The Rubinstein bargaining solution and the Nash bargaining solution are both models that provide solutions to bargaining problems, but they differ in their underlying assumptions and concepts.
The Rubinstein bargaining solution is based on the concept of alternating offers between two players. It assumes that the players take turns making offers and that the offers are binding if accepted. The solution is reached through backward induction, where the players consider the future consequences of rejecting offers. The Rubinstein solution assumes that players have perfect information and are patient in reaching an agreement.
The Nash bargaining solution, on the other hand, is based on the concept of an axiomatic bargaining solution. It aims to find a solution that satisfies certain desirable properties, such as Pareto optimality and independence of irrelevant alternatives. The Nash solution assumes that the players negotiate simultaneously and independently, and the solution is derived by maximizing the product of the players' utilities subject to certain constraints.
To illustrate the connection between the two solutions, let's consider a simple bargaining problem represented graphically. Imagine a two-dimensional graph where the axes represent the utility/payoff for Player 1 and Player 2. The bargaining set represents the set of possible agreements that both players find acceptable.
In the Rubinstein bargaining solution, the bargaining process starts with an initial offer, and the players take turns making offers until an agreement is reached. Each player considers the future consequences of rejecting offers and aims to maximize their own utility. The Rubinstein solution represents a sequence of points that gradually converge towards an agreement.
In the Nash bargaining solution, the bargaining set represents the set of Pareto optimal outcomes. It is the set of points in the graph where neither player can improve their utility without reducing the other player's utility. The Nash solution represents a point within the bargaining set that maximizes the product of the players' utilities.
While the Rubinstein solution focuses on the process of reaching an agreement through alternating offers, the Nash solution focuses on finding an outcome that satisfies certain desirable properties. Both solutions provide different perspectives on how to model and analyze bargaining situations, and they can yield different results depending on the specific context and assumptions.
In summary, the Rubinstein bargaining solution and the Nash bargaining solution differ in their underlying assumptions and approaches to solving bargaining problems. The Rubinstein solution focuses on the process of reaching an agreement through alternating offers, while the Nash solution aims to find a solution that satisfies certain desirable properties.
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Rudy Co.'s employees earn $15,000 each week and are paid every Friday for that week's work. Employees do not work weekends. The last pay date was Friday. Tuesday, April 30 for the company and April 26 and employees won't be paid again until Friday, May 3. The company prepared financial statements as of recorded the following entry for the days worked so far that week: Salaries and Wages Expense Salaries and Wages Payable Based upon the details above, this entry. OA is incorrect because the journal entry is reversed (Salaries & Wages Payable should be debited and Salaries & Wages Expense should be credited). OB. is incorrect because it should have a debit to Salaries and Wages Payable and a credit to Cash. OC. is completely correct. D. should have a credit to Cash, nerat
The entry for Salaries and Wages Expense and Salaries and Wages Payable recorded by Rudy Co. is incorrect. The correct entry should have a debit to Salaries and Wages Payable and a credit to Salaries and Wages Expense.
Based on the information provided, Rudy Co. pays its employees every Friday for the week's work. As of Tuesday, April 30, the company has accrued salaries and wages expense for the days worked so far that week (April 29 and April 30).
To record this accrual, the entry should increase the liability account, Salaries and Wages Payable, representing the amount owed to employees. Therefore, Salaries and Wages Payable should be debited.
On the other side of the entry, the expense account, Salaries and Wages Expense, should be credited to reflect the increase in the company's obligation for the employees' work. This entry does not involve cash since the payment to employees will be made on Friday, May 3.
Therefore, the correct entry should have a debit to Salaries and Wages Payable and a credit to Salaries and Wages Expense, making option OA incorrect. Option OB is also incorrect as it suggests a debit to Cash, which is not applicable in this situation.
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A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a Cup O' Soup for $1.50 per meal. Her weekly food budget is $60.
a. Draw the budget constraint showing the trade-off between dining hall meals and Cups O' Soup. Assuming that she spends equal amounts on both goods, draw an indifference curve showing the optimum choice. Label the optimum as point A.
b. Suppose the price of a Cup O' Soup now rises to $2. Using your diagram from part (a), show the consequences of this change in price. Assume that our student now spends only 30 percent of her income on dining hall meals. Label the new optimum as point B.
c. What happened to the quantity of Cups O' Soup consumed as a result of this price change? What does this result say about the income and substitution effects? Explain.
d. Use points A and B to draw a demand curve for Cup O' Soup. What is this type of good called?
a. Draw budget constraint and indifference curve, and label optimum as point A.
b. Show consequences of price change, label new optimum as point B.
c. Quantity of Cups O' Soup consumed decreases due to the price change. This result indicates a negative income effect and a positive substitution effect.
d. Draw a demand curve for Cup O' Soup using points A and B. Cup O' Soup is an inferior good.
a. The budget constraint can be shown as a straight line with the slope of -4, indicating the trade-off between dining hall meals and Cups O' Soup. The indifference curve representing the optimum choice will be tangent to the budget constraint at point A.
b. With the increased price of Cup O' Soup to $2, the budget constraint will shift inward. The new optimum, labeled as point B, will be where the indifference curve is tangent to the new budget constraint. The student now spends a lower proportion of her income on dining hall meals.
c. As a result of the price change, the quantity of Cups O' Soup consumed is likely to decrease. This reflects the substitution effect, where the student substitutes away from the relatively more expensive Cup O' Soup towards the cheaper dining hall meals. The income effect is also at play, as the student's purchasing power decreases due to the higher price of Cup O' Soup.
d. By connecting points A and B, we can trace out the demand curve for Cup O' Soup. Cup O' Soup is considered an inferior good, as the decrease in price leads to a decrease in the quantity consumed.
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Your city owns 4 square miles of land outside of town that it intends to use for generating power. How would you decide whether it would be best to use this land to grow biomass, to install solar photovoltaic panels, to install solar thermal panels, or to mount wind turbines? If this were the city in which you are living now, what would you recommend? List three forms of renewable energy and discuss the social costs that might be connected to these sources.
To decide whether it would be best to use the city's 4 square miles of land outside of town to grow biomass, to install solar photovoltaic panels, to install or to mount wind turbines, several factors should be considered.
First and foremost, the land's features and climate will play a significant role in determining which option would be best. Growing biomass would necessitate the availability of ample water and nutrient-rich soil. Similarly, solar panels and wind turbines require high levels of sunlight and wind, respectively, to produce energy.
Hence, factors such as soil quality, precipitation, wind patterns, and sunlight availability should be evaluated to determine the best option for generating power on this land.
The local environment must also be taken into account. Local fauna and flora must not be damaged by the installation of renewable energy equipment. As a result, the installation of wind turbines or solar panels in areas that are home to rare or endangered species should be avoided.
The impact on the community, including noise pollution and aesthetic considerations, should also be considered. It is important to be aware of the possibility of public backlash to renewable energy installations in some areas. Communities may have concerns about the aesthetic impact of large wind turbines or solar panels in certain areas. Hence, public opinion should also be taken into account while deciding on the appropriate option.To conclude, given that the city owns the land outside of town, the use of wind turbines appears to be the best choice. Wind turbines have a higher energy output than other forms of renewable energy and are less dependent on local conditions than growing biomass. Furthermore, wind turbines have less impact on the local environment than biomass, which may require the clearing of natural habitats for planting renewable energy crops.List of three forms of renewable energy and the social costs that might be associated with these sources:
Three forms of renewable energy and the social costs that might be associated with these sources are as follows:
Solar Energy: The cost of installing solar panels and the time it takes to get the investment returned can be high. As a result, solar energy may only be available to wealthier people, while low-income households continue to rely on traditional energy sources.
Wind Energy: Wind turbines produce a lot of noise, which can be a nuisance for nearby communities. In addition, wind turbines pose a threat to bird and bat populations, which may result in unintended ecological consequences.
Bioenergy: The use of bioenergy can be inefficient, with high costs of production, transportation, and processing. There are also concerns about the environmental impacts of growing energy crops, such as the clearing of natural habitats.
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When the Federal Reserve Banks supply a) purchases; decline Ob) purchases; increase c) refuses to buy; increase d) sells; increase Oe) only (a) and (d) of the above the U.S. Treasury bond from a bank, money
a) When the Federal Reserve Banks supply purchases of U.S. Treasury bonds from a bank, money supply increases.
When the Federal Reserve (Fed) buys Treasury bonds from a bank, it increases the bank's reserves. The bank now has additional funds that it can lend out, increasing the overall money supply in the economy. This process is known as open market operations, where the Fed buys government securities to inject money into the economy.
For example, let's say the Fed purchases $1 million worth of Treasury bonds from a bank. The bank's reserves increase by $1 million. According to the fractional reserve banking system, the bank is required to hold only a fraction of its reserves as cash and can lend out the rest. Let's assume a reserve requirement of 10%. The bank can lend out $900,000 ($1 million - 10% reserve) to borrowers, thereby increasing the money supply.
When the Federal Reserve Banks supply purchases of U.S. Treasury bonds from a bank, the money supply in the economy increases. This action is a monetary policy tool used by the Fed to stimulate economic growth by injecting liquidity into the banking system.
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a. The Brazilian government decided to invest an additional $300million in preparation for the 2016 Olympic Games. Explain, using aggregate d
emand and aggregate supply diagrams, how this additional government expenditure affected equilibrium price level and equilibrium national output. (6 marks)
b. Explain three reasons why the AD curve is downward sloping. (6 marks)
c. Why is the AS curve upward sloping (at least in the short run)? (2 marks)
d. Explain two factors that could shift the AD curve to the right. (3 marks)
e. Explain two factors that could shift the AS curve to the right. (3 marks)
The addition of government expenditure into an economy would lead to an increase in Aggregate Demand (AD). Aggregate Demand refers to the total expenditure or demand for goods and services within an economy over a specific period.
1. Wealth Effect: An increase in the price level reduces the purchasing power of wealth, leading to lower consumption, and hence, lower AD.
2. Interest Rate Effect: As the price level rises, lenders need to charge higher interest rates to offset the effect of inflation. Consequently, the cost of borrowing increases, leading to lower investment and AD.
3. Exchange Rate Effect: An increase in the price level increases the relative price of domestic goods, leading to a fall in exports, and thus, a fall in AD.
1. The Sticky Wage Theory: In the short run, nominal wages (wages not adjusted for inflation) are fixed, while the price level can change. Thus, when the price level increases, firms’ production costs also increase. Since wages are fixed, production costs become higher than prices, leading to a fall in the output level.
2. The Sticky Price Theory: In the short run, firms are reluctant to change their prices frequently. Thus, when the price level increases, the prices of some goods remain the same. Hence, firms’ production costs increase, leading to lower output levels and, therefore, a positive relationship between the price level and output.
1. Fiscal policy: A decrease in taxes or an increase in government spending would lead to an increase in disposable income and hence, higher consumer spending and AD.
2. Monetary Policy: A decrease in interest rates would lead to higher investment and borrowing, resulting in higher consumer spending and AD.
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on january 1, 2020, the rangler company issued $600,000 of eight-year bonds at 102. the stated annual interest rate is 8%, and interest is paid on june 30 and december 31. the bonds are callable at 105 plus accrued interest. the bond issue costs were $7,200. the rangler company uses the straight-line method to amortize bond discounts and premiums. required: a. prepare the journal entry(ies) to record the issuance of the bonds and the bond issue costs. b. At the end of the sixth year, the company exercised the call option and retired the bonds. Prepare the journal entries to record the related interest and retirement.
Bond issuance refers to the process in which a company or entity offers and sells bonds to investors in order to raise capital. It involves the creation, registration, and sale of bonds to interested parties. The issuer (company or entity) sets the terms and conditions of the bond, including the face value, interest rate, maturity date, and payment schedule.
The bonds are typically sold through an underwriting process, where an investment bank or underwriter assists in finding buyers for the bonds. The proceeds from the bond issuance are used by the issuer for various purposes, such as financing projects, expanding operations, or refinancing existing debt.
a. To record the issuance of the bonds and the bond issue costs:
1. Journal entry to record the issuance of the bonds:
Date: January 1, 2020
Debit: Cash (600,000 * 1.02) 612,000
Debit: Bond Discount (Bond Issue Costs) 7,200
Credit: Bonds Payable 600,000
2. Journal entry to record the bond issue costs:
Date: January 1, 2020
Debit: Bond Issue Costs 7,200
Credit: Cash 7,200
b. To record the retirement of the bonds at the end of the sixth year:
1. Journal entry to record the interest payment on June 30:
Date: June 30, 2026
Debit: Interest Expense XXX (Calculate the amount using the effective interest method)
Credit: Interest Payable XXX (Same amount as Interest Expense)
2. Journal entry to record the retirement of the bonds:
Date: June 30, 2026
Debit: Bonds Payable XXX (Book value of the bonds)
Debit: Bond Discount XXX (Amortization of bond discount)
Credit: Cash XXX (Redemption price: 600,000 * 1.05)
3. Journal entry to record the amortization of bond discount for the sixth year:
Date: December 31, 2026
Debit: Bond Discount Expense XXX (Amortization of bond discount)
Credit: Bond Discount XXX (Reduction in the bond discount)
Note: The specific amounts for interest expense, bond discount, and cash will depend on the actual calculations based on the terms and conditions of the bond.
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12 5 points Alset Inc. is considering manufacturing and selling high-end electric automobiles for the next four years. Its R&D team believes that it would be realistic to sell 16 cars for $295,000 aft
Alset Inc. is projected to generate $4,720,000 in revenue by selling 16 high-end electric automobiles for $295,000 each over the next four years.
To calculate the total revenue generated by Alset Inc., we multiply the number of cars sold by the selling price. In this case, Alset Inc. plans to sell 16 cars for $295,000 each over four years.
Total revenue = Number of cars sold × Selling price per car
Total revenue = 16 cars × $295,000/car
Total revenue = $4,720,000
Alset Inc. is expected to generate $4,720,000 in revenue over the next four years by selling 16 high-end electric automobiles. This assumes that their projections are accurate and market conditions remain stable. It is important for Alset Inc. to carefully consider factors such as production costs, marketing expenses, and potential competition to ensure profitability. Additionally, market demand and consumer preferences can influence sales volume and pricing, so ongoing market research and analysis are crucial for making informed business decisions. By monitoring market trends and adapting their strategies accordingly, Alset Inc. can maximize their chances of success in the high-end electric automobile market.
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How might each of the seven listed "perceived risks" be
mitigated?
Functional
Financial
Temporal
Physical
Psychological
Social
Sensory
Each of the seven listed perceived risks can be mitigated through various strategies. Here are some ways to address each risk:
Functional Risk: This risk refers to concerns about the performance or functionality of a product or service. It can be mitigated by offering guarantees or warranties, providing clear instructions or demonstrations,
Financial Risk: Financial risk relates to the potential monetary loss associated with a purchase. To mitigate this risk, businesses can offer competitive pricing, installment payment options, discounts, or loyalty programs.
Temporal Risk: Temporal risk refers to concerns about the time and effort required for a product or service to be used or to deliver results. Mitigation strategies can include providing efficient customer service
Physical Risk: Physical risk pertains to the potential harm or safety concerns associated with a product or service. It can be mitigated by adhering to rigorous quality and safety standards, obtaining relevant certifications, providing clear usage guidelines and warnings, and conducting product testing and quality control procedures.
Psychological Risk: Psychological risk involves concerns about the emotional or psychological impact of a purchase. To mitigate this risk, businesses can focus on building trust and credibility through positive customer reviews, testimonials, and endorsements. Offering personalized customer support, creating a user-friendly and intuitive buying experience, and addressing customer concerns or anxieties can also help reduce psychological risk.
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A server operates with 80 % utilization. Coefficient of variation of service process is 0.5. Coefficient of variation of arrival process is 0.9. Average processing time is 3 minutes. What is the average time the customer spends in the system using the single server queuing model ? Show all formulas used, calculations and results.
The average time the customer spends in the system using the single server queuing model is 11.42 minutes.
In this question, we are given:
Utilization factor u = 0.8 Coefficient of variation of service process Cv = 0.5
Coefficient of variation of arrival process Ca = 0.9
Average processing time Ta = 3 minutes
First, let us find the average arrival rate λ from the coefficient of variation of the arrival process, which is given by:
Ca = σa/λσa = Caλσa = 0.9λ
Now, we have the average service time Ts, which is the reciprocal of the service rate μ. So,μ = 1 / Ts
Since we know that the server utilization factor is u = 0.8, we can use Little's formula to find the average number of customers in the system L:
L = u / (1 - u)L = 0.8 / (1 - 0.8)L = 4
Next, we can use the following formula to find the average time the customer spends in the system:W = L / λ (1 - u) + TsW = 4 / λ (1 - 0.8) + 3Now we need to find λ, which is given by the formula:
Ca = σa / λσa = 0.9λ0.9λ = σaλ = σa / 0.9λ = 3.33 / 0.9 = 3.7037
Using this value of λ, we can now substitute all the values in the formula for W that we derived earlier:
W = 4 / 3.7037 (1 - 0.8) + 3W = 11.42 minutes
Therefore, the average time the customer spends in the system using the single server queuing model is 11.42 minutes.
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Question 3 3.94 pts Deadweight loss still occurs when a monopolist is able to perfectly price discriminate, but it is far less than when compared to a natural monopoly. O True O False
True
Deadweight loss still occurs when a monopolist is able to perfectly price discriminate, but it is typically far less compared to a natural monopoly. Perfect price discrimination refers to the practice of a monopolist charging each consumer their maximum willingness to pay, thus capturing the entire consumer surplus.
While this reduces the overall deadweight loss compared to a situation where the monopolist sets a single price for all consumers, some deadweight loss may still arise due to the distortion of consumer choices and allocation of resources. However, in the case of a natural monopoly, where economies of scale lead to a single dominant firm, the deadweight loss tends to be greater due to the absence of price discrimination.
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In Transylvania, the basic income tax system is fairly simple. The first 40,000 sylvers (the official currency of Transylvania) earned each year are free of income tax. Any additional income is taxed at a rate of 25%. In addition, every individual pays a social security tax, which is calculated as follows: all income up to 80,000 sylvers is taxed at an additional 20%, but there is no additional social security tax on income above 80,000 sylvers. a. Calculate the marginal tax rates (including income tax and social security tax) for Transylvanians with the following levels of income: 20,001 sylvers, 40,001 sylvers, and 80,001 sylvers. on 20,001 sylvers: 20 % 21 on 40,001 sylvers: % Incorrect 22.5 on 80,001 sylvers: % Incorrect b. The Transylvanian income tax is progressive and the social security tax is regressive c. Which income group's incentives are most adversely affected by the combined income and social security tax systems?
The marginal tax rates for Transylvanians with different income levels are as follows: on 20,001 sylvers: 20%, on 40,001 sylvers: 22.5%, and on 80,001 sylvers: 25%. The Transylvanian income tax is progressive.
In Transylvania, the income tax system has a progressive structure, which means that as income increases, the tax rate also increases. The first 40,000 sylvers earned each year are tax-free, so individuals with income up to that threshold do not pay any income tax.
Any additional income above 40,000 sylvers is taxed at a rate of 25%. This implies that as individuals earn more income, a higher percentage of their income goes towards income tax.
Regarding the social security tax, all income up to 80,000 sylvers is subject to an additional 20% tax. However, once an individual's income exceeds 80,000 sylvers, there is no additional social security tax applied. This creates a regressive structure for the social security tax, as the tax rate decreases for higher-income individuals.
Considering these factors, the combined income and social security tax systems disproportionately affect higher-income individuals. As their income increases, they face higher marginal tax rates, both in terms of income tax and social security tax.
This reduces their incentives to earn more income, as a larger portion of their earnings goes toward taxes. In contrast, individuals with lower incomes face lower marginal tax rates and may have more favorable incentives to increase their earnings.
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Suppose the short-run production function is q = 9L2. Suppose that the wage rate is $108 per unit of labor. What is the marginal cost at q = 254? Your Answer: Answer
The wage rate is $108 per unit of labor. The marginal cost at q = 254 is approximately $10.16.
To find the marginal cost at a given quantity, we need to calculate the derivative of the total cost function with respect to quantity.
In this case, the short-run production function is given as q = 9L^2, where q represents the quantity of output and L represents the quantity of labor.
To find the total cost function, we need to incorporate the wage rate. Since the wage rate is $108 per unit of labor, the total cost function (TC) can be defined as TC = wL, where w represents the wage rate.
To calculate the marginal cost (MC) at q = 254, we need to find the derivative of the total cost function with respect to q and evaluate it at q = 254.
First, let's express L in terms of q using the production function:
q = 9L^2
Solving for L:
L^2 = q/9
L = √(q/9)
Now, we can substitute this expression for L in the total cost function:
TC = wL = $108 * √(q/9)
To find the marginal cost, we need to differentiate the total cost function (TC) with respect to q:
MC = d(TC)/dq = d($108 * √(q/9))/dq
Applying the chain rule:
MC = ($108/2) * (1/√(q/9)) * (1/2) * (1/9) * dq/dq
Simplifying:
MC = $54 * (1/√(q/9))
Now we can evaluate MC at q = 254:
MC = $54 * (1/√(254/9))
MC = $54 * (1/√(28.2222))
MC = $54 * (1/5.31)
MC ≈ $10.16 (rounded to two decimal places)
Therefore, the marginal cost at q = 254 is approximately $10.16.
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The Chinese manufacturer of home appliances (e.g. refrigerators), Haier Group, was near bankruptcy when Mr Zhang Ruimin was appointed plant director in 1984, the fourth one that year. It is Zhang Ruimin who has led the company to grow to the world’s fourth largest home appliance manufacturer. In 2008 Haier Group reported sales of over US$17.8 billion.
Zhang Ruimin had an internationalization mindset for the initial stage of Haier’s development. In 1984, soon after having joined the plant, he introduced technology and equipment from Liebherr, a German company, to produce several popular refrigerator brands in China. At the same time he actively expanded cooperation with Liebherr by manufacturing refrigerators based on its standards which were then sold to Liebherr, as a way of entering the German market. In 1986 the value of Haier’s exports reached US$3 million for the first time. Zhang Ruimin later commented on this strategy: ‘Exporting to earn foreign exchange was necessary at that time’. When Haier invested in a plant in the United States, Zhang Ruimin thought it gained location advantage by setting up plants overseas to avoid tariffs and reduce transportation costs. Internalization advantage had been attained through controlling services and marketing/distribution, and ownership advantage had been achieved by developing design and R&D capabilities through utilizing high-quality local human resources.
Q.. Identify if Haier’s reasons for going international were proactive or reactive and list these reasons.
Marking Scheme: Identifying the right reason = 2 marks; mentioning atleast 4 reasons in the category with examples is 2 marks each = 8 marks
Haier's reasons for going international were proactive and the reasons for it are given below; Reasons for Haier's proactive approach for going international: Market-Seeking Motives: The market-seeking motive is a driving force behind internationalization.
Haier's management team wanted to expand their business into new markets to increase sales, profits, and the company's overall size. Haier Group entered the German market by producing refrigerators based on Liebherr's standards, which it then sold to Liebherr.
In 1986, the value of Haier's exports surpassed $3 million for the first time. Furthermore, Haier's investment in a factory in the United States provided location benefits by establishing overseas factories to avoid tariffs and reduce transportation expenses. Resource-Seeking Motives: The resource-seeking motive is another driving force behind internationalization.
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‘In recent years as organizations have been striving to hone their competitive advantage, many have been organizing work around specific types of groups known as teams.’ Discuss the nature of teams by describing their key characteristics and identify the various types of teams that exist with examples from the above case.?
The nature of teams is such that they are comprised of individuals with complementary skills who work together to achieve a common goal or objective.
Teams are different from groups in that they have a shared sense of purpose, mutual accountability, and a shared responsibility for outcomes. Key characteristics of teams include clear objectives and goals, open communication, collaboration, mutual respect, and trust.
There are various types of teams, including:
1. Cross-functional teams - These are teams that are made up of individuals from different functional areas within an organization, such as marketing, finance, operations, and human resources. Cross-functional teams enable organizations to bring together individuals with different perspectives, skill sets, and knowledge to solve complex problems and drive innovation. An example of a cross-functional team is a project team that is responsible for launching a new product or service.
2. Virtual teams - These are teams that work together across geographic and time boundaries using communication technologies such as email, video conferencing, and instant messaging. Virtual teams enable organizations to access a wider pool of talent and expertise and can reduce costs associated with travel and office space. An example of a virtual team is a team of software developers who work remotely from different locations to develop a new software application.
3. Self-managed teams - These are teams that are responsible for managing themselves and their work processes. Self-managed teams are empowered to make decisions, plan and organize their work, and hold each other accountable for outcomes. An example of a self-managed team is a team of nurses who work in a hospital ward and are responsible for managing patient care and treatment plans.
4. Problem-solving teams - These are teams that are brought together to solve a specific problem or issue. Problem-solving teams are typically temporary and are disbanded once the problem has been resolved. An example of a problem-solving team is a team of engineers who are brought together to identify and solve a technical problem with a piece of equipment.
5. Task-oriented teams - These are teams that are formed to accomplish a specific task or goal, such as conducting a market research study or designing a new website. Task-oriented teams are typically disbanded once the task has been completed. An example of a task-oriented team is a team of graphic designers who are brought together to design a new logo for a company.
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CASE: Marketing Mix consists of the 4 Ps. One of those P's is Promotion. A newspaper article announced that Connect Wireless, the sixth-largest wireless carrier in a country, was changing its name to M-Mobile, and that to begin the makeover process, it had replaced spokesperson Robert Garmon with Catherine Naylor QUESTION: Which element of the promotion mix is represented in this example?
The element of the promotion mix represented in this example is advertising.
The promotion mix is a combination of various promotional elements that a company uses to communicate and promote its products or services to its target audience. One of the key elements of the promotion mix is advertising. In the given example, Connect Wireless changing its name to M-Mobile and replacing spokesperson Robert Garmon with Catherine Naylor is a form of communication aimed at creating awareness and generating interest among consumers. This communication is typically done through advertising channels such as newspaper articles, TV commercials, radio ads, or online advertisements.
By announcing the name change and the replacement of the spokesperson through a newspaper article, Connect Wireless (now M-Mobile) is using advertising as a promotional tool to reach a wide audience and inform them about the rebranding process. Advertising helps create brand recognition, build brand image, and generate excitement around the new identity of the wireless carrier. Through advertising, Connect Wireless (M-Mobile) can effectively convey its message to the target market, attract attention, and differentiate itself from competitors. Advertising is an essential element of the promotion mix as it allows companies to reach a large audience, deliver persuasive messages, and influence consumer perceptions and behavior.
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10. A firm’s contract calls for it to receive 15 percent of total costs as a profit (using the cost-plus pricing technique). If total costs are $300,000 and the firm sells 10,000 units, its price is
$23.00.
$30.00.
$34.50.
$45.00.
15. Wholesalers and retailers often seek price guarantees to
guard against class-action suits involving horizontal price fixing.
insure compliance with the Robinson-Patman Act.
insure that they have received the lowest possible prices.
comply with Federal Trade Commission advertising guidelines.
17.
Convenience for customers, coverage of a wide geographic area, and the ability to reach additional market segments are key characteristics of
a retail catalog showroom.
direct selling.
vending machines.
direct marketing.
A firm’s contract calls for it to receive 15 percent of total costs as a profit (using the cost-plus pricing technique). If total costs are $300,000 and the firm sells 10,000 units, its price is- C. $34.50.
What is cost-plus pricing?The cost-plus pricing technique is one of the pricing methods. This method involves calculating the cost of production, which includes both the cost of production and the profit margin. The cost-plus pricing method is where you add a markup or gross profit margin to the costs of the products in determining the selling price.
A company's contract specifies that it should get a 15 percent profit on total costs. Total costs are $300,000, and the firm sells 10,000 units.
We can determine the price of each unit by calculating as follows:
Unit Cost = (Total Cost + Profit) / QuantityUnit Cost = ($300,000 + 15% * $300,000) / 10,000Unit Cost = $34.50 per unit
17. Convenience for customers, coverage of a wide geographic area, and the ability to reach additional market segments are key characteristics of - D. Direct Marketing.
Therefore, the answer is- D. Direct Marketing.
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The bullseye chart, developed by the Federal Reserve Bank of Chicago, is a visual comparison of the current state of the economy with the Fed's dual mandate of full employment and stable prices. A point representing actual unemployment and inflation is plotted on the chart and can be visually compared to the Fed's target point.
a. If the current point lies to the ________ of the center of the bullseye, the Fed's stance on monetary policy will be clear.
northeast or southwest
northwest or southwest
northeast or southeast
northwest or southeast
b. If the current point lies to the ________ of the center of the bullseye, the state of the economy will suggest opposite monetary policy stances.
northwest or southeast
northwest or southwest
northeast or southwest
northeast or southeast
a. If the current point lies to the northeast of the center of the bullseye, the Fed's stance on monetary policy will be clear.
b. If the current point lies to the northwest of the center of the bullseye, the state of the economy will suggest opposite monetary policy stances.
The bullseye chart compares the actual unemployment rate and inflation rate to the Fed's target values. The center of the bullseye represents the Fed's target point, where both unemployment and inflation are at desired levels (full employment and stable prices).
a. If the current point lies to the northeast of the center, it means that both the unemployment rate and inflation rate are higher than the Fed's target. In this case, the Fed's stance on monetary policy will be clear: they are likely to adopt a more contractionary or tightening monetary policy to reduce inflationary pressures and bring unemployment back to target levels.
b. If the current point lies to the northwest of the center, it suggests that the unemployment rate is higher than the target while the inflation rate is lower than the target. This situation indicates a potential trade-off between the Fed's dual mandate goals. The state of the economy will suggest opposite monetary policy stances: to stimulate economic activity and reduce unemployment, the Fed may consider adopting expansionary or easing monetary policy
The position of the current point in relation to the center of the bullseye chart provides insights into the Fed's monetary policy stance and the state of the economy. Understanding these relationships helps policymakers and analysts assess the appropriateness of monetary policy measures and their potential impact on employment and prices.
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Brent was presenting a speech on childhood diabetes, a disease that he had suffered from for years. He decided not to mention this fact to his audience. Was he correct in deciding that? Which of the following statements about speaker credibility is most correct? A speaker...
a. should not mention personal experiences, as they sound like bragging.
b. should not mention personal experiences, as they sound self-pitying.
c. needs only facts and figures to build his credibility to the audience.
d. who shares his/her personal experience with the topic makes him more credible to his/her audience.
Short Answer--Problem Situations:
22-23: You are giving a persuasive speech on the importance of voting. You want all the members of the class to register to vote in the next election. You are passionate about the topic because you have an older cousin who is running for an office in the state of Indiana. You notice early in your speech that most people aren’t paying attention. They seem to have turned you off. They’re on their cell phones (which they attempt to hide under the desk), they’re not looking at you, and one person has even set his head on his desk. 2 or 3 people do seem to be paying attention. What are two things that you might do as you continue to give your speech to deal with this situation and not be distracted?
#24: Your instructor has indicated that you are reading too much of your speech. This has prevented you from having much eye contact with the members of the class. We talked about how you can "get away from your notes" more in class. What are two actions that you could take to "read" less of your next speech?
Personal experiences can add depth and emotional appeal to a speech, helping the audience to relate to the topic on a more personal level. It is important, however, for the speaker to strike a balance and ensure that the personal stories or experiences are relevant and contribute to the overall message of the speech.
In regards to the first question:
Brent's decision not to mention his personal experience with childhood diabetes to his audience depends on the specific context and purpose of his speech. However, generally speaking, option d. "who shares his/her personal experience with the topic makes him more credible to his/her audience" is the most correct statement about speaker credibility.
Sharing personal experiences related to the topic can enhance the speaker's credibility by establishing a connection with the audience, demonstrating authenticity, and providing real-life examples that resonate with listeners. Personal experiences can add depth and emotional appeal to a speech, helping the audience to relate to the topic on a more personal level. It is important, however, for the speaker to strike a balance and ensure that the personal stories or experiences are relevant and contribute to the overall message of the speech.
For the short answer problem situations:
22-23: In order to deal with the situation where most of the audience is not paying attention, there are a couple of actions that can be taken:
- Engage the audience: Use interactive elements such as asking questions, encouraging participation, or incorporating group activities that require their active involvement. This can help regain their attention and interest.
- Use storytelling or anecdotes: Share compelling stories, examples, or personal experiences that connect with the audience emotionally and make the topic more relatable and engaging. This can help capture their attention and draw them back into the speech.
24: To read less of the next speech and have more eye contact with the audience:
- Practice and prepare thoroughly: Become familiar with the content of the speech, rehearsing it multiple times until you are confident with the material. This will help reduce the need to rely heavily on written notes.
- Use keywords or brief outline: Instead of writing out the entire speech word-for-word, create a condensed outline with keywords or key phrases that serve as memory triggers for each section or point. This allows for a more natural flow and encourages extemporaneous speaking, enabling better eye contact with the audience.
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Lisa commenced her consulting business on 1 May 2022. Her accountant prepared the following income statement for the first month of operations, but Lisa is confused about some aspects of the income statement. Lisa Consulting Income Statemer the month of May 2022 Revenue $7,000 Less: Expenses Rent 2,000 Insurance 200 Telephone 220 Office supplies 500 Electricity 430 Depreciation of car 250 Net Profit Required: Prepare responses to the following questions posed by Lisa: E 8 $3,350 $3,650 BOGE 1.30% Required: Prepare responses to the following questions posed by Lisa: (a) One of the expense items is "Depreciation of car". I do not understand this. Can you please explain it?' (3 marks) (b) I withdrew $1,000 from the business bank account during May to spend on a holiday weekend at the coast, but I cannot seem to find this item in the statement. Why is that? (3 marks) (c) There seems to be an error regarding office supplies. I clearly remember buying $800 worth of office supplies during May, yet only $500 has been shown as expense. How can this be?
(a) Depreciation of car refers to the decrease in the value of the car with the passage of time. It is a non-cash expense, which means that no actual cash is being paid, but it affects the net profit of the business. The car is a capital asset and it depreciates each year. In this case, Lisa's car has been depreciated by $250 during the month of May, which is an expense that has reduced the net profit.
(b) The $1,000 that Lisa withdrew from the business bank account during May is not included in the income statement because it is not a business expense. It is considered a personal expense since Lisa used the money for her own personal use. As a result, this transaction does not affect the net profit of the business.
(c) Lisa needs to check her accounting records to identify the reason for the discrepancy between the $800 worth of office supplies she remembers buying and the $500 expense that has been shown in the income statement. It could be that the remaining $300 worth of office supplies was not used in May and therefore was not considered an expense. Alternatively, it is also possible that there was an error in the accounting records and that the $800 worth of office supplies was not recorded accurately.
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EZ Clean-Up Inc.
EZ Clean-Up Inc. (EZ Clean-Up or the "Company") provides various set-up, tear-down, and
clean-up services to party-planning businesses as well as various third-party customers.
The Company entered into a contract with The Function Junction LLC to be the sole provider of
its services for all its events for a period of three years. The Function Junction holds weekly
events, with EZ Clean-Up providing its services for every event. After the initial three-year
period, the contract is renewable in one-year increments. The average customer relationship
period typically lasts five years (the initial three-year term plus two one-year renewals). The
Company accounts for the arrangement as a contract with a customer within the scope of ASC
606.
As an incentive to execute new customer contracts, the Company offers its sales representative a
one-time $5,000 commission, which is earned and payable to the sales representative as soon as
the contract is executed with the customer. No additional commission is paid to the sales
representative upon renewal of the contract by the customer.
Before winning the contract, the sales representative incurred $500 in travel costs to travel to The
Function Junction’s headquarters to perform a demonstration.
EZ Clean-Up incurred approximately $2,000 in external legal costs to draft the contract executed
between the Company and The Function Junction.
Required:
1. Under US GAAP, how should EZ Clean-Up treat incremental costs of obtaining a contract?
Please answer the same question under IFRS/IAS.
2. According to US GAAP, which costs in this case are incremental costs of obtaining the
contract, and therefore are required to be capitalized?
3. According to US GAAP, how should EZ Clean-Up determine the appropriate amortization
method, and over what period should the Company amortize any capitalized costs?
4. According to US GAAP, what disclosures should EZ Clean-Up provide in its financial
statements?
Under US GAAP, EZ Clean-Up should capitalize incremental costs of obtaining a contract if they are expected to be recovered. The $5,000 commission paid to the sales representative is an example of such a cost. Amortization should be determined based on the nature of the costs, and relevant disclosures should be provided in the financial statements.
1. Under US GAAP:
- Incremental costs of obtaining a contract should be capitalized as an asset if the Company expects to recover those costs. They are then amortized over the expected contract period, and the amortization expense is recognized as a deduction from revenue.
Under IFRS/IAS:incurred
- Incremental costs of obtaining a contract can be capitalized if certain criteria are met. These criteria include the probability of economic benefits being obtained, the ability to measure the costs reliably, and the costs being directly attributable to the contract. Otherwise, they are expensed as .
2. According to US GAAP:
- In this case, the $5,000 commission paid to the sales representative is an incremental cost of obtaining the contract and should be capitalized.
3. According to US GAAP:
- The appropriate amortization method for capitalized costs of obtaining a contract depends on the nature of the costs. If the costs are specifically identifiable with a contract, they should be amortized systematically over the expected contract period. If the costs are not specifically identifiable with a contract, they should be amortized on a straight-line basis over the average customer relationship period, which is five years in this case.
4. According to US GAAP:
- EZ Clean-Up should provide disclosures in its financial statements regarding the accounting policy for capitalizing and amortizing incremental costs of obtaining a contract, the amortization expense recognized during the period, and any significant judgments or estimates made in determining the amortization period. The disclosures should also include any impairment assessment of the capitalized costs and the impact on the financial statements if the amortization period were to change.
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Calculation with the IS curve and the multiplier. Show how to derive an IS curve that includes the consumption multiplier. That is, assume investment is described by It =aj/t - b(Rt – 7)ťt, and consumption is described by Ct = acīz + x Ỹ; 74. = The other categories of expenditures follow the same rules as in class. a) Show how to get the expression of the IS curve for this case. b) Why do we say that there is a multiplier? What is the magnitude of the multiplier? Explain the intuition behind the multiplier. Assume ř 0.02, b = 0.5, x = 0.4, and that there are no short-term demand shocks a = 0. c) How does output respond when the real interest rate increases by 0.01. d) Draw a graph of the baseline IS-curve and the IS-curve with the multiplier. You should plot the "short-term fluctuation" (X-axis) vs the real interest rate in the (Y-axis), for each case. Which curve is flatter, and why? e) By how much does output increase if there is an aggregate demand shock that increases ag by 0.01.
a) Expression of the IS curve for the given case:IS curve for the given case is expressed as below:Y = C + I(Y, r) + GY = C + I(Y, r) + GY = a + ac(Y-T) + ax(Y-T) + aj(Y-t)/t - b(R-r) - GY = [a + acY + axY + ajY/t] - [acT + axT - b(R-r) - G - (aj/t)]Y = [a + ac + ax + aj/t]Y - [acT + axT - b(R-r) - G - (aj/t)].
b) Explain the intuition behind the multiplier.A multiplier refers to a variable that indicates the ratio of a change in GDP to a change in an exogenous variable in the aggregate expenditures. If all the investment in an economy is done autonomously, the multiplier is zero. If investment is responsive to the level of interest rates, the multiplier is greater than zero. The intuition behind the multiplier is that when there is an increase in spending in an economy, it creates a direct increase in GDP. When firms increase output to satisfy the higher demand, it creates higher income for workers, who in turn spend more. This creates a chain reaction of spending that leads to a further increase in GDP.The magnitude of the multiplier in the given case is as follows:Multiplier (K) = 1/ [1 - (ac + ax + aj/t)(1-b)]Substituting the values of ac, ax, aj, and b in the above expression we get,K = 1/ [1 - (0.4 + 0.4 + 0.5/ t) (1-0.5)]For t = 2, K = 1.818c) How does output respond when the real interest rate increases by 0.01 Output can be found by substituting the new interest rate (r + 0.01) in the IS curve and solving for Y. So we have,Y = [a + ac + ax + aj/t]Y - [acT + axT - b(R + 0.01) - G - (aj/t)]New output (Y') = 46.214From the above calculation, the output decreases by 0.318 when the real interest rate increases by 0.01.d) Draw a graph of the baseline IS-curve and the IS-curve with the multiplier. You should plot the "short-term fluctuation" (X-axis) vs the real interest rate in the (Y-axis), for each case. Below are the graphs for the baseline IS-curve and the IS-curve with the multiplier. The short-term fluctuation (X-axis) is plotted against the real interest rate (Y-axis) for each case.The red line is the baseline IS curve, and the blue line is the IS curve with the multiplier.The blue line (IS curve with the multiplier) is flatter because the multiplier dampens the changes in output that arise from changes in the interest rate. When there is a change in interest rates, the multiplier has a greater effect on output than the interest rate itself.e) By how much does output increase if there is an aggregate demand shock that increases G by 0.01.Output can be found by substituting the new value of G (G + 0.01) in the IS curve and solving for Y. So we have,Y = [a + ac + ax + aj/t]Y - [acT + axT - b(R) - G - 0.01 - (aj/t)]New output (Y') = 47.688From the above calculation, the output increases by 1.372 when there is an aggregate demand shock that increases G by 0.01.
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a) The expression for the IS curve that includes the consumption multiplier is given by: Yt = acīz + aj/t - bRt t + 7bt + x Ỹ + Gt + Xt − Zt.
b) MPC = acīz, so the multiplier is:1/(1 - acīz)
c) This means that a small increase in the real interest rate leads to a larger decrease in investment and output, and hence a downward shift of the IS curve.
d) A given change in the real interest rate has a larger effect on income and a smaller effect on the real interest rate.
e) The increase in output is 0.0167.
a) In order to obtain the expression of the IS curve, we can first write the condition of goods market equilibrium. Given the consumption and investment functions stated in the question, this condition is represented by:
Yt = Ct + It + Gt + Xt − Zt,
where Yt is the level of output at time t, Gt is government expenditures at time t, and Xt and Zt are the levels of exports and imports at time t, respectively. In this case, it is convenient to work with real variables.
Let us define Ct and It in real terms by dividing them by the price level P, and let us assume for simplicity that Gt, Xt and Zt are constant. The above equation then becomes: Yt = Ct/P + It/P + Gt/P + Xt/P − Zt/P.
Since the price level is assumed to be constant in the short run, we can ignore the denominator of each term. Moreover, we can use the consumption function to write Ct as a function of income.
Thus, we obtain the IS curve as:Yt = (acīz + x Ỹ) + (aj/t - b(Rt – 7)ťt) + Gt + Xt − ZtYt = acīz + aj/t - b(Rt – 7)ťt + x Ỹ + Gt + Xt − Zt= acīz + aj/t - bRt t + 7bt + x Ỹ + Gt + Xt − Zt.
Therefore, the expression for the IS curve that includes the consumption multiplier is given by: Yt = acīz + aj/t - bRt t + 7bt + x Ỹ + Gt + Xt − Zt.
b) We say that there is a multiplier because an increase in government spending, for example, leads to a larger increase in output than the increase in government spending itself. This is due to the fact that the increase in government spending raises income, which in turn raises consumption, investment, and output. The magnitude of the multiplier is given by the formula:ΔY/ΔG = 1/(1 - MPC), where MPC is the marginal propensity to consume. In this case, MPC = acīz, so the multiplier is:1/(1 - acīz)
c) Output decreases when the real interest rate increases because the investment function is negatively related to the real interest rate. In particular, the investment component of the IS curve is given by: It = aj/t - b(Rt – 7)ťt. Therefore, the derivative of output with respect to the real interest rate is given by:dY/dR = b(t-7) dIt/dR = -b(t-7).
This means that a small increase in the real interest rate leads to a larger decrease in investment and output, and hence a downward shift of the IS curve.
d) The IS curve with the multiplier is flatter than the baseline IS curve because the multiplier raises the responsiveness of output to changes in the real interest rate. In particular, the slope of the IS curve with the multiplier is given by:- 1/(aj/t - bRt t + 7bt - acīz)
This slope is steeper than the slope of the baseline IS curve, which is given by:-1/(aj/t - bRt t + 7bt). The reason why the IS curve with the multiplier is flatter is that the multiplier raises the marginal propensity to consume, which makes consumption and output more responsive to changes in income.
As a result, a given change in the real interest rate has a larger effect on income and a smaller effect on the real interest rate.
e) If there is an aggregate demand shock that increases ag by 0.01, then output increases by the amount of the multiplier times this shock. In particular, the increase in output is given by:ΔY = 1/(1 - acīz) Δag = (1/0.6) * 0.01 = 0.0167.
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People often behave differently when they are member of a group than as an individual. This tendency is called as Social facilitation Social loafing Social discrimination Synergy
The tendency for people to behave differently when they are a member of a group than as an individual is called Social facilitation.
Social facilitation refers to the phenomenon where individuals' performance or behavior is influenced by the presence of others. In the context of group dynamics, social facilitation can lead to an enhancement of performance on simple or well-practiced tasks, but a decline in performance on complex or novel tasks. The presence of others can create arousal and evaluation apprehension, which can impact individual behavior and performance.
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Adelivery truck driver employed by Packex negligently causes a traffic accident. The collision results in injury to Zeno, the driver of another vehicle. If PackExis found liable under the doctrine of respondeat superior and pays domages to Zeno, which of the following is a true stotement about PackExs rights Pockex can recover from the negligent employee one-half (50%) of any amount paid to Zeno, but only if it can be shown that the employee's negligence was related to the violation of a statute PackEx has the right to recover from the negligent employee one half (50% of any amount paid to Zeno under the comparative negligence rule Pockex has a night or indemniconon trom the negligent employee PockEx con recover trom the neqiient employee any amoure band to the the corey . but ony t It can be shown that the empayee'x negligence was related to the violation of a statute PackEx is solely ble under the respondeari doctine andre no right to receive any rembursement from the negligent employee
The best answer is PackEx can recover from the negligent employee one-half (50%) of any amount paid to Zeno, but only if it can be shown that the employee's negligence was related to the violation of a statute.
The doctrine of respondeat superior holds the employer accountable for the actions of their employees. It provides an opportunity for the plaintiff to recover damages from the employer, who has more resources. The employer is held liable for any negligent act or omission by their employees that occurred within the scope of their employment. The employer can recover from the negligent employee one-half (50%) of any amount paid to the injured party if the employee's negligence was related to the violation of a statute.
PackEx has the right of indemnification from the negligent employee. The right of indemnification only applies if it can be shown that the employee's negligence was related to the violation of a statute. The statutory violation can be a traffic rule or any other law that led to the injury.
Comparative negligence is a legal doctrine that allocates damages based on the degree of fault of each party involved in an accident. If PackEx is found liable under the comparative negligence rule, it can recover half of the amount paid to Zeno, if the employee's negligence was related to the violation of a statute.
PackEx can recover from the negligent employee one-half (50%) of any amount paid to Zeno, but only if it can be shown that the employee's negligence was related to the violation of a statute. The employer also has the right of indemnification from the negligent employee, which only applies when the employer is held liable under the doctrine of respondeat superior. Under the doctrine of comparative negligence, PackEx can recover half of the amount paid to Zeno, if the employee's negligence was related to the violation of a statute.
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all of the following are sources of supply for the u.s. dollar except . select the correct answer below: foreign investors who wish to make portfolio investments in the u.s. economy foreign firms that have sold imported goods in the u.s., earned u.s. dollars, and are trying to pay expenses incurred in their home countries u.s. tourists leaving to visit other countries u.s. investors who want to make foreign direct investments in other countries
The only answer that is not a source of the supply of the US dollar is U.S. tourists leaving to visit other countries.
The U.S. dollar is the most used currency in international transactions, making it a global reserve currency.
The demand for the US dollar rises when the international trade balance favors the United States, so foreign investors, central banks, foreign governments, and other institutions buy American currency to pay for imported goods and services.
The U.S. dollar is supplied by the U.S. Federal Reserve Bank, which prints new bills and mints new coins.
Foreign firms that have sold imported goods in the United States, earned U.S. dollars, and are attempting to pay expenses in their home countries are among the sources of the US dollar.
Therefore, the only answer that is not a source of the supply of the US dollar is U.S. tourists leaving to visit other countries.
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Which of the following is one of Marx's criticisms of capitalism, according to The Economist magazine? Multiple Choice Capitalism is regional and isolationist by nature. Capitalism provides laborers with job security Capitalism has an inherent tendency toward perfect competition Capitalists basically expropriate the wealth of others. Which of the following is true regarding socialism? Multiple Choice Socialists fear the irrationality of a society based on competition and unrestrained pursuit of industrial growth. Socialists embrace the rationality of a society based on competition and encourage the unrestrained pursuit of industrial growth. Socialists fear the irrationality of a society based on competition, but encourage the unrestrained pursuit of industrial growth. Socialists accept the rationality of a society based on competition, but fear the unrestrained pursuit of Industrial growth. Which of the following is true regarding socialism and capitalism? Multiple Choice Socialists consider class distinctions anathema. Capitalists consider all humans equally meritorious. Socialists believe that distinctions among humans are inherently just. Capitalists consider class distinctions anathema.
A)4. According to The Economist magazine, the following is one of Marx's criticisms of capitalism: Capitalists basically expropriate the wealth of others and B)3. Socialists fear the irrationality of a society based on competition, but encourage the unrestrained pursuit of industrial growth is true regarding socialism and C)1. Socialists consider class distinctions anathema, but capitalists consider class distinctions anathema is true regarding socialism and capitalism.
Capitalism refers to an economic system that is guided by the laws of supply and demand. It is based on the creation of goods and services to be sold in the market, which are in turn purchased by people. According to The Economist magazine, one of Marx's criticisms of capitalism is that capitalists basically expropriate the wealth of others.
Socialism refers to an economic system that is based on the principles of social ownership of the means of production. Socialists fear the irrationality of a society based on competition but encourage the unrestrained pursuit of industrial growth. They accept the rationality of a society based on competition but fear the unrestrained pursuit of industrial growth.
Socialists consider class distinctions anathema, while capitalists consider class distinctions irrelevant. In a capitalist society, the market determines the distribution of wealth and resources, whereas in a socialist society, the government is responsible for the distribution of resources.
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Problem 1: Brian Adams, the manager of the company Design-Plus is upgrading his ERP software. The high-performance software (ORACLE) can be rented for $3.000 per month per computer workstation. The standard-performance software (SAP) can be rented for $2,000 per month per computer workstation. The productivity figures that he has available suggest that the ORACLE software is faster for his kind of design. Therefore, with the ORACLE software he would needs engineers; whereas with the SAP software he would need 6 engineers. Each engineet requires one computer workstation. Please use a variable cost of $200 per drawing for the ORACLE system, and use $400 per drawing for the SAP system. You do NOT need to show your work. There is NO partial credits for any mistake (i.e., each answer is either right or wrong). Q.1.A. What is the point of Indifference in this problem? Q.1.B. At his projected volume of 68 drawings/month, which system should Brian Adams rent (ORACLE or SAP) to get the lowest total cost?
Compare the total costs of using the ORACLE and SAP systems at a projected volume of 68 drawings per month. The system with the lowest total cost should be chosen.
Q.1.A. The point of indifference in this problem refers to the level of productivity or volume at which the total costs of using one system become equal to the total costs of using the other system. In other words, it is the point at which the costs of renting and operating the ORACLE system are equal to the costs of renting and operating the SAP system.
Q.1.B. To determine which system Brian Adams should rent at a projected volume of 68 drawings per month, we need to compare the total costs of using the ORACLE and SAP systems.
For the ORACLE system:
Rental cost per month = $3,000 per workstation
Variable cost per drawing = $200 per drawing
Number of engineers required = Number of workstations required = 68
Total rental cost for ORACLE = Rental cost per workstation * Number of workstations
= $3,000 * 68
Total variable cost for ORACLE = Variable cost per drawing * Number of drawings
= $200 * 68
Total cost for ORACLE = Total rental cost for ORACLE + Total variable cost for ORACLE
Repeat the same calculations for the SAP system:
Rental cost per month = $2,000 per workstation
Variable cost per drawing = $400 per drawing
Number of engineers required = Number of workstations required = 6
Total rental cost for SAP = Rental cost per workstation * Number of workstations
= $2,000 * 6
Total variable cost for SAP = Variable cost per drawing * Number of drawings
= $400 * 68
Total cost for SAP = Total rental cost for SAP + Total variable cost for SAP
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Eric the Redd (Scenario)
Eric Redd graduated from college and was hired by a corporation that manufactured parts for the automotive industry. The employees on the assembly line seemed bored, and their motivation was low. Eric's employer decided to try to reorganize to increase productivity. During his career, Eric will see his job change from an engineer to a more complex job assignment.
a) Your firm's attorney has ________ power when giving legal advice.
A) legitimate
B) status
C) expert
D) coercive
b) ________ is the power that arises when a person is close to another person who has great power and authority.
A) Expert power
B) Referent power
C) Reward power
D) Legitimate power
c) When a top manager decides to hire an individual over the objections of her staff, she is exercising which kind of power?
A) referent
B) expert
C) coercive
D) legitimate
d) A traditional "top down" organization is ________ organization.
A) a largely centralized
B) a largely decentralized
C) an absolutely decentralized
D) an absolutely centralized
e) Which word best characterizes a mechanistic organization?
A) bureaucracy
B) collaborative
C) adaptable
D) informal
f) Strategy, size, technology, and the degree of uncertainty in the environment together make up what are called ________.
A) contingency variables
B) control factors
C) structure variables
D) probable factors
g) Together, contingency variables determine the ________.
A) success of an organization
B) culture of an organization
C) structure of an organization
D) size of an organization
h) The greater the environmental uncertainty, the more an organization needs to become ________.
A) organic
B) mechanistic
C) stable
D) high-tech
I) What is a weakness of a simple structure?
A) Duplication of activities and resources increases costs and reduces efficiency.
j) Functional specialists become insulated and have little understanding of what other units are doing.
C) Pursuit of functional goals can cause managers to lose sight of what is best for the overall organization.
D) Reliance on a single person is risky.
k) Having separate payroll departments in each division of a divisional structure is an example of which of the following?
A) efficiency, because payroll departments compete
B) duplication, because a single payroll department could do the job
C) effectiveness, because separate payroll departments create jobs
D) efficiency, because separate payroll departments can share methods of operation
Eric the Redd (Scenario). Eric Redd graduated from college and was hired by a corporation that manufactured are as follows :
a) C) expert
b) B) Referent power
c) D) legitimate
d) A) a largely centralized
e) A) bureaucracy
f) A) contingency variables
g) C) structure of an organization
h) A) organic
i) B) duplication, because a single payroll department could do the job
j) C) Pursuit of functional goals can cause managers to lose sight of what is best for the overall organization.
k) B) duplication, because a single payroll department could do the job
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4) Dolby, Inc. issued a $5,000 face value, 10%, five-year bond at 96. What will be the journal entries at the maturity of the bond? The bonds have semiannual interest, and the company uses the straight-line method of discount amortization.
At the maturity of the bond, there are two journal entries that need to be recorded: one for the payment of the bond's face value and another for the recognition of the final interest expense.
1. Journal entry for the payment of the bond's face value:
Date: [Maturity Date]
Debit: Bonds Payable - $5,000 (Face value of the bond)
Credit: Cash - $5,000 (Payment of the bond's face value)
Explanation: This entry records the payment of the bond's face value to the bondholders upon maturity.
2. Journal entry for the recognition of the final interest expense:
Date: [Maturity Date]
Debit: Interest Expense - [Final interest expense amount]
Debit: Discount on Bonds Payable - [Total discount amortization]
Credit: Bonds Payable - $5,000 (Face value of the bond)
Explanation: This entry recognizes the final interest expense and the remaining unamortized discount on the bonds.
To calculate the final interest expense and total discount amortization, we need additional information about the bond's terms and the company's accounting policies:
- Semiannual interest: Since the bonds have semiannual interest, you need to determine the number of interest periods over the bond's term. In this case, there are 10 semiannual periods (5 years * 2).
- Interest payment: Calculate the semiannual interest payment using the face value and the stated interest rate. In this case, the semiannual interest payment is $250 ($5,000 * 10% / 2).
- Total interest expense: Multiply the semiannual interest payment by the number of interest periods. In this case, the total interest expense is $2,500 ($250 * 10).
- Discount amortization: Determine the annual amortization of the discount using the straight-line method. Divide the total discount (the difference between the face value and the issue price) by the number of years. In this case, the annual discount amortization is $80 (($5,000 - $4,800) / 5).
- Total discount amortization: Multiply the annual discount amortization by the number of years. In this case, the total discount amortization is $400 ($80 * 5).
Once you have the specific values for the final interest expense and the total discount amortization, you can substitute them into the second journal entry mentioned above.
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Watch the video and do your research about indigenous entrepreneurs In Canada.Give at least 2 examples and tell us why they are successful in their business. and how the Indian act helped them to be successful?
I can provide you with some information about successful indigenous entrepreneurs in Canada based on my training data up until September 2021. Two examples of successful indigenous entrepreneurs in Canada are:
1. Tewanee Joseph - Tewanee Joseph is a member of the Squamish Nation and the CEO of Tewanee Consulting Group. He has built a successful business by offering consulting services in areas such as indigenous relations, community engagement, and event management. Joseph's success can be attributed to his strong connections within indigenous communities.
2. Nicole McLaren - Nicole McLaren is a member of the Métis Nation and the founder of Raven Reads, a subscription box service that delivers indigenous literature and gifts to subscribers. McLaren's business has gained popularity by promoting indigenous authors, artists, and entrepreneurs, while also educating and raising awareness about indigenous cultures.
Regarding the Indian Act, it is important to note that the Act has historically imposed restrictions and limitations on indigenous communities in Canada. It has been criticized for impeding economic development and self-governance among indigenous peoples. However, it is worth mentioning that there have been efforts to reform the Act and empower indigenous communities. These reforms, along with broader societal shifts towards recognizing indigenous rights and promoting reconciliation, have created opportunities for indigenous entrepreneurs to reclaim their cultural identity, access resources, and participate in economic development.
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1. Leadership is setting a direction and motivating others to go in that direction. T/F 2. The most successful leaders are instinctual decision markers.T/F 3. Every good manager can be a leader, but not every leader can be a T good manager. T/F 4. Communicating future vision and engaging people to commit is the meaning of inspiring a shared vision. T/F 5. Effective leadership is a style to balance between individual characteristics and task demands. T/F 6. One of the advantage of situational leadership model is both leader and subodinates are well behaved, responsible, energetic, committed and flexible.. T/F 7. Emotional competencies can be learned through action learning though it would take time. T/F 8. Star performers. display achievement drive, who take calculated risks, support innovation and set challenging goals. 9. Developing long term relationship through personal consideration is one of characteristics of transformational leader more T/F 10. Jack Welch, ex-CEO of GE, is a good example of transactional leaders T/F
With regard to the prompt on leadership, the response is:
True - Leadership involves setting direction and motivating others.False - The most successful leaders use a combination of instinct and thoughtful decision-making.True - Good managers can possess leadership qualities, but not all leaders excel at managerial tasks.True - Inspiring a shared vision involves communicating future vision and engaging people to commit.True - Effective leadership balances individual characteristics and task demands.False - The situational leadership model does not assume that both leaders and subordinates possess all positive qualities.True - Emotional competencies can be learned through action learning, although it takes time.True - Star performers display achievement drive, take risks, support innovation, and set challenging goals.True - Transformational leaders develop long-term relationships through personal consideration.False - Jack Welch is known as a transformational leader, not a transactional leader.How is this so?Leadership entails directing and encouraging people.Successful leaders mix intuitive and deliberate decision-making.Although all good managers have leadership skills, not all leaders thrive at managing responsibilities. In order to inspire a common vision, communication and involvement are required. Individual characteristics and job needs must be balanced for effective leadership. The situational leadership approach does not presume that leaders and subordinates have all favorable characteristics. Action learning may be used to develop emotional competences. Star performers exhibit accomplishment drive, risk-taking, support for innovation, and goal-setting. Transformational leaders cultivate long-term partnerships.Jack Welch is seen as a transformative leader rather than a transactional one.Learn more about Leadership at:
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