The quantity supplied of lumber would increase by 48% in response to a 20% increase in the price of lumber.
How to calculate by how much would the quantity supplied of lumber changeIf the price elasticity of supply for lumber is 2.4, then we can use the formula:
Elasticity of supply = percentage change in quantity supplied / percentage change in price
Solving for the percentage change in quantity supplied, we get:
Percentage change in quantity supplied = Elasticity of supply * Percentage change in price
Given that the price of lumber increases by 20%, the percentage change in price is 20%.
The percentage change in quantity supplied would be:
Percentage change in quantity supplied = 2.4 * 20% = 48%
Hence, the quantity supplied of lumber would increase by 48% in response to a 20% increase in the price of lumber.
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Barans Company purchased merchandise on account from Springhill Company for $9,300, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $1,500 and received full credit.
a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.
Barans Company purchased $9,300 worth of merchandise from Springhill Company and received a credit of $1,500 for returned merchandise. If they pay the invoice within the discount period, they will need $9,114 in cash after deducting the discount amount.
If Barans Company pays the invoice within the discount period, they can take advantage of the 2% discount offered by Springhill Company. The invoice amount is multiplied by the discount rate to determine the discount amount.
Discount amount is calculated by multiplying the invoice amount by the discount rate.
Discount amount = $9,300 x 0.02
Discount amount = $186
The total amount of the payment can be calculated by subtracting the discount amount from the invoice amount.
Total payment = Invoice amount - Discount amount
Total payment = $9,300 - $186
Total payment = $9,114
Therefore, if Barans Company pays the invoice within the discount period, they will need $9,114 in cash to make the payment.
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discuss five engagement-specific controls to be instituted by an audit firm to ensure quality control
The five key engagement-specific controls that an audit firm can implement to guarantee quality control throughout an engagement include adequate planning, risk assessment, supervision, documentation, and review.
These measures are taken to ensure the review is completed as per evaluating guidelines and that the ends came to are enough upheld by the accessible information. A survey likewise assists with guaranteeing that the review was completed as per inspecting norms.
Planning aids in characterizing the review's extension, laying out client assumptions, and successfully distributing assets and time. The foundation of fitting strategies to address potential dangers connected with the client's fiscal summaries is supported by risk appraisal.
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How do you find a monthly payment on auto loans?
Answer:
Explanation:
m
25
Select the correct answer.
Which question is likely to be asked by a life insurance company to determine the price of a policy?
OA.
OB.
O C.
O D.
OE.
Do you have any beneficiaries?
Do you have a current shot record?
Have you recently been out of the country?
Do you have a history of illness or other health conditions?
Have you recently purchased a vehicle?
The question that is likely to be asked by a life insurance company to determine the price of a policy is Do you have a history of illness or other health conditions?
What is life insurance?A life insurance policy can be described as the policy that is been made by the insuarance company which helps in the processs of providing financial protection for family if one is in a situation where he pass away.
It should be noted that the beneficiaries base on the policy will be able to hace access to the money so as to ensure security in a difficult time.
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A new entrepreneur has come to you for advice about marketing a product. Specifically, she wants to understand the idea of a total product concept. How would you describe it to her and why do you think this concept is important?
Answer: The total product concept is a marketing strategy that aims to create a comprehensive and satisfying customer experience by considering all aspects of the product and related services.
Explanation: The total product concept goes beyond the physical product to include packaging, promotion, and service. It is an approach that seeks to create a complete and valuable experience for the customer. By considering all aspects of the product and its related services, companies can differentiate themselves from competitors and build customer loyalty. This approach recognizes that customers are not just buying a product, but also an entire experience that includes the purchase process, the customer service, and the ongoing relationship with the company.
1. Use each of the three terms below in a sentence that illustrates the
meaning of the term.
a. check clearing
b. bank holding
company
c. required reserve
ratio
a. Check clearing is the process by which banks exchange and settle checks, ensuring that the funds are transferred from the payer's account to the payee's account.
b. A bank holding company is a corporation that owns and controls one or more banks, but does not directly engage in banking activities itself.
c. The required reserve ratio is the minimum amount of funds that banks must hold as reserves, as a percentage of their customers' deposits, which is determined by the central bank or regulatory authority.
For example, when you deposit a check at your bank, the check clearing process begins, with your bank sending the check to the payer's bank to verify and transfer the necessary funds.
An example could be: XYZ Corporation is a bank holding company that owns and oversees three different banks, each offering various financial products and services to their customers.
To illustrate this, if the required reserve ratio is 10%, a bank with $1 million in customer deposits would need to maintain at least $100,000 in reserves to comply with regulations
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A sample of 392 adult travelers were shown a list of 6
different ecolabels, and asked "How familiar are you with
this ecolabel, on a scale of 1 (not familiar at all) to 5 (very
familiar)." The mean and standard deviation of the responses for
each ecolabel are provided in the table. Which of the ecolabels.
had the most variation in numerical responses? Explain.
Ecolabel
value of the
Ecolabel
Energy Star
TripAdvisor Greenleaders
Audubon International
US Green Building Council
Green Business Bureau
Green Key
Mean
4.436
3.567
2.407
2.282
2.245
2.011
had the most variation in numerical responses because it has the
Std. Dev.
0.823
1.383
1.441
1.386
1.393
1.298
A sample of 392 adult travelers were shown a list of 6
different ecolabels, and asked "How familiar are you with
this ecolabel, on a scale of 1 (not familiar at all) to 5 (very
familiar)." The mean and standard deviation of the responses for
each ecolabel are provided in the table. Which of the ecolabels.
had the most variation in numerical responses? Explain.
Ecolabel
value of the
Ecolabel
Energy Star
TripAdvisor Greenleaders
Audubon International
US Green Building Council
Green Business Bureau
Green Key
Mean
4.436
3.567
2.407
2.282
2.245
2.011
had the most variation in numerical responses because it has the
Std. Dev.
0.823
1.383
1.441
1.386
1.393
1.298
Based on the information provided, the ecolabel with the most variation in numerical responses was TripAdvisor Greenleaders.
It has the largest standard deviation of the responses (Std. Dev. = 1.383).
A larger standard deviation means there is more variability or spread in the responses. The responses to TripAdvisor Greenleaders ranged from 1 to 5, showing a wider range compared to the other ecolabels.
Some key points to consider:
TripAdvisor Greenleaders has the highest standard deviation, so it has the most variability/spread in the responses.A standard deviation of 1.383 indicates the responses were fairly spread out over the range of values from 1 to 5.In contrast, ecolabels like Energy Star (Std. Dev. = 0.823) had more concentrated responses clustered around the mean.The means also provide context, showing TripAdvisor Greenleaders was less familiar on average compared to ecolabels like Energy Star.In summary, TripAdvisor Greenleaders exhibited the most variation in how familiar travelers were with that particular ecolabel. The range of responses, from 1 to 5, and the larger standard deviation supported this.
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During the current year, merchandise is sold for $891,000. The cost of the goods sold is $543,510.
a. What is the amount of the gross profit?
$fill in the blank 1
b. Compute the gross profit percentage (gross profit divided by sales).
fill in the blank %
During the current year, merchandise is sold for $891,000. The calculated gross profit will be $ 347,490 and gross profit percentage is 39%.
A company's gross profit is its profit after deducting all costs associated with manufacturing and selling its goods or services. By subtracting your total sales from the cost of goods sold (COGS), you can figure out your gross profit.
Gross profit = selling price - cost price
= $ 891,000 - $ 543,510
= $ 347,490
Gross profit percentage = gross profit / sales
= $ 347,490/ $ 891,000
= $ 0.39 = 39 %
A company's gross profit is the difference between its total cost of goods sold and total revenue, which is calculated by deducting the total revenue from the total cost of goods sold. It's also known as gross income or gross margin. Gross profit can be used to compare the performance of various businesses because it is a measure of a company's effectiveness in cost control.
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