When analyzing the demand for a resource, we can estimate that the resource will usually be more elastic when few close substitutes for the factor exist. The elasticity of demand refers to how responsive the demand for a good is to changes in its price.
When the elasticity of demand is high, demand is highly responsive to price changes.
In contrast, when the elasticity of demand is low, demand is less responsive to price changes.
The demand for a resource is more elastic when there are few close substitutes for the factor.
This is because when there are few substitutes for a resource, consumers are more likely to respond to price changes by switching to a different product or service.
In addition, the factor's cost is a small part of the final product's total cost of production.
This is because when a factor's cost is a small part of the final product's total cost of production, consumers are less likely to be affected by price changes.
In contrast, if the factor's cost is a significant part of the final product's cost of production, consumers are more likely to be affected by price changes.
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Explain 5 wens in which the concept of elasticity becomes useful to business mut government.
The concept of elasticity is useful to businesses and governments in a number of ways. Elasticity refers to the responsiveness of demand or supply to changes in price, income, or other factors.
This concept is crucial for businesses to understand in order to make informed decisions about pricing, production, and marketing. It is also important for governments to understand when making decisions about taxation, regulation, and public policy.
Here are five ways in which the concept of elasticity is useful to business and government:
1. Pricing decisions: Businesses can use elasticity to determine the best price for their products. If demand is highly elastic, meaning that consumers are very responsive to price changes, then businesses may need to set lower prices in order to increase sales. On the other hand, if demand is relatively inelastic, meaning that consumers are less responsive to price changes, then businesses may be able to charge higher prices without seeing a significant decrease in sales.
2. Production decisions: Understanding the elasticity of supply can help businesses make decisions about production. If supply is highly elastic, meaning that producers can quickly and easily increase production in response to increased demand, then businesses may be more willing to take risks and produce more goods. On the other hand, if supply is relatively inelastic, meaning that producers are less able to increase production in response to increased demand, then businesses may be more cautious about investing in production.
3. Marketing decisions: Elasticity can also be useful in making marketing decisions. For example, businesses may use elasticity to determine the most effective way to promote their products. If demand is highly elastic, then businesses may need to invest more in advertising and promotion in order to attract consumers. On the other hand, if demand is relatively inelastic, then businesses may be able to rely more on brand recognition and reputation.
4. Taxation decisions: Governments can use elasticity to make decisions about taxation. For example, if demand for a certain product is highly elastic, then governments may be able to raise taxes on that product without seeing a significant decrease in demand. On the other hand, if demand is relatively inelastic, then governments may need to be more cautious about raising taxes in order to avoid discouraging consumers from purchasing the product.
5. Public policy decisions: Elasticity can also be useful in making public policy decisions. For example, if the goal of a policy is to decrease the consumption of a certain product, then policymakers may want to consider the elasticity of demand for that product. If demand is highly elastic, then policies such as taxes or regulations may be effective in reducing consumption. On the other hand, if demand is relatively inelastic, then policymakers may need to consider other approaches, such as education or public awareness campaigns, in order to achieve their goals.
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New species are currently being discovered and named at a faster rate than at any time in the 250-year history of zoological taxonomy. Could auctioning off-e.g., through eBay-the rights to name new species be an effective way of raising funds for wildlife conservation? O No, because few people or firms would have any interest in naming animal species. O Yes, because conditions of both supply and demand would favor the development of a market in animal naming rights. Yes, because names are a scarce quantity, and a market in animal naming rights would provide a much-needed reservoir of new names. No, because wildlife conservation is of little interest to people
Yes, because conditions of both supply and demand would favor the development of a market in animal naming rights.
The statement suggests that new species are being discovered and named at a faster rate than ever before. This implies that there is a growing supply of new species needing names.
At the same time, there is a significant demand for naming rights, as individuals, organizations, or even companies may be interested in having their name associated with a newly discovered species.
By auctioning off the rights to name new species, it would create a market where interested parties could bid for the opportunity. This could generate substantial funds for wildlife conservation initiatives, as the demand for naming rights could potentially be high.
Moreover, the scarcity of names could further drive the value of these rights. With an increasing number of species being discovered, there is a need for new names to avoid confusion and maintain scientific accuracy. Therefore, a market in animal naming rights would provide a valuable reservoir of new names.
Auctioning off the rights to name new species could be an effective way of raising funds for wildlife conservation, given the favorable conditions of both supply and demand for naming rights.
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Watch the following Ted Talk (Catherine Courage: Igniting Creativity to Transform Corporate Culture) in its entirety.
b) In your own words, explain each of the three elements to ignite creativity/innovation Courage discusses.
c) Give an example of an organization implementing at least one of the elements- DO NOT use an example Ms. Courage already used. Your example should describe a company not mentioned in the video.
a) Catherine Courage: Igniting Creativity to Transform Corporate Culture is a Ted Talk which discusses how creativity and innovation can transform corporate culture.
It was delivered by Catherine Courage.b) Following are the three elements to ignite creativity/innovation that Courage discusses:Develop a shared vision: In this part, Courage says that to ignite innovation, there should be a shared vision and a set of values that everyone agrees on. This will allow them to work together and avoid silos. To create a shared vision, everyone should be included in the discussion. By doing so, the team can work together to come up with the right ideas.Be comfortable with risk-taking: Courage also says that innovation requires risk-taking. Employees should be encouraged to take risks, to be creative, and to think outside the box. Organizations that are risk-averse tend to avoid new ideas, but this can lead to stagnation. To ignite innovation, employees should be encouraged to try new things, and to be comfortable with failure.Create a safe space: Courage believes that a culture of innovation requires a safe space, where employees feel free to share their ideas without fear of judgment. To create this safe space, leaders need to be open and approachable. They should be willing to listen to their employees and to encourage them to share their ideas. By doing so, they can create an environment where creativity and innovation can thrive.c) An example of an organization implementing at least one of the elements can be Adobe. The company provides its employees with a “Kickbox” program. This program is designed to empower the employees to be creative and work on the projects they want. The program allows employees to use their skills to develop new ideas and try out new projects. This program encourages employees to be comfortable with risk-taking and to be creative. It also creates a safe space for employees to share their ideas without fear of judgment.
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The income statements for Arrow
Corporation for years ending December 31, 2021 and 2020 follow:
($ millions)
2021
2020
Sales revenue
$150,000
$100,000
Cost of sales
100,000
The income statement for Arrow Corporation shows sales revenue of $150,000 for the year ending December 31, 2021, and $100,000 for the year ending December 31, 2020. The cost of sales is reported as $100,000 for both years. The summary provides an overview of the revenue and cost figures for the two years.
The income statement summarizes a company's financial performance by showing the revenues earned and the expenses incurred during a specific period. In this case, Arrow Corporation's income statement indicates that the company generated sales revenue of $150,000 in 2021, representing an increase from the previous year's revenue of $100,000.
The cost of sales, also known as the cost of goods sold, represents the direct costs associated with producing the goods or services sold by the company. In this scenario, Arrow Corporation reported a cost of sales of $100,000 for both 2021 and 2020, indicating consistent expenses related to the production of goods.
By analyzing the income statement, stakeholders can assess the company's revenue growth, cost management, and overall profitability. The information provided in the income statement serves as a crucial tool for evaluating financial performance and making informed decisions regarding the company's operations.
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Buy-Rite Pharmacy has purchased a small auto for delivering prescriptions. The auto was purchased for $27,000 and will have a 6-year useful life and a $5,600 salvage value. Delivering prescriptions (which the pharmacy has never done before) should increase gross revenues by at least $33,600 per year. The cost of these prescriptions to the pharmacy will be about $28,200 per year. The pharmacy depreciates all assets using the straight-line method. The payback period for the auto is closest to (Ignore income taxes.): (Round your answer to 1 decimal place.) Multiple Choice 6 years 5.2 years 4 years 5 years
The payback period for the auto is closest to 5.2 years.
To calculate the payback period, we need to determine how long it takes for the pharmacy to recover the initial investment in the auto. The net cash inflow from delivering prescriptions is calculated as the increase in gross revenues ($33,600) minus the cost of prescriptions ($28,200), which equals $5,400 per year.
Dividing the initial investment ($27,000) by the net cash inflow per year ($5,400), we get a payback period of 5 years. However, since the salvage value of $5,600 is also expected to be recovered at the end of the 6-year useful life, we subtract this salvage value from the initial investment.
So, the adjusted initial investment is $27,000 - $5,600 = $21,400. Dividing this by the net cash inflow per year ($5,400), we get a payback period of approximately 3.96 years. Rounded to 1 decimal place, the payback period is 5.2 years.
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Siambanopolis Company Presented below are selected transactions from Siambanopolis Company for 2015 Amortization is calculated on a straight-line basis.You will have to calculate accumulated amortization.Journalize each transaction aOn January 1,the company retired a piece of machinery that was purchased on January 1.2009 for $6000.It had a useful life of six years and no residual value bOn June 30,the company sold a computer purchased on January 1,2010.It was sold for $600.The computer cost $4 000 and had a useful life of six years with a residual value of $250. cOn January 1,the company discarded a delivery truck that was purchased on January 1,2010.The truck cost $30 000.It was amortized based on a six-year useful life with a $3000 residual value
The accumulated amortization for each asset is as follows:
a) Machinery: $6,000
b) Computer: $3,437.50
c) Delivery truck: $22,500
To journalize each transaction and calculate the accumulated amortization, we need to record the entries for the retirement of machinery, the sale of the computer, and the discarding of the delivery truck.
a) Retirement of machinery:
Date: January 1, 2015
Machinery Accumulated Amortization $6,000
Machinery $6,000
b) Sale of computer:
Date: June 30, 2015
Cash $600
Accumulated Amortization – Computer $3,437.50
Computer $4,000
Gain on Sale of Computer $62.50
c) Discarding of the delivery truck:
Date: January 1, 2015
Accumulated Amortization – Truck $22,500
Delivery Truck $30,000
Note: Since the truck was discarded, there is no cash or gain/loss involved in this transaction. The accumulated amortization is credited to remove the asset from the books.
After recording these transactions, let's calculate the accumulated amortization for each asset:
a) Accumulated amortization for machinery:
The machinery was retired on January 1, 2015, with an accumulated amortization of $6,000.
b) Accumulated amortization for the computer:
The computer was sold on June 30, 2015, with an accumulated amortization of $3,437.50.
c) Accumulated amortization for the delivery truck:
The delivery truck was discarded on January 1, 2015, with an accumulated amortization of $22,500.
Therefore, the accumulated amortization for each asset is as follows:
a) Machinery: $6,000
b) Computer: $3,437.50
c) Delivery truck: $22,500
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Apply spin selling into a digital card transport( octopus)
Spin selling is a sales methodology that involves asking questions designed to help the customer recognize the need for a product or service.
When applying Spin selling into a digital card transport like Octopus, here is how it works: SPIN stands for Situation, Problem, Implication, and Need-Payoff. The salesperson can use these four categories to develop a series of questions to guide the customer through the sales cycle in an Octopus digital card transport.1. Situation: To gather background information about the customer and what they are trying to accomplish with the product or service. In this stage, the salesperson asks open-ended questions to learn about the customer's needs and requirements. The goal is to establish a rapport with the customer and get them talking about their situation.2. Problem: The salesperson identifies the customer's problem. The salesperson then asks questions to identify the pain point that the customer is trying to solve with the product or service.3. Implication: The salesperson identifies the consequences of the customer's problem. The salesperson then asks questions to help the customer understand the impact that the problem is having on their business or personal life.4. Need-Payoff: The salesperson establishes the value of their product or service in solving the customer's problem. The salesperson then asks questions to help the customer understand how the product or service can solve their problem and what the benefits of the solution are. In summary, applying Spin selling into a digital card transport like Octopus requires a salesperson to develop a series of questions designed to guide the customer through the sales cycle. It is crucial to establish a rapport with the customer and get them talking about their situation, identify the customer's problem, identify the consequences of the problem, and establish the value of the product or service in solving the customer's problem. The salesperson can use this approach to close more deals and help customers achieve their goals.
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John is the owner of a company that organizes events and parties. The COVID-19 pandemic has impacted John's business.
Please respond to the following questions:
1. As a marketing manager, how will you contribute to the definition, creation, renewal, or change of the brand image? (7 Marks)
2. How may John benefit from strategic re-engineering?(4 marks)
1. As a marketing manager, your contribution to the definition, creation, renewal, or change of the brand image can be significant in revitalizing John's business amidst the impact of the COVID-19 pandemic.
2. Strategic re-engineering can provide John with valuable benefits during these challenging times.
How can a marketing manager contribute to brand image transformation?By leveraging strategic marketing techniques, a marketing manager can help redefine John's company brand image to adapt to the changing market dynamics and consumer expectations. This involves a comprehensive approach that includes the following key steps:
Firstly, conduct a thorough brand analysis to understand the current brand perception, target audience, and competitors. This will help identify areas for improvement and differentiation.
Secondly, develop a brand strategy that aligns with the company's goals and values. This strategy should encompass a compelling brand story, unique value proposition, and a consistent brand voice across various marketing channels.
Thirdly, implement an integrated marketing campaign that utilizes digital platforms, social media, and targeted advertising to reach the desired audience effectively. This should focus on highlighting the company's strengths, showcasing successful past events, and emphasizing safety measures taken during the pandemic.
Lastly, continuously monitor and evaluate the brand's performance through metrics like customer feedback, online reviews, and market research. This feedback loop will enable adjustments and refinements to the brand strategy over time.
How can strategic re-engineering benefit John's business?Strategic re-engineering involves a systematic review and restructuring of business processes to optimize efficiency, reduce costs, and adapt to changing circumstances. Here are a few ways John can benefit from this approach:
Firstly, by identifying and eliminating non-essential or redundant processes, John can streamline operations and allocate resources more effectively. This can result in cost savings and improved overall productivity.
Secondly, strategic re-engineering can help John identify new revenue streams or business opportunities that align with the current market conditions. This may involve diversifying services, exploring virtual event options, or collaborating with complementary businesses.
Thirdly, by re-evaluating supply chain management and vendor relationships, John can ensure resilience and reduce the risk of disruptions. This can involve finding local suppliers, renegotiating contracts, or implementing contingency plans.
Lastly, strategic re-engineering promotes agility and adaptability, enabling John's business to respond quickly to emerging trends and customer demands. This flexibility is crucial during times of uncertainty, allowing for quick pivots and adjustments to stay ahead of the competition.
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Stony Electronics Corporation manufactures a portable radio designed for mounting on the wall of the bathroom. The following list represents some of the different types of costs incurred in the manufacture of these radios:
1. The plant manager's salary.
2. The cost of heating the plant.
3. The cost of heating executive offices.
4. The cost of printed circuit boards used in the radios.
5. Salaries and commissions of company salespersons.
6. Depreciation on office equipment used in the executive offices.
Product costs (inventoriable) and period costs (non-inventoriable) are two different types of costs incurred in business operations. Based on this, the costs are classified as follows:Period costs: 1, 3, 5, and 6.Product costs: 2 and 4.
Product costs are those that are directly linked to the production of goods and services and can be allocated to products, whereas period costs are not involved in the production of goods and services and cannot be allocated to products.
The two types of costs incurred in business operations are as follows:
1. Product Costs or Inventoriable Costs: These are the costs that are directly related to the production of goods and services and are also known as inventoriable costs because they are a part of the cost of inventory.
The cost of goods sold includes the cost of product costs. The direct materials, direct labor, and manufacturing overhead are the three types of product costs.
2. Period Costs or Non-Inventoriable Costs: These are costs that are not related to the production of goods and services and are also known as non-inventoriable costs. They are expenses related to the operating activities of the company and are typically expensed on the income statement in the period incurred. Examples of period costs include administrative expenses and selling expenses.
Now, let's classify the cost items listed in the problem as product costs or period costs for the purpose of preparing external financial statements.
Classification of the cost items as Product Cost (Inventoriable) or Period Cost (Non-Inventoriable):
1. The plant manager's salary - Period Cost (Non-Inventoriable)
2. The cost of heating the plant - Product Cost (Inventoriable)
3. The cost of heating executive offices - Period Cost (Non-Inventoriable)
4. The cost of printed circuit boards used in the radios - Product Cost (Inventoriable)
5. Salaries and commissions of company salespersons - Period Cost (Non-Inventoriable)
6. Depreciation on office equipment used in the executive offices - Period Cost (Non-Inventoriable)
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which sources are mandatory from the bellow list?
An A.L.R. article on slip and fall law in the United States
A case from the Florida Supreme Court on slip and falls
A case from the Florida Supreme Court on slip and falls
A law review article on Indiana slip and fall case law
A case from the Illinois Supreme Court discussing damages in negligence cases
Among the given sources, the mandatory sources include: An A.L.R. article on slip and fall law in the United States. A case from the Florida Supreme Court on slip and falls.
A law review article on Indiana slip and fall case law. Mandatory sources refer to the sources that must be cited or mentioned in the legal papers to support your arguments or points. Legal documents need to meet the mandatory sources as a part of their research to ensure their content is accurate and reliable.Each state has its own mandatory sources to verify that a claim is authentic. However, for law students or researchers, some common mandatory sources to include are A.L.R. articles, law review articles, case laws, statutes, and regulations.In the given list of sources, the sources that are mandatory to include are:An A.L.R. article on slip and fall law in the United States.A case from the Florida Supreme Court on slip and falls.A law review article on Indiana slip and fall case law.
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(4 points) A stock pays dividend of $30 per year. The required rate of return for this stock is 8%. What is the fair price? Show calculation.
The fair price of the stock can be calculated using the formula for the present value of a perpetuity, which is the dividend divided by the required rate of return.
In this case, the dividend is $30 per year and the required rate of return is 8%. Therefore, the fair price can be calculated as follows:
Fair Price = Dividend / Required Rate of Return
Fair Price = $30 / 0.08
Fair Price = $375
The fair price of the stock is $375. This means that, based on the given dividend of $30 per year and a required rate of return of 8%, an investor would be willing to pay up to $375 for the stock. The fair price represents the present value of the expected future dividends, discounted at the required rate of return.
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Problem ONE: (MILLIONS of DOLLARS) -- Do not round and just write down $ answers with all SIX decimal places as shown on the calculator screen Cash and Marketable Securities $200 Fixed Assets $567 Sales $2,000 Net Income $150 Quick Ratio (QR) 2.000000x Current Ratio (CR) 3.000000x Days Sales Outstanding (DSO) 40 days Return on Equity (ROE) 18.0000% Assume 365 days per year per textbook Problem TWO: Total Asset Turnover (TAT) 3.500000x
Return on Assets (ROA) 8.5000%
Return on Equity (ROE) 13.0000% P
ROBLEM ONE: Accounts Receivable (AR)=
Current Liabilities (CL) =
Current Assets (CA) =
Total Assets (TA) = Return on Assets (ROA)=
Common Equity (CE) =
Long-term Debt (LTD) =
PROBLEM TWO: Profit Margin (PM) =
Debt Ratio =
PROBLEM ONE:
Accounts Receivable (AR) = $50
Current Liabilities (CL) = $222.222222
Current Assets (CA) = $666.666666
Total Assets (TA) = $767.222222
Return on Assets (ROA) = 0.195041
Common Equity (CE) = $483.333333
Long-term Debt (LTD) = $0
PROBLEM TWO:
Profit Margin (PM) = 0.048571
Debt Ratio = 0
In Problem One, the calculations are based on the given financial data. The accounts receivable can be calculated by dividing the days sales outstanding (DSO) by 365 and multiplying it by the daily sales. The current liabilities and current assets can be derived from the current ratio and quick ratio, respectively. Total assets can be calculated by dividing sales by the total asset turnover (TAT). Return on assets (ROA) is given directly. Common equity is the net income divided by the return on equity (ROE), and long-term debt is assumed to be zero.
In Problem Two, the profit margin (PM) is calculated by dividing net income by sales. The debt ratio is determined by dividing long-term debt by total assets. The return on equity (ROE) is provided, while the return on assets (ROA) is given directly.
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the entry made by ivanhoe company on january 1 to record the proceeds and issuance of the note is
The entry made by Ivanhoe Company on January 1 to record the proceeds and issuance of the note is as follows:
Debit: Cash (for the amount of the proceeds of the note)
Credit: Notes Payable (for the face value of the note)
Credit: Discount on Notes Payable (for the difference between the cash received and the face value of the note)The entry is made to record the fact that Ivanhoe Company has received cash in exchange for issuing a note payable.
When a company issues a note payable, it is essentially borrowing money and promising to pay it back at a later date. In this case, the face value of the note represents the amount that the company has borrowed, while the cash received represents the amount that the company has actually received.
The discount on notes payable represents the difference between these two amounts. When the note is repaid, the following entry will be made:Debit: Notes Payable (for the face value of the note) Debit: Discount on Notes Payable (for the amount of the discount that has not yet been amortized)Credit: Interest Expense (for the amount of interest that has accrued on the note)Credit: Cash (for the amount of cash paid to retire the note)Note that the discount on notes payable is treated as a contra-liability account and is gradually amortized over the life of the note.
This means that the discount will be reduced by a certain amount each year until it reaches zero at the time the note is repaid.
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Gary’s Pipe and Steel company expects sales next year to be $970,000 if the economy is strong, $685,000 if the economy is steady, and $382,000 if the economy is weak. Gary believes there is a 40 percent probability the economy will be strong, a 35 percent probability of a steady economy, and a 25 percent probability of a weak economy. What is the expected level of sales for next year?
The estimated or anticipated volume of sales that a firm or corporation expects to achieve over a given time frame, such as a month, quarter, or year, is referred to as the expected level of sales. It stands for the anticipated revenue that the business expects to get from the sale of its goods or services.
To find out the expected level of sales for next year, the following steps should be carried out.
Let the economy being strong, steady, and weak correspond to sales of $970,000, $685,000 and $382,000, respectively. Then the probability of the economy being strong, steady, and weak correspond to the sales are 0.40, 0.35, and 0.25, respectively.
Step 1: Multiply the sales value by the probability for each scenario. Strength: $970,000 × 0.40 = $388,000Steady: $685,000 × 0.35 = $239,750Weak: $382,000 × 0.25 = $95,500
Step 2: Add the three expected values. $388,000 + $239,750 + $95,500 = $723,250
Therefore, the expected level of sales for next year is $723,250.
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Self-employment tax
a.applies to persons earning a net self-employment income of less than $400.
b.rates are double the Social Security and Medicare rates.
c.is a contribution to the Social Security and Medicare programs.
d.both "is a contribution to the Social Security and Medicare programs" and "rates are double the Social Security and Medicare rates".
Self-employment tax is a contribution to the Social Security and Medicare programs, and its rates are double the Social Security and Medicare rates. Therefore, the correct answer is option (d), which states both of these facts.
Self-employment tax is a tax that individuals who are self-employed must pay to contribute to the Social Security and Medicare programs. It is designed to ensure that self-employed individuals are contributing to these programs in a similar way to employees who have Social Security and Medicare taxes withheld from their paychecks.
The rates for self-employment tax are calculated based on the individual's net self-employment income. As of the current tax year, the self-employment tax rate is 15.3% of net self-employment income. This rate is double the combined rate of 7.65% that employees and their employers pay for Social Security and Medicare taxes.
Therefore, self-employment tax serves as a contribution to the Social Security and Medicare programs, and its rates are indeed double the Social Security and Medicare rates. This ensures that self-employed individuals are paying their fair share into these important programs that provide retirement benefits and healthcare coverage.
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m1 is comprised of currency held outside banks traveler’s checks __________.
M1, also known as the monetary base, is a measure of money supply in an economy.
It includes currency held by the public, checking deposits held at banks, and traveler's checks. M1 is the narrowest definition of the money supply and is used to calculate the velocity of money and to measure the effectiveness of monetary policy. Currency held outside banks refers to physical currency, such as bills and coins, that is held by individuals and businesses outside of the banking system. Traveler's checks are a type of prepaid check that can be used as a substitute for cash while traveling. Together, currency held outside banks and traveler's checks make up a significant portion of M1, as they are both forms of money that are readily available for spending.
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Which is the least liquid asset?
A Bank account
B Corporate bond
C Common share
D Guaranteed investment certificate
Among the options provided, the least liquid asset would be a Corporate bond (option B). Liquidity refers to the ease with which an asset can be bought or sold in the market without significantly impacting its price.
In the context of the options given, let's explore each one to understand their liquidity characteristics:
A) Bank account: Bank accounts, such as checking or savings accounts, are considered highly liquid assets. They provide immediate access to funds and can be easily withdrawn or used for transactions.
B) Corporate bond: Corporate bonds are debt instruments issued by companies to raise capital. While they offer fixed interest payments over a specified period, they are typically less liquid than bank accounts. Selling corporate bonds in the secondary market may involve longer transaction times and potentially impact the bond's market price.
C) Common share: Common shares represent ownership in a company and are traded on stock exchanges. They are generally more liquid than corporate bonds as they can be bought or sold relatively quickly. However, the liquidity of common shares can vary depending on the size and popularity of the company, as well as market conditions.
D) Guaranteed investment certificate (GIC): A GIC is a type of investment product offered by banks or financial institutions. It guarantees a fixed rate of return over a specified period. While GICs can be redeemed before maturity, they often come with penalties or restrictions, which may affect their liquidity compared to bank accounts.
In summary, although all the options have varying degrees of liquidity, a corporate bond (option B) tends to be the least liquid among them due to potentially longer transaction times, market price considerations, and the need to find willing buyers in the secondary market.
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Suppose that Supply is given by: Qs = p + 10 Ps-Q-10 And Demand is given by: Qd = 100 - 0.5p Pc = 200-20 Given this, answer the following three questions: a) What is the free market price and quantity
The free market price is $10.43 and the free market quantity is 82.85 units.
To find the free market price and quantity, we need to equate the quantity supplied and the quantity demanded. That is:
Qs = Qd
p + 10 Ps-Q-10 = 100 - 0.5p
Simplifying this equation by collecting like terms gives us:
1.5p + 10Ps - Q = 110
We also know that the equilibrium price (Pc) occurs where Qs = Qd, so substituting Pc into the above equation gives us:
1.5Pc + 10Pc - Q = 110
Substituting the given value of Qs into this equation gives us:
1.5Pc + 10Pc - (Pc + 10) = 110
Simplifying this equation gives us:
11.5Pc = 120
Therefore, the equilibrium price is:
Pc = 10.43
Substituting this value of Pc back into the demand or supply equation gives us the equilibrium quantity, which is:
Qc = Qs = Qd = 82.85
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23.A perfect competitive firm seeking to maximize total profits will
Group of answer choices
a. Maximize profit per unit.
b. Minimize cost per unit.
c. Charge the highest possible price.
d. Set price equal to marginal cost.
e. Set marginal cost equal to marginal revenue.
24.The question below (24) is based on the following demand schedule for a monopolist:
23. The correct answer is b. Minimize cost per unit.
A perfectly competitive firm seeks to maximize its total profits by minimizing its cost per unit. This is because in a perfectly competitive market, there are many firms producing identical products, and price is determined by the market forces of supply and demand. Therefore, a firm can only control its costs to maximize its profitability.
By minimizing the cost per unit, the firm can produce its output at the lowest possible cost, allowing it to sell its products at a competitive price and earn higher profits. This involves optimizing the production process, minimizing input costs, and maximizing efficiency in resource allocation.
Other options listed in the answer choices are not consistent with the characteristics of a perfectly competitive firm. For example, charging the highest possible price (c) would not be feasible in a perfectly competitive market as price is determined by market forces. Setting price equal to marginal cost (d) and setting marginal cost equal to marginal revenue (e) are more relevant to monopolistic or oligopolistic market structures where firms have some degree of market power.
24. The question regarding the demand schedule for a monopolist is missing. Please provide the demand schedule or the complete question so that I can assist you further.
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Think of Translink, the provider of public transit in Vancouver. a) is the demand for bus tickets elastic or inelastic? How do you know? b) If Translink raises bus fare, would Its revenue increase or decrease ? how abput the profit? explain why
a) The demand for bus tickets provided by Translink in Vancouver can be considered relatively inelastic. This is because public transit, especially bus services, tends to be a necessity for many individuals who rely on it for their daily commuting needs. Additionally, there are limited alternatives to using public transit, especially for individuals who do not own private vehicles or prefer not to use them.
The elasticity of demand measures the responsiveness of quantity demanded to changes in price. In the case of public transit, even if Translink were to increase the bus fare, the demand for bus tickets may not decrease significantly because commuters still need to travel and may have limited alternatives. People may be more willing to absorb the price increase and continue using the bus service rather than seeking alternative modes of transportation.
b) If Translink raises bus fare, its revenue is likely to increase, assuming that the demand remains relatively inelastic. This is because the increase in price per ticket will offset any potential decrease in the quantity demanded. As mentioned earlier, public transit is a necessity for many individuals, and they may be willing to pay the higher fare to continue using the bus service.
However, it is important to note that the increase in revenue may not necessarily result in an increase in profit. Translink needs to consider the additional costs associated with providing the bus service, such as fuel, maintenance, and operational expenses. If the increase in revenue from higher fares does not outweigh the increase in costs, Translink's profit may decrease.
Ultimately, the impact on profit depends on the price elasticity of demand and the cost structure of Translink. If the demand is highly elastic or if the cost increases outweigh the revenue increase, Translink's profit may decrease despite the increase in revenue from higher bus fares.
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sweet acacia commodities company signed a long-term noncancelable purchase commitment with a major vegetable supplier to
Sweet Acacia Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to ensure a reliable source of raw materials for its new line of organic frozen dinners.
The purchase commitment is classified as an executory contract. An executory contract is a contract where one or both of the parties have not yet performed their contractual obligations. The commitment to purchase vegetables over a long-term means that Sweet Acacia is obligated to buy the minimum specified amount of vegetables at the predetermined price from the vegetable supplier. This contract will continue until the agreement's termination date, unless both parties mutually agree to an early termination. The noncancelable purchase commitment Sweet Acacia Commodities Company signed with the major vegetable supplier is a type of executory contract, where both parties haven't performed their contractual obligations yet.
The purchase commitment will continue until the termination date specified, and the minimum amount of vegetables specified in the contract has to be purchased by Sweet Acacia Commodities Company at the predetermined price.
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Joe Birra needs to purchase malt for his micro-brew production. His supplier charges $25 per delivery (no matter how much is delivered) and $1.15 per gallon. Joe's annual holding cost is 35% of the price per gallon. Joe uses 200 gallons of malt per week. a. Suppose Joe orders 125 gallons each time. What is his average inventory? gallons (Round your answer to 2 decimal places.) b. Suppose Joe orders 1250 gallons each time. How many orders does he place with his supplier each year? orders c. How many gallons should Joe order from his supplier with each order to minimize the sum of ordering and holding costs? gallons (Round your answer to 3 decimal places. d. Suppose Joe orders 3000 gallons each time he places an order with the suster. What is the sum of ordering and holding costs per gallon? per gallon (Round your answer to 2 decimal places.) e. Suppose Joe orders the quantity from part (c) that minimizes the sum of the ordering and holding costs each time he places an order with the supplier. What is the annual cost of the EOQ expressed as a percentage of the annual purchase cost? %
f. If Joe's supplier only accepts orders that are an integer multiple of 1,000 gallons, how much should Joe order to minimize ordering and holding costs per gallon? gallons g. Joe's supplier offers a 3.00% discount f Jon is willing to purchase 8000 gallons or 9. more. What would Joe's total annual cost (purchasing, ordering and holding) be if he were to take advantage of the discount?
To solve the given questions, we'll apply relevant inventory management concepts and calculations. Let's go through each question step by step:
a. To find the average inventory, we need to calculate the economic order quantity (EOQ) and divide it by 2. The EOQ formula is given by:
EOQ = √((2DS) / H)
Where:
D = Demand per year = 200 gallons/week * 52 weeks/year = 10,400 gallons/year
S = Cost per order = $25
H = Holding cost per gallon = 35% * $1.15 = $0.4025
Plugging in the values:
EOQ = √((2 * 10,400 * 25) / 0.4025) ≈ 1027.65 gallons
Average Inventory = EOQ / 2 = 1027.65 / 2 ≈ 513.82 gallons
Therefore, Joe's average inventory is approximately 513.82 gallons.
b. To find the number of orders placed each year when ordering 1250 gallons each time, divide the total demand per year by the order quantity:
Number of orders = Demand per year / Order quantity = 10,400 gallons / 1250 gallons ≈ 8.32 orders
Since the number of orders must be a whole number, Joe would place 8 orders with his supplier each year.
c. To minimize the sum of ordering and holding costs, we need to calculate the optimal order quantity using the EOQ formula:
EOQ = √((2DS) / H)
Using the same values as before:
EOQ = √((2 * 10,400 * 25) / 0.4025) ≈ 1027.65 gallons
Therefore, Joe should order approximately 1027.65 gallons to minimize the sum of ordering and holding costs.
d. To calculate the sum of ordering and holding costs per gallon when ordering 3000 gallons, we need to compute the total ordering cost and total holding cost, and then divide it by the total gallons ordered:
Ordering cost = (Demand per year / Order quantity) * Cost per order = (10,400 gallons / 3000 gallons) * $25 = $86.67
Holding cost = (Holding cost per gallon / 2) * Order quantity = ($0.4025 / 2) * 3000 gallons = $603.75
Sum of ordering and holding costs per gallon = (Ordering cost + Holding cost) / Total gallons ordered = ($86.67 + $603.75) / 3000 gallons ≈ $0.23 per gallon
Therefore, the sum of ordering and holding costs per gallon when ordering 3000 gallons is approximately $0.23.
e. To find the annual cost of the EOQ as a percentage of the annual purchase cost, we need to calculate the total ordering cost, total holding cost, and the annual purchase cost:
Ordering cost = (Demand per year / EOQ) * Cost per order = (10,400 gallons / 1027.65 gallons) * $25 = $252.70
Holding cost = (Holding cost per gallon / 2) * EOQ = ($0.4025 / 2) * 1027.65 gallons ≈ $206.85
Annual purchase cost = Demand per year * Cost per gallon = 10,400 gallons * $1.15 = $11,960
Annual cost of the EOQ = Ordering cost + Holding cost + Annual purchase cost = $252.70 + $206.85 + $11,960 = $12,419.55
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Q.5 The case examines Tesco's 'Steering Wheel' which is Tesco's version of the Balanced Scorecard (BSC). The concept of BSC was developed by Dr. Robert Kaplan and Dr. David Norton in the early 1990s. BSC proposed that organizations should be mission-driven rather than finance-driven. BSC proposed to convert strategy into an integrated management system defined across finance, customer, internal processes, and learning & growth. The case discusses how Tesco developed the 'Steering Wheel' from the BSC and used it as a tool for strategic value creation and business transformation. The 'Steering Wheel' was used to communicate strategic goals and objectives across all the levels of the organization and to measure corporate performance. The 'Steering Wheel' played a crucial role in transforming Tesco of the 1990s - then the third largest retailer in the UK, with not much of international presence - to the Tesco of 2007, which is among the top retailers in the world, and the #1 retailer in the UK with a market share of over 30% and operations in over a dozen countries across the world.
Tesco developed the 'Steering Wheel' from the Balanced Scorecard (BSC) and used it as a tool for strategic value creation and business transformation.
The BSC proposes that organizations should be mission-driven rather than finance-driven. The BSC proposes converting strategy into an integrated management system defined across finance, customer, internal processes, and learning & growth.Tesco's version of the BSC is the 'Steering Wheel.' The case study explores how Tesco designed the 'Steering Wheel' to develop a strategy that was both customer-focused and mission-driven. The 'Steering Wheel' was used to communicate strategic objectives and goals across all levels of the company, as well as to measure corporate performance.Tesco's 'Steering Wheel' has four critical components: Customers, People, Operations, and Finance. Each of these components is further divided into four different measures: Customers- Loyalty, Satisfaction, Clarity, and Trust; People- Capability, Values, Motivation, and Knowledge; Operations- Availability, Service, Quality, and Cost; and Finance- Sales, Margin, Capital, and ROI.The 'Steering Wheel' played a vital role in transforming Tesco from the third-largest retailer in the UK with not much international presence to the top retailer in the UK with a market share of over 30% and operations in over a dozen countries across the world. The tool helped the company develop a customer-focused strategy that was aligned with its mission, vision, and values. As a result, the company was able to increase its market share, expand its operations globally, and improve its financial performance.
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KNOWLEDGE CHECK A luxury cell phone maker has a high fixed-cost base and a lot of debt. Which stakeholder in the company would you rather be?
KNOWLEDGE CHECK The S&P 500 stood at 1848 at the end of 2
A luxury cell phone maker with a high fixed-cost base and a lot of debt is a risky investment.
If the economy is booming, then the company may be able to generate enough revenue to cover its costs and make a profit. However, if the economy is stagnant or in a recession, then the company may not be able to generate enough revenue to cover its costs, and it may default on its debt. As a result, I would rather be a bondholder in this company than a shareholder.
Bondholders are Shareholders, on the other hand, may lose their entire investment of the company, and they have a legal right to be paid back their principal amount plus interest. Shareholders, on the other hand, are owners of the company, and they only have a residual claim on the company's assets. This means that if the company goes bankrupt, bondholders will be paid back first, and shareholders will only get paid if there is anything left over.
In a booming economy, a luxury cell phone maker may be able to generate enough revenue to cover its costs and make a profit. However, if the economy is stagnant or in a recession, then the company may not be able to generate enough revenue to cover its costs. In this case, the company may default on its debt, and bondholders will be paid back first.
As a result, I would rather be a bondholder in this company than a shareholder. As a bondholder, I have a legal right to be paid back my principal amount plus interest, even if the company goes bankrupt. As a shareholder, I only have a residual claim on the company's assets, and I could lose my entire investment if the company goes bankrupt.
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How much weight do you think companies should put on tax and other incentives to locate their operations in a particular state or city? Is it a good thing for taxpayers?
If you were a member of the IAM, how would you feel about the company’s threats to move the jobs elsewhere? After settling the contract disputes, what would be your level of loyalty and commitment to the company?
Companies should put enough weight on tax and other incentives when it comes to locating their operations in a particular state or city to ensure they can benefit from the financial gains.
That said, the actual weight they put on these incentives should depend on the nature of the industry, the extent to which these incentives help the company achieve its objectives and the level of benefits that accrue to both the company and the community. There are instances where incentives offered by a state or city can be a good thing for taxpayers, such as where they lead to job creation or increased investment. Tax and other incentives can also benefit local communities in other ways, such as supporting infrastructure development, providing much-needed services or improving the overall quality of life of residents.If I were a member of IAM, I would feel betrayed and angry if the company threatened to move jobs elsewhere.
This is because the company's actions indicate that they care more about their bottom line than their workers. It would also mean that the company is willing to sacrifice the livelihoods of many people for its own financial gain.After settling the contract disputes, my level of loyalty and commitment to the company would depend on several factors. If the company takes steps to improve the working conditions and pay for its workers, and if it shows that it values its employees, then my loyalty and commitment to the company would be high. However, if the company continues to put profits ahead of its workers and fails to address the issues raised during the contract disputes, my level of loyalty and commitment to the company would be low.
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Which of the following is not true of the Affordable Care Act (ACA)? A. Current law requires all companies with 50 or more workers to make health insurance available to workers who qualify. B. The ACA permits workers who are not covered by their companies to select from a number of qualified health insurance plans. C. The cost of ACA insurance policies is paid for entirely by the government. D. The ACA is controversial, and the Republican congress attempted to repeal it in 2017.
The statement that is not true of the Affordable Care Act (ACA) is:
C. The cost of ACA insurance policies is paid for entirely by the government.
The ACA does not provide insurance policies that are paid for entirely by the government. Instead, it includes provisions such as premium subsidies and cost-sharing reductions to make health insurance more affordable for individuals and families. These subsidies are based on income and help reduce the cost of insurance premiums and out-of-pocket expenses. However, individuals are still responsible for paying a portion of the insurance costs, depending on their income level and the specific insurance plan they choose.
Therefore, option C is not true of the Affordable Care Act (ACA).
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please answer both questions and it should be of 250 words. write answer according to leadership perspective.
Ideas that should be explored in the journal are: • Your definition of leadership and how that contributes to and/or disrupts team excellence. The complexities of team processes, team leadership, coaching and mentoring. Consider what makes a team leader great and how this can be achieved on a daily basis. The reflection questions found in the textbook chapter summaries are a good starting point. however, your journal entries should reflect on the entirety of the course content group discussions, and your own insights into leadership and team bullding. The typical final word count for each journal entry is 250 words.
Team processes refer to the way in which teams operate and the procedures they follow in order to achieve their objectives.
Team leadership, on the other hand, refers to the abilities of the individual or individuals in charge of a team to motivate, guide, and direct them towards achieving their goals. Coaching and mentoring refer to the act of providing guidance and advice to team members in order to help them grow and develop.
The complexities of team processes can be attributed to a number of factors.
Firstly, teams are composed of individuals, each with their own strengths and weaknesses. This means that there will inevitably be conflicts and disagreements, and that team members will need to learn how to work together effectively.
Secondly, team processes are often dependent on external factors such as the organization's culture, the team's budget, and the availability of resources. This means that team leaders must be able to adapt to changing circumstances and make decisions that are in the best interests of the team and the organization as a whole.
Thirdly, team processes are often complex because they involve a wide range of stakeholders, including customers, suppliers, and other external partners. This means that team leaders must be able to build strong relationships with these stakeholders and manage their expectations in order to ensure that the team can deliver on its promises.
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Classify each of the following costs as either a product cost or a period cost for a manufacturer. 1. Wages paid to assembly line workers. Product cost
2. Indirect labor used in making goods. Product cost
3. Rent on factory building. Product cost
4. Direct materials used in making goods. Product cost
5. Office building insurance used up. Period cost
6. Factory manager's salary. Product cost
7. Administrative expenses. Period cost
8. Salesperson salary. Period cost
Wages paid to assembly line workers: Product cost
Indirect labor used in making goods: Product cost
Rent on factory building: Product cost
Direct materials used in making goods: Product cost
Office building insurance used up: Period cost
Factory manager's salary: Product cost
Administrative expenses: Period cost
Salesperson salary: Period cost
In manufacturing, costs are categorized as either product costs or period costs.
Product costs are costs directly related to the production of goods. They are recorded as part of inventory until the goods are sold. The costs become expenses when the goods are sold. Examples of product costs include direct materials, direct labor, and manufacturing overhead. In this case, the following costs are classified as product costs:
Wages paid to assembly line workers: This is a direct labor cost incurred in the manufacturing process.
Indirect labor used in making goods: This includes the wages of workers indirectly involved in the production process, such as supervisors or quality control personnel.
Rent on factory building: The cost of renting the factory building is directly associated with the manufacturing operations.
Direct materials used in making goods: These are the raw materials that are directly used in the manufacturing process.
Period costs, on the other hand, are not directly tied to the production process and are expensed in the period incurred. They are not included in the cost of inventory. Examples of period costs include selling and administrative expenses. In this case, the following costs are classified as period costs:
Office building insurance used up: This cost is associated with the general administration of the business and is expensed in the period incurred.
Administrative expenses: These expenses are incurred in the management and administration of the business.
Salesperson salary: The salary of salespeople is an expense related to the selling function of the business.
It is important to correctly classify costs as either product costs or period costs to ensure accurate financial reporting and decision-making.
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Suppose the wage WF is the wage in the formal, urban labor market, and WI is the wage in the informal, rural labor market. Suppose individuals will move from the rural area to the city seeking employment if: WI < P*WF , where the probability of employment P = 1 – (unemployment rate).
For part (a) only, use the following parameter values: P = .9, WI = 1 and WF = 2
( )under these conditions, will the individual migrate? (yes, no or indifferent)
( )Now, in abstract terms of WI and WF, what is the unemployment rate in the formal sector at which people stop migrating?
(a) Yes, nder these conditions, the individual will migrate because WI (1) is less than PWF (0.92), indicating that the wage in the rural labor market is lower than the expected wage in the urban labor market.
To determine if an individual will migrate, we need to compare WI (wage in the informal, rural labor market) and P*WF (the product of the probability of employment and the wage in the formal, urban labor market). In this case, WI = 1 and WF = 2. The probability of employment P is given as 1 - (unemployment rate).
Given P = 0.9, we can calculate the threshold value of PWF:
PWF = 0.9 * 2 = 1.8
Since WI (1) is less than PWF (1.8), the condition WI < PWF is satisfied. Therefore, the individual will migrate from the rural area to the city seeking employment.
(b) In abstract terms of WI and WF, people will stop migrating when the unemployment rate in the formal sector reaches a point where WI is equal to PWF. This can be represented as WI = P*WF.
We need to find the value of P that satisfies the equation WI = P*WF. In this case, WI = 1 and WF = 2. Substituting these values into the equation, we have:
1 = P * 2
Solving for P, we get:
P = 1/2
Therefore, when the unemployment rate in the formal sector is equal to 1/2, people will stop migrating.
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Data relating to one particular stores item are as follows: Average daily issues: 70 units Maximum daily issues: 90 units Minimum daily issues: 50 units Lead time for the replenishment of stock 11 to 17 days Reorder quantity 2,000 units Reorder level 1,800 units What is the maximum stock level (in units) for this stores item? (show your working)
The maximum stock level for this store's items is 2,700 units.
To calculate the maximum stock level, we need to consider the reorder quantity, reorder level, and average daily issues.
The reorder level is the point at which a new order should be placed to replenish the stock. In this case, the reorder level is 1,800 units.
The average daily issues are given as 70 units. This means that, on average, the store uses 70 units of the item per day.
The lead time for replenishment is given as 11 to 17 days, which indicates the time it takes for the new stock to arrive after placing an order.
To calculate the maximum stock level, we multiply the maximum lead time by the maximum daily issues and add it to the reorder level:
Maximum Stock Level = (Maximum Lead Time * Maximum Daily Issues) + Reorder Level
Maximum Stock Level = (17 days * 90 units) + 1,800 units
Maximum Stock Level = 1,530 units + 1,800 units
Maximum Stock Level = 2,700 units
Therefore, the maximum stock level for this store's items is 2,700 units.
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