Answer:
The Bullwhip Effect
Explanation:
Bullwhip effect is a phenomenon that occurs in an organisation's channel of distribution due to swings or erratic demands for products by customers. This erratic nature of demands will usually lead to forecasting inefficiencies especially in meeting the demands through the supply chain.
A sudden increase in demand could lead to production planning problems because there might not be enough inventory of materials on ground to meet the demand. Also, a sudden decrease in demand can bring the challenge of excess inventory of materials which may not be needed for production for a while.
One of the measures taken to manage this erratic nature of demands is to ensure that whatever the forecasts for demands is, safety stock must be included to the forecast level of demand so as to ensure that production planning is adequate and the demands are met as well.
Last year, 7,140 units were produced and 6,940 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:a. $4,400 less than under absorption costing.
b. $6,940 less than under absorption costing.
c. $6,940 greater than under absorption costing.
d. the same as absorption costing.
Answer:
$4,400 less than under absorption costing.
Explanation:
First the complete Question:
The Southern Corporation manufactures a single product and has the following cost structure:
Variable costs per unit:
Production $ 35
Selling and administrative $ 17
Fixed costs per year:
Production $ 157,080
Selling and administrative $ 128,810
Step 1: Calculate the Value of the Ending or Closing Inventory under variable costing
To do this subtract the closing inventory form the produced units and multiply it by the production variable cost per unit
= (7,140 - 6,940) x $35 = $7,000
Step 2: Use Absorption Costing to determine the Product Cost
a. Determine Fixed Production Cost per Unit
Fixed Cost/ total units produced
= $157,080 /7140 = $22
b. Calculate total cost per unit by adding the variable Production cost to the determined fixed production cost per unit
= $35 + $22 = $57
Step 3: Determine Closing Inventory of goods produced under absorption costing
= 7,140 - 6,940 = 200 Units
Multiply this by the total production cost determined
= 200 units x $57 = $11, 400
Step 4: Find the difference between the value of closing inventory determined in step 1 and the value of closing inventory determined by absorption costing in step 3
= $11, 400 - $7,000 = $4,400
This means that the ending inventory of finished goods under variable costing (step 1) is $4,400 less than the ending inventory under absorption costing (step 3)
In 2011, the value of the GDP deflator is 113. (Enter your response rounded to the nearest whole number.) In 2012, the value of the GDP deflator is 119. (Enter your response rounded to the nearest whole number.)
Answer:
2011 = 113
2012 = 119
Explanation:
The computation is shown below:
GDP deflator = (Nominal GDP) ÷ (Real GDP) × 100
For 2011, it would be
= ($13,495 billion) ÷ ($11,919 billion) × 100
= 113
For 2012, it would be
= ($14,241 billion) ÷ ($12,007 billion) × 100
= 119
In order to find out the GDP deflator, we divided the Nominal GDP by the Real GDP
The GDP deflator is a price index that measures inflation or deflation in an economy by comparing Nominal GDP and Real GDP. It is calculated by dividing Nominal GDP by Real GDP and multiplying by 100.
Explanation:The GDP deflator is a price index that measures inflation or deflation in an economy. It is calculated by dividing Nominal GDP by Real GDP and then multiplying by 100. For example, if the Nominal GDP is $100,000 and the Real GDP is $45,000, then the GDP deflator will be 222. This means that prices have increased by 122% since the base year.
In 1980 the Depository Institutions Deregulation and Monetary Control Act loosened many government controls, including the elimination of interest-rate _________ on savings and time deposits.
Answer: Ceiling
Explanation:
The interest rate ceiling is one of the type of contractual provision that helps in outline the all the transaction related to the interest rate.
The interest rate ceiling is basically refers to the maximum rate of the interest that are permitted on the specific transaction that helps in providing all the contractual loan terms.
According to the given question, the Monetary control act including the eliminating of the interest rate ceiling for the time deposits and on savings.
Therefore, Ceiling is the correct answer.
Larimer Corporation prepares its financial statements in accordance with IFRS. Larimer acquired equipment by issuing 5,000 shares of its common stock. How should this transaction be reported on the statement of cash flows?
Answer:
It should be reported in the notes to the financial statements as a noncash transaction
Explanation:
A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a credit to Cash for $8,000. Which explains this entry?
Answer: The entry is a reflection cash payment of $8000 which is a reduction of liabilites of $3000 on salaries payable and an expense of $5000 incurred on salaries.
Explanation: The transaction coud be a typical scenario of a payment for salaries previously due provided for while also paying for the presently incurred salaries expense.
______ is an increase in the price level, while ______ is an increase in the price of one good in comparison to other goods and services.
Answer:
Inflation and Relative Price Increase
Explanation:
Inflation represents an increase in all prices or wages which results in a drop or reduction in money's purchasing power. Of course, the drop in the purchasing power of money is as a result of the inability to use the same amount of money used in a previous period to purchase the same quantity of goods in the current period as a result of a general shift in prices.
A Relative Price Increase on the other hand, unlike inflation is not a general price increase as a result in change of monetary policies, it represents changes in the price of individual goods as response to the flows of demand and supply of different goods in teh economy. An increase in the relative price of goods for instance could be as a result of demand greater than supply while a decrease is the vice versa of teh phenomenon.
Inflation is a monetary policy effect, while relative price increase is a market (demand and supply) caused effect on goods and services.
Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price:___________
Answer: Price skimming.
Explanation:
Price skimming is a product price setting method in which, a new product's market entry price is set to be very high, and then gradually reduced with time to gain more price sensitive consumers in the market. The price skimming effectively works for a product that doesn't have much competition in the market.
The term for charging a high price for new and innovative products to consumers who are most willing and able to pay the high price is referred to as price skimming. This tactic is commonly used in industries like music and electronics, where high demand can justify initial high costs. However, price skimming grows less effective as competition increases and market demand levels out.
Explanation:Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is referred to as price skimming. Examples of such strategies can be seen in the music industry, where some bands with huge fan bases can set sky-high prices for their concert tickets. Similarly, innovative business leaders like Samsung's CEO believe in continuously creating innovative products that consumers want, and their new offerings may initially have high prices due to this added value proposition. However, the effectiveness of price skimming usually reduces in time as competitors catch up with similar offerings and market saturation begins to limit demand.
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As director of human resources, Leah is responsible for creating a formal system of task and reporting relationships to enable employees to meet organizational goals. Leah is demonstrating the _______ function of management.
Answer:
Organising
Explanation:
Remember, there are typically four functions of management which includes:
planning,
organizing,
leading,
controlling.
In this scenario, Leah is demonstrating the organising function of management since she is creating a formal system of task and reporting relationships to enable employees to meet organizational goals.
The type of management function which Leah is performing is:
OrganizationalBased on the given question, we can see that Leah is performing a certain function of management as she is in charge of organizing and linking up information with other members of the group.
With this in mind, we can see that Leah is performing the organizational function of management.
Therefore, the correct answer is organizational
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The average cost of production for a bottle of vitamin water in the industry is $4 while its average price is $7. StoreAll Inc. manufactures the same product for $3 per bottle and sells it for $7 per bottle.
Which of the following statements is most likely true of StoreAll Inc. in this scenario?
A. It has a competitive advantage in the industry.B. It has a competitive disadvantage in the industry.C. It has competitive parity with other firms in the industry.D. It has formed a strategic alliance with other firms in the industry.
Answer:
A. It has a competitive advantage in the industry
Explanation:
Competitive advantage is a condition where one company has an advantage of making or producing the same product for lesser costs or other benefits.
There are two main types of competitive advantages . One is the external and the other is the internal. The external factors include the advantages of sale over other industries or market pricing or other marketing strategies. the internal factors include the lower costs or high standard production etc.
During the current year, Blossom Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less accumulated depreciation $68,000) for a new crane from Blue Manufacturing Co.
Answer:
The journal entry would be
New Equipment (crane) $ 122,400 Dr
Depreciation Expense (old crane) $ 68,000 Dr
Old Equipment $ 190,400 Cr
As the price of the new equipment is not given the profit or loss cannot be estimated. the whole amount less depreciation is transferred to new equipment account. if depreciation is treated separately and not set off against the equipment the entry would be under the accrual basis of accounting
New Equipment (crane) $ 122,400 Dr
Depreciation Expense (old crane) $ 68,000 Dr
Old Equipment $ 122,400 Cr
Accumulated Depreciation $ 68,000 Cr
Under the utilitarian model of ethics, the following is true: a. Ethical decisions involve producing the best outcome for managers. b. The use of a cost-benefit analysis for alternative actions is undertaken. c. Corporate decisions must create the greatest amount of good for the least numbers.
Answer:
The answer is b) The use of a cost benefit analysis for alternative actions is undertaken.
Explanation:
The concept or idea behind the utilitarian model of ethics is that what is right should be separated from what is wrong by using the outcome of action as basis of judgement. The aim of the act should be the greatest good for the greatest number of people. In options A and C, the outcome benefits only a specified or particular group of people whereas option B, the use of cost-benefit analysis, which is one of the main areas that applies utilitarianism is businesses, best suits this ideology.
Answer:
Ethical decisions involve producing the best outcome for managers.
Explanation:
Under the utilitarian model of ethics, ethical decisions involve producing the best outcome for managers because because the concept of Utilitarianism holds that what is ethical is determined by focusing on outcomes. Hence it looks at consequences and believes that the most ethical choice is that which brings forth the greatest good for the greatest number.
In the light of the above meaning of utilitarianism, it is clear that it is not a cost-benefit analysis (which is the given option b) neither does it hold that what is ethical creates the greatest amount of good for the least numbers (option c) but for the greatest number.
During the month of June, Carney & Whitley Inc. had cost of goods manufactured of $123,200, direct materials cost of $57,200, direct labor cost of $40,700, and manufacturing overhead cost of $28,600. The work in process balance on June 30 was equal to $11,000. What was the work in process balance on June 1?a.$13,000b.$7,700c.$115,000d.$10,000
Answer:
b) $ 7.700
Explanation:
The total inputs during the month were:
Direct materials $ 57,200
Direct Labor $ 40,700
Manufacturing Overhead $ 28,600
Total input for June $ 126,500
of which WIP Closing June 30 $( 11,000)
Cost of Goods manufactured ----------------
from June input $ 115,500 (1)
Since the total Cost of Goods
manufactured is $ 123,200 (2)
so the opening Work in
process is (2)-(1) $ 7,700
Economic theory is: A. the specification of a set of assumptions. B. a prediction about cause and effect. C. the development and use of a model to test hypotheses. D. None of the above.
Economic theory involves the development of models to test hypotheses about the economy. Option C correctly describes this as the use of a model to test these economic hypotheses.
Economic theory can be understood as a well-developed set of ideas that propose an explanation for observed economic phenomena and can be used to make predictions about future economic observations. When economists engage in the development and use of a model to test hypotheses within the framework of the scientific method, they create a series of simplifying assumptions to manage the complexity of real-world data.
Thus, for the given case option C, which states that economic theory is 'the development and use of a model to test hypotheses,' accurately reflects the process by which economic theories are formulated and validated.
When the director/manager allows employees to guide themselves toward the goal, then a(n) _______ leadership style is being used.
Answer:
Free Rein Style
Explanation:
leadership can be described as research area that encomposses the ability of an organisation or an individual to lead a team, individuals or entire organisations.
Free rein style is the most suitable.
Before a customer's agent delivers his policy, the insurer makes a last-minute change to the policy. The agent inform the customer of this change, and he accepts it. What must the agent do now?
A) If the change would affect the premium, the agent must have the customer sign a statement acknowledging the change
B) The agent should ask the customer to sign a statement acknowledging that he is aware of the change
C) Nothing. After the explanation, the agent is not legally bound to do anything else
D) The agent must notify the beneficiary of the change in policy
Answer:
B, The agent should ask the customer to sign a statement acknowledging that he is aware of the change.
Explanation:
Just like in any contract, when there is a change in the details of the contract, it is mandatory that both parties are notified and that there is a document and signature confirming the acknowledgement of the changes.
So also in the case of this policy, the agent has to notify the customer of changes made to his policy and ensure the customer signs an acknowledgement of the change to avoid a breach of contract. When a customer is ignorant of a change to his policy, he can file a lawsuit against his agent and insurer depending on who is at fault.
Cheers.
A financial analyst reports that for people who work in the finance industry, the probability that a randomly selected person will have a tattoo is 0.20.Which of the following is the best interpretation of the probability 0.20?
A) For all workers in the United States, 20% will work in finance.
B) For all finance workers, 20% will have a tattoo.
C) For all people with tattoos, 20% will work in finance.
D) For a specific group of 5 finance workers, 1 will have a tattoo.
E) For a specific group of 5 people with a tattoo, 1 will work in finance.
Answer:
B) For all finance workers, 20% will have a tattoo.
Explanation:
Since the analyst reports that for people who work in the financial sector, the probability of having a tattoo in the people's body will be chosen from the only finance department; therefore, option A is incorrect as it shows the whole work in the United States.
All people do not have tattoos, so option C is wrong. Among the five finance people, one will have a tattoo, and option D is an incorrect statement.
Therefore, option B is correct as, among finance workers, 20% will have tattoos.
Answer:
B) For all finance workers, 20% will have a tattoo.
Explanation:
I did it on college board
If a video game manufacturer required its resellers to stock a line of games based on the financially-disappointing movie War of the Worlds in order to carry games based on the popular TV show Survivor, it would be an example of_______
Answer:
bundling a slow mover with a fast moving product.
Explanation:
One of the most effective ways in which a manufacturer or a retail store can get rid of slow movers (products with low sales level) is by bundling them with some fast moving product (products with high sales level). Usually slow movers are added as a promotion with a steep discount, but it is better to recoup some money than nothing.
When manufacturers bundle slow movers with a fast moving product they do this because the retailers need the fast moving product (high demand) or their sales will decrease. Video game retailers really want the games about the Survivor show and they will probably be willing to buy a small amount of no good War of the Worlds game in order to get them. They might also use the same sales strategy and bundle the War of the Worlds game with some other slow mover game and make a 2 for 1 sale.
Trey owns 250 shares of common stock in a toy-store company, which means he owns a percentage of the company. With this ownership, he also acquires the right to ___________
Answer:
See answers below
Explanation:
Common stock ownership grants its holders the right to the following.
right to receive a dividend when declared by the company. A dividend is a part of the profit for a given year that the management of a company has deemed fit for payment to the shareholders of the companyright to attend and vote in a meeting of the stockholders/shareholdersright of first refusal when the company wishes to raise additional capital. This means shareholders must be offered the option of providing the additional capital needed by the company first, before the option to raise outside capital can be taken.The central theme of the concept of _____ is that all of an organization's promotional elements and marketing activities reach out consistently and in a unified manner with its customers.
Answer: Integrated marketing communication
Explanation:
The integrated marketing communication is one of the type of organizational promotional method where we using the different types of medium for communicating with the audience about the new products produced by an organization in the market.
The main objective of the IMC ( Integrated marketing communication) is that it helps in boost the profits and the sales of the company.
By using this method we can easily communicate with the audience or consumers about the products and the services.
According to the question, the IMC is the concept that include all the marketing activities in more unified manner with the consumers in the market.
Therefore, Integrated marketing communication is the correct answer.
Integrated Marketing Communications (IMC) is a strategic marketing approach that ensures consistency in all of an organization's promotional and marketing activities, reinforcing a cohesive brand message and image.
The central theme of the concept mentioned in the question is Integrated Marketing Communications (IMC). This strategic approach to marketing ensures that all of an organization's promotional elements, such as advertising, the marketing mix, and other marketing activities, consistently and cohesively communicate the brand's message to its customers. The theme of a brand is relayed through various means: the message content, the product itself, the visual aspects such as color choices, layout design, and graphic elements. The aim is to create a consistent brand image across all platforms.
In achieving IMC, the consistency of the core message is key. It must be articulated across all social media platforms, through the marketing mix's composition of price, promotional activities, location, and sales channels, and during direct customer interactions. By maintaining a consistent brand "feel" or personality, customers receive the same brand experience regardless of the point of contact, which can improve brand loyalty and overall marketing effectiveness.
Which of the following is a capital budgeting technique that converts a project's cash flows using a more consistent reinvestment rate prior to applying the Internal Rate of Return, IRR, decision rule?A. discounted payback
B. net present value
C. modied internal rate of return
D. protability index
Answer:
c. modified internal rate of return
Explanation:
Modified internal rate of return ( MIRR ) -
The modified internal rate of return is used in order to rank the projects or the investment that are of unequal size.
The assumption involved is that the positive flow of cash are again invested to the firm and the initial outlays are financed during the firm's financing cost , is referred to as the MIRR.
MIRR is very accurate in comparison to the traditional internal rate of return (IRR) and gives the profit and cost of the project with more accuracy.
Hence , from the given information of the question,
The correct option is c. modified internal rate of return .
The Modified Internal Rate of Return (MIRR) is the capital budgeting technique that adjusts project cash flows using a consistent reinvestment rate before applying the IRR decision rule. It provides a more accurate reflection of project returns by adjusting interim cash flows using a reinvestment rate that differs from the project's IRR.
Explanation:The capital budgeting technique that converts a project's cash flows using a more consistent reinvestment rate prior to applying the Internal Rate of Return, IRR, the decision rule is C. Modified Internal Rate of Return (MIRR).
MIRR is a refinement of the traditional IRR technique and it adjusts the cash flow of a project to estimate a more accurate and realistic rate of return. This is done by assuming a reinvestment rate for the interim cash flows that differ from the project's IRR, providing a more true reflection of the project's real cost and value.
By contrast, other options like Net Present Value (NPV), Profitability Index, and Discounted Payback, do not adjust for this factor in the calculation of project returns.
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At December 31, 2014, before any year-end adjustments, Janus Company's Prepaid Insurance account had a balance of $2,800. It was determined that $1,200 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance for the year would be:
$1,600. ( T/F)
Answer:
The adjusted balance of prepaid insurance is $ 1,600 and the statement is true.
Explanation:
A prepayment refers to payments made for which the benefit is to be received in the future. Common examples of prepayments are prepaid rent and prepaid insurance.
An adjustment is made at the end of an accounting period to reduce the prepaid balance to reflect the unused portion of benefit.
In the given question, $ 1,200 value of prepaid insurance had expired hence it is reduced from the pre adjusted balance of prepaid insurance.
Kara was out jogging and, despite being tired, decided too run one more mile. Based on her actions, economists would conclude that Kara decided that the marginal cost of running one more mile would outweigh the benefit of the additional mile. decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile. must be an avid runner. was not very tired, so the marginal cost of the extra mile was very low.
Answer:
decided that the marginal benefit of running one more mile would outweigh the cost of the additional mile.
Explanation:
Kara's marginal cost of running that extra mile was probably being extremely tired, with some muscle pain, etc., while the marginal benefits of running that extra mile probably included losing some extra weight, improve cardiovascular fitness, strengthen her muscles, etc.
When she decided to keep on running despite being already tired, she probably believed that the marginal benefits generated by running that extra mile outweigh the marginal costs of doing so.
The same happens to any company that decides to sell their products only if the price (benefit) is higher than their costs.
Answer:
The marginal benefit of running one more mile would outweigh the cost of the additional mile
Explanation:
Marginal Cost and Marginal Benefit
Marginal cost and marginal benefit represent the way the value or the cost of an action, a service or product changes. Marginal cost and marginal benefit in production is such that a consumer considers the marginal benefit of a product to him while a manufacturer considers the marginal cost.
This then determines the actions or decisions of the consumer to buy the product, take the action or patronise the service, and it also determines the pricing and marketing decision of a manufacturer
Marginal benefit which can also be called maximum benefit has the tendency to however decrease as consumption or action decreases until it comes to a point where the consumer sees that the cost of the action outweighs the benefit and then stops the action.
The more marginal benefit one considers is derivable from a thing, the more action the individual is willing to take to acquire that thing. The more marginal benefit which also mean the maximum benefit a person seems to derive from an action, the more of that action the individual is willing to take.
In the case of Kara, she decides to run one more mile despite the tiredness because of the realisation that there is still a maximum benefit that outweighs the tiredness she is feeling.
Under market organization, individuals can communicate their preferences to other decision makers directly, through communication, but not indirectly, through their choice of whom to transact with.
1. True
2. False
Under market organization, individuals can communicate their preferences indirectly through their choice of whom to transact with.
Explanation:False
Under market organization, individuals can communicate their preferences indirectly through their choice of whom to transact with. In a market economy, individuals have the freedom to choose with whom they want to engage in transactions, whether buying or selling goods or services. This choice reflects their preferences and can influence the decisions of other market participants.
For example, if consumers prefer eco-friendly products, they may choose to buy from businesses that prioritize environmental sustainability. This choice sends a signal to other businesses, encouraging them to adopt more sustainable practices to attract customers.
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One measure of the importance of a publicly traded asset class in the U.S. economy can be calculated by multiplying the number of publicly traded shares by the current market price of the stock. The result of this calculation is more commonly referred to as:________.
Answer:
Market Capitalization
Explanation:
One measure of the importance of a publicly traded asset class in the U.S. economy can be calculated by multiplying the number of publicly traded shares by the current market price of the stock. The result of this calculation is more commonly referred to as market capitalization.
Market capitalization refers to the total market value of a firms shares. it is the cumulative value of the outstanding shares a publicly quoted company (a company that trades its shares in the stock exchange).
Assume the economy is operating at full employment. If the economy enters a sudden economic expansion, the quantity of money available in the economy will:_______.
Answer:
the qquantity of money available in the economy will increase because there will be more foreign investments plus now the economy will start exporting and will reduce its imports so the quantity of money will increase.
Answer:
Explanation:Economic expansion is of two types: actual and potential. Actual expansion means increase in the goods and the services produced in an economy due to which Gross domestic product/national income rises. Potential expansion means the growth in the potential production or increase in the resources of the economy. Economy expands due to the increase in aggregate demand or aggregate supply. As the economy is operating at full employment, meaning that resources are fully employed, the increase in Aggregate demand will only cause the prices to rise which will lead to an increase in the demand of money. As the money supply is normally held constant by the govt, and the money demand has risen, the quantity of the money in the economy will remain the same and the interest rate will rise. But if the aggregate supply also rises, this will also increase the potential of the economy along with the actual output in the economy, the quantity of money will increase. The increase in national income will increase the demand of money and as there are spare resources available, to maintain the interest rate and encourage growth, The govt will increase the money supply in the economy (given that expansion is the aim of the govt).
A food manufacturer hires people based on their technical qualifications, has a classical hierarchy of authority, and ensures all administrative acts are recorded in writing. What style of management does it practice?
Answer:
Bureaucratic Management
Explanation:
In a bureaucratic management form, the emphasis is laid upon technical skills and qualifications and follows long hierarchy wherein each level issues commands to the level below it.
Bureaucracy has often been criticized for the delay it causes in decision making process as every person is answerable to his superior and a decision has to pass several levels of hierarchy.
In the given case, the manufacturers hiring is based upon technical qualifications, a classical hierarchy of authority is followed and every act is recorded in writing which points towards more documentation, which is another limitation of bureaucracy.
What lays emphasis on designing, optimizing, and streamlining business processes across the organization, while also considering the human element?
Answer:
Business process management
Explanation:
Business process management is an efficient process which helps to maintain the business by designing every phase of business activity. Streamlining business activity is important to run the organisation in the most efficient way possible. Business process management consists of different phases which include, modelling, measuring, improving and analysing various business activities. Any process which is used to recreate the process of an organisation is known as business process management.
Which of the following is NOT an example of a public that is part of a company's marketing environment?
A) financial
B) media
C) government
D) citizen-action
E) marketing department
Marketing department is not an example of the public which forms part of the marketing environment because it is an internal affairs of the organization.
Marketing environment refers to those environment which constitute the internal and external factors that influence an marketing activities of an organization.
The Internal factors which forms marketing environment includes factors like Marketing department, Company Culture, Company image, Goodwill, Marketing Strategy etc
The External factors which forms marketing environment includes factors like customer action, technological advancements, social force, economic force, competitive forces.
Therefore, the Option E. is not an example of the public which forms part of the marketing environment because it is an internal affairs of the organization.
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Final answer:
The E. marketing department is not an example of a public that is part of a company's marketing environment, unlike financial, media, government, and citizen-action groups.
Explanation:
The correct answer to the question of which of the following is NOT an example of a public that is part of a company's marketing environment is the marketing department. The marketing department is an internal part of a company, whereas the other entities listed - financial, media, government, and citizen-action groups - represent external groups that a company interacts with in its external marketing environment.
The marketing department is an internal part of a company, not an external public like financial, media, government, or citizen-action groups. These external groups can influence or be influenced by a company's marketing strategies.
In 2013, selected automobiles had an average cost of $15,500. The average cost of those same automobiles is now $17,205. What was the rate of increase for these automobiles between the two time periods?
Answer:
11%
Explanation:
Average cost of automobiles in 2013 = $15,500
Average cost of automobiles now = $17,205
Change in average cost = $17,205 - $15,500
= $1,705
Rate of increase in cost is the ratio between the increase and the average cost before the increase.
Rate of increase = ($1,705/$15,500) × 100%
= 11%
The rate of increase for these automobiles between the two time periods is 11%.
One important point to remember is that just because a difference between two treatment groups is found to be statistically significant, it does not mean that the difference has practical significance. To help, researchers use a finding's _____ to measure magnitude and reliability.
Answer:
Researchers use a finding's Effect size to measure magnitude and reliability.
Explanation:
Effect size is statistical method used by researchers to compare between variables that are statistically significant. It is used to determine the magnitude of the parameters and reliability of the treatment group.