In the context of business and economics, elasticity determines whether a company should adjust its prices and how these adjustments might affect total revenue.
The question asks how changes in price can affect a company's total revenue, using the concept of elasticity. Elasticity measures the responsiveness of the quantity demanded or supplied of a good or service to a change in its price. If a product has an elasticity less than 1, it is considered inelastic, meaning the percentage change in quantity demanded is less than the percentage change in price.
In such a case, increasing the price can lead to a higher total revenue because the decrease in quantity sold will be proportionally smaller than the increase in price.
Conversely, if a product has an elasticity greater than 1, it is considered elastic, and a decrease in price could lead to an increase in total revenue, as the increase in quantity sold will more than offset the decrease in price. Finally, if the elasticity is exactly 1, the product is unit elastic and total revenue is maximized at the current price level.
Providing customer service to organizational stakeholders is an example behavior of _____. hr technical expertise and practice ethical practice relationship management business acumen critical evaluation
Those firms that are categorized as successful tend to pay employees well, train employees, and reduce status differences.
a. True
b. False
Final answer:
It is true that successful firms often pay employees well, provide training, and minimize status differences, as these practices lead to increased human capital and worker satisfaction, which are crucial for higher productivity and company success.
Explanation:
The assertion that firms categorized as successful typically pay employees well, train employees, and reduce status differences is true. This is supported by the understanding that successful organizations tend to invest in human capital by providing in-house or external training, which enhances the productivity of their workforce. By doing so, they equip employees with transferable skills that can be applied across various jobs, as well as specific skills tailored to the company's operations. Moreover, having a workforce that is positive and satisfied contributes to higher productivity levels, which in turn can result in increased earnings and more favorable stock prices for the company. In contrast, a business that underpays or engages in discriminatory practices may lose workers to employers who offer better compensation, thereby applying market pressure for the company to adjust its practices and behave better.
A common fear for incoming freshman in college is the dreaded "freshman fifteen." the combination of being in a new environment away from home, a high stress level, alcohol consumption, and eating dining hall food can cause weight gain in college students. a study examined weight gained during the first year of college and what factors contribute to it. a 27-question survey was sent to 252 students at over 50 universities in the united states. questions included information on demographics, weight gain, diet, family relationships, etc. ninety-five survey responses were received from students across 37 united states colleges and universities, with 32 respondents from rose-hulman institute of technology. do you notice any potential issues with the study
While the study may provide some insights into weight gain among college students, these potential issues should be addressed to improve the robustness and applicability of the findings. Researchers should consider these limitations when interpreting the results and when designing future studies on this topic.
The study described has several potential issues that could affect the validity and generalizability of its findings:
1. Sample Size and Response Rate: Only 95 survey responses were received from the 252 students surveyed, resulting in a response rate of approximately 38%. A low response rate can introduce non-response bias, where the experiences and characteristics of those who responded may differ systematically from those who did not respond.
2. Sample Representativeness: The study includes a disproportionate number of respondents (32 out of 95) from a single institution, Rose-Hulman Institute of Technology. This could skew the results if the experiences of students at Rose-Hulman are not representative of the broader college population in the United States.
3. Self-Reported Data: The survey relies on self-reported information, which can be subject to various biases such as social desirability bias or recall bias. For example, students might underreport their weight or their consumption of alcohol.
4. Survey Design: The 27-question survey must be carefully designed to avoid leading questions or questions that could be interpreted in different ways by different respondents. The quality of the survey questions can significantly impact the reliability and validity of the data collected.
5. Confounding Variables: The study aims to examine factors contributing to weight gain, but it may not adequately control for confounding variables. For instance, alcohol consumption could be correlated with other lifestyle factors not accounted for in the survey.
6. Lack of Control Group: Without a control group of non-college students of similar age, it is difficult to determine how much of the weight gain is specifically attributable to the college environment versus other factors associated with the transition to adulthood.
7. Cross-Sectional Design: The study appears to be cross-sectional, collecting data at a single point in time. A longitudinal design, following the same students over time, would provide stronger evidence of causality regarding weight gain and contributing factors.
8. Generalizability: Given the small sample size and the potential for selection bias, it is unclear how well the results can be generalized to the broader population of college students in the United States.
9. Statistical Analysis: The question does not provide details on the statistical analysis conducted. It is important to use appropriate statistical methods to analyze the data, taking into account the potential biases and the study design.
10. Ethical Considerations: The study must ensure that participants' privacy is protected and that ethical guidelines for research involving human subjects are followed.
Anelina is repeating a series of digits in the order in which she heard an experimenter read them. the experimenter is testing the capacity of her _____ memory. she should be able to repeat about _____ digits correctly.
The first answer in the space provided is short term because this type of experiment is used in exercising an individual’s short term memory. With the given digits, Anelina should at least know about seven correctly because a normal individual should know at least seven.
2. If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year to earn enough interest to cover a single $9.99 Below-Minimum-Balance Fee?
The interest from an investment is calculated through the equation,
I = P x i
Where I is the interest, P is the principal amount and i is the interest rate.
P = I / i
Substituting the known values,
P = ($9.99) / (0.018/100) = $55,500
The answer to this item is therefore approximately $55,500.
Python suppose that the tuition for a university is $10,000 this year and increases 5% every year. write a program that computes the tuition in ten years and the total cost of four years’ worth of tuition starting ten years from now.
Answer: heres the code
Explanation:
import java.util.Scanner;
public class whilelooptwo{
public static void main(String[] args)
{
int v = 10000;
int year = 1;
while(year <= 9){
year += 1;
int t = v *= 1.05;
System.out.println("Tutition for year " + year + " is " + t);
}
}
}
Jason trevor owns a commercial bakery in blakely, georgia that produces a variety of goods sold in grocery stores. trevor is required by law to perform internal tests on food produced at his plant to check for contamination. during one three month period, three tests of food products containing peanut butter were positive for salmonella contamination. trevor was not legally required to report the results to u.s. food and drug administration officials, so he did not. instead, trevor instructed his employees to repeat the tests until the results were negative. meanwhile, the products that had originally tested positive for salmonella were eventually shipped out to retailers. five people who ate trevor’s baked goods that year became seriously ill, and one person died from a salmonella infection.
If internet entertainment group used candyyland.com instead of candyland.com, could they continue to use that mark?
Technically, the Internet Entertainment Group could use candyyland.com as a mark, but may face possible trademark infringement issues due to its phonetic similarity with candyland.com. The entity would need to register it legally and ensure it doesn't lead to any confusion with existing trademarks.
Explanation:The Internet Entertainment Group could potentially continue to use candyyland.com as a mark, assuming that they legally register it and that it is not confusingly similar to any other existing trademarks. Trademarks are eligible for protection as long as they are distinctive and non-descriptive. However, if there are pre-existing marks for 'Candyland' in relevant categories, introducing candyyland.com could lead to a possible trademark infringement. This is because candyyland.com is phonetically similar to candyland.com, and may lead to confusion. Even though, the fact of typo or slightly different spelling does not exempt it from trademark laws.
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Southwest airlines is an example of a ________ disruptive business model.
Christensen recognizes "low-end disruption", which targets clients who needn't bother with the full execution valued by clients at the high end of the market, and "new-market disruption", which targets clients who have needs that were beforehand not served by existing incumbents.
Southwest Airlines is an example of a low-cost carrier with a disruptive business model. Such disruptive models challenge industry norms and can reshape markets, as seen elsewhere with the impacts of digital technology and cloud storage.
Explanation:Southwest Airlines is often cited as an example of a low-cost carrier that disrupted the traditional airline business model. Unlike larger, established airlines, Southwest entered the market with a simple fare structure, a focus on fewer amenities, and efficient turnaround times, which significantly reduced costs and passed on savings to customers.
This strategic positioning allowed Southwest to become profitable in markets where incumbent airlines had dominated by offering high-cost services.
In many industries, including the airline industry, disruptive business models can lead to significant changes. For example, disruptive technology like digital photography has rendered film-based cameras obsolete, and cloud storage solutions have diminished the need for physical storage devices.
These innovations often take an evolutionary or sometimes rapid path, reshaping entire industries and consumer habits in the process.
In the context of competition, the practice of predatory pricing is employed by incumbent firms to deter new entrants. By slashing prices, incumbents can force new competitors out of the market, maintaining their dominance.
However, this tactic can lead to legal scrutiny and accusations from smaller competitors, as seen in cases involving airlines and credit card companies.
To efficiently conduct an alumni survey, a university collects data on all those who attend the annual alumni reunion on campus. what type of manipulation is this?
Common-size percentages are often used to compare the statements of companies of unequal size. the condensed income statements of companies a and b are given below. enter in the spaces provided the amounts expressed in common-size percentages.
One characteristic of good business writing is that it:
Archer contracting repaved 35 miles of four-lane interstate roadway working 10 days with a crew of five employees using $9000 of paving material. nearby, bronson contracting repaved 50 miles of two-lane county roadway with a crew of six employees. bronson's crew worked 8 days and used $7000 worth of paving material. both archer contracting and bronson contracting rented the same paving equipment to complete their respective assignments, costing each $1500 a day, and labor cost per employee is $160 a day for both companies. which company is more productive and by how much?
When productivity is measured as the amount of road paved per dollar spent, Bronson Contracting is more productive than Archer Contracting by approximately 0.00081 miles per dollar, as Bronson achieved a rate of approximately 0.00187 miles per dollar compared to Archer's 0.00106 miles per dollar.
Explanation:To determine which company is more productive, we need to calculate the productivity rate for both Archer Contracting and Bronson Contracting.
Productivity can be measured as the amount of road paved per dollar spent. We need to consider the costs of materials, equipment, and labor for each company.
For Archer:
Total cost of paving materials: $9000Total equipment cost (10 days at $1500 per day): $15000Total labor cost (5 employees at $160 per day for 10 days): $8000Total cost: $9000 + $15000 + $8000 = $33000Total miles paved: 35 milesProductivity (miles per dollar): 35 miles / $33000For Bronson:
Total cost of paving materials: $7000Total equipment cost (8 days at $1500 per day): $12000Total labor cost (6 employees at $160 per day for 8 days): $7680Total cost: $7000 + $12000 + $7680 = $26680Total miles paved: 50 milesProductivity (miles per dollar): 50 miles / $26680Calculating the productivity for each:
Archer: approximately 0.00106 miles/dollarBronson: approximately 0.00187 miles/dollarBronson Contracting is more productive than Archer Contracting. To find out by how much, subtract Archer's productivity from Bronson's:
0.00187 miles/dollar - 0.00106 miles/dollar = 0.00081 miles/dollar
So, Bronson Contracting is more productive by approximately 0.00081 miles per dollar spent.
Zoey is a salesperson who is meeting a prospect after a successful cold call. zoey has collected most of the basic information about her prospect already. the best way for her to now gather additional information about her prospect is:
Xyz inc. has total debt ratio of 0.62. calculate the company's equity multiplier.
XYZ Inc. has an equity multiplier of 1.62, calculated by adding 1 to the total debt ratio of 0.62.
The total debt ratio for XYZ Inc. is given as 0.62. To calculate the company's equity multiplier, we use the formula where the equity multiplier is equal to 1 plus the total debt ratio. Given the total debt ratio (DTR) is the proportion of assets financed by debt, the equity multiplier (EM) formula can be expressed as EM = 1 + DTR. Therefore, the equity multiplier for XYZ Inc. is:
EM = 1 + DTR
EM = 1 + 0.62
EM = 1.62
We conclude that the company's equity multiplier is 1.62. This value gives us an indication of the company's financial leverage; in other words, for every 1 dollar of equity, XYZ Inc. has $1.62 in assets.
What might result from the use of an open-end wrench with too large an opening for a particular job?
Using an open-end wrench that's too large can lead to ineffective work, potential damage to components, and even safety risks. It's essential to use an appropriately sized tool to ensure effectiveness and safety.
Explanation:Using an open-end wrench with too large an opening for a particular job can result in several issues. Firstly, it may not provide a firm grip on the nut or bolt, thereby reducing the effectiveness of the tool and requiring increased effort from the user. Secondly, the component being worked on could become damaged due to the application of uneven pressure, or the tool itself could slip off, possibly causing injury or damage to other components.
Proper use of tools is critical in any mechanical job. To avoid these problems, it's vital to ensure that the open-end wrench fits correctly around the nut or bolt being worked on. If the tool doesn't fit snugly, a different-sized tool should be used instead.
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What is meant by “moe”? for the effectiveness analysis of a sport utility vehicle (suv), list what you think would be the 10 most important characteristics that should be exercised and measured in the analysis?
Joe, a hard and productive worker, quit because he couldn’t get along with his coworkers. this would be diagnosed as a(n) ________ level problem.
3. Improperly sharing confidential information violates the tort of
Do you believe economic principles like competition apply in both private and public organizations? be prepared to defend your answer.
Answer:
Some economics principles apply equally in both types of organization. Others apply to some degree in both, but apply more strongly to private organization. One set of economic principle has to do with how people make choice. Economics believe, for example, that people act rationally and that they respond to economic incentives. These principle apply equally to public and private organization.
Explanation:
A newspaper article once reported that the u.s. economy was experiencing a low rate of inflation. it said that "low inflation has a downside: 45 million recipients of social security and other benefits will see their checks go up by just 2.8 percent next year."
a. why would policymakers link increases in social security and other benefits to inflation?
b. is the small increase in benefits a "downside" of low inflation, as the article suggests? why or why not?
Policy makers link social security and benefit increases to inflation to maintain purchasing power, which can have downsides for recipients if inflation is low.
Policy makers link increases in social security and other benefits to inflation to ensure that these payments retain their purchasing power over time. When inflation is low, benefits may increase by only a small percentage, which can be seen as a downside for recipients, as their purchasing power may not increase significantly.
Whether the small increase in benefits is a 'downside' of low inflation depends on various factors. While a small increase means the purchasing power of beneficiaries may not improve much, it also indicates a stable economy with controlled inflation rates, which can be beneficial in the long run.
"why is the demand curve for oil rather inelastic"
One way to make it easier to track your progress toward success is A. offer stock to the public. B. improve your product. C. to keep adapting to the changing business environment. D. to set very specific short- and long-term goals.
James has never had a motorcycle before but is planning to purchase one to replace his old bicycle. james is set to make a _____ purchasing decision.
Final answer:
James is facing a high-involvement purchasing decision as he considers buying his first motorcycle, a process that requires detailed research and evaluation of trade-offs. Reflecting on past purchases and their outcomes can guide his decision, and economic factors may also play a significant role.
Explanation:
James is planning to purchase a motorcycle to replace his old bicycle and is indulging in a decision-making process. Since this is his first motorcycle and because a motorcycle is typically a large, infrequent purchase, he is set to make a high-involvement purchasing decision. High-involvement decisions often involve significant research and consideration because they have a greater financial impact and personal significance than everyday purchases. When someone is exploring various choices and has not yet made a clear commitment, like James, it's indicative of a thoughtful decision-making process where trade-offs, such as cost versus desire, are being evaluated.
Reflecting on a recent purchase might help James in his decision. He should consider the outcomes of any high-stakes purchase, weighing potential satisfaction against the possibility of error – akin to someone regretting the purchase of an unreliable car. Each purchase decision like this frames the individual's future decisions, so James should thoroughly consider his motorcycle options to ensure he makes a decision that leaves him satisfied and confident.
Finally, the decision can also be influenced by economic considerations. If there is uncertainty about future income or a potential decrease in prices, James might decide to postpone the purchase. Nevertheless, if his valuation of the motorcycle exceeds its price, and he's ready to forego other potential uses for that money, it may be the right time for James to buy.
Mahogany inc. is a consulting firm. it reports its results on a cash-basis with a fiscal year ending june 30th. mahogany performed services for customers from june 23rd to june 30th, 2016, amounting to $6,000. the customers paid mahogany in full on july 12th. the cash-basis is not in accordance with ________, and mahogany is in violation of the
What potential problems could we have if we did not have the w3c?
The lack of the World Wide Web Consortium (W3C) could lead to numerous problems, such as incompatibility between websites and browsers, lack of standardization in web technologies, and increased security vulnerabilities.
The World Wide Web Consortium (W3C) establishes web standards that ensure websites are accessible and functional across different browsers and devices. Without W3C, developers might create websites that only work on specific browsers, leading to compatibility issues and a fragmented user experience.
The absence of W3C would mean no standardized protocols for HTML, CSS, or JavaScript. This lack of standardization could complicate website development and maintenance, resulting in increased costs and inefficiencies for businesses.
Security is another critical concern. W3C plays a significant role in developing secure web protocols. Without these standards in place, websites would be far more vulnerable to security threats like hacking and data breaches.
Additionally, the lack of W3C could hinder accessibility for users with disabilities, as there would be no guidelines for creating inclusive web content. This would create barriers for a significant portion of the population.
The government places excise (per unit) taxes on a variety of goods consumers buy, including gasoline, perfumes, cigarettes, and alcoholic beverages. how would you describe the elasticity of goods most likely to be subject to excise taxes?
Final answer:
Goods subject to excise taxes, like gasoline, cigarettes, and alcoholic beverages, tend to have inelastic demand, meaning their consumption does not drastically change with price increases from taxes. These taxes provide reliable revenue for governments and, for products like motor fuels, act as a benefits-received tax for road maintenance.
Explanation:
The elasticity of goods most likely to be subject to excise taxes such as gasoline, cigarettes, and alcoholic beverages are generally inelastic. This means that the demand for these products does not significantly decrease with an increase in price due to the excise tax. The government imposes these taxes knowing that they are dependable revenue sources; for instance, a cigarette tax is heavy because cigarettes are considered demerit goods with very inelastic demand. Hence, a price increase due to such a tax will not significantly alter consumption patterns. Moreover, an excise tax on motor fuels can also serve as a benefits-received tax, with proceeds being used to finance related infrastructure such as highways. The reason behind the inelasticity is that consumers depend on these goods for their daily life or because the goods are addictive, as in the case of tobacco.
Describe the three-step process for confirming the proper operation of a blender
(#3.56) an oil exploration firm is formed with enough capital to finance 10 explorations. the probability of a particular exploration being successful is 0.1. find and of the number of successful explorations
Twitter is an example of a __________ website.