Answer:
When ATC curve is decreasing, we know that the MC curve is
below the ATC curve, and when the ATC curve is increasing, we know that MC is above the ATC curve
Explanation:
ATC refers to average total cost and MC refers to marginal cost, these both curve derive from total cost when MC is below ATC curve it shows that MC is less than ATC at that point ATC is falling.
Likewise, when MC is above ATC curve it shows MC is grater than ATC curve and at that point ATC is rising.
furthermore, when MC is equal to ATC at that point ATC is at minimum point.
The ATC curve is decreasing when MC is below ATC, leading to a reduction in average total costs. The ATC curve increases when MC is above ATC, raising average total costs. The MC intersects ATC and AVC at their respective minimums.
When the Average Total Cost (ATC) curve is decreasing, the Marginal Cost (MC) curve is below the ATC, indicating that each additional unit of production is costing less than the previous units. This situation leads to a decrease in the average total costs. Conversely, when the ATC curve is increasing, the MC has risen above the ATC, meaning that each additional unit of production costs more than the average of the previous units, thus driving up the average total costs. The MC curve intersects both the Average Total Cost (ATC) and Average Variable Cost (AVC) curves at their minimum points. The logic behind this interrelationship is similar to that of the relationship between marginal and average product curves: a lower marginal cost compared to the average pulls the average down, whereas a higher marginal cost pushes the average up.
No matter the production function, at production levels where MC is below an average cost curve, said average cost curve must be falling. In short runs where there are fixed costs, it's noted that the AVC approaches the ATC as output rises, essentially because the Average Fixed Cost (AFC) approaches zero. The point where MC intersects ATC is the minimum cost output level.
In considering how to allocate its scarce resources among its various members, a household considers:_______
a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. all of the above
Answer: (D) All of the above
Explanation:
According to the given question, the household consider the each member's desire, abilities and the efforts for allocating the scare resources among to the various types of members.
The allocation of the resources to each member is the process of distributing the resources according to the members needs or their specific requirement. The process of resources allocation is managing the assets by using the strategic in an organization.
Therefore, Option (D) is correct.
Larry is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to: A. develop a business mission statement.B. choose the best target markets.C. reposition existing segments.D.divide the marketplace into subgroups.E. conduct a SWOT analysis
The first step he should perform in this analysis is to conduct a SWOT analysis.
Explanation:
For larry to conduct the STP analysis he needs to conduct a SWOT analysis to be able to get his segment, targeting and positioning model in for the firm.
SWOT analysis will make Larry consider his Strength, Weakness, Opportunities and Threats in the segment it is investing in and any target market it is opting to go into.
This will help the firm to always know its position in the market.
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Final answer:
Larry should begin the STP analysis by dividing the marketplace into subgroups as the initial step before selecting target markets and positioning offerings. The correct answer is "D. divide the marketplace into subgroups."
Explanation:
The first step Larry should perform in conducting an STP analysis for his firm is to divide the marketplace into subgroups. This involves segmenting the market based on various criteria such as demographics, behaviors, psychographics, and other factors to identify and understand potential customer groups. Following this, he can assess the attractiveness of these segments and select the most promising ones as target markets. Lastly, he will position his firm's offerings to appeal to these chosen segments, which may involve repositioning based on market feedback.
With approximately ____________ of U.S. dollars abroad (outside the country), the American banking system is truly global in nature..
Answer:
the correct answer is 2/3
Explanation:
With approximately 2/3 of U.S. dollars abroad (outside the country), the American banking system is truly global in nature..
Martin has given himself an entertainment budget of $5 per week. He has decided that each week he will spend that $5 by either attending a matinee movie at his local theater or downloading five songs by one ofhis favorite artists. What is the non-monetary opportunity cost of seeing a movie this week?- Five songsOpportunity cost is:- The value of the opportunity that you give up when you choose one activity instead of another.In the circular model, only by selling resources _____ can obtain the income they need to buy the products they want to consume.- householdsA waste of resources that could have been used to produce something else occurs when:- MB < MCEconomics is the study of how individuals and societies allocate ____ resources among many competing uses.- limitedThe value of the next-best foregone alternative is the _______cost. - opportunity
Answer:1.Factor services, 2 scarce resources, 3. opprtunity cost or real cost or true cost
Explanation:
Circular flow.of income: This is the system of how goods and services flow in for consumption by the households.it also shows the intrrelationship between the households and the business sector of the economy. From the diagram of the circular flow of income, the outer circle presented the flow of real services for productive agents such as land, Labour, capital and enterprise to the business sector.while the flow of goods and services are produced from the inner circle reflect the monetary aspect of what the outer circle produced.
Scarcity : This concept is used to explain how the human wants are unlimited, since human wants are unlimited so the resources to satisfy them are also limited . In order to solve the problem of scarcity, man has to make a choice by ranking his wants in their order of priority this is where we have the scale of preference.
Opportunity cost : This is the cost which described the cost of one product in terms of forgone alternatives. It is the alternative that is forgone in order to satisfy a want. For example a student who need a book that is costing $10, and a cloth that is also costing $10. If the student buys the book instead of the cloth, then the opportunity cost of his choice is the cloth that such student has forgone.
Under the Investment Advisers Act of 1940, a person would have to register as an investment adviser if she gave investment advice for a fee about which of the following?
A. Commodities
B. Futures
C. Options
D. Real estate
Answer: C. Options
Explanation:
An investment adviser is an individual that provides recommendation regarding options to their client and receives compensation in return. This option can anything such as investing in particular stocks or land etc.
How do public relations and advertising differ?
A. There virtually is no difference between the two.
B. Advertising focuses on paying for time or space that allows advertisers to disseminate their organization's messages about its products and services; in public relations, credibility helps to earn media recognition.
Answer:
B. Advertising focuses on paying for time or space that allows advertisers to disseminate their organization's messages about its products and services; in public relations, credibility helps to earn media recognition.
Explanation:
Public relations involve the creation of a good reputation in society. In public relations, a business engages in activities that create good relations with consumers and the media. The media picks good deeds of the company and writes, thereby promoting the brand name of the business.
A significant difference between advertising and public relation is that advertisements are paid for while public relations is free. Public relations activities will include the business sponsoring publicized events such as sports and art concerts. Participating in charity work is also a way of creating a good reputation. The business benefits by getting an opportunity to promoting its brand name in these events.
The Sales department believes Company X is a preferred customer based upon the volume of sales made to Company X. The Accounts Receivable department believes Company X is a serious problem because it is so slow to pay for the products it has purchased. How can you explain these two different views existing in the same company?
Answer:
Company X purchases a large volume of the goods that your company sells, therefore they are great clients for the sales department. On the other hand, they are very slow when it comes to paying their debts, therefore the accounts receivable department considers them a bad client.
This happens when each department is only able to view the information regarding their own activities and it is unable to access information about other departments' activities. A good way to solve this would be to use an ERP management software where the company's information could be shared between departments.
Tyrone was recently promoted to manager. Although he used to take advice from his peers, he seems no longer willing to listen to any input from them or his boss, and is determined to run the project how he thinks best. This is an example of which personal barrier to communication?
A.) variation in interpreting informationB.) an oversized egoC.) a tendency to judge others' messagesD.) variable skills in communicating effectivelyE.) an inability to listen with understanding
Answer:
B.) an oversized ego
Explanation:
Based on the information provided within the question it can be said that this is an example of an oversized ego. An ego is an individual's sense of self-importance. When Tyrone got promoted his ego enlarged, and he now believes himself to be way more important than his peers and thus no longer listens to them, since he believes that he knows everything and that his peers no very little compared to him.
Alpha First Company just began business and made the following four inventory purchases in June:June 1 150 units $780June 10 200 units 1,170June 15 200 units 1,260June 28 150 units 990$4,200A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is_________
Answer:
value of ending inventory = $1131
Explanation:
given data
June 1 150 units $780
June 10 200 units 1,170
June 15 200 units 1,260
June 28 150 units 990
$4,200
to find out
he value of the ending inventory
solution
first we get here at 1st june cost per unit will be
cost per unit = [tex]\frac{total\ cost\ inventory }{no\ of\ unit}[/tex] .............1
cost per unit = [tex]\frac{780}{150}[/tex]
cost per unit = $5.2 per unit
and
on 10th june cost per unit will be
cost per unit = [tex]\frac{total\ cost\ inventory }{no\ of\ unit}[/tex] .............1
cost per unit = [tex]\frac{1170}{200}[/tex]
cost per unit = $5.85 per unit
and
at 30th june value of ending inventory that is
value of ending inventory = ( 150 × $5.2 ) + ( 210 - 150 ) × $5.85
value of ending inventory = $780 + $351
value of ending inventory = $1131
Final answer:
Using the LIFO inventory method, the value of the ending inventory for Alpha First Company on June 30 is calculated based on the latest purchases, resulting in a total of $1,368.
Explanation:
The question pertains to determining the value of the ending inventory on June 30 using the LIFO inventory method. In the LIFO method, the last items purchased are the first ones to be used in calculating the cost of goods sold. Given the purchases made by Alpha First Company in June and a physical count indicating 210 units on hand, we start with the last purchase on June 28 (150 units at $990) and work our way backwards until we account for all 210 units in the ending inventory. The calculations will use the costs from the latest purchases first, and then proceed to earlier ones for the remaining units.
To calculate the value of the ending inventory using LIFO:
June 28 purchase: 150 units at $990June 15 purchase: We need 60 more units to make up the 210 units on hand. From this purchase, 60 units at ($1,260 / 200 units) * 60 = $378The value of ending inventory = $990 (from June 28) + $378 (60 units from June 15) = $1,368.The construction supervisor working with your company gives you directions to meet him at your company’s new commercial development. He says, "It’s a short drive. Meet me at the trailer, and I’ll give you a tour."
You follow the directions: down Madison Parkway and past several new housing developments. You continue to drive: mile 5, mile 10. It isn’t until you reach mile 20 that you finally see the trailer. After all of this driving, you complain and tell the supervisor, "That’s not a short drive!"
What communication barrier is described in this situation?
A) Lack of language skills
B) Distractions
C) Differing frames of reference
How might you overcome this communication barrier in the future?
A) Be more aware of bypassing.
B) Be more aware of your frame of reference.
C) Be more aware of potential distractions.
Answer:
The answer is C) Differing frames of reference, for the first part.
B) Be more aware of your frame of reference, is the answer to the second part.
Explanation:
Frame of reference simply means that it is a judgement you make based on your perceptions, understandings and opinions. Frame of reference is highly subjective and depends on each individual.
In this scenario, from Supervisor's point of view, the drive was a "Short" drive. But for you, the drive was "Super long".
By being aware of how the other person refer to certain matters and having a general idea about his/her frame of reference will solve this problem in the future.
According to Fred Luthans and his associates' study of 450 managers, ________ made the largest contribution to the success of managers in terms of speed of promotion within their organization.
A) networking
B) decision making
C) planning
D) controlling
E) staffing
Answer and Explanation:
A) networking
Workers who lose their jobs because the skill set they possess is no longer required in the economy are considered to be _________.
a) discouraged workers
b) cyclically unemployed
c) frictionally unemployed
d) overemployed
e) structurally unemployed
Answer:
e) structurally unemployed
Explanation:
Structural unemployment is when workers lose their jobs because the skill set they possess is no longer required in the economy.
Cyclical unemployment is when employment level changes with the business cycle. Unemployment increases when there's a downturn in the economy and falls when there's a upturn.
Frictional unemployment occurs when labour leave their job and are yet to find another.
A discouraged worker is a worker who is still part of the labour force but is unemployed and isn't actively seeking employment.
I hope my answer helps you.
When firms have the power to restrict output, raise prices, stifle competition, and inhibit innovation the market failure involved is ___________.Select one: a. Market power b. Public goods c. Inequities d. Externalities
Answer:
a. Market power
Explanation:
Market power is defined as the firm's ability to restrict output and charge higher prices than in perfect competition.
Seen as a disadvantage or risk with sales promotions, sales promotions are typically short-termed tactics designed to reduce inventories, increase cash flow, or show periodic boosts in market share. In other words, these promotions are known as ________________.
Answer:
Borrowing from future sales
Explanation:
Borrowing from future sales is the term which is defined as that which is the person or an individual is putting at stake over something which has not yet realized or happened.
So, the sales promotions in other words, also known as the borrowing from the future sales, in which the person risk the things in order to get profit in future.
Wiskurv Inc. is a large electronics supplier that does not rely exclusively on traditional financial measures for organizational control. It also considers operational measures that relate to the company's critical success factors. In this scenario, Wiskurv Inc. most likely uses___________.
Answer: Balanced structure
Explanation:
A balanced structure is basically refers to the balanced sentence where the sentences are made up of equally in the term of length and also properly structure grammatically then the sentence is known as balanced structure.
According to the given scenario, the Wiskurv Inc. is one of the large electronic organization and this company most likely using the valanced structure for the financial and the operational measuring factors.
Therefore, Balanced structure is the correct answer.
Exxon Mobil enters into a pact with Gazprom, the world's largest natural gas extractor, to set up a processing unit in Baku, Azerbaijan. Which of the following is most likely the reason for Exxon Mobil to opt for this strategic alliance?1. to scale back its core competencies2. to better compete with Gazprom3. to restrict its factors of production4. to gain access to low-cost inputs of production5. to gain access to new customers
Answer:
4. to gain access to low-cost inputs of production
Explanation:
The reason for Exxon Mobil to opt for this strategic alliance, Whereas the remaining ones are not relevant in this context may be because it can help to gain access to low-cost inputs of production.
John is an art dealer with special expertise in modern art. Rachel comes to John’s gallery to purchase a modern art painting as an investment. John shows her several paintings that he says are high quality and will increase in value in the next ten years. John’s statement isa.an express warranty.b.an implied warranty.c.an opinion.d.puffery.
Answer:
an express warranty
Explanation:
An express warranty is an assurance by the merchant that a product or a service will perform as the buyer expects. It is the guarantee given to the buyer that the merchandise will perform its functions as advertised in media or product branding. Express warranty can be written or oral. Through the express warranty, a seller promises the buyer of replacement or repairs of the product should it malfunction within a specified time.
John is assuring his client that the paintings are of high quality. He is guaranteeing Rachel the art will appreciate. John's statements are comparable to a commercial advert or the branding of a product. They are offering assurances that the painting will meet Rachel's expectations.
It is helpful to list requirements and supporting information in a requirements traceability matrix. When requirements are complete, they should meet all of these criteria EXCEPT:a. identified with the stakeholder who needs itb. assigned to a team member who will be the requirement ownerc. measurable, so that the value and completion can be verifiedd. prioritized so tradeoff decisions can be made if necessary
Answer:
The correct option is B
Explanation:
It is of great importance for the requirements and supporting information in a requirements traceability matrix to be listed. Upon fulfilling all requirements, there are certain criteria that must be met. The requirements must be prioritized, measurable, and must be identified with a stakeholder who has need for it. Thus, the only option that is not a requirement is that it is to be assigned to a requirement owner.
The U.S. Department of Commerce negotiated a Safe Harbor exception with the European Union:
Answer:
because the Department of Commerce thought that american companies would not be able to comply with European directives regarding personal data protection.
Explanation:
A safe harbor is a provision that specifies which conducts will not be considered to violate or break a given rule.
The following are characteristics of the __________ certification:
a. Only law enforcement personnel and government employees working as system forensics examiners may join.
b. Students learn to interpret and trace e-mail, acquire evidence properly, identify operating systems, recover data, and understand encryption theory and other topics.
c. Students must pass a written exam before continuing to the next level.
d. There are multiple levels.
Answer: Certified Forensic Computer Examiner
Explanation: A Certified forensic computer examiner gathers and analyses data from anything that has to do with information technology ( computers, tablets, the internet, etc.) for the establishment of facts.
Which describes the process of diagnosing an organization's external and internal environments, including deciding on a vision and mission?
Strategic planning
Explanation:
Process to identify the external and internal conditions of the organisation, determine a strategy and goal, formulate general goals, establish and choose general approaches, and allocate resources for the organization's objectives.
Strategic planning is the method of documenting and guiding the small company— by evaluating where they are and where they're going. The strategic plan actually provides them with the opportunity to record the mission, vision and principles and their lengthy-term goals and intervention plans to achieve them.
Conflicts of interest may exist when employees have financial investments. True or False
Answer: False
Explanation: In simple words, conflict of interest refers to a situation in which any individual or an entity holds the position of authority in which any decision made by him or her can lead to personal benefit at the cost of others loss.
The given statement is false as conflict of interest would only appear when the employees have financial investments in the companies in which they are working as it can lea d to access of materiel non public information or authority to make decisions for personal benefit.
Yes, a conflict of interest can occur when an employee's personal financial investments influence their professional decisions. This is particularly prevalent and complex in roles that deal with financial decisions or politics.
Explanation:True, conflicts of interest may exist when employees have financial investments. A conflict of interest can arise when an employee's personal financial interests conflict with their professional duties. For example, if an employee in a supervisory role at a bank also owns a large amount of shares in the bank, they might face a conflict of interest. The employee might be influenced by their personal financial investments to make decisions that are not in the best interest of the bank. This is especially controversial and problematic when such decisions come under political pressure. Therefore, it's essential that employees and organizations actively manage and disclose such conflicts of interest.
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The possibility that the failure of one bank can hasten the failure of other banks is called the:
Answer:
Contagion Effect
Explanation:
Contagion Effect is the spread of an economic crisis from one market or a region to another. It refers the diffusion effect of crisis throughout a market.
Simply put, If a large bank sells off most of its assets quickly, the confidence in other banks declines.
Hence, it's said to have followed the contagion effect, spread of a crisis from one market to another.
Which of the following statements is false?
a.Indirect labor is assigned as a part of overhead.
b.The cost of a job includes direct materials, direct labor, and applied overhead.
c.Actual overhead costs always enter the Work-in-Process account.
d.The use of normal costing means that overhead is applied to each job using a predetermined rate.
e.None of these choices are correct.
Answer: Actual overhead costs always enter the Work-in-Process account.
Explanation:
The work-in-process account is an account where the value of goods yet to be completely produced are recorded while the overhead cost is simply a business running cost, that is cost on expenses the business makes to keep functioning.
Overhead cost is not recorded in work-in-process account, rather it is recorded as business expenses.
A seller in a competitive market can:
a. sell all it wants at the going price, so it has no reason to charge less.
b. influence the market price by adjusting his output.
c. influence the profits earned by competing firms by adjusting his output.
d. All of the above are correct.
Answer: option A
Explanation: In simple words, competitive market refers to the market structure in which large number of buyers and sellers are present each operating at a small level and selling similar production with no interdependence on one another.
In such a structure, the sellers has to accept the price that is determined by the market forces of supply and demand as no individual participant can influence the price by changing output due to low level of operations.
Thus, the correct option is A.
The situation where the buying power of money in terms of goods and services increases is called:_______
a) deflation.
b) stationary pricing.
c) hyperinflation.
d) inflation.
Answer: deflation
Explanation: Deflation in economics refers to a decline in the overall level of products and services prices. Deflation happens once the inflation rate drops under 0% (a detrimental inflation rate). Inflation lowers the value of a nation's currency throughout time, but it is exacerbated by inflation.
It makes possible the purchasing of more products and services with almost the similar amount of money as before. Deflation remains different from disinflation, a decrease in the inflation rates, i.e. while inflation is weaker but also positive. Deflation usually takes place when all the availability is heavy and when the demand is less.
Since 2002, General Mills through sales of its Cheerios brand cereal has donated over $2.0 million to First Book, a national nonprofit organization dedicated to giving new books to children from low-income families, through the Spoonfuls of Stories program. General Mills is engaged in:
Answer:
Cause-Related Marketing
Explanation:
A type of marketing in which the entity promotes it sales by collaborating with the non profit organization is known as Cause-related Marketing(CRM).In CRM, the entity promotes the cause of the non profit organization with which it collaborates and at the same time, it also promotes its own sales, therefore CRM creates mutual benefit for both entities.
Therefore, the General mills is engaged in Cause-Related Marketing.
Characteristics of just-in-time partnerships do NOT include: long-term contracts. removal of in-transit inventory. large lot sizes to save on setup costs and to gain quantity discounts. focus on core competencies. produce with zero defects.
Answer: large lot sizes to save on setup costs and to gain quantity discounts.
Explanation:
Just in time is the kind of system where your material or component arrives just when you require them and does not take up time. This is helpful in saving storage cost. Just in time however, does not include large lot sizes to save on setup costs and to gain quantity discounts.
Firms subject to the reporting requirements of the Securities Exchange Act of 1934 are required by the Foreign Corrupt Practices Act of 1977 to maintain satisfactory internal control. Moreover, the Sarbanes-Oxley Act of 2002 requires that annual reports include (1) a statement of management’s responsibility for establishing and maintaining adequate internal control and procedures for financial reporting and (2) management’s assessment of their effectiveness. The role of the registered auditor in this process is to:
A.Express an opinion on the effectiveness of internal contrfinancial reporting.
B.Express an opinion on whether the client is subject to thExchange Act of 1934.
C.Disclaim an opinion on the assessment of controls.
D.Report clients with unsatisfactory internal control to the
Answer:
C) Disclaim an opinion on the assessment of controls.
Explanation:
According to PCAOB AS 2201, the registered auditor must disclaim an opinion on the effectiveness of internal controls used by the corporation. The auditor must also determine whether management's reports are complete and properly presented. In a final report, the auditor must give the reasons for his/her determinations.
In the field of personal selling, persuasion:
a. Does not belong in a consultative style sales presentation.
b. Will offend many customers who want to make up their own mind.
c. Seldom achieved the goal of closing the sale.
d. Is an acceptable strategy once a need has been identified and a suitable product has been selected.
Answer:
d. Is an acceptable strategy once a need has been identified and a suitable product has been selected.
Explanation:
A face to face selling of a product directly to business is one of the best example of personal selling e.g. cars, photocopier, office equipment etc.