It has long been recognized in both the strategy and operations literature that the most effective external sourcing relationships involve considerable management time and coordination.
About management strategyBasically, strategic management is the process of making decisions, implementing actions and evaluating what has been done well in order to achieve the company's long-term goals.
This process is carried out continuously by evaluating and also controlling the internal business, conducting competitor analysis, and establishing strategies to be able to compete well.
After that, it is followed by re-evaluating the strategy on a more regular basis in order to be able to determine the actions that will be taken later and monitor its progress or be replaced by using another strategy.
This strategy must be applicable to all parties in the company in order to face competition and show the company's excellence.
The perspective concept will later be used when a problem has not arisen or as a plan that must be developed. While the descriptive concept will be applied in order to solve problems that must be resolved by the company.
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which category of lifetime product costs are sometimes overemphasized, leading to a failure to fully recognize the total cost of ownership?
The acquisition costs are the category of lifetime product costs, which are overemphasized, and thereby leading to a failure to fully recognize the total cost of ownership.
Acquisition costs can be referred to or considered as the costs incurred by an organization to acquire an asset or ownership in a piece of an asset, whether partially or wholly. These costs belong to the category of the lifetime product costs, as they do not have a definite period of ownership. Moreover, these costs of acquisition may also be overemphasized at times.
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micaela is implementing the control process for her insurance agency. before she begins to monitor performance, micaela should
For her insurance company, Micaela is putting the control method into practice. Micaela has to establish standards before she starts keeping track of performance. Here option B is the correct answer.
In the example given, Micaela is carrying out the control procedure. She should first set standards before she begins to evaluate the performance of her insurance company.
By establishing standards, she would be able to assess her progress against them. If she notices any deviations, it will be easier for her to make the necessary corrections. If there is no divergence from the progress, she can carry on.
Standards preserve human health and the health of the environment while ensuring the dependability, quality, and safety of goods and services. They also enable commerce. Standards enhance systems and procedures for firms; they decrease expenses, maintain uniformity, and eliminate waste.
Complete question:
Micaela is implementing the control process for her insurance agency. Before she begins to monitor performance, Micaela should
A - compare performance to standards.
B - establish standards.
C - continue work progress.
D - take corrective action.
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a study of adults with a diagnosis on the autism spectrum looked at their abilities to anticipate the actions a character would take when they had a false belief. which of the following statements about the results of this study is true?
In relation to the above study, adults with a diagnosis of Autism spectrum it is TRUE that: "They were poor with problem-solving" (Option C)
What is Autism Spectrum?ASD (autism spectrum disorder) is a developmental impairment caused by brain differences. ASD patients frequently struggle with social communication and engagement, as well as confined or repetitive habits or hobbies.
People with ASD may also learn, move, or pay attention in various ways.
Asperger's syndrome, Rett syndrome, childhood disintegrative disorder, Kanner's syndrome, and pervasive developmental disorder - not otherwise specified are the five basic kinds of autism.
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Full Question:
A study of adults with a diagnosis on the autism spectrum looked at their abilities to anticipate the actions a character would take when they had a false belief. Which of the following statements about the results of this study is true?
They were able to plan and organize
They were able to identify Complex characters
They were poor with problem-solving
They never felt overwhelmed with information
a stock market comprises 2100 shares of stock a and 2100 shares of stock b. the share prices for stocks a and b are $25 and $15, respectively. what proportion of the market portfolio is comprised of each stock?
84000 in the market portfolio
Stock A 52500 * 2100 /
Stock B 31.525 2100*15
Total 84000
a percentage of each stock:
62.5% of Stock A (52500/84000)
37.5% of Stock B (31500/84000)
A market portfolio is a hypothetical collection of investments that includes all possible asset classes and is weighted according to the relative market presence of each asset. The market portfolio's anticipated return is the same as the market's anticipated return overall.
We just need to be aware of the projected rate of return, standard deviation, and base interest rate for each individual stock in the market portfolio. A market portfolio, however, is independent of an investor's preferences or level of risk tolerance.
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the trading of futures contracts in major currencies and offering price transparency and efficiency in addition to elimination of counterparty risk due to guaranteed payments on contracts is called .
Marked-to-market trading involves the exchange of futures contracts in significant fiat currencies, and it provides price efficiency and transparency in addition to eliminating counterparty risk.
What Are Losses from Mark to Market?Mark-to-market losses, as opposed to actual security sales, are paper losses produced by an accounting entry.
When financial instruments are valued at their current market value rather than their purchase price, mark-to-market losses happen.
What is advertised with an example?simple illustration The "mark-to-market" value of an investor's 10 shares of stock, purchased at $4 per share, is equal to (10 shares * $6), or $60, but the book value might only be $40 (depending on the accounting rules being applied).
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you have a portfolio that is invested 13 percent in stock r, 52 percent in stock s, and the remainder in stock t. the beta of stock r is .82, and the beta of stock s is 1.37. the beta of your portfolio is 1.34. what is the beta of the stock t? group of answer choices
Portfolio beta =Sum of beta x weight or amount invested %
1.34 =0.82 x 13% +1.37 x 52% + Beta Stock Tx (1-13%-52%)
1.34 = 0.819+ Beta Stock T x 35%
0.521=Beta Stock T x 35%
Beta Stock T = 0.521/35%
= 1.49
Hence, 5th option 1.49 must be selected.
The capital asset pricing model (CAPM), which is used to determine the cost of equity investment, includes the term beta. The rate of return that shareholders can reasonably expect based on perceived investment risk is calculated using the CAPM formula using the total average market return and the stock's beta value. Beta can have an effect on a stock's predicted rate of return and share price in this fashion.
Beta is determined by doing a regression analysis. In terms of numbers, it shows how responsive a security's returns are to market fluctuations. The covariance of an asset's return with its benchmark return divided by the benchmark return's variation over a specific time period is the formula for determining beta.
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To counter the power of the veto, the Framers gave Congress the veto ______, which is the power to overturn a presidential veto with a two-thirds vote in each chamber.
a) Approval
b) Commutation
c) Override
d) Proclamation
e) Check
The response to the preceding assertion is C. In order to counteract the power of the veto, the Framers granted Congress the power to override a presidential veto with a two-thirds majority in each chamber.
Describe the powers and objectives of the veto.A bill or joint resolution may be overruled by the president in order to keep it from becoming law. A law passed by Congress must be signed by the president within 10 days (excluding Sundays). In the event of a conventional veto, the President usually sends a note explaining his or her reasoning and returns the bill to the chamber in which it was first submitted. Only a two-thirds majority in the Senate and the House is required to override this veto. In this case, despite the President's objections, the bill became law. If Congress adjourns during the ten-day period, there is a pocket veto. The bill cannot be sent back to Congress by the president. The legislation cannot be overturned by Congress because of the president's pocket veto, which prevents him from signing it.
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short-term financing is more important to a small business than long-term financing because . multiple choice question. inventory needs are long-term and critical for small business only corporations can obtain long-term funds small businesses are more concerned with funding day to day operations long-term funds are impossible to obtain for small business
Short-term financing is more important to a small business than long-term financing because small businesses are more concerned with funding day to day operations.
For a small firm, short-term financing is more crucial than long-term financing since they are more concerned with supporting ongoing operations. Smaller businesses may experience greater cash flow issues than bigger ones, such as limited access to credit card financing.
With the support of short-term financing, you can make sure you have the resources necessary to cover all of these expenses and build a solid financial foundation for your business. These can be paired with small company loan programmes from the government, other loans, savings, or any other funds you may already have.
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In order to increase customer purchases, grocery stores have (5 points) a increased the size of the carts b moved healthy food options to eye level c decreased the width of the aisles d moved pre-packaged goods to the upper level
Option (a), Grocery stores have raised the size of the carts to encourage customer purchases.
How do supermarkets persuade you to buy more?Supermarkets promote impulse purchases by putting items on display at the checkout counter, where consumers must wait in line, for items ranging from candy bars and full-calorie soda to hand sanitizer and gift cards. Manufacturers spend a lot of money to bribe retailers to place their products at the checkout because it increases sales so much.
How do supermarkets generate revenue?Profit margins typically range from 1% to 3%, depending on the product. A supermarket business frequently makes only a few cents per item. Volume is how grocery stores make money. Customers are expected to purchase a large number of things during each shopping trip in order to increase the store's earnings.
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General Motors operates a ________ franchise system.A) product format and trademarkB) product extensionC) product and trademarkD) business formatE) business format and trademarkAnswer: C) product and trademark
General Motors operates a product and trademark franchise system.
A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the emblem's trademark or exchange call and a business machine, and a franchisee, who will pay a royalty and frequently a preliminary rate for the right to do commercial corporation under the franchisor's name and device.
Some famous examples of product franchises consist of present day automobiles, Ford Motor enterprise, Exxon, Coca-Cola, and beer distribution businesses.
Trendy vehicles operates a product and trademark franchise gadget. The product and trademark franchise is an arrangement beneath which the franchisor grants to the franchisee the proper to buy its merchandise and use its trade call.
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question 1 which term refers to the process of initiating a project, making a plan, executing and completing tasks, and closing a project?
Project management, according to Wikipedia, is the discipline of starting, planning, carrying out, controlling, and wrapping up the work of a team in order to achieve particular objectives and meet specific success criteria at the designated time.
Why should project managers create phase two plans before starting and finishing phase three tasks?It has been verified by an expert. Before beginning and finishing activities, project managers always create a plan because the project's budget and schedule are crucial.
What do you call a collection of guiding principles and procedures for managing a project from start to finish?A set of guiding principles and procedures for managing a project throughout its life cycle is known as a project management methodology.
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If the project scope needs to change, it is critical to have a sound _______ in place that records the change.
Select one:
a.
change control process
b.
requirements document
c.
statement of work
d.
project charter
e.
WBS
If the project scope needs to change, it is critical to have a sound change control process in place that records the change.
What is the change control process?Change control is the procedure by which all requests to alter the baseline that has been accepted for a project, program, or portfolio are gathered, assessed, and either approved, denied, or deferred.
What different kinds of change control are there?Developmental, transitional, and transformational change management are the three categories under which directed change is divided. In order to increase participation, lower resistance, and facilitate acceptance, various types of change call for various techniques and approaches, so it is crucial to recognize this.
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tulsa enterprises has decided to build a $50 million theme park near a large metropolitan area. the company plans to sell shares of ownership to finance the development. tulsa plans to use financing for this project.
A $50 million theme park will be built by Tulsa Enterprises close to a significant urban region. For this project, Tulsa intends to use "equity" funding.
Define the term equity?The idea of fairness within economics, particularly in relation to taxation and welfare economics, is known as equity, or economic equality.
That amount of money which would be returned for shareholders if a company sold all of its assets and settled all of its debts is known as equity. Accounts receivable, currency, real land, and patents are examples of assets, whereas debts due to other organizations or people are examples of liabilities.The stated question-
A $50 million theme park will be built by Tulsa Enterprises close to a significant urban region. To raise the necessary funds for the project, the company intends to offer ownership shares.Thus, for this project, Tulsa intends to use "equity" funding.
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The complete question is-
Tulsa Enterprises has decided to build a $50 million theme park near a large metropolitan area. The company plans to sell shares of ownership to finance the development. Tulsa plans to use ___________ financing for this project.
does stage i of the production process ends at the point where the law of diminishing returns occurs
True. When diminishing returns begin to take effect, stage I comes to a close and stage II begins. This is due to the marginal product declining as a result of decreasing returns.
When does production reach a point of diminishing returns?At the end of this process, the product has reached its maximum value, at which point the marginal product is zero. The point in this stage where production is at its best. After this point, if the variable factor is added in more units, the overall output will start to decrease.
When does the stage of declining returns come to an end?Stage 2
As a result, this phase is referred to as the phase of declining returns. When the total product reaches its maximum value and the marginal product reaches zero, this stage is complete.
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let’s say you’ve designed a dashboard to give stakeholders easy, automatic access to data about an upcoming event. describe the benefits of using a dashboard.
By putting all of the information on one screen, employee dashboards should be simple to read and comprehend. When these measures are customized, businesses may use them to support their objectives.
Dashboards may be used to verify assumptions, monitor goal-related progress, and identify potential problems before they become serious. Additionally, you may utilize them to make judgments that will aid in achieving your targeted results, spot areas for development, and monitor key performance indicators (KPIs) in real-time.
Monitoring and data analysis are made possible by dashboards, which also have the advantage of combining data from several databases in one place. Using tables, charts, and graphs, dashboards may also make it easier to see data.
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as part of her project, an individual is required to work with someone outside of her department in order to complete some tasks. the communications department in her office agreed to help create some publicity slides for their new product, but in doing so, disrupts the timeframe of one of their fellow team members in their own department. what should the individual do?
As an individual, communicating with outsiders for project completion will help the company grow and understand its needs and desires. However, communicating with outsiders should not affect the fellow team members.
A corporation, commonly referred to as a co., is a legal entity that represents a group of individuals with a certain purpose, they are natural or legal or a combination of both. The members of the company work together for a common purpose to achieve clearly set goals.
Businesses come in many shapes and sizes, including nonprofits, for-profit businesses, financial institutions, banks, and programs. In order for the company itself to have limited liability when members perform or fail to perform their obligations under the incorporation or public disclosure policy, a corporation can be incorporated as a legal entity.
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what is the example for companies passing on extra costs to customers used in the presentation in regard to declining profit margins?
Oil is the example for companies passing on extra costs to customers used in the presentation in regard to declining profit margins.
Presentation is a method of conveying information from speaker to audience. A presentation is usually a demonstration, introduction, lecture or speech designed to enlighten, persuade, inspire, motivate, build goodwill or promote an idea/product.
Preparation, organization, event planning, writing, using visual aids, managing stress, and answering questions are all common requirements for presentations. Presentations are often used in third-tier businesses, such as when an accountant provides detailed reports on a company's finances or when an entrepreneur presents their business proposal to investors.
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when the seller in a contract for sale fails to perform (e.g. breach of contract, nonperformance, or default), the buyer has a variety of remedies. one such remedy is to appeal to the court to force the defaulting seller to carry out the contract. this remedy is most commonly referred to as suing for:
A judicial appeal to compel the non-compliant seller to uphold the contract is one such remedy. Most people refer to this treatment as suing for specific performance. Here option A is the correct answer.
A court order for "specific performance" requires the party that violated the agreement to carry it out in full. When no alternative remedy fully compensates the opposite party, the courts may order a certain service.
A contractual remedy in which the court requires a party to as nearly as possible carry out its commitment because monetary damages are in some way insufficient to make up for the injury. ordered most frequently in situations involving rare chattels and real estate.
Complete question:
When the seller in a contract for sale fails to perform (e.g., breach of contract, nonperformance, or default), the buyer has a variety of remedies. One such remedy is to appeal to the court to force the defaulting seller to carry out the contract. This remedy is most commonly referred to as suing for:
A. specific performance.
B. damages.
C. earnest.
D. recession.
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When a manager accepts a project because the net operating income from the investment exceeds the minimum acceptable profit based on required rate of return, the investment was evaluated based on __ __.
When a manager accepts a project because the net operating income from the investment exceeds the minimum acceptable profit based on the required rate of return, the investment was evaluated based on residual income.
Residual income is the amount of money an individual or business has left after paying all expenses. A company's residual income is the capital left over after they complete all their financial obligations, such as the cost of raw materials and utilities. Overall, the more residual income you have, the more financial freedom you have. Residual income refers to the calculation of a company's financial outcomes to measure operating performance.
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The relationship between the prices of the underlying stock, a call option, a put option, and a riskless asset is referred to as the _____ relationship.A. put-call parityB. covered callC. protective putD. straddleE. strangleA. put-call parity
Put-call parity defines the relationship between calls, places and the underlying futures contract.
This principle requires that the places and calls are the same strike, equal expiration and have the equal underlying futures contract.
What is meant by put and call?A "put" or put option is a proper to promote an asset at a predetermined price. A "call" or name option is a right to purchase an asset at a predetermined price. If merchants are buying extra puts than calls, it indicators a upward jostle in bearish sentiment.
Why it is known as put-call in options?If you buy an options contract, it can provide you the right however not the responsibility to buy or promote an underlying asset at a set price on or before a certain date. A call option offers the holder the right to buy a stock and a put choice offers the holder the right to sell a stock.
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https://brainly.com/question/17112313#SPJ4true or false: store design and visual merchandising are elements of a retailer's communication mix.
The statement that, store design and visual merchandising are elements of a retailer's communication mix, is True.
What goes into a retailer's communication mix?The communication mix of a retailer refers to all the tools, and features that a company uses to be able to reach out to both its potential customers and its current customers about the products they have on offer or other services. The communication mix can include a wide variety of things ranging from product packaging to their social media pages and the like.
The designs of stores are another way that a retailer can communicate with people as this is shown by the unique designs of Apple stores. The store design aims to show a particular type of way that the company does things and so is in the communication mix. Visual marketing also counts in this communication mix for the very same reason.
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according to maslow's hierarchy of needs, all needs are equally important and must be fulfilled simultaneously. t/f
According to Maslow's hierarchy of needs, each need is classified according to its level of relevance, hence they cannot be fulfilled simultaneously. Therefore, the statement is false.
In 1943 psychologist Abraham Maslow presented his theory of the classification system of needs and motivations that universally move individuals in society.
Individuals are motivated to fulfill certain needs, and some of them are a priority and prevail over others, understanding that they cannot all be satisfied simultaneously, but that to achieve some, others must have been previously met.
As illustrated and explained in the Simply Psychology image (attached), there are 5 levels of needs and motivations:
1) Physiological (first needs to be met)
2) Safety
3) Love and belongingness
4) Esteem
5) Self-actualization
Maslow continued to update his theory over the years, and by 1987 he stated that this hierarchical order was not necessarily rigid, and argued that the order of needs could be flexible according to external circumstances or individual differences.
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jesse and walt are considering going in together on the purchase of a new rv. if they buy the rv, then they will each have equal access to it. jesse's reservation value of the rv is $14000. walt's reservation value is $20000. 1st attempt part 1 (1 point) suppose the rv is priced at $27000. in which of the following cases will jesse and walt buy the rv? choose one or more: a. both walt and jesse attempt to free ride on the other, and neither reports his reservation value truthfully. b. both jesse and walt both truthfully reveal their reservation values. c. walt reports his reservation value truthfully, but jesse free rides on walt and does not report truthfully. d. jesse reports his reservation value truthfully, but walt free rides on jesse and does not report truthfully. part 2 (1 point) now suppose the price of the rv is $11500. in which of the following cases will jesse and walt buy the rv? choose one or more: a. jesse reports his reservation value truthfully, but walt free rides on jesse and does not report truthfully. b. both walt and jesse attempt to free ride on the other, and neither reports his reservation value truthfully. c. walt reports his reservation value truthfully, but jesse free rides on walt and does not report truthfully. d. both jesse and walt truthfully reveal their reservation values.
Jesse reports his reservation value truthfully but wants free rides on Jesse and does not report truthfully. Option D.
Both Jesse and Walt honestly reveal their reserved values. With a high RV value of 29000, this option makes more sense than the other three. So Jessie and Walt have to actually say no, even though they know they can't contribute.
Reservation value is the worst point at which a negotiated agreement is accepted. For example, it means the lowest amount a seller is willing to accept and the highest amount a buyer is willing to accept. The reservation price is the lowest negotiable price.
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which is the most effective option for introducing a rate increase? due to unforeseen events, we will be raising our monthly fee by 3 percent. this rate increase will provide us with the revenue to streamline operations and maintain our current workforce. in the next month, you will experience a monthly fee increase of 3 percent. due to increasing energy prices, our service costs have almost doubled in the last year, forcing us to increase our monthly fee by 3 percent. however, with the rate increase we are able to offer you the benefit of uninterrupted service and enhanced access.
Make an effort to link the rise to better products, better services, or other advantages for customers. Adding greater value to the services you provide is one strategy you might wish to use when raising your charge. Because the quality of your services or products has already increased, you can raise your prices.
What do you do if the rate goes up?
Using the following advice, you can handle a rise: Cut back on spending to free up more cash for debt repayment. To pay less interest over the course of your loan, pay off the debt with the highest interest rate first.
How can you respectfully express a price increase?I'm writing to inform you that we will be raising the rates for [product/service] due to [reasons for the price rise]. Starting on [date], the price will increase from [amount] per month to [amount], per month.
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your company sells $47,000 of one-year, 12% bonds for an issue price of $42,500. the journal entry to record this transaction will include a credit to bonds payable in the amount of:
The journal entry to record this transaction will include a credit to bonds payable in the amount of $47000.
Bond payable - Cash account
= 47,000- 42,500
= 45,00
Journal entry:
Cash account Dr. 42,500
Discount on bond payable. Dr. 45,00
To Bond payable 47,000
Bonds Payable is a liability that the company issues when it needs a significant quantity of finance. It can be given with or without a discount, and it can be paid in full at a certain date or in instalments.
The balance sheet's liabilities section contains the "Bonds Payable" line item. Bonds payable are regarded as liabilities because they are financial instruments that foresee future cash outflows, such as interest costs and principal repayment.
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if the management team of a company decides to increase the dividend payment for the current year select one: a. the stock price should not be impacted because nothing fundamental about the company has been changed, and as there will be less funds generated to pay out future dividends. b. the stock price should decline because the present value will be lower c. the stock price should rise because the present value will be higher d. the discount rate will change because it will change the risk of the cash flows.
If the management team of a company decides to increase the dividend payment for the current year because the stock price should not be impacted because nothing fundamental about the company has been changed, and as there will be less funds generated to pay out future dividends.
Companies that raise their dividend payments reassure analysts and investors that they may expect further growth and profitability. Increases in dividends as a method of distributing earnings to shareholders may draw new investors who want income in addition to capital gains for their portfolio.
Companies boost dividend payments for a variety of reasons, some of which are more advantageous than others. Companies that generate larger profits, for instance, could distribute their success to shareholders. By doing this, stockholders are rewarded for their investment, and it encourages new investors to put their money where it will grow the fastest.
Hence the correct option is A
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in an ideal competitive market, a.excludable goods are minimized. b.there are no depleteable goods. c.social surplus is maximized. d.external benefits are maximized.
In an ideal competitive market external benefits are maximized. In economics, the term "competitive market" describes a market where there are many buyers and sellers and where no one buyer or seller has a significant impact on the market.
Competitive markets have many buyers and sellers, few entry barriers, and uniform products. A market with intense competition is one with a competitive market structure. It is also referred to as a completely competitive market because it has lots of customers, uniform products, open entry and exit, etc. A market that is competitive is one in which many manufacturers compete with one another to meet the demands of many consumers.
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assume dawn's budget constraint is represented in the graph. if dawn's income increases and she spends all her income on these two goods, then dawn's total utility from consuming these two goods will likely:
Based on Dawn's budget constraint represented in the graph, if Dawn's income increases and she decides to spend all her income on these two goods, then Dawn's total utility from consuming these two goods will likely to increase as much as the income increases.
Budget constraint represents a consumer's limited consumption pattern because of the limitation of income. Budget constraint is affectedd by a consumer's income and product's price.
Utility is the total satisfaction or benefit a consumer gains from consuming a good or service. Rationally, a consumer will strive to maximize their utility. Consumer's utility could be used to measre or quantify products set in budget constraint.
Based on the case, we can assume that for Dawn, the utility of Burritos is 8 and Salad is 4. This information is supported with Dawn's budget constraint graph.
When Dawn's income increases, the budget constraint will also move to the right and allows Dawn to purchase more goods. The units purchased will increase as much as the income increase.
The increase in units purchased will also increase the goods' utility. The goods total utility will increase in line with the increase of units of purchased.
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what is the present value of the following? use appendix b as an approximate answer, but calculate your final answer using the formula and financial calculator methods. $7,800 in 6 years at 10 percent? note: do not round intermediate calculations. round your final answer to 2 decimal places. $16,500 in 3 years at 7 percent? note: do not round intermediate calculations. round your final answer to 2 decimal places. $25,700 in 9 years at 8 percent? note: do not round intermediate calculations. round your final answer to 2 decimal places.
present value of appendix b
a 5925
b12240
c 14977.6
On the majority of general-purpose calculators, the immediate execution mode of operation—also referred to as the single-step, algebraic entry system (AES)[7] or chain computation mode—is often used. The order of operations in a mathematical expression is not taken into account by the majority of simple four-function calculators, including those found in most early operating systems and the Windows calculator in Standard mode. Instead, each binary operation is carried out immediately after the next operator is pressed. Most contemporary software calculators, notably the Scientific mode in the Windows calculator, contain buttons for brackets and can take operation order into consideration. Scientific calculators also have these features.
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Roger Wu has decided to buy a new Porsche. Since there are no Porsche dealers in his community, he must travel almost 200 miles to a find a Porsche dealer to purchase the car of his dreams. For Wu, a Porsche is a product. O generic O sought O specialty O shopping O nondurable
Roger Wu has decided to buy a new Porsche. Since there are no Porsche dealers in his community, he must travel almost 200 miles to find a Porsche dealer to purchase the car of his dreams. For Wu, a Porsche is a specialty product.
A product is an item offered for sale. Products are services or items. It can be in physical or virtual or cyber form. All products are made at one price and sold at one price. Calculated prices vary by market, quality, marketing, and target segment.
Commodities are classified into four categories based on consumer habits, prices, and product characteristics: consumer goods, commodity goods, specialty goods, and nondurable goods.
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