Suppose there are only three people in the economy: Jane, Harry, and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3-1. The total quantity demanded of corn if the market price is $5 is Group of answer choices

Answer:

A) future value = present value (1 + rate)ⁿ

420,000 = 2 (1 + r)¹⁸⁵

420,000 / 2 = (1 + r)¹⁸⁵

210,000 = (1 + r)¹⁸⁵

¹⁸⁵√210,000 = 1 + r

1.06848 = 1 + r

1.06848 - 1 = r

r = 0.06848 or 6.85%

B) future value = present value (1 + rate)ⁿ

3,158,000 = 420,000 (1 + r)⁴⁶

3,158,000 / 420,000 = (1 + r)⁴⁶

7.519 = (1 + r)⁴⁶

⁴⁶√7.519 = 1 + r

1.04483 = 1 + r

1.04483 - 1 = r

r = 0.04483 or 4.48%

C) future value = present value (1 + rate)ⁿ

3,158,000 = 2 (1 + r)²³¹

3,158,000 / 2 = (1 + r)²³¹

1,579,000 = (1 + r)²³¹

²³¹√1,579,000 = 1 + r

1.0637 = 1 + r

1.0637 - 1 = r

r = 0.0637 or 6.37%

Final answer:

The annual appreciation rate from the first minting of the coin in 1786 to the 1971 sale was approximately 8.55%, from the 1971 sale to the 2017 sale was approximately 11.61%, and from the first minting to the 2017 sale was approximately 8.74%.

Explanation:

To calculate the appreciation rate from its first minting to the 1971 sale, we use the formula for compound annual growth rate (CAGR):

[tex]CAGR = (EV / BV) ^ (1 / n) - 1[/tex]

Where EV is the ending value of the coin ($420,000), BV is the beginning value ($2), and n is the number of years (1971 - 1786 = 185 years).

Plugging the values in, the formula becomes:
[tex]CAGR = (420,000 / 2) ^ (1 / 185) - 1[/tex]
This results in an annual appreciation rate of approximately 8.55% from 1786 to 1971.

For the annual rate the 1971 buyer earned until the 2017 sale, we use the same CAGR formula, now with EV as $3,158,000, BV as $420,000, and n as 46 years (2017 - 1971).

The annual rate the buyer earned is approximately:

[tex]CAGR = (3,158,000 / 420,000) ^ (1 / 46) - 1[/tex]
This results in an annual appreciation rate of approximately 11.61%

The overall annual appreciation rate from first minting to the 2017 sale is calculated with an EV of $3,158,000, a BV of $2, and n as 231 years (2017 - 1786).

The overall annual appreciation rate is:

[tex]CAGR = (3,158,000 / 2) ^ (1 / 231) - 1[/tex]
This results in an annual appreciation rate of approximately 8.74%.

Answer: CPM and PERT use different activity time estimates.

Explanation:

Program (Project) Management and Review Technique (PERT) is appropriate when the project time needed to complete different activities are unknown while the Critical Path Method or CPM is fitted for recurring projects in nature. PERT deals with activities that are not predictable but CPM deals with repetitive activities. PERT focuses/concentrates on time while CPM focuses on time-cost & trade-off. Also, PERT requires three-time estimate while CPM requires one-time estimate. PERT uses a probabilistic model and on the other hand, CPM uses a deterministic model. In PERT, a technique of planning and controlling time is used but CPM uses a technique to control cost and time.

Answer:

The correct answer is letter "D": CPM integrates time and cost performance while PERT is based solely on time performance.

Explanation:

The Project Management and Review Technique also called PERT is used to plan and control the time of uncertain activities during the development of a project. The PERT is an event-oriented technique. The Critical Path Method or CPM is a statistical technique used to control the cost and time of well-defined activities of a project. The CPM is activity-oriented.

Answer:

d. a, b, and c

Explanation:

The Rehabilitation Act of 1973 is the law enforced by the EEOC which is not applied to federal contractors while giving special importance on employers receiving federal financial assistance to those with the most difficult handicaps, to develop special federal capacities and research and training programs with respect to handicapped people, to build special capacities in the correspondent of education,  health, and welfare for coordination of all programs with respect to handicapped people under the department of education, health and welfare, and for other targets.

Answer:

D. $1,800 Decrease

Explanation:

                                       book value      Fair value       adjustment

01 Jan                             10,000               8,000             2,000

Depreciation                  -1000                 -800                  -200

31 Dec                             9,000                7,200              1,800 Decrease  

By applying the high-low method, we estimated the variable overhead cost per machine hour as $52.83 and fixed overhead costs as $161,830.33. The estimated monthly overhead for an average of 7,500 machine-hours in a month is approximately $557,057.5.

To answer this question, we first need to apply the high-low method to estimate variable and fixed overhead costs. In the high-low method, the variable cost per machine-hour is computed as the difference of overhead costs associated with the highest and lowest activities divided by the difference in machine-hours in these activities. Then we estimate fixed costs by subtracting variable costs from the total overhead costs.

We start with identifying the months with the highest and lowest machine-hours. Month 5 had the highest machine-hours (7,955) with associated overhead costs of $581,145. Month 11 had the lowest machine-hours (6,490) with associated costs of $503,775. Then, we calculate the variable cost by taking the difference in overhead costs ($77,370) and dividing by the difference in machine hours (1,465) which gives us approximately $52.83 per machine-hour.

Next, we estimate fixed costs by subtracting the variable costs from total overhead in either the highest or the lowest activity month. Using the highest activity month (Month 5), the fixed overhead cost estimate is $581,145 - (7,955 * $52.83) = $161,830.33.

Finally, to estimate the monthly overhead costs for next year at an average of 7,500 machine-hours without considering inflation, we multiply the variable cost per machine-hour with the number of machine-hours and add the estimated fixed costs, that is, ($52.83 * 7,500 + $161,830.33) = $557,057.5.

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Explanation:

1. Natural resources: Every country must protect their land forms so that the natural resources like oil or mineral can be obtained adequately and thus it can boost the economy of the country

2. Infrastructure: Creating an successful infrastructure make goods and services faster and thus increasing the economic growth.

3. Higher population: There are both advantages and disadvantages. We have high man power and on the other side there might be huge unemployment too.

Culture is closely associated with the branch of economy because it can turn the country upside down. Because, it is the culture which decides the like and unlike of a particular product.

Final answer:

The main factors behind economic growth include physical capital, human capital, technology, institutional factors, and cultural factors. These factors contribute to increasing production and income over time. While their importance may vary, investment in physical and human capital, technological advancements, and favorable institutional and cultural factors all play key roles in driving economic growth.

Explanation:

Economic Growth: Factors and Impacts

Economic growth refers to the increase in a country's production and income over time. There are several main factors that contribute to economic growth:

While all these factors are important, their relative importance may vary from country to country. For example, a country with abundant natural resources may prioritize physical capital investment, while a country with a highly educated workforce may focus more on technology and innovation.

In Brian's business scenario, the rental income foregone and the potential salary from working as a paralegal represent implicit costs. In contrast, wages, utility bills, and wholesale costs for boats are explicit costs. These distinctions are crucial in accurately assessing the company's profitability.

When evaluating the costs of running a business, it's essential to differentiate between implicit and explicit costs. In the scenario provided:

Answer:

The correct answer is letter "B": injurious to public service.

Explanation:

Contracts that are injurious to public service are those where public deputies deviate from their duties going out of the law. In most cases, the deviation implies using public resources incorrectly to benefit a third party or the representative in charge of allocating those resources efficiently. The contract is injurious to public service because it decreases the benefits the population should receive according to what central authorities have provided.

Answer:

Total $986.2534

Explanation:

We have to discount the annual bond against the same rate but compounding semiannualy

[tex](1+ 0.0875/2)^2 -1 = r_e\\1.0894140625 - 1 = r_e\\0.0894140625 = r_e[/tex]

Now we discount the 12 coupon payment and the maturity at the given discount rate

[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]

C 87.500 (1,000 x 0.0875)

time 12

rate 0.0894140625

[tex]87.5 \times \frac{1-(1+0.0894140625)^{-12} }{0.0894140625} = PV\\[/tex]

PV $628.4172

[tex]\frac{Maturity}{(1 + rate)^{time} } = PV[/tex]  

Maturity   1,000.00

time   12.00

rate  0.0894140625

[tex]\frac{1000}{(1 + 0.0894140625)^{12} } = PV[/tex]  

PV   357.84

PV c $628.4172

PV m  $357.8362

Total $986.2534

Answer: Vicarious infringement

Explanation:

Vicarious infringement is a term used in legal processes to describe the Liabilities of which a person or an organisation incurs or inherits as a result of the infringement acts of another person, the other person may be a person's agent who represents him in certain circumstances.

VICARIOUS INFRINGEMENT IS THE SAME FOR BOTH COPYRIGHT AND TRADEMARK LAWS.

c. Cynthia hates writing term papers and reports, so when she receives an assignment to write a paper for her law class, she calls her friend Stephanie and agrees to pay Stephanie to write the paper for her. Stephanie, instead of writing the paper, copies a paper from a small, remote law journal that publishes faculty-written papers from throughout the world online. When the plagiarism is discovered, an infringement claim is brought. Cynthia is guilty of indirect, or contributory, infringement.

Indirect or contributory infringement happens when a person contributes to or facilitates someone else's direct infringement. In this case, Cynthia made an arrangement with Stephanie, knowingly enabling her to engage in copyright infringement by copying and submitting a paper from a law journal without proper attribution.

Complete question

Cynthia hates writing term papers and reports, so when she receives an assignment to write a paper for her law class, she calls her friend Stephanie and agrees to pay Stephanie to write the paper for her. Stephanie, instead of writing the paper, copies a paper from a small, remote law journal that publishes faculty-written papers from throughout the world online. When the plagiarism is discovered, an infringement claim is brought. Cynthia is guilty of_______________.

a. nothing because Stephanie, not Cynthia, infringed on the author's/publisher's copyright.

b. vicarious infringement.

c. indirect, or contributory, infringement.

d. nothing because once a work is published online, the fair use doctrine permits unlimited use of the work without attribution.

Final answer:

To calculate the cost of inventory for Ace Incorporated as of June 30, transactions with Diamond Inc. and Club Corp. were evaluated, adjusting for returns and discounts. After applying the respective discounts, the total inventory cost as of June 30 is $4,559.

Explanation:

To calculate the inventory cost for Ace Incorporated as of June 30, first, we address each transaction sequentially. With a perpetual inventory system, inventory values and costs of goods sold are updated continuously with each purchase or sale.

Therefore, the total inventory cost as of June 30 is the sum of payments made to both suppliers, $3,249.50 + $1,309.50 = $4,559.

The cost of inventory for Ace Incorporated as of June 30 is $4,515.50 after accounting for goods purchased, returns, and discounts.

During the month of June, Ace Incorporated purchased goods from two suppliers.

The sequence of events was as follows: June 3 Purchased goods for $4,800 from Diamond Inc. with terms 3/12, n/45. 5 Returned goods costing $1,450 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,350 with terms 3/12, n/45. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full.

Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month.

Calculate the cost of inventory as of June 30.

To answer this, follow these steps:

Answer:

supplied , left

higher, lower

Explanation:

When people start consuming more and saving less, this would result into lower quantum of funds parked with banks and financial institutions. Due to shortage of funds, the supply of loanable funds in the market would get reduced i.e the supplied line would shift to the left.

This would raise the equilibrium level for loanable funds which would lead to a higher rate of interest i.e funds will be loaned only at a higher rate of interest. Due to this, the quantity of funds saved and invested would be lower.

Answer:

Explanation:

1. Calculate the price of the car in a year from now.

This is add the 4% on the current price:

2. Calculate the amount of money that must be put aside to have $20,800 in a year:

Use the formula of monthly compound interest, with 6% annual interest

Answer:

Net Income = $23,550

Explanation:

Whispering Winds Corp.

Income Statement

For the year ended, December 31, 2017

Revenues:

Service Revenue $71,540

Expenses:

Maintenance and Repair expense $1,650

Depreciation Expense $3,320

Insurance expense $2,480

Salaries and wages expense $40,540

Total expenses $47,990

Net Income (Loss) $23,550

Therefore, net income is $23,550

Answer:

a) Materials = 21240

b) Conversion Costs = 20532

Explanation:

(a) Material.

For finding equivalent units = Units transferred out totaled + equivalent units = 20060 + 1180 = 21240

Since, ending work in process was 100% complete

(b) Conversion Costs

For finding equivalent units = 20060 + (1180*0.4) = 20532

Now, the ending work in process is 40% complete

Here, materials and conversion are calculated separately to get the measure of productions from both perspectives. i.e. materials and conversion.

Equivalent units are calculated to have estimate of how many product are being prepared in the process and their expected quantity.

Answer:

Fees Earned $614,500

Fees Earned $614,500 (debit)

Profit and Loss $614,500 (credit)

Dividends 45,000

Shareholders Equity $45,000 (debit)

Dividends $45,000 (credit)

Rent Expense 140,000

Profit and Loss $140,000 (debit)

Rent Expense $140,000 (credit)

Retained Earnings 3,250,000

Retained Earnings $ 3,250,000 (debit)

Shareholders Equity $3,250,000 (credit)

Supplies Expense 18,200

Profit and Loss $ 18,200 (debit)

Supplies Expense 18,200 (credit)

Wages Expense 320,000

Profit and Loss $ 320,000 (debit)

Wages Expense $ 320,000 (credit)

Miscellaneous Expense 8,700

Profit and Loss $8,700 (debit)

Miscellaneous Expense $ 8,700 (credit)

Explanation:

Fees Earned $614,500

Close off income to Profit and loss Account

Dividends 45,000

Close off to Shareholders Equity

Rent Expense 140,000

Close off expense to Profit and loss Account

Retained Earnings 3,250,000

Close off to Shareholders Equity in Retained Earning Reserve

Supplies Expense 18,200

Close off expense to Profit and loss Account

Wages Expense 320,000

Close off expense to Profit and loss Account

Miscellaneous Expense 8,700

Close off expense to Profit and loss Account

This detailed answer explains how to journalize closing entries for Automation Services Co., including the debit and credit amounts for each account.

Closing Entries for Automation Services Co:

Debit Fees Earned $614,500

Debit Dividends $45,000

Debit Rent Expense $140,000

Credit Retained Earnings $799,200

Debit Supplies Expense $18,200

Debit Wages Expense $320,000

Debit Miscellaneous Expense $8,700

Credit Fees Earned $614,500

Credit Dividends $45,000

Credit Rent Expense $140,000

Credit Retained Earnings $3,223,400

Credit Supplies Expense $18,200

Credit Wages Expense $320,000

Credit Miscellaneous Expense $8,700

Answer:

C. 5 minutes per window

Explanation:

Hello, I felt there was an error in the question, and I believe it should be "each window takes 5 minutes" and not "each window takes 55 minutes". I was able to retrieve the question elsewhere and have attached it for your perusal :)

Cycle Time is the time taken between two successive deliveries. Simply spoken, it is the time taken from when the order is initiated to when the order is successfully accomplished. It is important not to confuse cycle time with lead time. Lead time is the time between when an order is requested to when it is delivered. For example, in this case, the window may have been requested to be manufactured half hour before Alex started work on it. Thus, the lead time would be 35 minutes (30 minutes prior + 5 minutes it takes to complete). Cycle time on the other hand is simply 5 minutes on an order. It takes 5 minutes to complete a window and each order is only one window. Hence, cycle time is 5 minutes per window.

Hope this helps :)

Answer:

The price of land is $16

Explanation:

Provided data from the question;

The marginal product per dollar of capital = $2

The marginal product of labor = 20

The price of labor = $10

The marginal product of land = 32

To determine the price of land, The formula below is given:

Marginal Product of Labor ÷ Price of Labor = Marginal Product of Land ÷ Price of Land

20 ÷ $10 = 32 ÷ P

$2 = 32 ÷ P

P = $16

Therefore, Price of land = $16

Answer:

The price of the land is $16

Explanation:

Answer:

Explanation:

Economic rate of return on the investment is as follows

Total Cash Received =

Dividend               =   8

Share disposal     =   113

Total                           121

Total investment  =    115

Net return on investment = 121-115 =  6

Net return on investment = 6/115*100 =5.217%

Answer:

5.22%

Explanation:

Dividend per share = $8

Loss on sales per share = Purchase price - Sales price -  = $115 - $113 = -$2

Total return per share = Dividend per share - Loss on sales per share

                                      = $8 -$2 = $6

Overall Economic Rate of Return = (Total return per share ÷ purchase price) × 100

Overall Economic Rate of Return = ($6 ÷ $115) × 100

                                                       = 5.217391304347830

                                                       = 5.22% approximately

Therefore, the overall Economic Rate of Return for this investment is 5.22%.                                        

Answer:A. Principal, interest, and escrow for taxes and insurance

Explanation: Front-end ratio is a percentage of your total annual gross income which can be dedicated to the payment of your home loan monthly.

Back-end ratio is a term used to describe the total percentage of your annual gross income which you can put into the servising of your debts.

The maximum monthly payment which a household can sustain covers the PRINCIPAL, INTEREST, AND ESCROW FOR TAXES AND INSURANCE When calculating the maximum home price using either the front ratio or the back ratio.

Answer:

Adam's capital will be debited for $19,000

Bill's capital will be debited for $47,500

Charlie's capital will be debited for $9,500

Explanation:

Net loss = $76,000

The loss will be distributed according to their sharing ratio

Total of Ratios = 2 + 5 + 1 = 8

Adams's Share = 76,000 x 2 / 8 = $19,000

Bill's Share = 76,000 x 5 / 8 = $47,500

Charlie's Share = 76,000 x 1 / 8 = $9,500

As there is a loss the Journal Entry will be as follow

DR. Adam's capital account   $19,000

DR. Bill's capital account        $47,500

DR. Charlie's capital account $9,500

CR.  Income Summary Account            $76,000

Final answer:

The net loss of $76,000 incurred by the partnership of Adam, Bill, and Charlie is allocated based on their profit and loss sharing ratio of 2:5:1. The loss is divided by calculating the value of one part of the ratio from the total loss and then multiplying by the number of parts each partner has, resulting in Adam getting $19,000, Bill $47,500, and Charlie $9,500.

Explanation:

The question relates to how a partnership deals with a net loss and how that loss is allocated between the partners according to their agreed profit and loss sharing ratio. When a partnership such as that of Adam, Bill, and Charlie incurs a net loss of $76,000, this loss must be divided among the partners based on their loss sharing agreement, in this case, a ratio of 2:5:1. Bill, having the largest share, will bear the most significant portion of the loss, while Charlie will bear the least.

Here is how to calculate the division of the loss:

First, add up the parts of the ratio: 2 + 5 + 1 = 8 parts in total.

Calculate the value of one part by dividing the total loss by the total parts: $76,000 / 8 = $9,500 per part.

Multiply the value per part by the number of parts each partner has to find their share of the loss: Adam (2 parts) = 2 * $9,500 = $19,000; Bill (5 parts) = 5 * $9,500 = $47,500; Charlie (1 part) = 1 * $9,500 = $9,500.

Thus, while closing the Income Summary, the partnership will allocate the net loss of $76,000 between the partners in the following amounts: Adam will be allocated $19,000, Bill $47,500, and Charlie $9,500.

Answer:

11.20%, 16.80%

Explanation:

Purchase Price [tex]P_{0}[/tex] = $16

Year 1 end closing price [tex]P_{1}[/tex]= $18

Capital Gain Yield for the first year =  [tex]\frac{P_{1}\ -\ P_{0} }{P_{0} }[/tex]   = [tex]\frac{18\ -\ 16}{16}[/tex]  = 12.5%

Capital Gain Yield for the second year = [tex]\frac{20\ -\ 18}{18}[/tex] = 11.11%

Capital gain yield for the third year = [tex]\frac{22\ -\ 20}{20}[/tex] = 10%

Average annual capital gain yield = [tex]\frac{12.5\ +\ 11.11+\ 10}{3}[/tex] =  11.20% approx

Dividend yield for first year = [tex]\frac{D_{1} }{P_{0} }[/tex]  = [tex]\frac{1}{16}[/tex] = 6.25%

Dividend yield for the second year = [tex]\frac{D_{2} }{P_{1} }[/tex] = [tex]\frac{1}{18}[/tex] = 5.55%

Dividend yield for the third year = [tex]\frac{D_{3} }{P_{2} }[/tex] = [tex]\frac{1}{20}[/tex] = 5%

Average Annual Yield = [tex]\frac{12.5\ +\ 6.25\ +\ 11.11\ +\ 5.55\ +\ 10\ +\ 5 }{3}[/tex] =  [tex]\frac{50.41}{3}[/tex] = 16.80%

Final answer:

Roger's arithmetic average annual capital gain on the stock is $2, while the arithmetic average annual total return, including dividends and capital gains, is $3.

Explanation:

When Roger purchased a stock for $16 a share, paid a $1 annual dividend and the price increased by $2 a year over three years, we can calculate the arithmetic average annual capital gain and the arithmetic average annual total return.

The arithmetic average annual capital gain is calculated by taking the total capital gain over the period and dividing it by the number of years. In this case, the total capital gain is $2 × 3 years = $6.

Dividing by 3 years, we get an arithmetic average annual capital gain of $2.

The arithmetic average annual total return includes both the dividend and the capital gain.

This would be the dividend of $1 plus the capital gain of $2 per year, resulting in a total of $3 per year.

Thus, the arithmetic average annual total return is $3.

Answer:

The correct answer is letter "B": both the rich and poor lose real income.

Explanation:

Real income refers to the amount of money left to individuals after adjustments for inflation. In front of an increase in prices or, inflation, the purchasing power of individuals decreases since wages tend to remain at the same level. The same situation is faced by poor and wealthy individuals, thus, both of them see their real income decreased when inflation hits the markets.

Final answer:

When prices rise, b) both the rich and poor generally lose real income, with a potentially greater impact on the poor due to their reliance on basic necessities. In situations where income changes, the consequences for poverty and inequality depend on the relative changes in income levels among different socio-economic groups.

Explanation:

When prices rise, it typically affects individuals differently based on their income levels and wealth status. If we assess the options provided, the most likely scenario is that b) both the rich and poor lose real income. This is because as prices go up, the purchasing power of a given amount of money diminishes, which is referred to as a decrease in real income. However, the impact might be more significant on the poor because they spend a higher proportion of their income on basic necessities.

In the case of self-check questions, when incomes rise more for high-income earners than for low-income workers, inequality is likely to increase even though the level of poverty might remain stable or even decrease if low-income workers' wages rise above poverty thresholds. Conversely, if incomes fall more for high-income earners, inequality might lessen as the income gap between the high-income and low-income workers narrows.

The income effect and substitution effect play a role when prices change. The income effect affects buying power, and the substitution effect comes into play when consumers switch their preferences due to changes in price relative to other goods. These economic concepts are crucial in understanding the broader implications of changes in wages, profits, and prices.

Answer:

O None of these answers are correct.

Explanation:

The computation of the direct manufacturing labor efficiency variance is shown below;

= Standard labor rate × (Standard hours for actual output - Actual hours)

where,  

Standard labor rate is $15

Standard hours for actual output would be

= 10,000 containers × 0.05 hours

= 500 hours

And, actual hour is 500 hours

Now put these values to the above formula  

So, the value would equal to  

= $15 × (500 hours - 500 hours)

= $0

Question Options:

A) line-out

B) line-up

C) lift-out

D) lift-off

Answer: This practice is known as LIFT-OUT.

Explanation: Lift-out in business can be defined as the practice of luring a whole team of employees away from a competitor and hiring them oneself.

Lift has a variety of advantages one of which is that, the employees are experienced and very skilled in their field. Such way, they will acclimatise to any situation easily. And the fact that they have been together for a while makes the new initiative they work on easier and faster.

Answer:

$50 million

Explanation:

The computation is shown below:

As we know that

Required reserve = Deposits × Required reserve ratio

= $200 million × 0.20

= $40 million

Now the excess reserves is

= Bank reserves - required reserve

= $50 million - $40 million

= $10 million

So, the money creation is

Money creation = Money multiplier × excess reserve

where,

Money multiplier = 1 ÷ required reserve ratio

= 1 ÷ 0.20

= 5

So, the money creation is

= 5 × $10 million

= $50 million

Answer:

Consumers low in ethnocentricity.

Explanation:

Ethnocentricity is defined as the belief an individual has that his own culture is superior to others. It is based on his personal beliefs, values and norms.

Individuals that highly ethnocentric are biased to their culture.

The advertisement in this scenario the message being passed is that Viva Vodka is trendy and foreign. This will appeal more to someone who is liberal and has low ethnocentricity.

People with high ethnocentricity will prefer a drink that promotes their particular culture.

Answer: The exclusive license to build Mc Donalds does not represent a monopoly because an artificial monopoly is a type of monopoly in which the monopolist uses some means to prevent more products from going to market than his own, and in this case Although you can exclusively open Mc Donalds, there is no prohibition or limit for others to open a Burger King or Wendy.

Answer:

Yes, the exclusive license for a McDonald's franchise represents a monopoly.

Explanation:

This is an example of franchised monopoly which is a status the government usually give to an individual or a firm.  

A monopoly is a situation whereby only one individual, company or corporation dominates a particular type of business, sector or industry and nearly all the market for that commodity belong to that individual, company or corporation.

In the case of franchised monopoly, the individual, company or corporation is given a shield from competition from other firms because of the exclusive license or patent the government grant him.

Therefore, the exclusive license for a McDonald's franchise represents a monopoly.

Answer:

d. ​Both A&B

Explanation: Auction is a term used in the field of marketing or trading of goods where bidders are allowed to make bids(amount which they intend to pay for a given product) the Product can either be an Artwork or other goods like furniture,Cars, clothes etc.

A common value auction is a type of auction where certain information about the value of a product are available to some bidders and other sets of bidders have other information about the value.

DISPLAYING INFORMATION ABOUT A COMMON VALUE AUCTION IS GOOD FOR THE BIDDERS AS IT REDUCES THE RISK THEY FACE ESPECIALLY BEFORE BUYING THE PRODUCT AND FOR THE AUCTIONEER AS IT HELPS TO ATTRACT MORE BIDDERS.

Answer:

Direct Material Price Variance = ( Ap - Sp) * AQ

($1.70 - $1.75) * 52,400 = (-0.05)*52,400 = -$2,620 Favorable

Direct Material Quantity Variance = ( Aq - Sq)* Sp

( 52,400 -53,400) $1.75 = -$1,750 Favorable

Total materials cost variance = Material price variance + Material quantity variance

                                                 = -$2,260 (f) + -$1,750 (f)

                                                =-$4,010 (F)

Explanation:

Ap = Actual Price

Sp = Standard Price

Aq = Actual Quantity

Sq = Standard Quantity

F= Favorable