The momentary supply of wheat has an elasticity of supply equal to _______. the short-run supply of wheat has an elasticity of supply equal to _______
Final answer:
In the momentary supply of wheat, elasticity is nearly zero due to the inability to adjust production immediately, making it perfectly inelastic. The short-run supply of wheat is more elastic than momentary supply but remains inelastic because of the limited adjustments producers can make in a shorter timeframe.
Explanation:
The elasticity of supply can vary depending on the time frame being considered. Momentary supply is the supply available immediately, where no adjustments can be made to production, making it typically perfectly inelastic or fixed. The supply of wheat in this case would have an elasticity of supply close to zero in the very short term.
In the short-run supply, some adjustments can be made, though not all factors of production are variable. Therefore, the supply of wheat would be more elastic than in the momentary case, but still generally inelastic because of the limited time to adjust the production process. Over time as producers can adjust, supply becomes more elastic, particularly in the long-run when all inputs are variable.
In summary, the momentary supply of wheat has an elasticity of supply close to zero, whereas the short-run supply of wheat has an elasticity that is greater than zero but still relatively inelastic. Over time, as firms adjust their production capacity and processes, the elasticity of supply increases, becoming more flexible with the passage of time.
On december 1, watson enterprises signed a $24,000, 60-day, 4% note payable as replacement of an account payable with erikson company. what is the journal entry that should be recorded upon signing the note?
Fedex has learned that its customers expect packages to arrive on time and in good condition, and that customers wish to have control over their orders. by seeking to understand customer expectations, fedex seeks to close the ______ gap.
FedEx seek to close the knowledge gap.
Further Explanation:
Knowledge Gap:
Knowledge gap is a phenomenon where the knowledge about the product and service provided by the company differs from the knowledge perceived by the customer. The management of the company market its product with a specific and defined motto. When there is a difference between what companies are conveying and what customer perceives, then this phenomenon is known as knowledge gap.
In the current case, FedEx is giving the authority to the customer to track their order in transit. The increase in the authority to the customer will lead to a decrease in the knowledge gap of the customer because the customer will be aware of the process of the company, their operational activities and other products and services provided by them. It will help in increasing the awareness about the company’s existence.
Therefore, FedEx is trying to close the knowledge gap among its customers.
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Answer details:
Grade: Senior School
Subject: Business studies
Chapter: Customer Awareness
Keywords:FedEx, learned, customers, expect packages, arrive, on time, in good condition, customers, wish, have, control, over, orders, seeking, understand, customer, expectations, close gap.
Marilyn's travel inc. is a medium-sized travel agency that specializes in vacation packages. it has packages available around the globe-everything from cruises, to beach resort vacations, to historical tours. the customer chooses the amount they would like to pay, the area of the world they would like to visit and what they would like to do. based on this information marilyn's travel uses __________ to delight the customers. lean manufacturing excellent human resources management mass customization the internet
Final answer:
Marilyn's Travel Inc. uses mass customization to provide personalized vacation packages to its customers, catering to their individual preferences and budgets.
Explanation:
Marilyn's Travel Inc., a medium-sized travel agency specializing in vacation packages, delights customers by using mass customization. By allowing customers to choose the amount they wish to pay, the area of the world they would like to visit, and their preferred activities, Marilyn's Travel can craft personalized vacation experiences that meet individual needs and preferences. Utilizing mass customization, the agency aligns its services with the evolving landscape of consumer demands in the travel industry, ensuring a memorable and tailored travel experience for each customer.
Publicity often comes in the form of negative stories in the press in the aftermath of a major problem involving a consumer product. the firm's attempts to "manage" publicity so that it is more favorable fall under _______ in the promotional mix.
Don, a new manager, commented to a friend, "i am excited about different aspects of my new job. the company computers have entered the field of decision making. the network not only collects information more quickly, but the system also reduces the roadblocks when i need a group consensus." don is referring to
When it comes to prior experience, what is the rule of thumb regarding how many years of experience you should have in a comparable firm before starting a firm of your own?
Final answer:
The answer discusses the recommended years of experience before starting a firm, the importance of angel investors and venture capitalists for startups, and factors contributing to success in a firm.
Explanation:
The rule of thumb for how many years of experience you should have in a comparable firm before starting your own varies. Generally, it is recommended to gain 3-5 years of relevant experience to understand the industry, build connections, and acquire skills before venturing out on your own.
Startup firms are inherently risky, and founders need to be deeply committed to the venture. Angel investors and venture capitalists play a crucial role in supporting early-stage startups by providing funding and guidance.
Success in a firm depends on various factors such as industry knowledge, work ethic, and understanding the market demands. It is advisable to seek advice from experienced individuals and assess your own readiness before starting your own firm.
Someone hacks into your information system and discovers a file of apparently critical information to your organizations performance. this file contains false information and has been placed in the system by the organization as a decoy. this file is an example of:
What is the name for writing down where your income will go each month?
a. budget
b. debt list
c. income list
d. money plan
The name for writing down where your income will go each month is a budget. Therefore, option a is correct.
What is the meaning of budget?A budget is a financial plan that outlines expected income and expenses over a specific period. It is an estimation of how much money you will earn or receive and how much you plan to spend or allocate for different purposes such as bills, savings, investments, and other expenses.
The primary purpose of creating a budget is to control and manage your finances effectively. It allows you to monitor your spending, identify areas where you can save money, and prioritize your financial goals.
Budgeting is an essential skill for personal and business finance management, as it helps to ensure that you have enough money to cover your expenses and achieve your financial objectives.
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The abbasid capital followed the pattern set by the umayyads, namely ________.
What strategy decisions are needed in the personal selling area? why should the marketing manager make these strategy decisions?
Although the overall unemployment rate during the past recession hovered between 9 and 10%, the unemployment rate for millennials was much higher. as this generation struggled to find employment, they were often compelled to continue to live with their parents. due to current economic concerns, this younger generation was struggling to fulfill ___________________.
Heinrich, a purchaser for an optics company in germany, must place an order for materials for use in its production process. he is most likely to order from ________.
An alternative to car buying is to make monthly payments for a period of time and then return the vehicle to the dealer or purchase it.This is called
Time warner has different divisions for magazines, movies, recordings, cable television, and so on. the warner bros. part of the empire alone has divisions spanning movies and television, a broadcast network, retail stores, theaters, amusement parks, and music. time warner is an example of an organization with ____ divisions.
Define what is meant by an amodal shipper, and discuss the factors that have contributed to its growth
An amodal shipper uses multiple transportation modes seamlessly, enabled by the adoption of intermodal containers. Factors such as cost reduction, increased delivery speed, and improved logistics efficiency have contributed to their growth. This innovation has significantly impacted global supply chains and manufacturing practices.
An amodal shipper refers to a shipping company that utilizes all available modes of transportation - including trucks, trains, barges, and ships - to deliver goods in a seamless and efficient manner. Factors contributing to the growth of amodal shippers include the invention and adoption of the intermodal container, which standardized cargo transportation, reduced costs, and increased the speed of delivery. With containerization, goods can be easily transferred between different transport modes without being unloaded and reloaded, significantly cutting labor costs and improving logistics efficiency.For example, prior to the widespread use of intermodal containers, break-of-bulk points required many dockworkers to load and unload cargo. Now, a few workers using gantry cranes can transfer containers quickly between ships, trains, and trucks, enhancing the overall supply chain. This streamlined system has lowered the transportation cost, thus making it viable for companies to outsource and offshore manufacturing, contributing to the rise of globalization.For the nation's capital stock to grow, net investment must be positive.
a. True
b. False
The statement, ( For the nation's capital stock to grow, the net investment must be positive ) is true. Therefore the government was spending in the national account.
What is the investment?Investment is the ceremonial of money to purchase an asset to attain an increase in value over a time period of time. Investment requires a sacrifice of some present quality, such as time, medium of exchange, or effort. In finance, the purpose of investing is to generate a return from the invested asset.
As per the National capital stocks for growth, A net investment must be positive. The overall GDP of the United States was included as per production, By them foreign-owned. Firms that were located in the United States.
Therefore, As a result, The national capital stocks of the net investment must be positively true.
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Consumer products such as furniture and appliances are typically distributed using--------- distribution
Final answer:
Consumer products such as furniture and appliances are usually distributed using market exchange distribution, involving intermediaries like wholesalers and retailers. This distribution method allows for products to move through various stages before reaching consumers, through physical stores or online platforms.
Explanation:
Consumer products such as furniture and appliances are typically distributed using market exchange distribution. This involves the movement of goods, such as furniture and appliances, from the manufacturer to the consumer, often through a range of intermediaries, including wholesalers and retailers. These goods can be sold in person, through commercial establishments, via the Internet, or through other forms of direct marketing such as telephone and mail order. The choice of distribution channel can have significant implications for demand and the overall success of a product.
Retailers play a critical role in the distribution of consumer goods by providing a space where consumers can see and purchase products. The distribution also includes modes of exchange such as reciprocity, redistribution, and market exchange, with market exchange being the most common method for products like furniture and appliances. These products often travel through complex commodity chains, passing through various stages and locations before reaching the end user.
A primary disadvantage of using ____ in the needs assessment process is that the data obtained may lack detail. crowd-sourcing. interviewing. surveys. observation.
You can best deal with visitors that drop into your office by A. telling them you are busy now and suggest an alternative time to talk. B. telling them you don't have time to talk to them. C. telling them to make an appointment with your assistant. D. always keeping your office door closed.
A. telling them you are busy and suggest an alternate time to talk
Marshall company discovers in 2014 that its ending inventory at december 31, 2013 was $5,000 understated. what effect will this error have on (a) 2013 net income, (b) 2014 net income, and (c) the combined net income for the 2 years
Brenda is an electrician with bright light home and business. into which category of job does she best fit
A company has a factory that is designed so that it is most efficient (average unit cost is minimized) when producing 28,500 units of output each month. however, it has an absolute maximum output capability of 35,000 units per month, and can produce as little as 7,000 units per month without corporate headquarters shifting production to another plant. if the factory produces 18,170 units in october, what is the capacity utilization rate in october for this factory? (round your answer to 1 decimal place.)
Suppose that the four inspectors at a film factory are supposed to stamp the expiration date on each package of film at the end of the assembly line. john, who stamps 20% of the packages, fails to stamp the expiration date once in every 200 packages; tom, who stamps 60% of the packages, fails to stamp the expiration date once in every 100 packages; jeff, who stamps 15% of the packages, fails to stamp the expiration date once in every 90 packages; and pat, who stamps 5% of the packages, fails to stamp the expiration date once in every 200 packages. if a customer complains that her package of film does not show the expiration date, what is the probability that it was inspected by john?
Think through the following events:
A: the produce is not marked
B1: the produce is marked by John
B2: the produce is marked by Tom
B3: the produce is marked y Jeff
B4: the produce is marked by Pat
Applying the rule of elimination, the formula would be:
P (A) = P (B1) P (A|B1) + P (B2) P (A|B2) + P (B3) P (A|B3) + P (B4) P (A|B4)
And the following are the probabilities:
P(B1)P(A|B1) = (.20)(1/200) = .001
P(B2)P(A|B2) = (.60)(1/100) = .006
P(B3)P(A|B3) = (.15)(1/90) = .00167
P(B4)P(A|B4) = (.05)(1/200) = .00025
The likelihood that the product is not imprinted is equal to .001 + .006 + .00167 + .00025 = .00892
The probability that it was reviewed by John is = .001/.00892 = .1121
To find the probability that the package of film was inspected by John given that it does not show the expiration date, we can use Bayes' theorem. The probability of John inspecting a package is 20%. The probability of a package not showing the expiration date given that John has inspected it is 1/200.
Explanation:To find the probability that the package of film was inspected by John given that it does not show the expiration date, we can use Bayes' theorem. The probability of John inspecting a package is 20%. The probability of a package not showing the expiration date given that John has inspected it is 1/200. The probability of a package not showing the expiration date without considering who inspected it can be calculated by summing the products of the failure rate and the probability of each inspector inspecting a package. Adding these probabilities, we can calculate the probability that the package was inspected by John.
Let's calculate the probability:
Probability of John inspecting a package: 20%Probability of a package not showing the expiration date given that John has inspected it: 1/200Probability of a package not showing the expiration date without considering who inspected it:Probability of a package not showing the expiration date with Tom inspecting it: 60% x 1/100Probability of a package not showing the expiration date with Jeff inspecting it: 15% x 1/90Probability of a package not showing the expiration date with Pat inspecting it: 5% x 1/200Sum the above probabilities to get the total probability of a package not showing the expiration date: (1/200)+(60%(1/100))+(15%(1/90))+(5%(1/200))Finally, apply Bayes' theorem to find the probability that the package was inspected by John:After performing the calculations, we can find the probability that the package was inspected by John.
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Hewitt packing company has an issue of $1,000 par value bonds with a 14 percent annual coupon interest rate. the issue has ten years remaining to the maturity date. bonds of similar risk are currently selling to yield a 12 percent rate of return. the current value of each hewitt bond is _________.
Final answer:
The current value of each Hewitt bond is $964, influenced by interest rates. Investors should consider market rates to assess bond values accurately.
Explanation:
The current value of each Hewitt bond is $964. The price is calculated based on the present value of future cash flows, which accounts for the coupon payments and the face value of the bond.
When interest rates rise, bond prices fall, making older bonds with lower rates less attractive. This explains why the Hewitt bond, with a 14% coupon rate, would be priced at $964 in a 12% rate environment.
Investors should consider current market rates to assess bond values accurately. Understanding how interest rate changes affect bond prices is crucial in bond investing.
The budget that is often considered to be the most important financial budget is the
Is it possible to make homogeneous shopping product into a heterogeneous shopping product? think about flat-panel televisions and front-loading washers?
Important guidelines for the use of statistics in a speech?
Acceptance sampling is an important quality control technique, where a batch of data is tested to determine if the proportion of units having a particular attribute exceeds a given percentage. suppose that 10% of produced items are known to be nonconforming. every week a batch of items is evaluated and the production machines are adjusted if the proportion of nonconforming items exceeds 15%
Acceptance sampling is a quality control technique used to check if the proportion of nonconforming items exceeds a specified percentage in a batch. If the proportion exceeds the limit, the machines are adjusted. For example, if a batch contains 100 items and more than 15 of them are nonconforming, adjustments are needed.
Explanation:Acceptance sampling is an important quality control technique used to determine if the proportion of nonconforming items in a batch exceeds a specified percentage.
In this case, the acceptance sampling is done weekly to evaluate the proportion of nonconforming items. The production machines are adjusted if the proportion exceeds 15%.
For example, if a batch contains 100 items, and more than 15 of them are nonconforming, the machines would need to be adjusted.
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Acceptance sampling is indeed a crucial quality control method, allowing businesses to assess the overall quality of a production batch by inspecting a representative sample.
What is Acceptance sampling?This approach is particularly useful when evaluating large batches or when conducting destructive testing, as it reduces the need to examine every single item.
In the scenario you've described, 10% of manufactured items are known to be nonconforming, indicating that the overall production process is generating a significant number of defective products.
To address this issue, the company has implemented a weekly inspection procedure, evaluating a batch of items to determine if the proportion of nonconforming items exceeds 15%. If this threshold is surpassed, the production machines are adjusted to rectify the problem and bring the nonconformity rate back within the acceptable range.
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Does this record contain a certificate, or is the certificate included in a separate record. does the certificate fit into a single ethernet frame?