According to economic theory, a service or product's profit can be maximized by operating or producing it up until the point at which marginal revenue equals marginal cost. Changes in fixed costs have no impact on maximizing profits from output or price since short-term fixed costs are considered sunk costs.
Numerous economic theories are based on this premise. It exists in both markets with monopolies and ideal competition. Profit depends on the equation profit = Total revenue - Total cost. As a result, a company optimizes profit when the first order, MR = MC, and the second order depend on the first order.
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the following costs result from the production and sale of 4,800 drum sets manufactured by tight drums company for the year ended december 31. the drum sets sell for $330 each. variable costs plastic for casing $ 158,400 wages of assembly workers 470,400 drum stands 201,600 sales commissions 148,800 fixed costs taxes on factory 7,000 factory maintenance 14,000 factory machinery depreciation 74,000 lease of equipment for sales staff 14,000 accounting staff salaries 64,000 administrative salaries 144,000 required: 1. prepare a contribution margin income statement for the year. 2. compute contribution margin per unit and contribution margin ratio. 3. for each dollar of sales, how much is left to cover fixed costs and contribute to income?
1) 215850 is the contribution margin income statement for the year.
2)126 per unit is the computed contribution margin per unit and the contribution margin ratio is 38.18%
3) For each dollar of sales, 126 per unit is left to cover fixed costs and 38.18% contributes to income
1. Prepare a contribution margin income statement for the company.
Sales (4800*330) 1584000
Less: Variable expenses
Plastic for casing (158400)
Wages of assembly workers (470400)
Drum stands (201600)
Sales commissions (148800)
Total variable expense (979200)
Contribution margin 604800
Less: Fixed expense
Taxes on factory (7000)
Factory maintenance (14000)
Factory machinery depreciation (74000)
Lease of equipment for sales staff (14000)
Accounting staff salaries (64000)
Administrative management salaries (144000)
Total fixed expense (317000)
Income before tax 287800
Less: Income tax (71950)
Net income 215850
2) Contribution margin per unit = 604800/4800 = 126 per unit
Contribution margin ratio = 126 × 100/330 = 38.18%
A sale is a transaction among two or more events in which goods or services are exchanged for money or different assets. inside the monetary markets, a sale is an agreement between a customer and vendor regarding the price of a security and its shipping for agreed-upon reimbursement.
Sales play a key position in the construction of loyalty and acceptance as true among customers and groups. trust and loyalty are the main motives why a consumer could choose to suggest your enterprise to a friend or member of the family or write an awesome review of your product or service online.
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the manager at lampshades limited reported the standard direct material cost per lampshade was 1.2 yards of cloth of input allowed per each lampshade (output unit) manufactured, at $20 standard price per yard. what is the standard direct material cost per lampshade?
1.2 x $20 = $24 Standard cost per output unit for each variable direct cost per unit = Standard input allowed for one input unit × Standard price per input unit.
A cost is the value of money that has been used up to produce something or supply a service and is thus no longer available for use in production, research, retail, and accounting. In business, the cost may be one of acquisition, in which case the amount of money spent to obtain it is recognized as cost. In this scenario, money is the input used to purchase the item.
This acquisition cost could be the total of the cost of production incurred by the original producer and additional transaction expenses incurred by the acquirer over and above the price paid to the producer. Typically, the price includes a profit margin above the cost of manufacture.
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stark company's most recent balance sheet reported total assets of $1,700,000, total liabilities of $900,000, and total equity of $800,000. its debt-to-equity ratio is:
The last balance sheet for the small company showed total assets of $1.7 million, total liabilities of $900,000, and total equity of $800,000. It has a 1.125 debt-to-equity ratio.
What does debt to equity ratio mean?
By dividing a company's total liabilities by the value of its shareholders, the debt-to-equity (D/E) ratio, which gauges its financial leverage, is calculated.
The D/E ratio is a crucial indicator in corporate finance. It measures the proportion of debt that a company is using to finance its operations as opposed to cash on hand. Debt-to-equity ratios fall under a specific category of gearing.
Calculation:
Debt to equity ratio equals debt to equity
Liabilities plus debt total $900,000
Equities totaling $800,000
debt to equity is equal to 900k/800k.
debt to equity is 1.125.
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the next dividend payment by im, inc., will be $1.87 per share. the dividends are anticipated to maintain a growth rate of 4.3 percent forever. if the stock currently sells for $37 per share, what is the required return?
The Required return is 9.35%.
Required return =(D1/Current price)+Growth rate
=(1.87/37)+0.043
=0.0505405405+0.043
which is equal to
=9.35%(Approx)
The required rate of return is the minimum ideal return on funding sought by way of individuals or organizations thinking about an investment opportunity.
The required rate of return (RRR) is the minimum quantity of profit (return) an investor will seek or obtain for assuming the chance of making an investment in a stock or another kind of security.
RRR is also used to calculate how profitable a project might be relative to the value of investment that undertaking.
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if 80 percent of the population in a country is employed and average labor productivity equals $27,500, then real gdp per person equals
The real GDP per person is $22,000.
Real GDP per capita is a calculation of a nation's total economic output divided by its population and adjusted for inflation. It is employed to evaluate changes in and between nations' living standards.
For computing the real GDP per person, the following formula should be used which is shown below:
= Average labor productivity × share of population employees
where,
Average labor productivity is $27,500
And, the share of the population employees is 80%
Now put these values to the above formula,
So, the answer would be equal to
= $27,500 × 80%
= $22,000
Hence, the real GDP per person is $22,000.
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your boss did not respond to an email you sent and then resent. when you see her in the hallway, you mention the email, and say, i assumed you were busy or you were waiting to see me in person to talk about my message. this is an example of .
This is an example of passive communication. You are not directly confronting your boss about the email, but you are indirectly bringing it up. This could be seen as a way to avoid conflict, or it could be seen as a way to gauge your boss's reaction to the email.
Assuming that your boss saw your email and chose not to respond is an example of an assumption. This could be due to a variety of reasons, such as your boss being busy or not wanting to discuss the matter over email. If you see your boss in the hallway, you can mention the email and ask if she would like to discuss it in person. This will give you a better idea of why she chose not to respond and whether or not she is open to talking about the matter.
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rj corporation has provided the following information about one of its inventory items: date transaction number of units cost per unit 1/1 beginning inventory 520 $3,320 6/6 purchase 740 $3,720 9/10 purchase 1,320 $4,120 11/15 purchase 740 $4,320 during the year, rj sold 2,880 units. what was ending inventory using the average cost flow assumption?
Companies assign costs to inventory items, cost of goods sold (COGS), and closing stock using the average cost flow assumption. All items sold from inventory during the accounting period are averaged, and the average cost is then applied to the items.
What is the Average cost flow assumption ? The process by which costs are deducted from a business's inventory and reported as the cost of products sold is known as a cost flow assumption.The cost flow assumptions used in the US include FIFO, LIFO, and average. There is no need to guess if particular identification is used.Companies assign costs to inventory items, cost of goods sold (COGS), and ending inventory using the average cost flow assumption. All items sold from inventory during the accounting period are averaged, and the average cost is then applied to the items. This technique is frequently used when inventory products are so similar to one another that it is challenging to determine a precise cost for a single unit.
According to the average cost flow hypothesis, the only difference between all items of a particular class is their purchasing price. The differences in purchase prices are attributed to outside forces like inflation, supply.
A benefit of the average cost flow assumption is that it does away with the need to keep track of each individual item, which is useful when there are lots of comparable things flowing through the inventory at once. This method has a lower application cost than other working capital methods and, in theory, is less likely to fudge income because it involves little labor.
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why might a tenant prefer a lease with a higher effective rent than an alternative lease with a lower effective rent?
A tenant might prefer a lease with a higher effective rent than an alternative lease with a lower effective rent because the tenant might want to keep the space for a long time, or they might think the rent will increase over the course of the extended lease.
The term "effective rent" refers to the actual rental rate that the landlord will achieve after deducting the value of concessions from the base rental rate that is paid or given to the tenant (such as a build-out or renovation allowance, free rent, a moving allowance, etc.). Effective rent is typically expressed as an average lease rate.
Due to the way it is structured, percentage leases are most frequently used when negotiating with retail tenants, particularly if they will be joining a multi-tenant retail space like a mall or shopping center.
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Money neutrality suggests that an increase in the money supply leads to _____ in price level and inflation and _____ in real gdp.
Money neutrality suggests that an increase in the money supply leads to an increase in price level and inflation and no change in real GDP.
Money neutrality is a theory that suggests that even though an increase in revenue can lead to a price level increase, it does not have any effect on the GDP. In another word, an increase in monetary value does not affect the economic equilibrium.
According to the theory, all markets clear continuously. Relative price adjusts toward equilibrium. Changes in the money supply don't appear to change the conditions in the economy because it neither create nor destroy machine and don't affect existing knowledge and skill, so aggregate supply should remain constant.
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when dr. kracker introduces a new kracker product, it offers free samples in heb and other grocery stores. these efforts have a primary promotional objective of
These efforts have a primary promotional objective of attracting new customers towards the new Kracker product.
What is promotion?Any marketing communication designed to inform intended audience of the relative benefits of a certain good, service, idea, or brand is referred to as promotion in the marketing industry. Promotional communications are typically persuasive in nature. Both a cognitive and an emotive path can help marketers establish a distinctive spot in their target audience's minds. Promoting a brand seeks to raise interest in it, enhance brand loyalty, or improve sales. It was first documented in 1925 that the term "promotion" may be used to refer to "advertising or publicity." It could be a contraction of the word "sales promotion," which is a term connected to marketing communications and one of the many instruments utilized in that process.
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the individual designated by a business organization to receive service of process for the business is known as: group of answer choices the general manager. the chairman of the board of directors. the attorney for the corporation. the chief operating officer (ceo.) the registered agent.
The registered agent is the professional responsible for receiving the process service for the business.
What is a registered agent?It is an individual who has a central responsibility for maintaining the compliance of organizational processes through compliance with federal, state and local laws.
This professional is responsible for receiving the company's official documents and communications, analyzing them and forwarding them to the appropriate person in the company.
Therefore, there are several benefits for companies that have a registered agent, the main one being the company's legal compliance, which is essential for it to be able to carry out its operations effectively and transparently, demonstrating reliability to its stakeholders.
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When jason applied for a job as a heating and air conditioning technician, he was given a malfunctioning compressor and was asked to diagnose the problem. What type of selection tool does this represent?.
Option d.) Work sampling is the correct answer, sampling is the statistical technique used for determining the proportion of time spent by workers in various defined categories of activity.
Occupational sampling is a research technique that observes workers at random times and records their activity. The collected data can be converted into percentages showing the overall distribution of time in different categories.
The actual purpose of the work sample is to determine the percentage of time a worker spends in the various defined job her categories.
Here is the full question -
When Jason applied for a job as a heating and air conditioning technician, he received a faulty compressor and was asked to diagnose the problem. What kind of selection tool does this represent?
A. Application form
B. Personality test
C.Interview
D. Work sampling
E.Evaluation Center
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1 points time remaining 1 hour 29 minutes 46 seconds01:29:46 item 1 time remaining 1 hour 29 minutes 46 seconds01:29:46 wfo corporation has gross receipts according to the following schedule: year 1 $ 25.00 million year 2 $ 21.00 million year 3 $ 21.00 million year 4 $ 29.50 million year 5 $ 33.00 million year 6 $ 24.00 million if wfo began business as a cash-method corporation in year 1, in which year would it have first been required to use the accrual method?
If WFO began business as a cash-method corporation in year 1 then in Year 6 would it have first been required to use the accrual method.
Corporations that have $25 million or less in annual average gross receipts for tax purposes can use the cash methods of accounting. Those Corporations that have not been in existence for at least three years can compute average annual gross receipts over the years they have been in existence.
One can calculate the annual average gross receipt as the person who is paying the taxes his gross receipt can be made annually by multiplying the gross receipts of the short tax year by 12 and then it is divided by the multiple of the number of months which is present in the short tax year. Hence, the three years preceding Year 6 have annual average gross receipts of $26.05 ((25.25+26.20+26.70)/3) million.
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ollowing accusations of sexual harassment and retaliation against union organizers, recently launched an internal website for employee complaints as a way to
The Human Rights Law mandates that all New York State employers, regardless of their number of employees, provide a sexual harassment-free workplace.
I think I've been harassed sexually. What ought I to do?You should tell your employer, temporary agency, or placement agency if you think you have been sexually harassed. You can get in touch with the New York State Division of Human Rights if you believe that your employer is harassing you or if you are unsure of how they will respond. The Division of Human Rights is able to look into complaints.
You can also file a complaint with the New York State Division of Human Rights at the same time or later. Kindly note: Within one year of the alleged act of discrimination, a complaint must be filed with the Division of Human Rights (within three years for sexual harassment only, beginning August 12, 2020).See the Division's "Sexual Harassment" brochure for additional details.
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Start by setting aside money in your savings account for your goals and for emergencies. Then, fill in the other categories with your remaining money. Be sure to allocate all of your money, so you have $0 left. Everfi module 3 budgeting for wants
I tried but it wouldn't let me submit
The statement explains one of the ways to start a budget plan. The general rule is to divide your monthly after-tax income into three categories: 50% for needs, 30% for wants, and 20% for savings or debt repayment.
What are the seven steps in creating a budget?
7 Simple Steps to Creating a Budget
Step 1: Establish Realistic Goals.
Step 2: Calculate your income and expenses.
Step 3: Distinguish between needs and wants.
Step 4: Create Your Budget.
Step 5: Implement Your Strategy.
Step 6: Seasonal Expenses.
Step 7: Take a look ahead.
A budget plan is a graph that depicts the flow of money in your daily life. A budget can assist you in determining where you are overspending as well as in changing bad spending habits.
Therefore, You may be able to save more or make larger debt payments by making minor changes to your budget.
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the balance sheet, income statement, and statement of cash flow are the multiple choice ledger entries. statements of equity. journal entries. financial statements. balances of trade.
The balance sheet, income statement, and statement of cash flow are the ledger entries. An organization's assets, liabilities, and shareholder equity are listed on a balance sheet, which is a financial statement.
It offers a snapshot of the assets and liabilities of a corporation as of the publication date. A balance sheet provides you with a quick overview of your company's financial situation at any given time. A balance sheet, along with an income statement and a cash flow statement, can aid business leaders in assessing the financial health of their organisation. Because assets will always equal liabilities and shareholders' equity, the term "balance sheet" was coined.
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what two variables were necessary for the bretton woods system to work? multiple select question. us could no longer trade with europe. us could not run a balance-of-payments deficit. us needed to import as much as it exported. us inflation needed to remain low.
the two variables necessary for the Bretton woods system to work are
If the US did not have a balance-of-payments deficit
If the US inflation rate remained low
The Bretton Woods system found its political foundation in the fusion of two critical conditions: the shared experiences of two World Wars, with the sense that the inability to deal with economic difficulties after the first war had led to the second; and the concentration of authority in a small number of states.
Following the 1944 Bretton Woods Agreement, the Bretton Woods system of monetary management established the regulations for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan. The Bretton Woods system was the first fully negotiated monetary order designed to govern financial relations between independent states.
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despite two years when overall prices fell, share prices in the stock market have risen consistently for eight of the past 10 years. how is this market classified? a.) primary bull market b.) secular bear market c.) primary bear market d.) secular bull market
Bull markets typically occur when the economy is growing or is already growing. They will frequently occur concurrently with a rise in corporate profits and coincide with strong GDP and a decrease in unemployment.
How Does a Bull Market Work?
A financial market in a bull market is one in which prices are rising or are expected to rise. The stock market is most frequently referred to as a "bull market," but the term can also be used to describe anything that is traded, including bonds, real estate, currencies, and commodities.
The term "bull market" typically refers to extended periods during which a significant portion of the price of a security is rising. This is due to the fact that the price of securities fluctuates almost continuously during trading.Bull markets typically last for a number of months or even years.
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explain why a well-capitalized domestic banking system might be important for the successful maintenance of a fixed exchange-rate regime.
Investors must have faith that the central bank will control interest rates in a way that is compatible with the currency peg for a fixed exchange rate system to succeed.
How do central banks keep exchange rates fixed?
The central bank must intervene and buy domestic currency by selling foreign exchange in order to preserve the fixed exchange rate. In order to return to the initial equilibrium at e, the intervention on the foreign currency market will reduce the domestic money supply and move the LM curve back to the LM. An important tool for moving short-term funds from lenders to borrowers is provided by money markets.
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an amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase by $45 each year until a payment of $1480 is made after which they cease. if interest is 7.12% effective, find the amount of principal in the 14th payment.
The term of a loan is a set of regular payments that are made over a set amount of time. A portion of the initial principal is repaid in each payment, in addition to interest.
A loan amortization schedule is a comprehensive list of payment dates and the proportion of each payment that goes toward principal and interest.
The information requested in this question includes a term (N) of 1+1480-400/45 and an effective annual interest rate (i) of 4%.
25 years, or Excel can be used to create an amortization schedule that works backwards from the final payment amount. After the nth payment, we can see that the remaining balance is the same as the first balance in the (n+1) payment. The final balance is the sum of the initial balance, any applicable interest, and the payment amount.
After the thirteenth payment, we see that there is still a balance of $11,370.45.The principal repaid in the fourteenth payment, which is $985.00, plus $454.82 in interest, is $530.18, rounded up to the nearest cent.
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a(n) blank board holds reserves of foreign currency equal to the fixed exchange, and commits itself to converting its domestic currency on demand to another currency at a fixed exchange rate. multiple choice question. exchange
A currency board holds reserves of foreign currency equal to the fixed exchange, and commits itself to converting its domestic currency on demand to another currency at a fixed exchange rate.
Currency is a medium of exchange for goods and services. It is used to buy and sell items in the marketplace. Foreign currency is currency that is not issued by the government of the country in which it is used. Domestic currency is currency that is issued by the government of the country in which it is used.
Foreign currency can be traded on international currency markets. Domestic currency can be used to buy goods and services within the country.
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which of the following would not be considered an investment asset? select one. question 4 options: a. cash value in life insurance b. money market account c. brokerage account d. 401(k) plan
Cash value in life insurance would not be considered an investment asset.
A life insurance policy is a contract between a policyholder and an insurance company or insurance company, in which the insurance company promises to pay an amount to a specified beneficiary upon the death of the insured. Depending on the contract, other events B. Terminal or critical illness trigger payment.
Life insurance is a contract between a policyholder and an insurance company in which the insurer promises to pay an amount for premiums upon the death of the insured or after a specified period of time. can be defined.
Term life insurance is a life insurance product that provides financial protection to policyholders for a specified period of time. If the insured dies during the policy period, the company will pay the death benefit to the beneficiary.
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why is it important to consider the quality of the data used in analytical procedures? how important to this question are client controls over financial data?
It is important to consider the quality of the data used in analytical procedure for effectiveness.
Auditors must take into account the accessibility and accuracy of the data to be utilized in the development of their expectations before they can apply meaningful analytical processes.
For some statements, data may not be easily accessible to create expectations. Are there sufficient internal controls over the data if it was generated internally? To ascertain that the underlying data are comprehensive and correct, the auditors should examine the effectiveness of the controls over the data.
The effectiveness of data controls affects how dependable the data are. The process of ensuring that errors in analytical data are of a magnitude appropriate for the use to which the data will be put is known as quality control.
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instead of a tariff, suppose a quota on imports is imposed. the quota is set at 3 widgets (maximum number of widget imports). what is the resulting price and quantity purchased of widgets?
The economic rent, which is the positive difference between the domestic price of the good and the free market price from around the world, must first be calculated before the quota rent can be calculated.
The quota rent can be calculated by multiplying that economic rent by the quantity of imported goods.
What effect does the import quota have?
The import market's consumer surplus is reduced by an import quota, while the export market's consumer surplus is increased.Producer surplus increases in the import market and decreases in the export market when an import quota is in place.When a large nation implements an import quota, its welfare may rise or fall.
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fredrick has so many student loans, he can't afford rent on an apartment. most of the time, he lives in his car and even though he has a job, he can't seem to make enough to save for the deposit and rent payments. he rarely gets a full night's sleep and as a result he has difficulty concentrating at work. he is jumpy and scared at night and worried all the time. fredrick is struggling to fulfill which two of maslow's needs?
Fredrick is struggling to fulfill Physiological safety.
How vital is psychological safety?
Psychological safety is the conviction that you won't suffer consequences or face humiliation for voicing your opinions, queries, worries, or errors.
As was already noted, an atmosphere that fosters psychological safety makes innovation easier since staff members are less prone to fear failure and more likely to question the status quo. This aids in solving challenging issues and identifying innovative working methods.
The capacity to express one's thoughts and feelings without fear of losing one's reputation or standing is known as psychological safety. It refers to members of a team feeling comfortable taking risks without fear of being shamed by their teammates. Members of teams that are psychologically safe feel.
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a court was asked to interpret a contract between two merchants regarding the sale of farming equipment. the court examined previous transactions of the parties and the way in which other merchants in the same business usually conduct business. mr. schnell, one of the merchants, objected to this, saying that the court could not use that information to interpret this contract. is mr. schnell correct?
The UCC allows all of the following EXCEPT one when a court finds that a contract was unconscionable when it was made: Ensure that the parties comply with the contract regardless.
What distinguishes Article 2 from conventional contract law?
If a clause is found to have been unconscionable when it was written, Article 2 gives courts more leeway than common law to change the contract at a party's request.
What is provided for contract interpretation by the UCC?
Prior behavior that establishes a common ground for understanding between contracting parties. Contract interpretation is governed by construction rules in the UCC. The UCC determines the following priority order whenever the court determines that a construction is unreasonable.
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what group sells its labor to the bourgeoisie to receive wages?a.bourgeoisieb.working classc.elitesd.proletariat
a) Bourgeoisie group sells its labor to receive wages.
According to sociology, the middle or upper middle class is referred to as the bourgeoisie. They differ from and are historically compared to the proletariat due to their wealth and significant cultural and financial capital. They are frequently referred to as "the bourgeoisie" as a whole, consisting of the petty (petite), medium, large, upper, and ancient classes.
Since the bourgeoisie in its original sense was acknowledged as being integral to the existence of cities by their civic charters, there was no bourgeoisie separate from the urban populace. The legal system applied differently to rural peasants.
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You are trying to decide whether to trade in your laser printer for a more recent model. Your usage pattern will remain unchanged, but the old and new printers use different toner cartridges. Are the following items relevant or irrelevant to your decision?.
The following items were relevant and irrelevant to our decision to buy a laser printer of new model:
a) the trade-in value of the old printer is: RELEVANT
b) paper costs are: IRRELEVANT
c) the difference between the cost of toner cartridges is: RELEVANT
d) the price of the new printer is: RELEVANT
e) the price you paid for the old printer is: IRRELEVANT
A trade-in value is the money that a dealer will leave you when you buy a new product replacing it with another one. In the case above, the trade-in value will have a significant impact on our decision whether to buy the new laser or not.
As paper costs will be the same for the old and the new laser printer, hence they are irrelevant.
The cost of toner cartridges will be different for the old and the new printer. Hence, it is relevant.
The price of the new printer will be a relevant factor in making the decision of buying a new one whereas the price of the old one will be irrelevant.
Although a part of your question is not missing, you might be referring to this question:
You are trying to decide whether to trade in your laser printer for a more recent model. Your usage pattern will remain unchanged, but the old and new printers use different toner cartridges. Are the following items relevant or irrelevant to your decision?
a) the trade-in value of the old printer is
b) paper costs are
c) the difference between the cost of toner cartridges is
d) the price of the new printer is
e) the price you paid for the old printer is
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in a service blueprint, an organization: a. audits the organization relative to its customers' use of its services. b. creates a flow chart of every step in the delivery of the service. c. audits each market segment relative to its lifetime value. d. determines how to deliver its services most efficiently.
Flow-charts every step in the delivery of the service.
What are Flow-charts?A flowchart is a graphical representation of a business process through a flowchart. It is used for a top-down understanding of how a process works, the steps that make up the process, the events that change the outcome, etc. When designing and planning a process, flowcharts help identify major steps while providing an overview of the process. Organize tasks chronologically and identify them by type. Processes, decisions, data, etc. Flowcharts are a great way to convey the logic of your system. Efficient Analysis: Analyze flowchart problems more efficiently. Easy Debugging and Efficient Testing: flowcharts help with debugging and testing.To learn more about Flow-charts from the given link :
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if after ordering products, you receive defective goods, or no goods, under the ucc, what are your rights?
If an item you purchased has a problem, you might be eligible for a refund, repair, or replacement.
What are my rights if I receive faulty goods?If an item you purchased has a problem, you might be eligible for a refund, repair, or replacement.You might be legally entitled to a repair or a refund if there is an issue with a used car.2015 Consumer Rights Act, Your products should be of at least satisfactory quality and not be defective or damaged. For instance, used goods aren't held to the same standards as brand-new ones.Fit for purpose refers to the ability to use something for the intended application.To learn more about Consumer Rights Act refer,
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