Answer:
August 1, merchandise purchased on account 2/10, n/30
Dr Merchandise inventory 25,000
Cr Accounts payable 25,000
Explanation:
If Greene paid within the discount period, the journal entry to record the payment would be:
August 2-11, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 24,500
Cr Purchase discounts 500
If Greene didn't paid within the discount period, the journal entry to record the payment would be:
August 20, payment of accounts payable
Dr Accounts payable 25,000
Cr Cash 25,000
Please help
What does FICA stand for, and how are FICA taxes collected used?
Answer: FICA stands for Federal Insurance Contributions Act.
Explanation:
FICA taxes are collected by the government through the employee's paycheck. This amount is utilized towards the senior citizens benefit in America. the fund goes towards the social security retirement and medicare benefits.
This is a mandatory tax deducted from paycheck. The employers and the employees both have to pay these taxes compulsorily. FICA taxes are also used towards widow, widowers, disabled employees and for kids whose parents have lost jobs. Throughout the career of the employee he pays FICA which he receives on retirement.
Answer: Social Security and Medicare
Explanation:
Caroline sharpens knives in her spare time for extra income. Buyers of her service are willing to pay $2.95 per knife for as many knives as Caroline is willing to sharpen. On a particular day, she is willing to sharpen the first knife for $2.00, the second knife for $2.25, the third knife for $2.75, and the fourth knife for $3.50. Assume Caroline is rational in deciding how many knives to sharpen. Her producer surplus is:_______.
a. $1.85.
b. $0.95.
c. $1.15.
d. $1.30.
Answer:
A. $1.85
Explanation:
Producer surplus is the difference between how much an individual is willing to sell a good and how much they sell it at prevailing market prices.
Given that
Buyers are willing to pay = $2.95
Willing to sharpen 1st knife = $2.00
2nd knife = $2.25
3rd knife = $2.75
4th knife = $ 3.50
Therefore
Producer surplus = (2.95 - 2.00) + (2.95 - 2.25) + (2.95 - 2.75)
= 0.95 + 0.7 + 0.2
= $1.85
Note, the 4th knife is not included because what she's willing to collect is greater than what the buyer is willing to offer. So transaction doesnt take place.
Final answer:
Caroline's producer surplus is calculated by summing the differences between the market price she receives for each knife ($2.95) and what she's willing to accept. She would sharpen the first three knives, resulting in a total producer surplus of $1.85.
Explanation:
To calculate Caroline's producer surplus, we need to compare what she is willing to accept for each knife sharpened to what she actually receives. The producer surplus is the difference between the market price (what buyers are willing to pay) and the seller's cost (what the producer is willing to accept). The market price is given as $2.95 per knife.
For the first knife, Caroline's cost is $2.00, so her surplus is $2.95 - $2.00 = $0.95.For the second knife, the cost is $2.25, giving her a surplus of $2.95 - $2.25 = $0.70.For the third knife, the cost is $2.75, with a surplus of $2.95 - $2.75 = $0.20.Caroline would not sharpen the fourth knife, as her cost of $3.50 is higher than the market price of $2.95.Therefore, Caroline's total producer surplus is $0.95 + $0.70 + $0.20 = $1.85. Option A is correct .
According to the security market line, a security with a beta of 1.5 should provide a risk premium that is _________ times the risk premium existing for the market as a whole.
Answer: 1.5
Explanation: Security market line shows different levels of systematic, or market, risk of various marketable securities plotted against the expected return of the entire market at a given point in time. According to the security market line, a security with a beta of 1.5 should provide a risk premium that is 1.5 times the risk premium existing for the market as a whole.
________ refers to how people make decisions in a lottery or with uncertainty. People do not generally make expected value decisions. They tend to overweight unlikely outcomes and underweight more likely events.a. Heuristicsb. Rational decision makingc. Prospect theory
Answer:
The correct answer is c. Prospect theory.
Explanation:
Prospective theory belongs to behavioral economics and stands out as an alternative model to the expected utility theory, since the validity of the rational agent's neoclassical assumption is questioned. This theory was developed by Nobel laureate Daniel Kahneman and his collaborator Amos Tversky in his »Prospect Theory: An Analysis of Decision under Risk” (1979). They used the results obtained from both his own empirical observations, as of several experiments.
Individuals set preferences based on a specific situation and circumstances, rather than in absolute terms. This means that depending on their initial situation, agents will act in one way or another. One of the results of this reasoning leads to behavioral asymmetries between situations of possible losses or gains. Individuals, for example, are generally more risk averse than profit lovers. An endowment effect is also derived from this analysis, since the compensation required by someone to dispose of a good is greater than what they would be willing to pay to acquire it.
Prisoners sometimes determine a single good to be used as money. This good becomes a. a unit of account, but not a medium of exchange. b. neither a unit of account nor a medium of exchange. c. a medium of exchange and a unit of account. d. a medium of exchange, but not a unit of account.
This good becomes a medium of exchange and a unit of account
Explanation:
Money is also characterised by the three features or services it offers. Money serves as an exchange tool, a value store, and a deposit unit.
As a mode of trade for promoting trades, Money's most important function. Both trades, without capital, will need to be carried out with a barter that involves trading one good or another directly. The dilemma with a barter scheme is to provide a product or service of equivalent value, as the seller always desires, in order to receive the same good or service from a manufacturer.
Money also serves as a transaction unit to calculate the worth of the exchangeable products and services. In order to be able to determine the worth or quality of the product, both the manufacturer and the customer should agree the quantity to be supplied and the quantity of the good to be ordered.
According to _____, goals energize behavior and also create tension between the goal, which is the desired future state of affairs, and where the employee or company is now, meaning the current state of affairs.
Answer:
The correct answer is goal-setting theory.
Explanation:
Edwin Locke defines a goal as what a person strives to achieve. The goals are important for the human being since they motivate and guide their actions. Thus, according to Locke's theory, the intention to reach goals is a basic source of motivation for the human being.
The goals also encourage us to do our best, to have an illusion or aspiration and to improve our performance. According to Edwin Locke's goal setting theory, people seek and create their own goals through appropriate prior decisions. Once the goals are established, the people to commit to achieve them.
For Locke, the best goal will be the one posed as an accessible, realistic and possible challenge.
Final answer:
Theory Y posits that goals motivate behavior by creating a tension between the desired future and the current state, leading to employee engagement when they participate in setting their own goals, unlike the control-focused Theory X.
Explanation:
According to Theory Y, goals energize behavior and create tension between the desired future state of affairs (the goal) and the current state of affairs. This theory assumes that people seek satisfaction and fulfillment from their work, and they perform better when they are allowed to participate in setting their own work goals. In contrast, Theory X suggests that people inherently dislike work, avoid responsibility, and must be coerced or controlled to achieve goals. Thus, in a Theory Y environment, goals are typically achieved through enticements and rewards, contrasting the use of rules and punishments associated with Theory X.
Douglas McGregor, who developed these theories, believed that Theory Y is more conducive to creating an engaged and motivated workforce. Under Theory Y, rather than being directed every step of the way, employees are given the autonomy to contribute ideas and take ownership of their work, leading to a more dynamic and empowered workplace.
Assume that ABCO is a U.S. multinational corporation. Its foreign subsidiaries must report income in their respective countries according to GAAP in those countries. How must ABCO report its consolidated financial statements?
A) ABCO must choose any one country's accounting standards and combine the subsidiary reports into the parent company's statements using that one country's GAAP.
B) Since the company is operating in several different countries, the International Accounting Standards must be used for the consolidated financial statements.
C) Since ABCO is a U.S. corporation, U.S. generally accepted accounting principles must be used for the consolidated financial statements.
D) On the consolidated financial statements, each subsidiary's financial results must be shown in the currency of the country where the subsidiary is located.
Answer: c
Explanation:
Dave’s boss told him that he doesn’t have to attend the company picnic (which everybody dislikes) if Dave meets his sales quota this month. Dave’s boss is using ________.
Answer:
Negative reinforcement
Explanation:
Something is removed to increase the likelihood of a behavior.
Dave's boss is making use of what is known as negative reinforcement.
What is negative reinforcement?
This has to do with the removal of a negative outcome that may serve as the reward that a person get when they are able to perform an action.
The negative outcome here is the fact that the company event is disliked. The boss would let Dave stay away from it if he meets his quota.
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________ is atype of economic system is also known as a centrally planned system.
Answer:
Centrally Planned Economy
Explanation:
A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products. Centrally planned economies are different from market economies, in which such decisions are traditionally made by businesses and consumers.
The production of goods and services in command economies is often done by state-owned enterprises, which are government owned companies. In centrally planned economies, which are sometimes referred to as "command economies", prices are controlled by bureaucrats.
Answer:
A centrally planned economy is the one where means of production, land,labor ,capital and entrepreneur are owned and controlled by the government
Explanation:
This is an opposite of free market economy where means of production are in the hands of private individuals who canvass for ways to increase their wealth rather than providing basic services which are crucial to continued survival of the people as it is found under a centrally planned economy which is also known socialist economy.
There is imposition on the consumers rather than a situation where consumers are allowed to make their choices since government running a business venture in a monopolistic way would not allow competitors to operate which might bring about increased efficiency.
If a taxpayer does not have enough taxes withdrawn from her paychecks throughout the year to equal the total tax she is required to pay that year, she will owe the government the remaining balance. On the other hand, if the taxpayer has more money withheld for taxes than she is required to pay that year, she will receive a refund for the difference.Mary has determined that, based on her annual income of $36,000, her federal income tax for the year is $5,424. Mary gets paid on a bi-weekly basis, giving her 26 paychecks throughout the 52 week year.What is the minimum amount Mary must have withheld from each of her 26 bi-weekly paychecks in order to avoid owing the federal government at the end of the year
Answer:
$209
Explanation:
Since Mary's estimated annual income taxes are $5,424, then to determine the amount that should be withheld every two weeks, all we need to do is divide her total estimated taxes by 26 weeks = $5,424 / 26 weeks = $208.62 ≈ $209. generally you do not include cents in tax filings or payments, you need to round up or down. In this case you need to round up, even software rounds the amounts to the nearest dollar.
The minimum amount Mary must have withheld from each of her 26 bi-weekly paychecks in order to avoid owing the federal government at the end of the year is $208.62.
What is the taxpayerTo calculate the minimum amount Mary must have withheld from each of her 26 bi-weekly paychecks:
Mary's federal income tax for the year is $5,424, and she receives 26 bi-weekly paychecks in a year.
Minimum withholding per bi-weekly paycheck = Total federal income tax / Number of paychecks
= $5,424 / 26
$208.62
Therefore, the minimum amount Mary must have withheld from each of her 26 bi-weekly paychecks in order to avoid owing the federal government at the end of the year is $208.62.
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You have just been assigned to oversee a series of projects. Functional areas will loan you personnel for each project and separate project managers will be responsible for separate projects. These project managers will report to you. Which project management structure is being used?
A. Pure Project
B. Task force
C. Matrix Project
D. Functional Project
E. PERT
Answer:
C) Matrix Project
Explanation:
A matrix project structure combines project teams with a functional structure, in other words, the projects' coordinator oversees the activities of several projects and each project leader manages a functional team. Matrix structures can be fairly complicated since lines of reporting and command overlap, but at the same time this type of organization is much more flexible.
Certain economic principles are of considerable importance in the valuation of real estate. The principle that "no buyer will pay more for a product than the price he can pay for a reasonable duplicate" is known as the principle of:
Answer:
Substitution
Explanation:
Principle of subsitution states that no consumer should buy a product for a high price of he can get an alternative (duplicate) that is of a cheaper price.
Substitutes are alternatives that provide similar satisfaction to the customer.
When the price of one product goes up the customer has a choice of going for an alternative.
For example honey and sugar are substitutes. When the price of one goes down people will go for the cheaper alternative. This acts as a price control mechanism.
On April 1, North Company issued bonds in the market. Upon issue, South Company acquired 10% of North Company's issue. On November 30, South sold the North Company bonds in the market; the bonds were acquired by East Company. On December 31, which, if any, of the following companies is an investee?
A) North
B) South
C) East
Answer:
C) East
Explanation:
North company is the issuer of the bonds.
South invested in the bond but, in November 30th It sold their entire participation in North Bonds therefore, no longer an investee.
East Company is the holder of the bodns previously hold by South and we aren't givne any information about being sold again therefore, it is the investee at December 31th
Item4 Item 4Item 4 Profit as calculated from the profit equation can be challenging to predict because the ________ varies with the chosen price, and can also impact the variable costs through production efficiencies.
1. Issued shares of common stock to investors in exchange for $100,000 in cash. select an option 2. Borrowed $45,000 by issuing bonds. select an option 3. Purchased delivery trucks for $60,000 cash. select an option 4. Received $16,000 from customers for services performed. select an option 5. Purchased supplies for $4,700 on account. select an option 6. Paid rent of $5,200. select an option 7. Performed services on account for $10,000. select an option 8. Paid salaries of $28,000. select an option 9. Paid a dividend of $11,000 to shareholders.
Answer:Please refer to the explanation section
Explanation:
The question is incomplete. The were no requirements provided in the question . I will assume the question requires us to prepare journal entries for the transactions listed in the question
1.Dr Bank (Cash) 100 000
Cr Shareholders Equity 100 000
2.Dr Bank 45000
Cr Bonds Long term liability 45000
3. Dr Delivery Truck 60 000
Cr Bank 60 000
4.Dr Bank 16000
Cr Sales/Revenue 16000
5.Dr Consumables / Supplies 4700
Cr Trade Payable 4700
6. Dr Rent Expense 5200
Cr Bank 5200
7.Dr. Account Receivables 10 000
Cr Sales/ Revenue 10 000
8. Dr Salaries (expense) 28000
Cr Bank 28000
Dr Dividends Paid 11000
Cr Bank 11000
If you have 4.00 gg of H2, how many grams of NH3 can be produced?
Express your answer with the appropriate units.
Answer:
22.49 g of NH3
Explanation:
The balanced equation for this would be:
3H₂+N₂ → 2NH₃
So let's take note of this:
We will need 3 moles of H₂ to produce 2 moles of NH₃.
Now let us convert:
First we determine the molar mass of H2:
Element:
number of atoms x molar mass
H = 2 x 1.01 g/mol = 2.02 g/mol
Let's see how many moles of H2 there are in 4.00g
[tex]4.00 g\times \dfrac{1\;mole\;of\;H_2}{2.02g} = 1.98\;moles\;of\;H_2[/tex]
Now we can see how many moles of NH₃ we can make given the ratio and convert it again to grams by getting the molar mass of NH₃:
[tex]1.98\;moles\;of\;H_2\times\dfrac{2\;moles\;of\;NH_3}{3\;moles\;of\;H_2} = 1.32\;moles\;of\;NH_3[/tex]
This means that with 1.98 moles of H₂, we produce 1.32 moles of NH₃
So let's get the molar mass of NH₃ so we can convert it to grams:
N = 1 x 14.01 = 14.01
H = 3 x 1.01 = 3.03
17.04g/mol
[tex]1.32\;moles\;of\;NH_3\times\dfrac{17.04g\;of\;NH_3}{1\;mole\;of\;NH_3} = 22.49g\;of\;NH_3[/tex]
Acacia Corp., a manufacturer of consumer electronics, encountered problems when it attempted to market instant cameras in Spain. Acacia found that Spanish consumers preferred having their film developed in the traditional format. Moreover, the company had failed to conduct a market research study about consumer customs, tastes, and attitudes in Spain. In this scenario, Acacia failed to study Spain's _____ environment.
Acacia Corp., a manufacturer of consumer electronics, encountered problems when it attempted to market instant cameras in Spain. Acacia found that Spanish consumers preferred having their film developed in the traditional format. Moreover, the company had failed to conduct a market research study about consumer customs, tastes, and attitudes in Spain. In this scenario, Acacia failed to study Spain's Cultural environment.
Explanation:
A cultural environment is one that consist of beliefs, customs, value of a individual group of people.It has great impact on the thinking and personality of an individual. It performs an major role in determining the demand of a particular group.So it is mandatory for every company to study the cultural environment before introducing any product.
Acacia corp.that manufactures consumer electronics failed to market its camera in Spain. It followed latest technology but failed to survey that Spanish like traditional format of developing films. It even did not study their tastes attitudes and customs. It did not care on cultural environment
On his way home from work, Phil stopped at a shopping center. He parked in front of the dry cleaner, where he could pick up his suit. He did not have to move his car because next door was a gift shop where he could pick up a gift for his niece. Conveniently enough, next door to that store was a supermarket, where he purchased essentials like milk and cornflake cereal. Phil was shopping in which type of shopping center
Answer:
Neighbourhood centre
Explanation:
A neighbourhood centre is a place where local local residents have access to a wide range of services. People gather for group activities, social support, public information and so on.
Phil stopped at a shopping center. He parked in front of the dry cleaner, where he could pick up his suit. He did not have to move his car because next door was a gift shop where he could pick up a gift for his niece. Conveniently enough, next door to that store was a supermarket, where he purchased essentials like milk and cornflake cereal.
Phil is at a neighbourhood centre where wide variety of services are provided locally.
Answer:
Neighborhood shopping center
Explanation:
A neighborhood shopping center is usually built around a supermarket and it generally some fast food restaurants and small retail stores. The advantage of going there is that you have a lot of parking spaces, it is relatively close and you can basically find all you need.
The one near my house is a little larger because it includes a Walmart, a Home Depot, a small shopping plaza with around 40 small retail stores, a Burger King, Pizza Hut w/ Dunkin Donuts, it used to include a Toys R Us that has been replaced by my favorite barbecue restaurant called The Knife.
A principal whose identity is unknown by a third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract is called:___________.1. Partially disclosed principal2. Disclosed principal3. Durable power of attorney4. General power of attorney
Answer:
1) Partially disclosed principal
Explanation:
A partially disclosed principal refers to a person whose identity is not known but the other negotiating party knows that he/she exists. This person may be the seller or buy of a property and the reasons for keeping their identities unknown are several and they range from being public figures to simply people who want to act mysteriously.
On the other hand, when the name of the principal is given to the other party, he/she is said to be a disclosed principal.
Harvey quit his job at State University where he earned $45,000 a year. He figures his entrepreneurial talent or foregone entrepreneurial income to be $5,000 a year. To start the business, he cashed in $100,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 11,000 units of software at $75 for each unit. Of the $75 per unit, $55 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building.
Refer to the above information. The implicit costs of Harvey's firm in the first year were:_________.
a. $50,000
b. $60,000
c. $100,000
d. $150,000
Answer: B. $60000
Explanation:
Implicit cost is the difference between the total revenue and the explicit cost( direct payment made to others in the course of running a business such as rent, material, wage) incurred by a firm. It represents an opportunity cost that arises when a company uses internal resources toward a project without any explicit compensation for the utilization of resources.
Given;
Units of software sold = 11000
Cost per unit = $75
Explicit cost ( costs of production, packaging, marketing, employee wages and benefits, and rent on a building) = $55 of cost per unit.
Therefore,
Total revenue = 11000 × $75 =$825000
Explicit cost = 11000 × $55 = $605000
Profit = $825000-$605000 =$22000
Salary at previous job = $45,000
Forgone entrepreneurial income =$5000
$100000 Bond at 10% interest per annum = $110000
Therefore,
$45000+5000+110000 = $160,000
Implicit cost = $220000-$160000 = $60000
TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following is the most promising target market for TUMI briefcases?a. police officers.
b. executives.
c. construction workers.
d. postal workers.
e. students.
Answer:
B. Executives
Explanation:
Option E is wrong. Students do not need high-end briefcases for school or other tasks.
Option D is incorrect. Postal workers do not need any expensive briefcases to carry postal service and letters.
Option C is false. Construction workers cannot afford expensive briefcases.
Option A is not correct. Police officers have not necessary to have those briefcases.
Option B is correct. Executives often need high-end briefcases to keep essential things with them. They can also afford expensive bags.
If a monopolist produces 100 units of output at a market price of $5 per unit with marginal revenue per unit equaling $4, we would expect that if the monopolist's good was provided under pure competition, quantity would be: (Points : 1)
a.Higher than 100 units, price lower than $5, and MR = price
b.Lower than 100 units, price greater than $5, and MR = price
c.Higher than 100 units, price greater than $5, and MR = price
d.Lower than 100 units, price lower than $5, and MR = price
Answer: a. Higher than 100 units , price lower than $5 and Mr = price
Explanation:
Firms competing in perfect market conditions are Price Takers, the produce quantity at the level where Marginal Revenue equals Marginal cost. Since firms are price takers their Marginal Revenue is the Market Price P. They can only increase quantity if they want to earn more profit, Therefore Price = Marginal Revenue = Marginal Cost.
The Quantity will increase and the price will be lower than $5. Price = Marginal Revenue = Marginal cost. The Price will be $4
Final answer:
Under pure competition, the output would be higher than the monopolistic 100 units, the price would be lower than $5, and marginal revenue would equal the market price.
Explanation:
If a monopolist produces 100 units of output at a market price of $5 per unit with marginal revenue per unit equaling $4, we would expect that if the monopolist's good was provided under pure competition, quantity would be higher than 100 units, price lower than $5, and MR equal to price. This scenario corresponds to option (a): Higher than 100 units, price lower than $5, and MR = price. The reason for this is that under pure competition, firms cannot influence the market price by altering their output level; hence, the market price equals the marginal revenue (MR = P), and the quantity produced would be at the point where this price intersects the marginal cost (MC), which typically allows for a greater quantity than a monopolist would produce.
If a company has a resource that could be used for something else, the cost is the profit that could be derived from the best alternative use of the resource. (Enter only one word per blank.)
Answer:
Opportunity.
Explanation:
Opportunity cost is defined as the forgone alternative of doing a particular activity. For example if I can go to a movie or work and I decide to go to the movie. The opportunity cost is the wages I would have earned had I gone to work.
In this scenario if a company has a resource for example a car that can be used to either transport inventory of the the sales team out for sales activities. The opportunity cost of taking a sales trip will be the cost that would have been saved by picking up the inventory.
Total economic cost is the sum of the cost of doing something and the opportunity cost of forgone alternative.
Campaign messages can be scheduled differently, depending on budget and the audience's needs. _____ describes a strategy that shows messages throughout the campaign, but during some periods of time, the messages are more frequent.
Answer: Advertising campaign
Explanation:
Campaign messages can be scheduled differently, depending on budget and the audience's needs. Flighting describes a strategy that shows messages throughout the campaign, but during some periods of time, the messages are more frequent.
Flighting is a marketing strategy where the campaign messages are shown throughout the duration of the campaign, but the frequency of these messages varies.
During certain periods, known as ""flights,"" the messages are aired more frequently to capitalize on peak times when the target audience is more likely to be attentive or when the product or service is more relevant. This approach allows for a more efficient use of the marketing budget by concentrating the advertising efforts during these key periods rather than spreading them evenly across the entire campaign duration.It is particularly useful for products or services that have seasonal demand or when there is a need to create a strong impact within a shorter time frame."
Sears department stores used to plant employees in competitor stores to perform research and analysis. Recently the company implemented a system that can search competitor websites and provide comparisons of price, promotions, and availability and the system is saving time, money, and resources. What type of system did Sears implement? Group of answer choices
Answer:
The correct answer is shopping bot.
Explanation:
A bot (robot apheresis) is a computer program that automatically performs repetitive tasks over the Internet, whose realization by a person would be impossible or very tedious.
Some examples of bots are the web crawlers of Internet search engines, which run through websites automatically and collect information from them much faster and more effectively than a person would. "Good" bots meet robot exclusion standards, which server operators can use to influence a robot's behavior within limits. "Malicious" bots are used, for example, to collect email addresses for advertising purposes, to make unauthorized mass copies of web content or to systematically spy on server software vulnerabilities in order to penetrate them . In social networks, bots are used to simulate human interaction, artificially inflating the number of visits or followers, or automating responses to position messages or influence debates. The so-called conversational bots are artificial intelligence systems that simulate a conversation with a person using natural language.
A market structure in which a firm has a monopoly because the average costs of production are lowest when all output is produced by a single firm is known as....
Answer:
Natural Monopoly
Explanation:
The market in which there is only a single firm who meets the demand of all the residents is a monopoly and the market in which the firm has maintained its monopoly because the firm has attained economies of scale and no foreign firm can match the price of the firm is natural monopoly.
A market structure where the average production costs are lowest when a single firm produces all the output, due to economies of scale, is known as a natural monopoly, particularly prevalent in utility sectors.
Explanation:A market structure where a firm holds a monopoly due to the fact that average production costs are at their lowest when a single firm produces all the output is identified as a natural monopoly. This condition emerges because of economies of scale within the firm, leading to a scenario where the long-run average cost (LRAC) decreases as the scale of operation and output increases. Natural monopolies arise particularly in industries where the infrastructure or capital costs are so high that it becomes inefficient for multiple firms to operate independently; instead, it's more cost-effective for one firm to serve the entire market.
For example, utility companies often operate as natural monopolies because the cost of the infrastructure required to distribute water or electricity is so vast that having multiple companies laying down pipes or cables would significantly increase the cost to consumers. Given the quantity demanded in a market, a natural monopoly occurs at the point where the market can sustain only one firm operating at the minimum of the long-run average cost curve. Thus, in regions where a natural monopoly exists, no smaller firm can compete on costs, and no larger firm could sell its surplus given the market demand.
Jawson Corporation uses the weighted-average method in its process costing system. Operating data for the Painting Department for the month of April appear below: Units Percent Complete with Respect to Conversion Beginning work in process inventory 6,300 10% Transferred in from the prior department during April 65,600 Ending work in process inventory 4,600 70% What were the equivalent units for conversion costs in the Painting Department for April?a. 67,300 b. 70,520 c. 68,820 d. 63,900
Answer:
The equivalent units for conversion costs in the Painting Department for April is b. 70,520
Explanation:
Equivalent Units for Conversion cost means the Total Units in terms of degree of Conversion Costs applied to those units.
To calculate the equivalent units for conversion costs in the Painting Department for April we:
First Determine the Units Completed and Transferred Out of the Painting Department
Hint: Units Inputs must equal Units out puts
Units Completed and Transferred Out = Units of Opening Work In Process + Units Transferred In from Prior Department - Ending Work In Process
= 65,600+6,300-4,600
= 67,300
Second Calculate the total Units of Conversion Costs
Completed and Transferred Out - 100% 67,300
Add Closing Work In Process - 70% 3,220
Total Units for Conversion Costs 70,520
Answer: B. 70520
Explanation:
Given the following ;
Beginning work in process = 6,300, 10%
Ending work in process = 4,600, 70%
Transferred from previous department= 65,600
Applying the weighted average method,
Unit transferred = beginning work in process + transferred from business department - ending work in process
Unit transferred = 6300 + 65600 - 4600
Unit transferred = 71900 - 4600 =67300
Equivalent unit for conversion = ending process inventory × 0.7 + units transferred = (4600 ×0.7) +67300
3220 + 67300 = 70520
TickTock Clock Corporation is attempting to develop a truly diverse workplace. As a first step, they have decided to expand their recruiting efforts. Which of the following is not an appropriate way to do this? A. Host speaking and networking events. B. Offer internship programs for racial and ethnic minorities. C. Create informal mentoring programs. D. Offer scholarship for the children of current employes.
Answer:
D) Offer scholarship for the children of current employees.
Explanation:
By offering scholarships to the children of current employees, the company will not increase the diversity of its workplace because the employees' children should be like their parents, e.g. Asian parents have Asian kids.
All the other options help to increase workplace diversity, specially internship programs for racial and ethnic minorities.
Suppose Chris and Laura attend a charity benefit and participate in a silent auction. Each has in mind a maximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is called of:_________. a. deadweight loss. b. willingness to pay c. consumer surplus. d. producer surplus.
Answer:
b. willingness to pay
Explanation:
Willingness to pay is the term used for the economic value of the good to a person willing to buy under some given conditions. In this situation there is a silent auction which requires willingness of participant to pay the painting under auction. There is no competition involved and in absence of any comparison of prices b. willingness to pay is appropriate term to be used for this.
Which of the following is an advantage of internal recruitment? a. It leads to the generation of new ideas through tunnel vision thinking. b. It reduces competition among employees and political infighting for promotions. c. It improves organization fit because current employees understand the company's culture. d. It saves time and effort on training employees for the new role.
"It improves organization fit because current employees understand the company's culture" is an advantage of internal recruitment.
Option: C
Explanation:
Recruitment are of basically two types on the basis of staff location like internal and external. Each firm is more comfortable to recruit departmental candidate because the current staff is well aware about the firm atmosphere.
This helps to save time of training to them, better fluency in work, trust factors, etc. Although external recruitment is also need to invite fresh talent with more energy and enthusiasm towards work profile, thus to train them and bring on specific track, training and meetings are needed to held.
The advantage of internal recruitment is that it improves organization fit as current employees already understand the company's culture hence speeding up the transition to the new role. It also reduces the time and resources that would be used for orientation and training of a new employee. Option C is correct.
Explanation:The advantages of internal recruitment are largely demonstrated in how it impacts the organization's culture and operations. Options c in the question provide credible advantages of internal recruitment. Option c points out that internal recruitment improves organization fit given that current employees understand the company's culture.
It states an equally critical advantage which is the saving of time and effort on training employees for the new role. When internal recruitment is used, the promoted or transferred employee already has a good grasp of the company’s operations and culture thus, reducing the time and resources that would have otherwise been used for orientation and training.
In other words, they have a head start in their new role. Nonetheless, it’s important to note that option b is contrary to what occurs in many companies. Internal recruitment sometimes fuels competition and political maneuvering among employees as they vie for promotions.
Learn more about Internal Recruitment here:https://brainly.com/question/33499734
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