Answer (b)
The experience curve concept is a result of a combination of learning effects and economies of scale.
An experience curve basically is a relation between production quantity and the cost of production incurred. The more a company is manufacturing experienced the less the cost incurred of production.
And every single time various economies of scale takes place the firm starts taking steps towards it in the beginning of the process and a low of the cost can be done each time the production doubles.
It is a result of a combination of learning effects and economies of scale and suggests that unit manufacturing costs. Experience cost curves are basically the cost assumption curves done to synthesize and cut firms production cost.
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According to the income effect, when the price of automobiles rises, people buy fewer automobiles because.
The purchasing power of their income is reduced.
What Is the Effect of Income?In microeconomics, the income impact is the shift in demand for a good or service brought on by a change in a consumer's purchasing power as a result of a change in real income. An increase in salary, for example, or a drop or rise in the cost of an item that is being purchased can produce this adjustment or free up existing income.
Examples of the Income Effect:
Think of a customer who typically buys a low-cost cheese sandwich to eat for lunch at work but occasionally treats themselves to a pricey hot dog. When hotdogs are more expensive relative to cheese sandwiches, people may feel as though they can't afford to treat themselves to a hotdog as frequently because the greater cost of their regular cheese sandwich reduces their real income.
In this instance, even though the price of the hotdog remains unchanged, the income effect outweighs the substitution effect, increasing demand for the cheese sandwich while decreasing demand for the hotdog, a regular commodity that might be substituted.
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Refer to Table 8-16. Given the information above, what can we say has happened in the economy from 2019 to 2020
We can say the price level has risen in the economy from 2019 to 2020.
In the U.S., growth is expected to slow to 2% in 2020 from 2.3% in 2019 and fall further to 1.7% in 2021 (2020 growth compared to October WEO 0.1 percentage point decrease).
Real GDP fell by 3.5% in 2020 (from the 2019 annual level to the 2020 annual level) compared to a 2.2% increase in 2019 (Table 1).
The outbreak led to a sharp contraction in the economy in March 2020, resulting in real GDP contracting by 5.1% annualized in the first quarter and 31.2% in the second quarter.
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Any communication or activity designed to win goodwill or prestige for a company or person is called: Group of answer choices advertising corporate relations media handling personal selling public relations
Any communication or activity designed to win goodwill or prestige for a company or person is called Public Relations.
A corporation or organization's public image is created and maintained by public relations professionals. They produce material, such as press releases and social media posts, that influence public perception of the business or organization and raise brand recognition.
The key to any effective public relations plan is having a clear understanding of the target audience. Discover the characteristics of the perfect client by conducting research. After that, you can base the PR components of your campaign on these traits.
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Bella and John are getting married in two months. They pay the company, Wonderful Weddings, to coordinate and plan their wedding. In the context of marketing, this scenario best illustrates a(n)
An exchange in marketing is illustrated when Bella & John pays the company known as Wonderful Weddings to coordinate and plan their wedding.
What is an exchange in marketing?In marketing, this refers to the process whereby an individual or organisation decides to satisfy a need or want by offering some money or goods to the party to satisfy such want or need.
An exchange is normally supposed to produce an utility in the marketing context because it refers to the value of what you trade which is less than the value of what you receive from the trade.
The types of exchange in marketing are:
Restricted Exchanges Generalized ExchangesComplex ExchangesThe concept of an exchange happens, when both parties have to have something of value for each other.
Hence, an exchange in marketing is illustrated when Bella & John pays the company known as Wonderful Weddings to coordinate and plan their wedding.
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Ethanol, a biofuel derived from corn, is used in the production of both gasoline and pharmaceutical-grade hand sanitizer. During the pandemic, as the demand for gasoline plummeted, several producers of ethanol retrofitted their plants by purchasing new capital in order to produce a higher-quality ethanol, which could be used to make a medical-grade hand sanitizer. Future decisions about whether to produce ethanol for gasoline or for hand sanitizer – be informed by the – costs they incurred to retrofit their plant.
Ethanol, a biofuel derived from corn, is used in the production of both gasoline and pharmaceutical-grade hand sanitizer. During the pandemic, as the demand for gasoline plummeted, several producers of ethanol retrofitted their plants by purchasing new capital in order to produce a higher-quality ethanol, which could be used to make a medical-grade hand sanitizer. Future decisions about whether to produce ethanol for gasoline or for hand sanitizer would not be informed by the sunk costs they incurred to retrofit their plant.
An unrecoverable expense that has already been made is referred to as a sunk cost. Sunk costs are a manifestation of the business principle that you must "spend money to make money." Sunk costs are distinct from potential expenses that a company may incur in the future, such as choices on the price of products or the cost of purchasing inventories. Sunk costs are not considered in future business decisions since they will not change regardless of the outcome. An unrecoverable expense that has already been made is referred to as a sunk cost. Sunk costs, for instance, might include the price of machinery and equipment as well as the cost of the factory's lease for a manufacturing company.
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The sole purpose of an operating model is to define how all the businesses technology will be implemented
The sole purpose of an operating model is to define how all the businesses technology will be implemented is a False statement.
What is operating model?The plan for how value will be produced and provided to target customers is known as an operating model. An operating model puts the business model into action and carries it out.
The purpose of operating model are-
Strategic intent is converted into operational capability by an operating model. It acts as the cornerstone for execution and offers the enterprise leadership team, line managers, and operational teams a clear direction. While not the strategy itself, an operating model aids in its development and reinforcement.An operational model is a diagram that shows how a business operates. It covers everything, from the company's product sourcing practices to the organization of its functional regions and departments. Your strategy can be carried out according to an operating model. Many people mistake operating models with business models.To know more about business model, here
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The complete question is -
The sole purpose of an architecture operating model is to define how all the businesses technology will be implemented. (True/False)
For a long while, electricity producers were thought to be a classic example of a natural monopoly. People held this view because
People though that electricity producers were an example of a natural monopoly because the average cost of producing units of electricity by one producer in a specific region was lower than if the same quantity were produced by two or more producers in the same region.
What is a natural monopoly?A monopoly is when there is only one firm operating in an industry. This is due to the high barriers to entry of other firms. A monopoly earns economic profit in the long run.
A natural monopoly is a type of monopoly characterised by high infrastructural costs when compared to the size of the industry. This high infrastructural costs creates a barrier to entry for other firms and gives the largest supplier an advantage when compared with other suppliers in the industry.
Features of natural monopolies include:
A high fixed cost and low marginal cost of productionNatural monopolies occur through the free market and not by government regulations.Here are the options:
A. the average cost of producing units of electricity by one producer in a specific region was lower than if the same quantity were produced by two or more producers in the same region.
B. the average cost of producing units of electricity by one producer in a specific region was higher than if the same quantity were produced by two or more produced in the same region.
C. electricity is a special non-excludable good that could never be sold in a competitive market.
D. the marginal cost of producing units of electricity by one producer in a specific region was higher than if the same quantity were produced by two or more producers in the same region.
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The national rifle association is an example of a(n)
the national rifle association in the United States is considered to be a single-issue group.
what is a single-issue group?a single issue group is one that that focuses its advocacy efforts on one particular issue.
in the case of the national rifles association, they are focused solely on the issue of gun rights which is why they are a single-issue group.
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What are the conditions that would indicate to the management of a firm that they should switch from traditional costing to activity-based costing?
When the accuracy of the traditional costing system is not good then management takes up activity based costing.
Activity-based costing is a more precise approach of costing products and services, resulting in more accurate price decisions. It raises managers' knowledge of overheads and cost drivers, and it draws attention to costly and non-value-added processes, allowing them to be decreased or eliminated.
Traditional costing is best employed when a company's overhead is modest in comparison to the direct expenses of production.
Traditional costing techniques are less accurate than that of activity-based costing systems. This is because they provide a more precise analysis of the indirect expenditures. The ABC systems, on the other hand, are more difficult and expensive to deploy.
Therefore, the answer is inaccurate results lead to use of activity based costing method by the management.
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Why would the insurance commissioner examine the records of an insurance company?
Each approved insurer's affairs, transactions, accounts, records, papers, and assets must be examined by the commissioner as often as they are deemed necessary.
A minimum of once every five years is required for the commissioner to conduct this type of examination on each insurer holding a certificate of authorization or certificate of registration. An alien insurer may only have its insurance dealings in the United States under examination.
The commissioner must take into account factors like financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports from independent certified public accountants, and other standards outlined in the examiner's handbook, which was adopted by the National Association of Insurance Commissioners and was in effect at the time the examination was scheduled and decided upon the nature, scope, and frequency.
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Marginal productivity theory assumes that a worker’s income is a function of the contribution of that worker to the value of the output. in business this is called the ""______________"" approach .
Marginal productivity theory assumes that a worker’s income is a function of the contribution of that worker to the value of the output. in business, this is called the "value-added" approach.
There is a correct theory called marginal productivity theory. Wages are paid at a level equal to the marginal revenue product of labor, the MRP (value of the marginal product of labor). MRP is the increase in income caused by the increase in output produced by the last employed worker.
The marginal productivity theory of income distribution proposes that each individual should receive income based on their contribution to total output. The marginal productivity theory of income distribution has been criticized for the following reasons. Income from inheritance is inconsistent with the theory.
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Which of the following is intended to pay for medical costs, funeral expenses, lost wages, punitive damages, car rentals, repairs, and compensation for pain and suffering for people in the other car involved in an accident
Liability is what is intended to pay for medical costs, funeral expenses, lost wages, punitive damages, car rentals, repairs, and compensation for pain and suffering for people in the other car involved in an accident.
What is liability?This is the term that is used to refer to the fact that a person is responsible for certain payments.
A person is liable when there actions may have led to an adverse effect to someone else. In this case they have to take care of the expenses for the party involved.
An example is an accident that may have occured due to the carelessness of a driver. The driver is going to be liable for the costs and the treatment of the people involved.
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Business owner robert should use ________ schedules of reinforcement to keep his employees mentally alert and interested.
A) regularB) formalC) continuousD) intermittent
Robert should use intermittent schedules of reinforcement to keep his employees mentally alert and interested. The procedure of learning through association to increase or decrease voluntary behavior using punishment and reinforcement is known as operant conditioning.
Reinforcement schedules are the rules that govern the timing and frequency of reinforcer delivery in order to increase the likelihood that a target behavior will occur again, strengthen, or continue. A contingency timetable is one that includes reinforcement. While intermittent schedules provide reinforcers.
After some but not all correct replies, intermittent schedules apply reinforcement after each correct response, or none at all. Reinforcers are only used after the target behavior has occurred, so reinforcement is conditional on the desired behavior.
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The fixed cost of producing surfboards is $5,000 per month. The variable cost for producing 15 surfboards is $36,000 per month. The average cost of producing 15 surfboards in a month is ______.
The fixed cost of producing surfboards is $5,000 per month. The total variable cost of producing 15 surfboards is $36,000 per month. The average total cost of producing 15 surfboards in a month is (B)$2,733.33
What is Average Cost?Average cost is the total amount of all production costs divided by the quantity of output produced. This number is also known as average total cost or unit cost.
Average cost includes fixed costs, like those necessary for production, that remain the same no matter the output. Average cost also includes variable costs. which may increase or decrease according to output.
So, according the question,
Average Fixed Cost = $5,000
Average Variable Cost = $36,000
Average Total Cost = Average Fixed Cost + Average Variable Cost
= $5,000 + $36,000
= $41,000
Average Total Cost =Total Cost of Production/Quantity of Unit Produce
= $41,000 / 15
= $2,733.33
Hence, we can conclude that the Average Cost of producing 15 surfboards in a month is $2,733.33
Your question is incomplete, but most probably your full question was:
The fixed cost of producing surfboards is $5,000 per month. The variable cost for producing 15 surfboards is $36,000 per month. The average cost of producing 15 surfboards in a month is ______.
A)$333.33
B)$2,733.33
C)$2,400.00
D)$41,000.00
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Any part of an organization whose manager has control over and is accountable for cost, profit, or investments is a(n)
A responsibility center is any part of the firm whose manager has control over and is accountable for cost, profit or investment decisions of the part of the firm under his control.
What are the different types of responsibility center?
There are three types of responsibility center as listed below:
-Profit center
-Cost center
-Investment center
A cost center's manager is accountable for the profits of the division without been held responsible for its revenue and profits.
A profit center's manager would be accountable for revenue or sales and profit of the center as well as costs, in other words, the manager is expected to make decisions that minimize costs while also maximizing revenues and profits thereon.
Lastly, an investment center's manager would be able to take decisions bordering on costs reduction, revenue and profit maximization including whether or not to invest in new equipment or assets.
Overall, all of the aforementioned are known as responsibility centers, hence, the correct option is responsibility centers.
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XTen Enterprises has been holding system-wide group sessions lasting a few days during which participants identify trends and establish ways to adapt to those changes. X Ten is using ______.
X Ten is using future search conferences.
What are future search conferences?A Future Search conference allows a community or organization to present its vision for the future. It involves a huge number of players in a highly structured procedure.Participants begin by focusing on the past, creating a chronology of major events in the world, their own lives, and the history of the future search topic. Then, using mind mapping, they visualize everything that is relevant in the present, looking for trends and patterns.A future search conference assists a group of people in developing a series of future possibilities and agreeing on a plan of action, which is important since participants include those with the authority to make it happen.As X Ten Enterprises has been holding system-wide group sessions lasting a few days during which participants identify trends and establish ways to adapt to those changes.
Therefore, X Ten is using future search conferences.
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A salesperson should focus his or her sales resources on only one individual in the buying organization.​
A salesperson should focus his or her sales resources on only one individual in the buying organization.
The statement is false.
Top 5 skills for a career in sales:
Confidence - maintaining a positive mind-set.Resilience - communicating with conviction.Active listening - expertise in the customers' desires.Rapport building - promoting your personality.Entrepreneurial spirit - chronic self-development.The essential duty of a salesperson is selling. This responsibility consists of assembling the prospects, offering and demonstrating the goods, inducing the prospects to shop for, taking orders, and effecting income. a salesman needs to manual the customers in buying the products they want.
Your question is incomplete. Please read below to find the missing content.
A salesperson should focus his or her sales resources on only one individual in the buying organization.
True
False
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During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim
Kim can claim (A) $2,000.
What are assets?In financial accounting, an asset is any resource that a corporation or economic organization owns or controls. It is anything (tangible or immaterial) that can be utilized to generate positive economic value. Assets indicate the worth of ownership that may be transformed into cash (although cash itself is also considered an asset). A company's balance sheet details the monetary value of its assets. It protects money and other assets belonging to an individual or a corporation.To find how much Kim can claim:
The $1,000 loss on the business auto is an ordinary loss.Whereas the $1,000 loss on the stock investment is a capital loss. The $1,000 boat loss is personal and hence cannot be subtracted.Therefore, Kim can claim (A) $2,000.
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The question you are looking for is given here:
During the year, Kim sold the following assets: business auto for a $1,000 loss, stock investment for a $1,000 loss, and pleasure yacht for a $1,000 loss. Presuming adequate income, how much of these losses may Kim claim?
a. $2,000
b. $1,000
c. $0
d. $3,000
e. None of these choices are correct.
If the cpi was 240 in year 1 and 245.1 in year 2, what is the inflation rate between year 1 and year 2?
The inflation rate between years 1 and 2 is 2.13%
What is CPI?
CPI means consumer price index, the consumer price index measures the change in prices of a basket of goods and services from one period to another, like the change in prices or inflation rate from one year to another year.
The inflation rate can be expressed in the current year CPI divided by the prior year CPI as shown by the CPI formula shown below:
inflation rate=(CPI year 2/CPI year 1)-1
CPI year 2=245.1
CPI year 1=240
inflation rate=(245.1/240)-1
inflation rate=2.13%
The implication of the above computation is that the inflation rate between year 1 and year 2 is approximately 2.13% when rounded to 2 decimal places.
In other words, the prices of goods and services has increase by 2.13% on the average between the two years
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Ecological balance is the goal that assumes the global economy can achieve balanced economic conditions ___________________ .
Ecological balance is the goal that assumes the global economy can achieve balanced economic conditions and sustainable, living, plane balanced.
When an economy is in full employment and full production, one product can be produced more only if some other products are produced less. The point at the forefront of the productivity curve is that it is achievable and the economy is efficient.
An economic system is a means by which a society or government organizes and distributes the resources, services, and commodities available in a geographic region or country. The ecological balance system regulates factors of production such as land, capital, labor, and physical resources.
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Apple's products are well known and valued because the demand, customer loyalty, and company's price premium rank high in the consumer tech industry. This is an example of _______.
Apple's products are well known and valued because of the demand, and customer loyalty, and the company's price premium rank high in the consumer tech industry. This is an example of Brand Equity.
What is Brand Equity?A brand's intrinsic value, or the social value of a well-known brand name, is referred to as brand equity in marketing. Due to public perceptions that well-known companies' products are superior to those of lesser-known brands, the owner of a well-known brand name might profit more on brand recognition alone.Information economics and cognitive psychology have both been used to study brand equity in the research literature. Cognitive psychology holds that brand equity is dependent on consumer knowledge of the attributes and associations associated with the brand. A strong brand name serves as a reliable indicator of product quality for consumers who are only partially aware, and it also produces price premiums as a sort of return on branding investments, according to information economics.
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Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as
Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as Appurtenances.
What Is Appurtenance?
In real estate, an appurtenance is something that is installed in or sits on a property. It is something that is considered a part of the property, is sold with the property, and it is passed on to the new owners.
When we talk about appurtenances we are often talking about things that run with the land. Appurtenance originates from the word 'appertain,' which means to relate to, be appropriate, or applicable.
Before defining appurtenance,
What is Real Property ?In real estate, real property is defined as immovable or fixed property, any property attached to the land and even the land itself. This also includes permanent fixtures within the property, that are not personal property and easily moved.
Some common examples:
Exterior buildings (e.g., barn, shed)a fence.Inground pools.hot water heater.Ceiling fans.Window blinds (if installed).Fixtures (excluding trade fixtures).Cabinetry.Furnace.Existing crops.Oil or mineral rights.A shared driveway (with attached easement appurtenant).a tree.Water rights (given to an adjoining property).in-ground swimming pools.Easements.Appurtenances are important to understand as they can have an effect on landlord and tenant relations as well as that between buyer and seller.
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He financial failure of a firm is often due to multiple choice tight control of expenses. precise management of cash flows. overcapitalization. undercapitalization.
When a firm fails financially, this is often due to the problem of overcapitalization.
How can overcapitalization lead to business failure?When a company is overcapitalized, it means that they started off with a lot of investment from their owners. Some might think this is a good thing, but it is usually bad.
The reason it is bad for a firm is that it might lead to them setting goals that are too ambitious for a young firm and so they end of going through financial failure for being unable to meet target.
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Fernanda is a marketing professional who majored in marketing in college. She often feels like she's a demanding customer when she visits a restaurant, retail outlet, or other business, because she critiques the service she receives and hopes to be treated in such a way as to be satisfied and feel valued as a customer. Which of the following reasons to study marketing captures Fernanda's customer expectations?
a. Marketing plays an important role in society.
b. Marketing can be used in everyday life.
c. Marketing is important to business.
d. Marketing offers outstanding career opportunities.
In 2 or 3 sentences, explain the trend in consumption, investments, and gross domestic product. are these areas generally increasing or decreasing during these quarters? in 1or 2 sentences, explain if these trends show that expansionary monetary policy was effective beginning in 2010.
GDP are these areas generally increasing or decreasing during these quarters.
GDP: Therefore, GDP is defined by the following formula. It is shortened as GDP = consumption + investment + government spending + net exports, or GDP = C + I + G + NX. Here, consumption (C) represents the household's personal consumption expenditure. Non-profit group investment (I) refers to project costs.
Investment: The act or process of investing money for profit or significant consequences.
Investment is a dynamic component of gross domestic product (GDP) and is the only factor that enables increased domestic production and thus increased employment. It affects consumer and government spending, the latter through increased tax revenues quarters.
GDP measures the total market value (total) of all goods and services (products) produced in the United States (domestic) in a particular year. Compared to the previous period, GDP indicates whether the economy is expanding, producing more goods and services, shrinking, or producing less.
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True or false: one reason for the growth of sponsorships has been the need for companies to break through the clutter of advertising.
It is True that one reason for the growth of sponsorships has been the need for companies to break through the clutter of advertising.
What is the purpose of sponsorships in a firm?sponsorships is essential for the firm because it will help them to be able to sponsor their advertisement of their brand so as to bring more profit.
In this case, It is True that one reason for the growth of sponsorships has been the need for companies to break through the clutter of advertising.
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A program is being written by a team of programmers. One programmer is implementing a class called Employee; another programmer is writing code that will use the Employee class. Which of the following aspects of the public methods and fields of the Employee class does not need to be known by both programmers
The aspect that does not have to be known by the programmers would be How the methods are implemented.
What is a computer program?
This is the term that is used to refer to the sets of commands that are used to carry out special and specific functions on computers.
The both of them would not need to knwo how the methods are implemented.
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When manufacturing overhead costs are assigned to production in a process cost system, they are debited to.
When manufacturing overhead costs are assigned to production in a process cost system, they are debited to a work in process account.
What Is a Work-in-Progress (WIP)?Production and supply-chain management terms for partially finished goods that are awaiting completion include "work-in-progress" (WIP). Raw materials, labor, and overhead expenses expended for goods that are in different phases of manufacturing are referred to as "work in progress," or WIP.
On the balance sheet, WIP is a part of the asset account for inventory. The finished goods account receives these costs after which they are ultimately passed to the cost of sales.
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Behavioral economists suggest that consumers will be indifferent between a price of 99¢ and a price of $1.
a) true
b) false
The given statement is true.
This concept assumes that humans, given their preferences and constraints, are capable of making rational decisions by using efficaciously weighing the expenses and advantages of every alternative to be had them. The very last choice made will be the first-rate preference for the individual.
Behavioral financial specialists work to recognize the desires of their clients and expand unique commercial enterprise plans and solutions primarily based on psychology and marketplace studies. As a consultant, you could pick out a specialized zone such as health care or schooling and paintings either independently or as a part of a personal firm.
Behavioral economics combines factors of economics and psychology to apprehend how and why people behave the manner they do in the actual global. It differs from neoclassical economics, which assumes that the majority have well-described choices and make nicely-informed, self-fascinated selections based on those choices.
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The right of defaulted taxpayers to recover their property before its sale for unpaid taxes is the A) statutory right of reinstatement. B) equitable right of redemption. C) equitable right of appeal. D) statutory right of redemption.
The right of defaulted taxpayers to recover their property before its sale for unpaid taxes is the equitable right of redemption.
What is tax?Tax is a compulsory levy, imposed on an individual or a firm, by the government of a country. The primary purpose of taxation is that it allows the government to allocate resources.
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