Answer:
No, since the marginal cost of consuming the ice cream cone is greater than the marginal benefit.
Explanation:
Marginal utility is the benefit that a consumer derives from consuming an extra unit of a product. To maximise satisfaction consumers tend to go for products that will give them high satisfaction at a low cost.
In the given scenario the cost of a unit of ice cream cone is $3.05, and the satisfaction or benefit is $3. The cost is higher than satisfaction gained. A consumer will not buy the ice cream under these conditions. They will rather look for an alternative that will give high satisfaction at low cost.
A vendor makes a new smartphone and presells four thousand units for $300 each. The factory has the capacity to produce one thousand smartphones per month. Anticipated sales are five hundred units per month. Which of these would occur during the first few months of sales?
1. Limited demand would increase the price.
2. Limited supply would increase the price.
3. Unlimited demand would decrease the price.
4. Unlimited supply would decrease the price.
Answer:
2. Limited supply would increase the price
Explanation:
In the given case the vendor sells in advance four thousand units for $300. While the installed capacity of the factory being to produce 1000 smartphones every month.
Expected sales being 500 units per month.
During the first few months, since the seller has already successfully sold 4000 smartphone units, high demand for the smartphones is evident.
Since the supply is limited to 1000 units only in a month and the quantity demanded being more as is evident by 4000 units being pre sold, during the initial phase, this would create a high demand.
And since the supply is limited, the seller will have to increase the price as the demand is lot more.
A lease contains a bargain purchase option. In determining the lessee’s capitalizable cost at the beginning of the lease term, the payment called for by the bargain purchase option would:
Answer:
be added at its present value.
Explanation:
A lease that contains a bargain purchase option is called a capital lease.
A capital lease must amortize the capitalizable cost of the leased asset in a similar way to the normal depreciation policy used with the other assets that the lessee might have. In order to do this, the capitalizable cost must include the present value of the bargain purchase option.
Lionel is one of the project leads in a multinational company. He assigns new projects to his team members and sets the objectives and targets that they need to achieve. However, Lionel does not intervene in their work methods; he is only concerned about the end result. The information given in the scenario indicates that Lionel is a(n) _____.
Answer:
Free rein leader.
Explanation:
A free rein leader is one that the leader is hands off from daily activities. The leader sets objectives to be achieved and leaves the employees to make decision on how to achieve set objectives. The leader is more concerned with motivating his team.
In this scenario Lionel assigns new projects to his team members and sets the objectives and targets that they need to achieve, and does not intervene in their work methods. He is only concerned about the end result.
This is a practice of free-rein leadership style.
An add in the newspaper claims that the price of milk will increase next week . At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the current equilibrium price and quantity of milk? 1. Equilibrium price will increase; the effect on quantity is ambiguous. 2. Equilibrium price will decrease; the effect on quantity is ambiguous. 3. Equilibrium quantity will decrease, equilibrium price will increase. 4. Equilibrium quantity will increase; the effect on price is ambiguous.
Answer:
Equilibrium quantity will increase; the effect on price is ambiguous.
Explanation:
An add in the newspaper claims that the price of milk will increase next week . At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, we can say about the current equilibrium price and quantity of milk that Equilibrium quantity will increase; the effect on price is ambiguous.
The conclusion that equilibrium quantity will increase is dependent on the fact that expectation on future prices is a major factor that leads to changes in demand
People’s expectations about the future can have a significant impact on demand. Or, more specifically, their expectations of future prices can change demand.
If consumers expect prices to increase shortly, current demand often increases, i.e., the demand curve shifts to the right.
The price of milk is expected to increase, 4. leading to a higher equilibrium price. However, due to opposing effects on supply, the effect on the equilibrium quantity is ambiguous.
When analyzing the equilibrium price and quantity in the market for milk, we must consider the effects of both supply and demand changes.
The expected price increase of milk suggests a shift in the supply curve to the left, indicating a decrease in supply. However, the improved pasteurization process increases production efficiency, shifting the supply curve to the right. These two opposing shifts make the effect on the equilibrium quantity ambiguous. Therefore, the correct choice is that the equilibrium price will increase; the effect on quantity is ambiguous.Jill Scott is an accountant with Cameron and Associates, a law firm in downtown Seattle. The firm maintains a checking account with Southern Rock Bank for its operating expenses. On the 10th of every month, Jill gets an inventory report from the office manager listing the office supplies that are needed. Jill places the appropriate orders with Office Depot and writes them a check against the office's checking account. Who is the drawee in this banking transaction?A) Jill Scott.B) Office Depot.C) Cameron and Associates.D) Southern Rock Bank.
Answer:
There are usually 3 parties to a check transaction
The Drawer, the Drawee and the Payee.
The Drawee in this instance is Southern Rock Bank
Explanation:
The Bank warehousing the funds/Money is the one a check is drawn against, hence the term 'drawee"
The Account owner or representative who writes a check giving authority to the Bank to release of the Funds in its possession is the "Drawer
And the Beneficiary of the drawn up check becomes the Payee.
If you ask yourself whether you care more about what people think of you as part of their group or whether you care more about showing people your cool vampire costume, which of Peter Drucker's questions are you answering?
If you ask yourself whether you care more about what people think of you as part of their group or whether you care more about showing people your cool vampire costume, the Peter Drucker's questions are you answering is (3) What does your customer value?
Explanation:
The five questions given by Peter Drucker are:
1. What is your mission?
2. Who is your customer?
3. What does your customer value?
4. What results do you seek?
5. What is your plan?
As stated in the question
"If you ask yourself whether you care more about what people think of you as part of their group or whether you care more about showing people your cool vampire costume"
The question that we are answering through the above statement is question 3.(i.e. What does your customer value?)
The dilemma of choosing between asserting individuality or adhering to group norms corresponds to Peter Drucker's question, 'What should my contribution be?' Here, 'contribution' refers to the impact of your actions or decisions within a social or professional context.
Explanation:The question asked is fundamentally aligned with one of famous management consultant Peter Drucker's essential questions: 'What does my contribution have to be?' This question requires an individual to introspect and consider their role within their social or professional environment, and how their actions or decisions impact their image within these contexts.
So, if you find yourself torn between asserting your individuality with your cool vampire costume or catering to the opinions of your group, you are essentially asking yourself, 'What should my contribution be?' - do you contribute to the cohesion of the group by conforming, or do you contribute by asserting your individuality and adding diversity to the group?
Bear in mind, this is not purely about choosing selfish interests over the group's; it's about understanding the nature of your contribution and how it aligns with your values and the group's expectations.
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The hotel chain Ritz-Carlton uses the phrase "Ladies and gentlemen taking care of ladies and gentlemen" to demonstrate the company's cultural commitment to take care of both employees and customers. Which of the following is the Ritz-Carlton using to express its corporate culture?a. The company is expressing its key corporate value with a slogan.b. The company is using a ceremonial demonstration of its values.c. The company is conveying the value of its employees with a story.d. The company is illustrating its heroes with strong company values.
Answer:
The company is expressing its key corporate value with a slogan.
Explanation:
The expression "Ladies and gentlemen taking care of ladies and gentlemen" is a slogan used by Ritz-Carlton to convey it's corporate cultural commitment to take care of both employees and customers.
The slogan is an effective way to communicate that its staff are ladies and gentlemen and are highly respected by the company. This will go a long way to boost staff moral and give them motivation to perform better in a company that values them.
In which case did the U.S. Supreme Court determine that the federal government did not overstep its bounds under the commerce clause when it enacted the Controlled Substances Act of 1970?
a. Shepard v. U.S.
b. Gonzalez v. Raich
c. Obergefell v. Ohio
The U.S. Supreme Court determine that the federal government did not overstep its bounds under the commerce clause when it enacted the Controlled Substances Act of 1970- Gonzalez v. Raich Case
Explanation:
Gonzales v. Raich was a case in which Raich was permitted to grow and use Marijuana for medical purposes but the federal agents seized the marijuana plantation and destroyed it.
Raich then seeked action under the federal Comprehensive Drug Abuse Prevention and Control Act (CFA). In the decision taken by the U.S Supreme court under the commerce clause of the US Constitution,that the congress has the power to criminalize the use and production of home-grown marijuana even if state law allows its use for medicinal purposes.
Oliver slips and falls on Port Harbor's Tour Boat and is injured. Oliver files a suit against Port Harbor for $500,000. If Oliver is 20 percent at fault and Port Harbor is 80 percent, under the "50 percent rule" comparative negligence principles, Oliver would recover
Answer:
$400,000
Explanation:
Given:
Oliver suit amount against Harbor = $500,000
Oliver's fault = 20%
Port Harbor's fault = 80%
Note: According to the 50% rule Principles, Oliver will recover only Harbor's Fault amount from the total suit amount.
Oliver's Recover amount = Oliver suit amount against Harbor x Port Harbor's fault Percent
= $500,000 x 80%
= $400,000
Delux Technologies makes and sells only one product, a high-quality processor for mainframe computers. Delux was recently approached by Imagination Station, a large computer manufacturer, about purchasing their company. Imagination Station is engaging in a. related diversification, b. focused offerentiation c. related diversification d. vertical integratione. differentiation
Answer:
d. vertical integration
Explanation:
The strategy used by "Imagination Station" above is an example of "vertical integration." This is a type of strategy that allows a company to have control over its production steps.
Since Imagination Station manufactures computers, it wants to control its own supply of processor by trying to purchase Deluxe Technology. Having full control of supplying its own processors would mean an increase in the company's revenue because they have the ultimate power to reduce their cost.
So, this explains the answer.
Corporation DB operates three different lines of business. Can the corporation elect a different overall method of accounting for each line or must the corporation adopt one overall method
Answer:
Yes, Corporation DB can choose a different overall method of accounting for every business unit that it possesses. As long as the business units operate separately, the corporation can use any permitted (legal) accounting method for them. For example, an American corporation uses GAAP in their domestic operations, but must use IFRS on all their foreign operations. (because GAAP only applies to the US).
A web designer quits a project where she was paid $50,000 on completion of the project. She starts a new company with sales revenues of $550,000 last year, while spending $250,000 on compensation for employees (excluding herself), $70,000 on capital, and $30,000 on materials. What was the firm’s economic profit?
Answer:
$150,000
Explanation:
Amount paid after project completion was =$50,000
The sales revenue for the new company = $550,000
Total deductions =$(250,000+70,000+30,000)=$350,000
Economic profit is the difference between the earned revenue from sell of outputs and cost of all inputs used and any opportunity costs.
In this case, opportunity cost will be the amount received by the web designer after the quit of the project.
Economic profit = $550,000 - $350,000-$50,000 = $150,000
Final answer:
The firm's economic profit is calculated by subtracting both explicit and implicit costs from the total sales revenue. With sales revenues of $550,000 and explicit costs of $350,000, the accounting profit comes to $200,000. After considering the implicit cost of $50,000 for quitting the previous job, the economic profit totals $150,000.
Explanation:
Economic Profit Calculation
To calculate the economic profit for the web designer's new company, we need to consider both explicit and implicit costs. The explicit costs here include compensation for employees ($250,000), capital expenditures ($70,000), and materials ($30,000). The total explicit costs thus amount to $350,000 ($250,000 + $70,000 + $30,000). With a sales revenue of $550,000, this leaves us with an accounting profit of $200,000 ($550,000 - $350,000).
However, to find the economic profit, we must also include the opportunity cost of the web designer quitting a project that would have paid $50,000 upon completion. Therefore, the economic profit is calculated by subtracting this implicit cost from the accounting profit, leading to an economic profit of $150,000 ($200,000 - $50,000).
Samson Company reported total manufacturing costs of $320,000, manufacturing overhead totaling $52,000, and direct materials used totaling $64,000. How much is direct labor cost?
Answer:
Direct labor cost is $204,000
Explanation:
Total manufacturing costs $320,000
Manufacturing overhead $52,000
Direct materials used $64,000
How much is direct labor cost ?
Total Manufacturing is all the cost used to manufacture a product by the company. It included all direct and indirect expenses incurred during the period for manufacturing a product.
Use following formula to calculate the Direct labor cost:
Manufacturing cost = Direct Expenses + Manufacturing Overhead
Manufacturing cost = ( Direct Material Expense + Direct labor Expense) + Manufacturing Overhead
$320,000 = ( $64,000 + Direct labor Expense) + $52,000
$320,000 = $64,000 + Direct labor Expense + $52,000
$320,000 = $116,000 + Direct labor Expense
Direct labor Expense = $320,000 - $116,000
Direct labor Expense = $204,000
Property attributedefinitions is inconsistent with the keyschema of the table and the secondary indexes. True or False
Explanation:True.
Explanation:
This error comes from the DynamoDB table resources in your serverless.ylm. In a DynamoDB table definition, the
should only contain attributes that are used as KeySchema for the table and its indexes.
For example, the following table definition will result in the above error because the attribute is not being used in the table or index’s KeySchema.
Each person who attended a company meeting was either a stockholder in the company, an employee of the company, or both. If 62 percent of those who attended the meeting were stockholders and 47 percent were employees, what percent were stockholders, who were not employees?
Answer:
53%
Explanation:
Using Venn diagram
Let the people who are employees and stockholders be X, so to get the value of employees alone and stockholders alone,
We will have
0.62-X + X + 0.47-X = 1
Collect like terms
O.62+047-X=1
1.09-X=1
1.09-1=X
X=0.9
Therefore X=9%
To get the value of stockholders alone, we subtract the value of X from its value
62% - 9%= 53%.
Answer: First, we add the options
A) 62%
B) 53%
C) 45%
D) 38%
E) 34%
53%. Option B.
Explanation:
We are dealing with percentages, therefore the total will always be 0.
From the question:
Stockholders are 62%
Employees are 47%
Total = 62 + 47 = 109
Therefore,
109 - 100 = 9%
Therefore, stockholders who were not employees, i.e. only stockholders are:
62 - 9 = 53%
Option B.
Babak owns a sports practice facility called Boston Batting Cages in Boston, Massachusetts. During the first year of operation, Boston Batting Cages incurred many costs. In that year, Babak spent $5,000 on labor, $2,000 on maintenance, and $1,000 on electricity. Babak took out a loan to open his business, in which he would have earned $1,500, and his previous job, which he could get back at any time, paid him $50,000.Boston Batting Cages incurred ________ in implicit costs.
a. $51,500
b. $9,500
c. $50,000
d. $8,000
e. $7,000
Answer:
$8000
Explanation:
They have to pay $8,000 as an implicit costs.
The implicit expenditure is the advantage of the right to use the personal resources of a company that is not listed as actual, distinct expenditures.
Computation of Implicit cost for the Boston Batting Cage :
Implicit cost = Labor + maintenance + electricity
= $5,000 + $2,000 + $1,000
= $,8000
Final answer:
The total implicit costs for Babak's Boston Batting Cages are $51,500, which is the sum of his forgone salary of $50,000 and foregone interest of $1,500. So, the answer is (a) $51,500.
Explanation:
To calculate implicit costs for Babak's sports practice facility, we must consider the opportunity costs of his decisions that are not directly reflected in cash outflows. In this case, the implicit costs would include the forgone salary from his previous job, as well as the interest he could have earned if he hadn't taken out a loan to start his business.
The forgone salary is $50,000. In addition, instead of investing his money into his business, Babak could have earned $1,500 in interest. Therefore, the total implicit costs for Babak amount to:
$50,000 (forgone salary)+$1,500 (foregone interest)This adds up to $51,500 in implicit costs. Hence, the answer is (a) $51,500.
What is the best example of a supply shock?
Answer:
oil and gas industry think soVerbal orders by telephone or in person are discouraged. In cases where verbal orders are necessary, which of the following is the most effective method by which the risk of miscommunication can be lessened?
a. The person receiving the order should read it back to ensure that the order is correct.
b. The order should be signed after the patient is discharged from the facility.
c. The order should be signed by another provider.
d. The person receiving the order should authenticate the order after it is entered into the record.
Answer:
The person receiving the order should read it back to ensure that the order is correct.
Explanation:
In business communication the best way to communicate orders is in written form since this allows for clear conveyance of the message in the order. Using verbal means to give orders over the phone is prone to misinterpretation and there is less accountability when the subordinate claims he did not understand the order.
To curtail this it is advisable for the recipient of the order to repeat the order. This shows it has been clearly understood.
A price tag of $4 for a portable power bank is an example of money as A) a medium of exchange. B) a unit of accounting. C) a store of value. D) a time deposit.
Answer:
B) a unit of accounting.
Explanation:
The four main functions of money are:
it serves as a unit of account: it provides a common measure of the value of goods and services being exchanged. it serves as a store of value: money holds its value over time, so it serves as a store of value.it serves as a medium of exchange: you can use money to purchase goods and servicesit serves as a standard of deferred payment: money serves as a way of valuing a debt, so you can acquire goods now and pay for them later.The given example represents the unit of accounting.
The following information should be considered:
The value to goods represent the accounting equation. The store of value should be treated as the deposit. And, the money that used for transaction treated as the medium of exchange.Therefore we can conclude that The given example represents the unit of accounting.
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Russell Co. received a $400 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Russell Co. make to record the receipt of the bill?
The general journal entries that Russell Co. will make to record the receipt of the bill is (a).Utilities Expense Accounts Payable
Explanation:
Since Russell Co, has received the $400 utility bill for the current month's electricity, which is not due until the end of the next month which is when they intend to pay it,
The general Journal entry which Russell Co. will make to record the receipt of the bill, is to:
Debit - Utilities Expense..........$400
Credit - Accounts Payable ...........$400
Then when the expense is paid in the future
Debit -Accounts Payable ..........$400
Credit - Cash............................................$400
The rental income generated by a lease can depend significantly on the proportion of property-level operating expenses paid by the tenant. In which of the following types of leases is the tenant responsible for all operating expenses?1. Gross lease2. Net lease 3. Net-Net lease4. Triple net lease
Answer:
4) Triple net lease
Explanation:
In a triple net lease (NNN lease), the tenant is responsible for all the expenses related to the leased property including property taxes, maintenance fees, reparations and property insurance. NNN leases are usually commercial leases only.
The landlord's disadvantage with a NNN lease is that the monthly lease payment tends to be lower since the tenant assumes all the costs related to the leased property. On the other hand, a NNN lease generally provides a stable cash flow, so its associated risk is lower.
Gaston Bank had interest revenues of $70 million last year and $30 million in interest expenses. About $300 million of Gaston's $800 million in assets are rate sensitive, while $600 million of its liabilities are rate sensitive. Gaston Bank's gap is $____.
Answer:
The gap amounts to $200 million
Explanation:
Computing the Gap of the Gaston bank using the formula as:
Gap = Rate Sensitive Asset - Rate Sensitive Liabilities
where
Rate Sensitive Asset amounts to $800 million
Rate Sensitive Liabilities amounts to $600 million
Putting the values above in order to compute the Gaston Bank Gap as:
Gap = $800 million - $600 million
Gap = $200 million
Therefore, the Gap of the Gaston bank amounts to $200 million
Producing 200 units of good Y and 100 units of good X in the same factory costs the firm $50,000. In contrast, producing 200 units of good Y in one factory and 100 units of good X in another factory costs the firm $75,000. So if the firm produces the two goods together, it achieves what ?
Answer:
economies of scope.
Explanation:
Economies of scope happen when the total cost of producing one unit of product decreases as the total output increases. This happens because even if the variable costs per unit remain the same, the fixed cost per unit decreases as the number of units produced increases.
A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the most elastic demand?
1. Sports car
2. Chemotherapy for cancer patients
Answer:
Correct option is Sport car
Explanation:
Sports car will have a more elastic demand compared with the chemotherapy treatment for cancer patients.
The price elasticity of demand for a goods is also dependent on how you define the goods.
After the buyer and the seller have signed a sales contract, the seller changes his mind and defaults. The buyer sues the seller to force him to go through with the contract. This is known as a suit for ...
-specific performance
Answer:
The correct answer is Specific Performance.
Explanation:
Specific performance is a court order that compels a party to perform a specific act, usually what is stated in a contract. It is an alternative to damages and is classified as a fair remedy generally in the form of injunctive relief regarding confidential information or real property. Although a specific execution can take the form of any kind of forced action, it is generally used to complete a previously established transaction, making it the most effective remedy for protecting the interests of the innocent party to a contract. It is generally the opposite of an injunction, but there are mandatory injunctions that have a similar effect to specific compliance.
Curious to see its worth, Irene takes a beautiful oil painting that she inherited from her grandmother to Eleanor, a respected art appraiser. Eleanor tells Irene the artwork is a worthless piece of junk, so Irene sells the painting to Aziz at a yard sale for $50. The following week, Irene finds out that Aziz sold the painting for $12 million dollars at auction, after an appraiser at the auction house determined it is the work of a famous painter named Thomas Gainsborough. Furious, Irene sues Eleanor. What result
Answer: First, we must add the options:
a. Eleanor will not be liable, because most people would not know that the painting was by Thomas Gainsborough.
b. Eleanor will not be liable as long as she can prove that Aziz did not know the painting was valuable when he bought it.
c. Eleanor will be liable if Irene can prove that all appraisers would recognize the painting as being valuable.
d. Eleanor will be liable if Irene can prove that the best appraisers would know that the painting was by Thomas Gainsborough
The correct option is C.
Explanation: This result will depend on whether Irene can prove beyond reasonable doubt, that all art appraisers, on seeing the painting would be able to recognize it as priceless or valuable.
If Irene can prove this, then Eleanor will be liable.
Today, 8 friends went out for lunch. Their total bill was $38.80, including tax and gratuity. They decided to split the bill equally and each paid with a $10 bill. How much money will each person get back? $
Answer:
$5.15
Explanation:
The data given in the question
Total bill amount = $38.80
Each individual paid = $10 for bill
Number of individual = 8
Now if we divide the total bill amount by the number of individual so the amount come is
= Total bill amount ÷ number of individuals
= $38.80 ÷ 8
= $4.85
So each person can get the
= $10 - $4.85
= $5.15
Answer:
4.85
Explanation:
Frey Corp. is experiencing rapid growth. Dividends are expected to grow at 25 percent per year during the next three years, 18 percent over the following year, and then 8 percent per year, indefinitely. The required return on this stock is 15 percent, and the stock currently sells for $60.00 per share. What is the projected dividend for the coming year?
Solution:
Next year, we have to find the dividend for a stock with super normal growth in this region. We believe the stock price, the growth rate of the dividends and the expected yield, but not the dividend. First of all, we need to remember that in year 3 the dividend is the FVIF dividend.
The dividend in Year 3 will be: [tex]D_{3} = D_{0} (1.25)^{3}[/tex]
And the dividend in Year 4 will be the dividend in Year 3 times one plus the growth rate, or : [tex]D_{4} = D_{0} (1.25)^{3}(1.18)[/tex]
The portfolio is continuously growing in year 4, which is why it is split by the demanded return minus the growth rate in year 4 as the dividend in year 5.
The equation for the price of the stock in Year 4 is: [tex]P_{4} = D_{4} \frac{(1+g)}{(r-g)}[/tex]
Now we can substitute the previous dividend in Year 4 into this equation as follows: [tex]P_{4} = D_{0} (1+g1)^{3}(1+g2)(1+g3) / (R-g)[/tex]
[tex]P_{4} = D_{0}[/tex] (1.25)3(1.18)(1.08) / (0.15 − 0.08) = 69.86 [tex]D_{0}[/tex]
When there is excess demand, there is
Answer:
disequilibrium
Explanation:
An equilibrium occurs when quantity demanded equals quantity supplied.
When there is excess demand, supply is not equal to demand, hence there is disequilibrium.
Price floors, also called minimum prices are set by the government when prices are falling too low.
Price floors bring about excess supply.
Excess demand will cause price to rise, forcing the government to set a maximum price, called price ceiling.
Apple has been known to sell its products at higher rates than competitors, such as Microsoft, as it has been successful at convincing consumers that Apple products are special and more luxurious in comparison. By accomplishing this, Apple has gained:
Answer:
Market power.
Explanation:
Market power is also called monopoly power, and is defined as the ability of a firm to raise prices of its products above normal competitive prices of other fish in the market. Theses forms are able to raise prices without losing their customers. Price control is done by manipulating demand and supply of their products.
Apple has gained market power by convincing consumers that its products are special and more luxurious than others on the market. So they can increase price above the normal market level and still maintain their customer base.