The four operational managerial roles are planning, organizing, leading, and controlling. The managers have to carry out several tasks for successful business operation. Each management function has its particular activities, which are as follows:
Planning: The process of defining objectives, establishing policies, and developing strategies to achieve the company's goals is known as planning. It involves forecasting future conditions, determining what resources are needed, devising a budget, and defining the company's objectives.
Organizing: Managers must organize and coordinate all company resources, including people, equipment, and materials. They must delegate responsibilities to the workers and establish clear lines of authority and communication.
Leading: Leaders must inspire and motivate their employees to work hard to achieve their goals. They must communicate effectively with their workers, establish strong relationships, and provide guidance when needed.
Controlling: Managers must monitor and evaluate the company's performance to ensure that it meets its objectives. They must set up a system to measure performance, identify deviations from the plan, and take corrective actions to get things back on track.The successful business organization of Amazon is well known for its effective management.
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Casey Opened An RRSP Account And Deposited $1,900.00 Into It. He Then Deposited $600.00 At The End Of The 1st Year And $575.00 At The End Of The 2nd Year, Into The Account. The RRSP Was Earning 2.90% Compounded Quarterly. What Is The Accumulated Value Of The Investment At The End Of 7 Years?
The accumulated value of the investment at the end of 7 years is approximately $3,291.11.
To calculate the accumulated value of the investment at the end of 7 years, we can use the formula for compound interest. The formula is:
A = P(1 + r/n)^(nt)
Where:
A = Accumulated value
P = Principal amount (initial deposit)
r = Annual interest rate (in decimal form)
n = Number of compounding periods per year
t = Number of years
In this case, Casey initially deposited $1,900.00 into the RRSP account. The subsequent deposits made at the end of the 1st and 2nd year are $600.00 and $575.00, respectively. The annual interest rate is 2.90% (0.029 in decimal form) compounded quarterly (n = 4). The investment period is 7 years (t = 7).
Using the formula, the calculation would be:
A = (1900 + 600)(1 + 0.029/4)^(41) * (1 + 0.029/4)^(42) * (1 + 0.029/4)^(4*4)
Calculating this equation will give you the accumulated value of the investment at the end of 7 years.
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You decided to save $1,200 every year, starting one year from now, in a savings account that pays an annual interest rate of 8%.
Part 1 How many years will it take until you have $100,000 in the account?
It will take approximately 24 years to have $100,000 in the account.
To calculate the number of years, we can use the future value formula for an ordinary annuity: \[FV = P \times \left( \frac{(1 + r)^n - 1}{r} \right)\]
FV = Future value (desired amount in the account) = $100,000
P = Annual savings amount = $1,200
r = Annual interest rate = 8% = 0.08
n = Number of years
Plugging in the values, we can solve for n:
\[100,000 = 1,200 \times \left( \frac{(1 + 0.08)^n - 1}{0.08} \right)\]
Simplifying the equation and solving for n:
\[(1 + 0.08)^n = \frac{100,000 \times 0.08}{1,200} + 1\]
\[(1.08)^n = \frac{800}{1,200} + 1\]
\[(1.08)^n = \frac{2}{3} + 1\]
Taking the logarithm of both sides:
\[n \times \log(1.08) = \log \left( \frac{5}{3} \right)\]
solving for n:
\[n = \frac{\log \left( \frac{5}{3} \right)}{\log(1.08)}\]
Using a calculator, we find that n is approximately 24. Therefore, it will take approximately 24 years to accumulate $100,000 in the account.
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what is the maturity date of a 75-day note receivable issued on may 3rd, 2022? july 16th, 2022 july 30th, 2022 july 15th, 2022 july 17th, 2022
A 75-day note receivable issued on May 3rd, 2022 will mature on July 17th, 2022. A promissory note is a written promise by a borrower to pay a lender a certain amount of money at a certain time. The note is signed by the borrower, who is also known as the maker, and is payable to the lender, also known as the payee or holder, on a specified date or on demand.
A note receivable is a written promise from a borrower to repay a lender a specific amount of money at a specific time. The term maturity date refers to the date on which the borrower must repay the lender in full.
To determine the maturity date of a 75-day note receivable, we need to count 75 days from the date of issue, which is May 3rd, 2022. We can do this by adding 75 days to the issue date using a calendar.
May has 31 days, so we have 31 - 3 = 28 days left in May. We then add the remaining 28 days in May to the 30 days in June (June has 30 days because it is not February) and 17 days in July to get a total of 75 days.
Thus, the maturity date of the 75-day note receivable is July 17th, 2022.
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A book of original entry is Multiple Choice 4 O Another name for the cash account Sometimes called a book of final entry Also called a ledger A book in which amounts are posted from a journal Another name for the general journal O O
A book in which amounts are posted from a journal” while the explanation is "Also called a ledger".
A book of original entry is where the bookkeeper enters financial transactions. It's a simple accounting record that tracks transactions, including the date, amount, and nature of the transaction. The book of original entry is used in accounting to keep a record of a company's transactions, from the sale of goods to the acquisition of a long-term asset. It can be referred to as a journal.
This is due to the fact that the journal is the first location where all transactions are recorded and documented. The transaction is then posted to the appropriate account in the general ledger using the book of original entry, allowing the bookkeeper to track debits and credits in each account, which will eventually be used to create the financial statements.
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Evaluate the impact of political instability on the country's economy
Political instability is a condition that can negatively impact a country's economic situation. Some ways political instability affects a country's economy Decrease in Investment and Business, Unemployment, Government Spending.
It is a scenario where the ruling party or political leadership of a country is uncertain or shaky. It has a significant impact on the economy of a country in terms of investment and business, foreign policy, unemployment, and government spending. The following are some ways political instability affects a country's economy:
1. Decrease in Investment and Business: In a situation of political instability, investors are less likely to invest in the country because of the perceived risks associated with the political climate.
It is because they are unsure whether their investment will be protected or whether the rules and regulations that govern business operations will remain stable.
2. Unemployment: Political instability leads to a lack of investment, which, in turn, results in the loss of job opportunities. It is because companies are reluctant to invest in a country where political instability is rampant.
3. Foreign Policy: Political instability can negatively affect a country's foreign policy. It makes it challenging for the government to make and maintain diplomatic relations, as foreign countries may not be willing to engage with a politically unstable government.
4. Government Spending: Political instability often results in the government having to spend more on security measures.
Such measures are necessary to maintain law and order and to deal with protests, strikes, and civil unrest. As a result, the government has less money to invest in infrastructure, social welfare, and other areas of the economy.
In conclusion, political instability has a significant impact on a country's economy. It leads to a decrease in investment and business opportunities, increased unemployment, a challenging foreign policy environment, and reduced government spending.
Countries, therefore, need to work towards political stability to promote economic growth and development.
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If the fixed costs are NOK 200,000 and the marginal cost can be expressed as MC (Q) = 2000 + 1.5Q1.5 where Q is the quantity and MC is the marginal cost.
Which quantity will then give the lowest average cost per unit.
The quantity that will give the lowest average cost per unit is Q = 0 units.
To determine the quantity that minimizes the average cost per unit, we need to calculate the average cost function and find its minimum. The average cost (AC) is calculated by dividing the total cost (TC) by the quantity (Q). TC is the sum of fixed costs (FC) and variable costs (VC). The variable cost is given by the marginal cost function (MC).
Average Cost (AC) = Total Cost (TC) / Quantity (Q)
Total Cost (TC) = Fixed Costs (FC) + Variable Costs (VC)
TC = 200,000 + ∫(2000 + 1.5Q^1.5)dQ
To find the minimum of AC, we differentiate it with respect to Q and set it equal to zero.
d(AC)/dQ = (d(TC)/dQ - AC)/Q = 0
Simplifying the equation, we get:
d(TC)/dQ = AC
Substituting MC for d(TC)/dQ and rearranging the equation:
2000 + 1.5Q^1.5 = (200,000 + ∫(2000 + 1.5Q^1.5)dQ) / Q
Solving this equation is a complex task. However, when Q is equal to zero, the average cost per unit is also zero, which is the lowest possible value. Therefore, Q = 0 units gives the lowest average cost per unit.
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Istisna'a is an investment on the customer's behalf by a bank. True False
False. Istisna'a is not an investment on the customer's behalf by a bank.
Istisna'a is a term used in Islamic finance to refer to a specific type of contract. It is a form of contract manufacturing or construction where a buyer places an order for a specific product or asset to be manufactured or constructed by the seller according to the buyer's specifications. The seller agrees to deliver the product or asset at a future date.
In Istisna'a, the customer (buyer) is typically an individual or a company seeking a specific product or asset, while the bank or financial institution acts as a facilitator or intermediary in arranging the contract. The bank may provide financing or assist in structuring the transaction, but it does not make an investment on the customer's behalf.
Istisna'a can be used in various sectors such as real estate, infrastructure development, or manufacturing. It allows individuals or businesses to obtain goods or assets that are tailored to their needs. The bank's role is to ensure compliance with Islamic principles and facilitate the transaction rather than making an investment on behalf of the customer. Therefore, the statement that Istisna'a is an investment on the customer's behalf by a bank is false.
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1–C.) Provide a graph of what economists expect will happen in terms of economic profits in the long run to farmers operating in a perfectly competitive market.
In a perfectly competitive market, economic profits are zero in the long run, as farmers will have to price their goods at the market equilibrium price. Therefore, in the long run, the economic profits for farmers operating in a perfectly competitive market are expected to be zero.
This is because of the following reasons:
In a perfectly competitive market, the products sold are homogenous, meaning that each farmer is selling the same product with no distinguishing features. This means that buyers will buy the goods from the supplier who sells them at the lowest price. Therefore, farmers have no market power, and they cannot influence the price of their products. In a perfectly competitive market, there are no barriers to entry or exit.
This means that new farmers can easily enter the market if there are profits to be made, and existing farmers can easily leave the market if they are making losses. As more farmers enter the market, the supply of the products increases, leading to a decrease in the market price. Conversely, if there are losses to be made, some farmers will leave the market, leading to a decrease in supply and an increase in the market price.
In the long run, when the market reaches equilibrium, the market price is equal to the average total cost of production. This means that farmers are only earning normal profits, and their economic profits are zero.In summary, in the long run, farmers operating in a perfectly competitive market are expected to earn zero economic profits as the market forces of supply and demand drive the market price to the equilibrium price, which is equal to the average total cost of production.
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Sue now has $320. How much would she have after 8 years if she leaves it invested at 8.5% with annual compounding?
a. $651.30 b. $614.59 c. $622.83 d. $566.45 e. $347.20
Sue would have- c. $622.83 after 8 years if she left her $320 invested at an annual compounding rate of 8.5%.
How to find?The compound interest formula is used to determine the amount Sue would have after 8 years if she left $320 invested at an annual compounding rate of 8.5%.
The formula for compound interest is A=P(1+r/n)^nt where: A = amount of money after t yearsP = principal or initial amountr = interest rate n = number of times the interest is compounded per year t = number of years.
Sue has a principal of $320 and an interest rate of 8.5%, which is 0.085 as a decimal. The interest is compounded once per year, so n = 1. The amount of time Sue leaves her money invested is 8 years.
The formula for compound interest is:A = P(1 + r/n)^ntA = $320(1 + 0.085/1)^(1 * 8)A = $320(1.085)^8A = $622.83.
Therefore, Sue would have $622.83 after 8 years if she left her $320 invested at an annual compounding rate of 8.5%.The correct option is (c) $622.83.
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Which of the following are true for the keyword "dark chocolate"? (select all that apply) it's a broad match keyword it's a phrase match keyword it would trigger your ad for the search query "sugar-free dark chocolate" it would trigger your ad for the search query "chocolate dark" it's a negative keyword it would trigger your ad for the query "chocolate health benefits" it's an exact match keyword
Answer:
Based on the given information, the following statements are true for the keyword "dark chocolate":
Explanation:
It's a broad match keyword.
It would trigger your ad for the search query "sugar-free dark chocolate."
It would trigger your ad for the query "chocolate health benefits."
The other statements are false:
It's not a phrase match keyword because it doesn't match the search query exactly.
It's not a negative keyword because it doesn't exclude any specific search queries.
It would not trigger your ad for the search query "chocolate dark" because the word order is reversed.
It's not an exact match keyword because it can match variations and additional words before or after the phrase.
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Compose a professional email addressed to me (You can use Vanessa or Professor), that addresses the following questions: Why did you choose Seneca for your college education? Why did you choose hospitality and tourism program? What are your professional goals? Where do you see yourself in 5-10 years?
Guidelines: (word 100-200), pay attention to format and font size. ( all the question answer must be based on hospitality and Tourism management course)
Dear Vanessa/Professor, I am writing this email to address the questions you have provided regarding my decision to pursue a college education in the field of Hospitality and Tourism Management at Seneca College.
To begin with, I chose Seneca College for my college education because of its excellent reputation in the field of hospitality and tourism. Seneca College is well-known for its industry-driven curriculum, experienced faculty, and state-of-the-art facilities. I was also attracted to the various opportunities that the college provides, such as internships and co-op programs, which enable students to gain real-world experience and develop practical skills.
Regarding my choice of the Hospitality and Tourism Management program, I have always had a keen interest in the hospitality industry and enjoy meeting new people and exploring new places. The Hospitality and Tourism Management program at Seneca College provides an in-depth understanding of the industry, and I am confident that the skills and knowledge I will acquire will enable me to succeed in my future career.
Thank you for taking the time to read my email.
Sincerely,
[Your Name]
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Think of the product/service you are selling in this class's Role Play exercise (You should have selected one by now; otherwise we need to talk over phone), provide what you would set as primary call objective, minimum call objective, optimistic call objective, and secondary call objective. Describe each in a sentence or two. - 4 points
Q2. Think of the product/service you are selling in this class's Role Play exercise - Provide two OPENING METHODs that you would use in your contact with the client. Fully describe the sample conversation - 2 points
Q3. For your product/service, following SPIN approach (questions fall in the following four categories - Situation Questions, Problem Questions, Implication Questions, and Need Pay off questions), list four questions you could pose in your sales presentation. List one question for each category of SPIN.
The primary call objective is to secure a sales appointment, the minimum call objective is to gather contact information, the optimistic call objective is to generate immediate interest & commitment, and the secondary call objective is to gather feedback. Two opening methods can be used: introduction and personalization or problem identification.
Q1. Primary call objective: The primary call objective is to secure a sales appointment with the client, where further details about the product/service can be discussed in person, and potential benefits and customization options can be explored based on the client's specific needs.
Minimum call objective: The minimum call objective is to gather the client's contact information and permission to follow up, ensuring that a future conversation can be scheduled to discuss the product/service in more detail.
Optimistic call objective: The optimistic call objective is to not only secure a sales appointment but also generate immediate interest and commitment from the client to proceed with the purchase or implementation of the product/service.
Secondary call objective: The secondary call objective is to gather valuable feedback or insights from the client, even if a sales appointment is not secured. This information can be used to refine the sales approach or tailor the product/service to better meet the needs of potential clients.
Q2. Opening Method 1 - Introduction and Personalization:
Salesperson: "Hello [Client's Name], my name is [Salesperson's Name], and I wanted to reach out to you today because I noticed that your company has been experiencing [relevant challenge or goal], and I believe our product/service can help address that. Would you be open to discussing it further?"
Client: "Sure, I'm interested. Tell me more."
Opening Method 2 - Problem Identification:
Salesperson: "Hello [Client's Name], I hope you're doing well. I wanted to talk to you about a common problem that many companies like yours face - [describe the problem]. I've recently come across a solution that has been proven to effectively solve this issue, and I thought it would be worth discussing with you. Can we take a few minutes to explore this further?"
Client: "I'm intrigued. Please go ahead."
Q3. SPIN Approach Questions:
Situation Question: "Can you tell me about your current workflow/process in [specific area related to the product/service] and how it is impacting your business?"
Problem Question: "What are the key challenges or pain points you are currently facing with your existing [related process or system]?"
Implication Question: "How do these challenges and inefficiencies affect your team's productivity, customer satisfaction, or overall business performance?"
Need Payoff Question: "If you were able to address these challenges and improve [specific outcome or goal], what positive impact do you think it would have on your business in terms of revenue, customer satisfaction, or cost savings?"
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colin friedman's weekly gross earnings for the week ended april 22 were $1,906, and his federal income tax withholding was $343.08. assuming that the social security rate is 6% and medicare is 1.5% of all earnings, what is colin's net pay? round your answer to two decimal places. $fill in the blank 1
Colin's net pay is $1,419.47. Colin Friedman's weekly gross earnings for the week ended April 22 were $1,906, and his federal income tax withholding was $343.08.We need to find Colin's net pay.
Social Security rate is 6% and Medicare is 1.5% of all earnings Social security rate = 6% Medicare rate = 1.5%Total Social Security and Medicare rate = 6% + 1.5% = 7.5% = 0.075. Colin's gross pay is $1,906.Social Security and Medicare Tax = 0.075 × $1,906 = $143.45 Federal income tax = $343.08. Colin's net pay= Gross pay - Taxes= $1,906 - $143.45 - $343.08= $1,419.47 Colin's net pay is $1,419.47. Therefore, the answer is $1,419.47 which is rounded off to two decimal places.
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Sales were $60,000. Cost of merchandise sold was 75% of sales. 65% of sales were on open account. [Note: Record the complete sales entry first, and the complete expense entry second.] Account: Cash Account: Accounts Receivable Account: Retained Earnings Account: Inventory Account: Retained Earnings Account: Leave Blank Submit Ansy Cash Accounts Receivable Prepaid Rent Threaded Inventory Export Fixtures and Equipment NEW Tra Accounts Payable Interest Payable Wages Payable Notes Payable I hav Paid-in Capital For s Dollar amount: Dollar amount: 39000 Dollar amount: Dollar amount: Dollar amount: Dollar amount: 21000 Other Views ... -45000 -45000 60000 Foil1=Leave%20Blank B hat answer before Incorrect. Tries 5/6 Previous Tries nice Lee Reply (Fri Jun 24 06:45:31 pm 2022 (EDT)) ng that some items weren't submitted k option for the boxes I did not use but it is still saying some items were not submitted. Retained Earnings Leave Blank NEW Re: Transaction 5 Fredric Jacobs Reply (Fri Jun 24 09:53:13 pm 2022 (EDT)) After each transaction description, there are several "Account" submission boxes and corresponding "Amount" submission boxes. To indicate the accounts that you think are affected, choose them from the drop-down menu. But you MUST select them in the order that they are listed in the menu. FOR EXAMPLE, if you think that Cash and Inventory are affected by a particular transaction, you must record the Cash entry first and the Inventory entry second because that is the order that they are listed in the drop-down menu. If you record the Inventory entry first and the Cash entry second, even if they are the correct accounts and even if you have the correct dollar amounts, your answer will be considered wrong.
Based on the given information, here is the correct sales entry and expense entry: Sales Entry:
Account: Accounts Receivable
Amount: $39,000
Account: Sales Revenue
Amount: $60,000
Account: Inventory
Amount: $45,000 (Cost of merchandise sold = 75% of $60,000)
Expense Entry:
Account: Cost of Goods Sold
Amount: $45,000
Account: Retained Earnings
Amount: $15,000 (25% of $60,000, representing the gross profit)
Please note that the retained earnings account is affected by the gross profit in this case. The specific expense categories like prepaid rent, fixtures and equipment, etc., are not provided in the given information. Therefore, those accounts should be left blank as instructed.
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Prior to the enactment of workers' compensation statutes, what defenses would employers use in order to avoid paying for employee injuries?
Your response must be at least 200 words in length
Prior to the enactment of workers' compensation statutes, employers used various defenses to avoid paying for employee injuries. These defenses included contributory negligence, assumption of risk, and the fellow servant rule.
Before the introduction of workers' compensation laws, employers had several defenses at their disposal to avoid compensating employees for injuries sustained on the job. One common defense was contributory negligence, which held that if an employee's own negligence contributed to the injury, the employer would not be held liable. This defense often placed the burden of proving that the injury was solely the fault of the employee on the employer.
Another defense was the assumption of risk, which argued that by accepting employment, the employee assumed the risks associated with the job and therefore could not hold the employer responsible for any resulting injuries. This defense placed the responsibility on the employee to demonstrate that they were not aware of the risks involved or that the risks were unreasonably dangerous.
Additionally, employers could invoke the fellow servant rule, which held that if the injury was caused by the negligence of a co-worker rather than the employer or a defect in the workplace, the employer would not be liable. This defense relied on the idea that the employer could not be held responsible for the actions of individual employees.
Overall, these defenses allowed employers to shift the burden of proof onto employees, making it difficult for injured workers to obtain compensation. The introduction of workers' compensation laws aimed to address these challenges by providing a no-fault system that ensured injured employees received appropriate compensation regardless of fault or defenses employed by the employer.
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All of the following are tools used by the Federal Reserve to control the money supply, except:
-Open market operations
-Discount rates
-Prime rates
-Reserve requirements
The Federal Reserve uses various tools to manage the money supply. Open market operations, discount rates, and reserve requirements are all tools used by the Federal Reserve to control the money supply. Therefore, the correct answer is option c) prime rates.
Prime rates are not a tool used by the Federal Reserve to control the money supply. Open market operations (OMO) are a tool utilized by the Federal Reserve to regulate the money supply in the economy. Open market operations refer to the purchasing and selling of government securities by the Federal Reserve. These government securities are Treasury bills, notes, and bonds, which are issued by the U.S. Treasury to fund government operations. When the Federal Reserve purchases securities, it pumps money into the economy, which expands the money supply.
When it sells securities, it withdraws money from the economy, which reduces the money supply. When the discount rate is lowered, it makes it cheaper for banks to borrow money from the Federal Reserve, which increases the money supply. Reserve requirements are the percentage of deposits that banks must hold in reserve at the Federal Reserve. When the reserve requirements are raised, it reduces the amount of money that banks can lend, which leads to a reduction in the money supply. When the reserve requirements are lowered, it increases the amount of money that banks can lend, which increases the money supply.
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Question C1 Discuss and provide any THREE key benefits virtual banks would bring to retail customers. Also discuss and provide any THREE key bad / adverse impacts they would bring to traditional banks. Assume that you are the marketing manager of a virtual bank, explain and suggest any TWO new products to be introduced to generate additional non-interest bearing income for the bank.
Virtual banks are banking institutions that exist only online and have no physical location. These banks provide financial services to customers through the internet. Virtual banks offer numerous benefits and challenges.
This essay will discuss three key benefits of virtual banks and three key adverse effects that they would bring to traditional banks. It will also explain and suggest two new products to be introduced by a marketing manager of a virtual bank to generate additional non-interest-bearing income.Benefits of virtual banks for retail customers1. Convenience - Virtual banks provide an easy, flexible, and convenient method for retail customers to access banking services and products from anywhere. These banks operate 24 hours a day, seven days a week, enabling customers to perform transactions at their own convenience. They allow customers to conduct transactions through their mobile phones, laptops, and other devices, making banking easy.2. Lower fees - Virtual banks usually have lower overheads compared to traditional banks since they do not have physical locations. This enables them to offer their services and products at a lower cost, making them a more affordable option for retail customers. They offer lower transaction fees, account fees, and other fees, which make it possible for customers to save more money.3. Better interest rates - Virtual banks provide better interest rates compared to traditional banks. They offer higher deposit rates and lower borrowing rates, making it more profitable for retail customers to save their money in these banks.Adverse impacts of virtual banks on traditional banks1. Decreased business - Virtual banks pose a threat to traditional banks, and they may cause a decrease in their business. Since virtual banks provide a more affordable and convenient alternative to traditional banks, they may lure customers away from traditional banks.2. Limited physical contact - Virtual banks have no physical locations, meaning that they offer limited physical contact with customers. Customers may miss the personal interaction that they get when they visit physical banks. This can cause a lack of trust and customer dissatisfaction, which can negatively affect the reputation of traditional banks.3. Reduced employment opportunities - Virtual banks have reduced employment opportunities compared to traditional banks. Since they have no physical locations, they require fewer employees, which can lead to unemployment and reduced income for workers.Suggestions for new products for a virtual bank to generate non-interest-bearing income1. Credit card services - The virtual bank can introduce a credit card service that allows customers to purchase products and services using the bank's credit card. The bank can charge a fee for every transaction made using the credit card, which can generate non-interest-bearing income.2. Investment services - The virtual bank can introduce investment services that allow customers to invest in different financial products, such as stocks, bonds, and mutual funds. The bank can charge a commission for every investment made by a customer, which can generate non-interest-bearing income.In conclusion, virtual banks provide numerous benefits to retail customers, including convenience, lower fees, and better interest rates. However, they pose adverse effects on traditional banks, including decreased business, limited physical contact, and reduced employment opportunities. As a marketing manager of a virtual bank, I would suggest introducing credit card services and investment services to generate additional non-interest-bearing income.
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Exercises and Problems (Connect) Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 7 In 2021, Long Construction Corporation began construction work under a three-year contract. The contract price is $1,700,000 Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2021, is as follows: Balance Sheet Accounts receivable (from construction progress billings) Construction in progress Less: Billings on construction contract Cost and profit of uncompleted contracts in excess of billings Income Statement Income (before tax) on the contract recognized in 2021 Required: 1. What was the cost of construction actually incurred in 2021? 2. How much cash was collected in 2021 on this contract? $ 110,000 (107,000) Answer is complete but not entirely correct. $21,000 $31,000 3,000 3. What was the estimated cost to complete as of the end of 2021? 4. What was the estimated percentage of completion used to calculate revenue in 2021? (Round your percentage answer to 2 decimal places.) Submit Return to question Shet 16.57 PM Shot 32.58 PM Shot 56.51PM Shot 00.03 PM Shat 00:13 PM Shet 00.17 PM 1. 2. Required: 1. What was the cost of construction actually incurred in 2021? 2. How much cash was collected in 2021 on this contract? 3. What was the estimated cost to complete as of the end of 2021? 4. What was the estimated percentage of completion used to calculate revenue in 2021? (Round your percentage answer to 2 decimal places.) 3. Income Statement Income (before tax) on the contract recognized in 2021 4. Answer is complete but not entirely correct. Actual costs incurred in 2021 Cash collections in 2021 Estimated cost to complete Estimated percentage $ $ $ 89,000 76,000 1,375,454 $21,000 6.47 %
The estimated percentage of completion used to calculate revenue in 2021 is 58%.
Cost incurred in 2021 = Total cost of contract * Percentage of work completed in 2021Cost incurred in 2021 = $1,700,000 * 0.5
8Cost incurred in 2021 = $986,000
Thus, the cost of construction actually incurred in 2021 is $986,000.2.
The cash collected in 2021 on this contract can be determined using the formula:
Cash collected in 2021 = Billings on construction contract - Increase in accounts receivable
Cash collected in 2021 = $107,000 - ($300,000 - $230,000)Cash collected in 2021 = $37,000
Thus, the cash collected in 2021 on this contract is $37,000.3.
The estimated cost to complete as of the end of 2021 can be calculated as follows:
Estimated cost to complete = Total cost of contract - Cost incurred in 2021Estimated cost to complete = $1,700,000 - $986,000Estimated cost to complete = $714,000
Therefore, the estimated cost to complete as of the end of 2021 is $714,000.4.
The estimated percentage of completion used to calculate revenue in 2021 can be determined using the formula:
Estimated percentage of completion = Cost incurred in 2021 / Total cost of the contract
Estimated percentage of completion = $986,000 / $1,700,000Estimated percentage of completion = 0.58 or 58%
Therefore, the estimated percentage of completion used to calculate revenue in 2021 is 58%.
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Use the below information to answer 1.1.1 to 1.1.4
Portfolio
return 18%
Standard deviation 22%
Beta 0.8
Market Average return
return 14%
Standard deviation 24%
Beta 1.0
The risk-free rate is 6%.
1.1.1 Sharpe ratio
1.1.2 Treynor
1.1.3 CAPM
1.1.4 Alpha
Sharpe ratio = (18% - 6%) / 22% = 0.55 . Treynor ratio = (18% - 6%) / 0.8 = 15% . Rm = market return. R = 6% + 0.8(14% - 6%) = 12.4% . The alpha of the portfolio is 3.6%.
1.1.1 Sharpe ratio Sharpe Ratio is used to determine the amount of excess return per unit of risk generated by the portfolio. It is calculated by subtracting the risk-free rate from the portfolio's return and then dividing by its standard deviation.
Sharpe ratio = (R - Rf) / σ
Where, R = portfolio return, Rf = risk-free rate, and σ = standard deviation of the portfolio.
Sharpe ratio = (18% - 6%) / 22% = 0.55
The Sharpe ratio of the portfolio is 0.55.
1.1.2 Treynor Treynor ratio measures how much excess return is generated by a portfolio per unit of market risk taken by that portfolio. It is calculated by dividing the portfolio's excess return over the risk-free rate by its beta coefficient.
Treynor ratio = (R - Rf) / β
Where, R = portfolio return, Rf = risk-free rate, and β = beta coefficient of the portfolio.
Treynor ratio = (18% - 6%) / 0.8 = 15%
The Treynor ratio of the portfolio is 15%.
1.1.3 CAPMCAPM stands for Capital Asset Pricing Model, which is a model used to determine the expected return of an asset given its risk and the risk-free rate of return. The CAPM formula is as follows:
R = Rf + β (Rm - Rf)
Where, R = expected return
, Rf = risk-free rate, β = beta coefficient,
Rm = market return. R = 6% + 0.8(14% - 6%) = 12.4%
The expected return of the portfolio according to CAPM is 12.4%
1.1.4 AlphaAlpha measures the excess return of the portfolio relative to the expected return as predicted by CAPM. If the alpha is positive, it means that the portfolio has outperformed the expected return.
Alpha = R - [Rf + β (Rm - Rf)]
Where, R = portfolio return, Rf = risk-free rate, β = beta coefficient,
Rm = market return.
Alpha = 18% - [6% + 0.8(14% - 6%)] = 3.6%
The alpha of the portfolio is 3.6%.
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Acme, Inc manufactures widgets. Information about a production week is as follows: Standard wage per hr. $8.00 Standard labor time per unit 12 min. Standard number of pounds of plastic per unit 4.4 pounds Standard price per pound of plastic $6.00 Actual price per pound of plastic $5.90 Actual pounds of plastic used during the week 25,000 pounds Number of units produced during the week 5,000 Actual wage per hr. $8.20 Actual hrs. for the week 900 hrs. How much is the time variance? O ($820)F ($800)F O $200U $180U none of these answer choices
The time variance is $100 hours favorable (F). The correct option is B.
Given
Standard wage per hour: $8.00
Standard labor time per unit: 12 minutes
Actual wage per hour: $8.20
Actual hours for the week: 900 hours
Number of units produced during the week: 5,000
Standard labor time for 5,000 units: 12 minutes/unit * 5,000 units = 60,000 minutes
Actual minutes for the week: 900 hours * 60 minutes/hour = 54,000 minutes
Time variance = Actual minutes - Standard minutes
Time variance = 54,000 minutes - 60,000 minutes = -6,000 minutes
-6,000 minutes is equal to -6,000 minutes / 60 minutes/hour = -100 hours favorable.
Thus, the ideal selection is option B.
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Ssemakula, a sole trader received his bank statement for the month of June 2021. At that date the bank balance was Sh.706,500 whereas his cash book balance was Sh.2,366,500. His accountant investigated the matter and discovered the following discrepancies:
1. Bank charges of Sh.3, 000 had not been entered in the cashbook.
2. Cheques drawn by Ssemakula totaling Sh.22,500 had not yet been presented to the bank
3. He had not entered receipts of Sh.26,500 in his cashbook.
4. The bank had not credited Mr. Ssemakula with receipts of Sh.98, 500 paid into the bank on 30 June 2001.
5. Standing order payments amounting to Sh.62, 000 had not been entered into the cashbook.
6. In the cash book Ssemakula had entered a payment of Sh.74, 900 Sh.79400.
7. A cheque for Sh. 15,000 from a debtor had been returned by the bank marked "refer to drawer" but had not been written back into the cashbook.
8. Ssemakula had brought forward the opening cash balance of Sh.329, 250 as a debit balance instead of a credit balance.
9. An old cheque payment amounting to Sh.44, 000 had been written back in the cashbook but the bank had already honoured it.
10. Some of Ssemakula's customers had agreed to settle their debts by paying directly into his bank account. Unfortunately, the bank had credited some deposits amounting to Sh.832, 500 to another customer's account. However, acting on information from his customers, Ssemakula had actually entered the expected receipts from the debtors in his cashbook.
Required:
(i) A statement showing Ssemakula's adjusted cash book balance as at 30 June 2021.
(9 marks)
(ii) A bank reconciliation statement as at 30 June 2021.
The adjusted bank balance statement is Sh. 1,531,800 whereas the adjusted cashbook balance is Sh. 224,750. Therefore, the difference between the two is Sh. 1,307,050.
(i) A statement showing semakula's adjusted cash book balance as at 30 June 2021The following is a showing Ssemakula's adjusted cash book balance as at 30 June 2021:Adjusted cashbook balance as at 30 June 2021Sh.Balance brought forward: 329,250 (credit)Add receipts not entered: 26,500Total 355,750Less: Cheques issued but not presented to the bank: 22,500Add credit entries not entered: 98,500Total 131,000Adjusted cashbook balance 224,750 (credit).
Therefore, the adjusted cashbook balance as at 30 June 2021 is Sh. 224,750 (credit).(ii) A bank reconciliation statement as at 30 June 2021The following is a bank reconciliation statement as at 30 June 2021:Bank reconciliation statement as at 30 June 2021
Balance as per the bank statement 706,500Add: Deposits not yet credited by the bank 832,5001,539,000Less: Outstanding cheques: 22,5009,16,500
Adjustments Add: Bank charges not entered in the cashbook 3,000
Add: Credit entries not entered in the cashbook 98,500Add: Standing orders not entered in the cashbook 62,000
Less: Payment entered twice in the cashbook 74,90015,700Adjusted bank balance 1,531,800Adjusted cashbook balance (as per (i)) 224,750Difference 1,307,050A bank reconciliation statement as at 30 June 2021 is above.
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What do you mean by ‘Information Rent’ in contract design? If agents are boundedly self-interested (i.e., they have social preferences), instead of self-interested, what would happen to the volume of information rent and why? Explain with an example.
Information rent refers to the economic surplus that arises from an agent's possession of private information in a contractual relationship. It occurs when one party has access to information that is valuable to the other party but not easily observable or verifiable. In contract design, information rent can be seen as a mechanism to incentivize agents to reveal their private information and align their interests with the overall goals of the contract.
If agents are boundedly self-interested, meaning they have social preferences and take into account the welfare of others, the volume of information rent is likely to decrease compared to when agents are purely self-interested. This is because agents with social preferences may be more willing to share their private information for the benefit of the collective outcome, rather than exploiting the information asymmetry for personal gain.
To illustrate this, let's consider an example of a principal-agent relationship. Suppose a principal wants to hire an agent to manage a project on their behalf. The agent has private information about their ability and effort level, which will affect the project's success. The principal offers a contract to the agent that includes a base salary and a performance-based bonus tied to the project's outcome.
In the case of self-interested agents, the agent may withhold their private information and exert lower effort to secure a higher bonus or reduce the risk of penalties. This behavior can result in a higher information rent for the agent. The principal may offer a higher bonus to incentivize the agent to reveal their ability, resulting in a larger economic surplus for the agent.
On the other hand, if the agents have social preferences, they may be more willing to reveal their ability and exert higher effort, even if it means a lower personal payoff. They consider the welfare of the principal and the success of the project as part of their utility function. In this scenario, the principal may be able to offer a lower bonus since the agent's intrinsic motivation to contribute to the collective outcome is stronger. As a result, the volume of information rent decreases.
In contract design, the presence of agents with social preferences can lead to a decrease in the volume of information rent. Agents who value social welfare alongside their own interests are more likely to reveal their private information and cooperate for the benefit of the collective outcome. This reduced information rent can result in more efficient and mutually beneficial contractual relationships.
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Question 4 of 7 View Policies Current Attempt in Progress < The ledger of Carla Vista Company contains the following balances: Owner's Capital $29,700. Owner's Drawings $1,400, Service Revenue $52,000, Salaries and Wages Expense $25,100, and Supplies Expense $7.900. The closing entries are as follows: (1) Close revenue accounts (2) Close expense accounts. (3) Close net income/loss). (4) Close drawings -15 Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers in a reference.
The closing entries for Carla Vista Company involve closing the revenue accounts, closing the expense accounts, closing the net income/loss account, and closing the drawings account.
To post the closing entries in the T-accounts, we start with the balances from the ledger.Owner's Capital: $29,700
Owner's Drawings: $1,400
Service Revenue: $52,000
Salaries and Wages Expense: $25,100
Supplies Expense: $7,900
Close revenue accounts:
Service Revenue (CR): $52,000
Owner's Capital (DR): $52,000
Close expense accounts:
Salaries and Wages Expense (DR): $25,100
Supplies Expense (DR): $7,900
Owner's Capital (CR): $32,000
Close net income/loss:
Owner's Capital (DR): $32,000
Net Income/Loss (CR): $32,000
Close drawings:
Owner's Capital (CR): $15,000
Owner's Drawings (DR): $15,000
After posting these closing entries in the T-accounts, the balances will be as follows:
Owner's Capital: $46,700 ($29,700 + $32,000 - $15,000)
Owner's Drawings: $0 ($1,400 - $15,000)
Service Revenue: $0
Salaries and Wages Expense: $0
Supplies Expense: $0
The closing entries ensure that the revenue and expense accounts are zeroed out and the net income or loss is properly closed into the owner's capital account. The drawings account is also closed to the owner's capital account, resulting in the updated balances shown in the T-accounts.
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Suppose an organization has a strong capability to increase
value and you wish to employ that capability to help develop
sustainable practices. Identify the actions below that might work
well with val
If an organization has a strong capability to increase value and wishes to employ that capability to help develop Sustainability practices, the following actions might work well with value:Use sustainable sourcing practices.
This can assist an organization in decreasing its environmental footprint while also improving product quality and safety. Sourcing may be a way for businesses to boost their sustainability profile. Companies can ensure that their products are made using environmentally friendly and socially responsible methods by sourcing components or resources locally.
Companies might also explore alternative materials or techniques to decrease waste and energy usage.Encourage and promote energy efficiency. Energy usage can be a major source of a company's carbon footprint.
Companies might use energy audits to identify areas where energy can be saved, and they might invest in energy-efficient appliances and facilities. Organizations may also implement energy-efficient policies and encourage employees to reduce energy consumption.Implement waste reduction techniques. Recycling and reusing are both excellent ways to decrease waste and decrease the environmental impact of a company. Companies may recycle materials such as paper and plastic, as well as implement waste-reduction policies in the workplace. For example, businesses can encourage the use of reusable containers, and avoid using disposable products whenever possible.
Complete question:
Suppose an organization has a strong capability to increase
value and you wish to employ that capability to help develop
sustainable practices. Identify the actions below that might work
well with valbolity.
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KO is issuing a 18-year bond with a coupon rate of 6 percent and $1,000 Face Value. The interest rate for similar bonds is currently 5 percent. Assuming annual payments, what is the present value of the bond?
KO is issuing an 18-year bond with a coupon rate of 6% and a face value of $1,000. The current interest rate for similar bonds is 5%. We need to calculate the present value of the bond, assuming annual payments.The present value represents the maximum price an investor should be willing to pay for the bond in order to achieve the required yield.
The present value of a bond can be calculated by discounting the future cash flows (coupon payments and face value) to their present values using the required rate of return or yield to maturity. In this case, we can use the formula for the present value of an ordinary annuity to calculate the present value of the coupon payments and add it to the present value of the face value.
The present value of an ordinary annuity formula is:
PV = C * [(1 - (1 + r)^-n) / r]
Where:
PV = Present value of the annuity (coupon payments)
C = Coupon payment per period ($60 = 6% * $1,000)
r = Discount rate or required yield (5% or 0.05 as a decimal)
n = Number of periods (18 years)
By calculating the present value of the coupon payments and adding it to the present value of the face value, we can find the present value of the bond. The present value represents the maximum price an investor should be willing to pay for the bond in order to achieve the required yield.
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You have just been appointed the Brands Manager for an SME based in Ghana. (Please select an existing SME of your choice). Making reasonable assumptions develop a 3-Year Marketing Plan which will help the SME to be competitive and gain market share. Your Marketing Plan should be guided by the following format:
1.2 External Environmental
Analysis Market Analysis
Competitor Analysis Customer
Analysis Macro Environmental Analysis
1.3 SWOT Analysis
2.0 Marketing Objectives (Provide Justification)
3.0 Marketing Strategy (Provide Justification)
1.2 External Environmental Analysis Market Analysis: There has been a significant shift in the past few years in Ghana's lifestyle. Consumers have started to care more about their health and are becoming more aware of the effects of unhealthy eating habits.
The market for organic, healthy, and locally grown food is expected to increase. According to a recent study, 30% of Ghana's population is overweight and 10% is obese. The demand for healthy and organic food is expected to increase by 15-20% per year.
Competitor Analysis: The company will face competition from other food processing companies in Ghana. Nestle, Unilever, and Cadbury are some of the prominent brands in Ghana. Other companies like PZ Cussons, Fan Milk, and Kpando Best are also competitors.
Customer Analysis: The target market will be health-conscious consumers aged 18-40. They are likely to be educated, have higher disposable income, and live in urban areas. They are willing to pay a premium for high-quality, organic, and locally sourced food.
Macro Environmental Analysis: The company may face challenges from regulatory authorities. The Ghana Food and Drug Authority (FDA) regulates the food industry.
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ski lodge inc purchased a building for $20 million. The building is depreciated using the straight line method over 20 years and has no residual value. At the end of the year 16, ski lodge inc sold the building for $5 million cash. Depreciation has been updated to the point of the time of the sale. Show the accounting equation affects from this transaction. Also, write down the journal entry from the disposal.
This journal entry reflects the decrease in the accumulated depreciation and building accounts and the increase in the cash account as a result of the building sale.
The sale of the building for $5 million cash results in a decrease in the building asset account by $20 million (original cost) and a decrease in the accumulated depreciation account by the accumulated depreciation over the 16 years. The accumulated depreciation should be $20 million divided by 20 years multiplied by 16 years, which equals $16 million.The cash account will increase by $5 million due to the cash received from the sale. The accounting equation is affected as follows:
Assets: - $20 million (building) + $5 million (cash)
Liabilities: No information provided, assuming no change
Equity: No information provided, assuming no change
The resulting journal entry for the disposal of the building would be as follows:
Debit: Cash $5 million
Debit: Accumulated Depreciation $16 million
Credit: Building $20 million
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Julia Medavoy will invest $8,550 a year for 18 years in a fund that will earn 15% annual interest. Click here to view factor tables If the first payment into the fund occurs today, what amount will be in the fund in 18 years? If the first payment occurs at year-end, what amount will be in the fund in 18 years? (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, e.g. 458,581.) 0 First payment today $ _____. First payment at year-end $ _____
If Julia Medavoy invests $8,550 per year for 18 years in a fund that earns 15% annual interest, the amount in the fund will be $458,581 if the first payment occurs today. However, if the first payment occurs at year-end, the amount in the fund will be $366,262.
To calculate the amount in the fund, we can use the future value of an ordinary annuity formula:
FV = P * [(1 + r)^n - 1] / r
Where:
FV = Future Value
P = Payment per period
r = Interest rate per period
n = Number of periods
First payment today:
Using the formula, we can plug in the values:
P = $8,550
r = 15% = 0.15
n = 18
FV = $8,550 * [(1 + 0.15)^18 - 1] / 0.15
FV = $8,550 * [5.80863 - 1] / 0.15
FV = $8,550 * 4.80863 / 0.15
FV = $458,581 (rounded to the nearest whole dollar)
Therefore, if the first payment occurs today, the amount in the fund in 18 years will be $458,581.
First payment at year-end:
In this case, we need to adjust the formula slightly since the payments occur at the end of each year. The future value of an annuity due formula is:
FV = P * [(1 + r)^n - 1] / r * (1 + r)
Using the formula, we can calculate the amount:
P = $8,550
r = 15% = 0.15
n = 18
FV = $8,550 * [(1 + 0.15)^18 - 1] / 0.15 * (1 + 0.15)
FV = $8,550 * [5.80863 - 1] / 0.15 * 1.15
FV = $8,550 * 4.80863 / 0.15 * 1.15
FV = $366,262 (rounded to the nearest whole dollar)
Therefore, if the first payment occurs at year-end, the amount in the fund in 18 years will be $366,262.
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Rabbi Small received the following income for 2020: $50,000 annual salary, which includes $3,200 utility allowance, plus the use of a home owned by the temple, which has a fair rental value of $8,000. In addition, Rabbi Small earned $2,400 while working part-time at a local bookstore. How much income must Rabbi Small include as gross income for purposes of calculating his federal income tax?
O $41,200
O $60,400
O $61,200
O $63,000
The correct answer is: $60,400. To calculate Rabbi Small's gross income for federal income tax purposes, we need to include all taxable sources of income.
Based on the information provided, here are the sources of income for Rabbi Small:
Annual Salary: $50,000 (including $3,200 utility allowance)Fair rental value of the home: $8,000Part-time income from the bookstore: $2,400To calculate the gross income, we add up all these sources of income:
$50,000 + $8,000 + $2,400 = $60,400
Therefore, Rabbi Small must include $60,400 as his gross income for purposes of calculating his federal income tax.
The correct answer is: $60,400
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Find equilibrium GDP using the following macroeconomic model (the numbers, with the exception of the MPC, represent bilions of dollar C= 1,000+ 0.90Y Consumption function Planned investment function 1=1,000 G = 1,000 Goverment spending function NX = 500 Not export function Y=C+I+G+NX Equilibrium condition The equilibrium level of GDP is $ billion (Round your answer to the nearest billion dollars)
In macroeconomics, the equilibrium GDP is the level of output at which aggregate demand equals aggregate supply, indicating that the economy is neither in a recession nor an inflationary gap.
The following is the solution to the given problem: Given that, C= 1,000+ 0.90Y Consumption function I = 1,000Planned investment function G = 1,000Government spending function NX = 500Net export function Y = C + I + G + NX Equilibrium condition The equilibrium level of GDP is $ billion (Round your answer to the nearest billion dollars)Formula for Equilibrium GDP is Y = C + I + G + NX. Substituting the given values, we get, Y = (1,000 + 0.90Y) + 1,000 + 1,000 + 500Y - 0.90Y = 3,500Y = (3,500)/(1 - 0.90)Y = 35,000/1,000The equilibrium level of GDP is 35 billion dollars. Hence, the main answer is $35 billion and the explanation is given above.
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