Answer:
Q = 60,000
P = 30
Explanation:
Given:
Q = 120,000 - 2,000P
MR = 60 - 0.001Q
Number of people can hold = 60,000
Computation:
Q = 120,000 - 2,000P
2,000P = 120,000 - Q
P = [120,000 - Q]2,000
P = 60 - 0.0005Q
Total revenue(TR) = PQ
Total revenue(TR) = [60 - 0.0005Q]Q
So,
Profit-maximizing number
MR = MC , MC = 0
60 - 0.001Q = 0
Q = 60,000
P = 60 - 0.0005Q
P = 60 - 0.0005(60,000)
P = 60 - 30
P = 30
Why is the price floor above the equilibrium point and the price ceiling below the equilibrium point? Please explain as well!
Answer:
THE GIVEN STATEMENT IS WRONG.
The prices and the quantities of the products are usually set up by considering demand and supply. Sometimes, people may not agree with the price of a certain thing. Due to these reason, the government may set a maximum and minimum price limits on a product so it always remains in a certain range.
The upper limit is Price Ceiling. When a Price Ceiling is set below the equilibrium point, the demand will exceed the supply and shortages will occur.
The lower limit is Price Floor. When a price floor is set above the equilibrium point, the supply will exceed the demand, resulting in surplus quantity of a product
Match the given situations to the risks faced by the business. economic risks, natural disasters, right product, operations risk, due to inefficiency of management, the business plan has failed, the finance team has misjudged the requirement of the business plan and chosen a wrong line of credit, flash floods have damaged all machinery in the main manufacturing unit, and there have been foreign exchange rate fluctuations.
Answer:
Economic risks - there have been foreign exchange rate fluctuations.
Foreign exchange rate fluctuations are an economic risk, and they can represent a significant risk for many companies, for example, for companies that import or export goods.
Natural disasters - flash floods have damaged all machinery in the main manufacturing unit
Flash floods occur when a lot of rain falls in a very short period of time. They are a type of natural disaster.
Right product risk - the finance team has misjudged the requirement of the business plan and chosen a wrong line of credit
In this case, the company experienced the risk of choosing the right product or not, with the adverse effect that it did not choose it.
Operations risk - the business plan has failed
The goal of a business operation is to carry out the business plan, if the daily operations of the business fail to fulfill the business plan, then, the company has incurred in operations risk.
By agreeing to work together, either formally or informally, oligopolies in a market can ________ profits by reducing output and charging a ________ price which is much like a monopoly.
Answer:
increase, high.Explanation:
By agreeing to work together, either formally or informally, oligopolies in a market can increase profits by reducing output and charging a high price which is much like a monopoly. When firms form an oligarchy in a market to reduce output and keep prices high, it is called collusion. They more or less become like a monopolistic entity as they collude together to reduce output and demand an agreed higher price.Unlimited wants + limited resources = what is the answer?
Answer:
People never get enough of what they want or need
Explanation:
Unlimited wants and needs are one half of the basic troubles of scarcity that has troubled humanity since the beginning of time. The other half of the scarcity problem is limited resources. The reason why we always want something is because our brains are actually made to be attracted to novelty. So, we always seek ti learn new things and experiences.
(I hope this was accurate and helpful)
What are the advantages and disadvantages of the three primary business writing formats?
Answer and Explanation:
The business writing formats benefits and disadvantages of the three primary business writing formats are described below:-
A memorandum is a formal define that it is the way of communication that enables corporations to connect with their workers. This is typically used to distribute updates or issues.
Memos are highly increasingly being replaced by e-mail, so sending a memo is more difficult and costly. Therefore, a Business Letter is a structured communication method that's best used to connect with clients.
It generally takes more time to write and format a business letter than to write an email or memo.
As we know that an Email is easy to send and priceless, and make enable to send message to many people at a time also Many unwritten e-mails etiquette rules and can be too casual for many business purposes.
Business writing formats includes the use of memorandum, email business letters etc. The advantages and disadvantages of the three primary business writing formats are:
A Memorandum: (Advantages)
This is simply a formal, internal communication tool which allows companies to communicate with their employees. It is known to be used to deliver announcements or problems.Disadvantages
Memos are said to be rapidly been replaced by e-mail due to the fact that it is more complicated and expensive to deliver a memo.Business letters (Advantages)
A Business Letter is simply known as a formal communication tool which is utilized for communicating with customers.Disadvantages
Writing and formatting a business letter often takes more time than composing a memo or e-mail.Emails (Advantages)
E-mail is quick, easy and cheap, and allows you to send messages instantly to any number of people.Disadvantages
E-mail has too much unwritten rules to follow (etiquette) and it is too informal for many business purposes.Learn more from
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Early on in an amortized loan the interest portion of each payment is typically ______ than the principle portion. Towards the end of the loan term the interest portion of each payment is typically ______ than the principle portion. This is because the principle remaining _______ over the life of the loan. A) less / greater / increases B) greater / less / increases C) greater / less / decreases D) less / greater / decreases
Answer:
C
Explanation:
An amortized loan is a form of loan which the principle together with the accrued interest component is gradually written off over an agreed period of time at a specified rate.An equal amount is regularly paid over the extended period.
The interest component of an amortized loan is firstly settled before considering the principle amount , which makes the interest component to be higher that the principle at the initial stages. This process leads to a reduction in the volume of the principle balance with time . Moreover , as the principle reduces with time , the interest expenses also reduces , and it eventually gets to a point where the principle component of repayment becomes greater.
Norm and his creative team need to present an idea for marketing a new detergent to the head of their advertising agency. Diane, a member of the team, always resented Norm’s promotion to team leader. She objects to every idea Norm suggests and spends the entire meeting selling her approach. Diane hopes that this will be a chance to show her skills to the head of the agency. This is known as
Answer: goal displacement
Explanation:
Goal displacement is when individuals or organizations substitute alternate goals for the original goals that they were meant to accomplish.
In this case, we are told that Norm and his creative team need to present an idea for marketing a new detergent to the head of their advertising agency but that Diane, a member of the team, always resented Norm’s promotion to team leader and always objects to every idea Norm suggests and spends the entire meeting selling her approach. Diane is using goal displacement here as she has another goal rather than the goal of the team which they've agreed on.
The Cash account of Gate City Security Systems reported a balance of 2400 at December 31, 2018. There were outstanding checks totaling 1300 and a December 31 deposit in transit of 400. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of 3810. Included in the bank balance was a collection of 520 on account from Carol Lajoy, a Gate City customer who pays the bank directly. The bank statement also shows a 30 service charge and 20 of interest revenue that Gate City earned on its bank balance. Prepare Gate City's bank reconciliation at December 31.
Answer:
Explanation:
gate City bank reconciliation statement as at December 31, 2018
Balance as per cash book 2400
Direct payment to the bank (loan) 520
Less bank charges (30)
Add bank interest 20
Adjustment 510
Adjusted cash book balance 2910
Balance as per bank statement 3,810
Less outstanding check (1300)
Add deposit in transit 400
Adjustment (900)
Adjusted bank statement balance 2,910
There are now twice as many people in the household, but your income has also doubled. Is your new tax liability about twice as much as when you were single, more than twice as much, or less than twice as much? Tell whether you think this difference- or the lack of one- seems fair
Answer:
It is fair because due to marriage the resources tends to accumulate and thus the common expenses like living housing eating costs goes down than they were sustaining when they were not married.
Explanation:
Solution
It will result in higher tax due to the marginal rate rising due to increase in income plus due to joint filing after marriage.
The difference seems to be fair from the point of view that due to marriage the resources become pooled and thus the common expenses like living housing eating costs come down than they were incurring when they were single. Hence, they can now afford to pay higher taxes and it kind of does seem fair.
Manton Manufacturing applies manufacturing overhead costs to products at a budgeted indirect-cost rate of $60 per direct manufacturing labor-hour. A retail outlet has requested a bid on a special order of the Toy Bear product. Estimates for this order include: Direct materials of $79,000; 680 direct manufacturing labor-hours at $25 per hour; and a 25% markup rate on total manufacturing costs. Manufacturing overhead cost estimates for this special-order total ________.
Answer: $40,800
Explanation:
Given the following :
Indirect cost rate = $60 per direct manufacturing labor-hour
Total direct manufacturing labor-hour of special order = 680
Thus means that the Indirect cost or overhead associated with the manufacture of the special order is :
(Total direct manufacturing labor-hour × Indirect cost per direct manufacturing labor-hour)
= (680 labor-hours × $60)
= $40,800
Therefore, Manufacturing overhead cost estimates for this special-order total is $40,800.
Tony, Juan, and Isabel live in a city where the combined state and local sales tax rate is 8%. They each purchased the same computer and paid $160 in sales tax. A 5-column table has 3 rows. The first column has entries Tony, Juan, Isabel. The second column is labeled Income with entries 10,000, 50,000, 75,000. The third column is labeled Cost of computer with entries 2,000, 2,000, 2,000. The fourth column is labeled Sales tax paid with entries 160, 160, 160. The fifth column is labeled tax rate with entries 1.6 percent, 0.32 percent, and 0.21 percent. This scenario describes a tax system. Isabel pays Tony and Juan on the computer. pays the highest tax rate on the computer. would be the most affected by an increase in the sales tax rate.
Answer:
Tony pays the highest tax rate on the computer, not based on the nominal sales tax rate, but on the percentage that the tax represents of his total income.
His income is $10,000, and he pays $160 in sales tax, for an effective rate of 1.6%.
The person who would be the most affected by an increase in the sales tax rate is again, Tony, simply because he has the lowest income. Juan and Isabel would also be affected by a sales tax increase, but on a much lower scale (because their incomes are also a lot larger).
a) The scenario described by the 5-column table with 3 rows showed that Tony paid the highest tax rate (effective) on the computer, based on his income level.
b) Tony would be the most affected by an increase in the sales tax rate because his effective tax rate would increase, causing him to suffer the most.
What is a sales tax?A sales tax is a proportional tax that charges the same percentage on the consumption of goods and services without considering a person's income level.
Data and Calculations:Tax Payer Income Cost of Computer Sales Tax Paid Tax Rate
Tony $10,000 $2,000 $160 1.6%
Juan 50,000 2,000 160 0.32%
Isabel 75,000 2,000 160 0.21% ($160/$75,000 x 100)
Thus, this scenario of a tax system illustrates that sales tax is not progressive, but it is proportional since it is based on consumption and not income level.
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Which of the following is a protected class?
A. Educational status
B. Marketers
C. Benefits
D. Age
Answer:
D. Age
Explanation:
Protected class refers to the class in which the employees protected from discrimination by law. It can be in terms of age, religion, race, color etc. The persons who have age of 40 years or above is covered under the Age Discrimination in Employment Act (ADEA).
Therefore according to the given situation the correct answer is D.
If a firm's business activities do not result in profit maximization, whilst alternatives exist, then such activities amount to irresponsible actions. Discuss any five sets of economic responsibilities firms must embrace to ensure the protection and enhancement of the business
Answer:
For companies progress the employer should go for long process in which they can embrace the customer with attractive and responsive policies.
Explanation:
Now, these days companies are coming in front with the issues and responsibilities focus on the rights of women, to protect the environment, to attempt the action to literate the poor people at the level of national, international, and global levels. The companies that want to attract people at a global level they share an attractive hoarding for a customer as well as the shareholders.
To become responsible the company can use the image and be built the brand of the company.Social responsibility makes the employee responsible and encourages them to do something worthwhile for society.Social responsibility can empower the employee.To promote the social responsibilities that can boost the morale of employees.
Who owns the factors of production?
Answer: factors of production, such as land and capital, is owned by workers.
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Do you think a luxury brand can ever be called good value? Explain your answer
yes like sometimes because in quality or the design and Makes something good.
Mr. X and Y are having a discussion. Mr. X felt that business is based on selfish desires to gain higher and higher profits while Mr. Y felt that profit is essential for business. Can you support Mr. Y's case by providing strong points for his favour.
Answer: Ensure running cost is maintained to sustain business.
Explanation:
Resources to drive the business; probably the capital to start the business ain't much to cover for the production of more products or to cover for other expenses, here there would be a valid point for an increase in finances in some areas which won't be based on greed or selfishness. The running cost of a business matters, so the business doesn't crumble or there isn't enough return on investment.
what are the salient characteristics attributes lifestyle skill and traits that have made you successful in this business?
Answer:
Discipline and determination are the first two things necessary to make the business successful.
Explanation:
As a business owner, I need to have multiple qualities to achieve success. Creativity, perseverance maturity, self-confidence, ability to take rational chances, constantly growing your business experience, and never thinking about what others think or say about you or your organization. Honesty with one's works played a significant role in achieving the targeted goals in a set time. Persuasiveness and flexibility help to deal with different business situations.
9. Which of the following can demagnetize a magnet?
(A). Hanging it North-South direction (D). Heating and hammering it
(B). Using it in dynamo
(E). Using it in radio speaker
(C). Putting it in water
Answer:
option D is correct.....