Amount of purchasing department expense allocated to fabrication is 25600.
Calculation of amount of purchasing department expense allocated to fabrication:
Total purchase orders= 16+4= 20
Amount of purchasing department expense= $3200
Amount of purchasing department expense allocated to fabrication= 32000*16/20= 25600
A purchasing department is the division of a company it is liable for obtaining the products and services the commercial enterprise calls for to perform. a few agencies talk to shopping departments as procurement departments or shopping for departments.
The purchasing department of a business enterprise is accountable for buying the products, raw materials & services required to function the organisation efficiently.
Now, every agency has its particular needs in relation to the sourcing and procurement of system, raw substances, and services.
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Kahn Company's static budget was based on sales volume of 12,000 units. Its flexible budget was based on sales volume of 14,000 units. Based on this information
a. the sales volume variance is expected to be unfavorable.
b. the materials cost volume variance is expected to be favorable.
c. the labor cost volume variance is expected to be unfavorable.
d. None of the answers is correct.
The right answer is C since it is projected that the labor cost volume variance will not be beneficial based on this data.
Why will labor costs have a negative volume variance?When all other variables are held constant, an increase in sales volume will positively affect total sales. The overall variable expenses will rise together with an increase in sales volume, which is a poor condition.
Why is it so important to keep labor costs in check?Rational and purposeful labor cost management will boost output and profit. By closely monitoring labor costs, you might be able to make savings both now and in the future.
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list, describe and explain each of the elements in the communications mix. what are the strengths and weaknesses of each
The "promotion" component of the communications mix can be seen as having a connection to the 4Ps of marketing. Typically, the communications mix is said to consist of five components: Advertising, direct marketing, personal selling, public relations, and sales promotion are the first five.
One of the most obvious instances of marketing communications is advertising, but it's crucial to understand that marketing and advertising are two distinct concepts. The set of methods and strategies used by a business to market its goods and services is referred to as marketing. According to Andrews and Shimp (2017), "advertising" expressly refers to paid content or materials. While traditionally associated with radio or television advertising, it is increasingly common for internet advertising to also include sponsored content and paid influencers. Advertising is often expensive, but it has the advantage that whoever is paying for it has complete control over the content and substantial control over the communication channel and the target audience.
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you are preparing for your first presentation at a new job. which strategies can help you combat nervousness about presentations? select all that apply.
Work on transforming your anxiety into enthusiasm. You'll be more successful if you attend other lectures, show up early, settle in, meet people, practice positive visualization, and take deep breaths.
What activities may you engage in to relax before making a presentation?
When you breathe through your stomach muscles instead than your chest, your nervous system is soothed. Take a few deep breaths both before and throughout your presentation, that's what you should do. Greenberg suggests telling yourself "I am" as you inhale and "relaxed" as you exhale.
What vital component of presentation preparation?
The first and most important guideline of presenting your work is to understand your audience. If you can put yourself in their shoes and relate to their requirements, you'll have a much higher chance of producing a persuasive presentation. Be mindful of your audience as you prepare your presentation.
Enthusiasm is extremely animated and powerful when running. Prior to his departure, he consistently displayed talent and zeal as a player. He is genuinely passionate about the subject. He is constantly very enthusiastic. A few frequent words that are used to describe enthusiasm include ardour, fervour, passion, and zeal. Enthusiasm refers to a lively or eager interest in or admiration for a proposal, cause, or activity while all of these words refer to "intense emotion compelling action."
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the administration of monetary policy in the united states differs in some ways from the administration of other economic policy. classify the descriptions of monetary policy as true of false.
The administration of monetary policy in the United States is unique. These descriptions of monetary policy are:
Monetary policy can be enacted more quickly than fiscal policy (True)The president cannot remove the chairman of the federal reserve if he/she disagrees with monetary policy decisions (False)Relative to other institutions, the federal reserve is subject to a high degree of accountability (False)Monetary policy is determined by congress (False)Monetary policy is determined by the president (False)Congress can remove the chairman of the federal reserve if they disagree with monetary policy decisions (False)Monetary policy in the United States is related to the Federal Reserve's actions and communications to promote maximum employment, stable prices, and moderate long-term interest rate. The congress's instruction regarding the economic goals are the Federal Reserve's target.
The president has limited power when it cocmes to the Federal Reserve and its monetary policy decision. The president's power over the Federal Reserve includes:
The president can appoint and fire the Federal Reserve's chairThe president does appoint the majority of voting officialsThe president is no the sole arbiter of how take those seats on votingThe president can voice his concerns and participate in the conversationHowever the congress has no power to fire the Fed's chair, neither the monetary policy decision. All monetary policy decisions are the Fed's solely right.
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Complete Question:
The administration of monetary policy in the United States differs in some ways from the administration of other economic policy. Classify the descriptions of monetary policy below as true or false:
Monetary policy can be enacted more quickly than fiscal policyThe president cannot remove the chairman of the federal reserve if he/she disagrees with monetary policy decisionsRelative to other institutions, the federal reserve is subject to a high degree of accountabilityMonetary policy is determined by congressMonetary policy is determined by the presidentCongress can remove the chairman of the federal reserve if they disagree with monetary policy decisionsif the money market is initially in equilibrium at point e and the central bank lowers reserve requirements, then the interest rate will: a. move toward point h. b. remain at point e. c. shift leftward. d. move toward point l
If the money market is initially at point E and the central bank sells Treasury bills, the interest rate will move toward point H.
One aspect of the economy that offers short-term financing is the money market. Short-term loans of one year or less are the specialty of the money market.
Money market investing can be extremely beneficial, particularly if you require a short-term, relatively safe place to park cash. Low returns, a loss of purchasing power, and the fact that some money market investments are not FDIC insured are some disadvantages.
Hence, the correct answer is "A" option.
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an employee is angry with his boss and wants to sabotage the company. to accomplish this he secretly changes some of the values in his boss's copy of the quarterly report. his boss then reads this false data and makes decisions based on this fraudulent information. in this instance, what quality of information security has been damaged?
In this instance, the quality of information security that has been damaged is Integrity loss.
An employee is angry with his boss and wants to sabotage the company. to accomplish this he secretly changes some of the values in his boss's copy of the quarterly report. his boss then reads this false data and makes decisions based on this fraudulent information. In this instance, the quality of information security that has been damaged is Integrity loss.
Tools and procedures used by companies to safeguard information are covered by information security. This includes setting up security measures to prohibit unauthorized users from accessing sensitive data. Network and infrastructure security, testing, and auditing are just a few of the many topics covered by the expanding and changing field of information security (InfoSec).
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To deliberately initiate culture change at company is an uphill struggle. Most employees tend to return to familiar ways of doing business. To succeed, executives need to
a. model the desired change over a period of at least six months and replace any senior executive who is not fully committed.
b. create a sense of urgency, model the changes that they want, and show commitment to the new culture.
c. create a sense of urgency, model the desired change, and lay off all employees who aren’t enthusiastic about the change.
The executives need to create a sense of urgency, model the changes that they want, and show commitment to the new culture.
In public policy, the phrase "cultural shift" is used to indicate how society or an institution is evolving. A cultural change is one that is meant to result from a shift in the traditions that a society follows at any particular moment. These modifications could be beneficial or harmful to society. The executives must instill a sense of urgency, set an example for the changes they want to see, and show a commitment to the new culture if they are to successfully initiate deliberate culture change at their organization. When this occurs, society typically introduces new cultural features, behavior patterns, and social conventions.
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Visit a web site for a company that sells products online. Then go to that company's corporate web site. Compare the company's product sales site with its corporate site. Describe at least 3 differences between them. (1-3 sentences. 3. 0 points).
There are a number of variations between goods or services and business websites. The fact that "items/services push their products as the most prominent thing on the website, whereas the corporate website pushes their values and ethos as the most noticeable thing on their website," is one of the distinctions.
The following other differences have also been noted:The corporate website lacks areas or parts where customers can order or book things, whereas product or service websites do.
The product and service websites lack this feature, however corporate websites have a part or area where a team member's job description is explained.
Additionally, the corporate websites feature the business's ongoing projects, mission, and vision, whereas the websites for the company's products and services.
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Which of the following measures the operating cash flow a project produces minus the necessary investment in operating capital, and is as valid for proposed new projects as it is for the firm's current operations?a. Free cash flowb. Operating cash flowc. Investment in operating capitald. Sunk cash flow
The net operating measures the operating cash flow a project produces minus the necessary investment in operating capital cash flow from the project, less any sunk costs and erosion costs, is used to calculate the cash flow from the project.
The amount of available cash left over at the end of the accounting period is referred to as cash flow.
It can be determined by deducting the beginning and ending cash balances of an period.By deducting all non-cash income from the overall project revenue, the cash flow from a project is calculated.Accounts receivable, interest income, and capital gains are included in non-cash income. It is a non-cash asset that cannot be used right away to pay for immediate short-term expenses, hence it is not taken into account when calculating cash flow.Incremental revenue minus incremental costs equals incremental operating cash flow.In this case, the working capital would be updated and the incremental revenue with negative capital investment would be subtracted in order to establish the cash flow.
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which objectives should a company take into account when establishing its customer service policies? (check all that apply.)
A company should promote ease of doing business, prompt delivery of goods and services, the establishment of customer communication channels that are convenient for customers, and the reliability of the order process.
What is a customer service policies?A customer service policy could be highly advantageous for your company because it establishes the criteria and procedures for providing top-notch customer service. Your policy must be current, thorough, and straightforward to understand and implement.
From various angles, a good customer service policy should be centered on the demands of the customer, which means that it should be able to fulfill those needs and keep up with what the typical consumer expects from a company. The Golden Rule, a traditional pearl of wisdom that reads, "Treat people as you would like to be treated," is truly all that matters when it comes to customer service, despite all the hoopla and commotion around it these days.
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in the united states, the restriction on imports of products that violate domestic copyright or patent laws is an example of
In the united states, the restriction on imports of products that violate domestic copyright or patent laws is an example of an Intellectual Property (IP) law.
For, these are laws that protect the rights of the creators of original works. These laws may include:
Copyrights, patentsTrademarksTrade secretsOther forms of intellectual property.What is the importance of Intellectual Property (IP) law?Intellectual Property (IP) law helps protect the investments of inventors, businesses, and other creators by preventing others from using their ideas, inventions, or other creations without their permission.
This helps to promote innovation and creativity, as well as protecting the rights of creators to benefit from their hard work. IP law also helps to ensure that businesses can compete fairly on the market without being undercut by cheaper, infringing products.
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Karen is buying a new laptop. She is looking for a light-weight computer. The laptop she purchases is a little heavier than she had originally hoped, but she was willing to accept the extra weight for a computer with a bigger, clearer screen. Karen made her purchase decision using a(n) ________.
Karen is buying a new laptop. She is looking for a light-weight computer. The laptop she purchases is a little heavier than she had originally hoped, but she was willing to accept the extra weight for a computer with a bigger, clearer screen.
Karen made her purchase decision using a compensatory decision rule.
In psychology, compensation is a approach whereby one covers up, consciously or unconsciously, weaknesses, frustrations, goals, or feelings of inadequacy or incompetence in a single life area thru the gratification or (drive toward) excellence in some other area. compensation can cowl up both real or imagined deficiencies and personal or bodily inferiority. fantastic compensations may additionally help one to conquer one's problems. then again, bad compensations do not, which ends up in a strengthened feeling of inferiority.
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according to the management grid developed by blake and mouton, which management style would be most effective for an ep who manages a team of trainers at a fitness facility?
According to the Management Grid developed by Blake and Mouton, Team or democratic management would be most effective for an EP who manages a team of trainers at a fitness facility.
What is managerial grid model?
The managerial grid model is a technique for self-evaluation that allows people and organizations to determine a manager's or leader's style. Robert R. Blake and Jane S. Mouton created the grid in the 1960s, and it has changed throughout the years.
A horizontal axis and vertical axis that intersect at a right angle form the Blake and Mouton Managerial Grid concept.
This instrument is used by organizations to evaluate individual managers and pinpoint their management approaches in an effort to support the development of leadership excellence.
The managerial grid, also known as the leadership grid, can assist managers in recognizing their management strengths and weaknesses, which enables them, their supervisors, and HR partners to determine what kind of support and training they need.
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question content area indirect labor and indirect materials are classified as a.operating costs and product costs b.operating costs and period costs
Option B is correct.Indirect labor and oblique substances are labeled as manufacturing overhead and product costs.
Is oblique labor an working expense?Indirect labor is regarded an overhead as these charges cannot be assigned to any one challenge or service
Are oblique substances a product cost?Manufacturing overhead: oblique factory-related expenses that are incurred when producing a product. Manufacturing overhead charges include: Indirect material: substances used in the manufacturing method however are no longer at once traceable to the product. Examples encompass glue, oil, tape, cleaning supplies, etc
Salaries paid to non-production employees, such as administrative staff, managers, and other help personnel, are considered oblique labor expenses, which are a duration cost.
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https://brainly.com/question/14697151#SPJ4part of logistics is movement of goods within a manufacturing facility, and that movement is part of
Part of logistics is the movement of goods within a manufacturing facility, and that movement is part of inventory management. This is a part of stock management.
What is Inventory management?Field inventory management, often known as inventory management, has the job of comprehending the stock mix of a corporation and the varied demands on that stock.
Businesses may decide which goods to order when and at what amounts by using inventory management. Inventory is monitored from product purchase through the sale. To guarantee there is always adequate inventory to fulfill client orders as well as proper notice of a shortfall, the technique recognizes trends and reacts to them.
Making sure there are enough products or materials on hand to satisfy demand without overproducing inventory is the main goal of inventory management.
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A Jeans Maker Is Designing A New Line Of Jeans Called Slims. The Jeans Will Sell For $375 Per Pair And Cost $262.50 Per Pair In Variable Costs To Make.
The contribution margin per pair is $112.5 and The contribution margin ratio is 30%.
The amount left over after deducting a product's variable costs is known as the contribution margin. Contribution margin is a term used in variable costing and refers to the sum needed to pay the business' fixed costs. Selling price divided by variable cost per unit equals contribution margin per unit. The ratio of contribution margin to sales is known as the contribution margin ratio.
It is given that
Selling price per pair = $375
Variable cost per pair = $262.50
Contribution margin per unit = Selling price per unit - Variable cost per unit
Thus, Contribution margin per pair = $375 - $262.5 = $112.5
Contribution margin ratio = (Contribution margin ÷Sales)×100
Contribution margin = $112.5 and sales = $375
Contribution margin ratio = ($112.5 ÷ 375)×100 = 30%.
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fenton inc. purchased equipment for $5,000 with a $500 residual value and a five-year useful life. match the amount to the respective term/year using straight-line depreciation. $900 $900 drop zone empty. $1,800 $1,800 drop zone empty. $2,300 $2,300 drop zone empty. $500
There at end of Year 5, the total depreciation was $2,500 ($500 each year over the five years).
How does depreciation work?A tangible item's cost can be spread out over the period of its service life using the accounting approach of depreciation. The amount of an income statement has indeed been used is shown through depreciation. It helps business to purchase assets over a predetermined length of time and generate income from those assets.
What are the two distinct categories of depreciation?The four basic depreciation techniques are straight line, twofold decreasing, years' digits total, and production units. Each technique is used to various business and asset categories. Vehicles office structures.
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newcastle coal co. owns a warehouse that it is not currently using. it could sell the warehouse for $300,000 or use the warehouse in a new project. should newcastle coal co. include the value of the warehouse as part of the initial investment in the new project?
Yes, because the firm could sell the warehouse if it includes the value of the warehouse as part of the initial investment in the new project.
How do you come up with the initial investment?The sum needed to launch a project or firm is known as the initial investment. It is often referred to as initial outlay or just initial. It equals the after-tax profits from assets sold or made available for use elsewhere plus working capital requirements.
What is capital for the initial investment?Investment in capital refers to spending money to buy, rent, or improve real estate that is utilized to run a business, such as real estate, buildings, equipment, and fixtures. Initial Capital, or "Capital," refers to the funds you first pledged to put toward the Plan.
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some new products are introduced and quickly are accepted by the marketplace. other products take years before they spread across society. a product that has a very clear advantage compared to the current products is likely to diffuse across society:
A product that has a very clear advantage compared to the current products is likely to diffuse across society more slowly than a simple product.
What does "Product Life Cycle" mean?
The stages that a product goes through from the time it is launched to the market until it is discontinued are included in the product life cycle. Four stages make up a product life cycle: introduction, growth, maturity, and decline. Many items are still in a stage of extended maturity. In every product life cycle, the product, however, eventually disappears from the market. Numerous causes, including saturation, competition, a decline in demand, and even lower sales, may be to blame for this.
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you are considering three independent projects. the analysts have done their research and data analytics and have determined the npv of all 3 projects. project a's npv is 2.3 project b's npv is 1 project c's npv is -1
NVP or net present value or net present worth applies to a series of cash flows which is occurring at different intervals of time. The present value of a cash flow depends on the interval of time between now and the cash flow. It also depends on the discount rate. It accounts for the time value of money.
So the higher the NVP or net present value the better the chances of the business flourishing.
With all that said the answer has to be project A which has an NVP of 2.3 as estimated by the analysts and should be the go to business for me to invest.
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Provide an example of how a company could make modifications to their business operations to incorporate sustainable best practices. How could these modifications be measured in terms of triple bottom line?.
The science of climate change is reverberating through economies and business, worldwide.
What does a business consist of?A business is an organization or enterprising body that engages in commercial, industrial, or professional activities. Businesses can be nonprofit organizations or for-profit enterprises. Among the various business structures are partnerships, corporations, limited liability companies, and sole proprietorships.
What are the fundamentals of business?Learning the basics is the first step you should take to succeed in business. By conducting market research and comprehending the needs and expectations of your customers, you can create a long-lasting business, but you must first develop the essential business skills.
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To make sure that the federal funds rate does not fall much below the floor set by the interest rate on excess
reserves, the Federal Reserve has set up the ________ facility in which these nonbank lenders can lend to the
Fed and earn an interest rate that is close to the interest rate the Fed pays on excess reserves.
A)
Primary Dealer Credit
B)
reverse repo
C)
Term Securities Lending
D)
Term Auction
alternative B is right answer. To make positive that the federal funds fee does no longer fall a lot beneath the floor set with the aid of the hobby price on excess reserves, the Federal Reserve has set up the reverse repo facility in which these nonbank lenders can lend to the
Fed and earn an activity charge that is close to the interest rate the Fed can pay on excess reserves.
What is intended via reverse repo?Definition: Reverse repo price is the charge at which the central financial institution of a u . s . (Reserve Bank of India in case of India) borrows money from business banks within the country. It is a monetary policy instrument which can be used to control the money furnish in the country.
Why do banks reverse repo?The Overnight Reverse Repo Facility (ON RRP) helps furnish a ground beneath overnight interest costs by means of appearing as an alternative investment for a wide base of money market investors when rates fall under the activity on reserve balances (IORB) rate.
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https://brainly.in/question/6742421#SPJ4An agent of a broker-dealer is currently doing business in one state and would like to conduct business in another state. When checking with the firm's compliance department, the agent would be told which of the following?
A)
If the agent is a partner, officer, or director and held that position at the time the broker-dealer was registered in that state, the individual need not register separately.
B)
Registration is required only if an offer is directed, accepted, and paid for in that state.
C)
No registration is necessary if no commission or other remuneration is paid or given directly or indirectly.
D)
No registration is necessary in the other state provided the agent's activities are limited exclusively to effecting transactions in certain exempted securities.
The broker-dealer's agent is currently operating in one state but would like to expand to another. When checking with the firm's compliance department is Only if an offer is made, accepted, and paid for in that state is registration necessary.
The broker-dealer is required to assess how much of the money it holds is either client money or money acquired via the use of customer securities on a regular basis. The broker-dealer is required to assess how much of the money it holds is either client money or money acquired via the use of customer securities on a regular basis. The most well-known broker-dealers include TD Ameritrade, E-Trade, and Charles-Schwab. While E-Trade and TD Ameritrade are essentially online brokerage firms, others of these, like Charles-Schwab, are comprehensive financial services companies.
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the dominant strategy for each firm is to pollute. the government wants to introduce a fine that will change the strategy choice of each firm from polluting to not polluting. consider the following fines and choose the fine that will accomplish the government's goal
Strategies to Reduce Air Pollution-Choose public transportation, as a substitute of the use of own/commercial vehicles. Maintain your automobile tires with suited inflation.
Turn the lights off when you are about to go away a room. Replace energy-hungry incandescent bulbs with some compact fluorescent bulbs or LEDs.
What techniques are used by using the government to minimize air pollution?These steps include: lowering toxic emissions from industrial sources; lowering emissions from automobiles and engines thru new stringent emission requirements and cleaner burning gasoline; and addressing indoor air air pollution even though voluntary programs. See similarly important points under about reductions from: Industrial sources.
Environmental education is the quality programme to deal with the environmental problems. It is most essential in our efforts to combat and manipulate pollution, over-population and misuse of herbal sources
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https://brainly.com/question/15708835#SPJ4does government spending ever reduce private spending? part 2 a. yes, due to reduced interest rates. b. no, they are unrelated. c. yes, due to crowding out. d. no, due to crowding out.
Here the answer is C ( yes, Due to crowding out effect).
WHAT IS FISCAL POLICY?The employment of government spending and taxation to affect the economy is known as fiscal policy. Governments often utilize fiscal policy to encourage robust, long-term growth and to lower poverty. The current global economic crisis brought greater attention to the function and goals of fiscal policy as governments intervened to protect financial institutions, spur economic growth, and lessen the crisis's effects on vulnerable populations. The Group of 20 industrial and emerging market nations' leaders announced that they were engaging in "unprecedented and concerted budgetary expansion" in the communiqué that followed their summit in London in April 2009.
Fiscal policy has a cyclical history in terms of its importance as a tool for policymaking. A laissez-faire or limited government philosophy predominated before to 1930. Governments were urged to be more active in the economy during the stock market crash and the Great Depression by policymakers.
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what defines the how, what, when, and who regarding the flow of project information to stakeholders and is key for managing expectations?
A communication plan defines the how, what, when, and who regarding the flow of project information to stakeholders and is key for managing expectations.
What is managing expectation?
Setting up expectations at work can help you match your professional aspirations with your skills and foster more reliable working relationships with coworkers and managers. By setting expectations, you can create boundaries, establish goals, and get to know the people you interact with better. Managing expectations at job may be crucial for fostering a happy, productive workplace where you can flourish and develop your skills. In this article, we'll explain why it's crucial to manage expectations at job, how to do it, and highlight some key advice for keeping expectations in check.
It outlines the purpose of communication and the approach that will be used to ensure that stakeholders are informed and updated on project progress. It also defines how project information will be communicated, such as through emails, meetings, or other channels. It also defines who will be responsible for communicating information and when it should be communicated. By having a clear communication plan, stakeholders can understand what to expect from the project and how they can be kept up to date on project progress.
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a survey of 50 randomly selected homeowners finds that they spend a mean of $74 per month on home maintenance. construct a 90% confidence interval for the mean amount of money spent per month on home maintenance by all homeowners. assume that the population standard deviation is $11 per month. round to the nearest cent.
A survey of 50 randomly decided on homeowners unearths that they spend a mean of $74r according to month amount on domestic renovation. lower endpoint: | 71.74
Endpoints are bodily gadgets that connect with a community gadget which includes cellular devices, desktop computers, digital machines, embedded gadgets, and servers.
Top endpoint: 76.56
= sample (n) = 50
tmean (x) = $74
Repastatto (s) = $11
at 90% confidence level Zcritical value is
a = 1 - 0.90
= 0.10
= a/2 = 0.10/2
= 0.05
Z a/2 = Z 0.05
= 1.645
(71.44, 76.56 )
decrease endpoint: |71.44
upper endpoint: 76,56
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Net vs. Gross. This seems to pop up in many places in accounting. With regard to receivables, please comment on the two methods including how it impacts the balance sheet and income statement; how to correct changes in estimates under each method, and which one results in higher net income. Please be specific and include at least one example to support your conclusions.
The two methods for accounting for receivables are the net method and the gross method.
In order to earn a sales discount, the net technique assumes that every buyer will pay on time. Record the discounted invoice amount in your accounting journal at the time of a sale. To increase the accounts receivable account by the amount you anticipate receiving, debit the discounted invoice amount.
In contrast to the net approach, the gross method records an invoice at its full price regardless of any offered cash discounts. To put it another way, the gross technique makes the assumption that the consumer won't benefit from the cash or early payment incentive.
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suppose a perfectly competitive firm can increase its profits by increasing its output. then it must be true that the firm's price exceeds its marginal cost. explain the rationale for this statement ( what explains the statement?).
A market model known as perfect competition is predicated on the idea that many companies create the same commodities that are purchased by many consumers. The assumption made by the model of perfect competition is that it is simple for new businesses to enter the market and for existing ones to depart.
As long as it accepts the going market price, a perfectly competitive market is free to sell as much as it likes. Depending on the cost of the good and the number of units sold, total income will rise as the company sells more. The amount of income generated will rise if more units are sold at a given price. Total sales will rice if the product's price increases with every unit sold.
A complete total cost curve for every level of production cannot frequently be derived by firms because they lack the essential data. They haven't tested it, so they can't be sure what the total expenses would be if they, say, doubled production or cut production in half. Businesses experiment instead. They experiment with production levels that are marginally higher or lower and track how it affects earnings. This practical method to optimising profitability entails considering how production changes impact marginal cost and marginal revenue.
When marginal revenue and marginal cost are equal, or when MR = MC, a fully competitive firm will make the decision that will maximise its profits. As long as MR > MC, a profit-driven company should continue to increase production. However, the business should realise that it has reached the maximum level of economic profits at the output level when MR = MC.
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once a firm expanding internationally has decided which markets to enter, what is the next step in the decision-making process?
After deciding to enter the overseas market, the next critical marketing choice is market selection. The firm chooses one or more countries to operate in based on its current product mix, manufacturing capacity, and anticipated expansion strategy.
What is the market selection?The market selection is defined as a process. This process should result in a prioritized market portfolio; a prioritized list of markets worth investing in and exploring.
The markets' selection should have the growth potential required to meet the revenue targets. Regrettably, the market selection procedure is plagued with difficulties.
Therefore, following the decision to enter the international market, the next key marketing decision is market selection.
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