The answer is not having sufficient resources to produce all the goods and services we want, scarcity in economics means that not having sufficient resources to produce all the goods and services we want.
What constitutes a scarcity, specifically?Gold, oil, silver, and other fossil fuels are examples of natural resources that are inherently scarce. These resources might become rare and pricey when there is a demand that outpaces the supply. A high price is demanded for some goods, such as diamonds, due to their scarcity and market dominance.
What does AP Macroeconomics mean by scarcity?The fundamental issue with economics is scarcity, or the lack of sufficient resources in society to meet everyone's demands. The basic contrast is between unrestricted wants and needs and finite resources.
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if gwen, inc. has a total debt ratio of 0.5, a total asset turnover of 0.41, and a net profit margin of 4.25%. calculate the return on equity (roe). enter percentages as decimals and round to 4 decimals.
Total Assets / Total Shareholder Equity is the Equity Multiplier.
Total Debt plus Total Equity equals Total Capital.
Total Debt / Total Assets is the debt ratio.
How is the profit margin from asset turnover determined?Revenue minus Net Income equals Net Profit Margin. Revenue minus Average Total Assets equals Asset Turnover. Average Total Assets Average Shareholders Equity = Financial Leverage Ratio.
What does a debt-to-income ratio of 0.45 mean?A company with a debt ratio of.45 has.45 in equity and.55 in debt for every dollar of assets.
How is net profit margin determined?Calculating the net profit margin is straightforward. Divide your net income by your sales (or revenue, sometimes called the top line). Your net profit margin, for instance, would be 10% if your sales were $1 million and your net income was $100,000.
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** welcome to the cpsc 1071 payment calculator ** enter the principal amount: 5000 enter the annual interest rate (in %): 15 enter the monthly payment: 100 calculating... 79 months (6.6 years) are needed to pay your loan off. did you know if you paid an additional $15 per month, you would pay off your loan 16 months earlier?
Thank you for visiting online cpsc 1071 payment calculator. Put the principal sum here: Enter 5000 and then enter 15 for the yearly interest rate and 100 for the monthly payment. Entering the monthly payment after 79 months, or about 6.6 years,
The entire amount paid, including interest, is $7895.60.
How are monthly interest payments determined?Add the number of payments you'll be making that year from the interest rate. You should split 0.06 by 12 to even get 0.005 if you had a monthly payment schedule and an interest rate of 6%. To determine how much interest you'll be paying that month, multiply that amount by the amount of the loan still outstanding.
How is the formula used to determine a loan's monthly payments?Therefore, you can split your interest rate by 12 to determine your monthly loan payment. Divide whatever result you come up with by your principle. Monthly payment = principle x (interest rate / 12) is a more straightforward formula to use. Even if the formula appears to be complicated, it need not be.
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when raw materials are purchased, the work in process inventory account is debited. True or False?
The statement is FALSE.
Its balance represents the value of raw materials actually on hand. The work-in-process inventory account is debited when materials are requisitioned for a job, not when materials are purchased.
Work-in-Process Inventory Account:The work-in-process inventory account is unique to manufacturing companies because it represents manufacturing costs incurred on products that are not yet been finished. The account increases on the debit side with costs added and decreases on the credit side when finished goods are transferred to the warehouse.
The statement is false.
The purchase of raw materials should be recorded as a debit to the Raw Materials inventory account in a job order cost system. The raw materials account increases when raw materials are purchased and decrease when materials are issued to the manufacturing process. Its balance represents the value of raw materials actually on hand. The work-in-process inventory account is debited when materials are requisitioned for a job, not when materials are purchased.
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sophie's been asked to create image assets that adhere to best practices for app campaigns. she wants to guarantee placement across all channels. at minimum, what image assets should sophie create and upload?
Image assets should Sophie create and upload - Somewhere around two landscape images with next to no superimposed text or logo (Also known as - graphical representation) To guarantee situation across all channels, transfer no less than two scene pictures with practically no superimposed text or logo.
In today's digital world, graphical representation is a powerful tool for communicating with your target audience. In this context, it's essential to have a set of high-quality images that represent your brand or product in a consistent manner across all your channels.
In the given scenario, Sophie has been asked to create and upload at least two landscape images with minimal superimposed text or logo. The purpose of this request is to ensure consistency across all channels and to ensure that the images are suitable for a wide range of uses.
Landscape images refer to photographs or graphics that are horizontally oriented, with a width greater than their height. They are a popular choice for a wide range of uses, such as website backgrounds, product packaging, social media posts, and more.
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hich aspect of Argentina's economic environment are international businesses most likely to perceive as attractive? a. Infrastructure b. Natural resources c. Educational system d. Economic system
Argentina's economic environment is one that international businesses are likely to find infrastructure.
A is the correct answer.
What is the foundation of Argentina's economy?Agriculture, forest management, and fishing are all important industries. Argentina is a major exporter of soybeans, wheat, and meat in the world. It is also a major producer of wool as well as wine, though the majority of its champagne is gobbled up indigenously.
What distinguishes Argentina's economy?Argentina has distinct competitive benefits in agriculture due to the country's abundance of highly agricultural farmland. Among 1860 and 1930, extraction of the rich pampas land drove economic growth.
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In Country T, it takes 10 resources to produce 1 ton of cocoa and 13.5 resources to produce 1 ton of rice. In Country Y, it takes 40 resources to produce 1 ton of cocoa and 20 resources to produce 1 ton of rice. Country T has a comparative advantage over Country Y in cocoa. This follows the theory of comparative advantage, and we can say that engaging in free trade benefits all countries that participate in it; however, this conclusion stems from which of these inaccurate assumptions?
We have assumed constant returns to scale.
We have assumed the prices of resources and exchange rates in the two countries are dynamic.
We have assumed there are barriers to the movement of resources from the production of one good to another within the same country.
We have assumed that agrarian nations do not specialize in producing particular products.
We have assumed diminishing returns to specialization.
First option is correct. Assuming a constant return to scale. Comparative advantage simply states that an economy should produce goods and that economy has a lower opportunity cost than that economy.
Based on your analysis of the question, the incorrect assumption is that you assumed a constant return to size. This means that as the amount of inputs such as capital and labor used in production increases, so does the output. In practice this is not always true.
Return to scale is a term that refers to the proportionality of change in production after all input quantities in production have changed by the same factor. Technologies show increasing, decreasing or constant returns to scale.
An increase in yield occurs when the increase in output is greater than the increase in input during the production process. For example, if inputs increase by a factor of 3 and outputs increase by a factor of 3.75, the firm or economy has experienced a return to scale.
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how can audience segmentation enhance your inbound marketing efforts?
We may customize our messaging and focus your marketing efforts by having a thorough understanding of the various consumers. Thus, understanding the different audiences allows you to tailor our messaging and direct our marketing efforts appropriately.
What is marketing?Marketing refers to the activities that a company engages in to promote the purchase or sale of a product or service. Advertising, selling, and delivering products to consumers or other businesses is all part of marketing. Affiliates do some marketing on a company's behalf.
Audience segmentation enables you to communicate and connect with your customers more effectively, allowing you to deliver the right message about the right product to the right people at the right time.
Therefore, audience segmentation enhance your inbound marketing efforts.
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Which of the following is not a part of promotional mix? A. Direct selling. B. Sales prmotion. C. Advertising. D. None of the above
D. None of the above is correct. A company's employment of a variety of promotional strategies to establish, sustain, and boost demand for its products and services is known as a "promotional mix."
What is the promotional mix?The term "promotional mix" in marketing refers to a combination of promotional factors that marketers have chosen to aid a company in achieving its objectives. It is known to be a part of the marketing mix.To accomplish a certain marketing objective, a promotional mix combines marketing strategies such as direct marketing, sales, public relations, and advertising. Usually, the promotional mix is just a small component of the overall marketing mix.To develop an effective campaign. The four categories are taken into account in a promotional mix (advertising, public relations, personal selling and sales promotion). Due to the areas that have been taken into consideration, the campaign's success will grow.Learn more about Promotional mix refer to :
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an amount posted on the right side of a t-account causes which accounts to increase? (check all that apply.)
An amount posted on the right side of a t-account causes which accounts to increase notes payable; common stock and liabilities.
When an amount is posted to the right side of a t-account, it causes the accounts notes payable and liabilities to increase. Common stock may also increase depending on the type of transaction.
Generally, when an amount is posted to the right side of a t-account, it is a credit to the accounts listed, which causes them to increase. The T-account is a visual representation of a general ledger account and is used to track the changes in the account balance, with debit entries appearing on the left side and credit entries appearing on the right side.
Hence, the correct option is "A", "B" and "C".
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--------The given question is incomplete, the complete question is:
"An amount posted on the right side of a T-account causes which accounts to increase? (Check all that apply.)
A. notes payable
B. common stock
C. liabilities
D. borrowed money"---------
amount number of units sold 12,000 selling price per unit $ 16 variable selling expense per unit $ 1 variable administrative expense per unit $ 1 total fixed selling expense $ 20,000 total fixed administrative expense $ 15,000 beginning merchandise inventory $ 12,000 ending merchandise inventory $ 25,000 merchandise purchases $ 89,000 required: prepare a traditional income statement. prepare a contribution format income statement.
Traditional income statement: Net operating income $47,000
Contribution income statement: Net operating income $25,000
To calculate the Traditional Income Statement we need sales value and variable selling expenses.
Traditional Income Statement = Sales (11,000 x $16)
Traditional Income Statement = $176,000
Now, Cost of goods sold = (9,000 + 87,000 - 25,000) = ($71,000)
Gross Margin = $105,000
To calculate the Selling and administrative expenses:
Selling expense = (11,000 x 1) + 22,000
Selling expense = $33,000
Administrative expense = (11,000 x 1) + 14,000
Administrative expense= $25000
Net operating income = $47,000
2. Contribution format income statement
Sales = $176,000
Variable expenses:
Cost of goods sold= 71,000
Selling expense= 11,000
Administrative expenses = 11,000
Contribution Margin = $83,000
Fixed expenses:
Selling expense = $33,000
Administrative expense =$25,000
Net operating income = $25,000
In conclusion, we can conclude that,
Traditional income statement= $47,000
Contribution income statement= $25,000
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to provide flexibility in a commercial building before the number of tenants is known, the parallel service-entrance conductors should terminate in a?
The parallel service-entrance conductors should terminate in a load center or switchboard.
What are parallel service-entrance conductors?Parallel service-entrance conductors are electrical cables that run in parallel to each other and provide power to different units within a commercial building. These conductors are designed to be flexible, allowing for the distribution of electricity to multiple tenants without the need to install new electrical systems every time a tenant changes.
The parallel service-entrance conductors terminate in a main electrical service panel, which is responsible for distributing power to different parts of the building. The use of parallel service-entrance conductors helps to improve the efficiency of electrical distribution in commercial buildings and enables tenants to have the power they need for their businesses.
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case study if you were hired to help southeast airlines, what are some questions that might be appropriate to ask the leadership team at southeast?
if you were employed to assist Southeast Airlines, In addition to being one of the world's most socially responsible businesses and one of the three most admired firms in America, southwest Airlines was also named the year's best airline globally.
His biggest achievement as CEO was ensuring that all of Southwest's workers had employment following 9/11 (the only major airline to do so). The employees that Southwest Airlines has employed over the years have made a difference, according to Parker (2008) in his book Do the Right Thing. As one of his chapter titles suggests, Great Organizations Have Great Leaders at Every Level.
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this economic system places ownership of factories, large farms, and banks in the hands of government to generate wealth. the government accumulates wealth and then redistributes it to citizens, primarily in the form of social programs that provide such things as free or inexpensive health care, education, and childcare. this system is called
A different form of capitalism is socialism. The government, not private individuals, owns the means of producing wealth in socialist nations, including banks, vast farms, and factories.
Which of the following systems includes factories and other sources of income creation?A capitalist economy allows for the private ownership and control of capital assets like mines, factories, and railroads. Labor is acquired for monetary salaries, private owners receive capital gains, and prices divide up capital and labor between competing uses (see "Supply and Demand").
What kind of government entails the process of gaining and using power within society to forward objectives?Politics is the practice of attaining and using power within a government in order to establish and realize specific objectives, particularly those connected to the distribution of resources within a country.
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ow can companies show social responsibility? check all that apply. donating money to charity improving operations management making ethical decisions educating the public about a social issue
Donating money to charity improving and educating the public about a social issue is companies to show social responsibility. Hence, option A and C are correct.
What is social responsibility of company?The concept of corporate social responsibility holds that businesses should examine how their actions may affect the environment and society.
Being environmentally responsible and eco-aware, fostering equality, diversity, and inclusion in the workplace, treating employees with respect, giving back to the community, and making sure business decisions are moral are some ways that a firm can adopt CSR.
Thus, option A and C are correct.
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morning fresh skin care, a u.s.-based beauty products manufacturer, has set up a manufacturing plant in hong kong. this is an example of
Answer: A service
Explanation: I could be wrong but you didn't put the choices if there was some.
deltra was willing to purchase a dozen cookies for $40 that deirdre was willing to sell for anything more than $22. if they agreed on a price of $26, how much total value was created in this exchange?
According to the information provided, this deal generated a total $18.
Revenue is an organization's overall profit through its primary activities, such as the sale of goods or services, the rental of real estate, regular payments, the interest on loans, etc. Before deducting any costs, like discounts and returns, revenue calculations are performed.
The following chart illustrates how the total value of the trade was calculated:
Deltra Surplus = Purchase Value − Agreed Price
Deltra Surplus = 40 - 26 = $14
Deirdre Surplus = Agreed Price − Willing to sell
Deirdre Surplus = 26 - 22 = $4
The total value produced is now = Deltra Surplus + Deirdre Surplus
total value produced = 14 + 4 = $18
In conclusion, this transaction generated a total value of $18.
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Business analytics certifications in high demand include _____.
Business analytics certifications in high demand include competitive advantage.
What Is a Competitive Advantage?A company's ability to produce goods or services faster, more efficiently, or for less money than its competitors is known as a competitive edge. These elements enable the producing unit to outperform its competitors in terms of sales or margins. Cost structure, branding, the standard of the product offered, the distribution system, intellectual property, and customer service are just a few examples of the variables that are thought to contribute to competitive advantages.
The ability to outsell competitors' goods and services to consumers is known as having a competitive edge. Comparative and differentiated advantages are two types of competitive advantages.
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if the buyer in an alleged contract for the sale of land has paid any portion of the sales price and either has begun to permanently iprove the land or has taken true or false
True, if the purchaser in an alleged land sale contract has made any payments toward the purchase price and has either started to improve the property permanently or has taken other steps to do so.
What happens to the property of a given good when it is sold pursuant to a contract?Upon execution of a contract that unconditionally stipulates the sale of specific commodities in a deliverable state, ownership of the items belongs to the buyer; it is immaterial whether the price is paid after the agreed-upon date or whether the goods are delivered after the agreed-upon date.
What kind of subject matter could the Sale of Goods Act sale contract cover?(1) Things covered by a contract of sale may either be present products that the seller owns or possesses, or they may be goods that will be delivered in the future. (2) A contract for the sale of goods may be subject to a circumstance that may or may not take place prior to the seller's capacity to make the purchase.
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can mary set up an ira and deduct the contribution form her income that is subject to federal income taxation? does the same applt to jason?
Several elements, such as Mary and Jason's taxable income, filing status, and whether they or their spouses are covered by a retirement plan at work, will determine whether they are able to open an individual retirement account (IRA) and deduct the contribution from their federal income tax.
Savings accounts with a focus on retirement planning include Individual Retirement Accounts (IRAs). Traditional and Roth IRAs are the two main varieties. Contributions to a Traditional IRA are tax deductible, and gains grow tax-deferred until they are withdrawn in retirement. When a withdrawal is made, it is taxed like regular income. With a Roth IRA, contributions can be made with after-tax money, and earnings increase tax-free. As long as certain conditions are satisfied, withdrawals from a Roth IRA are tax-free. Stocks, bonds, and mutual funds are just a few of the assets that can be purchased using IRAs. There are age and income restrictions, as well as annual limits on IRA contributions.
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What is an effective way for digital marketers to use content?
A. Refrain from answering questions directly.
B. Intrigue visitors by making them question the purpose of the content.
C. Narrow the content to suit the target market specifically.
D. Ensure all content is directly about the firm's products or services.
An efficient technique for digital marketers to employ content is to tailor it to their unique target market, allowing them to adapt to their audience's requirements and interests.
What is digital marketing?Digital marketing is the promotion of a product or service using digital channels such as search engines, social media, email, and websites. This type of marketing enables companies to reach a larger audience and connect with potential customers in a more targeted and cost-effective manner. Through numerous strategies such as search engine optimization, social media advertising, email marketing, and content marketing, the purpose of digital marketing is to raise brand awareness, increase website traffic, and eventually generate sales. Because of the increasing reliance on technology, digital marketing has become a vital component of every effective marketing plan.
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Which factor most increased the demand for enslaved labor in virginia?
Answer:
Virginia planters developed the commodity crop of tobacco as their chief export. It was a labor-intensive crop, and demand for it in England and Europe led to an increase in the importation of African slaves in the colony.
In the United States, which of these financial institutions arrange most primary market transactions for businesses?
Investment Banks. Investment banks were best known for serving as a corporation's point of contact with the financial markets.
What Four Investment Banks Comprise the Big Four?The "big four" are Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan Chase.They are closely being followed by other powerful global institutions like Lloyds Banking group, Barclays, Credit Suisse, and UBS.
Warren Buffett invests in which bank?Bank of America (BAC 0.83%), the second-largest bank in assets in the United States and the second-largest holding in Berkshire's portfolio, appears to be Buffett and Berkshire's top investment.Even as it was selling off other positions in 2020, Berkshire bought the stock for billions of dollars.
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question 8 assume the annual interest rate is 6%. calculate the value of an investment that pays $100 every two years, starting two years from now and continuing forever.
Starting two years from now and continuing forever is 1666.67.
What is annual interest?
Instead of just a monthly fee or rate as applied to a loan, home loan, credit card, etc., The term annual percentage rate of charge refers to the interest rate for a whole year. Other names for it are nominal APR and effective APR. It is a finance charge at an annual rate. The term "annual interest rate" refers to the interest rate that is imposed year round. Among other time periods, interest rates may be imposed on a monthly, quarterly, or biennial basis. However, annualization is the norm for interest rates. Given that monthly interest is paid rather than annually, which is the difference between the two, monthly interest is a great option if you want a steady revenue stream.
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Prices usually allocate resources efficiently because they allocateresources to the lowest value good or service.consumption to the lowest value good or service.consumption to the highest cost of good or serviceresources to the highest value good or service
The appropriate statement is resources to the highest value good or service. Because they direct resources toward the good or service with the highest value, prices typically manage resources effectively.
What does it mean to distribute resources?Resource allocation is the process of allocating and managing resources in a manner that satisfies a company's key planning goals. In order to get the most out of soft assets like human capital, resource allocation entails managing real assets like hardware. The purpose of resource allocation
Why is resource distribution crucial?To avoid staff burnout, effective resource allocation should make sure that the workload is distributed equally among all resources. By ensuring resources have the requisite training, knowledge, and abilities to finish the work assigned to them, effective resource allocation should enable teams to accomplish their goals.
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assume that it takes 2 hours of labor to produce a unit of good x and 6 hours of labor to produce a unit of good y. what is the opportunity cost of producing 2 units of good y?
Country Beta has lower opportunity cost in producing bread and therefore comparative advantage in producing bread.
What is comparative advantage?Comparative advantage refers to nation's ability to manufacture certain good or service for less money than its trading rivals. Comparative advantage is a theory that explains why companies, countries, or individuals might benefit from trade. When referring to international trade, the term "comparative advantage" describes the products that a country can produce more quickly or more affordably than other countries. Despite the fact that this frequently demonstrates the benefits of trade, several contemporary economists now acknowledge that focusing entirely on comparative advantages might result in resource exploitation and depletion in a country. One of the most important concepts in economic theory is comparative advantage, which forms the basis of the argument that free exchange and cooperation may always be advantageous to all parties.
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a business sets up a sinking fund so they will have a $47,000.00 to pay for a replacement piece of equipment in 10 years when the current equipment will be sold for scrap. if they make deposits at the end of each quarter for 10 years in the investment that pays 6.1% compounded quarterly, what size should each payment be?
The size should each payment be $861.55.
For this we can apply the given below formula :
P = A(r/n)/((1+r/n)nt -1)
Here,
P = payment amount =?
A= Targeted amount = $47,000
r= rate of interest = 7.4% or .074
n= number of frequencies in a year = 6 times
t = time period = 7 years
P = 47000(.074/6) / ((1+.074/6)6 x 7 -1)
P = 47000(.074/6) / ((6.074/6)42 -1)
P = 47000(0.074/6) / (1.0123)42 -1)
P = 47000(0.0123) / (1.6710 -1)
P = (47000 x 12.3) / 671
P = $861.549 or $861.55.
A sinking fund is a fund set up via an economic entity by means of placing aside sales over a period of time to fund a destiny capital cost or repayment of an extended-time period of debt. Borrowing money by using issuing a bond is known as floating a bond.
In North the usa and some places else wherein it's far more common for public and private companies to raise the budget via the difficulty of bonds, the time period is usually used in this context. but, in the united kingdom and elsewhere where the problem of bonds (aside from authorities bonds) is uncommon, and in which long-time period leasehold tenancies are not unusual, the time period is only normally used within the context of alternative or renewal of capital assets, specifically the not unusual parts of homes.
The sinking fund turned into first used in exquisite Britain in the 18th century to lessen national debt. whilst used by Robert Walpole in 1716 and efficaciously within the 1720s and early 1730s, it originated within the business tax syndicates of the Italian peninsula of the 14th century, wherein its characteristic changed into retire redeemable public debt of those cities.
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large corporations collect vast amounts of information about their customers' shopping habits, including how, when, why, where, and what they buy, and then use that information to blank . multiple choice question.
Large corporations collect vast amounts of information about their customers' shopping habits including how, when, why, where, and what they buy, and then use that information to plan future products and services provided
A customer is a person who buys goods or services from a business. A customer is considered the end-user of a company's products or services and is essential for the success of a business.
The information collected includes details about how, when, why, where, and what the customer buys.
This can include demographic information such as age, income, and location, as well as information about the customer's purchasing history, such as what products they have bought, how often they buy, and how much they spend.
This information is then analyzed to identify patterns and trends, which can then be used to make predictions about what the customer is likely to buy in the future. This allows corporations to target their marketing efforts more effectively, which can result in increased sales and customer loyalty.
By understanding the customer and their purchasing habits, corporations can tailor their products and services to meet the specific needs of the customer.
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suppose that serendipity bank has excess reserves of $8,000 and checkable deposits of $150,000.
Instructions: Enter your answer as a whole number.
If the reserve ratio is 20 percent, what is the size of the bank's actual reserves? $__________.
If the reserve ratio is 20 percent, the size of the bank's actual reserves is $15000.
What is reserve ratio?The reserve ratio is the relationship between a bank's reserves and its deposit obligations. Reserves are monies held by a bank in its vault or with a central bank to ensure that the bank has adequate funds to meet its obligations to its clients. The reserve ratio is represented as a percentage and is used by central banks to control the money supply by affecting the amount of money available to commercial banks to lend. Increased reserve ratios force banks to hold a larger proportion of their deposits in reserve, decreasing the amount of money available for lending and potentially slowing economic growth.
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A medical school student opens a credit card to pay for living expenses during their first year of medical school. the student expects to pay $12,500 in living expenses. the credit card company charges an annual interest rate of 15.99% compounded continuously. if no payments are made for three years, what will be the balance on the card rounded to the nearest penny?
The balance on the card rounded to the nearest penny after three years will be $20,191.
The formula for computing the balance on a credit card with continuous compounding is:
[tex]Balance = P * e^{(rt)}[/tex]
Where,
P = Principal amount,
e = Mathematical constant approximately equal to 2.71828,
r = Annual interest rate
t = Time in years.
In this case, the principal is $12,500, the annual interest rate is 15.99% or 0.1599, and the time is three years.
Substituting these values into the formula, we get:
[tex]Balance = 12,500 * e^{(0.1599*3)}[/tex]
[tex]= 12,500 * e^{(0.4797)}[/tex]
= 12,500 * 1.6153
= 20,191.25
Therefore, The balance on the credit card after three years will be $20,191.
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Answer:
The answer is A. $20,194.87.
Explanation:
I got it right on my practice exam.
what is the total benefit associated with producing eight units of the control variable in the table)? control variable total benefits total costs net benefits marginal benefit marginal cost marginal net benefit q b(q) c(q) n(q) mb(q) mc(q) mnb(q) 0 0 0 0 - - - 1 900 100 800 900 100 800 2 1,700 300 c 800 200 600 3 2,400 600 1,800 700 e 400 4 a 1,000 2,000 600 400 200 5 3,500 1,500 2,000 500 500 f 6 3,900 2,100 1,800 d 600 -200 7 4,200 2,800 1,400 300 700 -400 8 4,400 b 800 200 800 -600 9 4,500 4,500 0 100 900 -
Marginal utility and marginal cost are two measures of how the cost or value of a variable changes. Marginal utility affects customers and marginal cost affects producers.
Businesses must consider both concepts when manufacturing, pricing, and marketing their products.
Marginal utility is the maximum amount a consumer is willing to pay for additional goods or services. Consumer satisfaction tends to decline as consumption increases. Marginal cost is the change in cost when additional units of goods or services are produced.
Marginal utility is the maximum amount a consumer will pay for an additional good or service.
In general, marginal utility decreases as consumption increases.
The marginal cost of production is the change in cost of producing additional units of goods or services.
Marginal utility is frequently used in public services. Governments often have to balance incremental utility with limited resources.
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