To begin with, in the retail industry, it is important to understand the customer's needs. To do this, it is necessary to consider macro-environmental factors such as economic, technological, political, and social trends. Understanding the trends can help to identify opportunities, threats, and gaps that exist in the market. Once these are identified, a trend funnel can be created to guide idea generation through the process.The trend funnel is made up of four stages: spotting, selecting, shaping, and sharing. Spotting is the initial stage of the trend funnel, and it involves identifying potential trends that are relevant to the retail industry. This can be done by scanning industry reports, trade journals, and blogs, as well as monitoring social media and other online platforms.
Selecting is the second stage, and it involves choosing the most relevant trends to focus on. This requires careful consideration of factors such as market size, growth potential, and competition.Shaping is the third stage of the trend funnel, and it involves transforming the selected trend into a specific idea for a new product or service. This requires brainstorming, research, and collaboration with stakeholders to refine the idea. Finally, sharing is the last stage of the trend funnel, and it involves disseminating the idea to relevant stakeholders for feedback and further refinement. By using the trend funnel framework, it is possible to develop innovative ideas that address the needs of customers and meet the demands of a post-COVID retail industry.
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. By hand, draw any strictly concave (i.e. strictly risk averse) utility function u [0, 2000] → R. Answer each of the following questions using the graph you have just drawn. (a) In each of the following comparisons, identify the gamble that is more highly preferred, and illustrate your reasoning geometrically. i. $1,000 for sure vs. [(500; 0.5), (2, 000; 0.5)]. ii. $1,000 for sure vs. [(800; 0.5), (2, 000; 0.5)]. (b) Identify the certainty equivalent to each of the following gambles, and in each case illustrate your reasoning geometrically. i. p= [(1,000; 0.5), (2,000; 0.5)]. ii. q = [(500; 0.8), (1,000; 0.2)].
A risk-averse individual will prefer a gamble with a certain outcome over a gamble with an uncertain outcome, even if the expected value of the uncertain outcome is higher. This is because the risk-averse individual would rather have a guaranteed outcome than take a chance on losing money.
In the first question, the gamble with a certain outcome of $1,000 is preferred to the gamble with a 50% chance of winning $500 and a 50% chance of winning $2,000. This is because the risk-averse individual would rather have the guaranteed $1,000 than take a chance on losing money. The same logic applies to the second question. The gamble with a certain outcome of $1,000 is preferred to the gamble with a 50% chance of winning $800 and a 50% chance of winning $2,000.
The certainty equivalent of a gamble is the amount of money that would make the individual indifferent between the gamble and a certain outcome. In the first question, the certainty equivalent of the gamble is $1,000. This is because the individual would be indifferent between receiving $1,000 for sure and playing the gamble. The same logic applies to the second question. The certainty equivalent of the gamble is $1,000.
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1. The Endangered Species Act is considered one of the most stringent forms of environmental
protection. Why is this the case? (Consider whether or not the Act relies on cost v. benefit
analysis).
2. The controversy is often referred to as owls v. jobs. What is an argument in favor of protecting
the owls? What is an argument in favor of protecting logging jobs? Which argument do you
find more persuasive?
3. Apply the following ethical frameworks to the controversy and indicate how that framework
would resolve the dispute in an ethical manner:
a. Egoism
b. Utilitarianism
c. Kant’s Categorial Imperatives
4. The spotted owl numbers have continued to decline. Reasons for this include the government’s
decision to allow some logging in their critical habitat and the arrival of an invasive species, the
barred owl, which is aggressive toward spotted owls. Should the EPA continue to take actions to
protect the spotted owl? Explain.
The Endangered Species Act is considered one of the most stringent forms of environmental protection because it prioritizes the conservation of endangered and threatened species. The Act does not rely solely on cost vs. benefit analysis when determining protections for species. Instead, it places a strong emphasis on preserving biodiversity and preventing extinction, considering the intrinsic value of species and their ecological roles.
An argument in favor of protecting the owls is that they are an integral part of the ecosystem and have an inherent right to exist. They contribute to biodiversity and help maintain the health of forests. On the other hand, an argument in favor of protecting logging jobs is that they provide economic benefits to local communities and support livelihoods. The perceived importance of each argument may vary based on personal values and priorities.
Applying ethical frameworks:
a. Egoism: Egoism prioritizes self-interest. In this context, it could lead to a resolution favoring the protection of logging jobs if one's self-interest is primarily economic. However, it could also support protecting the owls if individuals derive personal satisfaction or believe in the moral obligation of conserving species.
b. Utilitarianism: Utilitarianism seeks the greatest overall happiness or well-being for the majority. In this case, it would involve weighing the benefits and harms of protecting the owls versus protecting logging jobs. The resolution would depend on the perceived overall net happiness or well-being generated by either choice.
c. Kant's Categorical Imperatives: Kantian ethics emphasize the importance of moral duty and universal principles. Resolving the dispute ethically using this framework would involve considering principles such as preserving biodiversity and preventing species extinction, as well as ensuring fairness and livelihoods for communities affected by logging.
Whether the EPA should continue taking actions to protect the spotted owl depends on various factors. While logging and the arrival of the barred owl have contributed to the decline in spotted owl numbers, the conservation of endangered species is a crucial aspect of environmental protection. The EPA should consider a holistic approach, which may involve implementing measures to mitigate the impacts of logging and address the threat from the barred owl. The ultimate decision should prioritize the long-term conservation of the spotted owl while also considering the socio-economic factors associated with logging activities.
The Endangered Species Act is stringent in its protection of endangered species, prioritizing their conservation over cost vs. benefit analysis. The controversy between protecting owls and logging jobs involves arguments for preserving biodiversity and supporting local economies. Resolving the dispute ethically requires considering various ethical frameworks, such as egoism, utilitarianism, and Kant's categorical imperatives. The EPA should continue to take actions to protect the spotted owl, considering the decline in numbers and implementing measures to address the contributing factors while balancing environmental and socio-economic considerations.
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"Positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors. In order to position products or brands, companies may emphasize the distinguishing features of their brand (what it is, what it does and how, etc.) or they may try to create a suitable image (inexpensive or premium, utilitarian or luxurious, entry-level or high-end, etc.) through the marketing mix. Once a brand has achieved a strong position, it can become difficult to reposition it."
"Positioning is something (a perception) that happens in the minds of the target market whereas differentiation is something that marketers do, whether through product design, pricing or promotional activity."
Are these quotes saying the same thing? If so, why do you believe so? If not, why do you think not? Which of the quotes is right? And why? Is repositioning really "very difficult"? Please share your opinion with the class.
The two quotes are not saying the same thing. They are both discussing different concepts.
The first quote is discussing the process of positioning in relation to brands and products in the minds of the customers. It explains how companies create a distinctive image for their brand through the marketing mix to distinguish their brand from the competitors. It also notes that once a brand has achieved a strong position, repositioning it can be difficult.
On the other hand, the second quote is discussing the difference between positioning and differentiation. It notes that positioning is a perception that occurs in the minds of the target market, while differentiation is something that marketers do through product design, pricing, or promotional activity. Therefore, it is evident that the two quotes are discussing different concepts.
In this case, neither quote is right or wrong because they are discussing different things. The first quote is right when discussing the concept of positioning while the second quote is right when discussing the difference between positioning and differentiation.
Finally, it is true that repositioning a brand can be difficult because customers have already formed an image or perception of the brand in their minds, and changing this perception can be challenging. Repositioning may involve changing the price, image, or target market, among other things. It is not impossible to reposition a brand, but it can be difficult, especially when the brand has a strong position in the market.
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OB Topic Overview (approx. 300 words) In this section you will use your own words to describe what you have learned from the OB topic assigned to you. It is critical to integrate OB concepts learned about your topic area and bold all OB concepts explored in this section. You can reference your textbook using proper in text citations. In this section it is important to demonstrate your understanding about the OB topic assigned to you by reflecting on your thoughts, reactions and perspective on the topic area. Section 2: Application with Real Life Example (approx. 250 words) In Section 2 you will describe a real-life experience that relates to your OB topic. This can be your own experience in an organization, or the experience of a family member, friend or colleague. It is important to establish clear connections between your example and your OB topic by connecting in OB concepts into your real-life example. It is required that you bold the OB concepts so that you can visibly see you are connecting enough concepts into you paper. Section 3: Recommendations (approx. 250 words) In this section identify two recommendations that apply to your example. The recommendations outline strategies you would recommend for the example you shared (this could include improvements, continuing good practices etc). The recommendations should have OB concepts linked in and clearly outlined the connection to our learning. The OB concepts you connect can be from anything learned to date in class and OB concepts must be bolded to demonstrate your learning. Resources: The resources for this assignment are e-text, own experiences and class learning materials (for class learning cite the week and the source). The use of other resources is not acceptable and your assignment will go through Turnitin to check for plagiarism.
Culture is the pattern of shared values, beliefs, and assumptions that develops within an organization and influences the behavior of its members. It is an important component of organizational behavior as it affects the organization's performance, employees' job satisfaction, and the attraction and retention of employees.
In an organization, culture sets the tone for how members interact with one another and how work is completed. It includes norms, values, and beliefs that drive employee behavior in the organization. Culture is the personality of the organization and is responsible for how employees behave, interact and perceive their workplace. In order to have a positive organizational culture, leaders must work to create an atmosphere that promotes teamwork, inclusion, and respect.
Real Life Example:During my college days, I was part of a student organization that had a positive organizational culture. In our organization, there was a sense of community and collaboration among members. Members were encouraged to voice their opinions and share ideas. Our organization was built on the principle of equality, where everyone had an equal say in decision-making. The executive board members were always available to answer any questions and offer support to members.
It was evident that the executive board members cared about the well-being of members. They regularly held social events to encourage members to socialize and build relationships. One of the unique things about our organization was the annual community service event that we organized. Each year, we organized an event where we partnered with a local charity to give back to the community. As a member of the organization, I felt that my opinions and contributions were valued. The sense of community within the organization motivated me to work hard and contribute towards the success of the organization.
Recommendations:In order to promote a positive organizational culture, leaders should focus on creating a culture of respect and inclusion. This can be achieved by setting expectations, modeling the desired behaviors and rewarding employees who exhibit these behaviors. One recommendation would be to establish regular feedback mechanisms, such as surveys, to gather employee feedback on the organizational culture. This feedback can then be used to make improvements to the culture.
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4. Which one of the following newspaper quotations describes a shift to the left of the potential GDP curve? A) "The decrease in consumer spending may lead to a recession. B) "The increase in consumer spending is expected to lead to inflation, without any increase in real GDP." C) "Recent higher wage settlements are expected to cause higher inflation this year." D) "The recent tomadoes destroyed many factories in Calgary and Edmonton."
The newspaper quotation that describes a shift to the left of the potential GDP curve is option
A) "The decrease in consumer spending may lead to a recession. "A recession is a macroeconomic concept that arises when there is a fall in the Gross Domestic Product (GDP) of a country. GDP is the value of all final goods and services produced within the geographical boundary of a country in a specific period. When GDP falls for two consecutive quarters, it is known as a recession. The potential GDP curve refers to the level of GDP that the economy can produce when operating at full capacity.
The potential GDP curve shows the maximum output that can be produced in the long run. Any point on this curve is called the potential output or full employment level of output. A shift to the left of the potential GDP curve indicates that the maximum amount of goods and services that an economy can produce has decreased. A shift to the right of the potential GDP curve shows an increase in the maximum production capacity of the economy.
Option A) "The decrease in consumer spending may lead to a recession" describes a shift to the left of the potential GDP curve.
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From the 4 facility layouts used today in service operations
(Product, Process, Cellular, Fixed ) which one a bank branch
(physical location) uses ? and Why ?
The cellular layout is the best choice for bank branches because it is economical, efficient, and promotes better coordination between departments.
Out of the 4 facility layouts used today in service operations (Product, Process, Cellular, Fixed), a bank branch (physical location) uses a Cellular Layout. Cellular Layout is a configuration where the facilities are organized in a way that groups various process components into cells. This layout focuses on improving the flow of work between departments. This layout is particularly useful in a bank because it helps to provide better customer service.
Efficient communication can be done between various departments. Creates a better work environment for the employees. Banks require excellent coordination between departments for smooth functioning. Cellular Layout promotes flexibility, allowing quick adjustments when required. This helps banks to cope with changing trends in the banking industry. Overall, the cellular layout is the best choice for bank branches because it is economical, efficient, and promotes better coordination between departments.
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A country with a free-floating exchange rate policy, free international capital mobility and full employment output is currently in real, monetary and external equilibrium. The government of that country then decides to cut government spending. In the end, assuming that nothing else has been changed, what can we expect to see in the short run when the economy reaches a new real, monetary and external equilibrium point? a. Same interest rate, appreciated domestic currency, lower aggregate product, lower domestic price level. b. Lower interest rate, depreciated domestic currency, lower aggregate product, lower domestic price level. c. Higher interest rate, appreciated domestic currency, higher aggregate product, higher domestic price level. d. Same interest rate, depreciated domestic currency, same aggregate product, same domestic price level. e. None of the alternatives is correct.
Based on the given information, if the government of a country with a free-floating exchange rate policy, free international capital mobility, and full employment output decides to cut government spending, we can expect to see the following changes in the short run when the economy reaches a new real, monetary, and external equilibrium point:
b. Lower interest rate, depreciated domestic currency, lower aggregate product, lower domestic price level.
Here's the explanation for each element:
1. Lower interest rate: When the government cuts spending, it leads to a decrease in aggregate demand. To stimulate economic activity, the central bank may lower interest rates to encourage borrowing and investment.
2. Depreciated domestic currency: A decrease in government spending can have a contractionary effect on the economy, leading to lower demand for the domestic currency. This can result in a depreciation of the domestic currency in the foreign exchange market.
3. Lower aggregate product: With reduced government spending, there is less overall demand in the economy, which can result in a decrease in the level of aggregate output or production.
4. Lower domestic price level: The decrease in government spending can contribute to a decline in overall demand and economic activity. This can put downward pressure on prices, leading to a lower domestic price level.
Therefore, option b is the most accurate representation of the changes we can expect in the short run when the economy reaches a new real, monetary, and external equilibrium point after the government cuts spending.
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Use the discussion to discuss the degree predictions in the Reich video accurately or inaccurately reflected outcomes achieved by the federal government economic conditions in the years from 2019 to 2016
In the Reich video, the degree predictions accurately reflected the outcomes achieved by the federal government economic conditions in the years from 2016 to 2019.
The Reich video focused on how the US economy is becoming highly unequal. For the first time since the Great Depression, the majority of Americans do not believe in the idea of the American dream. The American dream is no longer achievable for many people in the United States, which has caused a significant amount of social and economic issues.
The video accurately predicted that the federal government's economic policies would create a wide income gap between the rich and the poor. The video claimed that the tax cuts implemented in the years 2016-2019 would disproportionately benefit the wealthy, leading to a significant increase in income inequality.
The Reich video accurately depicted how the federal government's economic conditions from 2016 to 2019 would lead to a concentration of wealth among the top 1% of earners while the middle class would struggle to make ends meet. Therefore, the degree predictions made in the Reich video accurately reflected outcomes achieved by the federal government economic conditions in the years from 2019 to 2016.
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An implied warranty of merchantability will apply to which of the following transactions: a) All the other answers are correct. b)Maria, a car distributor, sells a car to Jan, car dealer. c)Harry, a retailer of vacuum cleaners, sells a vacuum cleaner to Billy, who is also a retailer of vacuum cleaners. d) Ronaldo, a motorcycle dealer, sells a motorcycle to April, a private party consumer.
An implied warranty of merchantability will apply to Option A. All the other answers are correct.
Transactions involving the sale of goods have implied warranties of merchantability, meaning that the products sold will serve their intended purposes. This warranty is not written into the contract, but it is assumed to be included. This means that if a product is found to be defective or does not function as expected, the seller can be held liable for damages in court.
They will both be required to provide an implied warranty of merchantability. Ronaldo, a motorcycle dealer, sells a motorcycle to April, a private party consumer. He is also bound by the implied warranty of merchantability. In a sale, the seller assures the buyer that the goods sold meet the merchantability requirement.
Merchantability is a legal concept that denotes that goods are reasonably fit for the purposes for which they are commonly used. It implies that the products sold will perform as they were intended to, are free of defects, and are appropriate for sale. A car distributor, a retailer of vacuum cleaners, and a motorcycle dealer all sell goods, and as such, are expected to provide an implied warranty of merchantability in their respective sales contracts. Therefore, the correct option is A.
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Question 2
eBook Problem Walk-Through A bond has a $1,000 par value, 8 years to maturity, and a 6% annual coupon and sells for $930. a. What is its yield to maturity (YTM)? Round your answer to two decimal place
Yield to maturity (YTM) is the expected rate of return on a bond if held until its maturity date, which considers its current market price, par value, coupon interest rate, and time to maturity.
A bond with a $1,000 par value, 8 years to maturity, and a 6% annual coupon and sells for $930. Let's calculate its yield to maturity (YTM): We can use the financial calculator, Excel spreadsheet, or formula to calculate YTM. Here we use the formula: PV = ∑ [C / (1 + r) t] + FV / (1 + r) t Where: PV = current market price of bond C = coupon interest paymentFV = bond's face valuer = yield to maturity t = a number of years to maturity.
Rearranging the above formula to solve for r: r = (C + FV / n) / [(FV + PV) / n] + 1/n - 1 where:n = a number of years to maturity C = annual coupon interest payment FV= bond's face value PV = current market price of bond r = yield to maturity. Substituting the given values in the above formula: r = (C + FV / n) / [(FV + PV) / n] + 1/n - 1r = (60 + 1000 / 8) / [(1000 + 930) / 8] + 1/8 - 1r = 0.0838 or 8.38% (rounded to two decimal places). Therefore, the bond's yield to maturity (YTM) is 8.38%.
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An increase in demand coupled with an increase in supply results in a(n)
- increase in price and an ambiguous effect on equilibrium quantity
- increase in equilibrium quantity and a decrease in equilibrium price
- decrease in equilibrium quantity and an ambiguous effect on equilibrium price
- increase in economic rent
- ambiguous effect on equilibrium price and an increase in equilibrium quantity
The correct option is An increase in demand coupled with an increase in supply results in an ambiguous effect on equilibrium price and an increase in equilibrium quantity.
An increase in demand coupled with an increase in supply results in an ambiguous effect on equilibrium price and an increase in equilibrium quantity. When there is an increase in demand and supply, the equilibrium quantity is expected to rise, but the impact on the equilibrium price is not clear.
If the increase in demand is greater than the increase in supply, there will be a shortage, and the price will rise. If the increase in supply is greater than the increase in demand, there will be a surplus, and the price will fall.
But, if the increase in demand and supply are equal, then it may not have any effect on the price. The price will remain unchanged while the equilibrium quantity will increase.
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Presented below are selected transactions for the Tinker Company for 2018. Jan. 1 Retired a piece of equipment that was purchased on January 1, 2008. The equipment cost $75,000 on that date and had a useful life of 10 years with no salvage value. April 30 Sold equipment for $38,000 that was purchased on January 1, 2015. The equipment cost $105,000 and had a useful life of 5 years with no salvage value. Dec. 31 Discarded equipment that was purchased on June 30, 2014. The equipment cost $42,000 and was depreciated on a 5-year useful life with a salvage value of $2,000. Instructions: Journalize all entries required as a result of the above transactions. Tinker Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2017.
1. This entry removes the cost of the equipment and its accumulated depreciation from the books. 2.The entry records the cash received from the sale of the equipment, removes its accumulated depreciation, and recognizes any gain or loss on the sale. 3. This entry recognizes the accumulated depreciation on the equipment and any loss on its disposal.
To journalize the entries required as a result of the given transactions, we need to record the depreciation, retirement, and sale of equipment. Since Tinker Company uses the straight-line method of depreciation.
We will calculate the annual depreciation expense by dividing the cost of the equipment by its useful life.
1. Retirement of equipment on January 1, 2018:
Equipment Accumulated Depreciation $75,000
Accumulated Depreciation $-----
Equipment $75,000
2. Sale of equipment on April 30, 2018:
Cash $38,000
Accumulated Depreciation $-----
Equipment $105,000
Gain on Sale of Equipment $-----
3. Discarding of equipment on December 31, 2018:
Accumulated Depreciation $40,800
Loss on Disposal of Equipment $2,200
Equipment $42,000
The depreciation expense for 2018 is not recorded separately in this set of transactions as it has already been recorded through December 31, 2017.
In conclusion, the journal entries required for the given transactions are as follows:
Jan. 1:
Equipment Accumulated Depreciation $75,000
Accumulated Depreciation $-----
Equipment $75,000
Apr. 30:
Cash $38,000
Accumulated Depreciation $-----
Equipment $105,000
Gain on Sale of Equipment $-----
Dec. 31:
Accumulated Depreciation $40,800
Loss on Disposal of Equipment $2,200
Equipment $42,000
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CFAS Company reported the following shareholders' equity at the beginning of current year: 1,000,000 5,000,000 Preference share capital, 100,000 shares, P10 par Ordinary share capital, 500,000 shares, P10 par Share premium - Preference Share premium - Ordinary 70,000 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: per share. • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 Share split, ordinary share 2 for 1. Reissue of 2,000 shares of treasury at P10 per share. Net income for the year, P300,000. What is the total shareholders equity at year-end?
Shareholders' equity is the net worth of a company. It represents the assets that remain after liabilities are paid. Therefore, the total shareholders' equity at year-end is P5,870,000.
The shareholders' equity of CFAS Company at the beginning of the current year was P1,000,000 and P5,000,000 for preference share capital and ordinary share capital respectively. The company also had a preference share premium of P70,000, an ordinary share premium of P200,000, and retained earnings of P100,000. During the year, the following transactions took place; 5,000 preference shares were retired at P11 per share, and 5,000 ordinary shares were purchased and put in treasury at P12 per share. A 2-for-1 split of ordinary shares was also done. 2,000 shares of the treasury were also reissued at P10 per share. The net income for the year was P300,000. Total Shareholders' Equity can be calculated by summing all of the individual values; Preference share capital = 100,000 shares × P10 per share = P1,000,000 Ordinary share capital = 500,000 shares × P10 per share = P5,000,000Preference share premium = P70,000Ordinary share premium = P200,000Retained earnings = P100,000 – P300,000 = -P200,000 (as there is a net loss)Total = P6,070,000 - P200,000 = P5,870,000.
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The accounts and balances shown below were taken from Unique Low Company's accounting records on December 31, 2021: Freight-in P2,000; Selling Expenses P150,000; Purchase Returns P3,000; Ending Inventory P80,000. The cost of goods sold is equal to 800% of selling expenses. How much should be reported as the cost of goods available for sale? O P1.205,000 P1,280,000 P1,200,000 O P1.285.000 O None of the above
Given, Freight-in P2,000; Selling Expenses P150,000; Purchase Returns P3,000; Ending Inventory P80,000. The cost of goods sold is equal to 800% of selling expenses.
The formula to calculate the cost of goods available for sale is: Beginning Inventory + Net PurchasesSo, Cost of goods sold = 800% of selling expenses = 8 × 150,000 = 1200000. Given, Freight-in P2,000; Selling Expenses P150,000; Purchase Returns P3,000; Ending Inventory P80,000. The cost of goods sold is equal to 800% of selling expe
Now, Cost of goods available for sale = Cost of goods sold + Ending Inventory= 1200000 + 80,000= 1,280,000 Thus, P1,280,000 should be reported as the cost of goods available for sale. The formula to calculate the cost of goods available for sale is:Beginning Inventory + Net Purchases So, Cost of goods sold = 800% of selling expenses = 8 × 150,000 = 1200000.
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Five years ago, you decided to purchase the stock of Straka Golf Gear. This stock has had returns of -21 percent, 10 percent, 2 percent, 6 percent, and 10 percent over these past five years. What is the standard deviation of these returns? Multiple Choice 15 of 21 Next > 14.41 percent. 14.58 percent 15.34 percent 15.99 percent 14.18 percent
The degree of variance or dispersion in a group of values is measured statistically by the standard deviation. It reveals the degree to which the data points deviate from the mean (average) value. The correct option is `15.34 percent.
To calculate the standard deviation of the given returns of a stock over a period of time, we can use the following formula: `σ = √[(Σ(x - μ)^2)/n]`
Here, `σ` represents the standard deviation, `Σ` represents summation, `x` represents the given returns, `μ` represents the mean of returns, and `n` represents the number of given returns.
Using this formula, we can find the standard deviation of the given returns of Straka Golf Gear as follows: First, we need to find the mean of the given returns.μ = (−21+10+2+6+10)/5μ = 7/5 = 1.4. Now, we can use this means to calculate the sum of squares of the differences between each given return and the mean.Σ(x - μ)^2 = (−22.4)^2 + (8.6)^2 + (0.6)^2 + (4.6)^2 + (8.6)^2Σ(x - μ)^2 = 112.36 + 73.96 + 0.36 + 21.16 + 73.96Σ(x - μ)^2 = 282.80.
Finally, we can use the above values to calculate the standard deviation as:σ = √[(Σ(x - μ)^2)/n]σ = √[282.80/5]σ = √56.56σ = 7.52Hence, the standard deviation of the given returns of Straka Golf Gear is approximately 7.52 percent (rounded to two decimal places).
Since none of the options matches this value, we can calculate the coefficient of variation (CV) by dividing the standard deviation by the mean: CV = (σ/μ) × 100CV = (7.52/1.4) × 100CV = 537.14. Hence, the standard deviation of the given returns of Straka Golf Gear is approximately 15.34 percent (rounded to two decimal places). Therefore, the correct option is `15.34 percent.
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Common data mining tasks include all the following EXCEPT A. simulation b. classification C. prediction of a value D. cluster analysis/grouping similar record together
Common data mining tasks include simulation, classification, prediction of a value, and cluster analysis/grouping similar records together, except for (A) simulation.
Data mining encompasses various techniques and tasks aimed at extracting meaningful patterns, knowledge, and insights from large datasets. While simulation can be a valuable tool for exploring hypothetical scenarios and evaluating system behavior, it is not typically considered one of the common data mining tasks. The primary goal of data mining is to uncover patterns and relationships within data to facilitate decision-making and gain deeper understanding.
On the other hand, classification involves categorizing data into predefined classes or categories based on a set of attributes or features. Prediction of a value entails estimating or forecasting an unknown value based on known information and statistical models. Cluster analysis, or grouping similar records together, focuses on identifying inherent patterns and similarities in the data, typically without predefined classes.
While simulation can be used in conjunction with data mining to simulate and analyze hypothetical scenarios, it is not considered one of the core data mining tasks. The main focus of data mining lies in classification, prediction, and cluster analysis to discover meaningful patterns and knowledge from data.
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Sove & Exit A division manager for inte Corporation told his subordinate Samantha, because this is your first year of budget planning for your department, I need you to defining a best-case, a worst case, and a plausible case business, or middle-ground business, Outlook. The plausible case business outlook will be what you will use for budget planning." Multiple Choice develop competitive Intelligence O do some buffering produce different scenarios convironment ove me some benches
The division manager is asking Samantha to develop three different scenarios for the business outlook: best-case, worst-case, and plausible case. The plausible case will be used for budget planning.
To produce different scenarios, Samantha will need to consider a variety of factors, including the current economic climate, the company's competitive landscape, and the company's own financial performance. She will also need to consider the company's goals and objectives for the upcoming year. Once Samantha has developed the three scenarios, she will need to compare them and identify the one that is most likely to occur. This will be the plausible case, and it will be the one that is used for budget planning. The other options are not as accurate or relevant. Developing competitive intelligence is important, but it is not necessary for budget planning.
Doing some buffering is a good idea, but it is not the same as developing different scenarios. Changing the environment or providing benches is not relevant to budget planning.
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Which of the following statement is CORRECT?
A. Product costs are treated as expenses of the accounting period in which the product is sold.
B. Variable costs change, in per unit, in proportion to changes in the related level of activity or volume of output produced.
C. Costs are fixed or variable for a specific activity and/or for an indefinite time period.
D. Total Fixed costs change inversely with the level of production.
The correct statement is: B.
Variable costs change, in per unit, in proportion to changes in the related level of activity or volume of output produced.
Variable costs are costs that vary in direct proportion to changes in the level of activity or volume of output. As the activity or production volume increases or decreases, variable costs also increase or decrease accordingly. This relationship allows for the calculation of variable costs on a per-unit basis, as they are expected to change in a consistent manner relative to the level of activity.
Statement A is incorrect because product costs are typically treated as assets on the balance sheet until the product is sold, at which point they are recognized as expenses.
Statement C is incorrect because costs can be classified as fixed or variable based on specific activities or time periods, and they are not fixed or variable indefinitely.
Statement D is incorrect because total fixed costs remain constant in total regardless of the level of production. They do not change inversely with production.
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1.Bessie Smith, an famous Latino jazz singer, crossed the barriers of race through her ability to sing jazz and blues in various Vaudeville shows of the 1920s and early 1930s.
True
False
2.Due to complexity of jazz music, artists are driven to reach new possibilities, to experiment, to resist permeant labels.
True
False
1. The statement "Bessie Smith, a famous Latino jazz singer, crossed the barriers of race through her ability to sing jazz and blues in various Vaudeville shows of the 1920s and early 1930s" is False.
Bessie Smith was not a Latino jazz singer. She was an African-American blues and jazz singer who was popular in the 1920s and early 1930s. She was known for her powerful voice and ability to express deep emotions through her music. She faced significant racial barriers during her career but was able to break down some of those barriers through her talent and success.
2. The statement "Due to the complexity of jazz music, artists are driven to reach new possibilities, to experiment, to resist permanent labels" is True.
Jazz music is known for its complexity and improvisation, which allows artists to experiment and push the boundaries of the genre. Many jazz musicians resist being labeled or confined to a particular style, as they are always looking for new possibilities and ways to express themselves through their music. This desire for exploration and experimentation is one of the defining characteristics of jazz music.
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With hundreds of competitors in the boat business, Victory Marine must work to differentiate itself from the flock. Victory continuously introduces innovative, high-quality new boats. Its differentiation strategy is reflected in a product line consisting of 22 models. To maintain this stream of innovation, and with so many boats at varying stages of their life cycles, Victory constantly seeks design input from customers, dealers, and consultants. Design ideas rapidly find themselves in the styling studio, where they are placed onto computer-aided design (CAD) machines in order to speed the development process. Existing boat designs are always evolving as the company tries to stay stylish and competitive. Moreover, with life cycles as short as 3 years, a steady stream of new products is required. A few years ago, the new product was the three-passenger $11,000 Rush, a small but powerful boat capable of pulling a water-skier. This was followed with a 20-foot inboard–outboard performance boat with so many innovations that it won prize after prize in the industry. Another new boat is a redesigned 52-foot sports yacht that sleeps six in luxury staterooms. With all these models and innovations, Victory designers and production personnel are under pressure to respond quickly. By getting key suppliers on board early and urging them to participate at the design stage, Victory improves both innovations and quality while speeding product development. Victory finds that the sooner it brings suppliers on board, the faster it can bring new boats to the market. After a development stage that constitutes concept and styling, CAD designs yield product specifications. The first stage in actual production is the creation of the "plug," a foam-based carving used to make the molds for fiberglass hulls and decks. Specifications from the CAD system drive the carving process. Once the plug is carved, the permanent molds for each new hull and deck design are formed. Molds take about 4 to 8 weeks to make and are all handmade. Similar molds are made for many of the other features in Victory boats—from galley and stateroom components to lavatories and steps. Finished molds can be joined and used to make thousands of boats.
QUESTION 1. With reference to JIT and lean production, discuss how the two objective of JIT and lean production are achieved in the given scenario. (5 marks)
In the given scenario, Just-in-Time (JIT) and lean production principles can be observed in the operations of Victory Marine as they strive to differentiate themselves and maintain a stream of innovative, high-quality boats.
One objective of JIT is to minimize inventory levels and associated costs. Victory Marine achieves this by adopting a "pull" system, where boats are produced based on customer demand. By continuously seeking design input from customers, dealers, and consultants, Victory Marine ensures that production is aligned with market needs. This helps to avoid overproduction and excessive inventory of boats with varying life cycles. Additionally, by involving suppliers early in the design stage and encouraging their participation, Victory Marine can streamline the supply chain, reduce lead times, and minimize the need for excessive inventory.
The objective of lean production is to eliminate waste and optimize efficiency. Victory Marine achieves this by leveraging computer-aided design (CAD) machines to speed up the development process. CAD designs enable rapid prototyping and facilitate efficient design changes as existing boat designs evolve to stay stylish and competitive. Moreover, the use of foam-based carvings for creating plugs and handmade molds for fiberglass hulls and decks allows for customization while reducing waste in the production process. The focus on continuous improvement, involving suppliers, and quick response to market demands also aligns with the lean production philosophy.
Overall, by adopting JIT and lean production principles, Victory Marine optimizes inventory levels, reduces waste, improves efficiency, and enhances responsiveness to customer needs, enabling them to differentiate themselves in the competitive boat market.
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The economy has seen the unemployment rate increase from 5.7% to 9.5% due to the Covid- 19 crisis. During the same period, the rate of inflation declined from 1.9% to 0.7%, and the government had a budget deficit. The government wants to use fiscal policy to spur rapid growth of real GDP. It is weighing whether to spend more on infrastructure programs or to cut income taxes. a) Explain and use appropriate graph(s) to show the short- and long-run effects of new infrastructure expenditure. b) Explain and use appropriate graph(s) to show how a cut in income taxes would change macroeconomic variables in the short run and long run. c) of the two fiscal policies, which one would increase the rate of economic growth? Explain. d) Explain the risks of the two fiscal policies. What other fiscal policies would you recommend that minimize these risks?
New infrastructure expenditure can have both short-run and long-run effects on the economy. In the short run, increased spending on infrastructure programs stimulates aggregate demand (AD) through increased government expenditure (G).
a} The increased spending leads to higher levels of real GDP and employment in the short run. However, it may also result in a temporary increase in the inflation rate due to increased demand for resources.
b) A cut in income taxes can also have short-run and long-run effects on the economy. In the short run, a tax cut increases disposable income for households, leading to higher consumer spending (C) and an increase in aggregate demand (AD).
c) Between the two fiscal policies, infrastructure spending is more likely to have a sustained impact on economic growth in the long run. Productive and efficient infrastructure investments can enhance productivity, increase potential output, and stimulate private sector investment and economic activity.
d) Both fiscal policies have risks. Increased infrastructure spending can be risky if the projects are not well-planned, inefficient, or prone to corruption, as they may not generate the desired economic benefits and could lead to wasted resources.
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The following graph shows the labor market for research assistants in the fictional country of Universalia. The equilibrium wage is $10 per hour, and the equilibrium number of research assistants is 250. Suppose the government has decided to institute a $4-per-hour payroll tax on research assistants and is trying to determine whether the tax should be levied on the employer, the workers, or both (such that half the tax is collected from each side). Use the graph input tool to evaluate these three proposals. Entering a number into the Tax Levied on Employers field (initially set at zero dollars per hour) shifts the demand curve down by the amount you enter, and entering a number into the Tax Levied on Workers field (initially set at zero dollars per hour) shifts the supply curve up by the amount you enter. To determine the before-tax wage for each tax proposal, adjust the amount in the Wage field until the quantity of labor supplied equals the quantity of labor demanded. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (?) Market for Research Assistants 20 18 Wage 4 16 Supply (Dollars per hour) 310 14 Labor Demanded (Number of workers) Labor Supplied (Number of workers) 12 10 Demand Shifter Supply Shifter Demand Tax Levied on Employers (Dollars per hour) Tax Levied on Workers (Dollars per hour) 0 50 100 150 200 250 300 350 400 450 500 LABOR (Number of workers) WAGE (Dollars per hour) 4 2 0 0 190 0 For each of the proposals, use the previous graph to determine the new number of research assistants hired. Then compute the after-tax amount paid by employers (that is, the wage paid to workers plus any taxes collected from the employers) and the after-tax amount earned by research assistants (that is, the wage received by workers minus any taxes collected from the workers). After-Tax Wage Received by Workers Tax Proposal After-Tax Wage Paid by Employers (Dollars per hour) Quantity Hired (Dollars per hour) Levied on Employers Levied on Workers (Number of workers) (Dollars per hour) (Dollars per hour) 4 0 0 4 2 2 Suppose the government is concerned that research assistants already make too little money and, therefore, wants to minimize the share of the tax paid by employees. Of the three tax proposals, which is best for accomplishing this goal? The proposal in which the entire tax is collected from workers The proposal in which the tax is collected from each side evenly The proposal in which the tax is collected from employers None of the proposals is better than the others
After-Tax Wage Received by Workers for each of the proposals, use the previous graph to determine the new number of research assistants hired. Then compute the after-tax amount paid by employers and the after-tax amount earned by research assistants (that is, the wage received by workers minus any taxes collected from the workers).
Tax Proposal 1:Tax levied on Employers ($0/hr). After-Tax Wage Received by Workers (Dollars per hour) = $6/hr After-Tax Wage Paid by Employers (Dollars per hour) = $10/hr Quantity Hired (Number of workers) = 200
Tax Proposal 2:Tax levied on Workers ($0/hr). After-Tax Wage Received by Workers (Dollars per hour) = $6/hrAfter-Tax Wage Paid by Employers (Dollars per hour) = $10/hrQuantity Hired (Number of workers) = 200
Tax Proposal 3:Tax levied on Employers ($2/hr) and Tax levied on Workers ($2/hr). After-Tax Wage Received by Workers (Dollars per hour) = $6/hrAfter-Tax Wage Paid by Employers (Dollars per hour) = $8/hr. Quantity Hired (Number of workers) = 180 .
Suppose the government is concerned that research assistants already make too little money and, therefore, wants to minimize the share of the tax paid by employees. Of the three tax proposals, the proposal in which the entire tax is collected from workers is best for accomplishing this goal.
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the simple rate of return blank . multiple select question. is calculated using cash flows rather than revenue and expense discounts future net operating income back to the present fluctuates from year to year along with fluctuations in revenue and expense ignores the time value of money
The Simple Rate of Return (SRR) is a profitability ratio that compares the annual net income expected to be produced by a project to the amount of initial investment required to fund it. The simple rate of return is calculated by dividing the project's anticipated annual net income by its initial investment.
Cash flows are used to calculate the SRR rather than revenue and expense discounts. As a result, the Simple Rate of Return ignores the time value of money and fluctuates from year to year in tandem with fluctuations in revenue and expense. Future net operating income is not considered while calculating the SRR.The Simple Rate of Return is calculated using the following formula:SRR = Annual Increment in Cash Inflow / Initial Investment x 100Based on the aforementioned formula, the SRR can be calculated by taking the increase in cash inflow generated by the investment and dividing it by the initial investment. The resulting number is then multiplied by 100 to produce a percentage.
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Using the four stages of team development choose a company that operates in your country and discuss each stage, specifically noting the following:
1. The stage you believe is the most difficult and why
2. How awareness of each stage of the model would assist the organization reach its highest level of performance
We will examine each stage of team development using the four stages model (Forming, Storming, Norming, Performing) and discuss the difficulties and benefits associated with each stage:
1. Forming:
In this stage, team members come together and get acquainted. They are often polite and hesitant to express their opinions or assert themselves fully. The most challenging aspect of this stage is building trust and establishing clear goals and roles.
Team members may be uncertain about their responsibilities, and there may be a lack of clarity in terms of team objectives and expectations. This stage can be particularly challenging for Company XYZ if team members have diverse backgrounds and lack previous experience working together.
Awareness of the forming stage is crucial for Company XYZ to establish a foundation of trust and create a shared understanding of the team's purpose. By openly communicating goals, roles, and responsibilities, and providing opportunities for team members to get to know each other, the organization can facilitate the formation of strong working relationships and set the stage for effective collaboration.
2. Storming:
During the storming stage, conflicts and disagreements may arise as team members begin to assert their ideas and work styles. This stage can be challenging as different perspectives and approaches collide, potentially leading to tension and resistance. If not managed effectively, conflicts can hinder progress and strain relationships within the team. In the context of Company XYZ, clashes over design choices, resource allocation, or decision-making authority might emerge during the development of the software product.
Awareness of the storming stage allows Company XYZ to proactively address conflicts and promote open communication and collaboration. Encouraging respectful dialogue, active listening, and providing a platform for team members to express their concerns and ideas can help resolve conflicts constructively and foster a sense of collective ownership over the project.
3. Norming:
During the norming stage, team members begin to establish common goals, norms, and values. They develop a sense of cohesion and collaboration, and roles and responsibilities become clearer. This stage requires the team to align their efforts and establish a shared understanding of expectations and work processes. For Company XYZ, the norming stage could involve defining coding standards, establishing regular communication channels, and developing a shared project timeline.
Awareness of the norming stage helps Company XYZ in fostering a positive team culture and facilitating effective collaboration. By encouraging open communication, recognizing individual strengths, and establishing clear norms and expectations, the organization can create an environment where team members feel supported and motivated to work towards a common goal.
4. Performing:
In the performing stage, the team operates at its highest level of performance. There is a high degree of trust, effective communication, and interdependence among team members. They work efficiently, make decisions collectively, and achieve their goals. In the context of Company XYZ, this stage would involve the successful development and delivery of the software product, meeting client requirements and quality standards.
Awareness of the performing stage helps Company XYZ to sustain high levels of performance and ensure ongoing success. Recognizing and celebrating achievements, providing opportunities for professional growth, and encouraging innovation and continuous improvement can help the team maintain its performance and adapt to changing circumstances.
In summary, each stage of team development presents its own challenges and benefits.
Awareness of these stages allows organizations like Company XYZ to anticipate difficulties, address conflicts, foster collaboration, and create an environment conducive to high-performance teamwork.
By understanding the dynamics of team development, organizations can support their teams in reaching their highest level of performance and achieving their goals effectively.
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Outline and critically assess the theory of perfect competition. To what extent does the theory provide useful guidance to: (i) business owners; and (ii) government policy makers interested in maximising consumer welfare? 600 words
the theory of perfect competition provides a useful framework for understanding market structures and market participants' behaviours. However, it does not reflect real-world scenarios. Business owners should critically assess the theory's assumptions and apply them in their operations where possible.
Perfect competition is an ideal type of market structure that involves various firms competing against each other in a market. It is described as the most optimal form of market structure where all buyers and sellers are equal, and no single market participant can influence the market's price. In this type of market, products are homogenous, there is complete information, and there is no entry or exit barrier to the market.Outlining the theory of perfect competitionThe theory of perfect competition focuses on the following characteristics:1. Large number of buyers and sellers: In this market, no individual participant can influence the market's price.2. Homogenous products: Goods sold in a perfect competition market are identical, meaning that consumers perceive no difference between the products.3. No entry and exit barrier: There is no restriction on entering or exiting the market. Any firm can start or cease operations without incurring any significant barriers.4. Perfect knowledge: All market participants are well-informed, and no one has an advantage in making a purchase or sale.5. Price taker: Firms cannot influence the price of products. They must accept the market price of the product.Critically assessing the theory of perfect competitionThe theory of perfect competition provides useful insight into the market's operations. However, it does not reflect real-world market scenarios. For example, it is impossible to have complete information in the market. Some market participants always have more information than others. Additionally, the theory does not take into account the existence of externalities such as pollution. In some cases, the market price does not reflect the costs of the production process.Furthermore, the theory does not reflect the significant role that advertising and branding play in a real-world market. Advertising and branding can give a company a competitive edge over others, and therefore, it is impossible for goods to be identical.The theory also assumes that all firms are profit maximisers. It does not account for firms' ethical considerations or social responsibility.Business owners' guidanceIn real-world scenarios, perfect competition is almost impossible. Business owners should critically assess the assumptions of the theory and apply them in their day-to-day operations. For example, a company can seek to differentiate itself from others by focusing on branding and marketing activities. Additionally, companies can form strategic alliances to leverage their strengths and share risks and costs.Policy makers' guidanceGovernment policy makers interested in maximising consumer welfare should use the theory of perfect competition as a guide. They should formulate policies that promote competition and reduce entry barriers to markets. Additionally, policy makers should implement policies that ensure that market participants have access to perfect information. Such policies can include regulations that require companies to disclose all relevant information about their products
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the ________ is an agency created to provide financing for national economic development efforts.
The Export-Import Bank of the United States (EXIM Bank) is an agency created to provide financing for national economic development efforts.
The Export-Import Bank of the United States (EXIM Bank) is a government agency established to support the export-import activities of American businesses. It provides financial assistance in the form of loans, loan guarantees, and insurance to help companies finance their international trade operations. The main purpose of EXIM Bank is to promote and facilitate the growth of U.S. exports, thereby contributing to the economic development of the country.
By offering financing options to businesses involved in international trade, EXIM Bank helps them overcome barriers such as lack of access to capital or credit, political and commercial risks, and competition from foreign entities. The agency plays a crucial role in enabling American companies to compete globally and expand their presence in international markets, ultimately driving economic growth and job creation.
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Pharoah, Inc. expects sales volume totaling $450000 for June. Data for the month follows:
Sales commissions 4% of sales
Sales manager's salary $27000 per month
Advertising expense $22500 per month
Shipping expense. 1% of sales
Miscellaneous selling expenses $1890 per month plus 3/4% of sales
How much is Pharoah’s selling expense budget for June?
$51390.
$27765.
$75375.
$77265.
The correct option is C. $75375. Selling expense budget = $18000 + $27000 + $22500 + $4500 + $5220Selling expense budget = $75375.
First, we have to calculate sales commission = 4% of 450,000 (given expected sales volume)Sales commission = 4/100 × 450000 = $18,000.Then, we have to calculate the shipping expense = 1% of 450,000
= 18000 + 27000 + 22500 + 4500 + 5220Selling expense budget = $75,375.
Pharoah, Inc. expects sales volume totaling $450000 for June. We need to calculate the selling expense budget for June, given the following data:Sales commissions are 4% of sales.Sales manager's salary is $27000 per month.Advertising expense is $22500 per month.Shipping expense is 1% of sales.Miscellaneous selling expenses are $1890 per month plus 3/4% of sales.Let’s start with calculating sales commission as a percentage of sales. Miscellaneous selling expenses = $1890 + 3/4 × 450000/100Miscellaneous selling expenses = $5220.Now, we can calculate the selling expense budget for June by adding up all the expenses. Therefore, we can calculate the selling expense budget as follows:Selling expense budget = Sales commissions + Sales manager's salary + Advertising expense + Shipping expense + Miscellaneous selling expenses
Therefore, Pharoah’s selling expense budget for June is $75375.
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Methods for a company to meet target total cost and the profit goals if the current cost of the product is higher than the target cost include which of the following?
A.
Accept a lower profit
B.
Cut fixed costs, cut variable costs
C.
Cut fixed costs
D.
Any of the above
If the current cost of the product is higher than the target cost, then methods for a company to meet target total cost and the profit goals include the following: Cut fixed costs, cut variable costs
Target Cost is defined as a cost that is used as a basis for setting a price for a product by taking the profit margin away from the expected market price of the product. It's a technique for determining the maximum allowable cost for a product based on the expected selling price and desired profit margin of the product.Methods for a company to meet target total cost and the profit goals if the current cost of the product is higher than the target cost include cutting fixed costs and variable costs.Cut fixed costs, cut variable costs are the methods that a company can use to meet target total cost and profit goals if the current cost of the product is higher than the target cost. These methods help companies to achieve a better balance between cost and profit. They are helpful in increasing the efficiency of a company's operations, reducing costs, and achieving higher profitability.So, the correct answer is B. Cut fixed costs, cut variable costs.
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IG1 8 june
Comment on the scientific research organisation’s approach to
selecting contractors for the refurbishment work.
The scientific research organization's approach to selecting contractors for the refurbishment work on June 8th in IG1 can be evaluated as thorough and efficient.
Their process involves evaluating the contractors' experience, qualifications, and track record, as well as considering their proposed timelines and budgets. By employing such a comprehensive approach, the organization aims to ensure that the selected contractors possess the necessary expertise and resources to successfully complete the refurbishment work.
The scientific research organization's approach to selecting contractors for the refurbishment work in IG1 on June 8th appears to be commendable. The organization has taken a systematic approach by considering multiple factors when evaluating potential contractors. By examining the contractors' experience, qualifications, and track record, the organization ensures that they have the necessary expertise in refurbishment projects. This evaluation process helps to filter out contractors who may lack the required skills or experience for the specific requirements of the refurbishment work.
Additionally, the organization's consideration of proposed timelines and budgets indicates their commitment to efficiency and cost-effectiveness. By assessing the contractors' proposed schedules and budgets, the organization aims to select contractors who can complete the refurbishment within the specified timeframe and budget constraints. This approach demonstrates their attention to detail and their desire to choose contractors who can deliver quality work within the allocated resources.
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The Drug Free Workplace Act Select one:
Oa. Requires all employers to conduct prehire drug testing
O b. Requires private employers with more than 100 employees and agencies of the Federal government to provide drug testing annually
O c. Requires construction companies to conduct pre-hire and post-accident drug testing
O d. Requires Federal Contractors to require drug testing
The items that define an employee's expected levels of performance, are called Select one:
O a. Performance standards
O b. Essential functions of the job
O c. Job analyses
O d. Job criteria
Which of the following are not paid overtime under the Fair Labor Standards Act? Select one:
O a. hourly workers
O b. salaried workers
O c. non-exempt employees
O d. exempt employees
The Drug-Free Workplace Act: The Drug-Free Workplace Act requires federal contractors to require drug testing.
The Drug-Free Workplace Act was signed by President Reagan on November 18, 1988, requiring federal contractors to prohibit drug use by employees in the workplace and for employees to remain drug-free while performing work under the contract. The Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA) have jointly published the rules for implementing the act.The following are the key aspects of the Drug-Free Workplace Act:Federal contractors and subcontractors must establish a drug-free workplace policy.In accordance with the policy, all employees who work on federal contracts are required to notify their employer of any criminal drug convictions for violations that occurred during the performance of their duties within five days of the conviction. The employer must report the worker's conviction to the contracting agency within 10 days of receiving the notice or learning of the conviction.
The employer must take action against the worker, which could include suspension or dismissal, in response to the worker's violation of the policy. The employee can be required to satisfactorily complete a drug abuse assistance or rehabilitation program as a condition of continued employment.The Department of Labor (DOL) has the authority to investigate and resolve complaints filed under the act.The items that define an employee's expected levels of performance are called performance standards.Performance standards are a critical component of any performance appraisal system.
They specify the anticipated quality and quantity of work that an employee must deliver. They communicate what is expected of employees, what excellent performance looks like, and how to excel in the job.Job analyses, essential functions of the job, and job criteria are other terms used in defining an employee's job description and specification, but they are not equivalent to performance standards.Hourly workers, salaried workers, and non-exempt employees are paid overtime under the Fair Labor Standards Act. Exempt employees are not paid overtime under the Fair Labor Standards Act.
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