true or false: when an allocation of resources maximizes total surplus, the result is said to be efficient

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Answer 1

Efficiency is defined as "maximizing overall surplus when resources are allocated," and this assertion is TRUE.

What is efficient?

Efficiency is defined as the maximization of total profit through resource allocation.

Some of the potential advantages of trade between buyers and sellers are not realized if an allocation is not efficient.

In more mathematical or scientific terms, it refers to the level of performance that uses the fewest inputs to provide the greatest quantity of output.

The ability of a certain application of effort to produce a specific product with the least amount of waste, expenditure, or extra work is frequently specifically mentioned.

Efficiency encompasses a wide range of inputs and outputs from a variety of fields and industries.

Therefore, efficiency is defined as "maximizing overall surplus when resources are allocated," and this assertion is TRUE.

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human rights, freedom of speech, and the fundamentals of justice are examples of which of the following concepts? a. principles b. business ethics c. values d. emotional intelligence e. morals

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(A) Principles include things like the fundamentals of justice, human rights, and freedom of speech.

What do we mean by Principles?

A claim or value that acts as a guideline for thinking or acting is known as a principle.

It is required by law and must be followed, or at least that is the expectation.

It may be a desirable path of action or the inevitable outcome of anything, such as the observable natural laws or the system's design.

The principles of such a system are perceived by its users to be the fundamental features of the system or reflect the system's intended purpose, and their proper application would make it impossible for the system to function properly.

Therefore, (A) principles include things like the fundamentals of justice, human rights, and freedom of speech.

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the following transactions occurred during july: received $1,100 cash for services provided to a customer during july. collected $6,000 cash for services previously completed in june. received $950 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $575. borrowed $8,000 from the bank by signing a promissory note. received $1,450 cash from a customer for services to be performed next year. what was the amount of revenue for july?

Answers

the amount of revenue for july is $1675 .

Explanation:

We only have to compute the services performed in July

$1,100 cash services july

$575 credit services july

$1675 revenue for july

The received from sales in junes doesn't count.

Also doesn't count the advance payment for services at next year

What does revenue mean?

The term "revenue" describes the entire earnings a business makes from its primary activities, such as the sale of goods or services, the rental of real estate, regular payments, the interest on loans, etc. Calculating revenue comes before deducting any costs, including discounts and returns.

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which of the following best describes a business stakeholder? multiple choice only the minority shareholders in a business entity anyone who audits a firm only those who have acquired significant shares in a firm anyone who affects or is affected by decisions made within a firm

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A business stakeholder is somebody who influences or is influenced by choices made inside a company. Hence, the correct answer is anyone who affects or is affected by decisions made within a firm.

What exactly is a business stakeholder?

A stakeholder is someone who belongs to one of the "groups without whose support the organization would cease to exist," according to the Stanford Research Institute's first internal communication in 1963. It is generally acknowledged in business practice and corporate governance, corporate purpose, and corporate social responsibility. The classification of stakeholders to consider when defining corporate duties has been criticized for creating a false dichotomy between the "shareholder model" and the "stakeholders model," or for making a misleading comparison of obligations to shareholders and other interested parties.

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1. contrast leadership for quality and lean six sigma as quality initiatives for xerox. how did their motivations differ? what differences or similarities are evident in the principles behind these initiatives and the way in which they were implemented?

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For the organization to perform better and stop losing money, it was believed that Leadership through Quality was the secret ingredient.

What is Leadership?

A individual, group, or organization's capacity to "lead," persuade, or guide others includes both the leadership research area and the real leadership talent. In American academic institutions, the definition of leadership is "a process of social influence in which a person can enlist the cooperation and support of others in the achievement of a common and ethical task." Leadership may be summed up as a strong relationship where one party's influence (the "leader") motivates others to act or change (the "followers"). Some now accept the complex nature of leadership that can be found in both formal and informal roles at all levels of institutions, challenging the more traditional managerial views of leadership.

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During which period was the economy in an expansion?A. 2000-2004 B. 2009-2013 C. 2004-2008 D. 2000-2012 E. 2005-2009

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The period from 2005 to 2009 saw the economy expanding.

The social science of economics deals with the creation, exchange, and consumption of products and services. Economics is the study of how economies work as well as the behavior and interactions of economic actors. The study of microeconomics focuses on what are thought to be the fundamental components of the economy, such as the interactions that result from market and agent activity. Individual agents can represent a variety of clients, including homes, companies, buyers, and sellers. The study of the economy as a coexisting system of production, consumption, saving, and investment is known as macroeconomics. Additionally, it looks at the elements that have an impact on this system, including the use of labor, capital, and natural resources, currency inflation, economic expansion, and public policies.

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a tariff has the effect of: a. raising the price of the imported product. b. increasing the demand for the imported product. c. increasing the supply of the imported product. d. increasing the demand for the exported product.

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The cost of imported items is raised by tariffs. Domestic consumers end up paying higher prices as a result of the fact that domestic firms are not compelled to lower their prices in response to increasing competition.

How Do Tariffs Affect Prices?By permitting businesses that would not survive in a more competitive market to continue operating, tariffs also lower efficiency.without a tariff, the results of global commerce. Domestic supply and demand are denoted in the graph by the letters DS and DD, respectively. P represents the world price, while P* represents the domestic price of the same item.Domestic consumers will buy Qw worth of goods at a reduced cost, but since the home country can only manufacture Qd worth of goods, it will have to import Qw-Qd worth of goods.A tariff or other measure that raises prices has the dual effects of raising prices and reducing the amount of imports. Price rises from P*, which is non-tariff, to P' in the following graph. Qd moves right as more domestic businesses are prepared to produce the good as a result of the rise in price. Qw is likewise shifted left by this. Imports are decreased overall, domestic output is enhanced, and consumer prices are raised.

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suppose china financed a huge program of infrastructure spending by borrowing. how would this borrowing affect the u.s. balance of payments? explain.

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An account of a nation's foreign dealings with the world as a whole is kept in the current bank balance of payments.

What two things make up infrastructure?

The two kinds of infrastructure are both economic and social. Social Infrastructure I Infrastructure connected to electricity, transportation, and communication is classified as economic infrastructure, while social infrastructure includes those related to housing, health, and education.

What role does infrastructure play?

Urban households have access to better-quality employment, healthcare, and educational opportunities because to infrastructure.Public transportation and clean energy help cut greenhouse gas emissions. Broadband connections, water systems, and energy generation and distribution all follow the same economic principles.

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in the context of supply chain partners, which of the following should operations managers do during the aggregate planning stage? multiple choice question. they should consult supply chain partners only if new goods or services are involved. they need not take supply chain partners into account at this stage. they should consult supply chain partners irrespective of whether any changes are planned. they should discuss quality concerns with supply chain partners.

Answers

In supply chain management, aggregate planning is a key decision model that describes how to determine the medium-term levels of production, inventory, capacity, and labor usage.

What are the overall operational planning parameters?

The aggregate planner's main objective is to establish each of the following operational parameters across the specified time horizon: The quantity produced in a specific period of time is referred to as the production rate (such as per week or per month) Total employees or labor capacity units are the term used to describe the required labor force.

What part does supply planning play in the entire planning process?

Aggregate planning is necessary for a corporation to be able to plan production, allocate resources, and adjust staffing. With its assistance, businesses can reduce costs while keeping output constant.

What are the primary goals of collective planning?

Aggregate planning aims to reduce operational expenses by matching production capacity with demand. An aggregate plan details what supplies and other resources are required, as well as when they should be bought in order to keep costs down.

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carlos naturals makes bulk quantities of cleaning fluids. the company currently sells 1,000 containers a month at a price of $22 per unit. the addition of a new disinfectant can fetch them $25 per unit for the improved product. it would cost them a total of $3,800 per month to make that alteration. what would be the effect on operating income?

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It would decline by $800 would be the effect on operating income at company currently sells of 1,000 containers a month at a price of $22 per unit.

After subtracting operational costs like labour, depreciation, and the cost of goods sold, operating income is an accounting metric that reflects the amount of profit made from a business's operations (COGS). Operating income, also known as income from operations, is calculated by taking a company's gross income, which is equal to total sales less COGS, and deducting all operating costs from it. The expenditures a company incurs for its regular operations, such as buying office supplies and paying the bills, are known as operating expenses. A measure of a company's operating income takes into account its business operations to determine how much of its sales will ultimately turn into profits. It is a way to gauge a company's financial performance by focusing simply on its day-to-day operations.

the complete question is:

Carlos Naturals makes bulk quantities of cleaning fluids. The company currently sells 1,000 containers a month at a price of $22 per unit. The addition of a new disinfectant can fetch them $25 per unit for the improved product. It would cost them a total of $3,800 per month to make that alteration. What would be the effect on operating income?

it would increase by $400.

It would decline by $800.

It would increase by $3,000.

It would decline by $1,200.

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rex purchased an investment property with the intention of renting it out. to finance it, he set up a partially amortized loan with a balloon payment. what risk could this pose for him as the borrower?

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Rex may not have enough money for the larger balloon payment if renter income does not increase the value of his property.

How Does a Balloon Payment Work?

A large payment due at the end of a balloon loan is called a balloon payment. During the loan term, this kind of loan is designed to have lower initial payments and higher subsequent payments, often just the final one. A mortgage, commercial loan, or any other amortized loan can fall under this category. It is thought to be comparable to a bullet repayment.

The term "balloon" denotes an extremely substantial final payment. Typically, balloon payments are at least twice as much as the previous payments on the loan.

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A few years ago the british government was considering​ retiring, or buying back from​ investors, some outstanding consols that had annual coupons of pound£6060. A consol​ is:

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A consol​ a coupon bond that pays a fixed coupon rate and has a fixed maturity date.

The total income an investor might anticipate while owning a specific bond is known as the coupon rate. The calculation is done by dividing the total of the annual coupon payouts by the par value, and it is established at the time the bond is issued. A bond's yield to maturation and coupon rate are equal at the time of purchase. Not the issue price or sale price, but the bond's principal amount (or par value), is used to determine the coupon rate.

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suppose the civilian non-institutional population equals 150,000; there are 72,500 employed persons and 10,000 unemployed persons. how many people are not in the labor force?

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150,000 people live outside of institutions as the civilian population; 72,500 people are employed, while 10,000 are unemployed. That leaves 67,500 people out of work.

How does labor force work?

The total number of employed people and unemployed people looking for work is referred to as the labor force. Although Sofia did not have a job, the definition says that she was and is still a member of the labor force.

The labor force participation rate is then calculated as the labor force participation rate divided by the civilian population of working age. The fact that Sofia's employment status has changed does not change the labor force participation rate because she has never stopped working since she looked for a job.

Non-institutional civilian population (E + U): 150,000 x (72,500 x 10,000) = 67,500 .

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The goal of any exchange is that the parties to the transaction be?

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The goal of a marketing exchange is to obtain something that is more desired than what is given up to obtain it. In other words, the gain exceeds the expenditures.

Fourth, the trade participants must be able to communicate with one another in order to make their valuable items available. For an exchange to take place, four conditions must be met: (1) Two or more individuals, groups, or organizations must participate, and each must own something of value that the other party desires; (2) the exchange must benefit or satisfy both parties involved in the transaction; (3) each participant must participate.

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what specific hr functions (recruiting, interviewing, training, and so on) can you identify mr. lemonis addressing on this show? make sure to give specific examples based on the show.

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The focus of staffing is on choosing and recruiting the right talented employees for a company.

What are the different types of interviews?

Individual and participant observations are the two different sorts of interview techniques. Personalized interviews: These interviews are performed one-on-one between the interrogator and the applicant. These interviews aid in a thorough evaluation of the candidate. This aids in making a candidate evaluation that is more accurate.

What is the primary objective of conducting interviews?

An employer and you converse during the interview to exchange information. Your goal is to receive a job offer, while the employer's goal is to learn the following: What you can provide (your skills, abilities, basic knowledge). Your identity (your personality, character, interests).

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Which of the following differs between aggregate planning in services and aggregate planning in manufacturing? A. uncertainty in demand B. costs of storing inventory C. the perishability of capacity D. cost of overtime E. cost of hiring

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The aggregate planning in services and aggregate planning in manufacturing is the perishability of capacity.

What is meant by capacity?The term "capacity" refers to the aptitude for using and comprehending data in order to make decisions and convey those decisions. When a person's capacity is compromised, they are unable to make decisions at that moment due to mental illness or other mental disturbances. The quantity of work that a business can complete in a specific length of time is known as its capacity. The amount of employees or resources needed to finish a project within a given time frame is how it is measured. It implies that I can now manage situations that I was before unable to. The future you will be a different person if you intentionally choose to increase your capacity. You'll be able to gauge your personal development by looking back.

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giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests is called

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Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests is called empowerment.

The goal of management empowerment is to demonstrate that unforeseen, unpredictable, and unusual events do not negatively impact or prevent a corporation from achieving its objectives.Fulfill all of these Identification, prioritisation, and assessment of risks are the first steps in risk management, which is then followed by the systematic use of your resources to monitor, mitigate, and control unanticipated or undesirable events.In economics, this is utilised to achieve the greatest possible degree of goal and business prospect realisation.

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Michael porter posits that implementing sustainable management helps companies establish a long-lasting competitive advantage that results from sustainably managing a firm’s impact on the people, planet, and profit.a. Trueb. False

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It is true that Michael porter posits that implementing sustainable management helps companies establish a long-lasting competitive advantage that results from sustainably managing a firmá€'s impact on the people, planet, and profit. The correct option is a.

What is sustainable management?

Sustainable management takes the concepts from sustainability and synthesizes them with the concepts of management. Sustainability has three branches: the environment, the needs of present and future generations, and the economy. Using these branches, creates the ability for a system to thrive by maintaining economic viability and also nourishing the needs of the present and future generations by limiting resource depletion.

From this definition, sustainable management has been created to be defined as the application of sustainable practices in the categories of businesses, agriculture etc.

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what describes a situation when poor risks are balanced with preferred risks, and average risks are in the middle?

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The answer is Profitable distribution of exposures in Risk Distribution strategy

What is Risk distribution strategy?

The forecast of the probability distribution of market values is referred to as the "Distribution of Exposures" and is created by putting predicted instances of negative net market values equal to zero.

When undesirable risks are counterbalanced by desirable risks, with "average" or "standard" risks in the middle, a lucrative distribution of exposures (or spread of risk) results. This risk distribution strategy is intended to shield the insurer from unfavourable selection. One of the fundamental tenets of insurance is this.

The term "risk distribution," which is used in discussions about tax deductibility, requires that sufficient independent risks from unrelated parties be pooled to invoke the actuarial law of large numbers.

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if the production of computers increases from point q to point r, what is the opportunity cost in thousands of cars?

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Computer production is increased from point A to point B.

What does the term "opportunity cost" mean?Opportunity cost is the value of other commodities or services you must forgo in order to get your desired item. The term "cost" as used by economists often refers to opportunity cost. Using the term "cost" in everyday discourse or the news is prevalent.In the US, the quantity of grain one worker cannot produce equals the potential cost of one automobile. A US worker can only generate 4 vehicles or 10 tonnes of grain annually, therefore if she makes one additional car, she will only be able to produce 10/4 or 2.5 tonnes of grain.

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most customers who experience an environment that is both pleasant and arousing will interpret it as an exciting environment. question 2 options: true false

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It is likely to be appropriate that most customers interpret an exciting environment when those who experience an environment that is both pleasing and arousing at the same time. As a result, the statement given above can be stated as the one that holds true.

An organizational environment is always determined by a number of formidable forces, and it is completely appropriate to mention that the customers are the ones who take care of the environment that they are present in. Customers are likely more satisfied when the environment is pleasing and arousing.

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buying a car math quiz question 1 of 10: based on your schedule, having a car will cut your transportation costs enough to squeeze in a 4 hour shift each weeknight at the fast food store paying $9 per hour. you estimate that the car will cost you $100 per week to own and operate. your take-home pay will be 70% of your gross pay. is it worth it to get the car?

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A yes. buying a car math quiz question 1 of 10: based on your schedule, having a car will cut your transportation costs enough to squeeze in a 4 hour shift each weeknight at the fast food store.

paying $9 per hour. you estimate that the car will costs you $100 per week to own and operate. your take-home pay will be 70% of your gross pay. is it worth it to get the car A cost is the worth of money that has been used up to create something or supply a service and is thus no longer accessible for use in production, research, retail, or accounting. In business, the cost might be one of acquisition, in which case the money spent to obtain it is recognized as cost. In this situation, money is the input that is used to purchase the item. This acquisition cost might be the total of the original producer's production expenses and the acquirer's additional transaction costs over and above the amount paid to the producer. Typically, the price includes a profit margin above the cost of manufacture.

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suppose that a project management team is trying to set up a realistic schedule for the data gathering and proposal phases of a project. the team looks over the situation and lists the activities that need to be accomplished along with the dependencies (as detailed below). activity immediate predecessor expected duration a. conduct interviews none 3 days b. administer questionnaires none 4 days c. read company reports a,b 4 days d. analyze data flow c 8 days e. introduce prototype c 8 days f. observe reactions to prototype c 3 days g. perform cost/benefit analysis d,e 3 days h. prepare proposal f,g 2 days i. present proposal h 2 days what is the expected completion time of the project (in days)?

Answers

Consider the following details regarding a small project: Estimates of task duration immediate forefathers a 4 days nil b 5 days a

How is the duration of the task planned?

Understanding the planned activities that comprise the project, as well as the anticipated unit of time or length required to begin and conclude each individual activity, is the first step in determining a project's critical path and anticipated task duration. To sequence the scheduled activities, a network diagram that displays the planned order for completing the individual tasks, situations where the order necessitates a specific sequence, and times when one activity depends on another for the completion of a different task is frequently used. The longest chain of interdependent operations determines a project's critical path. The critical path represents a series of tasks that typically do not have any float. Alternatively, any delays in completing the key route tasks will cause the project to fail.

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T/F. A conventional job description provides managers with a more comprehensive picture of worker activities than a job requirement matrix, which fails to address how and why workers perform specific job activities.

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A conventional job description provides managers with a more comprehensive picture of worker activities than a job requirement matrix, which fails to address how and why workers perform specific job activities.

The Statement is FALSE

Accountant, music copyist, clerk, auditor, bookkeeper, food checker, mortgage clerk, dry cleaner, building inspector, bibliographer, editorial assistant, title examiner, court clerk, ticket agent, receptionist, ticket taker, scheduler, cashier-checker, information clerk are some examples of conventional jobs.

Observing and/or interviewing job incumbents is a common practice in conventional job analysis programs to gather job-related data. the creation of essay-style job descriptions. The United States Employment Service has extensive expertise in assessing jobs, which forms the basis of most of the traditional methodology.

The typical office setting contains systematic tasks like dealing with data and figures, and it is highly ordered and structured. This type of setting is characterized by routine, stability, tradition, and clearly laid-out rules and guidelines.

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why is it is essential to take supply chain capabilities into account when doing aggregate planning? multiple select question. to make sure there are no transportation issues to make sure there are no timing issues to make sure there are no quality issues to make sure there are no quantity issues

Answers

When undertaking aggregate planning, it is critical to consider supply chain capabilities to ensure there are no quantity difficulties.

What exactly is aggregate planning?

Aggregate planning is a consequence of intermediate-term planning. It is the process of planning the quantity and timing of output over a three-month to a one-year period. The physical facilities are expected to be fixed for the planned period within this range. Aggregate planning finds the optimal cost-cutting combination by matching production supply and demand over a medium time span.

An aggregate planning strategy's purpose is to maintain the production rate and workforce level.The Chase Strategy, as the name suggests, involves pursuing market demand.Hybrid Strategy is a third option is a combination of the previous two tactics.

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on october 20 of the current year, grimm co. consigned 40 freezers to holden co. for sale at $1,000 each and paid $800 in transportation costs. on december 30, holden reported the sale of 10 freezers and remitted $8,500. the remittance was net of the agreed 15% commission. what amount should grimm recognize as consignment sales revenue for the current year?

Answers

Grimm should recognize $7,800 as consignment sales revenue for the current year.

Calculate the commission on the sale of the 10 freezers by multiplying the sale price of $1,000 per freezer by the commission rate of 15%. This results in a commission of $150 per freezer, or a total commission of $1,500.

Step 2: Subtract the commission from the amount remitted by Holden to calculate the consignment sales revenue. In this case, $8,500 - $1,500 = $7,000.

Step 3: Add the transportation costs of $800 to the consignment sales revenue of $7,000 to calculate the total consignment sales revenue for the current year. In this case, $7,000 + $800 = $7,800. This is the amount that Grimm should recognize as consignment sales revenue for the current year.

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you ride an express bus from the center of the town to your street. you have two payment options: option a is to buy a monthly pass and pay $1 per ride; option b is to pay $2.50 per ride. a monthly pass costs $30. how many times will you have to ride for the total costs of the two options to be the same?

Answers

20 times will you have to ride for the total costs of the two options to be the same.

Which costs do you mean?

Costs in accounting are the dollar amounts paid for materials, labor, services, goods, equipment, and other purchases made for use by a company or other accounting entity.

                                   This sum is listed as the price on invoices and is recorded as an expense or asset cost basis in bookkeeping records.

You ride an express bus from the center of town to your street

You have two payment options.

Option A is to buy a monthly pass and pay $0.80 per ride.

Option B is to pay $2.30 per ride.

A monthly pass costs $30.

than the equation is become in the form

30 + 0.80r = 2.30r

30 = 1.5r

 r = 30/1.5

  r = 20

Therefore after 20 rides the two options be the same.

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One fact about all currency is that itA. loses value over time.B. has a changing value.C. maintains a stable value.D. grows increasingly valuable.

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One fact about all currency is that A. loses value over time. (This is known as inflation)

Value refers to the worth or usefulness of something. It can refer to financial value, such as the monetary worth of an object or investment, or it can refer to intrinsic value, such as the personal or societal value of an idea or principle. In business, value is often used to refer to the perceived benefit that a customer will receive from a product or service in relation to its cost. Additionally, value can refer to the degree of importance or usefulness that something holds.

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the owner of a store that sells custom kitchen cabinets wishes to use a target return-on-sales pricing approach to establish a price for a typical section of cabinets. assume that variable costs total $200 per unit, fixed cost is $44,000, and the storeowner desires a target profit of 20 percent return on sales at an annual volume of 400 cabinets. what price should be charged for a typical cabinet section?

Answers

The price for a typical cabinet section should be $440. This can be calculated by taking the total costs (variable costs + fixed costs) of $44,200 and dividing it by 400 units, which results in a cost-per-unit of $110. Then, to reach the desired target profit 20% return on sales, the total cost must be multiplied by 1.2, which gives us a price of $440 per cabinet section.

What is target return-on-sales pricing?

Target return-on-sales pricing is a pricing method that involves setting prices based on a desired target profit, expressed as a percentage of sales revenue. This approach is used to ensure that a certain level of profit is achieved, while allowing for the flexibility to adjust prices according to market conditions.

What is the difference between variable costs and fixed costs?

Variable costs are costs that fluctuate with production and sales levels, while fixed costs are costs that remain constant regardless of production and sales levels. Variable costs include items such as raw materials, labor and shipping, while fixed costs include items such as rent and insurance.

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if the powershooter 1800 is marked up by $66.50, what is the cost (in $) and what is the percent markup based on cost?

Answers

If the powershooter 1800 is marked up by $66.50, then the Cost is $66.50 and Percent Markup is 100% .

What do you mean by powershooter?

Powershooter is an innovative digital camera designed for the professional photographer. It is the first camera to feature an intuitive digital control panel that gives the user the power to quickly and easily adjust settings, make adjustments and select functions in real time. It is equipped with a powerful 20 megapixel sensor, a high-resolution LCD display, a pop-up flash and a built-in Wi-Fi connection. It also includes a full array of advanced features, such as time-lapse photography, remote control of the camera, and an intuitive menu system. The Powershooter is designed to provide photographers with the ultimate power to capture amazing images with ease.

So, The required answers are $66.50 and 100% respectively.

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Customers arrive at a movie theater at the advertised movie time only to find that they have to sit through several previews and prepreview ads before the movie starts. Many complain that the time devoted to previews is too long. A preliminary sample conducted by The Wall Street Journal showed that the standard deviation of the amount of time devoted to previews was five minutes. Use that as a planning value for the standard deviation in answering the following questions.

Answers

This question of standard deviation is incomplete. But the answer is Sample sizes 67, 96.

How it is determined?

a) If we want to estimate the population mean time for previews at movie theaters with a margin of error of 72 seconds, what sample size should be used? Assume 95% confidence.

b) If we want to estimate the population mean time for previews at movie theaters with a margin of error of 1 minute, what sample size should be used? Assume 95% confidence.

Given that customers complain that the time devoted to previews is too long. A preliminary sample conducted by The Wall Street Journal showed that the standard deviation of the amount of time devoted to previews was five minutes.

Since population standard deviation is given, we can use Z critical values for finding the margin of errors.

(σ) = 5 minutes

Using the relation:

((Zα/2 * σ) / E)²

(1 - α)/2 = (1 - 0.95)/2 = 0.05 /2 = 0.025

Z0.025 = 1.96

a) Margin of error = 72 seconds = 1.2 minutes

1.96 * (5/((n)^1/2)) = 1.2

n = 67

Sample size = 67

b) Margin of error = 1

1.96 * (5/((n)^1/2)) = 1.2

n = 96

Sample size = 96

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