To calculate the number of orders per year using the Economic Order Quantity (EOQ) method, we need the following information:
Annual demand (D): 9,226 cars
Fixed cost per order (S): $19
Inventory carrying cost per unit (H): $0.47
The EOQ formula is given by:
EOQ = √((2 * D * S) / H)
Substituting the given values:
EOQ = √((2 * 9,226 * 19) / 0.47)
EOQ ≈ 422.11
Since the number of orders must be a whole number, we round up the result to the nearest whole number.
Therefore, the company must have approximately 423 orders per year.
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Which statement is true?
a.
Firms may decide to "do nothing" and simply accept the risk to
occur.
b.
Firms typically prioritize high impact risks only.
c.
Risk mitigation strategies are always cos
The true statement is that firms may decide to "do nothing" and simply accept the risk to occur. This statement is not always the case, but it is true in some situations.
It is known as risk acceptance or passive risk response. It is one of the four risk management strategies, which involves accepting the potential risk's consequences and not implementing any steps to minimize it.Firms should only accept risks that are within their risk tolerance range. They should consider accepting risks when the cost of managing it is more significant than the consequences. Risks that are minor in terms of the severity of the impact and the probability of occurring are the most common ones that firms accept. Therefore, the statement "Firms may decide to "do nothing" and simply accept the risk to occur" is true. It is one of the possible risk management responses that companies may implement when dealing with a risk.
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Jennifer Lawrence's job involves recruiting applicants, training new employees, developing current employees and setting employee salaries. These tasks are all part of which management function? a. employee engagement b. management human c. resource management d. organization change management e. union negotiation
Jennifer Lawrence's job involves recruiting applicants, training new employees, developing current employees and setting employee salaries.
These tasks are all part of human resource management function. So, the correct option is c. Human Resource Management.Human Resource Management (HRM) is the management of an organization's workforce, or human resources. HRM is a management practice in which human resources are used to achieve organizational goals. HRM is concerned with the recruitment, selection, training, development, and compensation of employees.Recruiting is the process of finding and hiring new employees.
Recruiting applicants is one of the primary functions of human resource management. After recruiting, human resource management also trains new employees and develops current employees.Human resource management also plays a vital role in determining employee compensation. Setting employee salaries is another responsibility of the HR department. Therefore, all the tasks Jennifer Lawrence's job involves fall under human resource management function.
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you were further asked to identify and summarize three of the
six basic features of performance management?
Performance management is a system that is implemented by organizations to continuously improve employees' performance and achieve the desired results. The system has six basic features.
What are the six basic features of performance management?The six basic features of performance management are;
Planning: This is the process of setting objectives and targets for an organization. Planning is the first step in performance management.
Monitoring: This feature involves keeping track of employees' performance to identify areas of success and weakness.
Feedback: This feature involves providing employees with feedback on their performance. Feedback helps employees understand what they need to improve.
Development: This feature involves providing employees with the resources and opportunities they need to develop their skills.
Performance appraisal: This feature involves evaluating employees' performance against predetermined targets.
Rewards and recognition: This feature involves recognizing and rewarding employees who perform well.
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C. Discuss different cultural orientations of home country
companies that determine the degree of cultural adaptability?
Different companies have different cultures and priorities, which significantly impacts the degree of cultural adaptability. Companies that prioritize intercultural competency and diversity are more likely to have employees who are adaptable to new cultural environments. This adaptability can be achieved through various training programs, workshops, and seminars that aim to foster cross-cultural communication and sensitivity among employees.
Cultural orientation is defined as an individual's inclination toward interdependence (collectivism) or independence (individualism), while cultural adaptability is defined as the ability to adjust to new cultural situations, contexts, and demands.we will discuss different cultural orientations of home country and companies that determine the degree of cultural adaptability.Cultural Orientations of Home CountryCultural orientations of a home country refer to the set of values, customs, beliefs, and traditions that are inherent to a particular nation. It has a profound influence on the way people in that society behave and interact with each other. Some of the different cultural orientations of home country are as follows:IndividualismCollectivismUncertainty avoidancePower distanceMasculinity/femininityLong-term/short-term orientationCompanies that Determine the Degree of Cultural AdaptabilityCompanies play a crucial role in determining the degree of cultural adaptability. A company's culture determines how adaptable its employees are to new situations. Different companies have different cultures and priorities, which significantly impacts the degree of cultural adaptability. Companies that prioritize intercultural competency and diversity are more likely to have employees who are adaptable to new cultural environments. This adaptability can be achieved through various training programs, workshops, and seminars that aim to foster cross-cultural communication and sensitivity among employees.
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according to keynes, what determines the level of employment and income?
According to Keynes, the level of employment and income is determined by aggregate demand in the economy.
Keynes, a renowned economist, believed that aggregate demand, which is the total spending on goods and services in an economy, plays a crucial role in determining the level of employment and income. Keynes argued that fluctuations in aggregate demand are the primary drivers of business cycles and economic downturns.
Keynes challenged the classical economic theory that suggested that the economy would naturally tend towards full employment. Instead, he emphasized that in times of insufficient aggregate demand, the economy could remain stuck in a state of unemployment and underutilized resources. According to Keynes, when there is a deficiency in aggregate demand, businesses reduce production, leading to layoffs and a decrease in income levels.
To address this issue, Keynes advocated for government intervention through fiscal policy, such as increasing government spending or reducing taxes, to boost aggregate demand and stimulate economic growth. By influencing aggregate demand, Keynes believed that policymakers could effectively influence the level of employment and income in the economy.
In summary, according to Keynes, the level of employment and income is determined by the level of aggregate demand in the economy, and government intervention through fiscal policy can play a crucial role in stabilizing and stimulating economic activity.
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Enter your answers as whole numbers.
a. What is Q if the price level is 130? ______
b. Suppose that the Q in your answer is the full-employment level of output.
By how much will Q increase in the short run if the price level unexpectedly rises from 130 to 142? _______
By how much will Q increase in the long run due to the price level increase? __________
a) The value of Q when the price level is 130 would be 15 units.
b) Short Run: The equation of Short run Aggregate supply (SRAS) can be expressed as: SRAS = A - P + z Where A is the productivity factor, P is the price level and z is the cost of production.
When the price level unexpectedly rises from 130 to 142, then the new price level will be:P' = 142
So, the equation of SRAS in the short run would be: SRAS = A - 142 + zAs per the equation of AD, as the price level increases, the demand for goods and services falls which leads to a reduction in the output level.
So, there will be a decrease in the output level from Q to Q' i.e., there will be a decrease in the number of goods and services that firms are willing to supply to the market, which can be calculated as Q' = Q - 12
Thus, the decrease in the quantity of goods and services that firms are willing to supply to the market is 12 units.
Hence, the answer is -12.Long Run: In the long run, all the factors of production are variable which implies that there is no distinction between the short-run aggregate supply curve and the long-run aggregate supply curve.
Therefore, the long-run aggregate supply curve is horizontal, and there is no relationship between output and price level in the long run.
So, there will be no change in the output level in the long run due to a change in the price level.
Therefore, the increase in the output level in the long run due to the price level increase is zero.
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If fixed costs are $70, what is the optimal integer output level?
If fixed costs are $70, what is the profit at the optimal integer output level?
If fixed costs are $115, what is the optimal integer output level?
If fixed costs are $115, what is the profit at the optimal integer output level?
The optimal integer output level and profit cannot be determined without additional information.
What are the key factors to consider when determining the pricing strategy for a new product?The given questions pertain to the concept of optimal output level and profit in relation to fixed costs.
The optimal integer output level refers to the production level at which a firm maximizes its profit, considering its fixed costs and other relevant factors.
The profit at the optimal output level is the amount of revenue generated from selling the output minus the total costs incurred, including fixed costs.
To answer the questions, you would need additional information such as the production function, variable costs, and revenue function.
With this information, you can analyze the relationship between output level, costs, and revenue to determine the optimal output level and calculate the corresponding profit.
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Assume that you always use five sheets of paper with six pencils for your art work. Denote the consumption levels of paper and pencil by x, and x₂ one sheet of paper and a pen are given by $4 and $5, respectively. Your income is $100. Find your optimal consumption level for each good. If the price of each good doubles, what will happen to the optimal consumption level for each good? OA.x, 10, ₂ = 0. If each the price of each good doubles, your consumption level for each good will double. O B. x₁ = 10, x₂ = 0. If each the price of each good doubles, your consumption level for each good will stay the same. = 6. If each the price of each good doubles, your consumption level for each good will be the half of the original consumption leve OCx=5,*,= OD. x₁ = 10, x₂ = 12. If each the price of each good doubles, your consumption level for each good will be the half of the original consumption I OEx=0.x₂ = 12. If each the price of each good doubles, your consumption level for each good will be the half of the original consumption le
The optimal consumption level for each good can be calculated by using the budget equation. The budget equation is given as;budget equation= p₁x₁ + p₂x₂Here, p₁ is the price of one sheet of paper, p₂ is the price of one pencil, x₁ is the consumption level of paper, and x₂ is the consumption level of pencil.
We are given that x=5 sheets of paper and x₂=6 pencilsThe price of each good is given to be $4 and $5 respectively.The budget equation can be written as;4x₁ + 5x₂ = 100To find the optimal consumption level of each good, we can use the Lagrange function;L = 4x₁ + 5x₂ + λ(100 - 4x₁ - 5x₂)We can find the partial derivatives of L with respect to x₁, x₂, and λ and set them equal to zero to find the optimal consumption level of each good.The partial derivatives of L with respect to x₁, x₂, and λ are given by;∂L/∂x₁ = 4 - 4λ∂L/∂x₂ = 5 - 5λ∂L/∂λ = 100 - 4x₁ - 5x₂The partial derivative of L with respect to x₁ and x₂ are equal to zero when λ=1. Thus, we can use this value of λ in the budget equation to find the optimal consumption level of each good;4x₁ + 5x₂ = 1004x₁ + 5(6) = 1004x₁ = 70x₁ = 17.5The optimal consumption level of paper is 17.5 sheets of paper.Using this value of x₁ in the budget equation, we can find the optimal consumption level of pencil;4(17.5) + 5x₂ = 100x₂ = 7The optimal consumption level of pencil is 7 pencils. If the price of each good doubles, the new budget equation will be;8x₁ + 10x₂ = 100To find the new optimal consumption level of each good, we can use the Lagrange function;L = 8x₁ + 10x₂ + λ(100 - 8x₁ - 10x₂)The partial derivatives of L with respect to x₁, x₂, and λ are given by;∂L/∂x₁ = 8 - 8λ∂L/∂x₂ = 10 - 10λ∂L/∂λ = 100 - 8x₁ - 10x₂The partial derivative of L with respect to x₁ and x₂ are equal to zero when λ=1. Thus, we can use this value of λ in the new budget equation to find the new optimal consumption level of each good;8x₁ + 10x₂ = 1008x₁ + 10(7) = 1008x₁ = 30x₁ = 3.75The new optimal consumption level of paper is 3.75 sheets of paper.Using this value of x₁ in the new budget equation, we can find the new optimal consumption level of pencil;8(3.75) + 10x₂ = 100x₂ = 8The new optimal consumption level of pencil is 8 pencils.Therefore, if the price of each good doubles, the new optimal consumption level of paper is 3.75 sheets of paper, and the new optimal consumption level of pencil is 8 pencils. Hence, the correct option is OB.x₁ = 10, x₂ = 0. If each the price of each good doubles, your consumption level for each good will stay the same.
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The yearly gain of an agressive mutual fund is normally distributed with a mean gain of 11.5% and a standard deviation 2.7%. What is the probability the mutual fund will have a yearly gain of less than 9.8% ? Write only a number as your answer. Round to three decimal places (for example 0.554). Write answer as a proportion, not as a percentage.
The probability that the aggressive mutual fund will have a yearly gain of less than 9.8% can be calculated using the normal distribution. The answer, rounded to three decimal places, is approximately 0.026.
To find the probability, we need to standardize the value 9.8% using the mean and standard deviation of the distribution. The standardization formula for a normally distributed variable is:
Z = (X - μ) / σ
Where:
Z = Standardized value (Z-score)
X = Value of interest (9.8%)
μ = Mean of the distribution (11.5%)
σ = Standard deviation of the distribution (2.7%)
Substituting the values into the formula:
Z = (9.8 - 11.5) / 2.7 ≈ -0.6296
Next, we can use a standard normal distribution table or a calculator to find the probability associated with the Z-score of -0.6296. The probability of a Z-score less than -0.6296 is approximately 0.026.
Therefore, the probability that the mutual fund will have a yearly gain of less than 9.8% is approximately 0.026, or 2.6% (rounded to three decimal places). This indicates a relatively low probability of observing a gain below 9.8% based on the given mean and standard deviation of the distribution.
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Tell us how you developed the Executive Summary and tell us
especially what was easy and what was difficult as you wrote the
ES.
Developing the Executive Summary involved synthesizing key information concisely, with some aspects being easy while others presented challenges.
What were the factors that made certain aspects of developing the Executive Summary easier or more difficult?The Executive Summary serves as a condensed overview of a document or report, capturing its main points and findings. While writing the Executive Summary, the easy part was identifying the core elements of the document and distilling them into a concise format. This involved extracting the key objectives, outcomes, and recommendations, and presenting them in a clear and impactful manner.
However, difficulties arose in striking a balance between brevity and comprehensiveness. The challenge was to condense complex information while ensuring the summary remained accurate and meaningful. Choosing the most relevant details and omitting less critical ones required careful consideration. Additionally, capturing the essence of the document and conveying its significance in a limited space posed a difficulty in crafting a compelling and concise narrative.
Overall, the process involved iteratively refining the content to ensure it effectively communicated the essence of the document while being concise enough to engage readers and convey the main message.
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If a technology change reduces a company’s production costs, it will A. Shift the supply curve to the right. B. Decrease consumer demand. C. Move up and to the right from point to point Allen by a stationary supply curve. D. Increase consumer demand
The correct option is A, If a technology change reduces a company's production costs, it will likely Shift the supply curve to the right.
The supply curve is a graphical representation of the relationship between the price of a particular good or service and the quantity that producers are willing to supply at that price. It is a fundamental concept in economics that helps analyze the behavior of producers in a market. The supply curve is upward-sloping, indicating that as the price of a good increase, producers are generally willing to supply a greater quantity of that good, assuming other factors remain constant.
This positive relationship is based on the principle of profit maximization, as higher prices provide greater incentives for producers to allocate more resources and produce more output. Factors such as production costs, technological advancements, and resource availability can shift the supply curve. Changes in these factors can lead to shifts in the curve, indicating a change in the quantity supplied at each price level.
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In the recovery from the Covid-19 recession, inflation in the U.S. and Europe rose. Early in 2022,
economists debated what the Fed should do. In this problem, we will use the AS/AD framework to
consider the inflation.
a) Suppose the economy is in recession and lockdowns end. Portray this as a reversal of the
aggregate demand shock in Problem 1 in the AS/AD model. What happens if the effects of the stimulus
continue as the lockdowns end in the short run? Use a graph to explain what happens to inflation and
short-run output.
b) Some politicians criticized the Fed for not raising interest rates in the recovery. Use the AS/AD
diagram to analyze this position.
c) Some economists argued that the inflation was transitory and related to short-term supply chain
disruptions. You might think about temporary shortages as price shocks. Demonstrate this argument using
the AS/AD framework. What are the implications for monetary policy?
In the recovery from the Covid-19 recession, economists debated the appropriate actions the Federal Reserve (Fed) should take. Using the AS/AD framework, we can analyze the effects of stimulus continuation, the criticism of the Fed's interest rate policy, and the argument of transitory inflation due to supply chain disruptions.
a) When the economy is in recession and lockdowns end, it represents a reversal of the aggregate demand shock. If the effects of the stimulus continue as the lockdowns end in the short run, the aggregate demand curve (AD) shifts to the right, leading to an increase in short-run output.
This expansionary policy stimulates economic activity and helps alleviate the recession. However, if the aggregate supply curve (AS) is relatively inelastic in the short run, the increase in output may be accompanied by a rise in prices or inflation. This occurs due to the mismatch between demand and supply as the economy tries to recover from the recession.
The graph would show a rightward shift of AD and a potential upward movement along the AS curve, resulting in higher inflation and increased short-run output.
b) Some politicians criticized the Fed for not raising interest rates in the recovery. Analyzing this position using the AS/AD diagram, if the Fed were to raise interest rates, it would represent a contractionary monetary policy.
This would lead to a decrease in investment and consumption, causing the aggregate demand curve (AD) to shift leftward. As a result, short-run output would decline, but it could help alleviate inflationary pressures. The criticism of the Fed's interest rate policy stems from concerns over rising inflation, as higher interest rates can cool down the economy and reduce price pressures.
c) Some economists argued that the inflation experienced during the recovery was transitory and driven by short-term supply chain disruptions. In the AS/AD framework, temporary shortages or price shocks can be represented as a leftward shift of the aggregate supply curve (AS).
If the disruptions are temporary and supply eventually catches up with demand, the AS curve will shift back to its original position.
As a result, the short-run output would increase, but inflationary pressures would subside. In terms of monetary policy implications, if the inflation is deemed transitory, the central bank may choose to maintain an accommodative stance and not react aggressively by tightening monetary policy.
Instead, they may focus on supporting economic recovery and closely monitor supply chain dynamics to determine if any persistent inflationary pressures emerge.
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Suppose that you shorted 100 shares of stock XYZ. The initial margin requirement is 50%, and the maintenance margin is 30%. It is currently selling for $50 a share. After shorting the stock, the price drops to $35. (show your work and highlight you answer) 1. What is the new margin %? Is there a margin call? 2. at what price would a margin call occur? Edit View Insert Format Tools Table 12pt Paragraph BI U T² V :
According to the question we have a margin call would occur if the price per share of the stock reaches $33.5.
1. New margin% and Margin Call: Since the initial margin requirement is 50%, you would have deposited $2500 (50% of $5000, which is 100 shares * $50/share) to short the 100 shares of stock XYZ. The maintenance margin is 30%.The current market value of the shorted stock is 100 shares * $35/share = $3500.
Thus, the margin deposit is $3500 * 30% = $1050.A margin account's equity is the market value of securities in the account minus the amount borrowed. The equity in this case is $3500 (current market value) - $2500 (initial margin) = $1000. Since equity is less than the maintenance margin of $1050, the account has fallen below the maintenance margin, and a margin call would occur.
After the market price of the stock drops to $35, the current market value of the shorted stock would be 100 shares * $35/share = $3500.
Thus, the margin deposit is $3500 * 50% = $1750.The new margin % = ($1750/$3500) * 100% = 50%. Therefore, the new margin % would still be 50%.2. A margin call would occur when the equity in the margin account falls below the maintenance margin of $1050. If the market price per share continues to drop and reaches $33.5 per share, the equity in the margin account would be 100 shares * $33.5/share - $2500 (initial margin) = $850.
The new margin would be $850 / $3350 = 25.4%, which is below the maintenance margin of 30%.Therefore, a margin call would occur if the price per share of the stock reaches $33.5.
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Which of the following is most likely to result in a budget that will closely represent the company's actual results? O a budget based on research and analysis a budget that is developed solely by company executives O a budget that is the same as the previous period's budget O a budget that is identical to a competitor's budget
A budget based on research and analysis is most likely to result in a budget that will closely represent the company's actual results.
What is a budget?A budget is a financial plan that outlines how much money a company intends to spend and receive in a particular period of time. It serves as a roadmap for the company's spending and revenue-generating activities, allowing managers to make informed decisions about how to allocate resources. It also aids in the planning and monitoring of a company's financial performance.
What is the best way to prepare a budget that reflects the actual results of a company?To prepare a budget that accurately reflects a company's actual results, the budget must be based on research and analysis. The primary objective of budgeting is to forecast future sales, expenses, and profits using previous data to create a foundation for the main answer to be forecasted. Therefore, a detailed answer is crucial for obtaining accurate estimates.
A budget that is created solely by company executives is less likely to reflect the company's actual performance because it is prone to bias and may not take into account all relevant data. Similarly, a budget that is identical to the previous period's budget may not reflect changes in the company's operations or the broader business environment, resulting in inaccurate projections.A budget that is identical to a competitor's budget is unlikely to be appropriate because each company has its unique set of conditions and variables that influence its operations and financial results. Therefore, a budget that is based on research and analysis is the most likely to produce accurate results.
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In the market for widgets, the demand and supply curves are given, respectively, by QD = 200 - 10P QS = -70 + 5P On a sheet of paper, do all of the following: 1. Calculate the equilibrium price and quantity. 2. What is the highest price any one consumer would ever be willing to pay - this is the same as asking what is P equal to if Qº=0? More formally, this is the point on the demand curve that intersects the P-axis. 3. What is lowest price any one firm would ever be willing to accept - this is the same as asking what is P equal to if QS =0? More formally, this is the point on the supply curve that intersects the P-axis. 4. Graph the demand and supply curves with price on the y-axis (vertical axis) and quantity on the x-axis (horizontal axis). Your graph should include ALL of the following: I. The curves (.e., make sure it is clear which curve is the inverse demand curve and which curve is the inverse supply curve). II. The axes (this is easy: your x-axis should be labeled as quantity (or Q) and your y-axis should be labeled as price (or P) III. The y-intercepts for both demand and supply (this is what you computed in 2 and 3). IV. The equilibrium price and quantity (you computed this in 1) 5. Calculate consumer surplus. 6. Calculate producer surplus. 7. Calculate total surplus. 8. In your graph you drew in 4, shade and label the area for consumer surplus and the area for producer surplus. Make sure it is clear which one is which. 9. Suppose that average income of all consumers increases. Do/answer the following: I. Will this affect demand or supply? II. Given your answer to I, will it be a movement along the curve? Or a shift in the curve? III. Give your answer to II, depict the change that occurs in your graph. 10. At the original equilibrium price and quantity, the price elasticity of demand is equal to -9. Given this, if the market price were to increase by 1%, by what percent would you expect quantity demanded to change by? Is it an increase or decrease?
Equilibrium Price: To calculate equilibrium price, we need to equate the quantity demanded with the quantity supplied.
To calculate equilibrium quantity, we can use any of the demand or supply equations.QD = 200 - 10PQD = 200 - 10(18)QD = 20Thus the equilibrium quantity is 20.2. The highest price that any one consumer would be willing to pay is when QD = 0.200 - 10P = 0P = 20Thus P = 20.3. The lowest price any one firm would be willing to accept is when QS = 0.-70 + 5P = 0P = 14Thus P = 14.4. The graph with price on the y-axis and quantity on the x-axis is given below:
Consumer surplus can be calculated by finding the area under the demand curve but above the equilibrium price.CS = (1/2)(18-14)(20) = 40Thus, consumer surplus is 40.6. Producer surplus can be calculated by finding the area above the supply curve but below the equilibrium price.PS = (1/2)(18-14)(18) = 36Thus, producer surplus is 36.7. Total surplus is the sum of consumer surplus and producer surplus.TS = 40 + 36 = 76Thus, total surplus is 76.8. The graph with shaded consumer surplus and producer surplus is given below:
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Lin Corporation has a single product whose selling price is $135 per unit and whose variable expense is $81 per unit. The company’s monthly fixed expense is $24,300.
Required:
1. Calculate the unit sales needed to attain a target profit of $4,050. (Do not round intermediate calculations.)
2. Calculate the dollar sales needed to attain a target profit of $8,300. (Round your intermediate calculations to the nearest whole number.)
the unit sales needed to attain a target profit of $4,050 is 5,000 and the dollar sales needed to attain a target profit of $8,300 is $82,000 (rounded).
1) Calculation of the unit sales needed to attain a target profit of $4,050:Contribution margin = Selling price per unit - Variable expense per unit= $135 - $81= $54Contribution margin ratio = Contribution margin ÷ Selling price per unit= $54 ÷ $135= 0.4Target profit = $4,050Formula to calculate the unit sales needed to attain a target profit= (Fixed expenses + Target profit) ÷ Contribution marginUnit sales needed to attain a target profit of $4,050= ($24,300 + $4,050) ÷ $54= 5002) Calculation of the dollar sales needed to attain a target profit of $8,300:Contribution margin ratio = Contribution margin ÷ Selling price per unit= $54 ÷ $135= 0.4Target profit = $8,300Formula to calculate the dollar sales needed to attain a target profit= (Fixed expenses + Target profit) ÷ Contribution margin ratioDollar sales needed to attain a target profit of $8,300= ($24,300 + $8,300) ÷ 0.4= $82,000 (rounded)Therefore, the unit sales needed to attain a target profit of $4,050 is 5,000 and the dollar sales needed to attain a target profit of $8,300 is $82,000 (rounded).
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When the process of freeing a vehicle that has been stuck
results in ruts or holes, the operator will fill the rut or hole
created by such activity before removing the vehicle from the
immediate area.
When the process of freeing a vehicle that has been stuck results in ruts or holes, the operator will fill the rut or hole created by such activity before removing the vehicle from the immediate area.
This is done to prevent further damage to the area and to ensure that other vehicles can use the same area without getting stuck. If the rut or hole is not filled in, it can become a hazard to other vehicles that may be travelling in the area. It can also cause damage to the tires of other vehicles, which can be costly to repair.
Therefore, it is important to fill in the rut or hole before leaving the area. In addition to filling in the rut or hole, the operator should also be careful not to damage the area any further. This means that the vehicle should be driven out of the area slowly and carefully, without causing any more damage. If the vehicle is driven too quickly or carelessly, it can cause more damage to the area and make it harder for other vehicles to travel through the area.
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We observe that we can transpose a summand in a vector
sum to the other side with a negative sign as in ordinary
condition.Difference of two Vectors.
When considering ordinary conditions, we can transpose a summand in a vector sum to the other side with a negative sign. This is also true for the difference between two vectors.
A vector is a mathematical object that has both magnitude and direction. It is frequently represented as a line segment with an arrow indicating the direction and magnitude. The length of the vector represents its magnitude, while the arrow's direction indicates the vector's direction.
The term "ordinary conditions" refers to general conditions or common conditions. It refers to the fact that this is a normal and everyday occurrence. When we talk about ordinary conditions in mathematics, we refer to commonly used concepts or techniques that are well-established.
When transposing a summand in a vector sum to the other side with a negative sign, we take the negative of the summand to the other side, and then we combine the vectors. This can be seen in the formula below:(a + b) - b = Here, we have two vectors, a and b, which are being summed together. If we want to transpose b to the other side, we need to take the negative of b, which is -b, and add it to the left side of the equation. This gives us:(a + b) - b = a - Now we can combine the vectors on the left side of the equation, giving us: a = a - This is an example of how we can transpose a summand in a vector sum to the other side with a negative sign in ordinary conditions.
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In a two-person, two-good economy, the gains to specialization will be larger when Multiple Choice a. one person has an absolute advantage in both goods. b. neither person has an absolute advantage. c. there are small differences between the individuals in their opportunity costs of producing the two goods. d. there are large differences between the individuals in their opportunity costs of producing the two goods.
The correct answer is d. there are large differences between the individuals in their opportunity costs of producing the two goods.
The gains to specialization occur when individuals can specialize in producing the goods in which they have a comparative advantage, meaning they have a lower opportunity cost of producing those goods compared to others. When there are large differences in opportunity costs between individuals, it means that one person can produce a good at a significantly lower cost compared to the other person.
This creates a greater potential for specialization and trade, leading to larger gains from specialization and trade for both individuals. Therefore, option d best describes a scenario where the gains to specialization will be larger.
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The material covered in the course, and more specifically the concepts and topics in each module, are applicable in business. Therefore, your task in writing a Global Summary (1-2 pages double-spaced) is to find examples in news/media articles of how the concepts fit into marketing. For each global summary, you should look for the concepts of interest to you in substantive publications (e.g. Bloomberg Business Week, NY Time, WSJ, USA Today etc.). Please no social media sources (i.e. blogs, posts etc). Each global summary should relate to the week’s module topics and/or concepts and contain a least 4 different concepts. More than one concept may be in the same article. Please provide the topic or concept, the issue, the page number for the publication, a paragraph or two on each and how each item related to a specific concept in the book (include page number from the text). You should also provide the web link to the source.
Your task is to demonstrate how the concepts and topics covered in the course are applicable in the business world by finding relevant examples in news and media articles.
To complete a Global Summary for your course, you will need to find examples in news and media articles that relate to the concepts covered in each module. You should look for substantive publications such as Bloomberg Business Week, NY Times, WSJ, and USA Today, and avoid using social media sources such as blogs and posts. Each Global Summary should relate to the module topics and/or concepts and contain at least four different concepts, with more than one concept being able to be in the same article. To complete this task, you will need to provide the topic or concept, the issue, the page number for the publication, and a paragraph or two on each item and how they relate to a specific concept in the course textbook (include page number). Finally, you should also provide the web link to the source.
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Dr. Ludwig von Drake is at it again! After many years of research, Dr. von Drake has finally solved one of physics’ greatest mysteries. Dr. von Drake has discovered the grand unified theory. As a result of the discovery, Dr. von Drake is able to design an efficient engine that has the capability of revolutionizing transport. Dr. von Drake is looking to protect the discovery and files a patent to protect the discovery of the unified theory as well as the new engine. What is the likely result?
The likely result of Dr. Ludwig von Drake's discovery of the grand unified theory and filing of a patent to protect it, as well as the new engine, is that he would have exclusive rights to the use, manufacture, and sale of the engine.
What is a patent?
A patent is a legal right given to the inventor of a novel and useful invention to exclude others from making, using, and selling the invention without the permission of the inventor. It is a form of intellectual property right granted by the government to the inventor. Therefore, after filing the patent, Dr. Ludwig von Drake will have the exclusive right to use, manufacture, and sell the new engine, preventing others from using it without his permission. This right gives the inventor an opportunity to benefit from the invention and protect it from infringement.
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Using one or more of the academic theories and ideas we have covered in the module, compare and contrast how technology and perspectives on "smart development" influence "developed" and "developing" countries. (50 Marks)
Academic theories and ideas on technology and smart development Technology is one of the primary drivers of the global economy and continues to have a profound impact on developed and developing nations.
Several academic theories and ideas explain how technology and perspectives on "smart development" influence developed and developing nations. The following section will highlight these theories and ideas.1. Modernization theoryThis theory posits that developed nations follow a linear path of development from traditional to modern societies. The theory emphasizes that modernization is facilitated by technological advancements, which are considered a driving force for economic growth, social change, and political stability in societies.2. Dependency theoryThis theory critiques modernization theory by arguing that technological advancements have perpetuated inequalities between developed and developing nations. According to dependency theory, developing nations depend on developed nations for technological advancements, investments, and raw materials. Therefore, technology perpetuates a cycle of dependency and exploitation that limits the development of developing nations.3. Innovation diffusion theoryThis theory explains how technology spreads across societies and nations.
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Please choose only one correct answer for each of the following questions. 1. Which of the following is NOT an international marketing definition? a) system of measures for the study, development and meet the demand for goods and services in foreign markets b) marketing of goods and services outside the basing country c) promotion of goods and services to the domestic market 2. The international marketer's task is a) more complicated than that of the domestic marketer b) the same as the domestic marketer's task c) easier than that of the domestic marketer 3. The controllable factors are a) political forces, economic forces, level of technology, cultural forces b) product, price, promotion and channels-of-distribution c) legal forces, competitive forces, geography and infrastructure 4. Levels of international marketing are a) domestic marketing, export marketing, international marketing, global marketing b) internal marketing, external marketing 5. The process of setting generally uniform characteristics for a particular good or service is a) product extension b) product adaptation c) product standardization 6. The levels of product are a) package, brand, labeling b) credit, delivery, installation, warranty, after-sales service e) the core benefit, the actual product, the augmented product 7. Country of origin effect is a psychological effect describing how a) people choose to use a particular shop or buy one particular product, rather than use other shops or buy products made by other companies b) consumers' attitudes, perceptions and purchasing decisions are influenced by products' country of origin labeling c) companies choose to outsource production to foreign countries because workers in other countries are often willing to accept lower wages than domestic workers 8. The country of original product starts importing the product from the developing countries - this is characteristic of such an international product lifecycle stage as a) maturity b) introduction c) decline 9. Which of the following is NOT barrier of international advertising a) the level of literacy b) technological limitation c) product standardization d) government regulation 10. The uncontrollable international environment does NOT include a) political/legal forces b) economic forces c) organizational management d) geography and infrastructure 11) The main indicators of the economic environment are a) Gross national product (GNP) and Gross domestic product (GDP), standard of living, level of economic growth, stability of currency b) Gross national product (GNP) and Gross domestic product (GDP), legal regulation, financial resources of the organization 12) The choice of international product strategy depends on a) the influence of the political and legal regulations of the importing countries, financial resources of the company, characteristics of the product itself, the proximity of the cultures b) product life cycle stages, country of origin effect, the level of literacy, media limitation 13. The advantages of using the same brand throughout the world are a) focusing on domestic customers, brand awareness b) meeting the needs and preferences of a particular market or set of consumers c) lower costs and universal brand recognition 14. Adaptation (modification of products for each local market according to local requirements) implies changes in a) the core benefit, the actual product and the augmented product b) the actual product
The correct answers for each of the given questions are: 1) c, 2) a, 3) b, 4) a, 5) c, 6) e, 7) b, 8) b, 9) c, 10) c, 11) a, 12) a, 13) c, 14) b.
The correct answer is c) promotion of goods and services to the domestic market. This option refers to domestic marketing rather than international marketing.
The correct answer is a) more complicated than that of the domestic marketer. International marketing involves dealing with additional complexities such as cultural differences, diverse market conditions, and varying regulations.
The correct answer is b) product, price, promotion, and channels-of-distribution. These factors are controllable by the marketer and can be adjusted to suit international market requirements.
The correct answer is a) domestic marketing, export marketing, international marketing, global marketing. These levels represent the progression of marketing activities from a purely domestic focus to a global perspective.
The correct answer is c) product standardization. This refers to the process of setting generally uniform characteristics for a particular good or service across multiple markets.
The correct answer is e) the core benefit, the actual product, the augmented product. These levels represent different aspects of a product, including its core benefits, physical attributes, and additional features.
The correct answer is b) consumers' attitudes, perceptions, and purchasing decisions are influenced by products' country of origin labeling. Country of origin effect refers to how consumers' perceptions and behaviors can be influenced by the country from which a product originates.
The correct answer is b) introduction. This stage signifies the initial entry of a product into a new market, typically characterized by limited sales and market awareness.
The correct answer is c) product standardization. Product standardization is not a barrier of international advertising. It refers to maintaining uniform product characteristics across different markets.
The correct answer is c) organizational management. The uncontrollable international environment encompasses factors beyond the control of the organization, such as political/legal forces, economic forces, and geography and infrastructure.
The correct answer is a) Gross national product (GNP) and Gross domestic product (GDP), standard of living, level of economic growth, stability of currency. These indicators provide insights into the economic environment of a country.
The correct answer is a) the influence of the political and legal regulations of the importing countries, financial resources of the company, characteristics of the product itself, the proximity of the cultures. These factors play a role in determining the appropriate international product strategy.
The correct answer is c) lower costs and universal brand recognition. Using the same brand worldwide allows for cost savings in branding efforts and creates a consistent image across different markets.
The correct answer is b) the actual product. Adaptation involves modifying the actual product to cater to local market requirements while keeping the core benefit and augmented product intact.
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Which of the following is not true?
a. An electricity bill is an example of mixed costs. The fixed portion represents the cost of having the service available and the variable cost is reflective of actual customer usage.
b. Mixed costs are also known as semi-variable costs.
c. Mixed costs are comprised of both fixed costs and variable costs, and as a result, mixed costs increase proportionately with an increase in activity level.
d. Mixed costs change in total, but not proportionately with the change in activity level.
The statement that is not true is option c:
"Mixed costs are comprised of both fixed costs and variable costs and as a result, mixed costs increase proportionately with an increase in activity level."
Option c incorrectly states that mixed costs increase proportionately with an increase in activity level. In reality, mixed costs do not increase proportionately with changes in activity level.
Mixed costs consist of both fixed costs and variable costs. The fixed portion of mixed costs remains constant regardless of the activity level, while the variable portion varies based on the level of activity.
As a result, the total mixed costs change with the activity level, but not in a strictly proportional manner. The fixed portion remains the same, and the variable portion increases or decreases based on the changes in activity level. Therefore, option c is not true.
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Required information [The following information applies to the questions displayed below] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Using the following additional information for Leone Company, complete the requirements below Required: 1. Prepare the schedule of cost of goods manufoctured for the current year. 2. Prepare the current year income statement. Complete this question by entering your answers in the tabs below. Prepare the schedule of cost of goods manufactured for the current year. \begin{tabular}{|l|l|l|} \hline LEONE COMPANY \\ \hline Sirect materials & For Year Ended Decerister 31 \\ \hline Raw materials available for use & & \\ \hline Direct materials used & & \\ \hline & & \\ \hline Factory overhead & & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} 1) Required information of 2 \begin{tabular}{|l|l|} \hline Total factory overhead \\ \hline Total manufacturing costs \\ \hline Cost of goods manufactured & \end{tabular} Required information Prepare the current year income statement.
the schedule of cost of goods manufactured and the current year income statement for Leone Company, but the necessary data to complete these requirements is missing.
The provided table does not contain any specific values or figures for the direct materials, raw materials available for use, direct materials used, factory overhead, total factory overhead, total manufacturing costs, and cost of goods manufactured.
To accurately prepare the schedule of cost of goods manufactured and the current year income statement, I would need the relevant financial data and figures such as the beginning and ending inventory balances, direct materials purchases, direct labor costs, factory overhead costs, and any other relevant expenses.
Please provide the complete and accurate information required to answer the question, and I'll be glad to assist you further in preparing the schedule of cost of goods manufactured and the current year income statement for Leone Company.
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Question 2 (5 marks) Company Aqua Ltd. has 3 departments with the following information: Manufacturing Finishing Selling & Administrative Department Department Department 1000 1000 500 Floor space (sq
Aqua Ltd has 3 departments including manufacturing, finishing, and selling & administrative departments, each having 1000 sq. ft. and 500 sq. ft. floor spaces, respectively.
Aqua Ltd has 3 departments that are manufacturing, finishing, and selling & administrative departments. The manufacturing and finishing departments have the same floor space which is 1000 sq. ft., while the floor space of the selling & administrative department is 500 sq. ft. To calculate the total floor space, all three departments' floor spaces can be added, which will result in 2500 sq. ft. total floor space. The formula for the calculation of floor space of a building or a department can be written as length × width. So, for example, if the length of the manufacturing department is 25 ft. and its width is 40 ft., then its floor space will be 1000 sq. ft. The department that occupies the most floor space is the manufacturing department since it has the same floor space as the finishing department, and the selling & administrative department has the least floor space.
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Consider a pure exchange economy with two consumers A & B and two goods x & y. Suppose the total stock of x and y is 4 units cach and each consumer has a utility function U = x; +y;, i = A, B. The set of Pareto optimal points will be a. the diagonal of the Edgeworth box the entire Edgeworth box the horizontal axis of the Edgeworth box the vertical axis of the Edgeworth box C. 18-
The Edgeworth box is a graphical representation of this economy, where the horizontal axis represents the quantity of good x and the vertical axis represents the quantity of good y. The total stock of each good is represented by the dimensions of the box, which in this case is a 4x4 square. The set of Pareto optimal points in this scenario will be the diagonal of the Edgeworth box.
In this pure exchange economy with two consumers A and B and two goods x and y, the total stock of x and y is 4 units each and each consumer has a utility function U = x + y. The set of Pareto optimal points will be the diagonal of the Edgeworth box. The Edgeworth box represents the possible allocations of goods between the two consumers and the diagonal represents the allocations that are Pareto efficient, meaning that no further reallocation of goods between the two consumers can make one better off without making the other worse off.
In this case, since the total stock of x and y is 4 units each and each consumer's utility function is the same, the Pareto optimal allocation will be where each consumer receives 2 units of both x and y, which lies on the diagonal of the Edgeworth box. Any other allocation will leave one or both consumers worse off. Therefore, the set of Pareto optimal points in this scenario will be the diagonal of the Edgeworth box.
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An entrepreneur has to finance a project of fixed size I. The
entrepreneur has "cash-on-hand" A, where A < I. To implement the
project, the entrepreneur (that is, the borrower) must borrow I �
An entrepreneur needs to secure financing for a project of a fixed size, denoted as I. The entrepreneur has the option to choose between two sources of funding: debt and equity.
When financing a project, entrepreneurs typically have the option to raise funds through debt or equity financing. Debt financing involves borrowing money from lenders, such as banks or financial institutions, with the commitment to repay the principal amount plus interest over a specified period. Equity financing, on the other hand, involves selling ownership shares or equity in the company to investors in exchange for capital.
The choice between debt and equity financing depends on several factors. Firstly, cost is a significant consideration. Debt financing usually incurs interest payments, which represent the cost of borrowing. The interest rate will depend on factors such as the entrepreneur's creditworthiness and prevailing market rates. Equity financing, however, does not involve regular interest payments but may require sharing future profits or dividends with investors.
Risk is another factor to consider. With debt financing, the entrepreneur bears the risk of repaying the borrowed funds even if the project does not generate expected returns. Failure to repay the debt can result in penalties, asset seizure, or even bankruptcy. In equity financing, the risk is shared with investors who become partial owners of the company. They share in the profits and losses and may have a say in decision-making processes.
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Application of Activity-Based Costing Nina Audrey started Nina Interiors, a niche furniture brand, 10 years ago. She ran the business as a sole proprietorship. While she has 50 skilled carpenters and
By applying Activity-Based Costing, Nina Interiors can enhance its cost management practices, improve decision-making, and ultimately drive profitability and growth in the niche furniture market.
Activity-Based Costing (ABC) is a costing method that allocates indirect costs to products or services based on the activities that drive those costs. It provides a more accurate and detailed picture of the costs associated with producing a product or providing a service compared to traditional costing methods.
In the case of Nina Interiors, applying Activity-Based Costing can help Nina Audrey better understand the costs involved in producing her furniture and make informed decisions regarding pricing, product mix, and resource allocation. Here's how ABC can be applied to Nina Interiors:
1. Identify Cost Drivers and Activities: The first step in applying ABC is to identify the activities that consume resources in the production process. In the case of Nina Interiors, some relevant activities could include material handling, furniture assembly, quality control, design, and customer service.
2. Allocate Costs to Activities: Once the activities are identified, the next step is to allocate the indirect costs (overhead) to these activities. Indirect costs may include factory rent, utilities, maintenance, supervision, and other overhead expenses that are not directly traceable to specific products.
3. Determine Cost Drivers: Cost drivers are the factors that cause costs to be incurred in each activity. For example, in the case of Nina Interiors, the number of furniture pieces produced, the complexity of the design, or the time spent on customer service calls could be potential cost drivers for the respective activities.
4. Calculate Activity-Based Overhead Rates: The activity-based overhead rates are calculated by dividing the total overhead costs for each activity by the total cost driver units. For instance, if the total cost of material handling activity is $100,000, and the number of furniture pieces produced is 10,000, the activity-based overhead rate for material handling would be $10 per furniture piece.
5. Allocate Costs to Products: Once the activity-based overhead rates are determined, the costs are allocated to specific products based on their consumption of each activity. This provides a more accurate measure of the actual costs incurred by each product.
By implementing Activity-Based Costing, Nina Audrey can gain insights into the true cost drivers for her furniture production and identify areas where costs can be reduced or eliminated. It can help her make informed decisions regarding pricing, product design, and process improvement. Furthermore, ABC can provide a clearer understanding of the profitability of different product lines and assist in focusing resources on the most profitable areas of the business.
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What is the probability that the first 2 clients reject him? 2) What is the probability that the third client is the first one to be convinced to buy the time-machine? 3) What is the probability that the sale man has called at least 4 clients when he sells his first time-machine? 4) What is the probability that the sixth client is the fourth client who buys the time-machine? 5) What is the expected number of clients that the sales man is going to call to sell his first time-machine? What distribution do you use? 6) What is the expected number of clients that the sales man is going to call to sell his fourth time-machine? What distribution do you use?
1) The probability that the first 2 clients reject him is `(3/5) x (2/4) = 0.3`. 2) The probability that the third client is the first one to be convinced to buy the time-machine is `(2/5) x (3/4) x (1/3) = 0.05`. 3) The probability that the salesman has called at least 4 clients when he sells his first time-machine is `(3/5) x (2/4) x (1/3) x (2/2) + (3/5) x (2/4) x (2/3) x (1/2) x (2/2) + (3/5) x (2/4) x (2/3) x (1/2) x (1/1) x (2/2) = 0.44`. 4) The probability that the sixth client is the fourth client who buys the time-machine is `(3/5) x (2/4) x (1/3) x (2/2) x (2/2) x (1/1) = 0.1`. 5) The expected number of clients that the salesman is going to call to sell his first time-machine is `10`. 6) The expected number of clients that the salesman is going to call to sell his fourth time-machine is `30`.
1) The probability that the first 2 clients reject him is `(3/5) x (2/4) = 0.3`. This is because after the first client rejects him, there are 3 clients remaining who might reject him. If the first client does reject him, then there are only 4 clients left and only 2 of them might reject him.
2) The probability that the third client is the first one to be convinced to buy the time-machine is `(2/5) x (3/4) x (1/3) = 0.05`. This is because the first two clients have a 2/5 chance of rejecting him, and the third client has a 3/4 chance of not rejecting him.
3) The probability that the salesman has called at least 4 clients when he sells his first time-machine is `(3/5) x (2/4) x (1/3) x (2/2) + (3/5) x (2/4) x (2/3) x (1/2) x (2/2) + (3/5) x (2/4) x (2/3) x (1/2) x (1/1) x (2/2) = 0.44`. This is because there are 3 ways he can sell his first time-machine: on the fourth call, on the fifth call, or on the sixth call.
4) The probability that the sixth client is the fourth client who buys the time-machine is `(3/5) x (2/4) x (1/3) x (2/2) x (2/2) x (1/1) = 0.1`. This is because the first 3 clients have to reject him, and then the fourth, fifth, and sixth clients have to buy from him.
5) The expected number of clients that the salesman is going to call to sell his first time-machine is `10`. This is because the number of calls he makes follows a negative binomial distribution with parameters `r = 4` and `p = 2/5`, and the expected value of this distribution is `r/p = 4/(2/5) = 10`.
6) The expected number of clients that the salesman is going to call to sell his fourth time-machine is `30`. This is because the number of calls he makes follows a negative binomial distribution with parameters `r = 4` and `p = 2/5`, and the expected value of this distribution is `r/p = 4/(2/5) = 10`, and he has to make this many calls for each sale he makes. So for the fourth sale, he has to make `10 x 3 = 30` calls.
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