Answer:
Explanation:
Silvia could consider working in industries such as retail, hospitality, or sales, where she would have frequent interaction with customers. She could also consider roles in customer service, marketing, or public relations, where she would be responsible for managing and maintaining positive relationships with customers.
If Jim, the mechanic who Tony says bought the truck that Betty came to Rally Motors for, actually bought the vehicle, is the dealership liable for deceptive advertising?a. Most likely not, since the ad stated there was only one car at that price, and he bought that one.b. It would depend on whether the dealership was open to the public at 6:00am.c. Most likely since Jim is an employee, he could not take advantage of an advertisement.d. It would depend on whether Jim got an extra employee discount that was not available to the public.
It is crucial for businesses to ensure that their advertisements are accurate and not misleading. However, in this scenario, since the dealership advertised only one vehicle at the advertised price, and Jim purchased that vehicle, the dealership cannot be held liable for deceptive advertising.
The answer to this scenario is option A: most likely not, since the ad stated there was only one car at that price, and he bought that one. This is because the advertisement clearly stated that there was only one vehicle available at the advertised price. If Jim indeed bought that vehicle, the dealership is not liable for deceptive advertising, as they did not falsely advertise the availability of the vehicle.
Option B, stating that liability would depend on whether the dealership was open to the public at 6:00 am, is irrelevant to the scenario. The timing of the dealership's opening hours has no bearing on whether the dealership is liable for deceptive advertising.
Option C, stating that Jim, being an employee, could not take advantage of an advertisement, is also incorrect. There is no law that prohibits employees from taking advantage of advertised deals, as long as they meet the requirements mentioned in the advertisement.
Option D, stating that liability would depend on whether Jim received an extra employee discount that was not available to the public, is also not applicable to the scenario. There is no indication in the scenario that Jim received any special discounts that were not available to the public.
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Mail order selling, catalog sales, telemarketing, interactive media, and televised home shopping are examples of Group of answer choices direct marketing channels. indirect marketing channels. personal selling. internet marketing channels.
The correct answer is that mail-order selling, catalog sales, telemarketing, interactive media, and televised home shopping are examples of direct marketing channels.
Direct marketing involves selling products or services directly to the customer without intermediaries such as retailers.
In this type of marketing, the message is delivered directly to the target audience, which makes it easier to measure the effectiveness of the marketing campaign.
Mail order selling involves the use of mail to sell products. It is a popular form of direct marketing, and it is often used by companies that sell products that are difficult to find in stores.
Catalog sales are similar to mail-order selling, but they involve the use of a catalog instead of a letter.
Telemarketing involves the use of telephone calls to sell products.
This form of marketing is often used to sell services such as insurance, credit cards, and subscriptions.
Interactive media is a type of marketing that involves the use of interactive media such as the Internet, social media, and mobile apps to sell products.
This type of marketing is becoming increasingly popular because of its ability to reach a large audience quickly and efficiently.
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1-Suppose that the benefit of a True Negative went up ten-fold(from$2 to $20). Now, at which threshold is the net profit higher?1-At threshold of 0.52-At threshold of 0.42-When the threshold forSuppose that a trained model produced the following confusion matrix at thresholds of 0.5 and 0.4: Threshold = 0.5 Predictions Predicted Predicted Positive Negative 100 50 Actuals Actual Positive Actu
1. True Negative (TN) - A test outcome where the model correctly predicts a negative result.
2. Threshold - The value at which the prediction is classified as positive or negative.
Given the information, the True Negative benefit increased from $2 to $20. We need to determine at which threshold (0.5 or 0.4) the net profit is higher.
matrix for both threshold values (0.5 and 0.4) including True Positives, False Positives, and also Negatives .False
2. question, we need to calculate the net profit for both thresholds and compare them. Let's assume that the cost of a False Positive and a False Negative is equal at $10 each, and the benefit of a True Positive is $50. Using the confusion matrix provided:
- Threshold = 0.5: True Positive = 80, False Positive = 20, False Negative = 20, True Negative = 80
Net Profit = (True Positive x Benefit) - (False Positive x Cost) - (False Negative x Cost)
Net Profit = (80 x $50) - (20 x $10) - (20 x $10)
Net Profit = $4000 - $200 - $200
Net Profit = $3600
- Threshold = 0.4: True Positive = 90, False Positive = 40, False Negative = 10, True Negative = 60
Net Profit = (True Positive x Benefit) - (False Positive x Cost) - (False Negative x Cost)
Net Profit = (90 x $50) - (40 x $10) - (10 x $10)
Net Profit = $4500 - $400 - $100
Net Profit = $4000
Based on these calculations, the net profit is higher at the threshold of 0.4. Therefore, it is more profitable to use a threshold of 0.4 for this model.
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which of the following is a job function typically not performed by sport public relations specialists? select one: a. crisis management b. facility management c. fostering relationships with media d. generating and managing story ideas
Facility management is a job function typically not performed by sport public relations specialists. Therefore, the correct answer is: b. Facility management.
Sport public relations specialists are responsible for promoting the image and reputation of a sports team, athlete, or organization. They work to build and maintain relationships with the media, manage communications, and promote events and activities. Some of the key job functions typically performed by sport public relations specialists include crisis management, fostering relationships with media, and generating and managing story ideas. Facility management, on the other hand, involves overseeing the physical infrastructure of a building or facility, including maintenance, operations, and safety. While facility management may be an important aspect of running a sports team or organization, it is typically handled by a separate department or team of professionals, such as facility managers or operations managers.
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For firms attempting to maximize profits in a monopolistic competition market, they will produce an output where... O P = MC OMR = ATC MR = MC O MC = ATC OP = ATC
For firms attempting to maximize profits in a monopolistic competition market, they will produce an output where MR (marginal revenue) = MC (marginal cost). This is because in a monopolistic competition market, firms have some market power to set prices, but they also face competition from other firms producing similar goods or services.
Therefore, they need to balance their pricing strategies with the need to keep costs low in order to stay competitive. In the long run, firms in monopolistic competition markets will produce at a level where price equals average total cost (ATC), as this represents the point where they are earning zero economic profits.
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What are some criteria for determining whether a sport product isglobal or not? Give an example of each and explain why
There are several criteria for determining whether a sport product is global or not, including:
1. Geographic reach: A global sport product should have a wide geographic reach, meaning that it is popular and accessible in multiple countries and regions around the world. For example, soccer is considered a global sport because it is played and enjoyed by people in many countries, including Brazil, Spain, Germany, and China.
2. Cultural relevance: A global sport product should be culturally relevant across different regions and societies. This means that it should resonate with people from diverse backgrounds and reflect universal values and interests. For instance, basketball is considered a global sport because it appeals to people of all ages and backgrounds, and its values of teamwork, discipline, and perseverance are universal.
3. Commercial impact: A global sport product should have significant commercial impact and generate revenue from multiple sources, such as broadcasting, sponsorship, merchandising, and ticket sales. This means that it should be attractive to advertisers, investors, and consumers worldwide. An example of a global sport product with a high commercial impact is Formula 1 racing, which generates billions of dollars in revenue each year from broadcasting rights, advertising, and sponsorships.
4. Organizational structure: A global sport product should have a strong and centralized organizational structure that can coordinate and regulate its activities worldwide. This means that it should have well-established governing bodies, rules, and standards that ensure fairness, safety, and integrity. An example of a global sport product with a strong organizational structure is the Olympic Games, which are overseen by the International Olympic Committee and involve thousands of athletes from around the world.
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mark price company uses the gross profit method to estimate inventory for monthly reporting purposes. presented below is information for the month of may. inventory, may 1 $00160,000 purchases (gross) 640,000 freight-in 30,000 sales revenue 1,000,000 sales returns 70,000 purchase discounts 12,000 instructions a. compute the estimated inventory at may 31, assuming that the gross profit is 30% of sales. b. compute the estimated inventory at may 31, assuming that the gross profit is 30% of cost.
a. Estimated inventory at May 31 using gross profit of 30% of sales is $204,000. b. Estimated inventory at May 31 using gross profit of 30% of cost is $232,000.
a. Using the gross profit method and assuming that the gross profit is 30% of sales, the estimated inventory at May 31 is calculated as follows:
Beginning Inventory + Purchases - Cost of Goods Sold = Ending Inventory
$160,000 + $640,000 - ($1,000,000 - $70,000 - $12,000) = $186,000
b. Using the gross profit method and assuming that the gross profit is 30% of cost, the estimated inventory at May 31 is calculated as follows:
Beginning Inventory + Purchases - (Cost of Goods Sold / (1 - Gross Profit Rate)) = Ending Inventory
$160,000 + $640,000 - ($720,000 / 0.7) = $164,000
In both cases, the estimated inventory at May 31 is calculated by subtracting the cost of goods sold from the sum of the beginning inventory and purchases. The difference represents the estimated ending inventory based on the gross profit rate assumption.
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Given current interest rates, it is highly unlikely that the total interest cost on a long term loan such as 30 year mortgage will be any greater than 1/4 of the loan amount. True or False?
The statement 'Given current interest rates, it is highly unlikely that the total interest cost on a long term loan such as 30 year mortgage will be any greater than 1/4 of the loan amount' is False.
The statement is overly generalized and not necessarily true in all cases. The total interest cost on a long-term loan such as a 30-year mortgage will depend on several factors such as the loan amount, interest rate, and the length of the loan term.
While current interest rates may be low, the interest cost on a 30-year mortgage could still be higher than 1/4 of the loan amount if the loan amount is large or if the interest rate is significantly higher.
For example, let's assume a mortgage of $500,000 with an interest rate of 4% over 30 years. In this case, the total interest cost over the life of the loan would be approximately $359,347, which is more than 1/4 of the loan amount.
Therefore, it is important to carefully consider the terms of any loan and to calculate the total interest cost over the life of the loan before making a decision.
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the theory that monetary policy conducted on a discretionary, day-by-day basis leads to poor long-run outcomes is referred to as the moral hazard problem. adverse selection problem. time-inconsistency problem. nominal-anchor problem.
The theory that monetary policy conducted on a discretionary, day-by-day basis leads to poor long-run outcomes is referred to as the time-inconsistency problem.
This problem arises due to the fact that policymakers face short-term incentives and pressures to deviate from their long-term goals. As a result, they may engage in actions that are not optimal for the economy in the long run. This can create uncertainty and instability, which can ultimately harm economic growth and prosperity.
To address the time-inconsistency problem, policymakers often rely on nominal anchors, such as inflation targets, to provide a clear and credible framework for their actions.
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wright co. is a small, privately-held entity established at the beginning of year 1. wright decided to prepare cash basis financial statements. at the end of year 1, the company recorded receivables of $2,000,000 and accrued expenses of $900,000, which were included in the total expenses incurred for the year of $2,200,000, with $1,300,000 paid during the year. cash sales of $1,200,000 were fully recognized for the year. what is the company's cash-basis income/loss from operations at the end of year 1?
By the conclusion of the first year, the company had a $100,000 loss on a cash basis. Keep track of simply your cash outflows and inflows; too much additional information is provided.
Briefing:-$1,300,000 in cash spent on costs during the year
$1,200,000 Loss of $100,000 on cash sales during the year.
If an uncollectible account receivable is written off, does the total amount of assets remain the same?The adjusting entry to record uncollectible accounts expenditure has no impact on the net realizable value of receivables.
Which of the next financial statements is suitable for use by everyone?forecasting money. A financial forecast is a forecasted financial statement that is suitable for general use and is based on the entity's prior performance.
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the number of specialists is increasing because: a.of the development of medical technology. b.primary care physicians are too expensive. c.hospitals are requiring doctors to have the training. d.the training is more cost efficient.
The number of specialists is increasing due to a variety of factors. One of the main reasons is the development of medical technology.
As medical technology advances, medical specialties are created to address the specific needs of each area and require specialized training for the doctors that practice in those fields. Additionally, primary care physicians are becoming increasingly expensive, making specialized care more cost-efficient.
As a result, hospitals are requiring doctors to have specialized training in order to work in their facilities. Furthermore, the specialized training itself is becoming more cost efficient, making it easier for more doctors to pursue these specialties.
All of this contributes to an increase in the number of specialists available.
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Problem #1 The Money Market Use your understanding about the monetary supply and demand model to answer the following questions. a) What are the four determinants of money holding? Explain how they work briefly. (5 Marks)b) Suppose there exists an increase in the quantity of money supply. If people's willingness to hold money remains the same as before, what would people do? What effects can be expected? Show your analysis in a diagram. (6 Marks) c) Repeat the analysis in Part b) under a circumstance of a reduction in the quantity of money supply. (4 Marks)
The four determinants of money holding are : Income level, Price level, Interest rates, Expected future changes in prices. People may decrease spending and investments due to higher borrowing costs, potentially causing an economic slowdown.
The following four factors affect how much money is held:
1) Income level, where higher income leads to higher money demand as individuals can spend more;
2) Price level, with higher prices resulting in higher money demand to maintain purchasing power;
3) Interest rates, as higher rates discourage holding money due to opportunity cost; and
4) Expected future changes in prices, interest rates, or income, which influence current money demand based on future expectations.
If there is an increase in money supply but people's willingness to hold money remains the same, individuals would spend or invest the excess money. This can lead to higher demand for goods and services, increased investment, and potentially inflation.
In a diagram, the money supply curve would shift to the right, resulting in a lower interest rate and higher equilibrium quantity of money.
In the case of a reduction in money supply, the opposite occurs. The money supply curve would shift to the left, leading to higher interest rates and a lower equilibrium quantity of money.
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The price of a bond is equal to a. The present value of the face amount plus the present value of the stated interest payments. b. The future value of the face amount plus the future value of the stated interest payments. c. The present value of the face amount only. d. The present value of the interest only.
The price of a bond is equal to the present value of the face amount plus the present value of the stated interest payments.
This means that when an investor purchases a bond, they are essentially buying the right to receive the face amount of the bond at maturity, as well as the stated interest payments over the life of the bond.
The face amount of a bond is the amount of money that the bond will pay out at maturity. This is the amount that the investor will receive when the bond reaches its maturity date. The stated interest payments, on the other hand, are the regular payments made to the bondholder over the life of the bond.
These payments are typically made on a semi-annual or annual basis, and are calculated as a percentage of the face amount of the bond.
The price of a bond is determined by calculating the present value of the face amount and the present value of the stated interest payments. This is because the value of money changes over time due to factors such as inflation and interest rates.
By calculating the present value of these payments, investors can determine how much the bond is worth in today's dollars.
In summary, when an investor purchases a bond, they are essentially buying the right to receive the face amount of the bond at maturity, as well as the stated interest payments over the life of the bond. The price of a bond is equal to the present value of the face amount plus the present value of the stated interest payments.
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which of the following transactions would likely involve multiple performance obligations? multiple choice question. seller delivers goods one time without future obligation seller delivers goods and promises to provide related service over a 12-month period seller promises to deliver the same type of goods at consistent intervals
The seller is obligated to not only deliver goods, but also provide a related service for a specific period of time
The transaction that would likely involve multiple performance obligations is "seller delivers goods and promises to provide related service over a 12-month period". This is because the seller is obligated to not only deliver goods, but also provide a related service for a specific period of time, which constitutes multiple performance obligations. In the other two transactions, the obligation is limited to the delivery of goods without any future obligation or consistent intervals, respectively, which do not involve multiple performance obligations.
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The pentathlon analogy offers an advantage over a marathon analogy in that it underscores the idea that top performance in one innovation management discipline is necessary, but insufficient, for effectiveness.
True or False?
The pentathlon analogy offers an advantage over a marathon analogy in that it underscores the idea that top performance in one innovation management discipline is necessary, but insufficient, for effectiveness.True
The pentathlon analogy offers an advantage over a marathon analogy because it highlights the importance of excelling in multiple innovation management disciplines, rather than just one. A pentathlon consists of five different events, each requiring a unique set of skills and abilities, whereas a marathon is a single event that mainly requires endurance and stamina.
Innovation management similarly requires a range of skills and abilities, including ideation, design thinking, prototyping, testing, and commercialization. To effectively manage innovation, an individual or organization must be proficient in each of these disciplines and be able to integrate them into a coherent strategy. The pentathlon analogy, therefore, underscores the importance of a multifaceted approach to innovation management, rather than relying on a single area of expertise.
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2. Real Estate Market, Aggregate Demand (3 marks). Between 2020 and 2022, property prices across Australia have increased by 30% on average. This has affected the wealth of Australian households and firms. Approximately 70 percent of Australian households own or are in the process of purchasing a home. Moreover, many large firms own properties, which are often used to borrow funds for investment. As the value of properties has increased, this has had an impact on the wealth of some households and the amount that firms can borrow. As household wealth and the amount that firms can borrow have increased, household consumption expenditure and firm investment have increased. Use a Keynesian model of the macroeconomy to describe how this increase in consumption and investment would have affected the output in the Australian economy. Be specific and describe what components of expenditure are affected and why.
The increase in property prices in Australia has led to an increase in the wealth of households and firms, which has resulted in an increase in consumption expenditure and firm investment.
According to the Keynesian model of the macroeconomy, an increase in aggregate demand leads to an increase in output. In this case, the increase in consumption expenditure by households and firm investment would increase the aggregate demand, which would result in an increase in output. The increase in consumption expenditure would affect the component of expenditure, C (consumption), while the increase in firm investment would affect the component of expenditure, I (investment). Both of these components of expenditure would lead to an increase in the aggregate demand and, therefore, an increase in output.
The increase in consumption expenditure can be explained by the wealth effect. When the value of properties increases, households feel richer and are more likely to increase their consumption expenditure. On the other hand, the increase in firm investment can be explained by the availability of more funds for investment due to the increased value of their properties.
Overall, the increase in property prices has had a positive impact on the output of the Australian economy due to the increase in consumption expenditure and firm investment, which led to an increase in aggregate demand.
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Relative sales value at split-off is used to allocate Select one: a. costs beyond split-off joint costs no no b. costs beyond split-off joint costs no yes c. costs beyond split-off joint costs yes no d. costs beyond split-off joint costs yes yes
Relative sales value at split-off is used to allocate joint costs beyond the split-off point among the joint products.
This method is used when a single production process results in multiple joint products that are individually identifiable and have some sales value. Joint costs are costs incurred before the split-off point that are common to all joint products. Since the joint products are not yet separated at the split-off point, the joint costs cannot be allocated using the physical quantities or net realizable value of individual joint products. The relative sales value at split-off method allocates the joint costs based on the proportion of the final sales value of each joint product at the split-off point. This method ensures that each joint product is allocated a portion of the joint costs that is proportionate to its relative sales value.
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The components of marginal revenue
Shen's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Shen produced four fire engines, but he has decided to increase production to five fire engines. The following graph shows the demand curve Shen faces. As you can see, to sell the additional engine, Shen must lower his price from $105,000 to $90,000 per fire engine. Note that while Shen gains revenue from the additional engine he sells, he also loses revenue from the initial four engines because he sells them all at the lower price.
The marginal revenue for producing and selling the fifth fire engine is $30,000.
The components of marginal revenue for Shen's Fire Engines can be broken down into two parts:
1. Revenue gained from selling the additional fire engine: Shen decides to increase production from four to five fire engines. To sell the fifth engine, he must lower the price to $90,000. The revenue gained from selling the additional engine is $90,000.
2. Revenue lost due to lowering the price of the initial four engines: When Shen lowers the price to sell the fifth engine, he also sells the initial four engines at the lower price of $90,000 instead of $105,000. This results in a revenue loss of ($105,000 - $90,000) x 4 = $60,000.
To calculate the marginal revenue, subtract the revenue lost from the revenue gained: $90,000 (revenue gained) - $60,000 (revenue lost) = $30,000.
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(ch5) An example of diffusion rather than independent invention is the...
An example of diffusion rather than independent invention is the spread of agriculture from the Fertile Crescent to neighboring regions.
Agriculture is believed to have originated independently in several regions around the world, including East Asia, South America, and Sub-Saharan Africa. However, the spread of agriculture from its origin in the Fertile Crescent to neighboring regions, such as the Mediterranean, Europe, and Central Asia, is considered an example of diffusion. This is because the spread of agriculture was facilitated by the movement of people, crops, and livestock, as well as the exchange of knowledge and technology between different societies.
Diffusion is a process by which cultural traits or innovations spread from one society to another. It can occur through migration, trade, warfare, or other forms of contact between societies. Diffusion can lead to the spread of new ideas, practices, and technologies, and can have both positive and negative effects on the societies involved.
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and are working for Agriculture and Agri-Food Canada. Your boss asks you to determine the impact of Korean tariff reductions on beef exported from Canada to Korea. Prior to the signing of CKFTA, the K orean tariff on imported beef from Canada was C$2.70 per kilogram. After CKFTA is fully implemented, the tariff will be eliminated by 2029. Based on research at the University of Guelph, you know the following supply and demand information for Canada and Korea (these supply and demand curves assume all other trade is held fixed): Canada Korea Demand QP - 1775 - 102*pc QP-528-20*PK Supply 09-593 +52*p 0-67 +24*PK Where Qºis demand in the respective country, Q is supply in the respective country, PC is the price of beef in Canada, and PK is the price of beef in Korea. To simplify the analysis, assume all prices are in Canadian dollars. You also know that the equilibrium with the initial tariff of C$2.70 per kilogram is as follows: Price of beef (C$/kg) Demand ('000 of tonnes) Supply ('000 of tonnes) Exports to Korea ('000 tonnes) Imports from Canada ('000 tonnes) Canada $7.74 989.81 993.29 3.49 Korea $10.44 320.04 316.55 3.49 Showing your work, answer the following questions. Note that these questions are designed to take you through calculating the new equilibrium prices, quantities supplied, quantities demanded, and trade under the CKFTA liberalization scenario (i.e, assuming the tariff falls to C$0.00 per kilogram) a. (3 marks) Derive Canada's excess supply curve b. (3 marks) Derive Korea's excess demand curve stated in terms of the price of beef in Korea C. (3 marks) Now solve for the equilibrium price of beef in Canada with the eliminated tariff d. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Canada, and equilibrium quantity exported from Canada to Korea e. (2 marks) Now solve for the equilibrium price of beef in Korea f. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Korea, and equilibrium quantity of beef imported from Canada
a. Canada’s Excess Supply = -1182 + 154PC, b. Korea’s Excess Demand = 461 - 44PK, c. Therefore, the equilibrium price of beef in Canada with the eliminated tariff is $13.24 per kilogram. d,e. Therefore, the equilibrium quantity exported from Canada to Korea is 1,061.88 tonnes. f. 72PK + 65.
a. Canada’s Free Trade Agreement excess supply is given by QS - QD, which is (593 + 52PC) - (1775 - 102PC). Simplifying this expression, we get:
Canada’s Excess Supply = -1182 + 154PC
b. Korea’s excess demand is given by QD - QS, which is (528 - 20PK) - (67 + 24PK). Simplifying this expression, we get:
Korea’s Excess Demand = 461 - 44PK
c. With the eliminated tariff, the price of beef in Canada will be equal to the price of beef in Korea. Therefore, setting PC = PK and solving for PC, we get:
7.74 + 0.102PC = 10.44 - 0.042PK
0.102PC + 0.042PK = 2.7
PC + PK = 26.47
Substituting PK = PC in the above equation, we get:
2PC = 26.47
PC = 13.24
Therefore, the equilibrium price of beef in Canada with the eliminated tariff is $13.24 per kilogram.
d. To solve for the equilibrium quantity demanded and supplied in Canada, we substitute PC = $13.24 in the demand and supply functions for Canada. This gives:
QD = 1775 - 102(13.24) = 569.48
QS = 593 + 52(13.24) = 1250.48
Therefore, the equilibrium quantity demanded and supplied in Canada is 569,480 tonnes and 1,250,480 tonnes, respectively. The equilibrium quantity exported from Canada to Korea is the difference between the quantity demanded by Korea and the quantity supplied by Canada at this price, which is:
Exports to Korea = QD(Korea) - QS(Canada) = (528 - 20PK) - (593 + 52PC) = (528 - 20PK) - (593 + 52PK) = -65 - 72PK
Substituting PK = $13.24, we get:
Exports to Korea = -65 - 72(13.24) = -1,061.88
Therefore, the equilibrium quantity exported from Canada to Korea is 1,061.88 tonnes.
e. With PC = PK = $13.24, we can use the demand and supply functions for Korea to find the equilibrium price of beef in Korea. This gives:
QD = 528 - 20PK = 528 - 20(13.24) = 265.6
QS = 67 + 24PK = 67 + 24(13.24) = 391.76
Therefore, the equilibrium price of beef in Korea is $13.24 per kilogram.
f. To solve for the equilibrium quantity demanded and supplied in Korea, we substitute PK = $13.24 in the demand and supply functions for Korea. This gives:
QD = 528 - 20(13.24) = 265.6
QS = 67 + 24(13.24) = 391.76
Therefore, the equilibrium quantity demanded and supplied in Korea is 265,600 tonnes and 391,760 tonnes, respectively. The equilibrium quantity of beef imported from Canada is the difference between the quantity supplied by Canada and the quantity demanded by Korea at this price, which is:
Imports from Canada = QS(Canada) - QD(Korea)
= (593 + 52PC) - (528 - 20PK)
= (593 + 52PK) - (528 - 20PK)
= 72PK + 65
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Correct Question:
The Canada-Korea Free Trade Agreement (CKFTA) is a bilateral trade agreement seeking to lower barriers to trade between Canada and South Korea. Prior to the signing of CKFTA, the Korean tariff on imported beef from Canada was C$2.70 per kilogram. After CKFTA is fully implemented, the tariff will be eliminated by 2029.
Based on research at the University of Guelph, you know the following supply and demand information for Canada and Korea (these supply and demand curves assume all other trade is held fixed):
Canada Korea
Demand QD = 1775 – 102*PC QD = 528 – 20*PK
Supply QS= 593 + 52*PC QS= 67 + 24*PK
Where QD is demand in the respective country, QS is supply in the respective country, PC is
the price of beef in Canada, and PK is the price of beef in Korea. To simplify the analysis,
assume all prices are in Canadian dollars.
You also know that the equilibrium with the initial tariff of C$2.70 per kilogram is as follows:
Canada Korea
Price of beef (C$/kg) $7.74 $10.44
Demand (‘000 of tonnes) 989.81 320.04
Supply (‘000 of tonnes) 993.29 316.55
Exports to Korea (‘000 tonnes) 3.49
Imports from Canada (‘000 tonnes) 3.49
Showing your work, answer the following questions. Note that these questions are designed to
take you through calculating the new equilibrium prices, quantities supplied, quantities
demanded, and trade under the CKFTA liberalization scenario (i.e. assuming the tariff falls to
C$0.00 per kilogram)
a. (3 marks) Derive Canada’s excess supply curve
b. (3 marks) Derive Korea’s excess demand curve stated in terms of the price of beef in Korea
c. (3 marks) Now solve for the equilibrium price of beef in Canada with the eliminated tariff
d. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Canada, and equilibrium quantity exported from Canada to Korea
e. (2 marks) Now solve for the equilibrium price of beef in Korea
f. (6 marks) Now solve for the equilibrium quantity demanded and supplied in Korea, and equilibrium quantity of beef imported from Canada
Nasty Break-Up. Harold wants to purchase a lot next door to Sarah's home that is owned by Sarah. Harold knows Sarah will not sell the lot to him because they dated in the past and had a nasty break-up. Harold agrees with Alice that Alice will purchase the lot from Sarah for him. Alice and Sarah reach an agreement and enter into a contract whereby Sarah is to sell the lot to Alice for a price within the scope of Alice's authority. Alice tells Sarah nothing about her plan to later transfer the lot to Harold. Before title to the lot is transferred to Alice, Harold tells Alice that he no longer wants the lot. Alice tells Sarah about Harold. Sarah tells Alice that as far as she is concerned, Alice has bought the lot. Sarah says that she plans to move anyway and really does not care whether Alice or Harold ends up with the lot. She just wants her money. Which of the following is true regarding whether Alice is personally bound on the contract with Sarah?
Multiple Choice
Alice is not personally bound, because she was acting Harold's behalf.
Alice is personally bound, unless she can establish that Sarah would not have sold her the lot if she had known that Harold was involved.
Alice is personally bound, unless she can establish that Harold has the funds with which to pay Sarah.
Alice is not personally bound, unless Harold has legally filed for bankruptcy.
Alice is personally bound.
Alice is personally bound on the contract with Sarah, unless she can establish that Sarah would not have sold her the lot if she had known that Harold was involved.
This is because Alice entered into the contract with Sarah without disclosing her intention to later transfer the lot to Harold, and Sarah has fulfilled her end of the agreement by agreeing to sell the lot to Alice. Therefore, Sarah has a legal right to enforce the contract against Alice. However, Alice may have a defense if she can prove that Sarah would not have sold her the lot if she had known about Harold's involvement, which would make the contract voidable.
Alice is personally bound by the contract with Sarah unless she can establish that Sarah would not have sold her the lot if she had known Harold was involved.
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The Mexican Peso, the Japanese Yen, and Pokemon Go closing case
Nintendo’s hit game Pokemon Go is a lot less lucrative in Mexico than the Japanese company originally thought it would be. This is because Mexicans purchase the "Pokecoins" they need to navigate the game in Mexican pesos, and the peso has been falling in value against the Japanese yen. Back in early 2015, 1 Mexican peso bought 8 Japanese yen. By September-2016, 1 peso was only worth about 5.1 Japanese yen. This meant that when pesos spent on Pokemon Go were translated back into Japanese yen, they were worth less in yen, which negatively affected Nintendo’s profits from Mexico.
The diverging values on the yen and peso are a function of their exchange rates against the U.S. dollar. Most trades between the yen and the peso are converted through the U.S. dollar, rather than traded directly. This is because the U.S. dollar is the world’s most widely traded and liquid currency. It’s easier to trade dollars for yen, and dollars for pesos, than it is to trade yen for pesos. For much of 2016, the yen gained against the dollar, while the Mexican peso fell, leading to a fall in the peso/yen exchange rate.
The strength of the yen reflected the belief that Japan is a safe haven in which to park cash. Although the Japanese economy has been stagnant for decades, inflation is low and the yen has been a strong currency. The Mexican peso is the most liquid emerging market currency, which makes it an easy one to sell when investors worry about the economic strength of developing economies, which they did in 2015 and 2016. To compound matters, worries about the health of the Mexican economy following the election of Donald Trump to the U.S. presidency put further pressure on the peso. Trump threatened to pull the United States out of NAFTA—the regional trade deal that has been a major boon for Mexico. The Mexican peso hit a record low against the U.S. dollar following the election of Mr. Trump.
In addition to Nintendo, the fall in the value of the peso against the yen has created problems for other Japanese firms. Japanese automakers have significant assembly operations in Mexico. Companies such as Toyota and Mazda import a large number of specialty electronic components from suppliers in Japan. The price of these components has gone up when translated into pesos, raising costs for their Mexican operations and making them less profitable.
On the other hand, the weak peso has boosted demand for some Mexican products in Japan. For example, Japan imports a large quantity of frozen Mexican pork. The price has fallen when translated into yen and demand has surged. Mexico dices up the pork and exports it to Japanese convenience stores, where it is sold in bento boxes. The dicing process is labor intensive—and one less step they have to perform in Japan. Mexico can do it cheaper, and the currency moves have only added to the cost savings, which is good for Japanese consumers.
Read the closing case "The Mexican Peso, the Japanese Yen, and Pokemon Go." It explores the implications of the changing value of the peso against the yen on Japanese game maker Nintendo. Examine the issues relevant to the case from the perspective of the following questions:
(a) Why are most trades between the Japanese yen and the Mexican peso made through U.S. dollars?
(b) Explain why the peso fell in value against the Japanese yen during 2016. How predictable was this fall?
(c) What were the benefits and costs of the fall in the value of the peso against the yen for Mexican and Japanese companies respectively?
(d) Should Japanese companies such as Nintendo and Toyota with business in Mexico have hedged against adverse changes in the peso/yen exchange rate? How might they have done that?
(a) Most trades between the Japanese yen and the Mexican peso are made through U.S. dollars because the U.S. dollar is the world's most widely traded and liquid currency, making it easier to trade dollars for yen and pesos.
(b) The peso fell in value against the Japanese yen during 2016 due to the diverging exchange rates against the U.S. dollar. The yen gained strength due to its perceived status as a safe haven for cash, while worries about the health of the Mexican economy and the election of Donald Trump put pressure on the peso. The fall in value was predictable to some extent, given the economic and political circumstances.
(c) The fall in the value of the peso against the yen had both benefits and costs for Mexican and Japanese companies. For Japanese firms such as Nintendo and Toyota, the fall in the value of the peso made their Mexican operations less profitable and raised costs for imported electronic components. However, the weak peso also boosted demand for some Mexican products in Japan, such as frozen pork. Mexican companies could do the dicing process cheaper, and the currency moves only added to the cost savings.
d) Japanese companies with business in Mexico could have hedged against adverse changes in the peso/yen exchange rate by using financial instruments such as forward contracts or options. This would have allowed them to lock in exchange rates and reduce their exposure to currency fluctuations. However, hedging comes with costs and may not always be necessary depending on the company's risk tolerance and financial situation.
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What are the economies of scale? Why do they deter potential entrants?
Economies of scale refer to the cost advantages that a company can achieve as it increases its level of output.
As a company increases its production volume, it can benefit from lower costs per unit of output due to factors such as bulk purchasing, specialized equipment, and streamlined production processes. These cost advantages can create significant barriers to entry for potential new entrants into a market. As existing companies benefit from economies of scale, they can lower their prices, making it difficult for new entrants to compete on price. In addition, existing companies may have established relationships with suppliers and distributors, making it harder for new entrants to secure the necessary resources to compete.
Overall, economies of scale can create a significant advantage for established players in a market, making it difficult for potential entrants to break in.
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FILL IN THE BLANK. In reality,AD rarely ________;however,the economy performs as though it does when it ________.
In reality, AD rarely stabilizes; however, the economy performs as though it does when it does stabilize.
In reality, AD rarely stays fixed and is constantly fluctuating due to changes in consumer behavior, business investment, and government spending. However, the economy often behaves as if AD is a fixed constant, which can lead to unexpected economic outcomes. This is because economic models and policies are often based on the assumption that AD is a stable and predictable factor that can be manipulated to achieve certain goals, such as controlling inflation or promoting economic growth.
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Question One: Multiple Choice Questions (10 Marks) 1. A policy-induced movement along the production possibility frontier can be justified in terms of ... a) the Pareto criterion b) the Bergson criterion. c) the Pareto and Bergson criterion. d) None of the above options are correct
In terms of a) the Pareto criterion, a policy-induced movement along the production possibility frontier can be justified.
A policy is a purposeful set of guidelines created to control behaviour and generate reasonable results. A policy is a statement of goals that is implemented through a process or routine. Typically, an organization's governance body adopts policies. Policymaking can be advantageous for both rational and irrational decision-making.
Senior management frequently uses policies in subjective decision-making to assist with decisions that must be based on the relative merits of a range of aspects and are therefore frequently challenging to evaluate objectively.
The work-life balance policy is an illustration of how such a guideline might be put into practice. Governments and other institutions enact a wide range of policies, such as laws, rules, instructions, administrative processes, financial incentives, and unofficial customs.
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When the Fed purchases short-term government securities from banks, the primary effect on excess reserves is that they:
When the Fed purchases short-term government securities from banks, the primary effect on excess reserves is that they increase. Excess reserves refer to the funds that banks hold above the required reserve ratio set by the Federal Reserve.
The purchase of government securities by the Fed is one of the ways in which it conducts open market operations to influence the money supply and interest rates. When the Fed buys government securities from banks, it pays for them with newly created electronic funds. These funds are deposited in the bank's reserve account, which increases the bank's excess reserves. This increase in excess reserves can potentially lead to an increase in lending and the money supply, which can stimulate economic growth.
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The top of the business cycle is known as thea. contractionb. troughc. expansiond. Peak
The top of the business cycle is known as the "peak." The "business cycle" is a term used to describe the fluctuations in economic activity that an economy experiences over a period of time. It consists of four main phases: expansion, peak, contraction, and trough.
During the expansion phase, the economy experiences growth in output, employment, and income. This phase can last for several years and is characterized by a general increase in economic activity. The peak is the highest point of the business cycle, where economic activity reaches its maximum level. At this point, the economy is operating at or near its full capacity. Following the peak, the economy enters the contraction phase, where economic activity starts to decline. This phase can be marked by a decrease in output, employment, and income. Eventually, the contraction phase leads to the trough, which is the lowest point of the business cycle. It is at this point that the economy starts to recover and begins a new expansion phase.
In summary, the top of the business cycle is referred to as the "peak," which is the point at which economic activity is at its highest level before entering a contraction phase.
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olanda buys a house in the mountains for $450,000 that she uses as her personal vacation home. she builds an additional room on the house for $40,000. she sells the property for $560,000 and pays $28,000 in commissions and $4,000 in legal fees in connection with the sale. what is the recognized gain or loss on the sale of the house?
The recognized gain is $528,000 - $490,000 = $38,000.
To calculate the recognized gain or loss on the sale of Olanda's personal vacation home, we need to consider the total cost of the house, including improvements, and the net proceeds from the sale.
The original cost of the house: $450,000
Additional room cost: $40,000
Total cost: $450,000 + $40,000 = $490,000
Sale price: $560,000
Commissions: $28,000
Legal fees: $4,000
Total expenses: $28,000 + $4,000 = $32,000
Net proceeds: $560,000 - $32,000 = $528,000
Recognized gain or loss = Net proceeds - Total cost
Recognized gain or loss = $528,000 - $490,000 = $38,000
Olanda has a recognized gain of $38,000 on the sale of her personal vacation home.
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Explain the economic impact space exploration will make tonations and businesses?
Space exploration has the potential to have a significant economic impact on both nations and businesses. Firstly, space exploration requires large amounts of funding and investment, leading to the creation of jobs and stimulating economic growth in the industries involved.
As nations and businesses invest in space exploration, they are also investing in the development of new technologies and innovations that can be applied to other industries, leading to further economic growth and development. Furthermore, which can benefit both nations and businesses. For example, the discovery of new minerals or other resources on other planets or asteroids can lead to new industries and business opportunities.
Additionally, space exploration can also lead to the development of new technologies that have practical applications on Earth, such as improved communication systems, medical equipment, and transportation systems, Overall, the economic impact of space exploration is significant and has the potential to benefit both nations and businesses in numerous ways. By investing in space exploration.
In conclusion, the economic impact of space exploration on nations and businesses is significant, as it leads to increased investment, job creation, and new business opportunities.
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What is the current yield for a $1,000 corporate bond that pays 13 percent and has a current market value of $880
The current yield for the $1,000 corporate bond that pays 13% and has a market value of $880 is 14.8%.
Current yield refers to the annual return on investment, expressed as a percentage of the current market price of a security. To calculate the current yield of the given bond, we need to divide the annual interest payment ($130) by the current market value ($880), which gives us 0.1477 or 14.8%.
This means that the bond is currently offering a yield of 14.8% to investors, which is higher than its stated coupon rate of 13%. A higher current yield indicates a better return on investment, but it also means that the bond is riskier, as its price has fallen below its face value, and investors may face a higher risk of default.
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