Answer:
Customer relationship management (CRM) is the combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve customer service relationships and assist in customer retention and drive sales growth.
Customer relationship management (CRM) is a tool used to manage all interactions and connections between your company's clients. The goal is simple: develop business relationships so that your firm can grow.
What various forms of customer relationship management exist?CRM programs go into one of four categories: operational, analytical, collaborative, or strategic. Every one is designed to achieve a specific business goal. Many businesses either use a variety of CRM systems or have developed a special CRM solution that combines elements from all the systems.
What are the four components of the customer relationship management process?The four key components of CRM implementation—technology (applications and infrastructure), strategy (business goals and objectives), process (procedures and business regulations), and people—must all be considered (organizational structure, skills, and incentives).
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Why is it important for a student to reflect on their experiences as they create their career portfolio?
A.
Employers will expect students to have done this already.
B.
Doing so can help students analyze their weaknesses and strengths.
C.
Doing so can help students improve on the Myers-Briggs test.
D.
This practice is an important part of earning an International Baccalaureate.
It is important for a student to reflect on their experiences as they create their career portfolio because doing so can help students improve on the Myers-Briggs test.
What is portfolio?A portfolio is a collection of work that showcases a person's skills, experience, and accomplishments. It is typically used to demonstrate an individual's qualifications for a job, university admissions, or other opportunities. A portfolio can include documents, artwork, photographs, websites, and other media that highlight the individual's skills, talents, and abilities. It is a reflection of the individual's professional development and capabilities. Portfolios can also be used as a tool for self-assessment, reflection, and goal setting. They provide evidence of learning and growth, and they serve as a way to show employers or other stakeholders what a person can achieve. Portfolios can be created online or in a physical format, and they may include a variety of items such as resumes, letters of recommendation, awards, certificates, and samples of work.
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As a Kaizen facilitator, your purpose and scope statements will help you plan your agenda successfully and in detail. Which would result from a generalized scope statement?
Select an answer:
A determination of what the event will focus on.
A guide to keep team members on track.
Prevention of scope creep.
Promotion of scope creep.
Promotion of scope creep is the result from a generalized scope statement.
What is the solution of scope creep?Prior to project beginning, it is important to clearly define the project's needs, confirm that all stakeholders agree on these objectives, communicate the risks of scope creep clearly, develop a clear scope creep management plan, and train stakeholders to implement this control plan.
Projects are badly impacted by scope creep in a number of ways, typically because the amount of work grows but not the budget or schedule. It's well known that scope creep makes team members anxious, causes projects to go over budget, and diverts attention from the initial deliverables. Every project manager should be proficient in managing scope creep and making plans for scope modifications.
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Julie Leung, an employee of the Import Company, worked 172 hours during the month of January 2021. Her pay rate is $12.50 per hour, and her wages are subject to no deductions other than income taxes, EI, and CPP. The overtime premium is 50% and is applicable to any time greater than 160 hours per month.
Calculate her regular pay, overtime premium pay, gross pay, total deductions, and net pay. Use the below tables to determine the EI, CPP and income tax deductions (assume claim code 1). (Round the final answers to 2 decimal places.)
Julie Leung receives $2150.00 in regular pay, $225.00 in overtime premium pay, $2375.00 in gross pay, $407.10 in total deductions, and $1967.90 in net compensation.
What are deductions?Deductions are amounts that are subtracted from a person's income, usually for tax or other government-mandated purposes, such as Employment Insurance (EI) and Canada Pension Plan (CPP) contributions. Deductions can also include voluntary contributions to retirement plans, health insurance, or other benefits offered by an employer. The amount of deductions taken from a person's income can vary depending on their income level, the jurisdiction they live in, and other factors.
For example, in Canada, employees are required to contribute to the EI and CPP programs, which provide financial support in the event of job loss, disability, or retirement. The amount of EI and CPP deductions is based on the employee's income level and is calculated as a percentage of their earnings. In addition, income tax is also deducted from an employee's pay based on their income level and the tax rate for their jurisdiction.
To calculate Julie Leung's pay, we need to consider both her regular pay and her overtime premium pay:
Regular Pay:
172 regular hours x $12.50 per hour = $2150.00
Overtime Premium Pay:
12 overtime hours x $12.50 per hour x 1.5 = $225.00
Now we can calculate her gross pay by adding her regular pay and overtime premium pay:
Gross Pay:
$2150.00 + $225.00 = $2375.00
Next, we need to calculate her deductions for income tax, EI, and CPP. We will use the provided tables and assume claim code 1:
Income Tax Deductions:
Using the federal tax table, we find that Julie's income tax deductions are $240.10.
CPP Deductions:
For 2021, the CPP contribution rate is 5.45% of eligible earnings, up to a maximum of $61,600. Since Julie's gross pay is less than the maximum, her CPP deduction is calculated as:
$2375.00 x 5.45% = $129.49
EI Deductions:
For 2021, the EI contribution rate is 1.58% of insurable earnings, up to a maximum of $56,300. Since Julie's gross pay is less than the maximum, her EI deduction is calculated as:
$2375.00 x 1.58% = $37.51
Now we can calculate her total deductions by adding up the income tax, CPP, and EI deductions:
Total Deductions:
$240.10 + $129.49 + $37.51 = $407.10
Finally, we can calculate Julie's net pay by subtracting her total deductions from her gross pay:
Net Pay:
$2375.00 - $407.10 = $1967.90
Therefore, Julie Leung's regular pay is $2150.00, her overtime premium pay is $225.00, her gross pay is $2375.00, her total deductions are $407.10, and her net pay is $1967.90.
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Which of the following statements are true about natural monopoly
1. 5g lte company must own a scare resource
2. 5g lte company is experiencing diseconomies of scale
3. It’s more efficient on the cost side for one producer to exist in this market rather than a large number of producers
4. 5g lte company is experiencing economies of scale
Without government regulation, natural monopolies cannot generate zero profit. This assertion is accurate. Monopolies maximise profit, and despite the absence of any government regulation, they eventually turn a profit.
A natural monopoly is which of the following?Tap water is an illustration of a natural monopoly. Given the significant capital expenditures associated with establishing a nationwide network of pipes and sewage systems, it makes logical to have only one company provide a network of water pipes and sewers.
Which statement on the perfect competition MCQ is accurate?A vast number of sellers or businesses are required for ideal competition to exist. The second essential requirement of a perfect market is homogeneous commodities.
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Now that you have a signed listing contract and many of the required disclosures, you need to develop a plan to market the property. Some of the obvious steps are to post the property on the local MLS and to put a sign on the front lawn. But it should not stop there.
All of the answers are correct. Communication skills are essential for successful salespeople, and all of the options listed are important to consider when communicating with potential buyers.
What is Communication skill?Communication skills refer to the ability to effectively exchange information, whether verbally or non-verbally. This includes both speaking and listening, as well as the ability to effectively interpret and respond to both spoken and unspoken messages. Examples of communication skills include active listening, open-mindedness, empathy, respect, collaboration, assertiveness, and the ability to give and receive feedback. These skills are important in any context, from interpersonal relationships to professional interactions. Developing strong communication skills can help you build relationships, increase your confidence, and advance in your career.
Listening is as important as talking, and face-to-face communication is often the most effective two-way communication. While letters can sometimes be a one-way form of communication, they are not necessarily the least effective.
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A printing press was purchased 4 years ago for $100,000. The current market value is
$45,000, which will decline as follows over the next 5 years: $40,000, $33,500, $28,000,
$24,000, and $17,000. The O & M costs are estimated to be $16,000 this year. These costs
are expected to increase by $5,000 per year starting year 2. MARR = 10%.
The EUAC for defender in year 2 is
A. $31,600
B. $28,357
C. $34,100
D. $25,400
Answer:
To calculate the EUAC (Equivalent Uniform Annual Cost) for defender in year 2, we need to calculate the present worth of all costs associated with the defender printing press and then convert it to an equivalent annual cost.
First, let's calculate the present worth of the costs associated with the defender printing press:
PW = -P - A(P/A, i, n) - G(P/G, i, n)
where:
P = initial cost = $100,000
A = annual O&M cost = $16,000
G = salvage value = $40,000 (since the market value at the end of year 2 is $40,000)
i = MARR = 10%
n = number of years = 2
PW = -$100,000 - $16,000(P/A, 10%, 2) - $40,000(P/G, 10%, 2)
PW = -$100,000 - $16,000(1.7355) - $40,000(0.8264)
PW = -$100,000 - $27,848 - $33,056
PW = -$160,904
Next, we need to convert the present worth to an equivalent annual cost:
EUAC = PW(A/P, i, n)
EUAC = -$160,904(A/P, 10%, 2)
EUAC = -$160,904(0.1627)
EUAC = -$26,181
However, we need to add the annual increase in O&M costs of $5,000 starting in year 3 to this EUAC. So, the EUAC for defender in year 2 is:
EUAC = -$26,181 + $5,000
EUAC = -$21,181
Therefore, the answer is not one of the options provided.
Different cash flow. Given the cash inflow in the following table, what is the present value of this cash flow at
6%, 13%, and 22% discount rates?
What is the present value of this cash flow at 6% discount rate?
(Round to the nearest cent.)
exa
Data table
(Click on the following icon in order to copy its contents into a spreadsheet.)
Year 1:
$2,000
Year 2:
$8,000
$0
Years 3 through 7:
Year 8:
$24,000
Answer:
To calculate the present value of the cash flow at different discount rates, we can use the present value formula:
PV = CF1/(1+r)^1 + CF2/(1+r)^2 + ... + CFn/(1+r)^n
where PV = present value, CF = cash flow, r = discount rate, and n = number of years.
At 6% discount rate:
PV = $2,000/(1+0.06)^1 + $8,000/(1+0.06)^2 + $24,000/(1+0.06)^8
PV = $1,886.79 + $7,056.64 + $12,518.33
PV = $21,461.76
At 13% discount rate:
PV = $2,000/(1+0.13)^1 + $8,000/(1+0.13)^2 + $24,000/(1+0.13)^8
PV = $1,769.91 + $6,156.63 + $8,565.98
PV = $16,492.52
At 22% discount rate:
PV = $2,000/(1+0.22)^1 + $8,000/(1+0.22)^2 + $24,000/(1+0.22)^8
PV = $1,652.89 + $5,184.50 + $4,303.07
PV = $11,140.46
Therefore, the present value of the cash flow at 6%, 13%, and 22% discount rates are $21,461.76, $16,492.52, and $11,140.46, respectively.
The federal government announces new rules and regulations about the minimum wage workers can earn, the maximum number of hours they can work in a week, and the reasons they can sue their employers. Which career is MOST likely to work with these new rules and regulations?
A.
human resources management
B.
web development
C.
cryptocurrency development
D.
general contracting
Answer:
b or d
Explanation:
they're the lowest payment
People who work on commission usually get paid the same amount every month.
A.
True
B.
False
TB MC Qu. 09-137 (Algo) Kragle Corporation reported the following...
Kragle Corporation reported the following financial data for one of its divisions for the year, average assets of $570,000; sales of $1,030,000; and income
of $125,660. The investment center profit marginis:
Multiple Choice
Suppose a shift of the labor-demand curve results in an increase of $5 in the equilibrium wage. How does this shift affect the value of the marginal product of labor?
When the labor-demand curve shifts, it means that the demand for labor has changed, which affects the equilibrium wage. If the equilibrium wage increases by $5, it means that employers are willing to pay more for each unit of labor they hire.
How does this change the worth of the labor's marginal product?This increase in wage suggests that the marginal product of labor has also increased. The marginal product of labor is the additional output produced when one more unit of labor is hired.
When employers are willing to pay more for labor, it suggests that the output produced by each unit of labor has increased.
This can be due to various reasons, such as technological improvements, increased demand for goods and services, or an increase in the efficiency of production processes.
In summary, a shift in the labor-demand curve that results in an increase in the equilibrium wage suggests an increase in the value of the marginal product of labor.
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All partners in a general partnership have limited liability for the debts of their firm?
Yes, all partners in a general partnership have limited liability for the debts of their firm.
The liability refers to the debts that the business or company have, when they owes it to the third party or creditors.
The statement is right "All partners in a general partnership have limited liability for the debts of their firm" because in general partnership have the unlimited liability but if in the general partnership is having one or more than one partner then the liability have been limited to the each partner for the debts of their firm or company.
The liability have three types which are current liability, long-term liability and contingent liability.
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Explain three (3) benefits that entrepreneurs like Daniel Stewart and his partner, who create business plans before launching their companies reap?
Answer: The major three benefits that entrepreneurs like Daniel and his partner who create business plans are increased clarity in decision making, providing structure, and support for funds.
Explanation: A business plan can help in bringing out clarity to the decision-making process. It also helps in finding out how to get funds for the business and provides structure and defines business management objectives.
Chinese economic growth is the outstanding feature of the world economic scene over the past two decades. a. In 2022, US output was $25.5 trillion, and Chinese output in 2022 was $16.5 trillion. Suppose that from 2022 the output of China grows at an annual rate of 7.9%, whereas the output of the United States grows from 2022 at an annual rate of 2.2%. These are the values in each country for the most recent periods, respectively. Using these assumptions and a spreadsheet, calculate and plot US and Chinese output from 2022 over the next 20 years.
a)How many years will it take for China to have a total level of output equal to that of the United States?
Why are commission-based jobs and careers sometimes stressful?
A.
Commission-based workers aren’t allowed to join unions, so their working conditions vary.
B.
Commission-based workers have to pay extra money for union dues.
C.
People in these jobs don’t always know how much they will make from month to month.
D.
People in these jobs have to use management skills that aren’t needed in other jobs.
C. People in these jobs don’t always know how much they will make from month to month. This uncertainty can be very stressful, as it can be difficult to budget and plan for the future when income is not guaranteed.
What is budget?A budget is a plan that outlines an organization’s income and expenses over a specified period of time. It is used to ensure that organizations can meet their financial obligations, while also meeting their goals and objectives. A budget helps an organization manage its resources by setting out a plan for how to allocate its income, manage its expenses, and use its resources most efficiently. Having a budget in place also allows an organization to anticipate future financial needs and make appropriate decisions to meet those needs. A budget can also be used to set financial goals and measure progress in meeting those goals.
Additionally, commission-based workers are often under pressure to meet sales targets and quotas, which can increase stress levels.
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Quiz . Mention some of the serious. misunderstandings that may lead to removal/ resignation of an auditor?
The misunderstandings that may lead to the removal or resignation of an auditor includes:
unethical behaviorfailure to comply with auditing standardsconflicts of interestlack of independenceand fraudulent activitiesWhat are the serious misunderstandings leading to removal/resignation?The reasons auditor may be removed or resign include situations where the auditor has a financial interest in the company being audited or when he is found to have a personal or business relationship with a member of the company's management team.
Also, where the auditor is found to have violated professional standards, such as failing to properly document their work or failing to exercise due care and skepticism in their work. In all cases, the integrity and independence of the auditor has been compromised.
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Write a 300-350 words speech that highlights the YES (Youth Employment Service)
Programme, its core aims, and the progress made thus far in terms of youth employment and training opportunities as described in the given news report. Your speech has to be compelling, informative, and entertaining such that not just young people, but also older individuals in the audience, will understand the importance of empowering the youth. The news report is meant to provide you with key points for incorporation in your speech, and not be used as a direct copy and paste as your speech. You need to use the information provided in the news report as a means to enhance your own voice and perspective about
the theme of the speech.
Answer:
Good afternoon, distinguished guests, ladies and gentlemen. Today, I am honored to speak about a program that is near and dear to my heart - the Youth Employment Service (YES) Programme. This program aims to address the issue of youth unemployment in our country, and I am thrilled to share with you the progress made thus far in terms of youth employment and training opportunities.The YES Programme was launched in 2018 by the President of South Africa, with the aim of creating one million job opportunities for young people over three years. The core aim of the YES Programme is to provide young people with practical work experience, which will in turn equip them with skills that are needed in the workplace. This program is a public-private partnership, which means that it requires the cooperation and support of both the government and the private sector.Since its launch, the YES Programme has made significant progress in creating employment and training opportunities for young people. According to the latest statistics, the program has created over 83,000 job opportunities for young people. This is a remarkable achievement, and it is a testament to the effectiveness of the program.The YES Programme has also had a positive impact on the lives of young people who have participated in the program. Through the program, young people have been able to gain valuable work experience, which has made them more employable. They have also been able to develop their skills and abilities, which has boosted their confidence and self-esteem.The program has also had a positive impact on businesses that have participated in the program. Through the program, businesses have been able to access a pool of talented and motivated young people, who are eager to learn and contribute to the success of their organizations.In conclusion, the YES Programme is an essential program that is making a significant contribution towards addressing the issue of youth unemployment in our country. The program has created thousands of job opportunities for young people, and it has helped to equip them with the skills and experience needed in the workplace. I urge all of us to support this program and to continue to work towards empowering our youth. Thank you.
The YES Programme helps combat youth unemployment by providing training and job opportunities. It has made considerable progress, with many young people gaining skills and securing jobs. Everyone, regardless of age, is encouraged to support this programme.
Explanation:Good evening everyone, I wish to share with you the impressive strides that the YES (Youth Employment Service) Programme has made regarding youth empowerment and job opportunities. This initiative was built out of the necessity to address the rising unemployment rates among the young generation.
The core objectives of the YES Programme involve incorporating school leavers into the employment sector by providing them with suitable training and work experience. A worthy cause, don't you agree? By driving transformational change, this programme has proven that the saying 'youth are the leaders of tomorrow' isn't just a cliché, but a reality that we are embracing.
Regarding progress, strides have been made that have seen thousands of youth gain invaluable skills and most importantly, secure employment. It's fantastic to report that many corporations and small businesses are steadily embracing the incorporation of these young people into their workplaces.
I would encourage everyone, not just the youth, but also the older generation, to support this programme. Let's all make an effort to empower our youth since their success equates to the success of our nation.
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Which of the following is true of contingent workers?
a.They perform better than permanent employees.
b.They have a highly specialized knowledge base.
c.They always have equal access to employee benefits.
d.Their use requires careful planning.
e.They attract high starting salaries.
Answer:
d. Their use requires careful planning.
Explanation:
Contingent workers, also known as temporary or contract workers, are employees who work on a temporary or flexible basis, typically without the same level of job security and benefits as permanent employees. The statement "Their use requires careful planning" is true because organizations need to carefully plan and manage their contingent workforce, including recruitment, onboarding, assignment of tasks, and monitoring, due to the temporary and often project-based nature of their work arrangements. This includes considerations such as determining the appropriate number of contingent workers needed, identifying the right skill sets for the job, and managing their contracts and performance effectively. Proper planning is important to ensure that contingent workers are integrated smoothly into the workforce and can contribute to the organization's goals and objectives.
Answer:
Their use requires careful planning because a business mainly companies operate on basis of plans made by workers ...
Evaluate the 3 risk scenarios by consulting the table 1, 2 and 3.
1. Score each scenario and which scenario has the highest score in the risk matrix? Why?
2. Which scenario requires urgent precautions and what Tesco should do?
3. What scenario needs to be prepared as soon as it arises periodically?
4. Which scenario needs to be accepted as the risk appetite? To effectively cover the risk,
estimate the size of risk fund?
Risk management involves the process of identifying, assessing, and prioritizing potential risks and taking actions to minimize or control their impact.
What does risk management means in general?Risk management is a process used by individuals or organizations to identify, evaluate, and prioritize potential risks that could adversely affect their objectives or goals. It involves a systematic approach to assessing the likelihood and impact of risks and developing strategies to mitigate or manage them.
The ultimate goal of risk management is to minimize or control the negative effects of risks, while also taking advantage of any potential opportunities that may arise. Effective risk management can help individuals and organizations make informed decisions and improve their overall performance and success.
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what are the similarity's between vision and mission
Answer:
Both a company's vision and mission are important components of its overall strategy and provide guidance for decision-making and goal-setting. Here are some of the similarities between vision and mission statements:
Purpose: Both vision and mission statements outline the company's purpose and reason for existing. They communicate the organization's values, goals, and aspirations.
Future-oriented: Both vision and mission statements are future-oriented. They articulate where the organization wants to be and what it wants to achieve.
Inspirational: Both vision and mission statements are meant to inspire and motivate employees, customers, and stakeholders. They help to create a sense of purpose and direction for the organization.
Strategic: Both vision and mission statements are strategic in nature. They provide a framework for decision-making and goal-setting, and help to ensure that everyone in the organization is aligned towards a common goal.
Explanation:
Answer:
Both a company's vision and mission are important components of its overall strategy and provide guidance for decision-making and goal-setting. Here are some of the similarities between vision and mission statements:
Purpose: Both vision and mission statements outline the company's purpose and reason for existing. They communicate the organization's values, goals, and aspirations.
Future-oriented: Both vision and mission statements are future-oriented. They articulate where the organization wants to be and what it wants to achieve.
Inspirational: Both vision and mission statements are meant to inspire and motivate employees, customers, and stakeholders. They help to create a sense of purpose and direction for the organization.
Strategic: Both vision and mission statements are strategic in nature. They provide a framework for decision-making and goal-setting, and help to ensure that everyone in the organization is aligned towards a common goal.
Explanation:
You are considering the purchase of new equipment for your company and you have narrowed down the
possibilities to two models which perform equally well. However, the method of paying for the two models is
different. Model A requires $5,000 per year payment for the next five years. Model B requires the following
payment schedule. Which model should you buy if your opportunity cost is 8 percent?
Model B should be bought as it has a lower present value of payments than Model A at an 8% opportunity cost.
To compare the payment schedules of the two models, we need to calculate the present value of each payment. For Model A, we would calculate the present value of five $5,000 payments using the formula PV = PMT/(1+r)ⁿ, where PMT is the payment amount, r is the opportunity cost (8% in this case), and n is the number of years. Plugging in the values, we get:
PV = $5,000/(1+0.08)¹ + $5,000/(1+0.08)² + $5,000/(1+0.08)³ + $5,000/(1+0.08)⁴ + $5,000/(1+0.08)⁵PV = $19,762.49For Model B, we would calculate the present value of each payment using the same formula and then add them up. Plugging in the values, we get:
PV = $12,500/(1+0.08)¹ + $10,000/(1+0.08)² + $7,500/(1+0.08)³ + $5,000/(1+0.08)⁴ + $2,500/(1+0.08)⁵PV = $21,141.45Since the present value of Model A's payment schedule is less than the present value of Model B's payment schedule, you should choose Model A. This means you will pay less over the next five years and will have more money available for other investments or expenses.
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Mandarin Company has 9%, 20-year bonds outstanding with a par value of $500,000 and a carrying value of $475,000. The company calls the bonds at $482,000.
Calculate the gain or loss on the retirement of these bonds
The retirement of these bonds will result in a gain of $7,000 for the company .
To calculate the gain or loss on the retirement of the bondsWe must assess how much was spent to retire the bonds in relation to their carrying value:
$482,000 was paid to repay the bonds.
Bonds' carrying value is $475,000.
The company will make a profit on the retirement of the bonds because the sum paid to retire the bonds was higher than their carrying value. The difference between the amount paid to retire the bonds and their carrying value is used to calculate the gain :
Gain on retirement of bonds = Amount paid to retire the bonds - Carrying value of the bonds
= $482,000 - $475,000
= $7,000
Therefore, The retirement of these bonds will result in a gain of $7,000 for the company.
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Brad’s dream is to become an astronaut. Under which career cluster does this fall?
A.
Energy
B.
Government and Public Administration
C.
Transportation, Distribution, and Logistics
D.
Science, Technology, Engineering, and Mathematics
Brad’s dream is to become an astronaut. Under the career cluster this fall is Science, Technology, Engineering, and Mathematics.
What is Engineering?Engineering is the application of science and mathematics to the design, development, and operation of machines, structures, and systems. It is the professional field dedicated to the creation of useful products and solutions that meet the needs of society. Engineering is a creative process that involves problem solving, critical thinking, and the development of new ideas. It is an interdisciplinary field that combines the knowledge of physical sciences, mathematics, and computing to develop solutions to real-world problems. Engineering is used to develop solutions to challenges in areas such as health, energy, transportation, manufacturing, and communication. Engineers use their knowledge and skills to design and implement solutions to complex problems in a variety of industries.
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A printing press was purchased 4 years ago for $100,000. The current market value is
$45,000, which will decline as follows over the next 5 years: $40,000, $33,500, $28,000,
$24,000, and $17,000. The O&M costs are estimated to be $16,000 this year. These costs
are expected to increase by $5,000 per year starting year 2. MARR = 10%.
The foregone interest in year 4 is
A. $2,400
B. $2,200
C. $1,850
D. $0
Answer:
To calculate the foregone interest in year 4, we need to find the opportunity cost of the market value of the printing press at the end of year 4, which is $24,000.
The opportunity cost is the return that could be earned if the market value of the printing press were invested elsewhere. Since the MARR is 10%, we can use this rate as the opportunity cost.
The foregone interest in year 4 is therefore:
Foregone interest = Market value x MARR
Foregone interest = $24,000 x 0.10
Foregone interest = $2,400
Therefore, the answer is A. $2,400.
2. What is the basic difference between cardinal and ordinal approaches of utility? 3. Elaborate the justifications for the negative slope and convexity of indifference curve. 4. Standard indifference curves cannot intersect each other. Why? 5. Does the change in income affect the slope of the budget line? Explain.
Answer:
Explanation:
Utility is a physiological fact that implies the wanting the satisfying power of a good or service. It differs from person to person, as it relies on a person's mental attitude. The measurability of utility is always a controversial subject. The two primary theories for utility are Ordinal Utility and Cardinal Utility. Many traditional economists proposed a view that utility is measured quantitatively like length, height, weight, temperature, etc. This concept is termed a Cardinal Utility. On the other hand, Ordinal Utility expresses the utility of a commodity in terms of more than or less than. Read the article below to understand the difference between Cardinal Utility and Ordinal Utility.
What is an Ordinal Utility?
Ordinal Utility states that the satisfaction a consumer gets after consuming a good or service cannot be scaled in numbers, whereas, these things can be arranged in the order of preference. Two English economists, John Hicks and R.J. Allen 1930 argued that the consumer behavior theory should be introduced based on Ordinal Utility. According to the ordinal approach, utility is a psychological phenomenon like happiness, satisfaction, and welfare. The ordinal theory is highly subjective and differs across individuals. Therefore, it cannot be measured in quantifiable terms.
The function that represents utility of a product according to its preference, but does not provide any numerical figure, is known as an Ordinal Utility. In simpler words, this theory affirms that it is relevant to ask which item is better as compared to others instead of how good is that product. For example, a BMW car is favored more than a Toyota car, but it cannot be determined by what percentage.
Apart from showing a mathematical function, a consumer’s preference can be demonstrated graphically through indifference curves. It becomes easy when there are two types of commodities x and y. Each indifference curve provides coordinates (x,y) when (x1, y1) and (x2, y2) lie on the same curve line and (x1, y1) ~ (x2, y2).
This is an example of an indifference curve map where the preference of goods are shown but not their quantity. Each of the curves represents a combination of two services or goods. The consumers are equally satisfied with the goods and services. The more distant a curve is from the origin, the higher its utility level.
The utility according to this approach can be measured in relative terms such as less than and greater than. This approach states that consumer behavior can be explained in terms of preferences or rankings. For example, a consumer may prefer soft drinks over hard drinks. In such a case, the soft drink would have 1st rank, while 2nd rank would be given to hard drinks
Therefore, as per the Ordinal Utility approach, a consumer observes different pairs of two commodities which would provide him/her the same level of satisfaction. Among these pairs, he/she may prefer one commodity over the other based on how he/she ranks them in order of utility. This implies that utility can be ranked qualitatively rather than quantitatively.
Do you know: In 1934 John Hicks and Roy Allen produced the first paper which declared Ordinal Utility.
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What is Cardinal Utility?
According to classical economists, utility is a quantitative concept that can be measured in terms of a number. Hence they introduced the concept of measuring utility using a cardinal approach. According to this concept, the utility can be expressed similarly to how weight and height are expressed. However, the economists lacked a precise unit for utility. Hence, they derived a psychological unit termed as ‘Util’. Util is not regarded as a standard unit because it varies from person to person, place to place, and time to time. For example, if a person assigns 30 utils to a pizza and 20 utils to a chowmein, we can understand that the pizza has double the capacity to satisfy what humans want.
As util is not a standard unit for measuring utility, many economists, including Alfred Marshall suggested measurement of utility in terms of money that consumers are willing to pay for a commodity. If each rupee is equal to 1 util, a pizza worth Rs 30 has 30 utils and a chow min worth Rs 20 has 20 utils. Hence, the consumer who consumes burgers will yield utility of 30 utils and those who consume chow min will yield utility of 20 utils.
The supply and demand of a product decide its price. Moreover, a person’s desire for a product depends on these three factors:
Price of the item
Income of a person
The cost of other related items
Application of Cardinal Utility
Following are the different applications of Cardinal Utility:
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2. What are your immediate cWhat are your immediate concerns about this move?
3. What are the pros and cons of opportunities in
South Africa?
4. How does the fact that traditional South African
companies are increasing their presence in other
African countries factor into your decision?oncerns about this move?
The major risks for conducting business in South Africa, according to the World Economic Forum's Global Risk Report (GRR), are underemployment and unemployment, critical infrastructure failure, severe social instability, and water issues.
Is South Africa a nation that offers a lot of opportunities?Over half of the continent's more than 400 enterprises with yearly revenue of more than $1 billion are located in South Africa. Despite this, there is a great deal of division in the nation, and a sizable portion of the populace lives in poverty. Because to its separation, South Africa has a fascinating economy with opportunities across various sectors.
What are the top five prospects for South Africa?The agricultural value chain, sophisticated manufacturing, infrastructure, natural gas, and service exports are the five prospects that should be prioritized according to a recent McKinsey Global Institute (MGI) research titled South Africa's big five: Ambitious priorities for inclusive growth.
What factors are impacting the growth of the economy in several African countries?It is true that more countries outside of Africa are becoming markets for South African enterprises. Despite Africa's size, its market is fragmented. Economic growth is influenced by a variety of factors, including political structures, social settings, economic freedom, human capital, and institutional structure. These factors have an effect on both productivity and efficiency.
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If the reserve ratio is 75 percent, the value of the monetary multiplier is:
Answer: if the reserve ratio is 75 percent, the value of the monetary multiplier is 1.33, meaning that for every dollar increase in reserves, the money supply will expand by $1.33.
Explanation: hope it helps
In June, Widgets, Inc. makes on account sales to Customs Motors of $800 and receives a payment of $500 from them. How would this affect the Accounts Receivable control account?
• A. The AR total would be increased by $300.
O B. The AR total would be decreased by $300.
C. The AR total would be decreased by $500.
D. The AR total would be increased by $800
If In June, Widgets, Inc. makes on account sales to Customs Motors of $800 and receives a payment of $500 from them. the affect on the Accounts Receivable control account will be as follows, C. The AR total would be decreased by $500.
What is Accounts Receivable?Accounts Receivable is the Asset of a company, this is the amount that needs to be received by the company from the customer and this is earned income which means the services or goods has been delivered to the customer.
The control account for accounts receivable will be decreased by $500 as the cash received is $500.
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23 is 48% of what? I need to get thr snswer
Answer: 47.92
Explanation:
Which of the following characteristics would classify Bissell Brothers Brewing Company as a small business? Check all that apply.
revenues and assets don’t influence its environment
privately owned
has a social mission
operates online
The following characteristics would classify Bissell Brothers Brewing Company as a small business privately owned.
What entrepreneurial qualities do the two Bissell brothers possess that contribute to their success?The Bissell brothers' success in starting their own firm can be attributed to their confidence and ability to make timely, informed judgments. They picked up entrepreneurial qualities including a high level of energy, autonomy, and self-sacrifice.
What ought to Bissell Brothers Brewing Company's goal statement be?The goal of Bissell Brothers, which was established in 2013 with a commitment to serving our home state of Maine, is to alter people's conceptions of what beer and the beer experience can be.
To Know more about privately owned.
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