Problem Set C (1) For demand function la = a-bP and supply function Qs = dP-C, using Cramer's rule determine equilibrium price and equilibrium quantity. (10 marks] (2) In calm waters, the oil spilling from the ruptured hull of a grounded tanker spreads in all directions. Assuming that the area polluted is a circle and that its radius is increasing at a rate of 2 ft/sec, determine how fast the area is increasing when the radius of the circle is 40 (5 marks] (3) A firms production function is Q(L) =15% -0.1, where output (Q) is a function of a single input labour (L). (i) Find the number of workers required to maximize total product. (ii) For what number of workers is average product maximum? [10 marks]
Answers
1. Equilibrium price is (a + C) / (b + d) and the equilibrium quantity is (ad - bc) / (b + d).
2. Area is increasing at a rate of 160π square feet per second when the radius is 40 feet.
3.i) 75 workers are required to maximize total product.
3.ii) There is no value of L that maximizes average product.
How to find the equilibrium price and quantity?1) We need to set the demand and supply functions equal to each other and solve for P.
Demand: Qd = a - bP = la
Supply: Qs = dP - C
Setting Qd equal to Qs, we get:
a - bP = dP - C
Simplifying and solving for P, we get:
P = (a + C) / (b + d)
To find the equilibrium quantity, we substitute this value of P back into either the demand or supply equation:
Q = a - bP
Q = a - b[(a + C) / (b + d)]
Simplifying, we get:
Q = (ad - bc) / (b + d)
Therefore, the equilibrium price is (a + C) / (b + d) and the equilibrium quantity is (ad - bc) / (b + d).
(2) The area of a circle is given by A = πr², where r is the radius. Differentiating with respect to time, we get:
dA/dt = 2πr(dr/dt)
We are given that dr/dt = 2 ft/sec and r = 40. Substituting these values, we get:
dA/dt = 2π(40)(2) = 160π
Therefore, the area is increasing at a rate of 160π square feet per second when the radius is 40 feet.
(3)
(i) To maximize total product, we need to find the value of L that maximizes the production function Q(L) = 15L - 0.1L². We can do this by taking the derivative of Q(L) with respect to L and setting it equal to zero:
dQ/dL = 15 - 0.2L = 0
Solving for L, we get:
L = 75
Therefore, 75 workers are required to maximize total product.
(ii) To find the number of workers that maximize average product, we need to first find the expression for average product:
\(AP = Q/L = (15L - 0.1L^2) / L = 15 - 0.1L\)
Derivative of AP and setting it equal to zero:
\(dAP/dL = -0.1 = 0\)
This has no solution, which means that there is no value of L that maximizes average product. Therefore, there is no number of workers for which average product is maximum.
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Related Questions
Value Added Incorporated buys $21 million of sow's ears at the beginning of January but doesn't pay immediately. Instead, it agrees to pay the bill in March. It processes the ears into silik purses, which it sells for $22 million in February. However, it will not collect payment on the sales until April. Note: Leave no cells blank - be certain to enter " 0 " wherever required. Negative amounts should be indicated by a minus sign. Enter your answers in millions, not in thousands of dollars. a. What is the firm's net income in February? b. What is its net income in March? c. What is the firm's net new investment in working capital in January? d. What is its net new investment in working capital in April? e. What is the firm's cash flow in January? f. What is the firm's cash flow in February? g. What is the cash flow in March? h. What is the cash flow in April?
Answers
The firm’s cash flow in January is $0, in February is $1 million, in March is -$21 million, and in April is $1 million.
a. Net income in February
Selling price of silik purses is $22 million while the cost of sow's ears is $21 million.
The net income in February will be:
Net income = Selling price – Cost of goods sold
Net income = $22 million – $21 million
Net income = $1 million
Therefore, the firm’s net income in February is $1 million.
b. Net income in March
As the bill is due in March, the cost of sow's ears is now included in the calculation of cost of goods sold.
The cost of goods sold will be $21 million, as stated in the question.
Net income = Selling price – Cost of goods sold
Net income = $0 million – $21 million
Net income = -$21 million
Therefore, the firm’s net income in March is -$21 million.
c. Net new investment in working capital in January
There is no information on the cash available with the company in January. The net new investment in working capital is the difference between current assets and current liabilities.
Net new investment in working capital = Current assets – Current liabilities
d. Net new investment in working capital in April
Working capital will decrease in April by the amount of accounts receivable collected.
Net new investment in working capital = Current assets – Current liabilities
Net new investment in working capital = ($0.22 million) – $0 million
Net new investment in working capital = -$0.22 million
e. Cash flow in January
The cash flow in January is zero as there is no information provided on cash available.
f. Cash flow in February
Cash inflow from sales = $22 million
Cash outflow from cost of goods sold = $21 million
Cash flow in February = Cash inflow – Cash outflow
Cash flow in February = $22 million – $21 million
Cash flow in February = $1 million
g. Cash flow in March
Cash inflow from sales = $0 million
Cash outflow from cost of goods sold = $21 million
Cash flow in March = Cash inflow – Cash outflow
Cash flow in March = $0 million – $21 million
Cash flow in March = -$21 million
h. Cash flow in April
Cash inflow from accounts receivable = $22 million
Cash outflow from accounts payable = $21 million
Cash flow in April = Cash inflow – Cash outflow
Cash flow in April = $22 million – $21 million
Cash flow in April = $1 million
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Thompson uses the decision support system to manage all the decisions for his organization. What is one of the major roles this system plays to help Thompson find effective solutions for his ideas?
Answers
The decision support system provides assistance with the management of the analytical process. Option A is the correct choice to make in response to this question.
What exactly is meant by the term "decision support system"?This is an example of a computer system that aids in the process of data analysis. It lends support to the decisions and activities that corporations take as a result.
in conclusion, It is able to do analyses on large amounts of data, the results of which may be used to the solving of issues and formulation of choices.
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Answer:
A. helps Thompson carry out analytical work
Explanation:
which of the following individuals is permitted to present a short introductory presentation of educational content at the beginning of an informal marketing/sales event?
Answers
Based on Medicare and Medicaid services, the individual permitted to present a short introductory presentation of educational content at the beginning of an informal marketing/sales event is a Medicare Agent.
A medicare agent is responsible for conducting a short introduction of informal marketing or sales events.
This short introduction may include educational content about Medicare requirements, insurance, etc.
Hence, in this case, it is concluded that a medicare agent takes an active role in the marketing/sales event.
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Given the current status of the U.S. economy—a slow recovery from a severe, pandemic-induced economic downturn, relatively high unemployment, moderate inflation, and an enormous national debt level—what aggregate demand policy would you recommend as the single most important course of action needed to address the current status of the U.S. economy?
Why do you believe that your recommended course of action will be successful in improving the current performance level of the U.S. economy?
Answers
To address the current state of the U.S. economy, implementing expansionary fiscal policy through increased government spending and/or reduced taxes would be recommended. This can stimulate spending, boost aggregate demand, and improve economic performance.
Based on economic principles, during a slow recovery with high unemployment, a recommended aggregate demand policy would be an expansionary fiscal policy. This involves increasing government spending and/or reducing taxes to stimulate consumer and business spending, thus boosting aggregate demand.
Expanding government spending can create job opportunities, leading to increased employment levels. Reducing taxes puts more money in consumers' pockets, encouraging them to spend more, which can further stimulate economic activity. These measures aim to increase overall spending, leading to increased production, job creation, and economic growth.
The effectiveness of expansionary fiscal policy depends on various factors such as the magnitude of the stimulus, timing, and efficiency of spending. It also requires careful management to ensure fiscal sustainability and avoid excessive inflation or further accumulation of the national debt. Implementing such policies alongside measures to address structural issues and promote long-term economic growth can contribute to improving the overall performance of the U.S. economy.
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May you help me with this business question I and very struggling
Answers
Answer:
availability of direct deposit
Which of the following scenarios describes an error in netiquette? (5 points)
Ahmed keeps his email and text exchanges with his coworkers professional, even though he likes to use off color humor at times with friends.
Jamie writes an email to his colleagues and before sending takes an extra fifteen minutes to carefully proof spelling and grammar.
Marina allows herself to be more honest and straightforward in her written correspondence than she would in her face-to-face interactions.
Shonda receives an email from a colleague complaining about one of their coworkers and deletes it promptly without sharing it with others.
Answers
The scenarios that describes an error in netiquette is option D. Shonda receives an e.mail from a colleague complaining about one of their co- workers and deletes it promptly without sharing it with others. Netiquette is a set of informal rules for good behavior and politeness followed by users of online such as the Internet, email.
Netiquette is gotten from the word "etiquette," which means the general rules or conventions of correct and polite behaviour in social settings and situations. It is therefore the act of exercising polite and considerate behaviour in online contexts, such as Internet discussion boards and personal email.
What is politeness?Politeness is the practical application of good manners or etiquette so as not to offend others. Politeness is a culturally defined phenomenon, and therefore what is considered polite in one culture can sometimes be quite rude or simply eccentric in another cultural context.
Therefore, the correct answer is as given above
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In a SWOT analysis, organizational strengths are a. external opportunities that a company can take advantage of. b. environmental factors that the organization may exploit for competitive advantage. c. skills and capabilities that give a company advantages in executing its strategies. d. means that give a specific industry an advantage in a down economy.
Answers
In a SWOT analysis, organizational strengths are skills and capabilities that give a company advantages in executing its strategy.
A person or organization can use the SWOT analysis also known as the SWOT matrix to discover Strengths, Weaknesses, Opportunities, and Threats (SWOTs) relevant to business competitiveness or project planning. Situational analysis or situational evaluation are other names for it. The acronyms TOWS and WOTS-UP also share the same elements.
This method may be used to assess the strategic position of a variety of companies and is intended for use in the early phases of decision-making processes.
Hence the correct option is C
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When the cost of cigarettes increases by 25 %, a man reduces his annual consumption by 10 %. Find the % change in his annual expenditure on cigarettes
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When the cost of cigarettes increases by 25 %, a man reduces his annual consumption by 10 %. The percentage change in his annual expenditure on cigarettes is 12.5%.
When the cost of cigarettes increases by 25%, the new price can be calculated as 1.25 times the original price. Meanwhile, the man reduces his annual consumption by 10%, so he now consumes 90% of his original consumption. To find the percentage change in his annual expenditure on cigarettes, you can multiply the new price by the new consumption.
New expenditure = (1.25 × original price) × (0.90 × original consumption)
= 1.125 × original price x original consumption
Since the original expenditure is the product of the original price and consumption, we can express the percentage change in expenditure as:
Percentage change = (New expenditure - Original expenditure) / Original expenditure
= (1.125 × original expenditure - original expenditure) / original expenditure
= 0.125 × original expenditure / original expenditure
This means that despite reducing his consumption by 10%, the man's expenditure still increased by 12.5% due to the 25% increase in the cost of cigarettes.
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Who are the primary and secondary competitors for Uber? Can you
think of a potential unexpected competitor? Justify your
answer.
Answers
The primary competitors for Uber are Lyft and traditional taxi services, while secondary competitors include other TNCs like Grab and Didi Chuxing. An unexpected competitor could be self-driving car companies like Waymo or Tesla.
The primary competitors for Uber are Lyft, which is a ride-sharing platform, and traditional taxi services. Lyft operates in a similar way to Uber, providing on-demand rides through a mobile app. Traditional taxi services, although they have been around for a long time, have faced increased competition from Uber due to its convenience and lower prices.
The secondary competitors for Uber include other transportation network companies (TNCs) such as Grab and Didi Chuxing, which operate in different regions around the world. These companies offer similar services to Uber and compete for market share in their respective areas.
An unexpected competitor for Uber could be self-driving car companies such as Waymo (owned by Alphabet) or Tesla. These companies are investing heavily in autonomous vehicle technology, and if they successfully develop self-driving cars, they could potentially offer their own ride-sharing services without the need for human drivers. This could disrupt the market and pose a significant threat to Uber's business model.
The primary competitors for Uber are Lyft and traditional taxi services, while secondary competitors include other TNCs like Grab and Didi Chuxing. An unexpected competitor could be self-driving car companies like Waymo or Tesla. These companies have the potential to disrupt the market if they can develop autonomous vehicles for ride-sharing purposes.
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nlg gers number yes 34 to yes
Answers
Answer:
Umm what are u trying to get 34 to
a financial crisis brought on by macroeconomic imbalances group of answer choices is usually inevitable given underlying conditions. often happens to countries with strong international positions. is often preceded by capital inflows and an increase in foreign liabilities. is usually the result of fragility in the banking sector.
Answers
A financial crisis brought on by macroeconomic imbalances "is often preceded by capital inflows and an increase in foreign liabilities" (Option c).
A financial crisis occurs when a sudden shock or a series of shocks severely disrupts the financial system, leading to a broad-based contraction in economic activity. Macro-economic imbalances that lead to a financial crisis are often characterized by large capital inflows and increases in foreign liabilities. In such a situation, the country becomes vulnerable to sudden capital outflows, which can lead to a sharp devaluation of the currency and a sharp increase in interest rates.
This can, in turn, lead to a significant deterioration in economic conditions, including rising unemployment, falling output, and rising inflation. Therefore, it is essential to monitor macro-economic imbalances to prevent financial crises from occurring.
Option c is answer.
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Landon jewelers uses the perpetual inventory system. on april 2, landon sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 3/15, n/30. the journal entry to record the cost of goods sold would be:
Answers
Answer:
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Explanation:
Cost of goods sold by Landon Jewelers is $7,000
The cost is subject to 3/15, n/30 meaning that 3% will discount will be applicable if payment is made in 15 days. Where the balance is not paid within 15 days, it must however be paid within 30 days.
Since payment was made to Landon Jewelers within the 15 days grace, 3% deduction will be applicable to the payment.
Therefore Sales discount would be ;
= $7,000 × 3%
=$210
Balance paid in cash would be;
=$7,000 - $210
=$6,790
Journal entry for cost of goods sold would be;
Dr Cash $6,790
Dr Sales discount $210
Cr Accounts Receivable $7,000
Sales discount is an expense hence debited while the whole amount is credited to accounts receivable.
Should a business email contain a salutation?
Answers
Answer:
A business email is meant in a professional way. It can be sought out as multiple different approaches, one of them, in this case, can include a friendly and welcoming business approach, including a salutation. All in all, it is up to the writer, there is no fully correct answer. Hope this helps :)
The managers at Alpha Corp. are closely observing trends in the industry. They are trying to identify factors that might have a significant influence on Alpha's business operations. Which of the following concepts is illustrated in the scenario?
Answers
Answer:
Environmental scanning
Explanation:
Environmental scanning is when information is being gathered about external forces inorder to know the factors that have impacts on a business. It is also the gathering of information on situations which allows a business create and build good customer relationship.
Business environments are dynamic and could have impacts on the success of a firm hence requires business scanning inorder to align with the trend. One the purpose of environmental scanning is to provide future business directions to an organization and also assist in analyzing the strength, weakness, opportunities and threats to an organization.
Factors that might have significant influence on business operation includes but not limited to social and demographic factors, how competitors are reacting, technology, how well customers are reacting to the company's products, creditors, legal issues etc.
According to Zeff, the period between 1940 through the mid-1960s was marked by
A. The accounting profession reaching its height of publish standing and reputation
B. The promulgation of numerous generally accepted accounting principles
C. The recommendation of a set of generally accepted auditing standards
Answers
Option C is correct. The period between 1940 through the mid-1960s was marked by the recommendation of a set of generally accepted auditing standards.
During the period mentioned, the accounting profession in the United States went through significant developments and changes. Let's analyze each option:
A. The accounting profession reaching its height of public standing and reputation: This statement is not accurate for the period between 1940 and the mid-1960s. While the accounting profession was growing and gaining recognition during this time, it was not considered the peak of its reputation.
B. The promulgation of numerous generally accepted accounting principles: This statement is not accurate for the period mentioned. The promulgation of numerous generally accepted accounting principles occurred primarily after the mid-1970s with the establishment of the Financial Accounting Standards Board (FASB).
C. The recommendation of a set of generally accepted auditing standards: This statement is correct. During the period between 1940 and the mid-1960s, there was a significant development in auditing practices. The American Institute of Accountants (now known as the American Institute of Certified Public Accountants or AICPA) recommended a set of generally accepted auditing standards to guide auditors in conducting audits effectively and consistently.
Based on the information provided, option C is the correct answer. The period between 1940 through the mid-1960s was marked by the recommendation of a set of generally accepted auditing standards, which aimed to enhance the quality and consistency of auditing practices in the accounting profession.
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francis inc.'s stock has a required rate of return of 10.25%, and it sells for $30.00 per share. the dividend is expected to grow at a constant rate of 6.00% per year. what is the expected year-end dividend, d1?
Answers
The stock of Francis Inc. is traded at $30 per share and has a necessary rate of return of 10.25 percent. The dividend is anticipated to increase at a steady pace of 6.00% annually. The anticipated year-end dividend, D1, is 1.275.
How is the year-end dividend determined?Find out all the company's dividend per share (DPS), that is the sum paid to each shareholder for each share of stock they own, to figure out dividend payments. The approximate total payout for you is then calculated by multiplying the DPS by the number of shares you own in the company's stock.
Dividends paid out over a year times the current market price plus the growth rate equals the cost of equity. In the inquiry, besides the dividend at the end of the year (D1), other variables were given.
ke = D1/Po + g
0.1025 = D1/30 + 0.06
0.1025-0.06 = D1/30
0.0425= D1/30
D1= 0.0425 x 30
D1= $1.275
D1 consequently becomes the formula's subject. $1.275 is the proper cost of equity.
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3. The following figures for a business are available:
$
June 1, 2019
Stock
Creditors
Debtors
Stock
Creditors
Debtors
May 31, 2020
11,590
3,410
5,670
13,425
4,126
6,108
Year to May 31, 2020
Received from debtors
Paid to creditors
45,112
29,375
All goods were bought or sold on credit.
Required:
Draw up the trading account for the year May 31, 2020, deducting any figures that may
be needed.
Answers
Answer:
what's the question....
Explanation:
a change that is made in response to arising problems or opportunities is called __________.
Answers
Which stage of new product development would you be most interested in participating in? Explain.
Answers
Answer:
prototyping
Explanation: Because with this stage you will be able to see rough draft of the product and you will be able to the strongest and weakest parts of your project. Prototyping makes it possible to concertize an idea and to understand which aspects of the idea prove difficult or impossible to implement. Making a prototype can thus highlight unanticipated physical, technical or financial constraints.
explain cross elasticity of demand for unrelated goods
Answers
Answer:
The cross elasticity of demand for substitute goods is always positive because the demand for one good increases when the price for the substitute good increases. ... Items with a coefficient of 0 are unrelated items and are goods independent of each other.
Annoying isn't it. When people purposely answer your question when they know it's completely useless. Kinda like how I specifically told people NOT to answer the questions I asked because I was doing an experiment, and every time I did that, two people purposely answered my question when they were told not to.
People are d. i. c. k. s.
Answers
Answer:
wow
Explanation:
I'm gonna type a random answer
This graph compares consumer expenditures in three American cities from 2007 to 2010.
A graph titled Average Household Consumer Expenditures from 2007 to 2010 has year on the x-axis, and average yearly spending on the y-axis. San Francisco had the highest spending, then Cleveland, and then Houston had the lowest spending.
The best inference that can be made based on the graph is that
Answers
Answer:
its c
Explanation:
your welcome
The best inference that can be made based on the graph is that jobs in San Francisco may have higher salaries to offset the cost of living. Thus option (c) is correct.
What is job?A job is a type of employment where a person works in exchange for payment or compensation. Jobs can come in various forms, including full-time, part-time, temporary, freelance, and contract work.
The tasks and responsibilities of a job vary depending on the industry, company, and position. Jobs can be found in various sectors, including healthcare, finance, education, technology, and manufacturing, digital marketing and digital gaming among others at national and international level.
On the basis of graph, we can say that jobs in San Francisco may have higher salaries to offset the cost of living. Therefore, option (c) is correct.
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Oil refining is an example of:
Construction Production
Extractive Production
Domestic Production
Traditional Production
Answers
Answer:
Explanation: step by step
bank a holds a lien on a home on which bank b already had a lien. the lenders subsequently entered into an agreement in which bank a moved into a first lien position. this is an example of a:
Answers
When Bank A holds a lien on a home on which Bank B already had a lien, and the lenders subsequently entered into an agreement in which Bank A moved into a first lien position, this is an example of a "Subordination Agreement".
A subordination agreement is a legal document used to establish one debt as ranking behind another in priority for collecting repayment from a debtor.
Subordination agreements are most frequently used in the context of mortgages, but they can be used in any situation where one party wants to take priority over another concerning debt repayments.When multiple lenders have claims to the same assets or properties, they may enter into a subordination agreement to regulate their claims. The agreement specifies the order in which creditors will be paid out from the proceeds of a sale. S
ubordination agreements are most often used in the context of real estate mortgages because they allow the primary lender to maintain the first lien position on the property even if additional debt is secured by the property. In such cases, the lienholder with the first mortgage is entitled to repayment before the second-lien holder.If Bank A moves into a first lien position, it means that Bank A will be paid out first in the event of a foreclosure. This is because Bank A now has a superior claim to the property and must be paid before Bank B.
This is why a subordination agreement is essential in establishing which lender takes precedence over others. This legal agreement clarifies the order of lien holders and outlines how the claims will be settled between the parties involved.
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HELP!! ACCOUNTING
What is the correct order of the steps for
adjusting entries?
O A. Journalize adjusting entries. Post
adjusting entries. Gather relevant
information.
O B. Journalize adjusting entries. Gather
relevant information. Post adjusting
entries.
O C. Gather relevant information.
Journalize adjusting entries. Post
adjusting entries.
O D. Gather relevant information. Post adjusting entries. Journalize adjusting entries.
Answers
C. Gather relevant information Journalize adjusting entries. Post
adjusting entries is the correct order of the steps for adjusting entries.
What are adjusting entries?
Adjusting entries are modifications to previously written entries in your diary. They specifically check that the data you have recorded corresponds to the appropriate accounting periods.
Journal entries keep track of how money flows into, out of, and between various accounts in your business.
Making an adjustment entry ensures that the operations of your company are accurately and timely recorded. Your records will show you paying for expenses before they are actually incurred or collecting unearned earnings before you can use the money if you don't make adjustment entries.
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Why is it necessary to regularly adjust a businesses marketing plan? O The more the competition adjusts to match a marketing plan's approach, the easier it is to execute the marketing plan's strategies. O The more successful the plan is the longer a business can take to adjust to the market. O The more successful the plan is, the more it requires significant revision.
Answers
The more the competition adjusts to match a marketing plan's approach, the easier it is to execute the marketing plan's strategies is it necessary to regularly adjust a businesses marketing plan.
What does "marketing plan" mean?
A marketing plan outlines the advertising tactics that a company will use to promote and advertise its goods and services. The target market, the most effective way to contact them, the price point at which the good or service should be marketed, and the method by which the business will evaluate its performance will all be determined by the marketing strategy.
Why do marketing plans exist?
Establishing your target market and explaining how your good or service might benefit it can be done with the use of a marketing plan. choose the best methods for luring new clients. To keep using your product or service, nudge your current customers.
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Following transactions of Ramesh for April,2018 are given below. Journalize them, prepare ledger and trial balance.
Answers
Answer:
apr 28
Explanation:
the degree of motivation that accompanies an external search is determined by the consumer's _______.
Answers
The degree of motivation that accompanies an external search is determined by the consumer's needs, desires, and level of involvement with the product or service in question.
The consumer's behavior is shaped by a multitude of factors, including their needs, desires, and motivations. These motivations can be intrinsic, arising from personal preferences and values, or extrinsic, influenced by external factors like social norms or marketing messages. Consumers engage in an external search when they perceive a discrepancy between their current state and their desired state. The degree of motivation for this search depends on the perceived importance of the purchase, the level of risk involved, and the expected benefits of obtaining information. Additionally, individual characteristics, past experiences, and socio-cultural influences play a role in shaping the consumer's motivation and subsequent external search behavior.Various factors can influence the motivation for an external search, including the importance of the purchase, the level of risk involved, personal relevance, and the perceived benefits of obtaining information. Additionally, individual characteristics such as personality traits, past experiences, and socio-cultural influences can also impact the level of motivation for conducting an external search.
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A/an ____ appraisal is conducted as part of the day-to-day working relationship between a manager and an employee.spontaneousinformal
Answers
An informal appraisal is conducted as part of the day-to-day working relationship between a manager and an employee. This type of appraisal is typically less structured and less formal than a traditional appraisal. The purpose of an informal appraisal is to provide feedback to the employee on their performance, highlight areas where they are excelling, and identify areas where they may need improvement.
In an informal appraisal, the manager may provide feedback on the employee's performance during regular meetings or check-ins. This could include discussing specific projects or tasks that the employee has worked on and providing feedback on their performance. The manager may also ask for the employee's input and feedback on their own performance, and work together to identify areas where improvements could be made.
Informal appraisals are a valuable tool for managers to provide ongoing feedback and support to their employees. They help to create a culture of open communication and collaboration, where employees feel valued and supported. However, it is important to note that informal appraisals should not replace formal performance reviews. Formal appraisals provide a more structured and comprehensive evaluation of an employee's performance, and should be conducted at least once a year.
In conclusion, an informal appraisal is an important part of the day-to-day working relationship between a manager and an employee. It provides an opportunity for ongoing feedback and support, and helps to create a culture of open communication and collaboration. However, it should be used in conjunction with formal appraisals to provide a comprehensive evaluation of an employee's performance.
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You just won a contest and have been appointed City of New York Tax Commissioner (you might be asking, why did I enter such a contest? :)). Your primary goal is two fold: raise revenue and make the tax code more efficient. You have to decide which goods to tax, which goods to raise taxes on and which good to lower taxes. Consider your knowledge of elasticity, supply and demand. You need to close a $225 million budget gap for the City. 1. Alcohol, tobacco and gasoline are already heavily taxed. Should you raise these taxes? Explain your answer. 2. Medical services, electricity and fruits and vegetables are not taxed. Should you start to tax these? Explain your answer. 3. Other than what is listed above, find 3 additional goods or services you would tax to raise more revenue. Explain your answer. 4. Which 3 goods would you eliminate taxes on and why? Explain your answer. Good Luck to you Mr. or Madame Commissioner.
Answers
As the newly appointed City of New York Tax Commissioner, it is your primary responsibility to raise revenue and make the tax code more efficient. Therefore, there are several goods and services you should consider taxing or eliminating taxes on to bridge the $225 million budget gap in the City.
Below are the answers to your questions:1. Alcohol, tobacco, and gasoline are already heavily taxed. You should not raise these taxes any further because of the highly inelastic nature of these products. As such, an increase in taxes on these goods will have little impact on their demand, which means the amount of revenue generated will not be significant.2. Medical services, electricity, and fruits and vegetables are not taxed. Starting to tax them would be detrimental to the low-income earners and a burden to the already constrained medical facilities. They should, therefore, remain tax-free.3. The three goods or services that could be taxed to raise more revenue include:
Luxury goods: Items that people buy more of when they have more money, such as expensive cars and high-end jewelry.
Entertainment: Products and services that are meant for leisure and relaxation, such as movie tickets and cable TV.
Airline tickets: Given the heavy use of planes by business people and the wealthy, taxes on airline tickets could be increased, resulting in significant revenue generation.
4. The three goods that should have their taxes eliminated are:
Prescription drugs: As medication is a necessity for many people, it should be tax-free.
Baby items: These should be exempt from taxes since they are necessities for young parents.
School supplies: Tax exemptions on school supplies such as textbooks and stationery will provide relief to parents.
To know more about inelastic visit:
brainly.com/question/30103518
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