Under Sarbanes-Oxley regulations, if CEO or CFO sign their company's financial statement and they turn out to be incorrect in some material way, they could be the subject to fines, being fired or going to jail.
What are financial statements?Financial statements serve as a formal record of a company's, an individual's, or another entity's financial activities and condition (also known as financial reports). Relevant financial data is organised and presented in an easy-to-understand manner. Personal financial statements may be required from anyone applying for financial help or a personal loan. Personal sources of income and expenses, as well as personally owned assets and liabilities, are all commonly disclosed on one form in a personal financial statement (debts). Which paperwork must be filled out is decided by the organisation offering the loan or support. An audit of a public company's financial statements is often required for tax, investment, and financing reasons, though requirements differ from country to country.
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Complete Question:
Under Sarbanes-Oxley regulations, if a CEO and/or CFO sign their company's financial statement and they turn out to be incorrect in some material way, they could be subject to?
the baker s dozen has current liabilities of $5,600, net working capital of $2,100, inventory of $3,900, and sales of $13,500. what is the quick ratio? assume pre-paid expenses are zero.
The quick Ratio is computed at 0.68 (or 68%) The quick ratio measures how well a company can cover its short-term liabilities with its most liquid assets.
Assets that can be turned into cash in less than three months are referred to as quick assets. All of the current assets, excluding inventories and prepaid expenses, are included in these assets. The quick ratio is the proportion of quick assets to current liabilities.
Any asset that can be reasonably expected to be sold, consumed or expended through regular business operations within the current fiscal year, operational cycle, or financial year is considered a current asset.
Working capital = Current assets - Current liabilities
2100 = Current Assets - 5600
Current assets = 2100 + 5600
Current assets = $7,700
Quick ratio = (Current assets - Inventory) / Current liabilities
Quick ratio = (7700 - 3900) / 5600
Quick Ratio = 3800 / 5600 = 38 / 56
Quick ratio = 0.68 (68%)
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moody corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. at the beginning of the year, the company made the following estimates: machine-hours required to support estimated production 159,000 fixed manufacturing overhead cost $ 653,000 variable manufacturing overhead cost per machine-hour $ 4.40 required: 1. compute the plantwide predetermined overhead rate. 2. during the year, job 400 was started and completed. the following information was available with respect to this job: direct materials $ 380 direct labor cost $ 230 machine-hours used 39 compute the total manufacturing cost assigned to job 400. 3. if job 400 includes 60 units, what is the unit product cost for this job? 4. if moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for job 400?
To compute the plantwide predetermined overhead rate, we need to divide the estimated fixed manufacturing overhead cost by the estimated machine-hours required to support production.
Plantwide Predetermined Overhead Rate = Fixed Manufacturing Overhead Cost / Estimated Machine-hours
Plantwide Predetermined Overhead Rate = $653,000 / 159,000 = $4.10 per machine-hour
To compute the total manufacturing cost assigned to job 400, we need to add the direct materials, direct labor cost, and the overhead cost.
Total Manufacturing Cost = Direct Materials + Direct Labor Cost + Overhead Cost
Total Manufacturing Cost = $380 + $230 + ($4.10 x 39) = $380 + $230 + $159.90 = $769.90
To compute the unit product cost for job 400, we need to divide the total manufacturing cost by the number of units produced.
Unit Product Cost = Total Manufacturing Cost / Number of Units Produced
Unit Product Cost = $769.90 / 60 = $12.83
To compute the selling price per unit, we need to multiply the unit product cost by the markup percentage.
Markup Percentage = 130%
Selling Price Per Unit = Unit Product Cost x (1 + Markup Percentage)
Selling Price Per Unit = $12.83 x (1 + 130%) = $12.83 x 2.30 = $29.55.
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describe the five alternatives to job specialization. what is the advantage of each, as compared to specialization?
Job rotation is the methodical switching of employees between jobs. It hasn't been particularly effective in raising employee motivation or satisfaction because the occupations don't change.
The fact that the person is not always doing the same job is the only benefit.
Job expansion: the process of expanding the total amount of duties each employee performs and having every employee execute a wide range of tasks. Although there are certain benefits to job expansion, training expenses often rise, unions demand more compensation, and the work itself stays routine.
Job enrichment: Adding more tasks to a job does not, by itself, increase employee engagement. It expands both the variety of jobs a worker performs and the amount of control they have over their employment.
As a result, employees have more opportunities for growth and progress. This also raises the subordinate's sense of responsibility. An employee's opportunity to develop is far less than with job enrichment opportunities compared to specialization.
An additional method of specialization that takes into account both employee preferences and the workplace environment is the job characteristics approach. In order to have high motivation, high-quality performance, high satisfaction, and minimal absenteeism and turnover, it is important to have the employees go through a variety of psychological states.
Though it is the most promising strategy, it is not the solution. In contrast to specialization, it considers the person and their preferences, which is better for the employee.
Work teams: A group is tasked with creating a system of work to be applied to a related set of tasks.
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a chief advantage of the corporate form of business is . multiple choice question. double taxation autonomous decision making authority
A chief advantage of the corporate form of business is autonomous decision making authority. The primary advantage of the corporation company structure is independent decision-making capacity.
The management and owners of a corporation are different entities, with the owners having limited liability and the management having the authority to make decisions and operate the day-to-day operations of the firm. This structure gives management a lot of flexibility and autonomy in decision making, and it allows the owners to restrict their financial risk to the amount they put in the firm.
Furthermore, firms may generate enormous sums of cash by issuing stocks and bonds, which can assist to support development and expansion.
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which of the following is correct regarding posting a transaction? multiple choice question. posting means to transfer journal information to a ledger. posting takes place once during an accounting period. posting means to enter transactions into a journal.
Posting means to transfer journal information to a ledger is correct regarding posting a transaction.
An agreement that has been fulfilled between a buyer and a seller to trade products, services, or financial assets in exchange for cash is referred to as a transaction. How a business utilises accrual basis or cash basis will determine when a transaction is documented.
A transaction record is posted in accounting when it is transferred from a journal to a general ledger, which holds all of a company's financial accounts. A ledger organises transactions by accounts, such as assets or liabilities, whereas a journal records items in a chronological order. General ledgers are used by accountants to produce financial statements or other records. In order to build a well-organized general ledger, the accountant will need to maintain precise records of the business' financial activities.
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agneta is getting a new dress to wear to her son's wedding. in terms of customer behavior, the step of evaluating alternatives would correspond to .
In the compensating model, the consumer makes a decision after carefully weighing all the features of a good or service (or benefits from a product or service).
What are some illustrations of compensatory techniques?Making and keeping appointments at the same time, jotting down reminders for yourself, and maintaining a calendar are excellent compensatory strategies for impaired short-term memory and can help lessen the impact of these symptoms on everyday life.
What are the three payment methods?Setting salary rates should take into account the following three compensation strategies: leading, lagging, and meeting the market.
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assume a u.s. dealer bought 10 land cruisers from japan for $50,000 each in 2010. this dealer sold sold 8 of them in 2010 for $80,000 each and the rest in 2011 for $60,000 each. by how much was the u.s. gdp affected in 2010?
The US GDP was not directly affected by this transaction, as GDP measures the total value of services and goods produced within a given country. the estimated indirect effect on the US GDP for 2010 would be 8 × $30,000, or $240,000.
This dealer’s transactions involve goods produced in Japan, which affects the Japanese GDP instead. However, the dealer’s sale of 8 of the land cruisers in 2010 would have had an indirect effect on the US GDP. This effect would be through the additional consumption of goods by the purchasers of the land cruisers, which would add to the GDP.
This additional consumption is estimated to be the difference between what the dealer paid for the land cruisers ($50,000 each) and what they sold them for ($80,000 each). Thus, the estimated indirect effect on the US GDP for 2010 would be 8 × $30,000, or $240,000.
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what four factors have impacted high food prices from the global scale perspective of supply and demand? quilet
The environment, disease outbreaks, armed warfare, and natural disasters food are a few of these. Cost, taste, cultural standards, and convenience are among these important procedures considerations.
In addition to these, socioeconomic position and the availability of access to food are other variables that essentially influence the nutrient quality and types of food procedures. Terrain, climate, soil characteristics, and soil water are environmental elements that affect the extent of agricultural production.
These four elements work together to make it possible for various crops to be cultivated in particular regions. The procedures that explain how food from a farm ends up on our tables are referred to as a food supply chain or food system.
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the shoal company's manufacturing costs for the third quarter of 2022 were as follows: (cpa adapted) direct materials and direct labor $ 660,000 other variable manufacturing costs 185,000 depreciation of factory building and manufacturing equipment 76,000 other fixed manufacturing costs 18,000 what amount should be considered product costs for external reporting purposes?
The amount to be considered product costs for external reporting purposes would be $845,000.
The expenses incurred to produce a product are referred to as its cost. Direct labour, direct materials, consumable production supplies, and factory overhead are all included in these prices.
Product costs are costs that are directly incurred in the production of a company's goods and are therefore considered part of the cost of the goods sold. For external reporting purposes, the following amounts should be considered product costs:
Direct materials and direct labor: $660,000
Other variable manufacturing costs: $185,000
Total product costs: $660,000 + $185,000 = $845,000
Depreciation of factory building and manufacturing equipment and other fixed manufacturing costs are considered period costs and are not included as part of product costs. These costs are expensed as incurred and are included in the calculation of the company's operating expenses for the period.
Therefore, the amount to be considered product costs for external reporting purposes is $845,000.
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the law of demand says that, holding everything else constant, when the price of a good increases, the amount buyers buy will decrease, and when the price of a good decreases, the amount buyers buy will increase. to hold everything else constant means to use the ceteris paribus condition. if we change one of these things we were holding constant, which is the most likely result?
Quantity Demand is the quantity of an item, service, or resource than consumers are willing and able to purchase during a certain time period at a given price.
What do you consider to be a good service?Giving the consumer what they want is a sign of good customer service. I would give them the information they want to hear, then consider how to provide it. In my current position, I frequently engage in this.
Who provides outstanding customer service?Excellent customer service provides consumers with help, goes above and beyond what they anticipate, and employs agents with strong communication skills and in-depth product and service knowledge.
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what are the three primary activities of a business?
The three types of business operations are working, investing, and financing. The cash flows produced and used by each of these enterprises are broken out in our cash flow statement.
In a corporate context, what does finance mean?Financing is the process of requesting a loan from a bank, credit union, financial firm, or another individual with the promise of repayment in the future.
What exactly are financial choices?What are decisions about financing? The decisions that businesses must make about the balance between equity and debt throughout their capital structure are referred to as financing decisions.
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why would you expect real gdp per capita in california and pennsylvania to exhibit convergence but not in california and baja california, a state of mexico that borders the united states?
You anticipate that California's and Pennsylvania's real gdp per capita will converge. It is more likely that Pennsylvania and California will experience equal growth-affecting circumstances, while Baja California and California will not.
Since a country's population is typically growing, real GDP per capita is normally lower than the growth of real GDP. As a result, if real GDP grows by 3% but the population grows by 3% as well, GDP per capita will rise by less than 3%. (or even decline if the population increased at a faster pace than GDP).
A excellent indicator of a nation's standard of living is the GDP per capita, which divides a nation's economic output by its entire population. This is because it reveals how prosperous a nation feels to each of its residents.
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which is more important in choosing your actions as a business leader, legal or ethical considerations? are they equal, or should one weigh more than another?
As a business leader, both considerations are important in choosing in our actions. It is very important to consider both because they both play a vital role in every business ventures.
What is Ethical decision-making ?
The act of weighing options and making decisions in a way that is consistent with moral standards is referred to as ethical decision-making.
It's important to recognize unethical possibilities, cross them out, and choose the most ethical course of action while making decisions.
Why is it crucial to make ethical decisions?
Trust, along with justice, accountability, and consideration for others, are all inspired by ethical decisions.
The process of making ethical decisions takes into account these circumstances, necessitating the consideration of all alternatives, the rejection of unethical viewpoints, and the selection of the most ethically sound option. Effective and moral choices are the result of good judgment.
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which of the following is not relevant to estimating the useful life of an intangible asset? group of answer choices the cost of the asset. the expected use. the expected useful life of assets related to the intangible asset. legal provisions that might limit or extend the useful life.
The following option that is not relevant through the estimating the useful life of an intangible asset is A. the cost of the asset. It is because the intangible asset is determined by the capacity of asset.
In the term of economic and business, An intangible asset generally can be defined as a non-physical asset that has a useful life of greater than one year. There are several examples of intangible assets. Some of these examples are trademarks, customer lists, motion pictures, franchise agreements, and computer software. Intangible assets have a function to help us to determining the capacity of the asset to make cash flows into the entity.
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suppose that the elasticity of demand for hamburgers is 2.5 and price decreases by 14%. by what percentage will quantity demanded for hamburgers increase?
The elasticity of demand for hamburgers is 2.5 and the price decreases by 14% then quantity demanded for hamburgers is increased by 35%
What does an elasticity of 2.5 mean?If the price elasticity of supply is 2.5, then a 1% change in price will result in a 2.5% change in the amount delivered.
The quantity demanded of a good or service divided by the percentage change in price is the price elasticity of demand. The percentage change in quantity supplied divided by the percentage change in price represents the price elasticity of supply.
Price elasticity of demand = % change in Quantity Demanded / % change in price
2.5 = x/14
x = 14 * 2.5
= 35%
Therefore, The quantity demanded for hamburgers increased by 35%.
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an it firm provides security services for many business clients. as part of an overall security monitoring package, the firm provides trend analysis as it relates to systems behavior. which area does staff use to create a baseline and regular measurements?
Many corporate clients of an IT company receive security services. The business offers trend analysis in relation to systems behavior as part of an entire security monitoring package. The section where staff uses host metrics to establish a baseline and frequent measurements.
How do host metrics function?The Host Metrics app enables you to monitor the operation and resource consumption of the hosts and processes that your mission-critical applications rely on. Preconfigured dashboards cover the network, file descriptors, page faults, CPU, RAM, and RAM, as well as the RAM, RAM, and TCP connectors.
Two fundamental sorts of metrics are tracked in Mackerel. Host metrics are metrics that are specific to the host being monitored. The term "service metrics" refers to measurements that relate to a service made up of numerous hosts and all of their combined roles.
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With time, which one of the following strategies would most likely result in an outward shift in the production possibilities curve of an economy?
a. passage of legislation reducing the workweek to 30 hours
b. an increase in the marginal income tax rate, which would reduce the work effort of individuals
c. instituting a tax policy encouraging investment at the expense of consumption
d. instituting a tax policy encouraging consumption at the expense of investment
Implementing a tax policy that encourages investment at the expense of consumption will result in an outward shift in an economy's production possibilities curve.
The correct answer is C.
What would be the most likely outcome of a nation's production possibility curve shifting outward?The PPF curve would've been pushed outwards as output increased. The new optimal resource allocation would be represented by a new curve, defined in the figure, about which Y would fall.
What would cause the production possibility curve curve to shift outward?Changes in the cumulative amount of production factors or technological advancements can cause upwards and inward changes in the PPF. If the total quantity of production factors such as labor or capital rises,
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you are offered two different sales jobs. the first company offers a straight commission of 4% of the sales. the second company offers a salary of $360 per week plus 1% of the sales. how much would you have to sell in a week in order for the straight commission offer to be at least as good?
Let's name the amount of money you sell in a week "x." If the first firm pays a flat 4% commission on sales, your weekly profits would be 0.04x.
If the second firm pays a weekly salary of $360 plus 1% of sales, your weekly profits would be $360 + 0.01x.
To discover the value of "x" such that 0.04x is larger than or equal to $360 + 0.01x, we need to identify the point at which the pure commission offer is at least as attractive as the salary plus commission offer.
We obtain by subtracting 0.01x from both sides of the equation:
0.03x >= $360
When both sides of the equation are divided by 0.03, we get:
x >= $12,000
To make the straight commission offer at least as excellent as the salary plus commission offer, you must sell at least $12,000 worth of items in a week.
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the cfo of the company believes that an appropriate annual interest rate on this investment is 9%. what is the present value of this uneven cash flow stream, rounded to the nearest whole dollar? (note: do not round your intermediate calculations.)
The present value of this uneven cash flow stream, rounded to the nearest whole dollar is
$14,960
What is the annual interest rate?The annual interest rate depends on the type of loan and the lender. Generally, interest rates for loans can range from a few percent to more than 20%.
Present Value = -$5,000 + $3,000/(1+0.09) + $7,000/(1+0.09)^2 + $9,000/(1+0.09)^3
= -$5,000 + $2,758 + $5,685 + $6,517
= $14,960
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what is the difference between a shortage and scarcity?a shortage will exist when a good is scarce.scarcity is a result of demand exceeding supply and causing a shortage.scarcity will exist, but a shortage will exist only if the price of a good is below the equilibrium level.scarcity will exist, but a shortage will exist only if the price of a good is above the equilibrium level.
When there are not enough resources to meet all of the demands or requirements of people, there is a situation known as scarcity. The opposite of this is a shortage, which occurs when demand supply exceeds at a certain point in time.
What is demand supply?The amount of items that are available is referred to as the supply. How many people want certain things is referred to as demand. When a product's supply increases, its price decreases and its demand may increase since it becomes more expensive. At some point, if there is too much demand for the commodity, the supply will start to decline. Demand supply is an economic theory that describes how prices are set in a market in microeconomics. In a competitive market, it is hypothesised that, all else being equal, the unit price for a certain good or other traded item, such as labour or liquid financial assets, would fluctuate until it settles at a point where the amount demanded (at the current price) equals the quantity offered.
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beginning raw materials inventory $ 21,200 raw material purchases 66,000 ending raw materials inventory 22,600 beginning work in process inventory 28,400 ending work in process inventory 34,000 direct labor 48,800 total factory overhead 36,000 all raw materials used were traceable to specific units of product. healey company's cost of goods manufactured for the year is:
$ 143,800 Working: Healey Company Schedule of Cost of goods manufactured For the year ended Particulars Amount $ Direct Materials: Beginning Raw Material
What is the schedule of cost of goods manufactured in accounting?The cost of goods manufactured schedule is used to calculate the cost of producing products for a period of time. The cost of goods manufactured amount is transferred to the finished goods inventory account during the period and is used in calculating cost of goods sold on the income statement.A cost of goods manufactured schedule shows beginning and ending inventories for: raw materials and work in process only. A manufacturer may report three inventories on its balance sheet: (1) raw materials, (2) work in process, and (3) finished goods.A schedule of goods manufactured breaks down the costs of the raw materials, labor and factory overhead. It is organized in four separate sections: direct materials, direct labor, manufacturing overhead and work-in-process.
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when does business unit planning occur in the strategic planning process? group of answer choices after corporate planning and product planning after offering planning but before product planning before corporate planning after offering planning after corporate planning but before offering planning
Business unit planning typically occurs after corporate planning and product planning but before offering planning in the strategic planning process.
What is Business?Business is an activity that involves the production, buying, and selling of goods and services. It involves individuals, organizations, and companies working together to create economic growth and development. Business activities are conducted in order to generate profits and satisfy customer needs. Businesses can involve a variety of activities such as accounting, finance, marketing, operations, production, and human resources. Businesses must also consider their legal, ethical, and social responsibilities when engaging in their activities.
This allows the business to identify the potential opportunities and resources available to the business unit, as well as analyze the risks associated with pursuing those opportunities. This process also helps the business unit identify the strategies and objectives necessary to achieve its desired outcomes.
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a company that uses the fifo inventory method made four purchases of similar items in the following order: $100, $110, $115, and $123. it then sold two items for $500 each. what is the gross profit on the sale of the two units?
The company uses the FIFO (First-In, First-Out) method, so the first two items sold will come from the first two purchases made: $100 and $110. The cost of the two items is $100 + $110 = $210. The gross profit on the sale of the two items is $500 x 2 = $1000, and the gross profit margin is ($1000 - $210) / $1000 = 0.79 or 79%.
The company used the FIFO method to manage its inventory. This means that the oldest purchases are sold first. In this case, the company made four purchases for $100, $110, $115, and $123. When it sold two items for $500 each, the cost of the items came from the first two purchases, which were $100 and $110, totaling $210. The gross profit on the sale was $1000, which is the sale price minus the cost of the items, and the gross profit margin was 79%, calculated as the gross profit divided by the sale price.
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which aspect of argentina’s economic environment are international businesses most likely to perceive as attractive?
The aspect of Argentina's economic environment that attractive is mixed market economy rich in oil reserves. Argentina has a potential in oil reserves.
In the term of economic, Argentina generally can be defined as the second-largest national economy in South America, behind Brazil. Argentina also can be defined as a developing country with a highly literate. Argentina has an export-oriented agricultural sector, and a diversified industrial base, especially in oil reserves. Argentina can be classified as a country that has a biggest oil production. Argentina can produce oil 627 thousand barrels per day.
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These activities on the statement of cash flows represent the cash flows that arise out of the purchase and sale of plant and equipmentAnswers:a.) Earnings Activitiesb.) Financing Activitiesc.) Operating Activitiesd.) Investing Activities
The cash flows from the sale and purchase of equipment and plant are shown as investing activities just on cash flow.
What is purchase definition in accounting?Definition. All items and services purchased for sale or consumption throughout the production process are included in purchases of products and services, excluding capital goods whose consumption is recorded as consumption on fixed capital.
What is sales and purchase?A person can obtain the ownership of certain items or properties in their name from another party through the procedure of purchase in exchange for payment of money. Similar to that, a sale is a procedure used to transfer ownership of certain items or properties from one person (the seller) to another.
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you are about to start a new job and are told that you must have a medical exam prior to employment to determine your:
A pre-employment physical enables employers to assess the general health of potential hires so they may make educated hiring decisions.
To make sure new hires are physically and psychologically competent of performing the duties of the position, employers may ask them to undergo a pre-employment physical. Many businesses often include a pre-employment physical in the onboarding process, especially if they want to make sure the employee is physically fit to carry out the duties of the position. The length of the pre-employment physical depends on the requirements of the job.
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suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. what would we expect to happen to the equilibrium price and quantity in the market for wheat today?
even when both purchasers and sellers think the cost of wheat will rise in the future. Then, in order to demand much higher selling price later on, providers will restrict supply.
The term "price" is what?the amount of money, but rather its equivalent, being used to buy, sell, or conduct any other type of transaction. an incentive offered for both the capture of a person, whether they be alive or dead: The authorities imposed the penalty on his head.
Why is price important?or each person demands a price. They are said to be able to persuade anyone to commit an immoral or dishonest act if they are given enough money. Regardless of whether or not it be true that almost every guy has a price, there will always be some who do. Dictionary of Simple Idioms for Learning.
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production has indicated that they can produce widgets at a cost of $6.00 each if they lease new equipment at a cost of $15,000. marketing has estimated the number of units they can sell at a number of prices (shown below). which price/volume option will allow the firm to avoid losing money on this project?
Leasing new equipment at $15,000 and selling 150 units of widgets at $12 each will result in a profit.
Price Quantity
$15 100
$12 150
$10 200
$12 per unit and selling 150 units.
Leasing the new equipment at $15,000 and selling 150 units of widgets at $12 each will allow the firm to avoid losing money on this project. At this price, the firm will make a profit of $3,000 since they will receive $1,800 in revenue from the sales of the widgets and will only spend $1,500 on the cost of producing the widgets. Thus, this price/volume option will allow the firm to make a profit on the project without incurring a loss.
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scarcity exists because question content area bottom part 1 a. people take too much leisure time. b. some people make bad economic decisions. c. some individuals have low income. d. the costs of production are high. e. human wants exceed the resources available to satisfy them.
The best option that why scarcity exists is because human wants exceed the resources available to satisfy them. (D)
This is mainly because resources are limited, whereas human needs and desire are unlimited.
For example, individuals have an unlimited number of needs and desires , such as purchasing a new car, clothing, or electronics, but the resources available to fulfill these needs are very limited in numbers.
When it comes to the need and desire of the society or any groups such as the need of improved infrastructure, education, and healthcare. Unfortunately, the resources available to satisfy these collective needs are very limited, leading to scarcity.
In order to address these issue, it is important to create policies and strategies that increase the availability of resources and optimize their usage.
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What happens to the market if a third supplier enters the market?
If a third supplier joins the market, the supply will rise, keeping everything else unchanged.
How does the supply curve change as additional vendors enter the market?The supply curve may be impacted by how many vendors there are for a certain good on the market. When new vendors enter a market, the supply there tends to rise, and when vendors leave a market, the supply there tends to fall.
What is the impact of seller density on the supply curve?In an industry, a change in the number of suppliers affects the quantity offered at each price, which alters supply. The supply curve moves to the right when there are more sellers offering a good or service.
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