To calculate the reduction in assets needed to bring the Total Asset Turnover Ratio (TATO) of Wie Corp to the industry average, we can use the following formula:
TATO = Sales / Total Assets
First, let's calculate Wie Corp's current TATO:
TATO = Sales / Total Assets
TATO = $250,000 / $355,000
TATO ≈ 0.7042
Next, we can calculate the target Total Assets required to achieve the industry average TATO:
Industry Average TATO = 2.4
Target Total Assets = Sales / Industry Average TATO
Target Total Assets = $250,000 / 2.4
Target Total Assets ≈ $104,166.67
Now, we can calculate the reduction in assets needed:
Reduction in Assets = Current Total Assets - Target Total Assets
Reduction in Assets = $355,000 - $104,166.67
Reduction in Assets ≈ $250,833.33
Therefore, the assets must be reduced by approximately $250,833 to bring the TATO to the industry average, holding sales constant.
The closest option to this value is:
$250,833
So, the correct answer is:
$250,833
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To calculate the reduction in assets needed to bring the Total Asset Turnover Ratio (TATO) of Wie Corp to the industry average, we can use the following formula:
TATO = Sales / Total Assets
First, let's calculate Wie Corp's current TATO:
TATO = Sales / Total Assets
TATO = $250,000 / $355,000
TATO ≈ 0.7042
Next, we can calculate the target Total Assets required to achieve the industry average TATO:
Industry Average TATO = 2.4
Target Total Assets = Sales / Industry Average TATO
Target Total Assets = $250,000 / 2.4
Target Total Assets ≈ $104,166.67
Now, we can calculate the reduction in assets needed:
Reduction in Assets = Current Total Assets - Target Total Assets
Reduction in Assets = $355,000 - $104,166.67
Reduction in Assets ≈ $250,833.33
Therefore, the assets must be reduced by approximately $250,833 to bring the TATO to the industry average, holding sales constant.
The closest option to this value is:
$250,833
So, the correct answer is:
$250,833
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By giving examples, briefly discuss i) the limitations of unit roots & cointegration approach and ii) TWO reasons (related to the specification) for the lack of cointegration.
While unit roots and cointegration tests are useful tools for examining the long-term relationship between variables, they have limitations. The lack of cointegration can occur due to the omission of important variables or misspecification of the functional form.
i) Limitations of unit roots and cointegration approach:
Spurious regression: Unit root tests are susceptible to producing spurious results, meaning they may indicate the presence of a unit root when there is none. This can lead to misleading conclusions about the long-term relationship between variables. Cointegration tests aim to address this issue, but they also rely on certain assumptions and can still produce incorrect results if the underlying assumptions are violated.
Sensitivity to model specification: Unit root and cointegration tests are sensitive to the choice of variables and the specification of the model. The results can vary depending on the specific variables included in the analysis and the lag lengths chosen. This sensitivity can make it challenging to obtain robust and reliable results.
Ignoring structural breaks: Unit root and cointegration tests assume that the underlying relationship between variables is stable over time. However, if there are structural breaks or significant changes in the relationship, these tests may fail to capture them. Ignoring structural breaks can lead to incorrect conclusions about the long-term relationship between variables.
ii) Reasons for the lack of cointegration due to specification:
Omitted variables: If important variables that have a long-term relationship with the variables under consideration are omitted from the model, it can lead to the lack of cointegration. Omitted variables can introduce bias and affect the estimated relationship between the variables, making it difficult to find evidence of cointegration.
For example, when examining the relationship between inflation and wages, omitting variables such as productivity growth or labor market institutions can result in a lack of cointegration between inflation and wages.
Misspecified functional form: If the chosen functional form of the model is inappropriate or misspecified, it can lead to the lack of cointegration. Using a linear model when the true relationship is nonlinear, or vice versa, can result in a failure to find evidence of cointegration.
For instance, if the relationship between two variables is better represented by a logarithmic or exponential form rather than a linear form, estimating a linear model can lead to the lack of cointegration.
While unit roots and cointegration tests are useful tools for examining the long-term relationship between variables, they have limitations. They can produce spurious results, are sensitive to model specification, and may not capture structural breaks. Additionally, the lack of cointegration can occur due to the omission of important variables or misspecification of the functional form. Researchers should carefully consider these limitations and reasons for the lack of cointegration when conducting their analysis and interpreting the results.
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A book which analyzes how labor shortages in the early 1900s led to the development of ways to improve workers’ performance is a book about ___________________.
a. history and theory
b. theory
c. history
The correct answer is c. history.
A book that analyzes how labor shortages in the early 1900s led to the development of ways to improve workers' performance would primarily focus on historical events and developments. It would explore the specific circumstances and challenges faced during that time period, the impact of labor shortages on industries and organizations, and the strategies and approaches that were implemented to address these challenges. The book would delve into the historical context, examining the factors that influenced the need for improved worker performance and the historical outcomes and implications of those efforts. Therefore, the book would fall under the category of history rather than theory or a combination of history and theory.
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Holiday Corp. has two divisions, Quail and Marlin. Quail produces a widget that Marlin could use in its production. Quail's variable costs are $5.10 per widget while the full cost is $8.10. Widgets sell on the open market for $14.20 each. If Quail has excess capacity, what would be the cost savings if the transfer were made and Marlin currently is purchasing 155,000 units on the open market?
Multiple Choice
$0
$1,255,500
$1,410,500
$2,201,000
Option (c) is correct $1,410,500. Given: Holiday Corp has two divisions, Quail and Marlin. Quail produces a widget that Marlin could use in its production. Quail's variable costs are $5.10 per widget while the full cost is $8.10. Widgets sell on the open market for $14.20 each.
If Quail has excess capacity, what would be the cost savings if the transfer were made and Marlin currently is purchasing 155,000 units on the open market?Formula used:Cost savings = (Purchase cost – Transfer cost) × Number of units purchasedLet us calculate the cost savings in each case.
Purchase cost = 155,000 × $14.20 = $2,203,000Transfer cost = 155,000 × $5.10 = $790,500Therefore, Cost savings = ($2,203,000 – $790,500) = $1,412,500 .
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Which of the following items are usually reported as current liabilities in the statement of financial position (Select all that apply) Trade and other payables. Current portion of long-term note. Non-current portion of long-term nobe. Income tax payable. Short-term borrowings. Deferred tax liability expected to moverse next year.
The items that are usually reported as current liabilities in the statement of financial position are Trade and other payables, Income tax payable, and Short-term borrowings.
Current liabilities are obligations that are expected to be settled within the normal operating cycle of a business, typically within one year. Trade and other payables refer to amounts owed to suppliers and vendors for goods and services received. These are short-term obligations that need to be paid within the operating cycle.
Income tax payable represents the taxes owed to the government based on the taxable income generated by the company. It is a current liability because it is expected to be paid within the next year.
Short-term borrowings refer to any loans or credit facilities that are due for repayment within one year. These can include bank loans, lines of credit, or other forms of short-term financing.
On the other hand, the Current portion of long-term note, Non-current portion of long-term note, and Deferred tax liability expected to reverse next year are not reported as current liabilities. The current portion of long-term notes represents the portion of a long-term loan that is due within the next year, and it is reported separately from current liabilities. The non-current portion of long-term notes is reported as long-term liabilities. The deferred tax liability expected to reverse next year is also classified as a long-term liability, as it represents tax obligations that will be realized beyond the next year.
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Give examples of recent ethical cases in accounting within the last three years.
Kraft Heinz: In September 2021, Kraft Heinz agreed to pay $62 million to settle charges with the Securities and Exchange Commission (SEC) that it had improperly inflated its earnings over a three-year period.
Wells Fargo: In February 2020, Wells Fargo agreed to pay $3 billion to settle charges with the SEC and other regulators that it had created millions of unauthorized customer accounts in order to meet sales goals. The SEC alleged that Wells Fargo employees had opened the unauthorized accounts without customer knowledge or consent, and then used the accounts to generate fees and commissions.
WeWork: In September 2019, WeWork, a shared workspace company, withdrew its planned initial public offering (IPO) after it was revealed that the company had engaged in a number of questionable accounting practices. The company's valuation had been as high as $47 billion, but it fell to just $8 billion after the IPO was withdrawn.
Theranos: In June 2018, Theranos, a blood testing company, was dissolved after it was revealed that its blood testing technology was not accurate. The company's founder, Elizabeth Holmes, was charged with fraud and conspiracy to commit fraud.
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According to Elinor Ostrom, which of the following statements about the problem of "tragedy of the commons" are correct?
Question 6 options:
a Agreements for cooperation must be enforced by governments.
b Even if all individuals were completely selfish, repeated interactions would definitely result in cooperative outcomes.
c Social norms can be drawn on to enforce sustainable resources, although it does not always succeed.
d Individuals care about trust and reciprocity.
Answer:
According to Elinor Ostrom, the correct statements about the problem of "tragedy of the commons" are:
b) Even if all individuals were completely selfish, repeated interactions would definitely result in cooperative outcomes.
d) Individuals care about trust and reciprocity.
Explanation:
Elinor Ostrom's work on common pool resource management challenged the notion that tragedy of the commons was an inevitable outcome. She emphasized that under certain conditions, individuals can develop mechanisms for self-governance and avoid the overexploitation of shared resources. She argued that repeated interactions among individuals, along with trust and reciprocity, can lead to cooperative outcomes, even without the need for government enforcement. While social norms can play a role in enforcing sustainable resource use, their success may vary depending on the specific context.
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Airiel manages a team of 19 people in an in-store bakery. One of the key challenges of Airiel's job is to ensure his team produces the right products to meet demands at key times. His usual management approach is to allow the team to take responsibility for achieving the desired results. In this way, the team not only buys into the activity but also develops new skills
For example, when the bakery expanded its product range. Airiel needed to think of a way to ensure that all the products would be on the shelves by 8:00 am. However, rather than enforcing a solution, Airiel turned to his team for ideas. He asked them to generate as many ideas as they could to solve this issue. The team managed to solve the problem by agreeing to split break times, so that productivity could be maintained. Airiel's approach produced a positive outcome and increased the team's motivation
On the other hand, Sarah is a talented sales representative. She is quick to close sales deals but she has a habit of answering the telephone in an unprofessional manner. Sometimes when she has no idea what a customer wants, instead of trying to remain patient and professional by saying, 'Let me look into it for you and get back to you,’ she would simply reply, ‘I don't know’. This clearly demonstrates her lack of interest and unwillingness to help, which make many customers frustrated and angry.
Sarah's boss is aware of this behaviour, but he is waiting for her year-end performance review to tell her where she is going wrong. Unfortunately, this means that Sarah will continue putting potential customers off. Meanwhile, as Sarah's boss waits to provide her with feedback, the rate of customer complaints has increased and this has tarnished the image of the organization as a whole.
1. identify the leadership skills does Airiel use in handling the problem. Explain your answer in detail. based on situation above, which leader would you choose to work with? why
2. Do you think Sarah's problem can be resolved? what should her bos do after getting to know about this situation?
Sarah's problem can be resolved if her boss takes immediate action after getting to know about the situation. Sarah's boss is aware of Sarah's behavior, but he is waiting for her year-end performance review to tell her where she is going wrong, which is not appropriate.
The rate of customer complaints has increased, and this has tarnished the image of the organization as a whole. Therefore, Sarah's boss should take action immediately after getting to know about the situation.Sarah's boss should provide her with feedback as soon as possible instead of waiting for the year-end performance review. Her boss should schedule a meeting with her and tell her what she is doing wrong and suggest ways to improve her performance. This will help Sarah to correct her mistakes and learn from them. Her boss should monitor her performance and give her regular feedback and support. He should also make her aware of the consequences of her actions and the impact it has on the organization as a whole. This will make her more accountable for her actions, and she will be more careful in the future. Her boss should also provide her with the necessary training and resources to help her improve her skills and performance.In conclusion, Sarah's problem can be resolved if her boss takes immediate action. Waiting for the year-end performance review is not appropriate as it can lead to a decline in the organization's performance and tarnish its image. Providing feedback and support will help Sarah to improve her performance and become more accountable for her actions.For such more question on consequences
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You may need to use the appropriate appendix table or technology to answer this question. A simple random sample with n 56 provided a sample mean of 27.5 and a sample standard deviation of 4.4. (Round your answers to one decimal place.) (a) Develop a 90% confidence interval for the population mean.
(b) Develop a 95% confidence interval for the population mean. (c) Develop a 99% confidence interval for the population mean. (d) What happens to the margin of error and the confidence interval as the confidence level is increased? O As the confidence level increases, there is a smaller margin of error and a more narrow confidence interval, O As the confidence level increases, there is a larger margin of error and a more narrow confidence interval, As the confidence level increases, there is a larger margin of error and a wider confidence interval. As the confidence level increases, there is a smaller margin of error and a wider confidence interval.
a) Develop a 90% confidence interval for the population mean: The formula for calculating the confidence interval for the population mean μ is given by:CIμ = x ± zα/2 σ/√n Where, CIμ is the confidence interval for population mean, x is the sample mean, zα/2 is the z-critical value, σ is the population standard deviation and n is the sample size.
The sample mean is 27.5, sample size is 56, and population standard deviation is not given. So we will use t-distribution for developing confidence intervals. Degrees of freedom = n - 1 = 55The critical values for the t-distribution can be found using a t-distribution calculator or from the t-distribution table.
For 90% confidence level, α = 0.1/2 = 0.05 and the degrees of freedom = 55The critical value of t at the 0.05 level of significance with 55 degrees of freedom is 1.67.
Using the given values, we have the following:CIμ = x ± tα/2 S/√nCIμ = 27.5 ± 1.67 * 4.4 /√56CIμ = 27.5 ± 1.84CIμ = (25.66, 29.34)b) Develop a 95% confidence interval for the population mean:For 95% confidence level, α = 0.05/2 = 0.025 and the degrees of freedom = 55
The critical value of t at the 0.025 level of significance with 55 degrees of freedom is 2.009.Using the given values, we have the following:CIμ = x ± tα/2 S/√nCIμ = 27.5 ± 2.009 * 4.4 /√56CIμ = 27.5 ± 2.22CIμ = (25.28, 29.72)c)
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Why do some firms practice price discrimination? Relate your
answer to the common practice of public colleges charging lower
tuition to in-state students and higher tuition to out-of-state
students.
Firms practice price discrimination to maximize their profits by charging different prices to different groups of customers based on their willingness to pay.
Price discrimination allows firms to capture a larger portion of the consumer surplus and extract more value from different market segments.
In the case of public colleges charging lower tuition to in-state students and higher tuition to out-of-state students, the practice of price discrimination can be justified by several reasons. Firstly, public colleges receive funding from state governments, and offering lower tuition to in-state students can be seen as a way to provide a more affordable education to residents who contribute to the funding through taxes.
Secondly, out-of-state students often have fewer educational alternatives and may be more willing to pay higher prices for access to certain programs or prestigious institutions. By charging them higher tuition, colleges can capture additional revenue from these students without deterring them from applying.
Furthermore, price discrimination in this context can also be influenced by the goal of maintaining a diverse student body. Public colleges often strive to enroll students from various geographical locations, and offering different tuition rates helps attract students from out-of-state while ensuring that in-state students still have access to their local institutions.
In summary, price discrimination is a strategy employed by firms, including public colleges, to maximize profits by charging different prices to different customer groups based on their willingness to pay and specific market conditions.
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what problems with cpt codes may cause insurance claims to be rejected?
CPT (Current Procedural Terminology) codes are used by healthcare providers to identify the services and procedures they provide to patients. Inaccuracies in CPT codes can cause insurance claims to be rejected.
Explanation:Errors in coding, coding shortcuts, and insufficient documentation are common reasons for claim rejections. An error can occur when a provider miscodes a service or procedure, or when a billing clerk incorrectly inputs the CPT code in the billing software. Even a small error can lead to a claim rejection. Inadequate documentation, such as incomplete medical records, can also lead to claim rejections. This is because the medical necessity of a procedure or service may not be evident without proper documentation.
Rejection of insurance claims due to errors in CPT codes is a common problem that providers and billing clerks face. Even a small error in the code can lead to a claim rejection. Common reasons for rejection include coding errors, coding shortcuts, and insufficient documentation. To avoid claim rejection, it's important for providers and billing clerks to be familiar with CPT codes and to double-check codes before submitting claims. Proper documentation is also essential to avoid claim rejections. Providers should ensure that medical records are complete and contain all necessary information to demonstrate the medical necessity of a procedure or service.
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The great diversity of the angiosperms is most likely driven by:
The evolution of double fertilization
The evolution of fruit that allows wind, water and animal dispersal
The evolution of pollinator mutualisms
The evolution of spores with sporopollenin
None of these answers are correct
Angiosperms, also known as flowering plants, are the most diverse group of plants on earth. They can grow in a variety of habitats and have adapted to numerous ecological niches. The diversity of angiosperms is attributed to the evolution of pollinator mutualisms.
Angiosperms are a diverse group of plants that have adapted to various ecological niches, from deserts to tropical rainforests. Angiosperms have undergone a variety of evolutionary adaptations that have resulted in their diversity. One of the main reasons for the diversity of angiosperms is the evolution of pollinator mutualisms.Pollinators are animals that move pollen from one plant to another, allowing for fertilization to occur. Many angiosperms rely on pollinators, such as bees, butterflies, and hummingbirds, for fertilization. This reliance on pollinators has led to the evolution of traits that attract pollinators, such as brightly colored flowers, sweet nectar, and strong scents. In turn, pollinators have evolved to be more efficient at collecting pollen, which has further driven the evolution of angiosperms.Angiosperms have also evolved fruit that allows wind, water, and animal dispersal. Fruits can help plants spread their seeds to new areas and can allow for the establishment of new populations. The evolution of double fertilization has also played a role in the diversification of angiosperms. Double fertilization occurs when two sperm cells fertilize an egg cell and a polar cell, resulting in the formation of an embryo and endosperm. This process has allowed angiosperms to produce seeds that contain both a nutrient-rich endosperm and a growing embryo, which has contributed to their success.None of these answers are correct because pollinator mutualisms are the most likely drivers of angiosperm diversity. The evolution of pollinator mutualisms has allowed angiosperms to develop a range of traits that attract pollinators, which has driven their diversification.
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In the multiple regression model, the adjusted R²(or R²) a. cannot be negative. b. will never be greater than the regression R2. c. equals the square of the correlation coefficient r. d. cannot decrease when an additional explanatory variable is added.
a. cannot be negative.
The adjusted R² (or R²) in a multiple regression model is a statistical measure that represents the proportion of variance in the dependent .
variable that can be explained by the independent variables. The value of adjusted R² ranges from 0 to 1, where a higher value indicates a better fit of the model to the data.
Option (a) is because adjusted R² cannot be negative. Negative values would imply that the model is performing worse than a model with no independent variables, which is not possible.
Option (b) is in because the adjusted R² can be greater than the regression R². The adjusted R² considers the number of independent variables in the model, penalizing the inclusion of irrelevant or redundant variables. It adjusts the R² value to account for the degrees of freedom and potential overfitting, providing a more reliable measure of the model's goodness of fit.
Option (c) is in because the adjusted R² is not equal to the square of the correlation coefficient r. The correlation coefficient measures the strength and direction of the linear relationship between two variables, while the adjusted R² reflects the proportion of variance explained in the dependent variable by the independent variables in the multiple regression model.
Option (d) is . The adjusted R² cannot decrease when an additional explanatory variable is added to the multiple regression model. This is because the adjusted R² accounts for the number of variables and the degrees of freedom, adjusting for the potential increase in R² that can occur simply by adding more variables. It provides a more conservative measure of the model's fit and prevents artificially inflating the R² value by adding irrelevant variables.
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A country's cyclical unemployment rate is said to be negative when its current unemployment rate is less than its natural unemployment rate. Select one: O True O False
When a nation's current unemployment rate is lower than its natural unemployment rate, it is considered to have a negative cyclical unemployment rate. The assertion is untrue.
Unemployment arises when there is a scarcity of job openings and many people are searching for jobs. The unemployment rate, on the other hand, is the number of unemployed people divided by the total labor force. The level of unemployment is affected by a variety of factors, including the country's political and economic conditions. Cyclical unemployment Cyclical unemployment is caused by a decrease in aggregate demand during recessions and depressions. It is one of the many types of unemployment.
The cyclical unemployment rate is positive when the actual unemployment rate is greater than the natural unemployment rate.
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Economists use the model of aggregate supply and aggregate demand (AS-AD model) to explain short run fluctuations of GDP around its long run trend. i) In the context of the AS-AD model, explain which curve(s) the following events would shift, which way, and why: a. The government increases income tax in their budget b. An improvement in existing technology c. There is a change in expectations and firms expect the price level to be higher in the future d. Consumers sentiment changes and they feel more pessimistic about the economy e. The central bank engages in open market operations and buys bonds from the public.
In the AS-AD model, the aggregate supply (AS) curve and the aggregate demand (AD) curve represent the relationship between the price level and the level of real GDP in the economy.
a. The government increases income tax in their budget:
This event would shift the aggregate demand (AD) curve to the left. Higher income taxes reduce consumers' disposable income, leading to a decrease in consumption spending. As a result, aggregate demand decreases, causing a leftward shift in the AD curve.
b. An improvement in existing technology:
An improvement in technology increases productivity and lowers production costs, leading to an increase in aggregate supply (AS). This event would shift the aggregate supply (AS) curve to the right. With more efficient production, firms can supply a greater quantity of goods and services at each price level, resulting in an outward shift of the AS curve.
c. There is a change in expectations, and firms expect the price level to be higher in the future:
When firms expect the price level to be higher in the future, they may adjust their behavior accordingly. They may increase prices now to anticipate future inflation, which leads to a decrease in the short-run aggregate supply (AS). This event would shift the short-run AS curve to the left.
d. Consumer sentiment changes, and they feel more pessimistic about the economy:
When consumers become more pessimistic about the economy, they tend to reduce their spending. This decrease in consumption leads to a decrease in aggregate demand (AD). As a result, the aggregate demand (AD) curve shifts to the left.
e. The central bank engages in open market operations and buys bonds from the public:
When the central bank buys bonds from the public through open market operations, it injects money into the economy. This increases the money supply, leading to an increase in aggregate demand (AD). As a result, the aggregate demand (AD) curve shifts to the right.
To summarize:
a. Government increases income tax: AD curve shifts left.
b. Improvement in existing technology: AS curve shifts right.
c. Change in expectations, firms expect higher future prices: SRAS curve shifts left.
d. Consumer sentiment becomes more pessimistic: AD curve shifts left.
e. Central bank buys bonds through open market operations: AD curve shifts right.
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Jona Kenson, your good friend, has come to you for financial advice regarding their retirement which will occur in 20 years. They expect that post retirement, they will live for 24 years. Given the lifestyle they are accustomed to; they want to withdraw $120,000 for every year of their retirement at the beginning of each year, while still having $1,500,000 left in the account at the end of their life to provide inheritance for their loved ones. Jona is asking for you to determine how much they would need to save every month to achieve this. Jona has also provided you with the following information: Jona wishes to place monthly deposits in the bank account, starting one month from today; Jona will receive a retirement bonus, when they retire in 20 years of $75,000, which they will immediately place in the bank account; The current interest rate they are getting on their deposits is fixed until their retirement at 8% p.a. compounded semi-annually; • After retirement, the money will be moved into very low risk investment vehicles, reducing the interest rate to 6% p.a. compounded monthly. • Calculate the monthly payment Jona Kenson needs to deposit to satisfy these retirement requests.
Jona Kenson needs to deposit approximately $1,167.27 per month to meet their retirement goals.
To calculate the monthly payment needed for Jona Kenson's retirement, we can use the concept of annuities and the future value of an ordinary annuity formula. Here's the step-by-step process:
Determine the future value of the retirement withdrawals: Since Jona plans to withdraw $120,000 per year for 24 years, we can calculate the future value of this annuity at the end of the 24-year period. Using the 6% p.a. interest rate compounded monthly, we find that the future value is approximately $2,561,999.19.
Determine the present value of the desired remaining amount: Jona wants to have $1,500,000 remaining at the end of their life. Using the 6% p.a. interest rate compounded monthly, we find that the present value of this desired amount is approximately $541,963.24.
Determine the present value of the retirement bonus: Jona will receive a retirement bonus of $75,000. Using the 8% p.a. interest rate compounded semi-annually, we find that the present value of this bonus is approximately $16,973.79.
Calculate the total present value: Sum up the present value of the desired remaining amount and the present value of the retirement bonus to get a total present value of approximately $558,937.03.
Calculate the required monthly payment: Using the total present value, the 8% p.a. interest rate compounded semi-annually, and the number of months (20 years of monthly deposits), we can calculate the required monthly payment. The calculated amount is approximately $1,167.27.
Therefore, Jona Kenson needs to deposit approximately $1,167.27 per month to meet their retirement goals.
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Your client is considering using their website to report on their social and environmental performance. You are required to explain why this might be a good idea. In your answer you should focus on three main reasons to report social and environmental performance. To provide your client with a strong argument you are required to give examples of each of the three reasons with reference to a 'real-life' organisation.
Reporting on social and environmental performance through a website can be a beneficial strategy for organizations for several reasons. Here are three main reasons with real-life examples:
Transparency and Accountability:
By reporting social and environmental performance on their website, organizations demonstrate transparency and accountability to their stakeholders, including customers, investors, and the general public. This helps build trust and credibility. An example of an organization that focuses on transparency is Patagonia. They have a dedicated section on their website called the "Footprint Chronicles" where they provide detailed information about their supply chain, materials used, and the environmental and social impact of their products.
Competitive Advantage and Reputation:
Reporting on social and environmental performance can provide a competitive advantage by showcasing the organization's commitment to sustainability and responsible practices. This can attract environmentally conscious customers and investors who prefer to support businesses that align with their values. Unilever is an excellent example of a company that highlights its sustainability efforts through its website. They provide comprehensive reports on their sustainable sourcing, waste reduction, and community engagement initiatives, which have helped build a positive reputation and differentiate themselves in the market.
Stakeholder Engagement and Communication:
Website reporting on social and environmental performance serves as a platform for effective stakeholder engagement and communication. It allows organizations to share their goals, progress, and future plans related to social and environmental initiatives. Interface, a global flooring manufacturer, is known for its sustainability reporting. Their website provides information on their commitment to eliminating their environmental footprint by 2020 and their progress in areas such as carbon emissions, waste reduction, and sustainable product design. This helps engage stakeholders and encourages dialogue around sustainability topics.
By reporting on social and environmental performance through their website, organizations can enhance their reputation, attract stakeholders with similar values, and foster transparency and engagement. Real-life examples like Patagonia, Unilever, and Interface demonstrate the benefits of website reporting in driving sustainability efforts and stakeholder relationships.
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1. How do economists go about studying the economics of the public sector?
2. Why will private markets undersupply pure public goods? What is the free-rider problem
Economists study the economics of the public sector in various ways. The government's role in providing goods and services to the public, such as education, healthcare, and infrastructure.
They also assess the impact of government policies on market outcomes and the overall economy. Economists use economic models and empirical analysis to evaluate the efficiency and equity of public sector activities and to design policies that address market failures and promote public welfare.
2. Private markets tend to undersupply pure public goods because of the free-rider problem. Pure public goods are non-excludable and non-rival, meaning that one person's consumption of the good does not reduce the amount available for others and that it is impossible to prevent someone from consuming the good.
The free-rider problem arises because people can enjoy the benefits of a public good without having to pay for it. Therefore, they have no incentive to contribute to its provision. For example, if a town wants to build a park, people can use the park without having to pay for its construction or maintenance.
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BUSINESS MANAGMENT
17. All of us have developed conceptual blocks in our problem-solving activities. We are mostly unaware of them.
TRUE OR FALSE
True. All of us have developed conceptual blocks in our problem-solving activities. We are mostly unaware of them.
It is common for individuals to have conceptual blocks or mental barriers that hinder their problem-solving abilities, and many of these blocks go unnoticed or unrecognized. These blocks can be in the form of biases, assumptions, preconceptions, or fixed ways of thinking that limit our creativity and prevent us from considering alternative solutions. Recognizing and addressing these blocks is an important step in improving problem-solving skills.
Conceptual blocks refer to cognitive obstacles or barriers that hinder our ability to think creatively and effectively solve problems. These blocks can manifest as biases, assumptions, preconceptions, fixed mindsets, or rigid thinking patterns that limit our perspective and inhibit the generation of innovative solutions.
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Required information Turnover Tribulations Turnover often brings up negative associations for individuals, but not all turnover is bad. Some turnover in an organization can bring in new knowledge and ideas. Too much turnover of the wrong individuals, however, can be costly for a company. One of the keys to retaining productive employees is to ensure they are not being disrupted by other employees engaging in unproductive behaviors. Removing low performing individuals from the organization is not as simple as it may seem due to a variety of legal and social constraints. Read the case and answer the questions that follow. Anita Dell had been having a rough year. Her youngest daughter was diagnosed with leukemia. In addition to the emotional toll this took on Anita, she also had to miss work often to take her daughter to doctor's visits or to be at home to help her. While at work, Anita had trouble concentrating and her work performance was severely declining. Her manager had approached her several times about her performance. Although she was trying to improve, her work continued to deteriorate. She noticed that the assignments her manager was giving her as the year continued were at lower and lower levels of complexity, and she felt that he was trying to prod her to resign. Anita's manager had a difficult time deciding what to do. Muffins, Inc. had an employment-at-will doctrine, but it was unclear if it would apply in this circumstance. Because Anita did not have a specific employment contract with the company, the doctrine of "employment at will" should apply in this situation. However, Anita's manager was unclear whether this would be a sufficient reason for termination. He felt bad because of everything that had happened to Anita over the past year and he had tried to remain supportive despite all of the mistakes she was making and the extensive time she had been taking off of work. Despite his recommendations and attempts to lessen her work load, it seemed like she was no longer able to effectively perform her job. Although he believed the right decision was to let her go, the manager offered her a generous severance package in recognition of her years of service and to assist her with paying medical bills. What is an employment-at-will doctrine? Multiple Choice Anyone can become an employee in the organization. Only the employee can sever the relationship at any time; the employer must follow guidelines. Employees can decide when they want to work. Either the employee or employer can sever the relationship at any time.
The correct answer is:
Either the employee or employer can sever the relationship at any time.
The employment-at-will doctrine is a legal concept that allows either the employee or the employer to terminate the employment relationship at any time and for any reason, as long as it is not illegal or in violation of an employment contract.
This means that the employer does not need to provide a specific reason for termination, and the employee has the freedom to leave the job without any legal repercussions. It is important to note that there are exceptions to the employment-at-will doctrine, such as situations involving discrimination or retaliation, which are protected by various labor laws.
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what issues should litchee take into consideration in her assessment of transportation risks for riot runners?
Litchee should consider security, logistics, and regulatory compliance when assessing transportation risks for Riot Runners to minimize potential risks.
Firstly, Litchee should evaluate the security measures in place for transporting goods. This includes assessing the risk of theft, vandalism, or damage to the products during transit. Implementing security protocols, such as GPS tracking systems, secure packaging, and reliable transportation partners, can help mitigate these risks.
Logistics is another important aspect to consider. Litchee should evaluate the reliability and efficiency of the transportation network, including the availability of different modes of transportation and their capacity to handle Riot Runners' shipping needs. Analyzing potential bottlenecks, route optimization, and contingency plans for unexpected events like natural disasters or labor strikes is crucial for maintaining smooth operations.
Additionally, Litchee should ensure compliance with transportation regulations and requirements. This involves understanding and adhering to local, regional, and international laws governing the transportation of goods, including permits, licenses, customs procedures, and safety regulations.
By carefully considering these factors, Litchee can effectively assess transportation risks for Riot Runners and implement strategies to mitigate potential challenges, ensuring the timely and secure delivery of their products to customers.
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Cecil cashed in a Series EE savings bond with a redemption value of $11,000 and an original cost of $7,700.
For each of the following independent scenarios, calculate the amount of interest Cecil will include in his gross income assuming he files as a single taxpayer: (Leave no answer blank. Enter zero if applicable.)
a. Cecil plans to spend all of the proceeds to pay his son’s tuition at State University. Cecil’s son is a full-time student, and Cecil claims his son as a dependent. Cecil estimates his modified adjusted gross income at $51,800.
b. Assume the same facts in part (a), except Cecil plans to spend $3,300 of the proceeds to pay his son’s tuition at State University, and Cecil estimates his modified adjusted gross income at $46,700.
In scenario b, Cecil will include $990 in his gross income as interest.
a. In this scenario, Cecil plans to spend all of the proceeds from the bond redemption to pay his son's tuition at State University. Since the bond was redeemed, the interest earned on the bond is taxable. To calculate the amount of interest Cecil will include in his gross income, we subtract the original cost from the redemption value:
Interest = Redemption Value - Original Cost
= $11,000 - $7,700
= $3,300
Since Cecil plans to use the entire proceeds to pay his son's tuition, the full amount of $3,300 will be included in his gross income.
b. In this scenario, Cecil plans to spend $3,300 of the proceeds from the bond redemption to pay his son's tuition at State University. To calculate the amount of interest Cecil will include in his gross income, we need to consider the portion of the redemption used for tuition expenses. We divide the tuition payment by the redemption value and multiply it by the interest earned:
Amount of interest included in gross income = (Tuition payment / Redemption value) * Interest
Tuition payment = $3,300
Redemption value = $11,000
Interest = $11,000 - $7,700 = $3,300
Amount of interest included in gross income = ($3,300 / $11,000) * $3,300
= $990
Therefore, in scenario b, Cecil will include $990 in his gross income as interest.
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Question 56. You've just taken a job as an HR Representative. This is a small company with 42 employees. You are the first HR Professional. Your first goal is to assess what is currently happening that are HR responsibilities. In order to determine this, list the following: 1. What questions will you ask your new boss 2. What documents do you need to review
An HR Representative of a small company with 42 employees should ask questions related to HR policies and procedures, recruitment, performance management, benefits and compensation.
As an HR Representative of a small company with 42 employees, you are the first HR Professional.
In order to determine what is currently happening that are HR responsibilities, an HR Representative should ask the following questions to their new boss:
Are there any HR policies in place, such as an employee handbook?
What are the current recruiting processes?
Who is responsible for the performance management of employees?
What benefits and compensation do the employees receive?
How are employee complaints and grievances addressed?
What type of training and development opportunities are available to the employees?
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Describe the strategic management process (what are some key steps in the process). Explain the benefits of engaging in strategic management. Describe what is ‘external assessment’ and ‘internal assessment’, and why these types of assessment can help develop appropriate strategic decisions.
The strategic management process is a systematic approach that organizations use to define their long-term goals, make decisions, and allocate resources to achieve those objectives. It involves several key steps that guide the organization in formulating and implementing its strategies.
Here are some key steps in the strategic management process:
1. Environmental Analysis: This step involves conducting an external assessment to understand the organization's industry, market trends, competitive landscape, and other external factors that may impact its success. It helps identify opportunities and threats.
2. Internal analysis: This step involves conducting an internal assessment to evaluate the organization's resources, capabilities, strengths, and weaknesses. It provides insights into the organization's core competencies and areas that need improvement.
3. Strategy Formulation: Based on the information gathered from the environmental and internal analyses, the organization formulates its strategies. This includes setting long-term objectives, identifying strategic alternatives, and selecting the most appropriate course of action.
4. Strategy Implementation: In this step, the organization puts its strategies into action. It involves aligning the resources, people, and processes to execute the chosen strategies effectively. This may include developing action plans, allocating budgets, and establishing performance measures.
5. Evaluation and Control: Continuous monitoring and evaluation are critical to ensure that the implemented strategies are on track and achieving the desired results. Adjustments and corrective actions may be made if necessary.
Engaging in strategic management offers several benefits for organizations:
1. Clear Direction: Strategic management provides a clear direction for the organization by defining its purpose, goals, and objectives. It helps align the efforts of employees towards a common vision.
2. Improved Decision Making: The strategic management process enables informed decision making by considering internal and external factors. It helps identify risks, opportunities, and challenges, allowing organizations to make more effective decisions.
3. Resource Allocation: Strategic management helps organizations allocate resources effectively by prioritizing initiatives that align with their strategic objectives. It ensures optimal use of limited resources.
4. Competitive Advantage: Through strategic management, organizations can identify their unique strengths and develop strategies to leverage them. This can lead to a sustainable competitive advantage in the marketplace.
External assessment and internal assessment are crucial components of the strategic management process
- External Assessment: This involves analyzing the external environment in which the organization operates. It includes assessing industry trends, market dynamics, customer preferences, competitive forces, and regulatory factors. It helps organizations understand opportunities and threats in their industry, enabling them to develop strategies that capitalize on opportunities and mitigate threats
- Internal Assessment: Internal assessment focuses on evaluating the organization's internal resources, capabilities, and competencies. It involves assessing factors such as the organization's financial strength, technological capabilities, human resources, operational efficiencies, and organizational culture. Internal assessment helps identify the organization's strengths and weaknesses, enabling strategic decisions that leverage strengths and address weaknesses.
Both types of assessment are essential for developing appropriate strategic decisions. External assessment provides insights into the external factors that impact the organization's success, while internal assessment helps identify the organization's unique capabilities and areas for improvement. By combining these assessments, organizations can make informed strategic choices that align with their internal capabilities and external opportunities, ultimately increasing their chances of success.
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Current Attempt in Progress Your answer is partially correct. Crane Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,600 kits was prepared for the year. Fixed operating expenses account for 75% of total operating expenses at this level of sales. Sales $ 260,000 Cost of goods sold (all variable) 182,000 Gross margin 78,000 Operating expenses 40,000 Operating income $ 38,000 Assume that Crane Sports actually sold 2,300 volleyball kits during the year at a price of $102 per kit. Calculate the sales volume variance for sales revenue and cost of goods sold. (If variance is zero, select "Not Applicable and enter O for the amounts) Assume that Crane Sports actually sold 2,300 volleyball kits during the year at a price of $102 per kit. Calculate the sales volume variance for sales revenue and cost of goods sold. (If variance is zero, select "Not Applicable and enter 0 for the amounts.) Flexible Budget Sales Volume Variance Static Budget Unit Sales Sales revenue Cost of goods sold eTextbook and Media $ 2300 230000 161000 $
Calculation of sales volume variance for sales revenue and cost of goods sold Given that static budget based on sales of 2,600 kits was prepared for the year. Hence, static budget sales revenue for 2,600 kits = $260,000Dividing by the sales volume (2,600 kits), sales price per unit = $260,000/2,600 = $100Also, given that Crane Sports actually sold 2,300 volleyball kits during the year at a price of $102 per kit Flexible Budget:
Sales Revenue Crane Sports actually sold 2,300 volleyball kits during the year at a price of $102 per kit. Flexible Budget Sales revenue for 2,300 kits = $102 × 2,300 = $234,600Flexible Budget: Cost of Goods Sold Given that Cost of goods sold (all variable) for 2,600 kits = $182,000Dividing by the sales volume (2,600 kits), variable cost per unit = $182,000/2,600 = $70Flexible Budget Cost of Goods Sold for 2,300 kits = $70 × 2,300 = $161,000Sales Volume Variance The difference between static budget sales revenue and flexible budget sales revenue is the sales volume variance. Sales volume variance = Static Budget Sales Revenue - Flexible Budget Sales Revenue Sales volume variance = $260,000 - $234,600 = $25,400The difference between static budget cost of goods sold and flexible budget cost of goods sold is the cost of goods sold volume variance. Cost of goods sold volume variance = Static Budget Cost of Goods Sold - Flexible Budget Cost of Goods Sold Cost of goods sold volume variance = $182,000 - $161,000 = $21,000
Therefore, the sales volume variance for sales revenue and cost of goods sold is $25,400 and $21,000, respectively.
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Fiscal Policy Homework: 1. Define Fiscal Policy. 2. What is expansionary fiscal policy? Explain how expansionary fiscal policy might affect the equilibrium price level and total output? 3. If equilibrium GDP was $1 trillion below Potential (Full Employment) GDP, why would an increase in government spending need to be less than $1 trillion to close this GDP gap? 4. Define the fiscal policy (spending) multiplier. 5. Explain why the timing of fiscal policy limits its effectiveness.
Fiscal policy refers to the use of government spending, taxation, and borrowing to influence the economy.
It is one of the main tools that governments use to stabilize the economy and achieve macroeconomic objectives such as full employment, price stability, and economic growth.
Expansionary fiscal policy involves increasing government spending or reducing taxes in order to stimulate economic activity and increase aggregate demand. This can lead to an increase in the equilibrium price level and total output. When the government increases its spending, there is more money in the economy, which can increase consumer and business spending. As a result, businesses may increase their production to meet the higher demand, leading to an increase in total output. The increase in demand can also push up prices, leading to an increase in the equilibrium price level.
An increase in government spending does not need to be equal to the GDP gap to close it because of the multiplier effect. The multiplier effect refers to the idea that an initial increase in government spending will have a larger impact on the economy than the initial amount spent. For example, if the government spends $100, the resulting increase in aggregate demand might be $150 due to the multiplier effect. Therefore, a smaller increase in government spending may be sufficient to close the GDP gap if the multiplier effect is strong enough.
The fiscal policy multiplier refers to the amount by which a change in government spending or taxation affects the economy. A multiplier greater than 1 indicates that the impact on the economy is larger than the initial change in spending or taxation. The multiplier depends on various factors such as the level of government spending, the marginal propensity to consume, and the degree of crowding-out.
The timing of fiscal policy limits its effectiveness because of lags in implementation. It takes time for the government to decide on and implement fiscal policy measures. By the time the policy is put into effect, the economy may have already changed and the policy may no longer be appropriate. Additionally, there is a lag between the time that fiscal policy measures are implemented and when they have an impact on the economy. This lag can be several months or even years, which makes it difficult for policymakers to time their actions correctly.
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I. In the Market for Loanable Funds:
a. Choose the correct answer for the highlighted parts:
1. Decrease in Government Spending increased/decreased/does not change (your answer increasedecreaseunchangedDemandSupplyleftright) the Demand/Supply (your answer increasedecreaseunchangedDemandSupplyleftright) of Loanable Funds
2. Demand/Supply (your answer increasedecreaseunchangedDemandSupplyleftright) curve shifted to the left/right/ or unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
3. Equilibrium Interest Rate increased/decreased/unchanged (your answer increasedecreaseunchangedDemandSupplyleftright); Equilibrium Quantity of Loanable Funds increased/decreased/unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
b. Show the market outcome of decreasing government spending on Figure 1(a) (make sure you label the lines and dots you draw)
II. In the Relationship of Net Capital Outflow:
a. Choose the correct answer for the highlighted parts:
1. NCO curve shifts to the left/right/ or unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
2. RealInterest Rate increased/decreased/unchanged (your answer increasedecreaseunchangedDemandSupplyleftright); Quantity of Net Capital Outflow increased/decreased/unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
b. Show the market outcome of decreasing government spending on Figure 1(b) (make sure you label the lines and dots you draw)
III. In the Market for Foreign-Currency Exchange:
a. Choose the correct answer for the highlighted parts:
1. Decrease in Government Spending increased/decreased/does not change (your answer increasedecreaseunchangedDemandSupplyleftright) the Demand/Supply (your answer increasedecreaseunchangedDemandSupplyleftright) of Loanable Funds
2. Demand curve shifted to the left/right/ or unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
3. Supply curve shifted to the left/right/ or unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
3. Equilibrium Real Exchange Rate increased/decreased/unchanged (your answer increasedecreaseunchangedDemandSupplyleftright); Equilibrium Quantity of Dollars increased/decreased/unchanged (your answer increasedecreaseunchangedDemandSupplyleftright)
In the Market for Loanable Funds:a. Choose the correct answer for the highlighted parts:1. Decrease in Government Spending decreases the Demand of Loanable Funds2. Demand curve shifted to the left3.
Equilibrium Interest Rate decreased; Equilibrium Quantity of Loanable Funds decreasedb. Show the market outcome of decreasing government spending on Figure 1(a) (make sure you label the lines and dots you draw)II. In the Relationship of Net Capital Outflow:a. Choose the correct answer for the highlighted parts:1.
Show the market outcome of decreasing government spending on Figure 1(b) (make sure you label the lines and dots you draw)III. In the Market for Foreign-Currency Exchange:a. Choose the correct answer for the highlighted parts:1. Decrease in Government Spending does not change the Demand of Loanable Funds2. Demand curve shifted to the left3. Supply curve shifted to the right.
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With reference to a project that you are familiar with, explain
any four (4) strategies that have been applied to realise the
project management objectives of cost, quality and time.
A project that I'm familiar with, where the project management objectives of cost, quality and time were realized, is the construction of a bridge over a river.
The following four strategies were implemented:1. PlanningIn the initial stage, the project team developed a comprehensive plan that included the scope of the project, costs, schedules, and other details. Furthermore, a risk assessment was conducted, and measures were taken to address any potential threats to the project's success.
2. Project Monitoring Throughout the execution of the project, the project team constantly monitored the work to ensure that it was progressing as planned. They tracked the costs of raw materials, labour, and other expenses to ensure that the project was completed within the budget. They also verified the quality of the work by conducting frequent inspections and tests.
3. Teamwork and Communication Collaboration and communication among team members was critical for the successful completion of the project. The project team was made up of engineers, architects, construction workers, and other specialists who collaborated to ensure that the project's objectives were met.
4. Contingency PlanIn addition to a comprehensive plan, the team developed a contingency plan to address any unexpected events that could arise during the project's execution. This included strategies to deal with unforeseen delays, increased costs, or other issues that could impact the project's progress.The above four strategies contributed to the successful completion of the project within budget, on schedule, and with the required quality standards.
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The annual demand for a product is 89000 units. The annual carrying cost per unit of product is 15 dollars. The ordering cost per order is 1800 dollars. Each time we order 1700 units. Compute the total annual carrying cost. Enter your answer as a whole number with no decimal point.
The total annual carrying cost is 12,750 dollars.Annual carrying cost: Annual carrying cost (ACC) is the cost of holding stocks of goods that are not sold and continue to be stored.
These costs are incurred in order to keep enough inventory on hand to satisfy customer demand while also avoiding overstocking. Therefore, the annual carrying cost can be defined as follows:
ACC = CC * Q/2Here, ACC = Annual carrying cost CC = Carrying cost per unit Q = Quantity of goods or units This formula is used to calculate the total annual carrying cost of a product where the carrying cost per unit of product is given and the annual demand for the product is known.Given that:
Annual demand for a product = 89000 units.Carrying cost per unit of product = $15.Ordering cost per order = $1800.Each time we order 1700 units.Total carrying cost = CC * Q/2The total carrying cost can be calculated as follows:
CC = 15 dollars. (Given)Q = 1700 units. (Given)Total number of orders = Annual demand/Quantity per order = 89000/1700 = 52.35 orders ≈ 53 orders.
Average inventory = Q/2 = 1700/2 = 850 units.Annual carrying cost = CC * Q/2 = 15 * 850 = 12,750 dollars.Therefore, the total annual carrying cost is 12,750 dollars.
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Read the article below and answer the following question:
https://www.nytimes.com/2020/09/02/business/inflation-worse-pandemic-coronavirus.html
By reviewing the examples in the article, explain how customer's purchasing habits, variety of products, and quality of service have contributed to the value of inflation?
Inflation is an economic concept that relates to the overall increase in the prices of goods and services in an economy. The inflation rate is usually calculated as the percentage change in the prices of a basket of goods and services from one period to another.
There are several factors that contribute to inflation, including customers' purchasing habits, the variety of products, and the quality of service. By reviewing the examples in the article, we can understand how these factors have contributed to inflation.Customer's purchasing habitsCustomers' purchasing habits have a significant impact on inflation. When people have more money to spend, they are more likely to spend it on goods and services. This leads to an increase in demand, which, in turn, causes prices to rise. For example, during the COVID-19 pandemic, many people received stimulus checks from the government. This extra money allowed them to purchase more goods and services, which led to an increase in demand. As a result, prices for many goods and services increased.Variety of productsThe variety of products also has an impact on inflation. When there are more products available, consumers have more choices. This can lead to an increase in demand for certain products, which can cause prices to rise.
For example, during the pandemic, there was a shortage of certain products, such as toilet paper and cleaning supplies. This shortage led to an increase in demand, which caused prices to rise.Quality of serviceThe quality of service also has an impact on inflation. When businesses provide better service, customers are more likely to return. This can lead to an increase in demand, which can cause prices to rise. For example, some restaurants have been able to raise their prices because they have improved the quality of their food and service. Customers are willing to pay more for a better experience.In conclusion, customer's purchasing habits, the variety of products, and the quality of service are all factors that contribute to inflation. Understanding these factors can help us make better decisions about how we spend our money.
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2) Which one of the retailers below would be the worst fit for Tillamook Maker's Reserve 2018 Extra Sharp Cheddar. (Highlight one answer) a. 7-11 b. New Seasons c. Walmart d. Amazon Explain your answer using course concepts
The retailer which would be the worst fit for Tillamook Maker's Reserve 2018 Extra Sharp Cheddar is Walmart. This is because Walmart is a high-volume, low-price store, which is not the ideal target market for a high-quality cheese like Tillamook Maker's Reserve 2018 Extra Sharp Cheddar.
According to course concepts, target market is the market segment or group of customers to which a company aims to sell its products or services. The target market is defined by its distinct needs, preferences, and characteristics that distinguish it from other markets. The target market plays an important role in marketing strategies because the product features, branding, pricing, and promotion must be tailored to meet the needs and expectations of the target market in order to achieve sales and profits.
Therefore, in the case of Tillamook Maker's Reserve 2018 Extra Sharp Cheddar, the target market would be customers who appreciate high-quality cheese, are willing to pay a premium price for it, and are likely to shop at specialty stores like New Seasons, rather than mass-market retailers like Walmart.
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