Ritz-carlton service value reliability features understanding roe is aesthetics, resolving guest problem report under serviceability, being proud of professional appearance, language, and behavior is a feature.
Operating the upscale hotel chain known as The Ritz-Carlton is the American multinational firm The Ritz-Carlton Hotel Company, LLC. In addition to 108 luxury hotels and resorts with more than 29,000 rooms in more than thirty countries and territories, the company also has 45–46 hotels with close to 9,000 spaces scheduled for the future. When the old occupants sold the Ritz-Carlton name and the Ritz-Carlton hotel in Boston, Mass, the new business was established in 1983. Later, the trademark was introduced in additional regions. A division of Marriott International, the business.
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Which of the following statements that might be made by a business executive best expresses the overall philosophy of Total Quality Management?A. "We've achieved Six Sigma. That's good enough."B. "There's always room for improvement."C. "The workers need to work harder to prevent quality problems."D. "We never sell defective products to customers."
The following statements that might be made by a business executive best expresses the overall philosophy of Total Quality Management "B. "There's always room for improvement.
Total Quality Management (TQM) is simply a management strategy for long-term success that focuses on increasing customer satisfaction, enhancing the customer experience, identifying and eliminating manufacturing errors, streamlining the management of the supply chain, educating employees, etc. with the intention of holding all parties involved in the production process accountable for the overall quality of the product or service. As a result, it is a management philosophy for a set of business practises that emphasises continuous improvement in all operational stages, 100% accuracy in job execution, employee involvement and empowerment at all levels, team-based work design, benchmarking, and complete customer satisfaction.
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which of the following summarizes the financial performance of an organization over a period of time? a. Balance sheetb. Liquidity ratioc. Cash flow statementd. Income statemente. Debt statement
An organization's financial success over time is summarized in the income statement.
What is included in the income statement?An income statement shows the sales, expenses, and profitability of a corporation over time. It may also be referred to as an earnings statement or a profit-and-loss (P&L) statement. It shows the money you made from selling goods or services. costs associated with running your business.
What is the main purpose of an income statement?An income statement, which is a financial statement, shows the company's revenue and outlays. Additionally, it shows if a company is making money or losing money over a given period of time. Use of the income statement, balance sheet, and cash flow statement will help you better understand your company's financial status the flowchart.
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locations that draw in guests for the natural areas around it and are comprised of multiple hospitality businesses are referred to as:
Locations that draw in guests for the natural areas around it and are comprised of multiple hospitality businesses are referred to as hospitality industry.
What are the different sectors of the hospitality industry?
In light of this, your company may choose to concentrate on a certain sector or pursue all areas of the hospitality industry.
The multi-billion-dollar hotel business is primarily reliant on the availability of disposable cash and free time.
The effectiveness of the hospitality staff and the business strategy are two key factors in determining a company's success in the hospitality industry.
Consequently, it is possible to venture into any sector of the hotel industry.
Costs and difficulties will be undoubtedly increase, but managing or owning various hospitality businesses might be present an opportunity to reap longer-term of financial benefits.
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4) Mr. Arian opened Arian's Carpet Cleaners on March 1, 2021 During March, the following transactions were completed Mar 1: Invested Br. 35,000 cash in a share of a business Mar. 1 Purchased used Truck (equipment) for Br. 6.000, paying, Br. 2,000 cash and the remaining balance on account Mar. 1 Purchased cleaning supplies for Br. 1.500 on account. Mar. St Paid i. 1.200 cash on one year insurance policy effective March Mar. 14. Billed customers Br. 4,800 for cleaning services. Mar. 18 Paid Br. 1.500 cash on amount owed on Truck and Br. 500 on amount owed on cleaning supplies. Mar 20: Paid Br. 7,000 cash for employee salaries, Mar. 21 Collected Br. 3,800 cash from customers billed on Mar. 28: Billed customers Dr. 2,500 for cleaning services, Mar 31: Paid advertising expenses of Br. 2000, Mar. 31: paid a dividend of Br. 3000, Requirements; 1) Journalize the March transactions. 2) Prepare necessary Ledger Accounts, 3) Prepare a Trial Balance at March 31 4) Journalize the following adjustments and prepare an adjusted Trial Balance: 1. 11. Earned but unbilled revenue at March 31 was Br. 1000. Depreciation on equipment for the month was Br. 200. One-twelfth of the insurance expired, An inventory count shows Br. 400 of cleaning supplies on hand Accrued but unpaid employee salaries were Br. 700. iv, V. 5) Prepare the worksheet 6) Prepare an income statement, a statement of owner's equity, and a statement of financial position. 7) Maintain the necessary closing entry.
Answer:
Answer
The required journal entries are as below-
Mar. 1
Cash 35,000
Capital 35,000.
` Truck 6,000
Cash 2,000
Account payable 4,000.
Mar. 3
Cleaning supplies 1,500
Accounts payable 1,500
Mar. 5
Prepaid Insurance 1200
Cash 1,200
Mar. 14
Accounts receivable 4,800
Service revenue 4,800
Mar. 18
Account payable 2,000
Cash 2,000
Mar. 20
Salary Expense 7,000
Cash 7,000
Mar. 21
Cash 3,800
Accounts receivable 3,800
Mar. 28
Accounts receivable 2,500
Service revenue 2,500
Mar. 31
Advertising expense 2,000
Cash 2,000
Mar. 31
Dividends 3,000
Cash 3,000
Explanation:
The income statement is prepared once the adjusted trial balance.
Maintain the necessary closing entry?
The required journal entries are as below-
Mar. 1
Cash 35,000
Capital 35,000.
` Truck 6,000
Cash 2,000
Account payable 4,000.
Mar. 3
Cleaning supplies 1,500
Accounts payable 1,500
Mar. 5
Prepaid Insurance 1200
Cash 1,200
Mar. 14
Accounts receivable 4,800
Service revenue 4,800
Mar. 18
Account payable 2,000
Cash 2,000
Mar. 20
Salary Expense 7,000
Cash 7,000
Mar. 21
Cash 3,800
Accounts receivable 3,800
Mar. 28
Accounts receivable 2,500
Service revenue 2,500
Mar. 31
Advertising expense 2,000
Cash 2,000
Mar. 31
Dividends 3,000
Cash 3,000
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in which of economic sectors are raw materials turned into finished products? question 1 options: primary tertiary secondary quaternary
Option b: Secondary sector. economic sectors are raw materials turned into finished products in secondary sector.
In macroeconomics, the secondary economic sector is the economic sector in the three-sector theory that explains the role of manufacturing.
This includes industries that produce finished, usable products or that involve construction.
This sector generally receives the output of the primary sector (i.e. raw materials) and manufactures finished products suitable for sale and export (via distribution through the tertiary sector) to domestic businesses or consumers.
Many of these industries consume large amounts of energy, require factories, and use machinery. Because of these quantities, they are often categorized as light or heavy.
They also produce waste and waste heat that cause environmental problems and pollution (see negative externalities). Examples include textile production, automobile manufacturing, and handicrafts.
Manufacturing is an important activity that drives economic growth and development.
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all of the following are exempt transactions under the uniform securities act except non-issuer transactions in stocks listed on the: a american stock exchange (nyse american) b tokyo stock exchange c pacific stock exchange d nasdaq stock market
Exempt securities are government securities, bank securities, high-quality debt instruments, non-profit securities, and insurance contracts.
Which of the following transactions are exempt under the Uniform Securities Act?
Transactions between an issuer and an underwriter or between an issuer and a non-issuer of a security registered under the Investment Company Act would both be regarded as exempt transactions.
Unsolicited transactions that are carried out through a broker-dealer are also exempt. The sale to a specific client is not an exempt transaction even though the bonds are an exempt security. Unsolicited transactions, sales to institutions, and sales by fiduciaries are all exempt.
The SEC considers certain securities and transactions to be exempt from registration requirements. Government securities, bank securities, high-quality debt instruments, non-profit securities, and insurance contracts are typical examples of exempt securities.
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Which accounts normally have debit balances?
A) Assets, expenses, and revenues
B) Assets, dividends, and expenses
C) Assets, liabilities, and dividends
D) Assets, expenses, and retained earnings
Assets, dividends, and expenses accounts normally have debit balances. It encompasses anything that has the potential to generate gains in the economy.
Physical and intangible objects, including as raw materials, inventories, machinery, and real estate, are all considered assets. Intellectual property, such as patents and royalties, is also a form of asset. An economic resource having economic worth that is owned or under the control of a person, a company, or a government with the intention that it would someday be useful is referred to as an asset. An organization's balance sheet lists its assets. They can be divided into four categories: current, fixed, financial, and intangible. Items that a company owns and will eventually be useful to it are called assets. Things that a firm owes money for are called liabilities. consequences of depreciation Depreciation is a characteristic of assets. Assets are any resources that a company or other economic entity owns or has control over in financial accounting.
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A convertible corporate bond with a conversion price of $20 is trading at 115. The parity price of the common stock is:
A convertible bond with a conversion price of $20 is trading at $115. Parity prices for common stock is $23 equivalent price.
A conversion price of $20 means a conversion ratio of 50 (i.e. each bond can be converted into 50 shares of common stock). $1,150/$50 = $23 equivalent price.
Conversion parity refers to the break-even price of a convertible security. This is the amount paid per share if the option on the convertible security is exercised. Convertible securities, such as convertible bonds, are so called because of the characteristic that the securities can be converted into shares of the issuing company. The converted price is the price actually paid by the investor.
Conversion parity is the effective price paid by an investor for the opportunity to convert a bond into equity.
This price is important to investors as there is little value in trying to convert a security into equity until the stock reaches this price.
Companies that issue convertible securities monitor this price closely. This is because there may be conversion requests from investors holding such securities. The conversion price is calculated by dividing the present value of the convertible security by the conversion ratio, which is the number of shares to which the convertible security can be converted.
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Which of the following would not be shown on the statement of partners equity? O Withdrawals O Additional investments O Beginning capital balance O Federal income tax O Allocated income or loss
Each partner's initial capital balance, subsequent investments, allocated revenue or loss, and withdrawals are displayed on the statement of partners' equity.
The term "Capital Balance" refers to a Loan's principal balance at any given time after the Services has applied the applicable interest rate at which interest is accruing on the Loan. Just add up all of the company's current assets, then deduct all of its current obligations from that sum. The quantity of working capital that the corporation had at that time is the outcome. The amount borrowed less the future interest rate that will be paid in regular installments is the capital balance. If you want to end the contract, you must pay this amount. Each partner's beginning capital balance, new investments, allocated income or loss, partners' withdrawals (expenses, withdrawals), and ending capital balance are shown on the statement of partners' equity.
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which one of the following represents what a firm owns at a given point in time? multiple choice question. O its current liabilities O its stockholders' equity O its long-term debt O its assets
The correct option is its stockholder's equity. A balance sheet shows what a company owns in terms of means and what it owes in arrears. A balance sheet is a financial statement that reports a company's means.
Balance sheets are the base for calculating rates of return for investors and assessing a company's capital structure. Equity generally refers to the power of a public company or an asset. An existent might enjoy a house's equity but not the property outright.
Shareholders' equity is the net quantum of a company's total means and arrears as listed on the company's balance distance. An asset represents a profitable resource that is controlled by, for illustration, a company.
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. What Happens When there is a Shift in Demand and Supply?
Less demand for the good or service results from this. When there is a recession, it occurs when buyer incomes decline. Even though everything is priced the same, they will purchase less of everything. Take the following supply and demand chart for a product as an illustration.
What is the effect of shift of demand and supply on price?Reduced demand will result in a drop in the equilibrium price and a reduction in supply. With everything else remaining constant, an increase in supply will result in a decrease in the equilibrium price and an increase in the amount required. The equilibrium price will increase as the supply declines, while the quantity needed will go down.
A basic tenet of economics is that when there is more supply than demand for an item or service, prices decline. Prices typically increase when demand outpaces supply. When demand is constant, there is an inverse relationship between supply and prices of products and services.
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Which of the following options might a business have to consider when entering the international marketplace?
a) When to create an ethical code of content
b) Need for a social responsibility program in the new location
c) Licensing requirements for building in a foreign city
d) Issues with business continuity with current brands
c) Licensing requirements for building in a foreign city, a company must take into account Building permit requirements in a international marketplace.
Any market outside of a company's home nation, which serves as its domestic market, is considered an international market. Mexico and the United States are only two of the numerous overseas markets available to Canadian firms. Marketing goods or services to consumers outside of your brand's home market is known as international marketing. Consider it to be a form of international trade. Brands may build a worldwide audience, raise their profile, and, of course, expand their company by entering international markets. We may recognise the straightforward characteristics of global marketing as follows: Cross-border marketing operations are conducted. It is intended to promote communication between the company and its international clients.
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true/false. accenture consulting team is tasked with developing a new client operating model and decide to follow the waterfall approach. the team misses the client deadline because they did not work together and share information
Accenture consulting team is tasked with developing a new client operating model and decide to follow the waterfall approach--- True.
What exactly is the waterfall method of project management?Project phases do not move forward until a phase receives final approval, as is the case with the waterfall project management approach. It can be difficult and costly to go back to a previous stage after a phase is finished.
Why is it referred to as a waterfall method?In the life cycle of system development, the waterfall model is used to create a linear and sequential system. Because the model moves sequentially from one phase to the next in a downward direction, it is referred to as a waterfall.
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suppose that an innovation reduces a firm's fixed costs and reduces cost from atc to atc . after the innovation reduced the cost, the firm's short-run maximum economic profit is:
After innovation reduced the cost, firm's short-run maximum economic profit is nil.
What is economic profit?The difference between sales income and the direct expenses of producing a company's goods and services, as well as any opportunity costs, is known as an economic profit. Opportunity costs are kind of implicit cost that management determines and that vary depending on various events and viewpoints. Contrarily, economic profit is not obliged to be disclosed to regulators, investors, or financial institutions, nor is it reflected on a company's financial records. In a "what if" study, economic profit can be used. When deciding between options for production levels or other business considerations, businesses and individuals may decide to take economic profit into account. Foregone profit factors can be simulated using economic profit.
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which of the following scenarios would explain the central bank selling securities on the open market? (5 points)
The natural unemployment rate is higher than the actual rate. Less than the long-run equilibrium is the short-run equilibrium.
What takes place when the central bank sells securities on the open market?The Federal Reserve conducts open market operations to raise or lower interest rates by purchasing or selling securities on the open market. They are one of the tools the Fed can use to accelerate or decelerate the nation's economic activity.
Is the nation's central bank allowed to buy and sell securities on the open market?Open market operations refer to the central bank's purchasing and selling of government bonds and Treasury bills with the goal of controlling the amount of money available to the economy.
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a developed country has an established infrastructure, service-based economy, and is typically highly industrialized with a high per capita income. based on their descriptions above, which of the following countries are developed?
A developed nation often has a strong service-based economy, established infrastructure, and high per capita income. Canada is one of the developed nations, as seen by the descriptions given above.
What qualities would you attribute to a country with a developed economy?An industrialized nation, typically alluded to by the term developed nation, has a sophisticated economy that is frequently measured by average per-person income and/or gross domestic product (GDP). The developed world has a varied range of industries and services, as well as state-of-the-art technical infrastructure.
What sets industrialized nations apart from other nations?Developed countries
high income per individual.a modest amount of poverty.good standard of living.little income inequality.slow expansion in the population.low rate of unemployment.Infrastructure capabilities exist.Learn more about developed nation: https://brainly.com/question/1368459
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in exhibit 15-1, the production possibilities curves of wheat and corn for nabia and pada are presented. if these two nations trade, nabia should specialize in the production of:
If these two nations trade, Nubia should specialize in the production of: wheat.
What is production possibilities curves?A production-possibility frontier (PPF), production possibility curve (PPC), production possibility boundary (PPB), or transformation curve/boundary/frontier is a curve that depicts different combinations of the quantities of two goods that can be produced using the available resources and technology. It is a graphical representation of all the possible options of output for two products that can be produced using all factors of production, where the available resources are fully utilized. Numerous economic principles are illustrated by a PPF, including allocative efficiency, economies of scale, opportunity cost (or marginal rate of transformation), productive efficiency, and resource scarcity (the fundamental economic problem that all societies face).
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classify each of the following as prevention (p), appraisal or inspection (ai), internal failure (if), or external failure (ef) costs.
Preventative costs. Due to equipment failure, production was lost. Expense of internal failure. arriving raw materials were inspected. Assessment price. warranties repairs.
What does preventive cost mean?A portion of the cost of quality is the cost of prevention, which is expended to avoid product faults. Training employees and certifying suppliers typically comes at a cost for prevention. Generally speaking, preventing defects is what leads to the biggest increases in product quality. Any expenses made with the goal of reducing the amount of defects in goods and services are referred to as preventive costs. To make sure that the people operating its production gear are aware of the proper methods for producing parts, a corporation can, for instance, invest in training programmes.
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select the correct responses to the following question. which of the following are common reasons that new ventures succeed? check all that apply. the entrepreneur postpones establishment of control systems until the company is well established. the entrepreneur knows a great deal about business management. the entrepreneur plans for the business to be immediately profitable. the entrepreneur is highly driven and dedicated.
From the following, the common reasons that new ventures tend to succeed are that, the entrepreneur knows a great deal about the business management.
The entrepreneur knowing a great deal about business management is one of the common reasons that new ventures tend to succeed. Other reasons include having an innovative idea, having the right resources and talent, and also having the right infrastructure.
However, this further tend to include having a clear strategy, and having organizational controls that spur performance thus without stifling employees’ initiative. Thus, the business management is said to be the coordination and organization of business activities.
Hence, option B is correct.
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As the manager, you have been asked to implement an evidence-based approach to teach ostomy patients self-management skills postoperatively that is being operationalized throughout your organization. Which of the following illustrates effective leadership?a. The training modules are left in the staff room for times when staff are available.
b. The current approach is continued because it is also evidence-based and is more familiar to staff.
c. You decide to implement the approach at a later date because of feedback from the RNs that the new approach takes too much time.
d. A RN who is already familiar with the new approach volunteers to take the lead in mentoring and teaching others how to implement it.
In this case, the nurse manager would be displaying good leadership by making sure that the program is applied consistently and uniformly throughout the whole facility.
Numerous medical conditions, including cancer, Croon's disease, ulcerative colitis, congenital abnormalities, or trauma, can necessitate the use of an ostomy. A surgically made incision in the abdominal wall known as an ostomy enables the body to expel faeces or pee, typically into a bag. An ostomy established through the large intestine, such as a colostomy, enables excrement to be collected in a bag. When an ostomy is created through the small intestine, liquid feces can be collected in a bag. A urinary ostomy, or urostomy, permits urine to be collected in a bag and is created through the urinary system. A person may be able to create an ostomy by doing so.
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Which of the following is usually the primary objective for companies when creating mandatory information? Ensure proper controls over business processes
Minimize cost is usually the primary objective for companies when creating mandatory information.
Option D is correct.
What exactly is cost reduction?The goal of cost minimization is to cut back on spending on processes that aren't needed or work poorly. These expenditure changes can be subtle or significant, but any level of cost reduction will likely have a significant impact on maximizing profits.
What is the issue with reducing costs?Mathematically, there is a problem with minimizing costs. in optimization with constraints. The company wants to cut production costs by a certain amount, but its technological limitations prevent it from doing so. possibilities, as the production function summarizes them.
Where can costs be reduced?The marginal product of labor divided by the wage (w) equals the marginal product of capital divided by the rental price of capital, thereby minimizing costs at the levels of capital and labor.
Question is incomplete:
Which of the following is usually the primary objective for companies when creating mandatory information?
A.Ensure proper controls over business processes.
B. The value of the information exceeds the cost to produce it.
C. business decisions
D.Minimize cost.
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When choosing a theory to guide administrative practice, consider the fit between the components of the conceptual model or theory and the demands of the situation.
A. True
B. False
When choosing a theory to guide administrative practice, consider the fit between the components of the conceptual model or theory and the demands of the situation. This statement is true.
What are the various administrative theories?The book analyses the many administrative philosophies and principles. There was a discussion of classical, neoclassical, and modern administration and management theories. We also looked at theories of leadership, decision-making, and motivation.
A taxonomy is a list of words that may eventually be used in conjunction with a conceptual model. Think about how the elements of the conceptual model or theory align with the demands of the circumstance before selecting one to guide administrative practice.
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the following data are taken from the production records at the bay plant of charlevoix chemicals for may. work-in-process beginning inventory consisted of 43,000 units fully complete with respect to materials and 22 percent complete with respect to conversion costs. in may, the plant started 240,000 units and transferred out 228,000 units. the work-in-process ending inventory was fully complete with respect to materials and 80 percent complete with respect to conversion costs. required: charlevoix chemicals uses weighted-average process costing at the bay plant for product costing. the following equivalent units (materials; conversion) used to compute production costs for may would be:
a. (283,000; 272,000)
b. (240,000; 240,000)
c. (283,000; 262,540)
d. (240,000; 262,540)
e. none of the above
The following data are taken from the production records at the bay plant of Charlevoix chemicals is Material 283,000 Units , Change 272,000 Units.
Equivalent Units be Determined :
Units Finished and Moved x Rate Finished
Material = 228,000 x 100 percent = 228,000
Change = 28,000 x 100 percent = 228,000
Units Finishing Work in Cycle x Rate Finished
Material = 55,000 x 100 percent = 55,000
Change = 55,000 x 80% = 44,000
Last response:
The right response choice is (a)
Material 283,000 Units
Change 272,000 Units
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If steak is a normal good, when incomes rise, the equilibrium price will _____, and the equilibrium quantity will _____? a. decrease, increaseb. decrease, decreasec. increase, increased. increase, decrease
If steak is normal good, when incomes rise, equilibrium price will decrease, and equilibrium quantity will increase.
What is an equilibrium?When factors like supply and demand are in balance and other economic variables do not change in the absence of external forces, the economy is said to be in equilibrium. Market equilibrium in this context refers to the circumstance when a market price is established through competition in a manner that ensures that the quantities of goods or services requested by buyers and the quantities of goods or services delivered by sellers are equal. In the absence of changes in supply or demand, this pricing, which is usually referred to as the competitive price or market clearing price, tends to stay constant. It is often referred to as the "competitive quantity" or the "market clearing quantity." The concept of equilibrium in economics, however, also holds true for markets with little rivalry.
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____is one in which the extra merchandise is offered at a savings over retail price but at a level that covers the cost of the item.
BOGO means "get one get one," and these arrangements permit clients to buy one item and get one more item free of charge or at a diminished cost. You can likewise utilize this kind of advancement to exchange stock.
Models incorporate challenges, coupons, gifts, misfortune pioneers, places to check out shows, expenses, prizes, item tests, and discounts. Deals advancements can be aimed at either the client, deals staff, or dissemination channel individuals (like retailers).
A discount is a type of purchasing markdown and is a sum paid via decrease, return, or discount that is paid reflectively. It is a sort of deals advancement that advertisers use fundamentally as motivating forces or enhancements to item deals.
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which of the following are opportunity costs (but not direct costs or out-of-pocket costs) of skipping work to see your favorite band in concert? i. the amount that would have been earned in wages if you'd worked your shift ii. the psychological toll of skipping work because doing so is irresponsible iii. the cost of the concert ticket
The opportunity cost of missing work to watch your favorite band perform is the amount of money that would have been made in earnings if you had done your shift and the psychological cost of skipping work since doing so is irresponsible. Here options I and II are the correct answers.
Opportunity costs are the potential benefits that must be given up in order to pursue a certain action or decision.
In this case, the opportunity costs of skipping work to see your favorite band in concert would be the amount that would have been earned in wages if you'd worked your shift, and the psychological toll of skipping work because doing so is irresponsible.
These costs represent the benefits that have been foregone by choosing to go to the concert instead of working. The cost of the concert ticket is not an opportunity cost but a direct cost or out-of-pocket cost, as it is a specific expense that you have to pay to attend the concert.
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The demand for neon hair dye slopes downward. Which of the following will happen if the price of neon hair dye increases?
Demand will increase.
Demand will decrease.
Quantity demanded will increase.
Quantity demanded will decrease.
Assuming the cost of neon hair color diminishes, the quantity demanded will increase.
What are the ramifications of a descending demand curve?
At the point when the expense of a ware diminishes, new buyers enter the market and start getting it. This is because they couldn't get it when the expenses were high anyway as of now they can bear its expense. In like manner, as the expense falls, the interest rises and the interest twist slants descend.
Assuming the cost builds, the amount requested diminishes, and if the cost diminishes, the amount requested increments.
From the law of interest, when the expense of a thing fabricates, its advantage lessens. When the expense of a thing reduces its advantage increases.
Hence option (C) is correct.
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which of the following indicates that peter cruddas created a product that allowed him to gain the first-mover advantage? cruddas created an innovative product that lowered the cost of a service in the financial industry. cmc markets is a global company experiencing rapid growth. it took cruddas less than 10 years to start his company and develop an innovative product.
Out of the given statements, ''it took cruddas less than 10 years to start his company and develop an innovative product,'' is the one that indicated Peter Cruddas created a product that allowed him to gain the first-mover advantage. Therefore, the option C holds true.
The first-mover advantage can be understood as a concept wherein the individual holds such position when he or she absorbs maximum benefits for creating a product, which is one-of-its-kind, and has a unique feature which is non-existent in the market.
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the market demand function for simple calculators is as follows: where p is the price of a calculator, i is income and f is the price of a battery. if p
From the demand equation we can see that, dQd/dI = 0.40 Therefore, the income elasticity of demand = 0.20.
Income elasticity of demand measures the change in the quantity demanded due to the change in the income.
Income elasticity of demand = dQd/dI (I/Qd)
Given that, Qd = 164 - 3P + .40I - 2F
When P = 1, F = 0.50, I = 100,
Qd = 164 - (3×1) + (0.40 × 100) - (2×0.50)
= 200
From the demand equation we can see that, dQd/dI
= 0.40
Therefore, the income elasticity of demand = 0.40 (100/200)
= 0.20.
Income elasticity of demand = dQd/dI (I/Qd)
Given that, Qd = 164 - 3P + .40I - 2F
When P = 1, F = 0.50, I = 100, Qd = 200
From the demand equation we can see that, dQd/dI = 0.40
Therefore, the income elasticity of demand = 0.20.
What does income elasticity imply?The quantity demanded of a particular product is affected by a variety of other factors, including income, in addition to its own price (see elasticity of demand) and the price of other related products (see cross price elasticity of demand).
How significant is the income elasticity of demand?Firm market strategies are aided by income elasticity of demand; For instance, producers of luxury goods will target individuals with higher incomes because as income rises, people demand more luxury goods.
Incomplete question :
The market demand function for simple calculators is as follows: QD=164−3P+.40I−2F
where P is the price of a calculator, I is income and F is the price of a battery.
If P=$1, F=$0.50 and I=$100 then the income elasticity of demand using the point formula at I=$100 is
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the statement of cash flows summarizes the sources and uses of cash, though which of the following is true of the statement?
On a cash flow statement, a business's inflows and outflows of cash and cash equivalents are shown. The CFS demonstrates a company's methods of cash management.
What does "business" mean to you?
Creating products or providing services with the intention of turning a profit is a form of business. Definition in the Commercial A business is any unaffiliated, nonprofit organization or corporation that engages in commercial activities. They may be industrial, commercial, or some other type.
Businesses are said to engage in good business practices when they have expanded their definition of success to include the effects that the organization has on all of its stakeholders, including their communities.
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