
$900
Explanation:
Inflation is the general increase in price levels per period. It erodes the purchasing power of a country's currency. An inflation rate of 10% means that the currency's value has decreased by 10%.
In this case, if the school fees went up as inflation, the implication is an increment of school fees by 10 percent.
Johanna will have to increase the fee by 10%
i.e., 10% x 9000
=10/100 x 9000
= $900
Johanna needs to provide an additional $900 to cover the inflation-increased tuition cost at her state college.
Explanation:Johanna's grandmother gave her $9,000 to pay for the entire first year's tuition at a state college. Due to a 10% inflation rate, the tuition also increased by 10%. Calculating the increased tuition due to inflation, we have:
The new tuition cost = Original tuition cost + (Original tuition cost × Inflation rate)
The new tuition cost = $9,000 + ($9,000 × 0.10)
The new tuition cost = $9,000 + $900
The new tuition cost = $9,900
Johanna will need to come up with an additional $900 to cover the tuition increase due to inflation.
Management at Gordon Electronics is considering adopting a bonus system to increase production. One suggestion is to pay a bonus on the highest 5% of production based on past experience. Past records indicate weekly production follows the normal distribution. The mean of this distribution is 4,000 units per week and the standard deviation is 60 units per week. If the bonus is paid on the upper 5% of production, the bonus will be paid on how many units or more?
Answer:
4,099 units or moreExplanation:
The cumulative distribution of a random variable X that follows a normal distribution is given by the area undear the "bell curve" and the values are given by the corresponding table for the standard normal distribution.
The standardized value of the variable X is called Z and is calculated with the formula:
[tex]Z=\dfrac{X-\mu}{\sigma}[/tex]
Where:
[tex]\mu=mean=4,000[/tex]
[tex]\sigma=standard\text{ }deviation=60[/tex]
You read the Z-value for which the probability is greater than or equal to 5% in the table for the values of the area to the right of Z. Using probability = area under the curve ≥ 5%, the Z-value is 1.645 (interpolating between p = 0.0495, Z = 1.64 and p = 0.0505, Z = 1.65).
Substituting in the formula for Z:
1.645 = (X - 4,000) / 60X= 60 × 1.645 + 4,000 = 4,098.7 ≈ 4,099Hence, the bonus will be paid on 4,099 units or more.
Which statement is "true" of the sociotechnical approach to work design? A. It is decreasing in popularity. B. It is generally associated with self-managed work groups.C. It is more concerned with outputs and productivity than worker satisfaction.D. It is unrelated to open systems concepts.
It is generally associated with self-managed work groups
Explanation:A developmental approach that is being used in the organisation that has a complex design in work refers to the socio technical approach. This approach deals with the interactions that takes place between the technology and the employees of an organisation. It relates the human behavior and the technology that exists in the workplace of an organisation.
This type of approach is very essential for the organisation that has a complex infrastructures and also the complex design of work. This type of approach is associated with a work group in an organisation that is self managed in nature. Self managed groups will not have any boss and they will manage themselves to achieve common goals.
Morgan Enterprises’ is doing inventory. In the inventory process, Morgan inadvertently miscategorized a $14,000 shipment of FOB shipping point goods in transit to a customer as FOB destination. How will this miscategorization impact Morgan’s total inventory?
Answer: This miscategorization will impact Morgan's total inventory by making the inventory be $14,000 too high.
Explanation:
The goods that are in transit to the customers FOB shipping point are going to be part the inventory of the customer. This is not the inventory of the company that is selling the goods.
If they are listing the goods with the FOB destination this can then make the goods a part of the sellers inventory. This would result in the inventory being higher than it should be.
Morgan Enterprises' miscategorization of a $14,000 shipment from FOB shipping point to FOB destination means they didn't include something they should have in their inventory, leading to their total inventory being understated by $14,000.
Explanation:In the context of inventory management, FOB shipping point means that the buyer takes ownership of the goods as soon as they leave the seller's premises. In contrast, FOB destination implies that the seller retains ownership until the goods reach the buyer's location.
Therefore, the $14,000 shipment should have been included in Morgan Enterprises' inventory as it was FOB shipping point. By wrongly classifying it as FOB destination, this means that Morgan Enterprises didn't count something they should have. So in this case, Morgan's total inventory would be understated by $14,000.
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A critical assumption in the classical model is that A. markets are perfectly competitive in the short run B. markets clear in the long run C. markets clear in the short run D. markets are perfectly competitive in the long run E. all variables are expressed in nominal terms
Answer:
Letter B is correct. Markets clear in the long run.
Explanation:
The correct alternative is the letter B, since a market clearing price can be defined as the equilibrium price, which is characterized by the price of a good or service whose quantity offered is the same quantity demanded.
Therefore, when there is a situation in which the sale price is higher than the market clearing price, the supply will be greater than the demand, which will create a stock of surpluses that will accumulate in the long run.
Answer:
B) markets clear in the long run
Explanation:
Market clearing is a great economic concept, like most classical economics concepts, but the bad thing is that they are all theoretical only. That is why market clearing only happens in the long run, because the long run is an indefinite term used to describe forever and ever until the end of days.
Allegedly, when the markets finally reach a clearing point, there is no excess supply or demand. It is the point where the market finally reaches its equilibrium and there are no excess production resulting in wastes and no excess demand resulting in unsatisfied needs. Clearly this is a hypothetical situation that will never happen.
In order for market clearing to happen, you need certain conditions to be present:
every single buyer and every single supplier must possess perfect information about the market, i.e. every buyer should know the selling price of every supplier and every supplier must know the maximum price at which a customer is willing to purchase the goods they sell. every buyer and every supplier must be able to reach one another without extra costs, but just moving from your house to a supermarket costs money.there is no government intervention, which means no taxes. This is really impossible to happen.Even in the markets that are considered to reach an almost perfect competition state, like commodities (oil, agricultural products), wastes exist and extra costs exist, taxes exist and finally there are unsatisfied consumers and production wastes. That is why their price changes every day, because it must be adjusted to external factors besides supply and demand.
___________ is an important example of an upper-middle income economy because it manages to export a wide array of goods including tobacco and citizens have a higher standard of living than lower-income economies while still dealing with serious human rights issues such as hazardous child labor practices.
Answer:
Kazakhstan
Explanation:
Kazakhstan is a country which comes under the upper-middle economy in the world. Their living standard is beyond any other neighbouring countries because it has managed to export a wide array of goods including tobacco. Over the years, Kazakhstan has suffered major human rights issues, but still managed to grow its economy at a reasonable rate.
Suppose the price of pepper increases by 20percent and, as aresult, the quantity of salt demanded (holding the price of salt constant) decreases by 2 percent
The cross-price elasticity of demand between pepper and salt is _____ (Enter your response rounded to two decimal places and include a minus sign if appropriate.)
In this example, pepper and salt are _____
Instead, suppose pepper and salt were substitutes.
If so, then the cross-price elasticity of demand between prepper and salt would be:_____.
1. Less than 1 but greater than 0
2. Negative
3. Greater than 1
4. Positive
5. Zero
Answer:
1) -0.1
2) They will be complement as the increase in price decrease the demand of the other good thus, they sharethe market mutually not agsint each other (substitute good)
3) When positive, the goods are substitutes the consumers moves from one market into another (from salt to pepper or viceversa) when the price rises in one of them
Explanation:
the cross-price elasticity of demand will determinate how the effect of a complement or substitute prices impact on another good.
variation in quantity / variation in price = cross-price elasticity
-0.02 / 0.20 = -0.1
Answer:
1. -0.1 %
2. complements
3. positive
Explanation:
The cross elasticity of demand refers to the concept of responsiveness in the quantity demanded of one item when the price for another item changes.
1.
Cross-price elasticity of demand = %change in quantity demanded / %change in price
Cross-price elasticity of demand = -2/ 20 = -1/10 = -0.1 %
The negative sign indicates that the two items are complements.
2.
In this example, pepper and salt are complements which means when the price of salt increases than there will be a decrease in the demand of pepper.
3.
if pepper and salt were substitutes then cross-price elasticity of demand between pepper and salt would be positive since when two goods are substitutes then an increase in the price of salt, causes an increase in the demand of pepper.
Bonus:
Whenever an increase in the price of an item results in a decreased demand of another item than the cross-price elasticity of demand will always be negative.
Whenever an increase in the price of an item results in a constant demand of another item than the cross-price elasticity of demand will be zero and the two items are said to be independent.
Even though __________ finance(s) the majority of Medicaid, __________ is (are) given significant discretion in running the program. Group of answer choices a. states, the US Department of Health and Human Services b. states, the government c. the government, the US Department of Health and Human Services d. Noe of the above
Answer:
The correct option is D
Explanation:
Even though THE GOVERNMENT finances the majority of Medicaid, STATES is(are) given significant discretion in running the program.
Medicaid in the United States is a federal and state program that helps with medical costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, including nursing home care and personal care services.
Answer:
The correct option is "D." Which is none of the above.
Even though States and Federal Government finance the majority of Medicaid, the states are given significant discretion in running the program.
The federal government matches state spending on Medicaid and states are responsible for designing and administering the program.
Explanation:
The Medicaid is a US joint federal-state program that provides health coverage or nursing home coverage to certain categories of low income earners. It is jointly sponsored by both the states and the federal government at par. It is majorly operated at the state levels with the coverage and administration of the program varying significantly from state to state. It is available only to individuals and families who meet specific criteria based on their level of income. This lofty health Insurance program is only available to U.S. citizens, permanent residents, or legal immigrants. Approximately, one in five Americans are covered by Medicaid.
The Basic Eligibility of the Health Insurance Program:
Medicaid coverage is broken down into four groups: adults under 65 years of age, seniors aged 65 years or older, children, and people with disabilities. Children account for the largest group, at 40% of enrollees, but at a smaller cost. People with disabilities account for 15% of enrollees with about 40% of total costs.
The Krug Company collected $9,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1.
Unearned rent revenue:
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3. Record the December 31 adjusting entry to get from step 1 to step 2.
The question is about adjusting entries in accounting, specifically for unearned revenue. The current account balance for the unearned rent revenue needs to be reduced by the proportion of rent that has now been earned. The adjusting entry for this on December 31 would debit Unearned Rent Revenue and credit Rent Revenue for $1500.
Explanation:The subject of this question falls under the area of Accounting, specifically related to adjusting entries and Unearned Revenue.
The current account balance equals $9000 as of November 1 since this was the amount of rent collected in advance.
The amount recorded as Unearned Rent Revenue needs to be reduced by the portion of the rent that has been earned. Since we are making an adjusting entry on December 31, which is 2 months from the starting date (Nov 1), 2/12 of the total rent collected will have been earned. 2/12 * $9000 = $1500. Hence, the account balance for unearned rent revenue needs to be $9000 - $1500 = $7500.
To record the adjusting entry, you would debit Unearned Rent Revenue for $1500 and credit Rent Revenue for $1500. This is because $1500 of the original unearned revenue has now been earned since the tenant has occupied the premises for 2 months.
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Doug is the vice president of product development for a corporation that makes flavored honey. Doug proposes to the board that they approve three new products: chili-flavored honey, seaweed-flavored honey, and black-licorice honey. Doug and his team have market tested the flavors, and they received positive reviews from focus groups. The board approves the flavors, which then fail miserably and cost the company thousands of dollars. If some shareholders sue the board for its decision to market the flavors, the board ___________.
Answer:
most likely will not be held responsible because of the business judgment rule.
Explanation:
A business judgement rule is a legal provision that protects the board of a company from frivolous legal actions as flregards its business decisions.
Boards of companies are assumed to act in good faith, within their fiduciary standards of loyalty, prudence and care that the board owes to shareholders.
It will have to be proven that the board blatantly violated a code of conduct, otherwise the court will review or question it's decisions.
Answer:
will not be held responsible for the loss.
Explanation:
The business judgement rule is a doctrine that affects corporation's management and other agents. This doctrine is based on the idea that all business decisions yield unknown results, even the safest investments or safest projects can go wrong. Only the US government has never defaulted on a loan (US securities) but every other nation or organization has at one point in time defaulted or delayed a payment.
Investors that buy stocks from a corporation know about the risks of running a business, if they do not like to take risks, US securities are always available. As long as management (including the board) acts on good faith, within the normal scope of business, they cannot be held liable for any bad investment carried out.
If this doctrine didn't exist, no one would be able to manage a company, since no one would dare to make any decisions at all. When you calculate the price of stock or the cost of capital, you must add the risk free rate (US securities) + the risk premium.
Bill and Stacy enter into a contract that falls within the provisions of the UETA. Under the UETA, "information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form" is
Answer:
a record.
Explanation:
Uniform Electronic Transactions Act (UETA) is an act in the United States that was proposed by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and was created in order to make consistent the laws surrounding the retention of paper records as well as the validity of electronic signatures. Under this act the "information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form" is known as a record.
Information stored or inscribed in a perceivable form under the UETA refers to electronic records, which are important in digital transactions and legally equivalent to physical documents or signatures.
Under the provisions of the Uniform Electronic Transactions Act (UETA), "information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form" refers to electronic records. These records include text, graphics, data, and audio that are created, modified, maintained, archived, retrieved, or distributed by a computer system. The importance of electronic records and electronic signatures in today's digital environment is paramount, as they are routinely considered the equivalent to their physical counterparts like a hand-written signature or printed document. However, these electronic records and the medium on which they may be stored can contain defects such as incomplete, inaccurate or corrupt data, transcription errors, or computer viruses.
Match the definitions with the terms that most closely align with the description. 1. The cost of producing one more unit of a good or service:_____________ 2. The situation where an additional unit of a good or service costs the same as each of the former units:_____________.3. The benefit experienced from undertaking one more unit of an activity:_____________. 4. A situation where the expense of producing one more unit of a good or service is greater than that of producing the previous unit:__________. 5. The amount that, when produced or consumed, results in the greatest possible net gain:_________.6. The situation that occurs when the gain from an additional unit of a good or service is less than that gained from producing the previous unit:____________.a. decreasing marginal benefit b. increasing marginal cost c. marginal cost d. marginal benefit constant e. marginal cost f. optimal quantity
Answer:
1. Marginal Cost
2. Constant Marginal Cost
3. Marginal Benefit
4. Increasing Marginal Cost
5. Optimal Quantity
6. Decreasing Marginal Benefit
Explanation:
Note: In the given question, an option has been wrongly mentioned as "Marginal benefit constant." It should be read as "Marginal cost constant". This solution has been provided based upon the said assumption.
Marginal Cost refers to additional cost incurred when an additional unit is produced.
Constant marginal cost refers to a situation wherein the cost incurred for producing successive units remains the same.
Marginal Benefit refers to the the extra utility derived upon consumption of an extra unit of a product.
Increasing Marginal Cost refers to a situation wherein the extra cost incurred follows an increasing trend as successive units are produced.
Optimal Quantity is defined as the quantity whose production or consumption maximizes the gain whether in the form of utility or in monetary terms.
Decreasing Marginal benefit refers to the situation wherein extra utility derived from successive consumption of units falls.
Final answer:
Terms related to economics, such as marginal cost, marginal benefit, and optimal quantity, are matched with their corresponding definitions in a clear and concise manner.
Explanation:
Let's match the definitions with their corresponding terms from the field of economics:
The cost of producing one more unit of a good or service: c. marginal cost
The situation where an additional unit of a good or service costs the same as each of the former units: d. marginal cost constant
The benefit experienced from undertaking one more unit of an activity: d. marginal benefit
A situation where the expense of producing one more unit of a good or service is greater than that of producing the previous unit: b. increasing marginal cost
The amount that, when produced or consumed, results in the greatest possible net gain: f. optimal quantity
The situation that occurs when the gain from an additional unit of a good or service is less than that gained from producing the previous unit: a. decreasing marginal benefit