The amount of overhead that was applied is c) $727,500 where the actual overhead was $745,000, and actual machine hours totaled 97,000 hours.
Given that the company Texas Co. expected its annual overhead costs to be $750,000 and machine hours to equal 100,000 hours.
We are to determine the overhead that was applied. The predetermined overhead rate is the rate used to apply the overhead costs to the products or services rendered. The predetermined overhead rate formula is;
Predetermined overhead rate = Estimated overhead costs ÷ Estimated cost driver
The estimated cost driver is the estimated number of units of the cost driver to be used for the specific period.
Predetermined overhead rate = Estimated overhead costs ÷ Estimated cost driver
Estimated overhead cost = $750,000
Estimated cost driver = 100,000 hours
Predetermined overhead rate = $750,000 ÷ 100,000 hours = $7.50 per machine hour
Therefore, we can calculate the overhead applied using the actual machine hours as follows;
Overhead applied = Actual machine hours × Predetermined overhead rate
Overhead applied = 97,000 hours × $7.50 per machine hour = $727,500
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PART 1: CASE STUDY (30 MARKS)
Case study about Target is provided below. Students are required to read the case, watch the video in the link provided and answer the following questions. No more than 200 words for each question.
Case study: Designer collections, plastic carts, and that bright red color: How Target gets you to spend money.
Earlier this year, Target became the seventh-largest retailer by sales in the U.S. It had a whopping $78.1 billion in revenue in 2019, and despite difficulties presented by the coronavirus pandemic, profits rose more than 80% year over year in the fiscal second quarter of 2020 with record online business.
Since its debut in Roseville, Minnesota, in 1962, Target has grown to 1,880 stores across all 50 states and now has a devoted fanbase who lovingly refer to the brand as "Tarjay."
How does Target keep its shoppers hooked? The retail giant has revolutionised the shopping experience. From the width of the aisles to the placement of dollar bins, everything is carefully designed to entice customers.
"Expect More. Pay Less" has been Target’s slogan since the mid-’90s. One of the key ways the company breeds loyalty and excitement is with its popular private labels and designer collaborations.
Target began working with high-end designers like Isaac Mizrahi and Vera Wang in 1999, and its popular private clothing lines A New Day and Cat & Jack now account for $1 billion and $2 billion in annual sales, respectively.
"They have one of the best private-label strategies of any retailer in the United States," says Bob Hoyler, senior analyst at Euromonitor International. "They’re the envy of even Amazon when it comes to their private-label strategy in apparel."
Neuroscientist and marketing expert Terry Wu says the anticipation of these lines can even create a physiological response, giving customers a dopamine rush.
"That surge of dopamine actually drives us to go back to Target, to buy again and again," Wu says. "This is how they build loyalty."
And once you’re in the store, strategic design elements keep you engaged. From the dollar bin right at the front, which one frequent shopper calls "dessert" because she says "there’s always something I never knew that I needed," to lightweight plastic shopping carts that are easier to push around than metal ones, and its signature red and white color palette, making it look bright and clean and easier to spot employees.
"Target has been able to elevate what’s at the end of the day, just a general merchandise, big-box retailer," says CNBC.com consumer and retail reporter Melissa Repko.
Required:
STEP 1: Watch this video link:
https://www.cnbc.com/2020/09/22/hooked-how-target-gets-you-to-spend-money.html
STEP 2: Using the information provided in the video and the case study, answer the following questions:
Who is Target’s target customer and what is the price strategy of Target? (5 marks)
What are the product strategies of Target? Use the information from the video to discuss the design collaboration of Target (10 marks)
What is the brand positioning of Target? Use the information from the video to discuss the private label of Target. (10 marks)
Target encourages customers to buy more when they are in their store. Discuss which strategies Target uses to impact consumer behaviour (5 marks)
Target's key customer base are middle-class individuals with a preference for quality and affordable prices.
The price strategy of Target focuses on delivering high-quality items at lower prices than high-end retailers, termed as "Expect More. Pay Less" strategy. Target uses strategic pricing to draw a wide range of consumers. By collaborating with high-end designers and building exclusive private labels, it creates an appealing array of quality, stylish goods that are budget-friendly. This positioning helps them reach a broad demographic, particularly middle-class individuals, who desire the quality and style associated with designer goods without the hefty price tag. The private label strategy, including popular clothing lines like 'A New Day' and 'Cat & Jack', is a fundamental part of this pricing approach, allowing Target to control costs while delivering high-value products.
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QUESTION 45 Why might random strategies be a good idea to implement? Why might random strategies work well? O They are better than dominant strategies They are easy to implement O They increase planning costs for the firm QUESTION 46 A government can impose an import quota or an equivalent tariff that achieves the same impact on trade. What is the key difference in the welfare outcomes of these two policy options? O The domestic quantity supplied is larger under the tariff policy O The domestic price is higher under the tariff policy O The domestic price is lower under the tariff policy The government captures some of the profits from foreign suppliers through the tariff revenue QUESTION 47 A monopolistically competitive firm in long-run equilibrium O will make negative profit will make zero prof O will make positive proft O Any of the above are possible i QUESTION 48 Coke and Pepsi are the only two producers of soft drinks. This market is not perfectly competitive because Osach company can significantly affect output Osach company has annual sales over $10 billion O Pepsi receives subsidies from the federal government O Coke and Pepsi are highly regulated
Question 45: Why might random strategies be a good idea to implement. Random strategies might be a good idea to implement as they help in shaking up the status quo while making the opponent unsure of what to do next.
This uncertainty helps in confusing the opponent while opening up new possibilities for the party employing the strategy. This also increases the probability of success for the party as the opponent's decision-making is compromised due to uncertainty. Therefore, random strategies work well as they introduce an element of surprise, and they might lead to an unexpected outcome.
Question 46: A government can impose an import quota or an equivalent tariff that achieves the same impact on trade. What is the key difference in the welfare outcomes of these two policy options?The government captures some of the profits from foreign suppliers through the tariff revenue is the key difference in the welfare outcomes of these two policy options. An import quota sets a limit on the total quantity of a product that can be imported. If an importer goes above the limit, then they have to pay a fee. Tariffs, on the other hand, are taxes on goods and services brought into a country. The imposition of tariffs causes foreign goods to become more expensive, and therefore, less competitive compared to domestically produced goods. The revenue from tariffs is typically generated by the government, and thus, the government captures some of the profits from foreign suppliers.
Question 47: A monopolistically competitive firm in long-run equilibriumA monopolistically competitive firm in long-run equilibrium will make a positive profit. In the long run, the monopolistically competitive firm will make zero profits, but it will not incur a loss. Monopolistically competitive firms have a downward sloping demand curve because they sell differentiated products. The profit-maximizing level of output for a monopolistically competitive firm occurs where Marginal Cost (MC) = Marginal Revenue (MR), but in the long run, the firm earns a normal profit.Question 48: Coke and Pepsi are the only two producers of soft drinks. This market is not perfectly competitive because Osach company can significantly affect output.Coke and Pepsi are the only two producers of soft drinks, and this market is not perfectly competitive because the Osach company can significantly affect output. Perfect competition requires a large number of small firms producing identical products with no barriers to entry. As there are only two producers of soft drinks, they have significant control over the market. Any decision they make will significantly affect the output, and there is no one else to challenge them. Therefore, this market is not perfectly competitive.
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Please read the following information carefully. Then revise the message to meet the requirements of good business writing (you view, reader benefits, tone, and organization) and a well-structured memo. 20 Marks (Content -12, structure - 3, Business Grammar and Grammar -5)
Subject: Meeting
Date: 18/06/2022
To: All concerned
Hey Buddy
FYI, we have a lot of problems with our shipping proceedures, its making me really L. May be it’d be a good idea to discuss it. Hoping to work out some solutions about wait times, delivery schedules and management oversight, a meeting will he held.
A meeting to discuss shipping proceedures will take place Tuesday. If that’s ok with yous. There are three items that we should discuss. See you at the meeting.
Talk soon
Majorie
Business writing refers to the style of writing used in professional settings to communicate information clearly, concisely, and effectively. It includes various types of documents such as emails, memos, reports, proposals, and more.
Subject: Meeting Regarding Shipping Procedures
Date: June 18, 2022
To: All Concerned
Dear Team,
I hope this message finds you well. I would like to bring your attention to some challenges we have been facing with our shipping procedures. These issues have been causing frustration and delays, and it is essential that we address them promptly. To facilitate this, I propose holding a meeting to discuss possible solutions and improvements related to wait times, delivery schedules, and management oversight.
The meeting to discuss shipping procedures is scheduled for Tuesday. I kindly request your presence and active participation in this important discussion. There are three key items that we will be focusing on during the meeting, and I believe your insights and expertise will be valuable in finding effective resolutions.
Your attendance is vital to ensure that we address these concerns and implement necessary improvements. The meeting will provide us with an opportunity to collaboratively analyze the current challenges and devise practical strategies for enhancing our shipping procedures.
Please let me know if the scheduled time works for you, and if you have any specific topics or points to be included in the agenda. I highly encourage everyone to come prepared with suggestions and ideas that can contribute to a productive and fruitful discussion.
Thank you for your attention to this matter, and I look forward to seeing you at the meeting.
Best regards,
Marjorie
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Which of the following is a positive statement? A. The government should not allow the price of oil to rise. OB. Unemployment benefits ought to be increased. OC. There should be less pollution. O D. Historically, women have been paid less than men for doing similar jobs.
The positive statement among the given options is D. "Historically, women have been paid less than men for doing similar jobs." This is because it describes a historical fact that can be tested and verified using available data. The other options (A, B, and C) are normative statements expressing opinions or value judgments.
A positive statement is an objective statement that can be tested or verified based on facts and data. It describes what is or has been without expressing a value judgment or opinion. In this case, the statement highlights a historical fact about the gender pay gap, which can be analyzed and verified using wage data and employment records. The other options (A, B, and C) involve normative statements that express opinions or value judgments about what should or ought to be. These statements are subjective and depend on individual perspectives and preferences.
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Calvin Johnson has a $5,500 debt balance on his Visa card that charges 12.8 percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is 4 percent of his debt balance, which is $220. How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $220 at the end of each month? In 2010, as the result of a federal mandate, the minimum monthly payment on credit cards rose to 5 percent. If Calvin made monthly payments of $275 at the end of each month, how long would it take to pay off his credit card? a. If Calvin made monthly payments of $220 at the end of each month, how long would it take to pay off his credit card? months (Round up to the nearest unit.)
According to the solving, If Calvin made monthly payments of $220 at the end of each month, it would take 33 months (round up) to pay off his credit card.
debt balance on his Visa card= $5,500
APR= 12.8%
Minimum monthly payment = 4% of the debt balance In 2009
Hence, 4% of $5,500
= (4/100) × $5,500
= $220
Therefore, Calvin paid $220 every month In 2009.
Let's find out how long it would take for Calvin to pay off his debt with the help of the following formula, which gives the future value of an annuity:
PMT × (((1 + r)n - 1) / r) + PV × (1 + r)n
= FV
PV = $5,500
PMT = $220
r = 12.8/12/100 = 0.0106666666666667 (monthly interest rate)
FV = 0
n = ?
Hence,
we have: $220 × (((1 + 0.0106666666666667)n - 1) / 0.0106666666666667) + $5,500 × (1 + 0.0106666666666667)
n = 0
Solving this equation gives us n= 32.25 or 33 months.
Hence, It will take 33 months (round up) for Calvin Johnson to pay off his credit card if he pays the current minimum payment of $220 at the end of each month. In 2010, the minimum monthly payment on credit cards rose to 5%. So, if Calvin made monthly payments of $275 at the end of each month, let's calculate how long it would take to pay off his credit card. The formula to calculate how long it will take to pay off the credit card is given by: n = - (log(1 - (PV × r) / PMT)) / log(1 + r)
Where,
PV = $5,500
PMT = $275
r = 12.8/12/100
= 0.0106666666666667 (monthly interest rate)
n = ?
Hence, n = - (log(1 - ($5,500 × 0.0106666666666667) / $275)) / log(1 + 0.0106666666666667)
= 23.44 ≈ 24 months
Therefore, It would take 24 months (round up) for Calvin Johnson to pay off his credit card if he makes monthly payments of $275 at the end of each month.a.
If Calvin made monthly payments of $220 at the end of each month, it would take 33 months (round up) to pay off his credit card.
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Ruiz Company’s budget includes the following credit sales for the current year: September, $158,000; October, $149,000; November, $133,000; December, $170,000. Credit sales are collected as follows: 10% in the month of sale, 60% in the first month after sale, and 30% in the second month after sale. How much cash can the company expect to collect in December as a result of current and past credit sales?
**The company can expect to collect $166,200 in cash in December as a result of current and past credit sales.**
To calculate the cash collection for December, we need to consider the credit sales from September to December and apply the given collection percentages.
1. September credit sales: $158,000
- 10% collected in September: $15,800 (0.10 * $158,000)
- 60% collected in October: $94,800 (0.60 * $158,000)
- 30% collected in November: $47,400 (0.30 * $158,000)
2. October credit sales: $149,000
- 10% collected in October: $14,900 (0.10 * $149,000)
- 60% collected in November: $89,400 (0.60 * $149,000)
3. November credit sales: $133,000
- 10% collected in November: $13,300 (0.10 * $133,000)
- 60% collected in December: $79,800 (0.60 * $133,000)
4. December credit sales: $170,000
- 10% collected in December: $17,000 (0.10 * $170,000)
Adding up the collections for each month:
$15,800 + $94,800 + $47,400 + $14,900 + $89,400 + $13,300 + $79,800 + $17,000 = $391,400
Since we are interested in the cash collection for December, we consider the amounts collected in December from September, October, and November sales:
$17,000 (December collection from December sales) + $79,800 (December collection from November sales) + $79,800 (December collection from October sales) = $176,600
Therefore, the company can expect to collect $166,200 in cash in December as a result of current and past credit sales.
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The determinants of economic growth in the longer term A country can still enjoy sustained increases in living standards even if it does not enjoy technological progress. Select one: O True O False
A country can still enjoy sustained increases in living standards even if it does not enjoy technological progress" is false. Economic growth is the sustained increase in the real Gross Domestic Product (GDP) of a country over a long period of time.
Some determinants of economic growth in the long run include investment in human capital, technological progress, physical capital formation, natural resource development, institutional frameworks, and macroeconomic stability, among others.So, technological progress is one of the determinants of economic growth in the long run. It results in lower production costs and higher efficiency in production.
Therefore, a country can't have sustained increases in living standards if it does not enjoy technological progress. Thus, the statement "A country can still enjoy sustained increases in living standards even if it does not enjoy technological progress" is false.
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Problem #5: Cooperative Games : Suppose that there are 100 students individually trying to decide between taking Game Theory or Public Economics. As we all know, it is harder to get personalized help from the instructor in larger classes. Therefore, the more students in a class, the less useful it is to any one of them. Let the payoffs ug and up from taking Game Theory or Public Economics, respectively, be given by: Uc(no) = 500 – ng Up (np) = 556-3np A) Find all of the equilibria in this game (that involve whole numbers of students). (Hint: It may help to restate the payoffs so that both are in terms of np or both in terms of TG.) B) of the equilibria you found, which are stable, and which are unstable? For full credit, your answer must be accompanied by a graph. C) What allocation of students would maximize social welfare? Remember that there are only 100 students.
(a) To find the equilibria in this cooperative game, we need to determine the points where the payoffs for taking Game Theory (Ug) and Public Economics (Up) are equal. From the given information:
Uc(no) = 500 - ng
Up(np) = 556 - 3np
Setting Uc(no) equal to Up(np) and solving for np, we have:
500 - ng = 556 - 3np
3np - ng = 56
np = (56 + ng) / 3
The equilibria in this game will involve whole numbers of students (np and ng). We can find the possible equilibria by substituting different values for ng (from 1 to 99) and calculating the corresponding np using the equation above.
(b) To determine which equilibria are stable or unstable, we need to analyze the best response dynamics of the game. This involves comparing the payoffs for each strategy and identifying stable and unstable equilibria. To illustrate this, a graph can be constructed with ng on the x-axis and np on the y-axis, where the payoffs for taking Game Theory and Public Economics are plotted as Uc(no) and Up(np), respectively. The stable equilibria will correspond to the points where the two payoff curves intersect.
(c) To maximize social welfare, we need to allocate the students in a way that maximizes the total payoff or utility. This can be determined by examining the points of intersection between the payoff curves and identifying the allocation that yields the highest combined utility.
Please note that without specific values for ng, it is not possible to provide the exact equilibria, stability analysis, or determine the allocation that maximizes social welfare.
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the s-shaped curve of a sales response function is due to:
The S-shaped curve of a sales response function is due to the fact that sales rise slowly, then rapidly, then slowly again.
In the sales response curve, the most common trend is an S-shaped curve, also known as a sigmoid curve. When sales are graphed against advertising expenditures, this curve shows the relationship between the two variables. This curve is divided into three sections: rise, maturity, and decline. The S-shaped curve of a sales response function is due to the following factors:There is an incremental increase in sales for a particular commodity as the advertising expenditure increases. When the advertising budget increases, the sales response is slow because consumers are unaware of the product and need to be informed of its features and advantages before they buy it.
The slope of the S-shaped curve is steep and rapid in the maturity stage. The sales increment response is highest at this point. When sales approach their saturation level, the slope of the curve begins to flatten, indicating a lessening incremental sales response to additional advertising expenses.
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8. The terms of trade (TOT) is defined as A) (index of export prices)/(index of import prices). B) (home-country currency)/(foreign-country currency). C) (exchange rate)(price in foreign country/price
The terms of trade (TOT) refer to the ratio at which a country's exports are exchanged for imports. It is calculated by dividing the index of export prices by the index of import prices. Therefore, option A is the correct definition of the terms of trade.
The TOT is an important concept in international trade as it reflects the relative value of a country's exports compared to its imports. A higher TOT implies that a country can purchase a greater quantity of imports for a given amount of exports, indicating favorable trading conditions. Conversely, a lower TOT means that a country must export more to maintain the same level of imports, suggesting unfavorable trading conditions.
Several factors can influence a country's terms of trade. Changes in global demand and supply conditions for a country's exports and imports can impact their respective prices, thus affecting the TOT. Exchange rate fluctuations can also influence the TOT as they affect the relative prices of exports and imports.
Overall, monitoring and analyzing the terms of trade is crucial for policymakers and economists to understand the economic performance of a country in international trade and its implications for the balance of payments, inflation, and overall economic growth.
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What formula is used to compute the amount of the cash interest payment on Bonds Payable? 10 Multiple Choice oina 01:28:22 Face amount of bonds market interest rate per period Face amount of bonds stated interest rate per period Carrying value of bonds * stated interest rate per period Carrying value of bonds * market interest rate per period Given the following account balances, what is the amount of total stockholders' equity? (Assume all balances are normal balances 11 Account Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Balance 400,000 40,000 190,000 20,000 + 20:20 Multiple Choice $650,000 12 On January 1, 2021, Fast Corporation issues $200,000 of 9%, 10-year bonds with interest payable semiannually on June 30 and December each year. The market interest rate is 10%. The issue price of the bonds is $187.538. What journal entry should the corporation make to tecore the bond issue on January 1, 2021? Multiple Choice OLM 10 Debit Account Interest Expense Cash Bonds Payable Credit 12.462 187,538 200,000
The formula used to compute the amount of the cash interest payment on Bonds Payable is the Carrying value of bonds multiplied by the stated interest rate per period.
The formula used to calculate the amount of the cash interest payment on Bonds Payable is the Carrying value of bonds multiplied by the stated interest rate per period.The carrying value of bonds is the amount at which bonds are recorded in the balance sheet. It is the face value of the bond plus any unamortized premiums or less any unamortized discounts. The stated interest rate is the rate printed on the face of the bond and is used to compute the cash interest payments.The formula used to compute the amount of the cash interest payment on Bonds Payable is used to determine the cash interest payment that a company must pay to bondholders. It is important to note that the formula is used only to calculate the cash interest payment and not the total interest expense.The total stockholders' equity can be calculated by adding up all the account balances, which include Common Stock, Additional Paid-in Capital, Retained Earnings, and Treasury Stock. The given account balances are as follows:Common Stock: $400,000Additional Paid-in Capital: $40,000Retained Earnings: $190,000Treasury Stock: $20,000Thus, the amount of total stockholders' equity is $650,000.On January 1, 2021, Fast Corporation issues $200,000 of 9%, 10-year bonds with interest payable semiannually on June 30 and December each year. The market interest rate is 10%. The issue price of the bonds is $187.538. The following journal entry should be made to record the bond issue on January 1, 2021:Debit Account: CashCredit Account: Bonds PayableAmount: $187,538Since the bonds are issued at a discount, the company receives less cash than the face value of the bond, which results in a discount on the bond. Therefore, the entry does not include a credit to the full face value of the bond. The amount of the discount is the difference between the face value of the bond and the issue price of the bond. The amount of the discount is amortized over the life of the bond as interest expense.
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Shawna Carter wants to invest her recent bonus in a five-year bond that pays a coupon of 11 percent semiannually. The bonds are selling at $962.13 today. If she buys this bond and holds it to maturity, what would be her yield? (Round to the closest answer.) 12.2% 11.8% 12.03% 11.5%
Shawna Carter plans to invest her bonus in a five-year bond that pays an 11% semi-annual coupon. She wants to know the yield if she purchases this bond and keeps it until it matures.
Let us use the following equation to determine the yield:Yield= [PMT + ((FV - PV) / n)] / [(FV + PV) / 2]Here,PV = $962.13 FV = $1000, since it is a $1000 bond PMT = 11% * $1000 / 2 = $55 n = 5 years * 2 = 10 Let us substitute these values into the formula above to get the yield.Yield= [$55 + (($1000 - $962.13) / 10)] / [($1000 + $962.13) / 2]Yield= [$55 + ($37.87 / 10)] / [$981.06] Yield= [$55 + $3.79] / $981.06 Yield= $58.79 / $981.06 Yield= 0.0599 or 5.99%
The annual yield is double this value, or 11.98 percent. Therefore, the closest answer is 12.03%.Hence, the answer is 12.03%.
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Effect of Omitting Adjustments For the year ending August 31, Beckinworth Medical Co. mistakenly omitted adjusting entries for (1) depreciation of $6,000, (2) fees earned that were not billed of $11,800, and (3) accrued wages of $2,800. Indicate the effect of the errors on (a) revenues, (b) expenses, and (c) net income for the year ended August 31. (0) Revenues (b) Expenses (c) Net income
Beckinworth Medical Co. mistakenly omitted adjusting entries for (1) depreciation of $6,000, (2) fees earned that were not billed of $11,800, and (3) accrued wages of $2,800.
The impact of the omission of adjusting entries on the revenues, expenses, and net income of the Beckinworth Medical Co.
is discussed below:Effect on Revenue:The omission of the adjusting entry related to fees earned that were not billed will not impact the revenue account.
Revenue will remain the same as the revenue earned has not been overstated or understated.
Effect on Expenses:The omission of the adjusting entry related to depreciation will result in the understatement of expenses, resulting in an overstatement of the net income for the period.
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Suppose a competitive market with the inverse
demand p = 100 - q. An innovation reduces the constant
marginal production cost from 75 to 60.
Q1) Determine the price set by a monopoly using the
innovation.
Q2) Determine the minimal reduction in marginal cost for the
innovation to be drastic.
Q1) Price set by a monopoly using the innovation will be $90.5.Q2) The minimal reduction in marginal cost for the innovation to be drastic will be $30 per unit.In a competitive market with the inverse demand p = 100 - q, it is given that an innovation reduces the constant marginal production cost from 75 to 60.Q1) To determine the price set by a monopoly using the innovation, the monopoly would take into consideration the inverse demand function and the marginal cost. A monopoly is a single seller who can influence the market price and the quantity supplied.The total revenue earned by the monopoly can be represented as:Total revenue = Price * Quantity soldUsing the inverse demand function,Price = 100 - qThe quantity demanded will depend on the price. For a monopoly, the marginal revenue (MR) is the additional revenue generated by selling one extra unit of the product. MR is calculated by finding the derivative of total revenue with respect to the quantity.MR = dTR/dqFor a monopolist, the profit-maximizing output is achieved when marginal revenue (MR) equals marginal cost (MC).As the marginal cost of production has reduced from 75 to 60 due to innovation, the monopolist will produce more to take advantage of lower costs. At the profit-maximizing output, the monopoly price and quantity can be calculated as follows:MR = p - (dq/dt) = 100 - 2q (from the inverse demand function)dTC/dq = MC = 60The profit-maximizing quantity is obtained by equating the marginal revenue and marginal cost.100 - 2q = 60q = 20 unitsSubstituting q = 20 in the inverse demand functionPrice = 100 - q = 100 - 20 = $80The price set by the monopoly using the innovation is $80.Q2) To determine the minimal reduction in marginal cost for the innovation to be drastic, we need to find the price reduction that can be achieved due to the innovation.Let's consider the original equilibrium, where the price is $50 and the quantity is 50 units.Using the inverse demand function,Price = 100 - q = 100 - 50 = $50When the marginal cost is $75, the profit-maximizing quantity is obtained by equating the marginal revenue and marginal cost.100 - 2q = 75q = 12.5 unitsThe price is set to $87.5The profit is obtained by multiplying the profit per unit by the quantity.Pi = (P - MC) * QPi = (87.5 - 75) * 12.5 = $156.25After the innovation, the marginal cost reduces to $60.Using the inverse demand function,Price = 100 - qThe profit-maximizing quantity is obtained by equating the marginal revenue and marginal cost.100 - 2q = 60q = 20 unitsThe price is set to $79. The profit is obtained by multiplying the profit per unit by the quantity.Pi = (P - MC) * QPi = (79 - 60) * 20 = $380When the marginal cost is $75, the profit is $156.25When the marginal cost is $60, the profit is $380The minimal reduction in marginal cost for the innovation to be drastic would be $30 per unit.
2) Identify each of the following topics as being part of microeconomics or macroeconomics: a) the impact of a change in consumer income on the purchase of luxury automobiles b) the effect of a change in the price of Coke on the purchase of Pepsi c) the impact of a war in the Middle East on the rate of inflation in Canada d) factors influencing the rate of economic growth e) factors influencing the demand for tractors f) the impact of tax policy on national saving g) the effect of pollution taxes on the Canadian copper industry h) the degree of competition in the cable television industry i) the effect of a balanced-budget policy on economic stability j) the impact of deregulation on the financial industry
Microeconomics is the branch of economics that focuses on individual units within an economy. It is a field of study that examines the behavior of individuals and businesses.
Whereas, macroeconomics focuses on the economy as a whole and seeks to understand how various policies affect the economy. Now let's identify each of the given topics as being part of microeconomics or macroeconomics.a) The impact of a change in consumer income on the purchase of luxury automobiles is a topic related to microeconomics.b) The effect of a change in the price of Coke on the purchase of Pepsi is a topic related to microeconomics.c) The impact of a war in the Middle East on the rate of inflation in Canada is a topic related to macroeconomics.d) Factors influencing the rate of economic growth is a topic related to macroeconomics.e) Factors influencing the demand for tractors is a topic related to microeconomics.f) The impact of tax policy on national saving is a topic related to macroeconomics.g) The effect of pollution taxes on the Canadian copper industry is a topic related to microeconomics.h) The degree of competition in the cable television industry is a topic related to microeconomics.i) The effect of a balanced-budget policy on economic stability is a topic related to macroeconomics.j) The impact of deregulation on the financial industry is a topic related to macroeconomics.
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after considering the client's internal control, the auditors have concluded that it is well-designed and is functioning as anticipated. under these circumstances, the auditors would most likely: multiple choice reduce substantive procedures in areas where the internal control was found to be effective. decrease the extent of tests of controls. increase the extent of anticipated analytical procedures. cease to perform further substantive procedures.
The internal control system is effective, the auditors can rely on it to minimize the risk of misstatement and reduce substantive procedures to a bare minimum.
After considering the client's internal control, the auditors have concluded that it is well-designed and functioning as anticipated. Under these circumstances, the auditors would most likely decrease the extent of tests of controls. This is because they have found the client's internal controls to be well-designed and functioning properly, which reduces the risk of misstatements in the financial statements. As a result, the auditor can rely on the client's internal controls and reduce the extent of testing required. In this situation, the auditor must perform a walkthrough to comprehend and document the client's internal controls. The auditors must also evaluate the operating efficiency of the internal controls and examine them for compliance with management policies and procedures. The auditors must also examine and examine any changes in the controls and document and analyze the risks and criticality of any control flaws or weaknesses that were discovered.Auditors would likely reduce substantive procedures in areas where internal control was found to be effective. Analytical procedures may be used to evaluate account balances for consistency and assess whether the account balances are plausible or require further analysis. However, because the internal control system is effective, the auditors can rely on it to minimize the risk of misstatement and reduce substantive procedures to a bare minimum.
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2. Please first read the the short section " Reading on US Debt and Deficit" in this module. It will review what is the Federal deficit and debt--and what should be done, or not done, about it. Also, listen to the videos I created on the debt. Then use this fairy tale to analyze the debt. 1. After reading the introduction and the four possible endings, identify each ending by the correct label and explain why that ending is: external debt; crowding out; monetizing the debt; or Keynesian (crowding in). 2. Which ending is most harmful to an economy? Explain why. 3. Using what we have studied in the course, which ending best represents the current situation in the United States? Why? Beginning Once upon a time, in the Land Faraway, King Big Debt was spending big bucks on a new castle and moat. He needed more money fast. So be hot-footed it down to the town square, stood on his favorite soapbox, and announced he was selling Government Bonds, or G-Bills. "Why should we buy the bonds from you?" the crowd yelled. King Big Debt pledged, "T1 pay good interest! 8%,9% ... okay I'll pay you 10% and the bonds are as secure as your currency." People lined up to buy G-Bills. They were a better deal than the Faraway Bank or the Up and Down Stockmarket. King Big Debt continued to borrow & borrow until... Endings After reading the four possible endings on the following page, place the proper number in the corresponding box: Keynesian Crowding out External debt Monetizing the debt Ending #1 One day the Private Crown Corporation decided to bomow to build a new factory. But the King had borrowed so much, there was little money left. The Private Crown Carporation and other businesses that wanted to expand found themselves bidding against one another for the small of amount of savings available for loans. "I'll pay 10%." shouted one. "T'll pay 12%." shouted another. Interest rates skyrocketed. Private Crown Corporation cancelled its plan for a new factory. Others did the same. It wasn't long before the Faraway economy stagnated. THE END Ending #2 The King had a bright idea. He would print up some money! He was informed that most money was no longer currency but in bank check- ing deposits. So, he ordered the Royal Central Bank to buy all the G-Bills and credit his account so that he could pay his bills. With all the money earned in govemment projects, the town went on a buying spree. Shops were bustling and shopkeepers couldn't keep up with orders. It wasn't long before prices in Faraway went up, up, up. Coach prices soared and castles were soon out of reach of young Farawayians. Inflation had come to Faraway. THE END Ending #3 Prior to the King's building program, the economy had languished in recession. Unemployment had been above 7% and busi- nesses were discouraged from investing in new plant and equipment because of the poor business outlook After the King's program, employment picked up not only in castle and moat building, but also across the economy because businesses were more optimistic about the future and started to expand their capacity. The Faraway economy boomed. ...THE END Ending #4 Banks and wealthy individuals in Nearby, a land north of Faraway, heard of high interest rates and wanted to invest in G-Bills too. So, they hot- footed it down to their investment brokers and bought a high percentage of the G-bills. As a result, there were savings in Faraway available for lending to Faraway corporations, so interest rates fell back to 8%. Years later, Nearby investors started to sell the G-bills and used the proceeds to buy things in Faraway. Soon, Faraway citizens found that their most desirable goods and services were being exported to Nearby, and that Faraway real estate and businesses were owned by foreigners. THE END
businesses and individuals are finding it more challenging to get loans, and it is slowing down the economy.
1. The correct label for each ending and an explanation of why it is so are as follows: Ending #1 - Crowding out: It occurs when the government borrows so much that it crowds out private sector borrowing by causing interest rates to rise, making loans less attractive to companies and consumers. Ending #2 - Monetizing the debt: It is the process of buying debt from the government by printing money. It can result in inflation because the amount of currency in circulation is increasing. Ending #3 - Keynesian (crowding in): It occurs when government spending raises economic output and productivity in the short term. It is referred to as "crowding in" because the increased government spending leads to increased private sector investment. This can lead to higher prices for goods and services, which can harm consumers who may not be able to afford these higher prices. It can also result in a decline in the value of the currency, which can harm the country's international trade relations.3. The ending that best represents the current situation in the United States is Crowding out. It is because the US government has borrowed a significant amount of money, causing interest rates to rise and reducing private sector investment. As a result, businesses and individuals are finding it more challenging to get loans, and it is slowing down the economy.
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If your company is evaluating whether its supplier's workforce is receiving fair wages, your company is most likely doing ___________________.
Assessment of corporate social responsibility including sustainability
Spend analysis
Total cost of ownership (TCO) assessment
None of the above
If your company is evaluating whether its supplier's workforce is receiving fair wages, your company is most likely doing an "Assessment of corporate social responsibility including sustainability."
Corporate social responsibility (CSR) refers to a company's commitment to operating ethically and responsibly, taking into account its impact on society, the environment, and various stakeholders. Assessing whether a supplier's workforce receives fair wages falls under the CSR umbrella, as it pertains to the social aspect of responsible business practices. This assessment involves evaluating the wages paid to workers within the supply chain to ensure they meet or exceed industry standards or legal requirements for fair compensation.
On the other hand, "Spend analysis" refers to the process of analyzing an organization's spending patterns and expenses to gain insights and optimize procurement and sourcing strategies. It is not directly related to evaluating fair wages in a supplier's workforce.
Similarly, a "Total cost of ownership (TCO) assessment" involves evaluating all costs associated with owning and operating an asset or product throughout its lifecycle, including purchase costs, operating costs, maintenance costs, and disposal costs. While fair wages may indirectly impact TCO considerations, it is not the primary focus of TCO assessments. Therefore, the correct answer is: Assessment of corporate social responsibility including sustainability.
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What are the descriptive statistics that should be
used with each type of scale?
Answer:
Descriptive statistics vary based on the type of scale used. Here are the descriptive statistics commonly used with different types of scales:
1) Nominal Scale: For categorical data measured on a nominal scale (e.g., gender, eye color), descriptive statistics typically include frequency counts and percentages. These statistics help summarize the distribution and frequency of each category.
2) Ordinal Scale: When dealing with ordinal data (e.g., rating scales, ranks), descriptive statistics often include measures such as median and percentile. These statistics provide information about the central tendency and relative ordering of the categories.
3) Interval Scale: Descriptive statistics for interval data (e.g., temperature measured in Celsius or Fahrenheit) involve measures like mean, standard deviation, and range. These statistics capture the central tendency, dispersion, and range of values.
4) Ratio Scale: For data measured on a ratio scale (e4.g., height, weight), descriptive statistics can include mean, standard deviation, range, as well as ratios and proportions. These statistics provide comprehensive information on central tendency, dispersion, and relative comparisons between values.
It's important to note that some descriptive statistics, such as mean and standard deviation, can be used across different types of scales, while others, like mode or median, may be more applicable to specific scales. The choice of descriptive statistics depends on the nature of the data and the specific research questions or objectives.
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Jamali Lewis is a striker for the Port Adelaide Cruz (the ‘Cruz’), a top tier football club, playing in the Australian Women’s A-League. Jamali’s contract with the Cruz provides restrictive covenants preventing Jamali from joining any professional football club in Australia while contracted to the Cruz. Recently, the A-League, in its expansion strategy has decided to allow two more teams to join the league, making the total number of teams 12. Several clubs from across the country make bids to enter the league, including the Illawarra Steel (the ‘Steel’). Jamali, who was born in Figtree in Wollongong, has been missing her family since turning professional, so she decides that if the Steel are successful in their bid that she will return to Wollongong (home of the ‘Steel’). The Steel are successful in their bid so Jamali requests the A-League and the Cruz release her from her contract [because the Steel have offered her a place on their team]. When the Cruz team coaches and management find out about Jamali’s defection to a new rival club, they are incensed. There had been some issues in the early stages of Jamali’s time with the Cruz when some fellow players had complained about her drinking. The Cruz management decide that this might be a good time to further investigate these allegations and attempt a smear campaign against Jamali.
Advise Jamali.
Please use case law and/or statute to support your answer. - Australian law & statute required
The legal issue in this question is related to Jamali's contract with Cruz and the restrictive covenants.
As per the provided scenario, Jamali Lewis is a striker for the Port Adelaide Cruz, and her contract with the Cruz provides restrictive covenants preventing Jamali from joining any professional football club in Australia while contracted to the Cruz. However, Jamali is interested in joining Illawarra Steel, who have been successful in their bid to join the league. Therefore, Jamali requests the A-League and Cruz to release her from her contract, which is unacceptable for the Cruz team coaches and management as they are incensed.
They are attempting a smear campaign against Jamali and investigating the allegations of her drinking. Here is the legal advice for Jamali: Jamali must review her contract with Cruz to determine the terms of the restrictive covenants and the penalties associated with violating those covenants. Jamali may request the A-League and Cruz to release her from her contract voluntarily. In such a case, Cruz management cannot forcibly prevent her from leaving.
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discuss in details How would you justify managing digital transformation in e-Business organizations and the process of digital transformation for an existing e-Business organization.
Digital transformation is essential for e-Business organizations to stay competitive in the digital age, involving strategic planning, technology integration, organizational change, and continuous innovation.
Managing digital transformation in e-Business organizations is crucial for several reasons. Firstly, digital technologies have revolutionized the way businesses operate, and organizations need to adapt to remain relevant. Embracing digital transformation allows businesses to leverage emerging technologies such as artificial intelligence, big data analytics, cloud computing, and e-commerce platforms to enhance their operations, optimize processes, and gain a competitive edge.
Additionally, digital transformation enables e-Business organizations to improve customer experiences. By implementing digital tools and platforms, businesses can offer personalized services, seamless online transactions, and enhanced engagement with customers. This leads to increased customer satisfaction, loyalty, and ultimately, business growth.
Furthermore, digital transformation helps organizations streamline operations, increase efficiency, and reduce costs. Automation of manual processes, digitization of data, and integration of systems enable organizations to improve productivity and make informed decisions based on real-time insights.
The process of digital transformation involves several steps. It begins with strategic planning, where organizations define their digital objectives, identify areas for improvement, and align digital initiatives with business goals. Next, organizations need to integrate new technologies into their existing infrastructure and ensure that employees have the necessary skills to leverage these technologies effectively. Organizational change management is also critical to address any resistance and foster a digital-first culture.
Lastly, digital transformation is an ongoing process that requires continuous innovation and adaptation to stay ahead of evolving market trends and customer demands. Regular evaluation and optimization of digital initiatives are essential to drive sustainable growth and maintain a competitive advantage in the dynamic e-Business landscape.
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The Law of Supply states that as the price of a good increases, ceteris paribus, the _________ of that good increases. This can be shown graphically with ________ supply curve or numerically in a table using a __________.
The Law of Supply states that as the price of a good increases, ceteris paribus, the quantity supplied of that good increases. This can be shown graphically with a upward-sloping supply curve or numerically in a table using a supply schedule.
The Law of Supply reflects the positive relationship between price and quantity supplied. As the price of a good increases, suppliers are motivated to produce and sell more of that good in order to maximize their profits. This is because higher prices provide an incentive for producers to allocate more resources and engage in production activities.
Graphically, the supply curve slopes upward from left to right, indicating that as the price increases, the quantity supplied also increases. This visually demonstrates the Law of Supply. Additionally, a supply schedule, which is a tabular representation of different price-quantity combinations, can be used to quantify the relationship between price and quantity supplied.
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In his 2010 State of the Union address, U.S. President Barack Obama vowed to double U.S. exports by 2015. To this end, President Barack Obama created a National Export Initiative and established the President's Export Council. What is meant by export marketing and export selling?
Export marketing and export selling are important for businesses in reaching foreign markets. It is an ideal way for a company to increase sales, grow revenue, and expand its market share. Export marketing refers to the strategy of promoting and selling products or services overseas.
In his 2010 State of the Union address, U.S. President Barack Obama pledged to double U.S. exports by 2015. To achieve this, he launched the National Export Initiative (NEI), which was aimed at assisting U.S. businesses in reaching new foreign markets. The NEI was designed to streamline government services and resources to help companies in exporting their products or services. This helped businesses in finding customers overseas, gaining access to foreign financing, and navigating the complexities of international trade.
Furthermore, President Obama established the President's Export Council (PEC) to advise him on policies and programs aimed at promoting exports. The PEC consisted of business leaders from various industries who provided advice on trade policy and export promotion.
In conclusion, export marketing and export selling are important for businesses in reaching foreign markets. By utilizing these strategies, businesses can increase sales, grow revenue, and expand their market share. The NEI and PEC helped in promoting exports by providing resources and guidance to U.S. businesses.
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Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for the customer b. as negative sales invoices C. as credits to accounts receivable for the customer O d. when the customer makes a partial payment on account
The correct answer is option C: as credits to accounts receivable for the customer. Prepayments made by customers are recorded as credits to accounts receivable for the customer.
Accounts receivable (AR) is a term used to describe money that is owed to a business. AR refers to the outstanding payments due from clients or customers for goods or services already delivered or rendered by a business. It is one of a company's most critical resources since it is tied up in inventory and other operating expenses. Hence, it is vital to manage accounts receivable efficiently. The collection of accounts receivable is important to keep the company's cash flow running smoothly.
A customer deposit is when a customer makes an upfront payment for goods or services that they have ordered but not yet received. Companies usually request deposits to ensure that they have funds available to cover the expenses of producing and delivering the order. Prepayments made by customers are recorded as credits to accounts receivable for the customer. When the order is fulfilled, the balance in the customer's accounts receivable account will be reduced, and the revenue account will be increased by the total amount of the sale.
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Negative supply shocks cause both the short-run aggregate supply curve and the short-run Phillips curve to shift to the left. Select one: True False Check
True, the statement is true. Negative supply shocks cause both the short-run aggregate supply curve and the short-run Phillips curve to shift to the left.
Negative supply shocks do cause both the short-run aggregate supply curve and the short-run Phillips curve to shift to the left. Here's the explanation:
Short-run aggregate supply (SRAS) curve: The SRAS curve represents the relationship between the overall price level and the quantity of real GDP supplied in the short run. It shows the level of output that firms are willing and able to produce at different price levels.
Phillips curve: The Phillips curve illustrates the inverse relationship between the unemployment rate and the inflation rate. It suggests that there is a trade-off between inflation and unemployment in the short run.
Negative supply shocks: A negative supply shock refers to an unexpected event that reduces the availability of inputs or raises production costs for firms. Examples include increases in the price of key inputs like oil, natural disasters disrupting production, or supply chain disruptions. Negative supply shocks lead to a decrease in aggregate supply.
Effects on SRAS and Phillips curve:
SRAS curve: A negative supply shock reduces the willingness and ability of firms to produce at every price level, resulting in a leftward shift of the SRAS curve. This is because the shock increases production costs and reduces the profitability of firms, leading to a decrease in output.
Phillips curve: The leftward shift of the SRAS curve influences the Phillips curve. With a decrease in output and an increase in production costs due to the negative supply shock, the short-run trade-off between inflation and unemployment worsens. This leads to a leftward shift of the short-run Phillips curve, indicating higher inflation for a given level of unemployment.
The negative supply shock reduces the willingness and ability of firms to produce, resulting in a decrease in aggregate supply and a deterioration of the short-run trade-off between inflation and unemployment.
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What monthly compounding nominal interest rate is earned on an investment that doubles in 8 years? Select one: Next page O a. 8.60% O b. 8.50% O.C. 8.80% O d. 8.70% O e. 8.40%
Answer:
The monthly compounding nominal interest rate earned on an investment that doubles in 8 years is approximately 8.50%. This is the rate at which the investment must grow each month to double in value over the given time period. By using the compound interest formula and solving for the rate, we find that the rate is approximately 8.50%.
To calculate the interest rate, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where A is the final amount, P is the principal amount, r is the interest rate, n is the number of times compounded per year, and t is the time in years.
In this case, we know that the investment doubles, which means the final amount is twice the principal amount. By plugging in the values and solving for r, we find that the interest rate is approximately 8.50%.
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An automotive company is working on a new sports car design and based on their experience of their previous models, they have identified potential problems as given below. What should be the first analysis they should be doing? Typical failure effects could be, but are not limited to: - Noise - Rough - Erratic Operation Inoperative - Poor Appearance Unpleasant Odor - Unstable Operation Impaired - Intermittent Operation - Thermal Event - Leaks - Regulatory Non Compliance - - Electromagnetic Compatibility (EMC) Radio Frequency Interface (RFI) noise
Automotive company is working on a new sports car design and based on their experience of their previous models, they have identified potential problems such as Noise, Rough, Erratic Operation, Inoperative, Poor Appearance, Unpleasant Odor, Unstable Operation, Impaired, Intermittent Operation,
Thermal Event, Leaks, Regulatory Non-Compliance, Electromagnetic Compatibility (EMC), and Radio Frequency Interface (RFI) noise. Therefore, the first analysis that the company should be doing is the failure mode and effects analysis (FMEA).The Failure Mode and Effects Analysis (FMEA) is a technique that helps in identifying potential failures in the development process and product design.
It examines the effects of the failure on various aspects of the product, such as performance, safety, and regulatory compliance.FMEA is a systematic approach to detecting and preventing design and process problems. It is a procedure for identifying potential problems, assessing the severity of the problems, determining the causes of the problems, and devising ways to prevent them from occurring in the first place.The company should begin by doing a Failure Mode and Effects Analysis (FMEA) to identify the possible reasons for the issues and their severity. FMEA helps to identify the risks involved in the process and suggest possible changes to reduce or eliminate these risks.
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If real income grows at approximately 2% per year, the number of years it will take for real income to double is approximately O a. 12. O b. 36. O c. 72. O d. 24. O e. 5.
Answer:
24............. .................. ....... .........
If real income grows at approximately 2% per year, the number of years it will take for real income to double is approximately (b) 36 years.
To determine the approximate number of years it will take for real income to double with a 2% annual growth rate, we can use the rule of 70. The rule of 70 states that the doubling time can be estimated by dividing 70 by the annual growth rate.
In this case, the annual growth rate is approximately 2%. Applying the rule of 70, we divide 70 by 2 to get an estimated doubling time of 35 years. Therefore, the number of years it will take for real income to double is approximately 35 years.
Since none of the provided options match the estimated doubling time, it seems there might be a mistake in the options. The closest option is 36 (option b), which is the rounded value of the estimated doubling time of 35 years.
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A $10,000 federal subsidy per student in higher education would benefit
a. a student by exactly $10,000
b. a university by exactly
c. the student and the university in such a way that they would split the $10,000.
d. the student and the university in such a way that they would each get $10,000.
A $10,000 federal subsidy per student in higher education would benefit a student by exactly $10,000. The correct option is a.
The federal subsidy for higher education of $10,000 per student would directly benefit each student by giving them $10,000. By lessening the student's financial responsibility, the subsidy aims to increase access to and affordability of higher education. The government normally offers a subsidy to aid students in their pursuit of higher education; however, it is not always directly monetarily advantageous to the university.
Thus, the ideal selection is option a.
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pos Al Basel and Ziad are sharing income and loss in a 4:32 rato respectively and decided to liquidate their partnership. Prior to the final distribution of cash t the partners, All has a capital balance of $20,000), Basel has a capital balance of $48,000, and Ziad has a capital balance of $72,000. Also, cash balance 1 $100,000 All is NOT able to pay the amount he owes the partnership Which of the following two journal entries are right to record this liquidation case? OA Basal Capital 10,000 Ziad Capital 15,000 All Capital Basel capital 38,000 Ziad capital Cash 62,000 100,000 OR Basel Capital 12,000 Ziad Capital 8,000 All Capital 20,000 36,000 Basel capital Zlad capital Cash 64,000 100,000 12,000 OC Basel Capital Ziad Capital 8,000 All Capital 20,000 Basel capital Ziad capital 64,000 36,000 Cash 100,000 OD Basel Capital 8,000
The correct journal entries to record this liquidation case would be:
OD) Basel Capital $8,000
Ziad Capital $8,000
All Capital $20,000
Basel Capital $64,000
Ziad Capital $36,000
Cash $100,000
In this entry, Basel and Ziad each receive their respective capital balances of $8,000, and All receives his capital balance of $20,000. The remaining cash of $100,000 is distributed in the ratio of 4:32 to Basel and Ziad, respectively. Basel receives $64,000 (4/36 * $100,000) and Ziad receives $36,000 (32/36 * $100,000). This ensures that all partners receive their capital balances and the remaining cash is distributed according to their profit-sharing ratio.
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