At the beginning of the period, accounts receivable had a debit amount of $10,000, and at the end of the period, it had a debit balance of $6,000.
A drop of $4,000 will be added to net income as a result of the adjustment to net income for the period, which is based on this information.
What happens when the amount of accounts receivable increases over time?
An increase in an organization's accounts receivable balance indicates that more income has been generated with credit payments; consequently, more cash payments will need to be collected in the future. The amounts billed to the consumers who made credit payments, on the other hand, were received in cash if a company's A/R balance decreased.
What causes a decline in accounts receivable?
The ratio decreases when the balance of accounts receivable grows more quickly than sales grow. A decreasing ratio is mostly brought about by changes to the company's credit policy and growing issues with timely receivables collection.
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it is 2017, and you work for a prestigious man- management consultant firm whose client is a large agribusiness company that is considering acquiring an ownership stake in several u.s. yellow perch farming operations. (the yellow perch is a fresh fish found in the united states and raised commercially for sale as food.) as a member of the consulting team working on this project, you have been assigned the task of understanding why the u.s. farm-raised perch industry has evolved as it has over the last six years.
To identify organizational difficulties, collect and evaluate data, develop and implement solutions, and engage with company executives and business leaders.
Man management skills: what are they?
Technical talents are easier to define than people management abilities, commonly referred to as "soft skills." Simply said, they are the abilities you need to manage your employees effectively and to effectively handle, engage with, and lead them. They include abilities like workplace communication, trust, and patience, to mention a few.
What are the three categories of skills?
There are three categories of skills: self-management, functional, and specialized knowledge. Functional skills are innate aptitudes or capabilities that are refined through practice and education. Examples include choosing a course of action, fixing machinery, or figuring taxes.
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when the loacal grocvery store puts cereal on sale, reducing its prie form 4.40 per item to 3.40 per item, the quanitiy sold increases from 220 per week to 230 per week
The price elasticity of demand is 0.17, which means it is inelastic.
The price elasticity of demand is defined as % change in quantity divided by % change in price.
Formula for:
% change in price = (P2 - P1) / [(P1 + P2)/2] x 100%
% change in quantity = (Q2 - Q1) / [(Q1 + Q2)/2] x 100%
Then,
Price elasticity of demand = % change in quantity / % change in price
Parameters given in the problem:
% change in price = (3.40 - 4.40) / [(3.40 + 4.40)/2] x 100%
= - 25.64%
% change in quantity = (230 - 220) / [(230 + 220)/2] x 100%
= 4.44%
Price elasticity of demand = % change in quantity / % change in price
= 4.44% / (- 25.64%)
= 0.17
Complete question:
When the local grocery store puts cereal on sale, reducing its price from 4.40 per item to 3.40 per item, the quantity sold increases from 220 per week to 230 per week, what is the price elasticity of demand?
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the purpose of the statement of cost of goods manufactured is to select one: a. calculate the cost of goods transferred to finished goods inventory during the period. b. calculate cost of goods sold. c. calculate net income. d. both a and b.
When the statement of cost of goods manufactured is made, it is to calculate the cost of goods sold and of finished goods inventory so the answer is d. both a and b.
What is the statement of cost of goods manufactured?The statement of cost of goods manufactured is used to show the cost that a company incurred in order to be able to produce the goods that it is selling to the consumer.
The statement of cost of goods manufactured allows us to see the cost of goods that would be transferred to the finished goods inventory which is then used in the calculation of cost of goods sold.
This means that the statement of cost of goods manufactured is also important in the calculation of cost of goods sold which on its own is important because it allows a company to find out its gross profit. This is done when the cost of goods sold is deducted from the revenue.
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when henry receives the rfp issued by one of his customers, he notices that the company has changed its specifications since it placed a previous order with him. his company's products do not meet the new specifications. in this situation, being the current vendor
As Gregor receives the RFP but notices that the company has changed its specification which means the company's products do not meet the new specifications. In this situation, being the current vendor will probably not be an advantage in getting the new order.
What is the meaning of RFP?Basically, a RFP means a request for proposal; it is a business document that announces a project, does describes and solicits bids from a qualified contractors to complete it. It is also used as the project announcement that is posted publicly by an organization indicating that bids for contractors to complete the project are sought.
Whichever way, its helps to define the project for the company that issues it as well as the companies that respond to it, as well, as the project's goals and the organization that is sponsoring it and outlines the bidding process and contract terms.
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A company’s hr department is overwhelmed with a constant flood of résumés submitted through its website and in response to the ads it places for job vacancies. Derrick, the department’s manager, is concerned that the company will overlook excellent candidates because employees don’t have time to carefully evaluate or remember all the applicants. How might an applicant-tracking system help the department?.
If Derrick, the department’s manager, is concerned that the company will overlook excellent candidates . How an applicant-tracking system can help the department is : by matching information in resumes against the company's selection criteria and then storing records for future searches
What is applicant-tracking system?An applicant-tracking system can be defined as the process of making use of computer software to track all the resumes or cv that was submitted by applicant in which the best resume or the resume that best meet the company requirement or criteria based on the skills and experience that the applicant have in their resume are ranked first above all other resume.
Most companies or organization tend to make use of applicant-tracking system as this will enables them to screen out less qualified candidate that does not meet the company requirement.
Therefore we can conclude that applicant-tracking system can enables company to choose the candidates that meet the company selection criteria.
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in may 2019, texas reported a civilian labor force of 14,012,711. the number of employed people was 13,516,387. what was the unemployment rate?
The unemployment rate is 3.5 %.
What is unemployment ?According to the OECD, the unemployed are people over a certain age who are not in gainful employment or self-employed but who are currently working during the reference period. The unemployment rate is measured by the unemployment rate. The unemployment rate is the number of unemployed people expressed as a percentage of the labor force. Unemployment, the condition of a person who is able to work and is actively looking for work but is unable to find one.It is important to note that in order to be considered unemployed, a person must be an active member of the workforce and seeking gainful employment. These include recessions, recessions, technological improvements, job outsourcing, and voluntarily leaving a job to find another job. Unemployment mainly has three types of him. Cyclical unemployment, structural unemployment, and frictional unemployment.To learn more about unemployment from the given link :
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brushes and co. produces toothbrushes and is considering adding a new production line with newer technology. this process is consistent with decisions because . group of answer choices long-run production, capital is being changed short-run production, capital is being changed. long-run production, raw materials are being changed. short-run production, raw materials are being changed.
brushes and co. produces toothbrushes and is considering adding a new production line with newer technology. this process is consistent with decisions because long-run production, capital is being changed.
What is capital?This is the term that is used to describe the amount of money that a person would have put into a business. The capital has to do with the financial aspect and all of the machineries that would be used in the production process.
What is the long run production?At a period of time when all of the factors that are used in the production of goods and services would fluctuate, the long run production is one that is known to happen.
This is what happens despite the factors that businesses would have to incorporate in order to be able to achieve the goods and the services that they produce.
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blake is in the process of buying a new car. he is highly involved in the purchase and perceives significant differences among his three favorite models. blake's next step is most likely to be
Based on the fact that Blake has perceived significant differences between the models, the next step in buying is most likely evaluation of alternatives.
What is the next step in purchasing?Blake wants to buy a car and already knows that there are significant differences between the models of cars that he wants to buy.
This means that his next step would then be to evaluate those cars based on those significant differences that they have, and his preferences.
Options for this question include:
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Discussion Prompt
Give an example of the price of a good changing. Explain what determinant of supply or demand you think led to this change. (For example, the price of laptop computers has decreased in recent years due to technological change.)
(a) An example of the price of a good changing is the price of laptop which has been changing due to the increase need by its users.
(b) A major determinant factor which has been affecting the price of laptops include its price and high level of technological advancement.
Understanding the determinant factors which affects the price of commodities in the labour market.There are several factors which usually, frequently and most of the time affect the supply or demand of a particular commodity. These factors include:
The price of the commodity The prce of others related commodities.Technological advancementGovernment policiesNatural conditions.As a result of the fact that people demand alot for laptops, it price changes from time to time in order to meet its supply.
That being said, because the internet is the future, many now need laptops to access or trap into several online opportunities which in the long run affect the price, demand and supply of laptops and other commodities.
In conclusion, the determinant of demand and supply which led to decrease in price of laptop computers is technological change because at improved technology, the cost of producing laptop decrease thereby causing a decrease in price of laptop and increase in demand for laptop.
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when reimbursing the petty cash fund: multiple choice petty cash is debited. cash is debited. appropriate expense accounts are debited. petty cash is credited. no expenses are recorded.
When reimbursing the petty cash fund appropriate expense accounts are debited.
Petty cash is any small amount of cash used for expenses where payment by check is impractical due to the hassle and cost of writing, signing, and cashing checks.
Petty cash is a small amount of cash held on company premises to meet small cash needs. Examples of these payments are office supplies, cards, flowers, etc. Postage is kept in a small cash drawer or box near where you need it most.
Every business needs petty cash to make small transactions on a daily or weekly basis. Instead of having to use a check all the time, think of it as a small amount of cash to keep on hand for "small" expenses.
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according to the authors of the 2018 annual global risks perception survey (grps), which of these considers the systemic dynamics within the organization itself?
Structural resilience considers the systemic dynamics within the organization itself. The ability of buildings and systemic dynamics to quickly resume normal use after a shock incidence or event is known as structural resilience.
Adopting all related components of avoidance, decrease, or removal of recognized threats or hazards is crucial for success in this endeavor. Similar to this, community Structural resilience is defined by Bruneau et al. (2003) as the capacity of social units to reduce risks, control the impacts of systemic dynamics when they happen, and carry out recovery tasks to limit social disturbance and lessen the effects of upcoming earthquakes. preparing for potential catastrophic scenarios.
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Your job is to cold call people and sell
them life insurance. You do some
research and find out that the life
insurance policy could be purchased
cheaper online. Your boss forbids you
to tell the customer this and expects
you to sign up at least 5 new
customers per day.
What will you do?
I believe I would be cheating customers if I don't do right by them. I would prefer to look for a new job than do something that is ethically wrong and against my morals.
As an employee, I would first try to figure out a way to do right by the customers and reduce the insurance fee. I would try to explain to my boss how we could benefit and increase our customer base if we reduce the fees.
If I fail at getting the price change. I would try looking for a new job that fits well with my morals. Till the time I get a new job, I would try working the same job and explaining to the boss.
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assume the economy in the united states has a break-even point of $4,500 billion. businesses plan to invest $78 billion. government purchases $864 worth of goods and services. exports are $458 billion. imports are $432 billion and net exports is $26 billion. for every one dollar change in disposable income, households spend 75 cents. the labor force in this economy is 154,432,000. the population is 265,752,000. 9,765,000 people are not working but actively seeking work. 1. what is the mpc in this economy? 2. what is the multiplier in this economy? 3. what is the equilibrium gdp in this economy? 4. what is the gdp gap in this economy if the nru is 5%? 5. by how much should government increase (or reduce) spending to close the gdp gap?
Now The government should increase spending by 157/4 = 39.25 Billion $ to reach the equilibrium GDP level
What is GDP?
GDP is the total monetary or market worth of all finished goods and services produced inside a country's borders in a certain time period. It serves as a comprehensive assessment of a country's economic health because it is a wide measure of entire domestic production.
GDP is normally estimated on an annual basis, although it is also calculated on a quarterly basis. In the United States, for example, the government publishes an annualised GDP estimate for each financial quarter as well as for the entire calendar year. Because the data in this report is presented in actual terms, it has been adjusted for price fluctuations and is thus net of inflation.
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a company has net sales of $861,000 and cost of goods sold of $571,000. its net income is $102,900. the company's gross margin and operating expenses, respectively, are:
A company with net sales of $861,000, COGS of $571,000, and net income $102,900 will have gross margin 33.7% and operating expenses $187,100.
Revenue is the amount of money generated from sales.
The net sales of the company is $861,000. This is the revenue.
From the revenue, we can calculate the gross profit:
Gross profit = Revenue - COGS
Where:
COGS = Cost of goods sold
Substitute COGS = $571,000 and revenue = $861,000 into the formula:
Gross profit = $861,000 - $571,000 = $290,000
Gross margin = gross profit / revenue
Gross margin = $290,000 / $861,000 = 0.337 = 33.7%
Net income = Gross profit - Operating expenses
$102,900 = $290,000 - Operating expenses
Operating expenses = $290,000 - $102,900 = $187,100
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Which asset is the most liquid?
A. A certificate of deposit
B. An individual retirement account
C. Commercial real estate
D. Residential real estate
if the government imposes an excise tax in a market in which the demand curve is perfectly inelastic, the burden of the tax will fall completely on the and the deadweight loss will equal .
If the government imposes an excise tax in a market in which the demand curve is perfectly inelastic, the burden of the tax will fall completely on consumers and the deadweight loss will equal zero.
The deadweight loss depends on both the inelasticity of supply and demand. If either of them is perfectly inelastic, the deadweight loss will become zero.
The burden of tax can fall on consumers or on producers depending on which curve is more inelastic. If the demand curve is more inelastic, the tax burden will far more on the consumer. In the given case, the demand curve is perfectly in elastic, so the entire burden of the tax will fall on the consumer.
However, if the supply curve is more inelastic, the tax burden will fall more on the producer.
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mobius, incorporated, has a total debt ratio of .42. a.what is its debt-equity ratio? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)b.what is its equity multiplier? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
The debt-equity ratio of Mobius is 0.72 times and its equity multiplier is 1 + Debt equity ratio, which is equal to 1.72 times.
The debt-to-equity magnitude relation (D/E) is a financial ratio indicating the relative proportion of shareholders' equity and debt used to finance a company's assets. Closely connected to leveraging, the ratio is additionally famous as risk, gearing, or leverage.
The 2 elements are usually taken from the firm's balance sheet or statement of monetary position (so-called book value), however, the ratio can also be calculated victimization market prices for both, if the company's debt and equity are publicly traded, or employing a combination of value for debt and market value for equity financing. Preferred stock can be thought about as a part of debt or equity. Attributing preferred stock to at least one or the opposite is partly a subjective call but also will take into account the precise options of the well-liked shares.
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. the code of ethics protects: a. the buying and selling public. b. only realtors®. c. the real estate licensing authorities. d. real estate association executives.
The code of ethics protects only realtors.
Realtors facilitate real estate transactions for clients buying and selling homes. They operate on a commission model. In other words, you get a percentage of the sale price of the property.
Therefore, the terms ``real estate agent'' and ``property seller'' are almost synonymous. basically the same meaning. Realtors Once approved as a seller, you can represent clients in real estate transactions and work as a commission-earning real estate agent.
This is a procedural tool that allows a private uninjured prosecutor to contact the Attorney General to seek approval or an injunction to initiate declaratory judgment or injunctive relief on behalf of the Attorney General.
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samuel works for a company that provides health care benefits to all its insured employees. however, every time samuel visits a physician, he is required to pay a fixed amount of $20 from his own pocket, whereas the rest of the amount is covered by the medical insurance. the $20 that samuel has to pay is an example of a(n) .
If the rest of the amount is covered by the medical insurance. the $20 that Samuel has to pay is an example of a(n) : deductible.
What is deductible?Deductible can be defined as the way a policy holder with an insurance company is expected to pay some certain amount out of their pocket in which the remaining amount for the insurance coverage is been paid by the insurance company.
The scenario illustrate what is called deductible based on the fact Samuel is expected to pay fixed sum out of his pocket while the remaining sum is covered by the insurance company
Therefore we can conclude that the deductible amount paid by Samuel is the fixed sum of $20.
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The lowest payment does not necessarily mean the best credit plan. If your car loan is a long period of time, you may end up owing more than the car is worth, which is called.
That's called “negative equity, also considered as the “upside down” or “underwater” on a loan — which means to owe more on a vehicle than its actual worth.
Negative equity is when your goods become worth less than the remaining value of your mortgage. To be in it, the value must be less than the amount you still owe on your mortgage.
A spinning line of credit is a course of action between a person and a bank to borrow a loan on a short-term premise to meet brief cash setbacks.
Banks that issue a spinning line of credit ordinarily charge a start expense to begin the credit and set a most extreme for the sum borrowed which is regularly the customer's credit restrain.
Falling local property values and missing the number of payments can cause negative equity. This is a problem that can make selling more difficult. if the negative equity is too much to calculate the Loan-to-Value ratio (LTV).
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a project team discovers an efficient process to more quickly develop a product. the program manager implements the idea in several other projects. when the portfolio manager learns that the more efficient process is working across several projects, they recommend it to several programs. this scenario exemplifies which best practice?
The portfolio manager suggests it to several programs once they discover that the more effective procedure is being used across a number of projects. The best example of continuous improvement practice is this scenario.
What is a practice of continuous improvement?Kaizen, or continuous improvement, is a process for finding opportunities to eliminate waste and streamline work. The practice, which is now utilized by thousands of businesses worldwide to find cost-saving opportunities, was formalized by the success of Lean, Agile, and Kaizen in manufacturing and business.
Numerous of these ideologies work well when combined. For continuous improvement, Kaizen and Kanban, for instance, can work together. The right tool for the enterprise integrates continuous improvement in an automated, scalable solution, even though it can be practiced without a formalized version of a Lean and Agile method.
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gaap and ifrs rules for publicly traded companies blank . multiple select question. require segmented financial data be included in annual reports create problems in reconciling internal and external reports require that the same method be used for both internal and external segment reporting create incentives for companies to use the contribution margin format in segment reporting
The rules by GAAP and IFRS for public companies are such that they:
require segmented financial data be included in annual reports create problems in reconciling internal and external reports require that the same method be used for both internal and external segmentWhat do IFRS and GAAP agree on?U.S. GAAP are the accounting rules that apply to public companies in the United States while the International Financial Reporting Standards (IFRS) are meant for more than 166 countries around the world.
Both U.S. GAAP and IFRS agree on several things such as the same method of accounting being used for segments of a company that are both internal, and those that are external.
This is done to fulfil the requirement that the financial data of a company should be given according to the business segment in annual reports. Sadly, this makes it difficult to reconcile the external reports of a company, with its internal reports.
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which one of the following statements is correct? group of answer choices if a partner of a liquidating partnership is unable to pay a capital account deficit, the deficit is absorbed by the other partners in the profit and loss ratio of those partners.
The correct option is A.
The required details about profit and loss are mentioned in the below paragraph.
A profit and loss (P&L) statement is a financial statement that describes the revenues, expenditures, and expenses incurred over a certain time, which is commonly a quarter or fiscal year.
Profit or loss on the net. Add any extra money to your gross profits, then subtract your expenses. This is your net income; a positive net income indicates a profit; a negative net income indicates a loss. Even businesses with large gross earnings might incur losses if their expenses spiral out of control.
a statement that shows how net revenue is converted into net income
This statement will help you decide if you have enough cash to pay your payments and forecast how much cash you'll need in the future to fund your business activities.
Thus, option A is the correct option.
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Which one of the following statements is correct?
A. If a partner of a liquidating partnership is unable to pay a capital account deficit, the deficit is absorbed by the other partners in the profit and loss ratio of those partners.
B. Gains and losses from the sale of noncash assets are divided in the ratio of the partners' capital account balances if there is no income-sharing plan in the partnership contract.
C. A loan receivable from a partner is added to the partner's capital account balance in the preparation of a cash distribution plan.
D. Partners may not receive any cash before partnership creditors receive cash when liquidating a partnership.
E. All cash payments to partners are made using their profit and loss ratio when liquidating the partnership.
(COMPLETE QUESTION)
xercise 11-6 (algo) stock issuance for noncash assets lo p1 sudoku company issues 30,000 shares of $5 par value common stock in exchange for land and a building. the land is valued at $241,000 and the building at $372,000. prepare the journal entry to record issuance of the stock in exchange for the land and building.
Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result, consumer surplus in the television market.
Answer:
Explanation:
Consumer surplus always increases as the price of a good falls and decreases as the price of a good rises.
Consumer surplus in the television market may increase, decrease, or remain unchanged.
What do you mean by Experience?The fact or condition of having been impacted by or learning anything by direct observation or engagement is known as experience.
Consumer advantages from market competition are measured economically as consumer surplus. When customers pay less for a good or service than they are willing to, this is known as a consumer surplus.
The consumer surplus would be lower and inequality would be higher if markets lacked competition. Higher producer surplus and greater inequality result from lower consumer surplus. Because of the consumer surplus, consumers can choose from a broader variety of goods.
Therefore, it may increase, decrease, or remain unchanged.
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a is an entity created by law that is separate from its owners. owners are called stockholders or shareholders. these entities can be privately or publicly held. multiple choice question. limited liability partnership sole proprietorship corporation partnership
A corporation, also known as a C corporation, is a legal entity distinct from its owners. Owners are called stockholders or shareholders.
A corporation, also known as a C corporation, is a legal entity distinct from its owners. Corporations can profit, be taxed, and be held legally responsible. Corporations provide the best protection against personal liability for their owners, but they are more expensive to form than other structures. Corporations have many of the same legal rights and responsibilities as individuals. They have the ability to enter into contracts, lend and borrow money, and pay taxes.
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The media is vital to public relations personnel because
A. they also provide spin and press releases just like the public relations department.
B. they provide an outlet for the public relations department to release their statements. CORRECT ANSWER
C. they must help an athlete or organization with damage control.
D. they would rather create controversy and gain more viewers than perform damage control.
The media is vital to public relations personnel because they provide an outlet for the public relations department to release their statements. Hence, option B is correct.
What is a public relations department?The public relations division of a company monitors and assesses public impressions and promotes goodwill and mutual understanding with the public. It improves communication channels and offers novel ideas for creating a two-way flow of information and understanding.
Public relations is "a strategic communication process that builds ties between organizations and their publics that are mutually profitable," according to the Public Relations Society of America. In essence, public relations specialists take care of a business's reputation and public perception.
Thus, option B is correct.
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sterling glass company uses the high-low method to analyze mixed costs. the following information relates to the production data for the first six months of the year. month cost hours january $ 4,610 360 february $ 4,975 520 march $ 5,780 610 april $ 4,575 320 may $ 5,775 920 june $ 5,410 560 what is the estimated total cost at an operating level of 210 hours?
The estimated total cost at an operating level of 210 hours is $4355.
Total cost
Total cost (TC) is the lowest dollar cost of producing some quantity of output in economics. This is the total economic cost of production, which consists of variable cost, which varies according to the quantity of a good produced and includes inputs such as labour and raw materials, and fixed cost, which is independent of the quantity of a good produced and includes inputs that cannot be changed in the short term, such as buildings and machinery, as well as possibly sunk costs. In economics, total cost includes the total opportunity cost (benefits from the next-best alternative) of each factor of production as part of its fixed or variable costs.
Fixed cost = Total cost at highest level - (Total hours at highest level × Variable cost/hour)
= $5,775
(920 x 2)
= $3,935
Cost for 210 hours Fixed costs + Variable costs =
= $3,935+ 210× 2
= $4,355
The estimated total cost at an operating level of 210 hours is $4355.
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pan american refineries, headquartered in houston, must decide among three sites for the construction of a new oilprocessing center. the firm has selected the six factors listed
The revenue maximum is 22.1 million. We see that is equal to 2.50 by the table by linear programming problem.
Set up a linear programming problem and because the problem mentions Boston and New York. Now, for this revenue calculation, multiply 25094 by 76.4 million 3/4 and 279 minutes. 279 4 15 minutes per 60 minutes or more That there is one, so they get six thousand states point. And 21 million divided by four equals four. One million and four seconds. 217 100,000. And the revenue maximum is 22.1 million. We see that is equal to 2.50 by the table.
Here is the complete question-
Pan American Refineries, headquartered in Houston, must decide among three sites for the construction of a new oil-processing center. The firm has selected the six factors listed below as a basis for evaluation and has assigned rating weights from 1 to 5 on each factor: FACTOR FACTOR NAME RATING WEIGHT1 Proximity to port facilities 52 Power-source availability and cost 33 Workforce attitude and cost 44 Distance from Houston 25 Community desirability 26 Equipment suppliers in area 3Subhajit Chakraborty, the CEO, has rated each location for each factor on a 1- to 100-point basis. FACTOR LOCATION A LOCATION B LOCATION C1 100 80 802 80 70 1003 30 60 704 10 80 605 90 60 806 50 60 90. Use linear programming to get weighted score.
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real gdp is more accurate than nominal gdp in making comparisons of output over time because: a) nominal gdp can increase simply because of price increases over time. b) real gdp is not affected by output changes. c) nominal gdp is the hypothetical output that would be produced at full employment. d) real gdp is not affected by changes in productivity or the size of the labor force.
Option (a) nominal GDP can increase simply because of price increases over time is correct.
Real GDP is more accurate than the nominal GDP in making comparisons of output over time because nominal GDP can increase simply because of price increases over time.
What is nominal GDP?Gross domestic product (GDP) that has not been adjusted for inflation is defined as GDP expressed in current prices. The values of all the commodities and services produced during the current reporting period are expressed to obtain current price estimates of GDP.Real GDP corrects the data by fixing the value of the currency, removing any distortion brought on by inflation or deflation.The quantity output for the current year is multiplied by the current market price to get the nominal GDP.Nominal GDP measures broad changes in the worth of an economy over time since it takes current market prices into account without taking inflation or deflation into account. Real GDP is more accurate when determining a country's economic health because it takes inflation into account and takes into account the total increase in price levels.Learn more about nominal GDP here:
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