Answer:
The theory of elasticity of demand is based on the concept of marginal utility, which is the additional satisfaction or benefit that a consumer derives from consuming one more unit of a good or service. When the marginal utility of a good or service is high, the demand for it is considered to be elastic, meaning that small changes in price or income can lead to large changes in the quantity demanded. Conversely, when the marginal utility of a good or service is low, the demand for it is considered to be inelastic, meaning that large changes in price or income are required to lead to small changes in the quantity demanded.
In the case of hotel rooms, the elasticity of demand can be influenced by a variety of factors, including the location of the hotel, the quality of the rooms, and the availability of alternative accommodations. For example, a luxury hotel located in a popular tourist destination may have a relatively inelastic demand, as the high quality and unique location of the hotel makes it difficult for consumers to find substitutes. On the other hand, a budget hotel located in a less popular area may have a relatively elastic demand, as there are many alternative accommodations available at similar prices.
Additionally, it would be important to consider the cross-price elasticity of demand, which measures the responsiveness of demand for a good or service to changes in the prices of related goods or services. In this case, if the prices of other hotels in the area went up, the Rivers Motel could see an increase in demand for its rooms.
Furthermore, the income elasticity of demand, which measures the responsiveness of demand for a good or service to changes in consumer income, would also play a role. In this case, if the average household income increases by 20% from $50,000 to $60,000 per year, it is likely that the quantity of rooms demanded at the Rivers Motel would also increase, as people have more disposable income to spend on luxury goods and services such as hotel rooms.
the price of white socks can be expressed in terms of red socks. the highest price at which white socks can be traded that would make both cities better off is of red socks per pair of white socks, and the lowest price that makes both cities better off is of red socks per pair of white socks. grade it now save
The highest price at which white socks can be traded that would make both cities better off is 4/5 of red socks per pair of white socks, and the lowest price that makes both cities better off is 1/2 of red socks per pair of white socks. This is called comparative advantage.
Comparative advantage is an economy's capability to produce a particular good or service at a lower occasion cost than its trading mates. Comparative advantage is used to explain why companies, countries, or individualities can profit from trade. When used to describe transnational trade, relative advantage refers to the products that a country can produce further cheaply or fluently than other countries. While this generally illustrates the benefits of trade, some contemporary economists now admit that fastening only on relative advantages can affect in exploitation and reduction of the country's coffers. Comparative advantage is one of the most important generalities in profitable proposition and a abecedarian tenet of the argument that all actors, at all times, can mutually profit from cooperation and voluntary trade. It's also a foundational principle in the proposition of transnational trade.
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managerial economics multiple choice is not relevant for managers of not-for-profit groups. is valuable to the coordinator of a shelter for the homeless. has little to say about day-to-day decisions. is the study of how to get rich in the stock market.
Managerial economics is valuable to the coordinator of a shelter for the homeless. A science called managerial economics helps to explain how resources like labour, technology, land, and money may be distributed effectively.
Therefore, management economics is concerned with the choices that people make. Both macroeconomics and microeconomics are covered by managerial economics since they are equally crucial for decision-making and company analysis. The study of the overall economy is the focus of macroeconomics. It takes into account every aspect, including governmental regulations, economic cycles, and national income, among others. Managerial Economics helps business managers find logical solutions to problems they encounter when carrying out their duties. It applies economic theory and ideas.
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Marsalis makes a number of points about creativity in these passages. Which of the following are included ? check all that apply
a. creativity requires inspiration and dedication
b. to be creative, you must keep your mind free of outside influences.
c. the more people know about what they do, the more creative thay can be
d. creativity emerges when you build on the work of others.
The points which are included in this passage-
creativity requires inspiration and dedicationthe more people know about what they do, the more creative they can becreativity emerges when you build on the work of others.In this case, Option A, C and D are correct.
Although creativity has always been at the core of business, it hasn't always been at the top of management's agenda. Creativity, which is by definition the capacity to produce something original and appropriate, is crucial to the entrepreneurial spirit that launches new businesses and supports the most successful ones once they have grown to a global scale. But creativity hasn't been the focus of most managers' attention, perhaps because it was thought to be unmanageable—too ephemeral and intangible to be quantified—or because focusing on it produced a less immediate payoff than improving execution.But creativity has long been a topic of study for academics in disciplines like anthropology and neuroscience, and it has also drawn management scholars. As a result, anyone interested in creativity has access to a large body of research.To know more about creativity here
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if british interest rates are lower than those of the united states, then the pound shows a forward discount, which means the forward rate is less than the spot rate. true or false
If British interest rates are lower than those of the united states, then the pound shows a forward discount, which means the forward rate is less than the spot rate. False, this statement is not true.
What is a Forward Discount?
A scenario where the predicted future price for a currency is less than the current price is referred to as a forward discount. The market is signaling a fall in the present local exchange rate relative to another currency. The price of a forward exchange contract for the same period of time is compared to the current spot price, the spot price plus net interest payments over that period, and the forward discount. The condition of a forward discount exists if the forward contract price is less than the spot price plus anticipated interest payments.
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What else could companies do, if anything, to assist women workers? Would you recommend that they do that?
Answer:
Read the explanation provided down below to what companies should do.
Explanation:
Companies can provide equal pay/salaries for women to establish equality within the workforce regardless of factors that may be directed to them. Also, companies should put forth and believe in the ability of women because every individual truly has the potential to create significant change for future businesses--everyone can be a leader. I recommend that companies should put forward these potential ideas because as we move towards advancements in equality, individuals need to understand that it takes a team to run a company, and no one should be discriminated against.
Who are preffered shareholders
Preferred shareholders are those shareholder that received their dividend first before others shareholders.
Who are preferred shareholders?Preferred shareholders can be defined as shareholders that have upper hand than others shareholders which are the common shareholders.
Preferred shareholders tend to often received their portion of dividend first before common shareholders.
Therefore we can conclude that Preferred shareholders have more advantage than common shareholders.
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which of the following items would not be a correct adjustment to net income to arrive at cash flows from operating activities, using the indirect method? multiple choice question. add decrease in inventory subtract increase in taxes payable subtract decrease in accounts payable add decrease in accounts receivable
c) subtract decrease in accounts payable and a) add decrease in inventory would not be a correct adjustment to net income to arrive at cash flows from operating activities, using the indirect method.
The indirect technique calculates cash flow by altering net income by adding or removing differences from non-cash transactions. Non-cash items appear on the balance sheet as changes in a company's assets and liabilities from one period to the next.
As a result, the accountant will identify any changes to asset and liability accounts that must be added back to or subtracted from the net income figure in order to calculate an accurate cash inflow or outflow.
Changes in accounts receivable (AR) on the balance sheet must be represented in cash flow from one accounting period to the next.
A rise in inventory indicates that a corporation has spent more money on raw materials. Using cash means that the rise in the value of the inventory is removed from net earnings.
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Complete question:
which of the following items would not be a correct adjustment to net income to arrive at cash flows from operating activities, using the indirect method? multiple choice question.
a) add decrease in inventory
b) subtract increase in taxes payable
c) subtract decrease in accounts payable
d) add decrease in accounts receivable
during the month of june, rowling boutique recorded cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by july 15. prepare the adjusting entry that should be recorded to fairly present the june 30 financial statements.
Sales taxes must be recorded at the time of the transaction by debiting a liability (sales tax payable) and crediting the revenue account.
The following records should be made to show the sales tax:
For cash sales, June X, 2022
Dr. Cash, $232,000.
219,208 in income from sales
13.992 Cr Sales Tax Due
For credit sales, June X, 2022
Dr. 153,700 in accounts receivable
Cr Sales income was 144,478.
9,222 Cr Sales Tax Due
The journal entry to reflect the sales tax payment is as follows:
July 15, 2022, sales tax payment
23,214 Dr. Sales tax due
Cash in Cr 23,214
Therefore, sales in cash equal $233,200 x (100 x 106)
= $220,000
Credit sales = (100 – 106) x $153,700
= $145,000
Sales tax revenue is equal to
=$220,000 plus $145,000.
= $21,900
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The adjusting entry for the cash sales and credit sales transactions given above will have a debit effect and a credit effect, each with the amounts of transactions given, respectively.
The adjusting entry for the cash sales transaction
Cash Ac. Dr. $13992
To, Sales Tax Payable Ac. $13992
The adjusting entry for credit sales transaction
Sales Ac. Dr. $9,222
To, Sales Tax Payable Ac. $9,222
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When using a credit card, a good fact to remember is that you are not paying on credit, you are actually paying on a _______.
bcd sportswear has introduced initiatives to attract millennial shoppers, who typically avoid department stores. these include themed pop-up shops, shop-in shops featu
The correct option (B) a market-oriented organization that recognizes that different customers want different benefits.
Define the term market-oriented organization?Instead of focusing on product advertising, market orientation emphasizes product design. It indicates that rather than engaging in any advertising or sales activity, the objective is to examine its target audience and establish their needs.
Market-Oriented Strategy Benefits
The majority of consumers are aware of current market trends as well as their own requirements and goals. Analyzing data can show trends and preferences that are implicit.Although consumer demands can frequently seem unrealistic, their information can be extremely important when making long-term decisions.After a product is released, data gathered for project management can be used to enhance customer service.For a product to continue to receive high levels of customer satisfaction, effective product support effectively addresses complaints made by customers is required.In order to draw millennial customers, who traditionally avoid department shops, BCD Sportswear has launched initiatives. These include concept stores, shop-in-shops with fresh fashion designers, and themed pop-up stores.
This is an illustration of a market-oriented company that understands that various clients demand various perks.
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The complete question is-
The complete question is given below:
BCD Sportswear has introduced initiatives to attract millennial shoppers, who typically avoid department stores. These include themed pop-up shops, shop-in-shops featuring new fashion designers, and concept shops.
This is the example of _______.
a. a market-oriented organization targets its products at "everybody"
b. a market-oriented organization recognizes that different customers want different benefits
c. most people are not attracted to an average product marketed to the average customer
d. a sales-oriented organization carefully divides the market into groups of people who are similar
on october 1 a client pays a company the full $12 000 balance of a year-long contract using the accrual method whats the unearned revenue as of december 31
The unearned revenue as of December 31 using the accrual method was $12,000.
The amount a business got from a client for a service they have yet to provide is known as unearned revenue.
Since the entire balance for the services that haven't yet been rendered has been paid to the company. At the end of the year, there will be $12,000 in unearned income.
The explanation is that the $12,000 represents a prepayment for the service the firm has yet to provide to their client because the amount the client paid the company was for a year-long contract.
In conclusion, using the accrual method, the unearned revenue as of December 31 is $12,000.
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FILL IN THE BLANK A welder loses his job when the factory is replaced with a hospital looking for specially trained nurses. This is an example of _____ unemployment.
A welder loses his job when the factory is replaced with a hospital looking for specially trained nurses. This is an example of structural unemployment.
What is structural unemployment?
Long-term unemployment known as structural unemployment is brought on by basic changes in an economy and made worse by unrelated elements like technology, rivalry, and public policy. Workers who lack the necessary abilities for the job or who reside too far from the areas where opportunities are available and are unable to relocate are considered structurally unemployed. Although there are open positions, there is a significant gap between what employers demand and what employees can provide. Technology has a tendency to make structural unemployment worse by marginalizing some employees and making some jobs, like manufacturing, obsolete.
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in the fall of 2008 the federal reserve implemented several measures to provide liquidity to financial markets that had frozen up as a result of the financial crisis. for example, during the financial crisis, the fed paid higher interest on excess reserves than its target for the fed funds rate T/F
In the fall of 2008, the federal reserve implemented measures to provide liquidity to financial markets, frozen during the financial crisis. The fed spent higher interest on excess reserves than its target for the fed funds rate. This is true.
The 2007-2009 financial crisis formulated gradually. Home prices started to fall in early 2006. In early 2007, subprime lenders started to file for bankruptcy. In June 2007, two major hedge funds failed, considered down by investments in subprime loans. In August 2007, failures from subprime loan investments caused a panic that froze the multinational lending procedure.
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a maker of motorized scooters finds that its product line offers the same value proposition to people all over the world. this company probably uses a strategy.
The company probably uses a global strategy. This includes focusing on the same offering, products and services in multiple markets and often involves standardizing product offerings and pricing.
This allows the company to take advantage of economies of scale and become more competitive in the global market. In addition, a global strategy allows a company to take advantage of resources and opportunities that exist in different markets, such as access to new markets, access to lower costs, and access to new technologies. By creating a unified product line, a company can better manage its resources and create a consistent customer experience.
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Boudica (B) and Arthur (A) are both homo economicus engaging in exchange. Boudica's utility function is given by =Inxn5 Arthur's utility function is given by uA nxAn yA They are working out an exchange of archers (x) and knights (y) for the defense of their respective realms. Initially, Boudica has 80 archers and 30 knights, while Arthur has 20 archers and 50 knights. Answer the following questions (a) Which of the following correctly represents the Pareto-efficient curve? Select one: a. In(AIn b. yA- A 0 + c. InA)n( d. y A e. In(yA) = In(xA f. yA=xA (b)
The Pareto-efficient curve here is given by yA=xA, meaning that if Arthur gives x archers to Boudica, then Boudica must give y knights to Arthur, such that the utility functions of both parties remain equal.
This means that Boudica will always have to give up the same amount of knights as the amount of archers that Arthur is giving. For example, if Arthur gives Boudica 10 archers, then Boudica must give Arthur 10 knights in order to achieve an equal exchange. This Pareto-efficient curve will remain the same no matter how the initial amounts of archers and knights are changed.
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look at the graph. then answer the question.Which best explains what had happened by October 31, 1929, in the stock market?
B. The market had lost much of its value.
What has a major impact on the stock market?Political unrest, interest rates, current affairs, exchange rate movements, natural disasters, and many more factors all have an impact on the stock market. With a thorough grasp of the market, one can choose the optimal moment to purchase or sell stocks notwithstanding the potential impact these factors may have on your yields.
What caused the stock market crash?After a protracted period of escalating market expansion and consumer overconfidence, the crash occurred. In actuality, from 1922 to 1929, the stock market saw annual gains of close to 20%. Stocks were purchased using accessible credit. In the 1920s, bank credit expanded quickly and loans were simple to obtain.
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The correct question is:
Look at the graph. Then answer the question.
Which best explains what had happened by October 31, 1929, in the stock market?
A. The market had a rally.
B. The market had lost much of its value.
C. The market had totally collapsed.
D. The market had slowly inched upward
a new machine comes with 200 free service hours over the first year. additional time costs $180 per hour. what are the average and marginal costs per hour for the following quantities?
The marginal cost is the difference in total production costs caused by making or producing one more unit.
Divide the change in production costs by the change in quantity to calculate marginal cost. The goal of marginal cost analysis is to determine when an organization can achieve economies of scale in order to optimize production and overall operations.
(a) Hours worked = 125
The marginal cost is equal to zero (since service is costless upto 200 hours)
The average cost is 0
(b) Hours worked = 225
The hourly rate is $150.
Total cost = $150 multiplied by (225 - 200) = $150 multiplied by 25 = $3,750
$3,750 / 225 = $16.67 per hour on average
(c) Hours worked = 325
The hourly rate is $150.
Total cost = $150 multiplied by (325 - 200) = $150 multiplied by 125 = $18,750
Average hourly cost = $18,750 / 325 = $53.57
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which of the following is the first step in making an ethically responsible decision? multiple choice considering the available alternatives comparing and weighing alternatives determining the facts of the situation monitoring and learning from the outcomes
"Determining the facts of the situation monitoring and learning from the outcomes" is the first step in making an ethically responsible decision.
Establishing the situation's facts is the first stage in making morally sound judgements. It's crucial to make an attempt to accurately comprehend the issue and distinguish between reality and simply opinion.
Making ethical decisions is founded on fundamental character traits including dependability, accountability, respect, fairness, compassion, and good citizenship. Making ethical judgements leads to ethical actions, which serve as the cornerstone of ethical business operations.
Ethical conduct implies that a person is truthful and straightforward in all written and verbal conversations. A salesman who discloses potential product issues is being truthful. An ethical choice is made when a customer care agent accepts accountability for failing to carry out a service activity.
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The first step in making decisions that are ethically responsible is to determine the facts of the situation.
In order to find the optimal answer to a problem, the decision-making process enables the examination of all potential solutions. The steps involved in making a decision are defined, identify, assess, examine, implement, etc evaluate.
In order to make the best decision possible, the decision-making process involves obtaining information, weighing options, and making a final decision. In this post, we describe various decision-making approaches and go over the step-by-step procedure for making wise decisions.
The act of selecting one course of action over two or more is the definition of decision-making in its most basic form. Choosing between potential approaches to a problem is part of the larger problem-solving process.
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a data analyst chooses not to use external data because it represents diverse perspectives. this is an appropriate decision when working with external data.
a. True
b. False
fill in the blank. ___ is the process by which representatives of a union meet with representatives of management to negotiate a contract for workers. group of answer choices mediation collective bargaining mutual conciliation arbitration
Collective bargaining is the process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay.
Collective bargaining benefits, hours, leave, job health and safety policies, ways to balance work and family, and more.Collective negotiation is classified into five types: composite negotiating, concessionary bargaining, distributive bargaining, integrative bargaining, and productivity bargaining. Convertible preferred rates are greater than non-convertible preferred yields. A non-convertible preferred shareholder receives a set rate of return with no opportunity for expansion. Important Takeaways. Convertible preferred stock can be converted into common stock at a predetermined conversion ratio. When the market price of the company's common stock increases above the conversion price, preferred stockholders may find it desirable to convert and earn an instant profit. Distributive negotiation, integrative negotiation, team negotiation, and multiparty negotiation are some of the most popular.
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which of the following is an example of an effort to decrease physical capital differences between an advanced and a developing economy? group of answer choices creating hope international trains women in afghanistan to become tailors. through world vision, women and children in africa receive education. habitat for humanity builds houses for low income families in the united states. peace corps volunteers teach english around the world. american troops build roads in afghanistan.
American troops build roads in Afghanistan is an example of an effort to decrease physical capital differences between an advanced and a developing economy.
What is an example of developing economy?
A nation with a low human development index, little economic growth, low per capita income, and a preference for agricultural activities over industrialization and entrepreneurship is said to have a developing economy. So, a developing economy is sometimes known as an undeveloped nation or a less developed economy.
Numerous nations, like India, South Korea, Brazil, Estonia, and Turkey, have had fast development since 1980, industrialised their nation, and significantly increased and raised their GDP. However, these are unquestionably developing market economies and still have a long way to go. This is due to the fact that despite these countries' successful infrastructure improvements, there are still numerous issues to be resolved.
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Which of the following products would a consumer most likely use limited decision making in a purchase situation?O living room curtains
O consumer misbehavior
O Physical surroundings
O Purchase
Living room curtains (A) is the most likely product where a customer uses limited decision making when purchasing.
When purchasing a product, a customer might have 3 kinds of decisions to considers:
NominalLimitedExtendedNominal decision-making refers to those decisions a customer made based on the product's low-cost. A customer who already have familiar brand, will unlikely to spend more effors on research for another brands unless he notices any problems with his currently used brand.
Limited decision-making push a customer to spen a little more effort in his decision making than in nominal. Limited decision making occurs when a customers does a not-so-depth research about mid-costs products, semi-frequent purhcased. When doing limited decision-making, a customer might consider a product quality, product availabililty, price, and packaging style.
Extended decision-making occurs when a customer purchases a higher-cost products. A customer will spend a lot of efforts and familiarize himself with unfamiliar brands or products, ensuring his confidence over a product after extended thougths and researches. Extended decision-making was made when a customer buys major products with high risks.
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if one were to open a 10-year cd for $9,000 that pays 3% interest, compounded annually, what is the value of that cd at the end of the 10 years? do not round intermediately. round the final answer to the nearest cent.
if one were to open a 10-year cd for $9,000 that pays 3% interest, compounded annually, then the value of that CD at the end of the 10 years is $12,095.25.
Amount = Principal + Interest
where,
P = $9,000.00
I = $3,095.25
First, change R from a percent to r in decimal form.
r = R/100
r = 3/100
r = 0.03 rate per year,
Then, resolve the A equation.
A = P(1 + r/n)nt
A = 9,000.00(1 + 0.03/1)(1)(10)
A = 9,000.00(1 + 0.03)(10)
A = $12,095.25
Compound interest accrued at a rate of 3% per year, compounded once a year, on a principal of $9,000 over a period of ten years results in a total of $12,095.25.
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demand is said to be inelastic when multiple choice the elasticity coefficient exceeds one. a reduction in price results in an increase in total revenue. an increase in price results in a reduction in total revenue. a reduction in price results in a decrease in total revenue.
When a price drop results in a drop in overall revenue, demand is said to be inelastic.
What exactly is inelastic demand?
When a customer's desire for a product does not change as much as a product's price changes, this is known as inelastic demand. Demand is said to be inelastic when prices rise by 20% but demand falls by just 1%. This problem frequently arises from common household goods and services.
For goods with an inelastic demand, producers can charge high prices, while for those with an elastic demand, they can charge low prices. In order to maximize profit, management must be aware of demand elasticity.
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B) When a drop in price results in a drop in overall revenue, demand is said to be inelastic.
Which four types of demand elasticity are there?The four primary types of demand elasticity are price elasticity, cross elasticity, income elasticity, and advertising elasticity.
What do "elastic" and "inelastic" mean?Elastic demand is the idea that when the price of a thing or service changes, consumer demand for that product also fluctuates accordingly. Demand for a product is said to be inelastic if it does not fluctuate proportionally with changes in price.
What categories of inelastic exist?types of demand elasticity When demand is completely inelastic, prices or quantities are fixed and unaffected by the other variable. When a price change results in an exact proportional change in the quantity required, it is said to be exhibiting unitary demand.
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Is it acceptable to close the store let the employees walk to their cars and return to the store to finish a paperwork if you lock front door securely behind you . true or false ?
It is acceptable to close the store and let the employees walk to their cars and return to the store to finish paperwork if you lock the front door securely behind you. The given statement is true.
How do you handle robbery in the workplace?Call the local police force right away. Before the police show up, lock the office and make it secure. This process will aid in keeping the crime scene clean so that fingerprints and other physical evidence can be collected there. Keep any notes the thief may have left, such as one asking for money or valuables.
Assure them that what happened was not their fault. Allow emotional reactions to occur, be patient, and pay close attention as you listen. Being present is all that is necessary most of the time. A friend or family member of yours might express sadness, rage, or other emotions.
Thus, the given statement is true.
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The Good Life offers a common stock that pays an annual dividend of $2.7 a share. The company has promised to maintain a constant dividend. How much are you willing to pay for one share of this stock if you want to earn a 9 percent return on your equity investments?
Stock value = Dividend per share / (Required Rate of Return – Dividend Growth Rate).
What is Stock value?An intriguing investment for value investors is a stock that looks to trade at a cheaper price in relation to its fundamentals, such as dividends, earnings, or sales.
An investment that trades for less than what the company's performance might otherwise suggest is called a value stock. Since the price of the underlying shares may not reflect the performance of the company, investors in value stocks try to profit from market inefficiencies.
When a corporation is seen negatively by investors, its stock will trade at a discount. A value stock typically has a lower equity price than the stock prices of businesses in the same sector.
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question mode multiple select question select all that apply challenges for new leaders since the global information-based revolution include: multiple select question. learning about world quality standards training employees takes too much time that the service era is coming to a close manufacturing jobs are the only ones that pay well
Since the worldwide information revolution, emerging leaders have had to overcome challenges like learning about global quality standards and the end of the service era. Therefore, Option C is the proper choice.
This study evaluates the potential for new data processing and communication technologies to help stop, better manage, or prevent global conflicts. One of the main problems that people face as a result of new information technologies is privacy.
In conclusion, since the global information-based revolution, new leaders have had to overcome a number of challenges, such as learning about worldwide quality standards and having the ability to drive the economy in new directions.
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consider live happley orchards, whose output as a function of labor is given by the following table. live happley has only two costs: fixed costs of $20 per day, and variable costs of $100 per worker per day.Live Happley is a small player in the apple business and has no effect on wages and prices. Like all companies, Live Happeley wants to maximize profits and it will hire the number of workers that provide the most profit. Suppose that the market wage for apple pickers is $100 per day. Calculate the total revenue and total cost at each level of output How many apples should Live Happley produce if the price of apples is $12 per bushel?14 bushels per day 27 bushels per day 19 bushels per day 31 bushels per day 34 bushels per day
If the price of apples is $12 per bushel would produce there are 19 bushels per day by Live Happley produce.
What is production costs?Production costs are the expenses incurred by a business when producing goods and services. They include both direct and indirect costs incurred during the production process. Direct costs are those associated with the actual production of a good or service, such as raw materials, labor, and overhead. Indirect costs are expenses related to the production process but not directly linked to the production itself, such as marketing, administrative, and transportation costs.Production costs are essential to a company’s success because they determine the final cost of a good or service, which in turn affects the company’s bottom line. Keeping production costs low is a key focus for many businesses, as it can help them to increase their profits. To do this, companies will often look for ways to reduce their direct costs, such as using cheaper materials or outsourcing some of their labor. They may also look for ways to reduce their indirect costs, such as streamlining their administrative processes or renegotiating contracts with suppliers.In addition to helping to reduce costs, production costs can also be used to measure a company’s efficiency. By comparing the cost of production to the revenues generated from the goods or services, companies can get an idea of how efficient their production processes are. This can help them to identify areas of their production process that are not working as well as they could, and make appropriate changes.To learn more about production costs refer to:
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If the price of apples is $12 per bushel would produce there are 19 bushels per day by Live Happily produce.
What is production costs?
Production costs are the expenses incurred by a business when producing goods and services. They include both direct and indirect costs incurred during the production process. Direct costs are those associated with the actual production of a good or service, such as raw materials, labor, and overhead. Indirect costs are expenses related to the production process but not directly linked to the production itself, such as marketing, administrative, and transportation costs. Production costs are essential to a company’s success because they determine the final cost of a good or service, which in turn affects the company’s bottom line. Keeping production costs low is a key focus for many businesses, as it can help them to increase their profits. To do this, companies will often look for ways to reduce their direct costs, such as using cheaper materials or outsourcing some of their labor.
They may also look for ways to reduce their indirect costs, such as streamlining their administrative processes or renegotiating contracts with suppliers.
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begin by identifying the formula to calculate net income and then enter the amounts to solve for net income.
Revenue–Cost of Goods Sold–Expenses =Net Income.Gross Income – Expenses=Net Income,Total Revenues–Total Expenses=Net Income. Gross income=$60,000-$20,000=$40,000.Expenses=$6,000+ $2,000 + $10,000+$1,000+$1,000 = $20,000.
The net income formula is calculated by subtracting total expenses from total revenues. Many different textbooks break the expenses down into subcategories.First, calculate gross income by finding revenue from sales and subtracting the COGS.Revenue represents the amount the company earned.The net income profit metric,or net earnings,can be found at the bottom of the income statement and is calculated as revenue subtracted by all operating.To calculate net income, take the gross income the total amount of money earned then subtract expenses,such as taxes and interest payments.If you'd like to break it down into more specific steps, you can use this detailed formula.
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Which of the following costs is an example of a period rather than a product cost?
a. depreciation on production equipment
b. wages of salespersons
c. wages of production machine operators
d. insurance on production equipment
b. wages of salespersons of the following costs is an example of a period rather than a product cost
Is depreciation an ongoing expense?Rent, office depreciation, office supplies, and utilities are a few examples of general and administrative expenditures.
Period costs include all selling costs, including sales commissions, delivery costs, and sales wages, as well as general and administration costs, including office personnel and depreciation on office supplies. These charges are sometimes referred to as nonmanufacturing costs in a manufacturing organization.
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