Demand Function : The demand function for good X describes how much X will be purchased at alternative prices of X and related goods, alternative levels of income, and alternative values of other variables that affect demand.
What is Demand Function?Demand function represents the relationship between the quantity demanded for a commodity (dependent variable) and the price of the commodity (independent variable).
Demand Function Formula
Mathematically, a function is a symbolic representation of the relationship between dependent and independent variables.
Let us assume that the quantity demanded of a commodity X is Dx, which depends only on its price Px, while other factors are constant. It can be mathematically represented as:
Dx = f (Px)
However, the quantitative relationship between Dx and Px is expressed as:
Dx = a – b(Px)
Where a (intercept) and b (relationship between Dx and Px) are constants.
Types of Demand Function
There are Two types of demand function are:
Linear demand functionNon linear demand functionLearn more about Demand Function on:
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Assume that spaghetti is an inferior good for most people. as peoples' incomes increase, all other things held constant, the demand for spaghetti will?
Assume that spaghetti is an inferior good for most people. as peoples' incomes increase, all other things held constant, the demand for spaghetti will decrease.
In general economics, an inferior good is a good whose demand decreases when the income of consumer rises.
Demand for inferior goods increases when consumer income decreases, Unlike normal goods, the opposite is observed. Normal goods are those goods for which the demand rises with the increase in consumer income.
An inferior good is an economic word which describes the goods which fall out of favor as incomes and the economy improve as consumers begin buying more costly substitutes instead.
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In which of the five basic supply chain activities do you prepare to manage all resources required to meet demand?
In Plan of the five basic supply chain activities prepare to manage all resources required to meet demand.
Manufacturing companies can benefit from a thorough supply chain planning system in areas like material management, waste reduction, and working capital optimization.
The process of precisely planning a material's or a product's route from the raw material stage to the end user is known as supply chain planning. Several procedures are included in this, including supply planning, demand planning, production planning, distribution planning, operations planning, and sales planning.
According to research, 79% of companies with high-performing supply networks have faster revenue growth than the sector average.
Additionally, businesses with the best supply networks benefit from 15% lower supply chain expenses, inventory holdings of less than 50%, and cash-to-cash cycles that are 3 times faster.
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If a company decreases its sales price per unit, the new breakeven point will?
If a company decreases its sales price per unit, the new breakeven point will increase.
The breakeven point is the point at which general cost and total revenue are identical, which means there's no loss or gain for your small business. In different phrases, you have reached the level of production at which the expenses of production equal the sales for a product.
The break-even point in economics, enterprise—and in particular fee accounting—is the point at which overall cost and total revenue are identical, i.e. "even". There is no internet loss or advantage, and one has "damaged even", though possibility charges had been paid and capital has acquired the threat-adjusted, predicted return.
To calculate the break-even factor in units use the system: spoil-Even point (gadgets) = fixed fees ÷ (income fee according to unit – Variable costs in keeping with the unit) or in income greenbacks the usage of the formula: spoil-Even point (sales dollars) = fixed costs ÷ Contribution Margin.
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When dealing with the history of capital market returns, an average stock market return is useful because it:_______.
When dealing with the history of capital market returns, an average stock market return is useful because it simplifies detailed market data & is the best estimate of any one year's stock market return during the specified period.
Historical returns are frequently linked to a security's or index's previous performance, such the S&P 500. When attempting to forecast future returns or predict how a security could respond to a specific circumstance, such as a decline in consumer spending, analysts look at historical return data.
When predicting the standard deviations of upcoming data points, historical returns might also be helpful.
A security or market's past performance can be understood by analyzing historical data, which ranges from predictable economic cycles to unexpected exogenous global occurrences.
Investors interpreting historical returns should keep in mind that past performance does not guarantee future performance.
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Funding from politically active nonprofits whose donors and amounts contributed do not have to be made public is called:_______
A secretive funding refers to those funding from politically active nonprofits whose donors and amounts contributed do not have to be made public.
What is a secretive funding?This refers to the process of the hidden method used by a political party to raise money for its campaigns and routine activities.
The secretive funding of the political parties is also an aspect of its campaign finance.
Hence, the secretive funding refers to those funding from politically active nonprofits whose donors and amounts contributed do not have to be made public.
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When the cost curves have u-shapes, at the point where marginal cost equals average total cost:_______
The point at which marginal cost equals average total cost (MC = ATC) is known as the break-even point.
What happens if the marginal cost curve is U shaped?
The Marginal Cost curve has a U-shaped structure because total costs and variable costs first rise at a declining rate as a firm increases output. Economies of scale and the Law of Diminishing Returns cause the marginal cost to decrease to its lowest point at this point.
What does U shaped average cost curve show?
Because all fixed costs are incurred prior to any production, the average cost curve often has a U-shape, and marginal costs are typically rising due to declining marginal productivity.
What is break even point?
The break-even threshold is reached when overall costs and total revenues are equal, leaving your small firm with no net benefit or loss. In other words, you've achieved the point in production where the revenue from a product equals the cost of manufacture.
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Assuming the absorption costing method is used, what is the total manufacturing costs per unit added to work in process during the month of february?
The total manufacturing costs per unit is known as Absorption cost per unit . To calculate Absorption cost we use following formula-
Absorption cost per unit = (Direct Material Costs + Direct Labor Costs + Variable Manufacturing Overhead Costs + Fixed Manufacturing Overhead Costs) / Number of units produced
Absorption costing is an accounting method designed to capture all of the costs that go into manufacturing a specific product. Absorption costing considers direct materials, direct labor, variable manufacturing overhead and fixed manufacturing overhead as product costs.
How to calculate absorption costing-
1. Develop cost pools-First, determine the costs associated with the production of a product and then assign them to different cost pools.
2. Determine usage for each cost-Next, go through every activity and figure out the amount each was used during production.
3. Calculate the costs-Lastly, calculate the allocation rate, which tells you the cost per unit. You can do this by following this formula:
Absorption cost per unit = (Direct Material Costs + Direct Labor Costs + Variable Manufacturing Overhead Costs + Fixed Manufacturing Overhead Costs) / Number of units produced
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What is the main distinction between an experimental design and a quasi-experimental design?
The experimental designs demonstrate that the independent variable is related to the outcome, whereas the quasi-experimental design allows for independent variables which stand alone.
In order to evaluate the effect of an intervention, an experimental design is used. Here the participants are randomly divided into 2 groups- A treatment group and a control or comparison group.
On the other hand, a quasi-experimental design is a non-randomized study design used in order to evaluate the effect of an intervention. Thus, the intervention can be a training program, a policy change or a medical treatment.
Hence, experimental design and quasi-experimental design have their own differentiation.
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4. nancy billows bought a $7,000 desk at furniture.com. based on her income, nancy could only afford to pay back $700 per month. the charge on the unpaid balance is 3%. the u.s. rule is used in the calculation. calculate the balance outstanding at the end of month 2.
The computation of the balance outstanding at the end of the month 2 is shown below:
Month Due balance Interest Monthly Balance Outstanding
payment Reduction Balance
1 $7,000 $210 $700 $490 $6,510
($7,000 × 3%) ($700 - $210) ($7,000 - $490)
2 $6,510 $195.30 $700 $504.70 $6,005.30
($6,510 × 3%) ($700 - $195.30) ($6,510 - $504.70)
Outstanding balance definition :
An outstanding balance is the amount you owe on any debt that charges interest, like a credit card. Most often, it refers to the amount you owe from purchases and other transactions made with your credit card. It's also called your current balance.
Your outstanding balance is what you currently owe on your card and can include:
PurchasesCash advancesBalance transfersInterest chargesFeesCard issuers assign specific credit limits (spending limits) on your cards. Your outstanding balance helps determine how much much credit (money left to spend) you have available. To find out how much you have left, simply subtract your outstanding balance from your credit limit. Don't forget to include any charges that haven't shown up on your credit card account yet.
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Suppose a bookie will give you $2 for every $1 you risk if you pick the winners in three games of a sport on a parlay card. thus, for every $1 bet, you will either lose $1 or gain $1. what is the bookie's expected earnings per dollar wagered
$10 is the bookie's expected earnings per dollar wagered
What is earnings per dollar?The price-to-earnings ratio, in essence, reflects the amount of money an investor may expect to invest in a firm in order to obtain $1 of that company's earnings. This is why the P/E ratio is also known as the price multiple, as it indicates how much investors are ready to pay each dollar of earnings.
Analysts want to see a lower number for the Price-to-Sales Ratio. A ratio less than one shows that investors are investing less than $1 for every $1 in revenue earned by the company.
The formula for determining a stock's price-earnings ratio is straightforward: the market value per share divided by earnings per share (EPS).
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If an offeror retracts an offer before acceptance, termination by __________ has occurred. multiple choice lapse of time revocation counteroffer rejection illegality
If an offeror retracts an offer before acceptance, termination by offer revocation has occurred.
Revocation means when an offer is withdrawn by the offerer.
The common rule was established in Payne v Cave that an offer can be revoked at any time before the acceptance takes place. But, the revocation must always be communicated effectively directly or indirectly to the offeree before acceptance .
Moreover, sufficient communication does not need to be made by the offeree personally ,the offer may still be able to withdraw even if it is stated specifically that it would remain open for a fixed period
when the promise if made to leave an offer open was not made by any consideration given by the offeree.
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If 21% of unemployed find jobs and 0. 9% of the employed lose their jobs, the natural rate of unemployment will be:__________.
If 21% of unemployed find jobs and 0. 9% of the employed lose their jobs, the natural rate of unemployment will be 4.1%
Use formula 7.4 where s = 0.009 and ƒ = 0.21.
The unemployment rate is the proportion of the work force that is unemployed. Because it is a trailing indicator, it frequently increases or decreases in response to changes in economic conditions rather than anticipating them.
When the economy is in trouble and there are few open positions, the unemployment rate is likely to rise. When the economy is strong and there are plenty of open positions, it makes sense to expect a fall in it.
Except for a few months, the first Friday of each month sees the release of the nation's unemployment rate for the preceding month.
You can access both the most recent and older versions of the report on the Bureau of Labor Statistics website (BLS).
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Items of personal property used in connection with the real estate, such as appliances or furniture, are called__________.
Items of personal property used in connection with the real estate, such as appliances or furniture, are called Fixture.
An object that was once personal property, but which has now been firmly attached to the land in such a way that it becomes part of the real estate.
The primary criterion for determining whether or not something is a fixture has to do with how it is attached. An item is regarded as a fixture if it is physically and firmly connected to the property.
This comprises objects that have been fastened to walls, floors, ceilings, or other parts of the house using bolts, screws, nails, glue, or cement.
The traditional illustration of this is a window treatment. Typically, because they are physically attached to the window frame, items like blinds and shades are regarded as fixtures that must remain with the home.
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From the consumer’s perspective, the elements of an imc strategy can be viewed as being either.
From the consumer’s perspective, the elements of an IMC strategy can be viewed as being either "Passive or Interactive."
What is IMC?Integrated marketing, which coordinates all facets of a brand's marketing, is a systematic method to merging communications with interactive experiences targeting specific markets and individuals.
Some characteristics of integrated marketing communication are-
The goal of integrated marketing is to increase brand knowledge, familiarity, favorability, and buy intent. When communications are coordinated across channels, the outcomes are much greater than when using a less integrated strategy that does not coordinate.The integration between marketing has never been challenging or more crucial due to the emergence of a variety of new digital advertising platforms during the past ten years.The integrated marketing communications (IMC) plan transforms your marketing department from a collection of independent operations into one cohesive strategy. IMC combines your numerous marketing materials and channels, including digital, social media, PR, and direct mail, into one trustworthy message.To know more about integrated marketing communications, here
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What is the purpose of this presentation? to persuade to instruct to inform to entertain
To give the audience more information or teach them about something ENTERTAIN. Keeps the audience's attention usually in an enjoyable way INFORM. Gets the audience to believe something or do what they are saying PERSUADE.
What is the purpose of this presentation to persuade?
In a persuasive speech, the goal is to change the attitudes, beliefs, values, or judgments of your audience.
If we look back at the idea of motive, in this speech the prosecuting attorney would try to convince the jury members that the defendant is guilty beyond reasonable doubt.
When an author's purpose is to inform, they usually wish to enlighten their readership about a real-world topic. Often, they will do this by providing lots of facts.
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The cost to manufacture shoes decreases. Which statement describes the expected outcome?
Supply of the shoes will decrease, and market price will decrease.
Supply of the shoes will decrease, and market price will increase.
Supply of the shoes will increase, and market price will decrease.
Supply of the shoes will increase, and market price will increase.
The statement that describes the expected outcome is: c. Supply of the shoes will increase, and market price will decrease.
What is supply?Supply can be defined as the amount of goods or product produce that is available for buyers to buy or purchase.
If the cost of production is lower ,this will lead to increase in production as companies will be able to buy more materials and the outcome of this is that the market price of goods or product will reduce because the cost to manufactures has reduced.
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Answer: Supply of the shoes will increase, and market price will decrease.
Explanation:
Explain why proponents of Keynesian economics believe that it is unlikely for wages and prices to decrease, even if cyclical unemployment is high, and therefore the best remedy to correct a recessionary gap is through stimulating AD. How can just a little bit more of extra spending in the economy lead to a much greater impact on real GDP produced
The Keynesian economics believe that it is unlikely for wages and prices to decrease, even if cyclical unemployment is high because of these beliefs:
Money illusion Minimum wage law Employment contractIncreased government spending in most cases do bring about aggregate demand (AD which can result in greater growth in the short-term.
What is the belief of Keynesian economics ?Keynesians have the belief that prices are somewhat rigid and can fluctuations with respect to spending.
These spending could be :
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_________ stimulated capitalism through the emphasis placed on hard work and thriftiness.
Protestantism stimulated capitalism through the emphasis placed on hard work and thriftiness.
Protestantism believes that it takes both good deeds and faith in God to get to heaven. Protestants believe that it is necessary to believe in God alone in order to go to Heaven, a principle known as Sora Fide. Catholics believe that it takes both good deeds and faith in God to get to Heaven. It is the main movement of Western Christianity that spread to
Protestantism believes that it takes both good deeds and faith in God to get to heaven. Protestants believe that it is necessary to believe in God alone in order to go to Heaven, a principle known as Sora Fide. Catholics believe that both good deeds and faith in God are required to get to Heaven.
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True or false: most managers believe that short-term returns are better predictors than long-run historical returns
Whereas ________ business embodies individualism, achievement, competition, and informality, ________ business stresses collectivism, continuity, cooperation, and formality
Whereas American business embodies individualism, achievement, competition, and informality, Mexican business stresses collectivism, continuity, cooperation, and formality.
American business is a business of entrepreneurship, and corporations, together with responses by consumers, critics, and government.
In broader context, it is a major part of the Economic history of the United States which focuses on specific business enterprises.
Mexico is expected to continue to be a drawing for the industry of mobility. Successfully doing businesses rely heavily on understanding Mexico’s unique business culture.
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Many adults owe money from their college loans for years into their professional careers. a newspaper would like to estimate the proportion of all adults in the city who have debts from college loans. to collect data, a random sample of 300 young adults between the ages of 25 and 35 is asked, "do you have more than $5,000 in current college debts?" 68% of those sampled reported that they do have more than $5,000 in college-related debts. how might this sample be biased in obtaining an estimate of all adults in the city who have college debts?
Because only young adults were sampled, undercoverage bias may cause the newspaper to overestimate the proportion of all adults who have college debts.
What is bias in sampling?
When a sample is chosen in statistics, sampling bias is a bias that causes some individuals of the target population to have a lower or greater sampling probability than others. As a result, not every person or event was equally likely to have been chosen, resulting in a biased sample of a population (or non-human variables).
If this is not taken into consideration, results may be incorrectly attributed to the sampling procedure rather than the phenomenon being studied. Although some people identify sampling bias as a distinct sort of prejudice, sampling bias is typically categorized as a subtype of selection bias, sometimes referred to as sample selection bias.
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Using _____, an analyst can show business functions and break them down into lower-level functions and processes.
Using a functional decomposition diagram, an analyst can show business functions and break them down into lower-level functions and processes.
A business is an activity that makes a living or makes money by manufacturing or buying and selling products. It is also a “commercial activity or enterprise”.
Company means an organization or company engaged in commercial, industrial, or professional activity. A business can be either a commercial enterprise or a non-profit organization. Legal forms range from limited liability companies to sole proprietors, corporations and partnerships.
The definition of business is the profession or trade, the buying and selling of goods or services for profit. A business example is agriculture. An example of a transaction is the sale of a home. noun.
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When a project manager attempts to reduce the intensity of the conflict by smoothing over differences or interjecting humor, he or she is ___________ the conflict.
When a project manager attempts to reduce the intensity of the conflict by smoothing over differences or interjecting humor, he or she is in control of the conflict.
A project manager is a professional who organizes, plans, and executes projects while working within restraints like budgets and schedules. A project manager is a professional in the field of project management. Project managers have the responsibility of planning.
Project managers play the lead role in planning, executing, monitoring, controlling, and closing out projects. project managers are responsible for planning, organizing, and directing the completion of specific projects for an organization while ensuring these projects are on time, on budget, and within scope.
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Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue $834000 Common stock 196000 Equipment 246000 Operating expenses 745000 Cash 216000 Dividends 65000 Supplies 33000 Accounts payable 113000 Accounts receivable 92500 Retained earnings, 1/1/22 439000 Waterway's assets on December 31, 2022 are: $492000. $587500. $1427500. $1037500.
If Waterway Industries compiled the financial information as of December 31, 2022. Waterway's assets on December 31, 2022 are: $587500.
AssetsUsing this formula
Assets=Equipment+Cash+Supplies+Accounts receivable
Where:
Equipment=$246000
Cash=$216000
Supplies=$33000
Accounts receivable=$92500
Let plug in the formula
Assets=$246,000 + $216,000 + $33,000 + $92,500
Assets =$587500
Therefore If Waterway Industries compiled the financial information as of December 31, 2022. Waterway's assets on December 31, 2022 are: $587500.
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God expects us to _____________, and retirement planning is one of the most important planning tasks in life.
One thing that God expects us to do is to plan and this is why retirement planning is an important planning task.
Why does God want us to plan?God wants us to plan because it will help us to avoid getting into situations where we don't know what to do to make things better.
Retirement planning is one of such plans and should be done to ensure that when we grow old, we can still take care of ourselves independently.
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If $300 is invested at a rate of 6% per year and is compounded quarterly, how much will the investment be worth in 12 years? use the compound interest formula a equals p times the quantity 1 plus r divided by n end quantity raised to the power of n times t..
The future value of the investment is 6,130.43.
What is the future value of the investment?When an investment earns a compound interest that is compounded quarterly, it means that both the amount invested and the interest accrued would increase in value every quarter.
The formula that can be used to determine the future value is:
FV = P (1 + r)^nm
Where:
FV = Future value P = Present value R = interest rate : 6% / 4 = 1.5%m = number of compoundingN = number of years3000 x (1.015)^(12 x 4) = 6,130.43
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Costs incurred by a nonconforming product detected before it is shipped to customers are:_________
The cost is known as the external failure cost.
External failure costs are those incurred as a result of product problems after the product has been sold to customers. These expenses include legal fees for customer lawsuits, lost future sales from unsatisfied consumers, product recalls, product return charges, and warranty costs. These costs can be significant if the outcome is a loss of consumers, especially if such customers prefer to buy a company's products frequently.
External failure costs occur when a flaw is detected after the product has been delivered to the consumer. This is the most costly quality cost category. Product returns, repairs, warranty claims, damaged reputation, and lost business are all examples.
Therefore, the answer is external failure cost.
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_____ is defined as not having enough money to maintain an average standard of living
poverty is defined as not having enough money to maintain an average standard of living
Poverty is the state of a person who lacks customary or socially acceptable amounts of money or material possessions. Poverty is when people lack the means to meet their basic needs. In this context, identifying the needy first requires determining what constitutes a basic need. But poverty is more than just not having enough money. The World Bank Organization describes poverty as Poverty is Lack of Shelter
Poverty means more than a lack of income and productive resources to ensure a sustainable livelihood. Its manifestations include hunger and malnutrition, limited access to education and other basic services, social discrimination and exclusion, and lack of participation in decision-making processes
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A bond was issued on march 1, 2021. The interest dates of the bond are february 1 and august 1. The number of total months of interest expense incurred for the year ended december 31, 2021 should be?
A bond was issued on March 1, 2021. The interest dates of the bond are February 1 and August 1. The number of total months of interest expense incurred for the year ended December 31, 2021 should be ten months. As bond is issued on March 1, 2021 so interest month starts from it and till December 31, 2021 ten months interest expense incurred.
Bond is a debt and a loan taken by the company. Bond is a loan from an investors who buy their bonds in which return they get interests from the company as specified in the agreement. Interest can be paid to investors annually or on time which is mentioned in the agreement. Like here interest dates are February 1 and August 1.
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Which business is required to complete schedule l, m-1, and m-2 to report balance sheet information on its return?
A partnership is required to complete schedule l, m-1, and m-2 to report balance sheet information on its return. The section of Form 1065, U.S. Return of Partnership Income known as Schedule M-2. The sum of the amounts indicated in Part II, Item L of each partner's Schedule K-1 should match the amounts on Schedule M-2.
Because evaluating changes to capital accounts should be consistent with income reporting and the balance sheet, the IRS uses this area of the tax return to check the correctness of tax reporting (Schedule L). Analysis of Partner's Capital Accounts is where the partnership informs the IRS of the changes to the partners' capital accounts on the partnership's books and records.
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