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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Tide tables are produced by taking measurements of past observed tide levels and comparing them to a tidal datum. The tidal datum, or zero tide, used along the California coast is the O mean lower low water. O mean higher low water, mean lower high water. O mean higher high water.
The tidal datum, or zero tide, used along the California coast is the mean higher low water.
What is tide chart datum?A tidal datum is a standard elevation that is determined by a certain tide phase. Tidal datums are used as a standard for measuring local water levels; they shouldn't be extrapolated to places with different oceanographic features without supporting data.Although Ordnance Datum is more prevalent for engineering applications since it is simpler to connect the height of the water to levels on land, Chart Datum is the most frequent datum for tide tables.Tidal datums and associated data are used to provide the goods and services required for safe navigation, the reduction of coastal hazards, ecological study, coastal engineering, and the delineation of maritime boundaries.To learn more about datum refer to:
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in a given year, businesses invest $2 trillion, exports total $1.5 trillion, imports total $3 trillion, consumers spend $5 trillion, and the government spends $1.5 trillion on final goods and services. based on this, which of the following statements is true?
The total economic value added for that year must be $7 trillion.
What is total value?The total of the acquisition's purchase price plus all future expenses that will be incurred, including those for installation, consumables, breakdown, maintenance, and disposal.
Since the smallest size group is close to 8% and the largest size group is 2% of responses for both forms, the coverage across size categories for Total Value of Production is very similar with only minor differences.
Agricultural operations in the sample frame and for both of the shortened forms reported a number of different commodities in Table 3 and a number of significant commodity groups in Table 4, respectively.
Current total value is defined as the total taxable value of property listed on the appraisal roll for the current year, including all appraisal roll supplements and corrections as of the calculation date, less the taxable value of property exempted for the first time for the current tax year under Section.
1: This is incorrect. Instead, net exports are 1.5 - 3 = (-)1.5 trillion.
2: This is incorrect. Instead, the gross national income is 2+1.5-3+5+1.5 = 7 trillion.
3: This is incorrect. Instead, the gross domestic product is 2+1.5-3+5+1.5 = 7 trillion.
4: This is correct. Total economic value added is correctly calculated as 2+1.5-3+5+1.5 = 7 trillion.
5: This is incorrect.
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Complete question:
In a given year, businesses invest $2 trillion then exports total $1.5 trillion, imports total $3 trillion, consumers spend $5 trillion, & the government spends $1.5 trillion on final goods and services. Based on this, which of the given statements is true?
The net exports are $4.5 trillion.
The gross national income must be $8.5 trillion.
The gross domestic product must be $8.5 trillion.
The total value added in the economy for that year must equal $7 trillion.
The country is in a recession.
Economic profits are calculated as economic costs minus accounting costs revenue plus expenses revenue minus expenses accounting profit minus opportunity costs
Economic profit is the monetary amount that remains after deducting both explicit and opportunity costs from revenue.
Economic profit = revenues - explicit costs - opportunity costs
Economic Profit:
Economic profit is a form of profit derived from the production of goods and services, taking into account alternative uses of a firm's resources. Subtract explicit costs from revenue and include opportunity costs incurred during the period. Also part of this equation is an implied cost, which is typically the cost of a company's resources. We can use the following formula to calculate economic profit if you know the total amount of revenue generated and the total associated costs. An implied cost can be the market price at which a company can sell compared to using natural resources. A paper company owns a dense forest. They cut down trees to make paper products. Their implied cost is wood that can be sold at market price.
There is another way of thinking. A company can choose Project A over Project B. The profit from Project A after deducting costs and expenses is the accounting profit. Economic benefit includes the opportunity cost of choosing project A over project B. In other words; economic profit takes into account how much more or less profit would be made (using company resources) if management chose Project B.
The best companies calculate economic benefits to make informed business decisions and allocate resources efficiently. However, economic gains or losses are not generally disclosed, so this metric is less useful in stock buying decisions. Instead, investors should evaluate the company's management and its track record of entering new markets to drive overall growth.
The same concept of the Financial Profit Management Team is helpful at the individual level. For example, We can use the concept of financial profit to decide whether to start a business.
A new company expects to bring in $100,000 in its first year, but only costs $80,000 to start. Our book profit will be $20,000. But to start the company, he would have to quit his full-time job and downgrade to part-time, making him $50,000 in his first year.
The economic loss for the first year is minus $30,000 ($100,000 in sales - $80,000 in initial costs - $50,000 in lost revenue). However, after the first year, you can choose this plan if you have no further upfront costs, significantly reduced ongoing costs, and increased income. Early financial losses can turn into long-term financial gains.
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Rebecca knows that Becca Furniture's marginal cost curve is above the average total cost curve. This means Becca Furniture's average total cost curve:
a. must be falling.
b. must be horizontal.
c. is at its minimum point.
d. is at its maximum point.
e. must be rising.
e.) Rebecca knows that Becca Furniture's marginal cost curve is above the average total cost curve. This means Becca Furniture's average total cost curve: must be rising.
total cost, in economics, is the total expense a company incurs to produce a particular level of production. It is often expressed as the sum of all costs that are both fixed (such as the cost of a building lease and the cost of large machinery) and variable (such as the cost of labor and raw materials), which change depending on the level of output.The rate of increase of variable costs with increased output will eventually be greater due to declining returns on extra units of output if fixed costs are not changed (e.g., by purchasing a larger building or more heavy machinery). In other words, over time, increasing inputs of variable costs will result in progressively fewer units of output.
The terms average cost (defined as the total cost divided by the number of units produced) and marginal cost are used to determine total cost (the marginal cost of a given unit of output is the increase in the total cost required to produce that unit).
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John Walters is comparing the cost of credit to the cash price of an item.
If John makes a down payment of $95 and pays $35 a month for 24 months, how much more will that amount be than the cash price of $699?
$236 more will that amount be than the cash price of $699 at down payment of $95 and pay amount of $35.
given data:
down payment = $95
pay amount = $35
time period = 24 months
cash price = $699
amount of installments = $35 × 24 = $840
Total amount of product = Down payment + amount of installments
Total amount of product = $95 + $840 = $935
Cash price = $699
Difference between credit and cash price is
Difference = $935 - $699 = $236
When commodities are purchased and sold in the real world, the cash price represents the precise amount of money that is transferred. Other expenses, such as those incurred for the shipping or storage of a product, may be included in the cash price. The best course of action is to pay the final instalment in full first, then subtract interest from it. The amount due at the end of the year may be multiplied by the formula Rate of Interest / 100 + Rate of Interest to get the interest for that year.
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Developing and maintaining the command's long-range training plan is the responsibility of the training officer and which of the following personnel?
Choose matching definition
1. Navy Leadership Continuum
2. Herpes and AIDS
3. Selective Reserve
4. The Department Heads
Developing and maintaining the command's long-range training plan is the responsibility of the training officer and The Department Heads.
Who are the so-called personnel?A collection of people who follow instructions, typically at a firm, is referred to as personnel in a noun form. The likelihood is that if you work, you are managed as staff. The term "personnel department," another name for the employment or human resources office, is also occasionally used as a shorthand for the word personnel.
Describe a personnel example.When characterizing a workplace or division inside a business, the word "personnel" can be used as an adjective. As an illustration, one could say: "Employee concerns are handled by the personnel department." To describe a personnel department or office, most businesses now use the term "human resources."
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commerce restrictions this business account is restricted from selling for the following reason: this business account doesn't comply with our terms, including section 1 of our commerce eligibility requirements.
The business account doesn't comply with our terms is the reason the business account is restricted from selling.
The financial actions of a particular asset, liability, equity, revenue, or cost are tracked by an account, which is a record in an accounting system. Throughout the accounting period, these records grow and shrink as business activities take place. Businesses can use the three forms of accounting managing accounting, financial accounting, and cost accounting to measure their revenue. a record of debit and credit entries to cover transactions involving a specific item, a specific person, or a specific business. In the general ledger, an account is a record that is used to categorise and keep track of transactions. Companies, for instance, will have a Cash account where they will record each transaction that adds or reduces the amount of cash in their business.
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Although GGE Enterprises Inc. received a good deal on a used truck, the amount recorded in the accounting records is the amount the company paid, not the amount the truck was actually worth.
the amount recorded in the accounting records is the amount the company paid, not the amount the truck was actually worth measurement principal.
For traders to determine their minimal goal security price, they might use the measurement concept. By evaluating movements on chart patterns against one another, traders may use the measurement principle to calculate a stock's price goal. The term "physical quantities" refers to ideas used to quantify components of nature. A thermometer gauge reading to determine temperature is one example, as is counting the fruit. Measuring is the process of directly obtaining a number, a group of numbers, or related numbers from a natural system. In order to translate physical characteristics into useful figures, one must first engage in measurement. The act of measuring a certain quantity is the outcome of comparison between the quantity to be measured and a predetermined standard.
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alphaland and betaville both produce axes and batons. if they decide to specialize in producing the good in which they have the lower opportunity cost, total production will
If they decide to specialize in producing the good in which they have the lower opportunity cost, total production will increase.
The opportunity costIf alphaland and betaville were to specialize in producing the good in which they have the lower opportunity cost, total production would likely increase. This is because each firm would be able to focus their resources and energy on the specific production of one good, rather than splitting their resources across two goods.This would enable them to become more efficient in their production process and increase their productivity. Additionally, the specialization of labor would mean that each firm would become more skilled in the production of their good, leading to higher quality products. Furthermore, the specialization of production would lead to a higher division of labor and economies of scale, both of which would result in a reduction in costs for the firms. This would lead to more competitive prices and higher profits for the firms. This increased profitability would lead to more investment in technology and the development of new products, further increasing production. Ultimately, the specialization of production would lead to an overall increase in production and efficiency for both alphaland and betaville. This increased production would benefit both firms, their customers, and the economy as a whole.To learn more about opportunity cost refer to:
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Please I need a correct answer to dis
The utility schedule is a table which shows the consumption of a single good by a single individual.
Explain economic law.Economic laws are similar to scientific laws in that they establish a causal link between two or more occurrences. In economics, like in natural sciences, a certain consequence is expected to arise from a specific cause. Economic laws, like scientific principles, are generally applicable.
Consumption and Management identifies and develops three rules: natural economic law, market regulation law, and macroeconomic control law. The supply and demand law is founded on two other economic laws: the supply and demand laws. According to the rule of supply, when prices rise, businesses see greater profit potential and expand their supply of goods and services. According to the law of demand, when prices rise, people purchase less.
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which of the following provides an answer to these questions: what is our business? who are our customers? what do our customers value? what should our business be?
Option b: A mission statement provides answers about what is business, who are our customers, What do our customers value, and What should our business be.
"What is our business?" What the customer sees, thinks, believes, and wants at any given time must be accepted as objective fact by management and taken as seriously as a salesman's report, an engineer's test, or an accountant's numbers.
A customer is a person or business that purchases goods or services from another company or business. Customers are important because they drive sales. Without them, companies cannot survive.
Customer value is the satisfaction and contentment that a customer experiences when interacting with a company and experiencing its customer service.
Another way to think about customer value is the potential for a product to generate sales based on how often customers purchase the product and provide positive feedback on the user experience.
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Complete question:
Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
A) objectives and goals
B) a mission statement
C) a business portfolio
D) marketing and functional strategies
E) operational strategies
compare the interest earned by $10,000 for five years at 10% simple interest with that earned by the same amount for five years at 10% compounded annually
Interest is 431.15$ and principal is 5,389.35 if the interest earned by $10,000 for five years at 10% simple interest with that earned by the same amount for five years at 10% compounded annually.
What is Compound Interest?
In other terms, compound interest is interest on principal + interest and refers to the addition of interest to the principal amount of a loan or deposit.
Reinvesting interest, or adding it to the lent capital rather than paying it out or requiring payment from the borrower, results in interest being earned on the principal amount plus previously accumulated interest in the next period.
In contrast to simple interest, compound interest builds up over time. The original sum + accrued interest payments are affected by the interest rate every period. As a result, the shift in the overall balance grows with time.
We first need our simple interest and compound interest formulas. Simple interest is, where P is the principal, r is the interest rate, and t is the length of time. Compound interest is where n is the number of compounds in a time period.
a). Compound interest earns more.
b. Compound interest earns more.
c) At the end of year one, $15,000 * 1.08=16,200$ is owed. Therefore, interest is 1,200 of your payment and 4,620.5 is principal. The remaining balance is 10,379.5.
Year 2, you owe 10,379.5 * $1.08=11,209.86$. Interest is $11,209.86-10,379.5=830.36$, so principal payment is 4,990.14.
The remaining balance is 5,389.35.
Year three, you owe 5,389.35 * $1.08=5,820.498$. Interest is $5,820.498$ $5,389.35=431.15$ and principal is 5,389.35.
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larry is buying salad and pizza for a company lunch. suppose that a bowl of salad costs $5.00, and a slice of pizza costs $2.00. let e be the amount in dollars that larry spends on salad and pizza. if larry buys s bowls of salad and p slices of pizza, then the total amount of money he spends (e) can be represented by the equation .
When two expressions are joined by an equal sign, a mathematical statement is called an equation.
What is an equation?1. If Eric spends $e on salad and pizza, with the salad costing $5.00 and being represented by s and the pizza costing $3.00 and being represented by p, the equation can be used to describe the total amount Eric spends;
e = 5.00s + 3.00p
where the sum represents the price of the quantity of pizza slices purchased and the quantity of salad bowls consumed.
2. Rewriting the equation with the variable p expressed in terms of e and s;
e = 5.00s + 3.00p
3.00p = e - 5.00s
[tex]$p=\frac{e-5.00 \mathrm{~s}}{3.00}$[/tex]
3. Given that Eric has $30 to spend on both salad and pizza, how much pizza can he get if he buys three bowls of salad? The answer is given by the formula e=$30.00.
[tex]$p=\frac{e-5.00 s}{3.00}$[/tex]
p = (30 - 5.00 * 3) / 3.00
pizza pieces equaling five.
The complete question is:
Eric is buying salad and pizza for a company lunch. Suppose that a bowl of salad costs $5.00, and a slice of pizza costs $3.00. Let e be the amount in dollars that eric spends on salad and pizza. If eric buys s bowls of salad and p slices of pizza, then the total amount of money he spends (
e. Can be represented by the equation . Now rearrange the equation you wrote above so that p is written in terms of e and s . The quantity of pizza he buys can be represented by the equation . Suppose eric has $30.00 to spend on salad and pizza; that is, e=$30.00 .
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U.S. citizens pay $5 billion more annually for shoes and Japanese citizens pay $6 billion more for rice than the actual cost of the products becauseO creates greater savings in production costs.O cross-cultural analysisO both countries have imposed tariffs on imported goods to protect their domestic markets. O interdependencies among industries, countries, and regions.
A trade war occurs when one nation retaliates against another by increasing import tariffs or imposing other import restrictions.
What Is a Trade War?A country may start a trade war if it believes that a rival country engages in unfair trade practices. Politicians may be under pressure from domestic industry lobbyists or trade unions to reduce the appeal of imported goods to shoppers, which could lead to a trade war. A misperception of the extensive advantages of free trade is another factor that frequently leads to trade wars.A trade war happens when one nation retaliates against another by increasing import taxes or imposing other import restrictions.Trade wars are unpopular and a negative byproduct of protectionist measures.Trade war supporters claim that they advance domestic industries and safeguard national interests.Trade disputes are criticized on the grounds that they ultimately harm local businesses, consumers, and the economy.To Learn more About trade war, refer TO:
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List the ways in which Japan used its silver-generated profits to improve its economy, environment, and society.
Japan used silver by Shoguns used it to defeat rival feudal lords and unify Japan, shoguns worked with merchant class to develop a market-based economy.
What is market-based economy?
"Free market" or market-based economies let firms and individuals to freely exchange products and services in accordance with supply and demand.
Most of the time, the US has a market economy. What is produced and sold, as well as the prices to charge, are decided by the producers. They will produce what consumers want and price what consumers are prepared to pay if they anticipate success.
The rules of supply and demand control pricing and overall output through these choices. In order to meet rising customer demand for a particular product, output usually rises. Prices rise as a result of the increasing demand, causing customers to protest and reduce their purchases. Then the product's demand will fall, and pricing will follow suit.
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Criticisms of the objectives-oriented approach for accounting standards are (Select all that apply.)professional judgment may result in different treatments of similar transactionsa lack of disclosure notes explaining accounting policiesthe rules can be easily applied uniformlyan absence of rules may lead to intentional misuse of a standard
The answers about goal orientation are option 1) professional judgment may result in different treatments of similar transactions and option 3) an absence of rules may lead to intentional misuse of a standard.
An individual's "disposition towards growing or recognizing one's skill in achievement contexts" is known as goal orientation, also known as achievement orientation. According to whether one's objective is to grow one's ability or to demonstrate one's skill, respectively, one can say that a person is either mastery-oriented or performance-oriented. A learning orientation is another name for a mastery orientation. The concept of goal orientation describes how someone interprets and responds to tasks, leading to various patterns of cognition, affect, and behavior. The orientation goal theory, which was developed within a social-cognitive framework, contends that it is possible to comprehend students' motivation and achievement-related actions by taking into account the motivations or purposes they adopt when working on academic tasks.
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True or False, If you do not have a good baseline or actual scope, time, and cost information, you cannot use earned value management.
If you do not have a good baseline or actual scope, time, and cost information, you cannot use earned value management. This is a true statement.
EVM: Does it actually work?The best forecasting method for high-risk development programs continues to be an earned value management system. The results of the aforementioned research are impressive and demonstrate that past performance can actually serve as a reliable indicator of future success.
The lack of use of earned value management, why?EVM is founded on thorough forward planning. EVM's reliance on specific plans created in advance is one of its main drawbacks. Additionally, avoidance of excessive change is a requirement for agile projects.
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Read the following poem carefully before you choose your answers.This poem about a farrier (a blacksmith who makes shoes for horses) was first published in 1918.Felix Randal1 Felix Randal the farrier, O is he dead then? my duty all ended,Who have watched his mould of man, big-boned and hardy-handsomePining, pining, till time when reason rambled in it and someFatal four disorders, fleshed there, all contended?5 Sickness broke him. Impatient, he cursed at first, but mendedBeing anointed and all; though a heavenlier heart began someMonths earlier, since I had our sweet reprieve and ransomTendered to him. Ah well, God rest him all road ever he offended!This seeing the sick endears them to us, us too it endears.10 My tongue had taught thee comfort, touch had quenched thy tears,Thy tears that touched my heart, child, Felix, poor Felix Randal;How far from then forethought of, all thy more boisterous years,When thou at the random grim forge, powerful amidst peers,Didst fettle for the great grey drayhorse his bright and battering sandal!1. The speaker of the poem is best described asA: a former customerB: an adult childC: a liberated servantD: a lifelong companionE: a recent caretaker
The correct answer is option D i.e. The speaker of the poem is best described as a lifelong companion.
This is evident from the poem's description of the speaker's relationship with Felix Randal, the farrier. The speaker talks about watching Felix's "mould of man" and about comforting him and wiping away his tears. The speaker also mentions their "sweet reprieve and ransom" that was tendered to Felix, suggesting a deep connection between them.
Finally, the speaker reflects on Felix's "brazen years" when he worked as a blacksmith, suggesting that they had known each other for a long time. Taken together, these lines suggest that the speaker and Felix had a close relationship over many years, making the speaker best described as a lifelong companion.
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When ______ conditions prevail, many sellers and buyers are present in the market. Said sellers, or marketers, price at higher, lower, and in-between levels. The ability of any single organization to raise prices usually depends on how much actual or perceived differentiation that specific marketer's brand has achieved.
Answer: When __MONOPOLISTIC____ conditions prevail, many sellers and buyers are present in the market. Said sellers, or marketers, price at higher, lower, and in-between levels. The ability of any single organization to raise prices usually depends on how much actual or perceived differentiation that specific marketer's brand has achieved.
an effective minimum wage policy in a competitive market will increase unemployment and increase the total earnings of labor only if the demand for labor is
Only if there is a strong demand for labor will an effective minimum wage policy in a competitive market lead to an increase in both unemployment and total labor earnings is relatively inelastic
Option A is correct.
What effect does a minimum wage have on the need for workers?The minimum wage has an opposite relationship to the demand for labor. The demand for labor decreases when the minimum wage rate is raised. Employers may not be able to afford to hire as many workers as they would like when the minimum wage is raised. This indicates that businesses may choose to hire workers with more experience or higher skills or reduce the number of employees they employ. Additionally, some businesses may relocate to states or nations with lower minimum wages in the event that the minimum wage is raised. To replace workers with lower skills, businesses may also make investments in technology in some instances.
Incomplete question :
An effective minimum wage policy in a competitive market will increase unemployment and increase the total earnings of labor only if the demand for labor is
A) relatively inelastic
B) relatively elastic
C) unit elastic
D) greater than the supply
E) positively related to the wage rate
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* READING ASSIGMENT
Error affect control and subsidiary ledger accounts
A mistake was made in posting the sum of subsidiary books to the ledger. the Trial Balance's omission of an account balance.
Which errors can affect the balancing of trial balance?A mistake was made in posting the sum of subsidiary books to the ledger. the Trial Balance's omission of an account balance. incorrectly displaying the account balances in the Trial Balance or by using the incorrect values. erroneous account balance computation. Although it contains the exact balances needed to create a company's financial statements, the control account keeps the general ledger clear of unnecessary information. The subsidiary ledger makes it possible to keep a closer eye on the transactions that take place in the control account. Duplicating the same entry or recording a correct account to the incorrect vendor or customer are examples of accounting errors. No entry is made even though there was a transaction for the time, which is known as an error of omission.To learn more about trial balance refer to:
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among popular purchases online, one kind of product consists of items like computer software, music, and video for which
Among popular purchases online, one kind of the product consists of items like computer software, music, and video for the digital delivery is single most important factor.
What is a product?The thing being sold is called "product." An item or service can be considered product. Physical, virtual, or cyberspace forms are all possible. Every good has price because it costs money to produce it. The market, quality, marketing, and intended market group all affect price that can be paid. Every product has a shelf life after which it needs to be replaced and a life cycle after which it needs to be redesigned. When it comes to FMCG, a brand can be updated, re-launched, or expanded to make it more contemporary while frequently maintaining the product essentially the same.
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question content area top part 1 a philanthropic organisation sent free mailing labels and greeting cards to a random sample of 100,000 potential donors on their mailing list and received 5324 donations.
The response rate for this philanthropic organization's mailing campaign was 5.32%.
A response rate is the number of valid replies entered from a given crusade, generally expressed as a chance. Response rates measure engagement on juggernauts like checks, emails, and quizzes. They ’re generally used to measure how engaging a given crusade is. The further people who reply, the advanced the rate. Advanced responses tend to lead to better issues. It could also be used to determine the validity of the information entered from the campaign. However, the organizer might decide that the crusade didn't induce a large enough sample size to validate the responses, If a response rate on a check about shopping preferences was lower than five percent. The numerous people who did n’t respond might not feel the same way as the many people who did respond. The chance that constitutes a good rate depends on the medium used. For illustration, further people will respond to an in-person check than a telephone check.
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Ella's house assessed for $91,000. The tax rate for city, county, and school taxes was 9.1 mills each.
How much did she save in property taxes this year?
a. $910
b. $2,047.50
c. $1,137.50
d. $227.50
Products including household items, clothing, and other necessities are subject to this type of tax.
In essence, indirect taxes are levies that can be applied to another good or person. It is typically imposed on a maker or provider, who then transfers the responsibility to the client. Sales tax is the usage fee that must be applied to purchases made at the retail level, collected from customers and submitted by retailers to the regulatory charge authority. Now, whenever people purchase at malls or large retail chains, they will cover the costs of indirect regulatory costs. Products including household items, clothing, and other necessities are subject to this type of tax. Direct taxes are those that are transferred to the appropriate government account after being collected by middlemen or agents for the party that carries the burden directly on behalf of the government.
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All of the following are ways to measure the utility of a set of goods except...
A. Utils (generic utility function units)
B. Other goods
C. Voltage
D. Money
All of the following are ways to measure the utility of a set of goods except Voltage.
What is utility?
Utility is the broad range of advantages derived from using a good or service. This is a concise definition of utility. Typically, consumers would choose choices that would maximize their utility, guided by economic models. Effective poverty eradication requires reliable utilities. This includes the four fundamental principles of form utility, time utility, location utility, and possession utility. Utility describes the level of satisfaction a person experiences with a good or service. There are two categories of utility: cardinal and marginal. The utility is given a number by a cardinal utility, such as 10 for a bushel of corn and 20 for an apple basket.
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Mary was getting a ride home in John's new car. On the way, a malfunctioning brake caused an accident and both Mary and John were injured. Which of the following statements is true of this situation?A) Mary can recover from a strict liability lawsuit against the manufacturer of John's car.
B) Mary can file a strict liability lawsuit against John.
C) Mary can file a negligence lawsuit against the dealership that sold John his car.
D) John can file a negligence lawsuit against the dealership from which he bought the car.
Jelly demand will move to the left of the supply curve (decrease). You would purchase less peanut butter if the price rose.
Manufacturers of peanut butter won't be able to produce as much at different price points as they once could as a result. Since the supply curve will shift to the left as a result, the equilibrium price and quantity will increase. Demand for jelly will also be affected. Remember that peanut butter and jelly pair well. We consume less jelly because we consume less peanut butter, even if jelly is still the same price. The popularity of Jelly is ebbing (jelly demand curve shifts inward). As consumer income rises, demand for a product increases, especially when the products are commonplace. The demand for "normal" goods increases along with consumer income.
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is a plant grown for its leaves, which are dried and fermented before being put in products.
Tobacco is a plant tilled for its leaves, which are dried and grown last to being put in tobacco items. Tobacco has nicotine, a fixing that can elicit enslavement.
The three tobacco types are Virginia, burley, and oriental. These tobaccos are filled in more than 30 nations including Argentina, Brazil, China, Greece, Italy, Malawi, Mozambique, Spain, Tanzania, Turkey, and the US.
Around four months from its beginning as a tobacco seed, plus or minus half a month relying on the climate, the tobacco plants are completely developed and the leaves mature. On the off chance that it's a broadleaf plant, that implies it stands midsection high after the long, tall blossom has been eliminated.
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true/false. the opportunity costs of attending college do not include group of answer choices food expenditures. the costs of textbooks or ebooks. the forgone wages that could have been earned working. required student activity fees.
Food expenditures does not include the opportunity costs of attending college.
Opportunity cost: What does that mean?The cost of opportunity is the amount of other commodities or services you have to forgo in order to purchase your desired item. Typically, potential cost is meant when economists use the word "cost." In regular discourse and the news, the word "cost" is frequently employed.
What are opportunity costs, and what is their formula?Opportunity Cost is the difference between the potential returns on investments that were chosen and those that were not. For instance, there is a 3% opportunity cost when choosing an investment with a 10% possible return over one with a 7% potential return. 10% - 7% = 3%
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when replacing an old asset with a new one, the original purchase price of the old asset represents .
When replacing an old asset with a new one, the original purchase price of the old asset represents sunk cost.
A sunk cost is plutocrat that has formerly been spent and can not be recovered. In business, the axiom that one has to "spend plutocrat to make plutocrat" is reflected in the miracle of the sunk cost. A sunk cost differs from unborn costs that a business may face, similar as opinions about force purchase costs or product pricing. ruined costs are barred from unborn business opinions because they will remain the same anyhow of the outgrowth of a decision. A sunk cost refers to plutocrat that has formerly been spent and can not be recovered. Ruined costs are barred from a sell or process farther decision, which is a conception that applies to products that can be vended as they're or can be reused further.
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in economics, the term _____ describes spending that pays for the production and accumulation of capital goods.
in economics, the term investment describes spending that pays for the production and accumulation of capital goods.
By investment, economists mean the production of goods that will be used to produce other goods. This definition differs from the popular usage, wherein decisions to purchase stocks (see stock market) or bonds are thought of as investment. Investment is usually the result of forgoing consumption.An investment is an asset or item acquired with the goal of generating income or appreciation. Appreciation refers to an increase in the value of an asset over time. When an individual purchases a good as an investment, the intent is not to consume the good but rather to use it in the future to create wealth.Net investment is the total amount invested by the company which it spends on its capital assets, less expenditure cost for depreciation on the assets during an accounting period.
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