Answers
Answer:
An inferior good is a good that consumers are less likely to purchase when their income increases, as compared to a normal good that consumers are more likely to purchase with an increase in income. When the price of an inferior good decreases, there are three effects that change the consumer's equilibrium conditions: the substitution effect, the income effect, and the total effect.
Substitution Effect: When the price of an inferior good decreases, it becomes relatively cheaper compared to other goods. As a result, consumers will shift their consumption from other goods to the inferior good, as it becomes a more attractive option. This shift in consumption is referred to as the substitution effect and can be represented graphically by a movement along the demand curve for the inferior good to the right.
Income Effect: The decrease in price of an inferior good also increases the consumer's real income. Consumers can now purchase more of all goods, including the inferior good, with the same amount of money. This increase in the quantity of the inferior good demanded due to the increase in real income is referred to as the income effect and can be represented graphically as a rightward shift in the demand curve for the inferior good.
Total Effect: The total effect of a decrease in price of an inferior good on consumer's equilibrium conditions is the sum of the substitution effect and the income effect. This effect can be represented graphically as a combination of both a movement along the demand curve for the inferior good to the right and a rightward shift in the demand curve for the inferior good.
Explanation:
In conclusion, when the price of an inferior good decreases, the consumer's equilibrium conditions change due to a substitution effect, an income effect, and a total effect. The substitution effect causes a movement along the demand curve to the right, the income effect causes a rightward shift in the demand curve, and the total effect is the sum of these two effects.
Related Questions
Which of the following is a relatively new kind of management position that developed as companies shifted to self-managing groups?
A. a topmanager
b. a team leader
c. a first-lineleader
d.A middle manager
Answers
Team leader is a relatively new kind of management position that developed as companies shifted to self-managing groups.
A team leader is someone who gives advice, course, direction-setting, and leadership to a number of individuals (the team) in order to achieve a key result or set of related objectives. Team leaders act as the organization's compass for a collection of people working towards a mutual goal. The team leader keeps track of the group's qualitative and qualitative successes and presents findings to a management. As a team member, the leader typically carries out the same tasks as other team members while also taking on additional "leader" responsibilities. This is in distinction to executive ups, which frequently has a completely different daily job.
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Heide lives in California and it is time to renew her automobile registration. The California DMV sends her a renewal form and indicates that she needs a smog check for her automobile. She takes her car to the smog check station. She completes the smog check. If the smog check is successful, she can then go to the DMV website and renew her registration, paying with a credit card. Two weeks later she receives a new registration form and tags for her license plates. She puts the registration in the glove box of her car and places the tags on her license plates. Required: b. Consider the same narrative as described in the beginning, except in this case the car fails the smog check. Heide must then schedule maintenance service with her dealer. She completes the service and returns for a new smog check. This time she passes the smog check and can complete the process. For each step in the diagram from the beginning, enter the appropriate symbol and label. If two events can occur at the same time, enter information for both. For example, the 2nd and 7th steps are entered. Select from the following symbols a. Start Event b. End Event c. Intermediate Event d. Task e. Exclusive Gateway f. Inclusive Gateway g. Parallel Gateway h. Looping Task i. Intermediate Timer Event j. Intermediate Error Event k. Start Timer Event 1. Start Message Event Select from the following labels a. Complete smog check b. Submit registration renewal c. Receive new registration d. Obtain repairs e. Place registration in glove box f. Place tags on license plate x. No label (If there is no appropriate label for a particular step, select 'No label") Symbol(s) Label(s) Step 1 2 Task and Intermediate Error Event Complete smog check and No label 3 4 5 6 7 Task and Task Place registration in glove box and Place tags on license plate 8
Answers
Bring your renewal notification or current registration certificate, your current CA driver's license, and payment for the renewal registration costs to renew your vehicle's registration in California.
How can I update my California registration that has expired?Visit any DMV location in California.
Bring your valid CA driver's license as well as your renewal notification or current registration certificate.
Pay the renewal registration charge for your vehicle.
How long after it expires in California do you have to renew your registration?The current registration expiration date must be renewed at midnight, or within 60 days of the day the registered owner receives notification that the current registration must be renewed (vehicle registration renewal notice), whichever comes first.
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New Energy Incorporated has a beginning inventory balance on January 1 of 15,000 units and desires an ending balance of 20% of the next month’s sales. If sales are expected to be 18,000 for January and 25,000 for February, what is the ending balance as of January 31
Answers
Balance is having the right amount — not too much or too little — of any quality, which leads to harmony or evenness.
What is the meaning of Amount?A gathering or mass, especially one that cannot be enumerated, is referred to as an amount: quantity of The proper amount of sand wasn't delivered. Animal boarding took up a relatively little amount of area. He donated money to a charity regularly.
The amount can be a noun or a verb, as was said above. Use of a noun A modest amount of water should be added to the dish. A total is the sum of numerous integers or the number of items in a group, as determined by addition or counting.
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1. The level of prices and the value of money Suppose the price level reflects the number of doliars needed to buy a basket of goods containing one energy drink, one egg sandwich, and one bike rental. In year one, the basket costs
$15.00
. In year two, the price of the same basket is
$14.00
. From year one to year two, there is at an annual rate of In year one,
$120.00
will buy baskets, and in year two,
$120.00
will buy baskets. This example illustrates that, as the price level falls, the value of money Continue without saving
Answers
This means that the purchasing power of money increased by 100% from year one to year two.
The example illustrates that a decrease in the price level leads to an increase in the purchasing power of money. Mathematically, the rate of change in the purchasing power of money is equal to the inverse of the rate of change in the price level.
Thus, the rate of change in the purchasing power of money from year one to year two is equal to the inverse of the rate of change in the price level,
i.e., 1/($15.00–$14.00) = 1/1.00 = 100%.
This means that the purchasing power of money increased by 100% from year one to year two.
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Companies must consider a country's economic factors because nations with _, may be poor markets for expensive industrial machinery but good ones for _.
Answers
Companies must consider a country's economic factors because nations with low income levels may be poor markets for expensive industrial machinery but good ones for consumer goods.
A country's economic factors play a crucial role in determining the market potential for different types of products. Nations with low income levels may not be able to afford expensive industrial machinery, making them poor markets for such products. Instead, companies may find better opportunities in these countries by focusing on consumer goods that are affordable to the local population. On the other hand, countries with high income levels and developed industrial sectors may provide lucrative markets for expensive industrial machinery that can enhance production efficiency and output. Companies must also consider other economic factors such as inflation, exchange rates, and government policies that can impact their costs and revenues in the target country. Failure to consider these factors can result in suboptimal business decisions that can negatively impact profitability and market share. By carefully analyzing a country's economic factors, companies can tailor their product offerings and pricing strategies to maximize their chances of success in international markets.
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A company has a repetitive manufacturing situation where the master schedule does not vary from day to day and is level loaded.
Under these circumstances, which manufacturing system should be employed?
A. JIT
B.MRP
C. ERP
D. Batch Processing
Answers
A company has a repetitive manufacturing situation where the master schedule does not vary from day to day and is level loaded. Under these circumstances, JIT manufacturing system should be employed.
Lean manufacturing is a production approach that focuses on minimizing time inside the production system as well as time between suppliers and customers. It is similar to another idea known as just-in-time manufacturing. Just-in-time manufacturing attempts to match production to demand by only delivering things that have been requested, with an emphasis on efficiency, productivity, and the elimination of "wastes" for both the manufacturer and the provider of goods.
Lean manufacturing employs the just-in-time approach and focuses on lowering cycle, flow, and throughput times by removing processes that bring no value to the consumer. Those that work outside of the production process, such as marketing and customer service, are also involved in lean manufacturing.
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suppose u.s. nominal gdp changed by -2.00% from 2019 to 2020, and the price level changed by -2.50%. therefore, real gdp changed by approximately_____%
Answers
One of the most common is GDP, which stands for gross domestic product.
What is the meaning of Gross domestic product?Gross domestic product (GDP) is a monetary indicator of the total market value of the final commodities and services that nations generate and sell over a given period. This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is.
GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation during a specific period (say a quarter or a year). It accounts for all the output produced inside a nation's boundaries.
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Available-for-sale Investment Problem
On Jan 1, 2020, Company A sold $500,000 of 8% bonds to Company B. The bonds mature on Dec 31, 2023. For bonds of similar risk and maturity, the market rate was 10%. Interest is paid semiannually on June 30 and Dec 31. Company B purchased the bonds for $467,684.20 as an investment and plans to hold them for 2 years. The fair value of bonds at 12/31/2020 was $450,000. Company B's fiscal year end is Dec 31 and 2019 was its first year of business.
1. record the fair-value adjusting entry for Company B as of 12/31/20.
2. Assume the fair value of these bonds is $487,000 at 12/31/21. Record the Journal entries Company B should make on 6/30/21 and on 12/31/21 related to this investment.
3. Assume Company B sells these bonds on 3/1/22 for $470,100. Prepare all journal entries required on 3/1/22 (accrue interest, adjust to fair value, reclassification entry, sale of the investment)
Answers
1. Record the Fair-Value Adjusting Entry for Company B as of 12/31/20:
Debit Investment in Bonds $33,315.80
Debit Investment in Bonds $33,315.80Credit Unrealized Loss on Available-for-Sale Investments $33,315.80
2. Journal Entries Company B Should Make on 6/30/21 and on 12/31/21:
6/30/21
6/30/21Debit Interest Expense $20,000
6/30/21Debit Interest Expense $20,000Credit Interest Payable $20,000
6/30/21Debit Interest Expense $20,000Credit Interest Payable $20,00012/31/21
6/30/21Debit Interest Expense $20,000Credit Interest Payable $20,00012/31/21Debit Investment in Bonds $37,315.80
6/30/21Debit Interest Expense $20,000Credit Interest Payable $20,00012/31/21Debit Investment in Bonds $37,315.80Credit Unrealized Gain on Available-for-Sale Investments $37,315.80
3. Journal Entries Required on 3/1/22:
Debit Interest Expense $1,500
Debit Interest Expense $1,500Credit Interest Payable $1,500
Debit Interest Expense $1,500Credit Interest Payable $1,500Debit Investment in Bonds $17,184.20
Debit Interest Expense $1,500Credit Interest Payable $1,500Debit Investment in Bonds $17,184.20Credit Unrealized Loss on Available-for-Sale Investments $17,184.20
Debit Interest Expense $1,500Credit Interest Payable $1,500Debit Investment in Bonds $17,184.20Credit Unrealized Loss on Available-for-Sale Investments $17,184.20Debit Cash $470,100
Debit Interest Expense $1,500Credit Interest Payable $1,500Debit Investment in Bonds $17,184.20Credit Unrealized Loss on Available-for-Sale Investments $17,184.20Debit Cash $470,100Credit Investment in Bonds $470,100
Debit Interest Expense $1,500Credit Interest Payable $1,500Debit Investment in Bonds $17,184.20Credit Unrealized Loss on Available-for-Sale Investments $17,184.20Debit Cash $470,100Credit Investment in Bonds $470,100Debit Gain on Sale of Investment $2,915.80
Debit Interest Expense $1,500Credit Interest Payable $1,500Debit Investment in Bonds $17,184.20Credit Unrealized Loss on Available-for-Sale Investments $17,184.20Debit Cash $470,100Credit Investment in Bonds $470,100Debit Gain on Sale of Investment $2,915.80Credit Unrealized Gain on Available-for-Sale Investments $2,915.80
Which option describes an emergency fund?
Answers
Answer:
B. A quantity of money set aside in case something bad happens.
Explanation:
Its B because it's the most accurate description of an emergency fund
Answer: option 2
Explanation: it is used by the government or organizations in order to prepare for future disasters and other maladies
Costs of partially completed units are accounted for in ______. cost of goods manufactured finished goods work in process raw materials. work in process.
Answers
Costs of partially completed units are accounted for in work in process. The Option C is corect.
How is costs of partially completed units accounted?The costs of partially completed units are accounted for using the concept of "work in progress" (WIP) or "work in process". This refers to inventory items that are in the process of being manufactured but are not yet completed. The costs associated with WIP are important to track, as they can have a significant impact on a company's financial statements and profitability.
There are two main methods for accounting for the costs of partially completed units:
The percentage of completion method: Under this method, the costs of partially completed units are allocated to the units based on the percentage of the manufacturing process that has been completed. This requires an estimate of the total cost of the unit and the proportion of the work that has been completed to date. The costs are then allocated to the unit based on this percentage of completion.The direct materials plus direct labor method: This method allocates the costs of partially completed units based on the direct materials and direct labor costs that have been incurred to date. The method assumes that these costs are directly proportional to the progress of the manufacturing process.Read more about completed units
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In the ________ phase of international product life cycle theory, knowledge about how to produce the product is widespread and manufacturing becomes straightforward in many developing countries.a. backward integrationb. formalizationc. standardizationd. simplification
Answers
Answer:
c. standardization
Explanation:
In the
standardization
phase of international product life cycle theory, knowledge about how to produce the product is widespread and manufacturing becomes straightforward in many developing countries.
John Box Inc. has an annual interest expense of $30,000 and
pays income tax equal to 40 percent of taxable income (EBT).
John Box's times-interest-earned ratio is 4.2. What is John Box's
net income?
Answers
If John Box Inc. has an annual interest expense of $30,000 and
pays income tax equal to 40 percent . John Box's net income is; $56,700.
How to find the net income?To calculate John Box Inc.'s net income, we first need to find its earnings before interest and taxes (EBIT). We can use the times-interest-earned ratio to find EBIT.
The times-interest-earned ratio is calculated as:
EBIT / Interest Expense = Times-Interest-Earned Ratio
We can rearrange this formula to solve for EBIT:
EBIT = Times-Interest-Earned Ratio * Interest Expense
Plugging in the given values, we have:
EBIT = 4.2 * $30,000
EBIT = $126,000
Now that we know EBIT, we can calculate John Box Inc.'s taxable income by subtracting interest expense from EBIT:
Taxable Income (EBT) = EBIT - Interest Expense
Taxable Income (EBT) = $126,000 - $30,000
Taxable Income (EBT) = $96,000
Finally, we can calculate John Box Inc.'s net income by subtracting income tax from taxable income:
Net Income = Taxable Income (EBT) - Income Tax
Net Income = $96,000 - (40% * $96,000)
Net Income = $96,000 - $38,400
Net Income = $57,600
Therefore, John Box Inc.'s net income is $57,600.
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Basic assumptions and principles Identify the accounting concept that was violated in each of the following situations. Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the assumptions and land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. Atwell Corporation has not prepared financial statements for external users for over three years. The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received. Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense. Golden Book Company purchased a large printing machine for$1,000,000 (a material amount) and recorded the purchase as an expense. Ace Appliance Company is involved in a major lawsuit involving injuries sustained by some of its employees in the manufacturing plant. The company is being sued for$2,000,000, a material amount, and is not insured. The suit was not disclosed in the most recent financial statements because no settlement had been reached.
Answers
In this case, the photo printer will continue to provide cash for many weeks, so it isn't recognised as an expense. All contingent liabilities that could result in cash outflows must be disclosed.
By the expense, what do you mean?Cost is what expenses simply mean. A cost of operations is what is referred to as an expense in accounting language.or services. Costs can alternatively be expressed as the total of all activities that typically result in a profit.
How do you make an expense list?Expenditure, Type, Date, and Amount are typical columns, in that order from left to right. List all of your expenses in date order, starting with the earliest. Sum up all of the costs, then add the total at the bottom. Next to that, add "Total."
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Assume that Australia has a comparative advantage in producing surfboards and New Zealand imports surfboards from Australia. We can conclude that
A) Labor costs are higher for surfboard producers in New Zealand than in Australia.
B) New Zealand has an absolute disadvantage in producing surfboards relative to Australia.
C) Australia also has an absolute advantage in producing surfboards relative to New Zealand.
D) Australia has a lower opportunity cost of producing surfboards relative to New Zealand.
Answers
Option D) Australia has a lower opportunity cost of producing surfboards relative to New Zealand.
Comparative advantage refers to the ability of a country to produce a certain good or service at a lower opportunity cost than another country. In this case, since Australia has a comparative advantage in producing surfboards, it means that they can produce surfboards at a lower opportunity cost than New Zealand. This does not necessarily mean that New Zealand has higher labor costs or an absolute disadvantage in producing surfboards, but rather that Australia has a relatively lower opportunity cost in producing surfboards. This means that it is more beneficial for New Zealand to import surfboards from Australia rather than producing them domestically.
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Universal Containers requires a different Lightning page to be displayed when Accounts are viewed in the Sales Console and in the Service Console. How should an administrator meet this requirement?a. Update Page Layout Assignments.b. Define multiple record types.c. Assign Lightning pages as app default.d. Create different user profiles.
Answers
While viewing Accounts in the Sales Console and in the Service Console, Universal Containers demands that a distinct Lightning page be shown. Should a manager fulfill this condition Make Lightning Pages the default for the app.
Which universal containers demand a unique lightning page be shown when account?While viewing accounts in the Sales Console and in the Service Console, Universal Containers demands that a distinct Lightning page be shown.
What should the developer do in order to make the custom search tool enforce sharing permission for the logged-in user?To find out if the logged-in user has access to the Account object, utilize the schema describe calls.
What does Salesforce's "universal container" mean?Universal Containers, a fast expanding international supplier of container solutions, comes up with various scenarios by getting users to think from a business viewpoint and also by giving instructions on the industries and scenarios we will encounter and how to deal with them.
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The history of labor relations and the history of human resource management are inseparable. Nonunion managers can therefore learn a lot about what workers want and about the pros and cons of alternative human resource management strategies by understanding labor history. Reflect back upon the events and labor organizations presented in this chapter and identify some reactions of workers and of labor unions to employers' practices and strategies. Next, describe how these reactions inspire a new generation of human resource management strategies.
Answers
The term labor relations, or industrial relations, refers back to the gadget in which employers, employees and their representatives and, directly or in a roundabout way, the government engage to decide the ground rules for the governance of work relationships.
Give a brief account on labor relations.The phrases “labor relations” and “industrial relations” are also utilized in reference to diverse kinds of workers' participation;They can also encompass person employment relationships among an company and a employee under a written or implied settlement of employment, despite the fact that those are commonly called “employment relations”.Traditionally, 4 distinct varieties of place of job governance had been defined: dictatorial, paternalistic, institutional and employee-participative; this chapter examines usually the latter two kinds.The nature of the relationships amongst organized labor, employers and the government with appreciate to fitness and safety are indicative of the general status of business relations in a country or an enterprise and the obverse is similarly the case.Traditionally, labor relation systems were categorized alongside countrywide strains, however the validity of this is waning in the face of increasingly more various practices within international locations and the upward thrust of a extra global economic system driven by using international opposition. In countries that have moved from conscious economies to free market economies, industrial relations systems are in transition. Increasingly, typical work-relationship typologies are being drawn analytically as indicators of the form of work-relationship systems.The globalization of market economic systems, the weakening of the state as a pressure force, and the declining energy of stock exchange trade unions in many developed countries pose extreme challenges to normative industrial relations systems.Advances in technology have changed the nature of work and employers, but they still have a significant impact on the extent to which family collective work members can evolve and the trajectories they follow.Employees' traditional shared work schedules and not uncommon control centers have given way to increasingly diverse working hours and job performance in various locations, including within the country, giving companies direct control over their work. There are far fewer directors.To know more about globalization, visit:
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Which of the following is not a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage?
a) outcompeting rivals on the basis of such differentiating features like higher quality, wider product selection, added performance, better service, or more attractive styling.
b) aiming for a cost-based competitive advantage.
c) simply trying to mimic the successful strategies of rivals.
d) focusing on a narrow market niche and winning a competitive edge by doing a better job than rivals to satisfy the needs and tastes of the niche's buyers.
Answers
b) aiming for a cost-based competitive advantage is not a frequently used strategic approach to setting a company apart from rivals and achieving a sustainable competitive advantage.
Which of the following is a regularly employed strategic tactic to differentiate a business from competitors and achieve a long-term competitive advantage?A low-cost provider strategy, a broad differentiation strategy, a best cost provider strategy, and a focused differentiation strategy are fundamental strategic techniques for differentiating a company from competitors and gaining a lasting competitive advantage.
Plan, reach, act, convert, and engage are the 5 stages of a comprehensive digital marketing strategy process. The Smart Insights RACE Framework will be used to illustrate the essential success elements for each step of your digital marketing strategy in this section.
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The following costs are allocated to job Q. Calculate the product cost of job Q as would be reported externally on the financial statements. Direct materials 340000Direct labor 810000Variable MOH 64000Fixed MOH 120000Selling costs196000General and administrative costs 20000
Answers
The product cost of job Q as would be reported externally on the financial statements is $1,334,000. This is the cost that would be reported on the income statement and used for inventory valuation purposes.
To calculate the product cost of job Q as would be reported externally on the financial statements, we need to add up all the costs that have been allocated to job Q. These costs include:
Direct materials: $340,000
Direct labor: $810,000
Variable manufacturing overhead: $64,000
Fixed manufacturing overhead: $120,000
Adding up all of these costs gives us a total product cost of:
$340,000 + $810,000 + $64,000 + $120,000 = $1,334,000
In addition to these manufacturing costs, the question also provides information on selling costs and general and administrative costs. However, these costs are not part of the product cost and should not be included in the calculation.
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Rebecca Gladlyn budgeted $1,250 for housing and utilities in July. She actually spent $1,162. What is her
budget variance?
Answers
D. $88 surplus
$1250 budgeted less $1162 spent = $88 surplus.
Note: Similar to self-test problem #2.
A public utility company (often just utility) is a business that manages the infrastructure for a public service (often also providing a service using that infrastructure).
Many forms of public control and regulation, including statewide government monopolies and community-based organisations, are examples that apply to public utilities.Public utilities, which are created to offer goods and services that are seen as essential, account for a sizable share of the market for things like water, gas, electricity, telephones, and other communication networks. Natural monopoly characteristics may be present in electricity transmission cables or gas pipelines. Competition is useless if the infrastructure is present in a particular area. Or to put it another way, these industries are defined by economies of scale in production.
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Complete question is here:
Rebecca Gladlyn budgeted $1250 for housing and utilities in July. She actually spent $1162. What is her budget variance?
A. $962 deficit
B. $88 deficit
C. $44 deficit
D. $88 surplus
E. $962 surplus
Take Quiz
Krespy Corp. has a cash balance of $7,500 before the following transactions
occur:
Answers
The balance in cash after these transactions are journalized and posted is: cash = $5,903. The Option C is correct.
How do we calculate the balance in cash after these transactions?Here's the calculation of the balance in cash after the transactions:
Particulars Amount
Initial cash balance: $7,500
+ Customer payments: $965
+ Services performed $212.50
(25% paid in cash): $850 x 25%
- Ad in the newspaper: $275
- Dividends distributed: $2,500
Final cash balance $4,367.50
So, the balance in cash after these transactions is $4,367.50.
Full question "Krespy Corp. has a cash balance of $7,500 before the following transactions occur:
received customer payments of $965
supplies purchased on account $435
services worth $850 performed, 25% is paid in cash the rest will be billed
corporation pays $275 for an ad in the newspaper
bill is received for electricity used $235.
dividends of $2,500 are distributed
What is the balance in cash after these transactions are journalized and posted?
Cash = $6,027 ($7,500 + $965 - $213 + $275 - $2,500 = $5,903)
Cash = $6,453 ($7,500 + $965 + $213 + $275 - $2,500 = $5,903)
Cash = $5,903 ($7,500 + $965 + $213 - $275 - $2,500 = $5,903)
Cash = $5,477 ($7,500 + $965 - $213 - $275 - $2,500 = $5,903)
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Four jobs are to be done on four different machines. The cost in rupees of
producing ith on the jth machine is given below. Assign the jobs to different machines
so as to minimise the total cost.
Jobs M1 M2 M3 M4
J1 15 11 13 15
J2 17 12 12 13
J3 14 15 10 14
J4 16 13 11 17
Answers
The total optimal solution based on the information will be 49 rupees.
How to calculate the valueHere, four jobs and four machines are given, with the assignment matrix.
Find out the each row minimum element and subtract it from that row
Find out the each column minimum element and subtract it from that column.
This assignment problem is being solved using Hungerian Method as the optimal solution is:
J1 to M2, J2 to M4, J3 to M1 and J4 to M3. The total optimal cost is:
= 11 + 13 + 14 + 11
= 49 rupees
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Question 5 (1 point)
A common definition of economics is that it is the study of:
O a) maximizing net personal disposable income.
b) the factors underlying financial markets.
c) the allocation of scarce resources to competing wants.
d) maximizing personal financial wealth.
Answers
+
Question 3
Which of the following is NOT true about functions?
They replace formulas completely
They are predesigned formulas that come with Excel
They expand your mathematical options considerably
They provide the ability to do complex calculations
I don't know
You answered 0 out of 2 correctly Askin
One attempt
Answers
Answer:
They replace formulas completely
Explanation:
Sometimes one needs to use a formula that there is not a function for.
Suppose the government in this economy decides to decrease government purchases by $250 billion. The decrease in government purchases will lead to a decrease in income, generating an initial change in consumption equal to-$62. 5 billion. This decreases income yet again, causing a second change in consumption equal to. The total change in demand resulting from the initial change in government spending is
Answers
The total change in demand resulting from the initial decrease in government purchases of $250 billion is -$125 billion.
This is due to the multiplier effect, which is the effect of a change in spending or income on the total amount of spending or income in the economy.
When the government decreases its purchases, there is an initial decrease in income of $62.5 billion, which decreases consumption by the same amount. This then leads to a further decrease in income, leading to a second change in consumption of an additional -$62.5 billion. The total change in demand resulting from the initial decrease in government spending is therefore -$125 billion.
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An amount due to a company from another party is recorded by the company
as a(n).
A. cash flow
B. receivable
C. credit memo
D. impulse purchase
Answers
Answer: B
Explanation: A receivable is by a company by accounting books when they sell merch or products on credit. It's usually due from another company or party. I hope this helped. :)
Answer: B. Receivable
Explanation: An amount owed by another party is known as a receivable. One of the biggest current assets on a company's accounts typically are its receivables. Because accounts receivable are typically the main source of a company's cash flow, controlling and analyzing this asset is crucial.
Using your own practical instances, expose the four errors that can be committed when giving meaning to an unknown term. In each case, explain what the particular problem is with the given definition and suggest how to correct it. Your response should be between 500 and 600 words.
Answers
When giving meaning to an unknown term, there are four types of errors that can be committed, which are as follows:
Overgeneralization: This error occurs when a definition is too broad and includes elements that are not actually part of the term's meaning. Overgeneralization can lead to confusion and misinterpretation of the term's meaning.For example, let's say someone defines the term "vegetarian" as someone who only eats vegetables. However, this definition is too broad because it includes people who don't eat meat but do eat dairy products, eggs, and other animal-derived products. To correct this error, the definition should be revised to be more specific and accurate, such as "a vegetarian is someone who does not consume meat, fish, or poultry but may consume dairy products and eggs."
Undergeneralization: This error occurs when a definition is too narrow and excludes elements that are part of the term's meaning. Undergeneralization can lead to misunderstanding and incompleteness of the term's meaning.For example, someone defines the term "apple" as only referring to red apples, excluding other varieties of apples that are not red. This definition is too narrow because it excludes a significant portion of the term's meaning. To correct this error, the definition should be revised to be more inclusive, such as "an apple is a round fruit with red, green, or yellow skin and a core containing seeds."
Circular Definition: This error occurs when a term is defined using another term that is itself not clearly defined. Circular definitions can lead to a lack of clarity and understanding of the term's meaning.For example, someone defines the term "adulthood" as the state of being an adult. This definition is circular because it uses the term "adult" to define "adulthood." To correct this error, the definition should be revised to use a different approach, such as "adulthood is the stage of life when an individual has reached the age of majority and has assumed adult responsibilities."
Ambiguity: This error occurs when a definition is vague or unclear and can be interpreted in multiple ways. Ambiguity can lead to confusion and imprecision of the term's meaning.For example, someone defines the term "big" as "large." However, this definition is ambiguous because "large" can be interpreted in different ways depending on context. To correct this error, the definition should be revised to be more specific and clear, such as "big means having a physical size or quantity that is greater than average."
In conclusion, when giving meaning to an unknown term, it is important to be precise, accurate, and clear to avoid misunderstandings and confusion. Overgeneralization, undergeneralization, circular definition, and ambiguity are four types of errors that can be committed when giving meaning to an unknown term. To correct these errors, the definition should be revised to be more specific, inclusive, and clear.
You want to borrow $89,000 from your local bank to buy a new sailboat.
You can afford to make monthly payments of $1850, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan?
Please express the interest rate in the form of APR.
What is the Effective Annual Rate (EAR) of the interest rate?
Answers
The Effective Annual Rate (EAR) of the interest rate is 0.38%.
What is the effective annual rateTo calculate the highest APR you can afford on a 60-month loan, we can use the loan affordability formula:
Loan Affordability = Payment Amount / [(1 - (1 + Interest Rate / 12)^(-Number of Payments)) / (Interest Rate / 12)]
Plugging in the given values:
$1850 = Payment Amount
$89,000 = Loan Amount
60 = Number of Payments
Solving for the Interest Rate:
Interest Rate = 3.826%
So the highest APR you can afford on a 60-month loan is 3.826%.
To calculate the Effective Annual Rate (EAR), we can use the formula:
EAR = (1 + Interest Rate / m)^m - 1
Where m is the number of compounding periods per year. Since the loan has monthly compounding, m = 12.
Plugging in the interest rate:
EAR = (1 + 0.03826 / 12)^12 - 1 = 0.38%
So the Effective Annual Rate (EAR) of the interest rate is 0.38%.
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In a class of 80 students, 50 students know English, 55 students know French and 46 know Germany language. 37 students know English and French, 28 know French and German and 7 students know non of the languages and then 25 students know English and German
required;
a)represents the above in venn diagram
b)how many students have all the three languages
c) how many students know English but not Germany
d)how many students know exactly two languages
d) how many students know French and German but not English
Answers
A Venn diagram is a graphical representation of a set of elements, often used to illustrate relationships between sets.
What are the responses to the questions?a) Venn diagram:
_________
/ \
/ \
/ \
/ \
English/ \French
/ \
_______/_______ _______\________
/ \ / \
/ \ / \
/ \ / \
/ X \
/ / \ \
/ / \ \
/______\ /_____/ \________\___________\
\ / German \
\ / \
X X
/ \ / \
/ \ / \
/ \ / \
/ \ / \
/ E \ / F \
/___________\ /___________\
where E stands for English, F stands for French, and G stands for German.
b) The number of students who have all the three languages is 4.
c) The number of students who know English but not German is 21.
d) The number of students who know exactly two languages is 14.
e) The number of students who know French and German but not English is 10.
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Indicate the financial statements on which each account would be reported
Accumulated depreciation
Answers
Accumulated depreciation is reported on the balance sheet as a contra asset that reduces the net book value of the capital asset section.
What accumulated depreciation?Accumulated depreciation refers to the life-to-date depreciation that has been recognized that reduces the book value of an asset. On the other hand, accelerated depreciation refers to a method of depreciation where a higher amount of depreciation is recognized earlier in an asset’s life. Since accelerated depreciation is an accounting method for recognizing depreciation, the result of accelerated depreciation is to book accumulated depreciation.
Under this method, the amount of accumulated depreciation accumulates faster during the early years of an asset’s life and accumulates slower later.
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Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $20 per unit. They send orders electronically to the manufacturer, costing $34 per order and they experience an average lead time of seven days for each order to arrive from the manufacturer. Their inventory carrying cost is 20 percent. The average daily demand for the figurines is three units per day. They are open for business 250 days a year. The supplier decides to offer a volume discount. They will sell the crystal figurines at $10 per unit for orders of 375 units or more. Answer the following questions:
a. How many units should the firm order each time? Assume there is no uncertainty at all about the demand or the lead time. (Round your answer to the nearest whole number.)
b. How many orders will they place in a year?
c. What is the average inventory?
d. What is the annual ordering cost?
e. What is the annual inventory carrying cost?
Answers
a. 96 units should the firm order each time.
b. Approx 5 orders will they place in a year.
c. The average inventory is 48 units.
d. The annual ordering cost is $291.67.
e. The annual inventory carrying cost is $297.60.
Cost (C) = $31 per unit
Ordering cost (Co) = $56
Lead time (L) = 6 days
Inventory carrying cost (Cc) = 20% of cost = 20% of $31
Inventory carrying cost (Cc) = $6.20
Average daily demand (d) = 2 units per day
Number of working days = 250 days a year
Annual demand (D) = Daily demand x Number of working days
Annual demand (D) = 2 x 250 = 500 units
(a) Order quantity:
The order quantity, also known as the Economic Order Quantity (EOQ), can be calculated using the formula below.
Order quantity = √(2 × D × C(o))/C(c)
Order quantity = √{(2 × 500 × 56)/6.20}
Order quantity = 95.04
Order quantity = 96 units(approx)
(b) Number of orders:
The Number of orders is calculated as,
Number of orders per year = Annual Demand/EOQ
Number of orders per year = 500/96
Number of orders per year = 5.21
Number of orders per year = 5 approx
(c) Average Inventory:
The formula below can be used to calculate average inventory.
Average inventory = EOQ/2
Average inventory = 96/2
Average inventory = 48 units
(d) Annual ordering cost:
The following calculation is used to determine the annual ordering cost:
Annual ordering cost = Number of orders per year × Ordering Cost
Annual ordering cost = 5.21 × 56
Annual ordering cost = $291.67
(e) Annual inventory carrying cost:
The following formula is used to calculate the annual inventory carrying cost:
Annual inventory carrying cost = Average inventory × Carrying Cost
Annual inventory carrying cost = 48 × 6.20
Annual inventory carrying cost = $297.60
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