In his research, George Murdock determined that "though cultures appear to outwardly share many common denominators, the only true cultural universal is trade".
Option: A
Explanation:
Cultural universal is a reality, adaptations to fulfill basic necessities, such as the need for meal, house and clothing. George Murdock, a Polish-born anthropologist, assembled a list of cultural universals involving as below:
physical activitieseatingdancingtravellingpersonal namesmarriagenursingreligious ritesfuneral ritualssexual constraintstradeG. P. Murdock is known for his analytical approach to ethnological research and his analysis of the systems of family and shared experience through cultures.
A variety of shared needs and challenges are present in all cultures, according to George Murdock. Despite this, the ways these cultures approach these issues can significantly differ. For example, all societies need to feed their population, but the food they eat and how they prepare it varies extensively.
Explanation:George Murdock, the noted anthropologist, did extensive research on culture. His findings support option C: although all cultures share common denominators, how cultures address these practices and beliefs varies greatly. This statement essentially means that while all human societies have similar challenges and needs, the ways they solve and respond to these concerns differ widely. For example, every society needs to feed its members, but the specific food they consume and how they prepare these foods will vary drastically, reflecting their unique practices and beliefs.
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A term used to describe the effect of $1 in cost savings increasing pretax profits by $1 and a $1 increase in sales increasing pretax profits only by $1 multiplied by the pretax profit margin.
Answer:
Profit leverage effect
Explanation:
The profit leverage effect explains why a 1% decrease in costs increases pretax profit more than a 1% increase in sales revenue.
An increase in sales revenue is always associated with an increase in costs, so the net change in pretax profit is = additional sales revenue - additional costs.
While a decrease in costs will increase pretax profit in the same proportion.
Keith Monroe nails hundreds of pieces of culled lumber in the blazing July sun to form a parquet deck for his barn roof. He and his assistant are clearly in: The termination stage of the project life cycle. The planning stage of the project life cycle. The execution stage of the project life cycle. Way over their heads.
Answer:
The correct answer is C
Explanation:
Execution phase of the project is generally the longest phase in the life cycle of project management and also consumes the energy as well as resources. These process help in managing the issues, time, cost, change and quality.
The execution phase is the phase which has long time duration and it develop or create the team of project for the product or service and then present the final or finished product to the customer.
Therefore, in this case, is the execution stage the person is assisting.
Sea & Surf Corporation makes sailboards, which are bought and distributed by Tropical Marketing Company to UV Sports Stores, Inc., which sells them to consumers. Wen is injured while using a Sea & Surf board that he bought from UV Sports. In a product liability suit based on strict liability, Wen may recover from:_______.1. Sea & Surf only2. Sea & Surf tropical Maketing or UV sports3. UV Sports only4. None of the above
Answer: (2). Sea and Surf, Tropical Marketing, or UV Sports
Explanation: Sea & Surf Corporation makes sailboards, which are bought and distributed by Tropical Marketing Company to UV Sports Stores, Inc., which sells them to consumers. Wen is injured while using a Sea & Surf board that he bought from UV Sports. In a product liability suit based on strict liability, Wen may recover from Sea and Surf, Tropical Marketing, or UV Sports.
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.Statement Consumer Producer Neither Surplus Surplus I sold a used laptop for $149, even though I was willing to go as low as $140 in order to sell it.I sold a watch for $59 on eBay last week. This week, someone offered me $145 for it. Even though I was willing to pay up to $46 for a jersey sweater, I bought a jersey sweater for only $39.
Answer: Statement 1 ( Laptop) = Producer surplus
Statement 2 ( watch ) = Neither
Statement 3 ( jersey sweater) = Consumer surplus
Explanation:
Hi, Consumer surplus happens when the price that consumers pay for a product or service is less than the price they're willing to pay.
Even though I was willing to pay up to $46 for a jersey sweater, I bought a jersey sweater for only $39. Consumer surplusProducer surplus is measured as the difference between what producers are willing and able to supply a good for and the price they actually receive
I sold a used laptop for $149, even though I was willing to go as low as $140 .Producer surplusI sold a watch for $59 on eBay last week. This week, someone offered me $145 for it. neitherFeel free to ask for more if needed or if you did not understand something.
Which strategy is most likely to reduce and prevent violence in our society?
stop-and-frisk policing
three-strikes-and-you’re-out laws
school anti-bullying awareness efforts
reducing nighttime curfews
Answer:
stop and frisk policing
School anti-bullying awareness efforts are most likely to reduce and prevent violence in our society. The correct option is C.
Addressing interpersonal issues, encouraging empathy, and building a safer environment in schools are the main goals of school anti-bullying awareness campaigns.
These initiatives try to prevent violence at an early level by addressing underlying issues that can result in aggressive behaviors later in life by raising awareness about the harmful consequences of bullying and teaching conflict resolution techniques. This strategy puts an emphasis on treating the underlying causes of violence and encouraging constructive behavior change.
Thus, the ideal selection is option C.
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Emeremen Corp., an automobile manufacturer in Mallowdeer, plans to enter a foreign market. It wants to establish its new office in Ostview. Which of the following is a qualitative factor that should be considered by Emeremen Corp. while choosing a new office location?A) Company strategyB) Tariff and nontariff barriersC) Transportation costsD) Exchange rates
Answer:A) Company strategy
Explanation:
Company strategy is the process through a company applies different effective and efficient approach to handle and carry out Its activities or business. A company Strategy determines the success and efficiency of the company.
The Strategy of a company helps the company to take decisions regarding which markets to penetrate,the locations of it's business, which marketing approach to adopt,which kind of Accounting system to adopt etc all these are geared towards the overall growth an development of the company.
What is the technical term for a 10 percent decline from a recent high in the u.S. Stock market?
Answer:
correction
Explanation:
In financial terms, a correction (or market correction) happens when a security loses at least 10% of its price considering its most recent peak. The prices of stocks, bonds, etc., change every day, that is why a correction may take days, weeks or even months before the price of the security starts to recover. It is normal that corrections happen, and if a person has made a long term investment, he/she shouldn't worry about them because the price will eventually recover completely and surpass that peak in the future. Corrections are dangerous for those who speculate with short term investments.
Jack is giving a speech about recycling. In his first main point, he plans to talk about how much garbage is produced in the United States each year and why we should be concerned about our overflowing landfills. In this second main point, he plans to talk about how we can increase recycling to reduce the amount of waste created. Which pattern of organization Jack is using?
Answer:
problem-solution pattern
Explanation:
Based on the scenario being described it can be said that the pattern of organization that Jack is using is known as problem-solution pattern. This pattern focuses on splitting the information into two sections, one of which focuses on the problem and the other on the solution. Which is exactly what Jack has done by dividing the speech into two points which talk about either the problem or the solution.
New oak tables are normal goods. What would happen to the equilibrium price and quantity in the market for oak tables if the price of maple tables rises, the price of oak wood rises, more buyers enter the market for oak tables, and the price of the glue used in the production of the new oak tables increased?
Answer:
Price will RISE, and the effect on quantity is ambiguous.
Explanation:
Based on the scenario being described within the question it can be said that this would most likely cause prices to rise, while the effect on quantity is ambigious, meaning that it depends on many different factors and point of views. Mainly prices will rise due to all the material costs needed in the production of oak tables rising.
Factors such as a rise in maple table prices, more buyers, increased costs of oak wood, and glue can affect the equilibrium price and quantity of oak tables, with the market eventually reaching a new equilibrium based on supply and demand dynamics.
When analyzing the impact of various factors on the equilibrium price and quantity in the market for oak tables, we consider both demand and supply side changes. The price of maple tables rising can increase the demand for oak tables since they are substitutes, leading to a rise in the equilibrium price and quantity of oak tables.
However, the increase in the price of oak wood and the glue used in production are supply side issues, and they would decrease supply, pushing the equilibrium price up and quantity down. The entrance of more buyers into the market for oak tables signifies an increase in demand, which again would push the equilibrium price and quantity up. Ultimately, the market will achieve a new equilibrium where the quantity demanded and quantity supplied are equal, but the exact effect on equilibrium price and quantity will depend on the relative magnitudes of these changes.
When the carrying cost of inventory is expressed as a percentage: A. it is usually the same as the borrowing cost of the organization. B. it must exclude the insurance cost of inventory. C. it usually exceeds 57.5 percent per year. D. the lower it is, the lower the economic order quantity. E. it is multiplied by the material unit cost to calculate the per unit carrying cost.
Answer:
Option E It is multiplied by the material unit cost to calculate the per unit carrying cost.
Explanation:
The reason is that the carrying cost which is also known as holding cost is the cost of holding a unit material for a year and this can be calculated as:
Holding Cost is also given in percentage of material price and is calculate by multiplying it with the material unit cost to calculate the holding cost per unit per year.
So the option E is correct.
You and spouse are filing a joint return. Your current deductions have reduced your taxable income to $88,990, bringing you into the 25 percent tax bracket. The first dollars you earned will be taxed at the ________ tax bracket.
Answer: Deductions
Explanation:
Answer:
10%
Explanation:
The current tax brackets (2019 taxes due April 2020) for married filing together are:
Tax rate Married filing jointly
10% $0 – $19,400
12% $19,401 – $78,950
22% $78,951 – $168,400
24% $168,401 – $321,450
It doesn't matter if your income is $500 million, $100,000 or $20,000, the first dollars that you earn always fall into the first bracket (10%). Tax brackets are progressive, this means that they increase as your income increases, but everyone starts in the first one.
At the beginning of the year, Victoria's "tax basis" capital account balance in the VIP Partnership was $90,000. During the tax year, Victoria contributed property with a basis of $30,000 and a fair market value of $70,000. Her share of the partnership's loss was $12,000. At the end of the year, the partnership distributed $15,000 of cash to Victoria. Also, the partnership allocated $20,000 of recourse debt and $35,000 of nonrecourse debt to Victoria. What is Victoria's ending capital account balance determined using the "tax basis" method?
Answer:
Victoria's ending capital a/c = $93,000
Explanation:
Given:
Opening account balance = $90,000
Victoria contribution = $30,000
Share in loss = $12,000
Distribution at end = $15,000
Computation of Victoria's ending capital a/c .
Victoria's ending capital a/c = Opening account balance + Victoria contribution - Share in loss - Distribution at end
= $90,000 + $30,000 - $12,000 - $15,000
= $93000
NOTE : Liabilities does not added in the Victoria's capital account.
City Gas is a natural monopoly that supplies natural gas to a particular city. Its cost and demand information are given below. The marginal cost of going from a production of 4 million therms to a production of 5 million therms is:________.a. $20 MILLIONb. $25 MILLIONc. $10 MILLIONd. $35 MILLION
Answer:
The correct answer is A
Explanation:
Marginal cost is defined as the change in the aggregate cost which arises when the quantity produced or manufactured is incremented or increase through single unit.
In short, it is stated as the cost of producing the one more unit of the product or the good.
The marginal cost will be computed as:
= Earlier therms × Increase in therms
= $4 million × $5 million
= $20 million
Therefore, the marginal cost of the therms is $20 million
Consider three imaginary countries. In Aziria, in Tanistan, saving amounts to $4,500 and consumption amounts to $10.500. The saving rate is saving amounts to $3,000 and consumption amounts to $7,000 in Graniva, saving amounts to $2,000 and consumption amounts to $8,000:________. a. higher in Tanistan than in Graniva, and it is the same in Graniva and Aziria.b. higher in Graniva than in Tanistan, and it is higher in Tanistan than in Aziria. c higher in Aziria than in Tanistan, and it is higher in Tanistan than in Graniva. d. higher in Aziria than in Graniva, and it is the same in Aziria and Tanistan.
Answer:
D. The Savings rate is higher in Aziria than in Graniva, and it is the same in Aziria and Tanistan.
Explanation:
Consider three imaginary countries.
In Aziria, saving amounts to $4,500 and consumption amounts to $10.500.
in Tanistan, the saving rate is saving amounts to $3,000 and consumption amounts to $7,000
in Graniva, saving amounts to $2,000 and consumption amounts to $8,000:
The savings rate in Aziria is = 4500/10500 = 43% of Consumption
The savings rate in Tanistan is = 3000/7000 = 43% of Consumption
The savings rate in Graniva is = 2000/8000 = 25% of Consumption
Hence, The Savings rate is higher in Aziria than in Graniva, and it is the same in Aziria and Tanistan.
Final answer:
To determine the saving rates of Aziria, Tanistan, and Graniva, we use the values of saving and consumption to find the proportion of income saved. Aziria's saving rate is higher than Tanistan's, and Tanistan's saving rate is higher than Graniva's, making option (c) the correct answer.
Explanation:
To determine which country has the higher saving rate, we need to consider the amounts of saving and consumption. The saving rate can be calculated as the proportion of income that is saved rather than consumed. For Aziria, saving is $4,500 and consumption is $10,500. Tanistan has savings of $3,000 and consumption of $7,000. Finally, Graniva saves $2,000 while consuming $8,000.
The saving rate for each country would be calculated by dividing savings by the sum of savings and consumption, which represents total income. Therefore, the saving rate for Aziria is $4,500 divided by ($4,500 + $10,500), Tanistan is $3,000 divided by ($3,000 + $7,000), and Graniva is $2,000 divided by ($2,000 + $8,000).
After calculating these, we can determine that the correct answer is option (c): higher in Aziria than in Tanistan, and it is higher in Tanistan than in Graniva.
A corporation has issued 10% convertible debentures, convertible into 40 shares of common stock. The current market price of the common stock is $25.25. If the bonds are trading at 5 points above parity, they are priced at:
Answer:
$1,060.5
Explanation:
A corporation has issued 10% convertible debentures, convertible into 40 shares of common stock. The current market price of the common stock is $25.25. If the bonds are trading at 5 points above parity, they are priced at:
Parity price refers to the concept of comparing two assets equal in value
The bond is convertible into 40 shares of common stock. The parity price is bond market value / 40 shares.
Parity = Equal value, hence one bond value = one share value x 40 shares
Bond value 25.25 x 40 = $1,010
Therefore 5 points above parity = 1.05 x 1,010 = $1,060.5
Answer: 106
Explanation:
Here, we are looking at the price it becomes profitable for investors to convert their bonds into common stock.
Using Parity pricing, which allows us to make comparison between stock of equal value,
Current market price of common stock =$25. 25
Stock is convertible in 40 shares of stock, Therefore,
Parity price of bond = current price * number of shares
Parity price = 25.25 * 40 = $1010
Trading point = 5
1 point equivalent to $10
5 points = $50
This sums up to;
$1,010 + $50 = $1,060
Therefore, price per bond = 106
To deliver high customer value, a company must monitor and improve its _____-the entire range of activities involved in delivering value to its customers.
On January 2, 1986, Beal, Inc. acquired a $70,000 whole-life insurance policy on its president. The annual premium is $2,000. The company is the owner and beneficiary. Beal chairqed officer's life insurance expense as follows: 1986 $2,000 1987 1,8001988 1,500 1989 1,100----------------------------------------- Total $6,400 In Beal's December 31, 1989 balance sheet, the investment in cash surrender value should be:____________.a. $0b. $1,600c. $6,400 d. $8,000
Answer:
B) $1,600
Explanation:
The ending cash surrender = total premiums paid - total amount charged to insurance expense = ($2,000 x 4 years) - ($2,000 + $1,800 + $1,500 + $1,100) = $8,000 - $6,400 = $1,600
In this case, a larger portion of the premiums paid are allocated to investments related to the life insurance.
What does a company specifically exhibit when it relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective?
Answer:
strategic intent
Explanation:
In management, strategic intent refers to where the company wants to be and what strategic objectives it wants to accomplish. The strategic intent of a company basically shows the company's aspirations and desires for the future. E.g. the company's strategic intent is to become the largest supplier of stainless steel in the world.
If a company really tries to follow its strategic intent, it will focus all of its resources into achieving its strategic objectives.
To help cosmetic company RedRain Inc. launch a new line of lipstick, tickets that can be redeemed for prizes are enclosed in some of the lipstick packages. This activity is best classified as
Answer:
Sales Promotions
Explanation:
The reason is that the company is trying to attract its customers by providing tickets that has ability to win prices and these prices are the motivating factors for the consumer to buy these products. Other tactics also include seasanol sales discounts to sell the remainder of the stock and "Buy One and Get one Free".
Including tickets for prizes in lipstick packages by RedRain Inc. is a sales promotion, used as a promotional strategy to boost product sales and attract customers.
The activity described in the question where RedRain Inc. includes tickets that can be redeemed for prizes in some of their lipstick packages is best classified as a sales promotion. Sales promotions are targeted efforts to increase product awareness and sales, often through short-term incentives such as coupons, discounts, or, as in this case, prize tickets. This type of promotional strategy is used to entice potential customers to try a new product, in this case, a line of lipstick, by adding extra value to the purchase.
At the start of the month, Oak Inc. had 58,000 units of beginning work in process that were 65% complete. Over the course of the month, the firm completed and transferred out 208,900 units, and at the end of the month, it had 59,400 units in ending work in process that were 70% complete. In comparison, Maple Inc. began the month with 61,200 units of beginning work in process that were 60% complete. Over the course of the month, the firm completed and transferred out 210,500 units, and at the end of the month, it had 52,400 units in ending work in process that were 90% complete. Both firms add 40% of materials at the beginning of the process and the remaining 60% when the units are 70% complete. Both firms also add 25% of conversion costs at the beginning of the process and the remaining 75% when the units are 90% complete. According to these figures, Oak has ________ equivalent units of production for materials and ________ equivalent units of production for conversion costs than Maple.
a. more ; fewer
b. fewer; fewer
c. fewer; more
d. more; more
can someone explain this question for me?
According to these figures, Oak has more equivalent units of production for materials and fewer equivalent units of production for conversion costs than Maple.
Explanation:
The equivalent production unit is an indication of a manufacturer's work on the produced units, which are partially finished at the close of the accounting period. In addition the completely loaded units and the partially filled units are entirely fitted out.
The number of partially completed units x percentage of completion = equivalent units of production.
Oak : 58,000 x 65% = 37,700
Oak Equivalent units of production = 37,700
Maple: 61,200 x 60% = 36,600
Maple Equivalent units of production = 36,600
So, Oak has more equivalent units of production for materials and fewer equivalent units of production for conversion costs than Maple.
Based on scientific theory of social influence, researchers tested the prediction that a threat to self-esteem increases conformity to peer pressure. The prediction that was tested best illustrates :_______________.
Answer:
a hypothesis
Explanation:
Scientifically speaking, a hypothesis is a proposed idea that must be tested through scientific study and experimentation in order for it to be considered a valid theory. Only if the study can prove that it is correct, it will then become a theory.
For normal non scientific people, like myself, a hypothesis is just an explanation to something that we do not know, but it represents our best educated guess.
John, a product manager, ensures that his team has regular meetings and no team member is absent during the meetings. He also ensures that all the members of his team work together in all the projects the company receives. John has modified the workplace accordingly to facilitate teamwork. In this scenario, John is attempting to increase his team's ___________.
Answer:cohesiveness
Explanation:Cohesion can be more specifically defined as the tendency for a group to be in unity while working towards a goal or to satisfy the emotional needs of its members. This definition includes important aspects of cohesiveness, including its multidimensionality, dynamic nature, instrumental basis, and emotional dimension.
Group cohesiveness arises when bonds link members of a social group to one another and to the group as a whole.
Which of the following is an illegal marketing practice? A. Premium pricing B. Loss-leader pricing C. Bait-and-switch D. Vertical price fixing E. Prestige pricing
Bait-and-switch is an illegal marketing practice
Explanation:
The bait and switch is a tactic in advertising that can be considered illegal, but in most cases it is known as pure deceptive.
A company may advertise extremely low prices or promotions in a traditional bait and switch to draw attention and inspire consumers to ask. Upon arrival of unsuspecting customers, the seller or business owner must tell customers that the advertised price is no longer available, or that customers do not meet the criteria to qualify for the advertised price. The retailer or owner may then seek to market a product or service to the consumers which is more costly as a replacement for the advertised product or service.
Kyle works for National Sporting Goods, where he manages critical data elements, such as identifying and acquiring new data sources, creating consistent reference data, and analyzing data for quality. Kyle is a _______.a. data stewardb. database administratorc. data managerd. data administrator
Answer: data steward
Explanation: A data steward is a job role in an organization that is responsible for utilizing an organization's data governance processes to ensure fitness of data elements. Kyle is considered a data steward because Kyle works for National Sporting Goods, where he manages critical data elements, such as identifying and acquiring new data sources, creating consistent reference data, and analyzing data for quality.
Chyle is delivered to the blood via the lymphatic system. True or False
Answer:
True
Explanation:
^^^^^^^^^^^^^^^
Chyle is delivered to the blood via the lymphatic system.
Explanation:The statement "Chyle is delivered to the blood via the lymphatic system" is True.
Chyle is a milky fluid that is formed in the small intestine when dietary triglycerides combine with other lipids and proteins. This chyle then enters the lymphatic system through lymphatic capillaries called lacteals. Eventually, the chyle is delivered to the blood when it enters the bloodstream through the lymphatic vessels.
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Marketing activities are a. used by all sizes of organizations including for-profit, nonprofit, and government agencies. b. used by small businesses and small nonprofit organizations the most. c. used by all types and sizes of businesses but are not used by nonprofit organizations. d. implemented only to increase profits for the organization and to expand the scope of its customer base. e. limited to use by larger for-profit and nonprofit organizations.
Option A
Marketing activities are used by all sizes of organizations including for-profit, nonprofit, and government agencies.
Explanation:Marketing activities are all actions driven by a company to accomplish its marketing goals. Marketing assigns to activities a firm moves to improve the purchasing or sale of a product or service. Marketing involves promoting, marketing, and distributing products to customers.
Marketing activities are practiced by all capacities of groups including for-profit, nonprofit, and government bureaus. Marketing is how nonprofits consolidate a variety of strategies that work concurrently to generate awareness, creating a positive perception by interacting efficiently with a targeted audience.
Comparing how many dollars it takes you to run your car each year to annual earnings on a job insteadof keeping track of costs in terms of gallons of gasoline and quarts of oil represents the use of money as:_______. a. means of payment.b. unit of account.c. store of purchasing power.d. form of plastic money.
Answer:
b. Unit of account
Explanation:
One of the most important characteristics of money is that it serves as a unit of account. Money as a unit of account is something that can be used to value goods and services, record debts, and make calculations that is it is a measurement for value. it has three important characteristics which are:
1) Divisibility: it can be divided so that its component part is equal to its original value.
2) Fungible: one of the unit is the same as any other part of the unit with no change in value.
3) Countable: it can be counted and subjected to mathematical operations.
A sales training firm wants feedback on the quality of its classes and training services. The firm planned to send mail surveys to CEOs of its client companies to get the needed information. However, one executive objected to the survey plan, saying, "CEOs don't attend our classes. How will they know if the classes are any good?" Another executive added, "If the survey isn't relevant to the CEOs, it will be thrown away and we'll get no data." It appears that the research design presents problems with:A. response rate.
B. relevance of population.
C. validity.
D. improper statistical analysis.
E. both A and B.
Answer:
E) both A and B.
A. response rate. B. relevance of population.Explanation:
In statistics, the response rate refers to the number of individuals who actually answered our survey out of the total number of people in the sample. In this case, they feared that very few CEOs would actually respond to the survey.
Also in statistics, the relevant population is the group of people whom you want to sample in order to be able to extrapolate those responses to the entire population. In this case, the problem with surveying CEOs is that they didn't attend the training classes, so their responses aren't useful.
Kerry finds a big green ring in the street. She shows it to Leroy, who says, "Wow. That could be valuable." Neither Kerry nor Leroy knows what the ring is made of or whether it is valuable. Kerry sells the ring to Leroy for $100, saying, "Don’t come griping if it turns out to be worth two dollars." Leroy takes the ring to a jeweler who tells him it is an unusually perfect emerald, worth at least $75,000. Kerry sues to rescind. Can Kerry win? Why/Why not?
Answer:
No
Explanation:
If Kerry sues on Leroy, Kerry will lose, Because none of the participants realize that there is a possibility of the nature of the item being so worthy and made a deal to exchange.
In this case, Leroy takes a risk and gets profit.
It is not considered as one party error because both parties take equal risk.
So Kerry has no right on the ring.
Kerry is unlikely to win a lawsuit to rescind the sale of the emerald ring to Leroy, as both parties were unaware of its value at the time of the sale, thus constituting a transaction with imperfect information without intentional misrepresentation.
In the scenario where Kerry finds a ring and sells it to Leroy under the pretense that its value is unknown, we need to consider the legal principles relating to imperfect information and asymmetric information. If Kerry and Leroy were both unaware of the ring's true value as an unusually perfect emerald at the time of the transaction, Kerry's attempt to rescind the sale would less likely be successful. This is due to the fact that both parties entered into the contract with imperfect information and no intentional misrepresentation was made by Kerry.
In cases highlighted such as Doree Lynn's, disclosure about the treatment of gems is critical for a legally valid sale. Treating emeralds with oil or epoxy to hide imperfections is legal but must be disclosed to buyers. In the case where treatments are not disclosed, such as in Lynn's experience and the subsequent Dateline investigation, the buyer may have grounds to rescind the transaction due to the seller's failure to disclose important information about the stone's treatment. However, this does not apply to Kerry and Leroy's situation, as there were no known treatments to disclose, merely the material nature of the ring itself was unknown.
In closing, unless Kerry can prove that Leroy had superior knowledge about the ring's value and took advantage of that information, or if there were other elements of fraud or misrepresentation involved, rescinding the sale would not typically be warranted under the principles of contract law dealing with imperfect or asymmetric information.
The owner of a small retail store does her own accounting work. How would you measure the opportunity cost of her work? The opportunity cost of the owner's accounting work is
Her opportunity cost is what she could have earned in that occupation instead of doing her own accounting work.
Explanation:Opportunity cost refers to the loss of any gain that can be attained from the alternatives that are available, when one alternative is chosen by a person. For instance consider that a person has decided to go for a movie during his free time. The cost she spent for the movie can be spent to the things that can be more useful. For example investing in something which is the opportunity cost here.
The opportunity cost is also called as economic cost. It can be calculated by measuring the amount that the time of the owner to be obtained from the next best usage. For instance the owner can consider doing accounting work to some other firm than doing for his own firm. Thus he opportunity cost would be the amount that she can earn from the other firm than doing accounting work for her own company.