The one that frequently ignores cost-benefit analysis, and the one that almost always tries to efficiently balance costs and benefits is Corporations frequently ignore cost-benefit analysis because they can sell bonds or stocks to obtain more money whenever needed. Governments almost always try to efficiently balance costs and benefits because they are required to do so by law.
Cost-Benefit Analysis (CBA) was a method used by governments to develop and assess public policy by quantifying the consequences. According to current scholarship, it is a system that is used to crudely implement utilitarianism, which holds that actions have only right if they promote happiness and pleasure.
When considering regulatory proposals who would be costly to implement but would have potentially large economic benefits for society, benefit-cost analysis is commonly used at the executive level of government. The Clean Air Act and the Clean Water Act are two examples of regulatory actions.
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Which of the following businesses is NOT possible to be rivaled?
A. an electric company
B. a mall
C. an airline company
D. a telecommunication provider
Answer:
A. an electric company
Explanation:
Among all the options given above, it is an electric company that cannot be rivaled due to the fact that, all household definitely need electricity in-order to power their home. Due to the nature of the company and how capital intensive it is, it would always be in demand by the people.
(b) What are futures price, spot Price, and settlement price?
How are these prices connected with each other in the futures
market?
Futures price refers to the current market price of a particular commodity or financial instrument that is agreed upon for delivery at a future date. Spot price, on the other hand, is the current market price of a commodity or asset for immediate delivery. Settlement price refers to the price at which a futures contract is settled on its expiry date.
In the futures market, the futures price and spot price are interconnected. The futures price is usually higher than the spot price, which is known as contango. This occurs because investors who buy futures contracts must account for the cost of storage, insurance, and other expenses. Settlement price is determined by the final futures price at the time of expiry. The difference between the settlement price and the initial futures price is the profit or loss for the investor.
Furthermore, the relationship between these prices is critical for traders in the futures market as they make decisions based on their expected price movement. By analyzing the current futures price and the expected future spot price, traders can predict the direction of the market and make informed trading decisions.
In conclusion, the futures price, spot price, and settlement price are all essential components of the futures market, and their relationship is interconnected. Understanding the dynamics between these prices is crucial for investors to make informed decisions in the futures market.
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if the economy is currently in a recessionary gap the sras curve intersects the ad curve to the left of natural real gdp true false
It is true that if the economy is currently in a recessionary gap the SRAS curve intersects the AD curve to the left of Natural Real GDP.
Recessions can be triggered by anything that moves the aggregate expenditure line downward, including decreases in consumption, increases in savings, decreases in investment, decreases in government spending or tax increases, decreases in exports or increases in imports.
The SRAS curve demonstrates that the amount of real GDP that will be generated in an economy grows as the price level rises and you move along the SRAS and a shift to the right indicates an increase in it.
As the components of aggregate demand—consumption spending, investment expenditure, government spending, and spending on exports minus imports—increases, the aggregate demand curve, or AD curve, shifts to the right.
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To get in the full swing of things with online banking, you set up direct deposit with your job at Burger Bucket. You want to verify that it's working correctly: You're supposed to be paid twice a month. 2. Did your direct deposit work correctly? If so, what days did you receive your pay? How large was each deposit?
If the direct deposit setting is working correctly you should receive your payment on the usual days agreed in your employment contract, and the amount received should be the same as the amount of money you usually receive.
Online banking is a form of banking that allows you to access your regular account, and carry out transactions through the internet. This type of banking has become very popular, and it allows users to do tasks such as transferring or receiving money from home.
Additionally, online banking does not have any cost in most banks, and the money transfers are as fast or even faster than in regular baking.
Based on this, if you are receiving your salary through online banking and, everything is working:
You should still receive the money on the usual days, for example, the 15th and 30th of every month The amount received should be the same as in most cases there is not an extra fee for online banking servicesLearn more in: https://brainly.com/question/9364800
who join the NDS that will create in the future
and please don't let's people answer and it a question if you thick about
i will still give Brainliset
The President's National Security Strategy is the subject of the National Defense Strategy (NDS), which focuses on the Department of Defense's role in carrying it out (NSS).
Who meets the criteria for an NDA?Candidates who have finished class 12 or are currently registered in class 12 and are between the ages of 15.7 and 19 are eligible to apply for the NDA 2023 exam.
According to NDA eligibility 2022, candidates who were not born earlier than 02 January 2004 or later than 01 January 2007 are eligible to apply for the exam. Before proceeding to the exam selection procedure, candidates must first satisfy all of the required NDA qualification standards.
Who oversees NDS-OM?RBI uses the NDS-OM, an electronic anonymous order matching system with a screen-based interface, to trade its government securities on the secondary market. The system is now open to businesses who have SGL accounts with the RBI, including banks, primary dealers, insurance providers, mutual funds, etc.
What types of settlements does NDS handle?One of two groups makes up NDS-OM members, including:
Members Direct - Direct Members have access to current accounts with the RBI and the ability to directly settle trades on NDS-OM. Due to the fact that indirect members do not have current accounts with the RBI, they must settle through direct NDS-OM members.
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When it is necessary to inform a customer about a delay in their order, the proper communication format should be a ______.
Answer:
Business letter
Explanation:
A BUSINESS LETTER is type of letter which a company or an organization can use to communicate with their client or with other company or organization and the main aim or purpose of a BUSINESS LETTER include the following; It help to inform a customer or a client about an order , it can be use to make inquiring and it can be use to help inform a customer or client concerning the delay in the order the Customer made from the company or the reason why the order was delay among others, which is why BUSINESS LETTER is of paramount or important it enables a company or organization to pass information to their clients or to another company.
Therefore the proper communication format a commpany or an organization can use to inform a customer about a delay in their order should be a BUSINESS LETTER.
Answer:
b
Explanation:
edge
Okay, how many weeks would you have to work to pay for Gary’s $1200 mistake?
Answer:
i thinks its 1 year huhuhuh
a piece rate worker is paid
Answer:
a fixed rate for each item produced or action performed
Explanation:
a little bit of research will take you right to the answer.
Cash Budgeting Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good, but Koehl frequently runs out of cash. This has necessitated late payment on certain orders, which is beginning to cause a problem with suppliers. Koehl plans to borrow from the bank to have cash ready as needed, but first she needs a forecast of how much she should borrow. Accordingly, she has asked you to prepare a cash budget for the critical period around Christmas, when needs will be especially high. Sales are made on a cash basis only. Koehl's purchases must be paid for during the following month. Koehl pays herself a salary of $4,600 per month, and the rent is $1,800 per month. In addition, she must make a tax payment of $13,000 in December. The current cash on hand (on December 1) is $750, but Koehl has agreed to maintain an average bank balance of $7,000 - this is her target cash balance. (Disregard the amount in the cash register, which is insignificant because Koehl keeps only a small amount on hand in order to lessen the chances of robbery.) The estimated sales and purchases for December, January, and February are shown below. Purchases during November amounted to $150,000. Sales Purchases December $120,000 $35,000 January 46,000 35,000 February 66,000 35,000 Prepare a cash budget for December, January, and February. Do not round intermediate calculations. Round your answers to the nearest dollar. Negative values, if any, should be indicated by a minus sign. Collections and Purchases: December January February Sales (Collections) $ $ $ Purchases $ $ $ Payments for purchases $ $ $ Salaries $ $ $ Rent $ $ $ Taxes $ --- --- Total payments $ $ $ Cash at start of forecast $ --- --- Net cash flow $ $ $ Cumulative cash balance $ $ $ Target cash balance $ $ $ Surplus cash or loans needed $ $ $ Suppose that Koehl starts selling on a credit basis on December 1, giving customers 30 days
The preparation of cash budgets for December, January, and February for Koehl's Doll Shop are as follows:
Koehl's Doll Shop
Cash BudgetDecember January February
Sales $120,000 46,000 66,000
Total payments $169,400 $41,400 $41,400
Cash at the start of the forecast $750 --- ---
Net cash flow ($49,400) $4,600 $24,600
Cumulative cash balance ($48,650) ($51,050) ($33,450)
Target cash balance $7,000 ($7,000) ($7,000)
Surplus cash or loans needed ($55,650) $58,050 ($40,450)
What is a cash budget?A cash budget is a projection of cash receipts and payments for a period.
Cash budgets may be prepared weekly, monthly, quarterly, or yearly, as required.
Management prepares cash budgets to guide its cash flow activities and decisions, readying to invest excess cash, request loans, or generate sufficient revenue to meet its short-term obligations.
Purchases for November = $150,000
Sales Purchases
December $120,000 $35,000
January 46,000 35,000
February 66,000 35,000
Other cash payments:
Koehl's salary is $4,600 monthly
Rent is $1,800 monthly
Tax $13,000 in December
Thus, preparing a cash budget enables Dorothy Koehl to appreciate the timing of cash flows.
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What is meant by 'business plan'?
A business plan is a written document that describes in great detail the goals and objectives of a company.
A business plan outlines a written strategy for the company's operations, finances, and marketing. Both new and established businesses use business plans.
It is a crucial document intended for both internal and external audiences of a company. Generally, it is not a good idea to operate without a business plan. In reality, very few companies can function without one for an extended period.
A business plan can also help a company's executive team stay on the same page concerning strategic action items and on track to achieve set objectives.
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A minimum wage that is set below a market's equilibrium wage will result in
A. an excess demand for labor, that is unemployment.
B. an excess demand for labor, that is, a shortage of workers.
C. an excess supply of labor, that is unemployment.
D. None of the above is correct.
Usually, a minimum wage that is set below a market's equilibrium wage will result in an excess demand for labor, which is, a shortage of workers.
What is a market's equilibrium wage?The equilibrium market wage refers to an intersection of the supply and demand for labor wage.
The minimum wage means the ceiling wage that must be paid to the labor.
Hence, when a minimum wage is set below a market's equilibrium wage, it will result in an excess demand for labor, which is, a shortage of workers.
Therefore, the Option B is correct
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how do u respond to lol
Answer:
depends on what you are lol ing about
Explanation:
mcdonaldization is a term used to describe what process?
The time period "McDonaldization" is used to describe a process of explanation and standardization that is regularly associated with fast-meal eating places, particularly McDonald's.
Coined by using sociologist George Ritzer, McDonaldization refers back to the spread of concepts and practices that resemble the ones of the fast-meals industry to numerous components of society, inclusive of enterprise, education, healthcare, or even the enjoyment of sports.
The four key dimensions of McDonaldization are:
Efficiency: The emphasis on maximizing efficiency and productivity by means of streamlining processes and minimizing time and effort. This is achieved via practices including assembly-line production, automation, and the use of technology.
Calculability: The cognizance of quantifiable measures, together with portion sizes, cost, and time. This prioritizes the quantity instead of the niceness of products and services, leading to a desire for standardized and without problems measurable results.
Predictability: The standardization and uniformity of merchandise, offerings, and studies, which guarantees consistency and eliminates surprises or versions. This creates an experience of familiarity and decreases uncertainty for consumers.
Control: The exertion of management over both the manufacturing manner and the consumer revel. Control is done thru strict rules, suggestions, and protocols that dictate how obligations are carried out and how customers are served.
The method of McDonaldization is driven by the pursuit of efficiency and the desire for predictability and management. Its goals are to boom profitability, reduce expenses, and deliver rapid and constant stories to customers. However, critics argue that McDonaldization can result in a loss of individuality, creativity, and human connection, as well as promote a homogenized and standardized culture.
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McDonaldization is the term used to describe the process by which the principles of the fast-food industry have come to dominate various aspects of society, including business, education, healthcare, and more. It involves the four dimensions of efficiency, calculability, predictability, and control.
McDonaldization is a term used to describe the process by which the principles of the fast-food industry have come to dominate various aspects of society. It was coined by sociologist George Ritzer in his book 'The McDonaldization of Society.'
McDonaldization is characterized by four key dimensions:
efficiency: This dimension emphasizes the use of standardized and streamlined processes to maximize productivity. It involves the rationalization of tasks and the elimination of unnecessary steps. For example, fast-food restaurants like McDonald's have highly efficient systems in place to ensure quick service and minimize waiting times.calculability: Calculability focuses on quantifiable aspects such as speed, portion size, and cost. It prioritizes quantity over quality and emphasizes the importance of measurable outcomes. In the fast-food industry, this is evident in the emphasis on large portion sizes and value meals.predictability: Predictability refers to the expectation of uniformity and consistency in products and services. It involves the standardization of processes, products, and experiences to ensure that customers know what to expect. Fast-food chains like McDonald's strive to provide consistent experiences across their locations, with standardized menus, recipes, and service procedures.control: Control involves the substitution of human labor with non-human technologies to ensure precision and conformity. This dimension is evident in the use of automated systems, such as self-ordering kiosks and assembly line production methods, to minimize human error and increase efficiency. It also includes strict rules and regulations that employees must follow to maintain consistency.Overall, McDonaldization represents the increasing rationalization and standardization of various aspects of society, driven by the principles of the fast-food industry. While it offers convenience and efficiency, it also raises concerns about homogenization, loss of creativity, and dehumanization.
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Erica decides to spend $50 on a ticket to a concert with friends instead of buying a new pair of jeans. What is the opportunity cost other decision?
A. the benefit of having a new pair of jeans
B. the benefit of going out with her friends
C. the $50 Erica spent on the ticket
D. the enjoyment of going to the concert
Answer:
The benefit of having a new pair of jeans
Explanation:
Answer:
The benefit of having a new pair of jeans
Explanation:
This case involves you, as a salesperson representing the institutional sales division of Island View Tech Solutions, a leading reseller of technology hardware and software, and Dalton Genge, Director of Technology for Quarter & Associates, a prominent St. John's-based law firm specializing in corporate litigation. Quarter & Associates is preparing to move to larger facilities and wants to update its computer technology in the new facilities. Corner Brook-based Island View Tech Solutions has established itself as a major competitor in the technology marketplace specializing in value-added systems solutions for business institutions and government entities nationwide. This past year, Island View Tech Solutions has added sales and distribution centres in Burlington, Ontario, Halifax, Nova Scotia, and St. John's, Newfoundland and Labrador. CURRENT SITUATION As an integral part of their move to new and larger facilities, Quarter & Associates want to replace their computers and information technology systems including laptop/desktop combinations for each of their 21 attorneys, desktop systems for their 10 staff members, along with archive and e-mail servers. Island View Tech Solutions specializes in this type of systems selling and uses their network of hardware and software providers in combination with their own in-house engineering, programming, and systems group to consistently provide higher value solutions than the competition. In preparation for an initial meeting with Dalton Genge, the Island View Tech Solutions sales representative is outlining their information needs and developing a draft set of needs discovery questions. These needs discovery questions will be the focus of the meeting with Dalton Genge and enable Island View Tech Solutions to better identify and confirm the actual needs, desires, and expectations of Quarter & Associates in relation to new and expanded computer and information technology capabilities. QUESTIONS 1. What information does the Island View Tech Solutions salesperson need in order to fully understand the technology needs of Quarter & Associates? 2. Following the ADAPT methodology for needs discovery questioning, develop a series of salesperson questions and anticipated buyer responses that might apply to this selling situation. ADAPT technique for need discovery
The ADAPT methodology for needs discovery questioning is an effective approach for salespeople to understand the specific needs of their clients. Here's a series of salesperson questions and anticipated buyer responses that may apply to the selling situation between Island View Tech Solutions and Quarter & Associates:
1. Awareness Questions:
Salesperson: What challenges or issues are you currently facing with your existing computer technology systems?
Buyer: We are preparing to move to larger facilities and need to update our computer technology to support our growing needs.
2. Discovery Questions:
Salesperson: What specific functionalities or features are important for your attorneys' laptop/desktop combinations?
Buyer: We need laptops/desktops that are powerful, portable, and can handle resource-intensive applications for legal research and document management.
Salesperson: How do you envision the role of desktop systems for your staff members in supporting their work?
Buyer: The staff members primarily require desktop systems for administrative tasks, document processing, and communication.
3. Analysis Questions:
Salesperson: How do you currently manage and store your archived files and emails?
Buyer: We have an on-site server for archiving files, but our email server is hosted externally.
Salesperson: What security measures and data protection requirements do you have for your technology systems?
Buyer: We handle sensitive client information, so data security and confidentiality are of utmost importance to us.
4. Possibilities Questions:
Salesperson: Have you considered implementing cloud-based solutions for any of your technology needs?
Buyer: We are open to exploring cloud options for data storage and backup, as long as they meet our security and compliance standards.
Salesperson: Are there any specific integration requirements with existing software systems or third-party applications?
Buyer: We use specialized legal software and would like seamless integration with our existing systems.
5. Transformation Questions:
Salesperson: How do you envision your technology infrastructure supporting your future growth and scalability plans?
Buyer: We want a technology solution that can adapt and scale as our firm continues to expand.
Salesperson: What level of technical support and maintenance services do you expect from your technology provider?
Buyer: We need reliable support services to minimize downtime and ensure smooth operations.
By using the ADAPT methodology and asking these tailored questions, the Island View Tech Solutions salesperson can gain a deeper understanding of Quarter & Associates' specific technology needs, allowing them to provide customized solutions that address those needs effectively.
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Résumé search programs often search for _____. a. nouns b. verbs c. adjectives d. participles
Answer:
noun
Explanation:
indeed
Resume search programs often search for noun. A resume keyword scanner is software that job posting sites use to search resumes for certain keywords.
What is Resume?A resume is a formal document created by a job seeker to list their qualifications for a particular position.
A customized cover letter is typically included with a resume, in which the candidate expresses interest in a certain job or organization and highlights the most essential data on the resume.
Thus, option a, Noun is correct option.
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Marissa is traveling in Great Britain and is surprised when the server brings her cookies when she ordered biscuits for breakfast. What communication concept best explains the mix-up?A. Communication is symbolic.
B. Communication is relational.
C. Communication is a process.
D. More communication is always better.
Answer:
B. Communication is relational.
Explanation:
Communication being relational is the best concept that explains the mixup between the server and Marissa who is travelling through Great Britain. For Marissa to request for biscuits, the sever was able to relate her request to cookies which is commonly served as a breakfast meal in Britain. Hence the reason why she brought it to her.
Australia's real GDP was 1,745 billion dollars in 2016 and 1,787 billion dollars in 2017 The population was 24 4 million in 2016 and 24.8 million in 2017. Calculate Australia's economic growth rate in 2017, the growth rate of real GDP per person in 2017, and the approximate number of years it will take for real GDP per person in Australia to double if the 2017 economic growth and population growth rates are maintained (Answer to 1 decimal place)
Australia's economic growth rate in 2017 was __ percent The growth rate of real GDP per person in Australia in 2017 was __ percent T
he approximate number of years it takes for real GDP per person in Australia to double if the 2017 economic growth rate and population growth rate are maintained is __ years
To calculate Australia's economic growth rate in 2017, we use the formula:
Economic Growth Rate = ((GDP in 2017 - GDP in 2016) / GDP in 2016) * 100
Substituting the given values:
Economic Growth Rate = ((1,787 - 1,745) / 1,745) * 100 ≈ 2.4%
To calculate the growth rate of real GDP per person in 2017, we divide the economic growth rate by the population growth rate:
Growth Rate of Real GDP per Person = Economic Growth Rate / Population Growth Rate
Population Growth Rate = ((Population in 2017 - Population in 2016) / Population in 2016) * 100
Population Growth Rate = ((24.8 - 24.4) / 24.4) * 100 ≈ 1.6%
Growth Rate of Real GDP per Person = 2.4% / 1.6% ≈ 1.5%
To determine the approximate number of years it takes for real GDP per person in Australia to double, we can use the rule of 70. The rule of 70 states that the doubling time can be approximated by dividing 70 by the growth rate. In this case, we use the growth rate of real GDP per person:
Doubling Time ≈ 70 / Growth Rate of Real GDP per Person
Doubling Time ≈ 70 / 1.5% ≈ 46.7 years ≈ 47 years (rounded to the nearest whole year)
Therefore, Australia's economic growth rate in 2017 was approximately 2.4%, the growth rate of real GDP per person was approximately 1.5%, and it would take around 47 years for real GDP per person in Australia to double if the 2017 growth rates are maintained.
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april has joined a team with members from the sales customers service and shipping and receiving departments which term best describes the team april joined
Answer:
A cross-functional team
Explanation:
A cross-functional team is composed of members with different skills, experiences, and backgrounds. In organizations, cross-functional teams will have members from various departments. The teams are formed to undertake projects that require input from different experts.
April has joined a cross-functional team. The team has members from many departments. Cross-functional are temporally and get dissolved when the project is complete.
How do the elements of the marketing mix work together to help create a
marketing strategy?
Answer:
The marketing mix refers to the actions a company takes to market its product(s) and/or service(s). Typically, it acts as a framework for breaking down the four key components of marketing — product, price, place, and promotion.
Explanation:
3. ______ are defined as goods or services that are required for health and safety.
Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.
What is the safety of goods?A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.
Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.
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We have a part loaded in plate bending and we would like to
choose a material from the list using Ashby charts. We need to
minimize the weight and cost, while avoiding failure from exceeding
the requi
Ashby charts can be used to select a material for plate bending that minimizes weight and cost while meeting the required strength criteria.
To choose a suitable material for the plate bending application that minimizes weight and cost while meeting the required strength criteria, Ashby charts can be a helpful tool. Ashby charts, also known as material property charts, provide a visual representation of material properties, allowing for easy comparison and selection.
To utilize Ashby charts, follow these steps:
1. Identify the specific requirements for the plate bending application, such as the desired strength, stiffness, and other performance criteria.
2. Consult the Ashby charts, which categorize materials based on their properties and performance characteristics. The charts typically include parameters like strength, density, cost, and other relevant factors.
3. Look for materials that fall within the desired range of properties. In this case, prioritize materials that offer high strength-to-weight ratios to minimize weight while maintaining sufficient strength. Additionally, consider the cost aspect and aim for materials that offer a balance between performance and cost-effectiveness.
4. Evaluate the shortlisted materials for their specific applications. Consider factors such as fabrication processes, availability, durability, and any additional requirements specific to the plate bending process.
5. Compare the potential materials based on their weight, cost, and ability to meet the required strength criteria. Select the material that offers the most favorable combination of these factors.
It is important to note that the suitability of a material goes beyond Ashby charts alone. Additional considerations, such as compatibility with the plate bending process, environmental factors, and industry regulations, should also be taken into account.
Overall, by using Ashby charts to compare materials based on weight, cost, and strength, you can make an informed decision to select a material that optimizes performance and cost-effectiveness for the plate bending application while avoiding failure.
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the reasons why socio economic issues pose a challenge to businesses
Answer:
Socio-economic issues affect consumer spending due to poverty and unemployment. These issues place extra burdens and expenditure on businesses as they have to develop policies/support systems/ informative programs to address them.
Explanation:
Is it necessary to allocate resources?
Answer:
It depends on the context.
Explanation:
In the example of a government allocating resources to the country then yes. They would set budgets/allocate certain amount of resources to ensure there is enough resources for each department.
This is similar to how we manage finances on a daily or monthly basis (?) e.g. our parents give us pocket money every day so we have a limited funding and do not overspend
We then decide what we want to spend our money (allocating resources) on so we can get what we want to buy or what we want to save
.Which of the following is a trend that will shape the future of quality management?
a. Increasing global competition
b. The Deming Cycle.
c. The Juran Trilogy.
d. Global economy.
Response, reply, rejoinder, and retort all refer to an action that is taken in retaliation. Answering an inquiry, demand, demand or need suggests that it has been satisfied.
What is the demand on the economics market?Desire in cost and the cost to a consumer's willingness and desire to purchase products and services at a specific price. The demand for a particular item or service often drops whenever its price rises.
Why is demand important?The relationship among demand and supply is essential because it influences how much most goods and services cost and are available in a given market. The interplay of market forces finally achieves equilibrium in accordance with a market economy's fundamental principles.
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1. Juan is enrolled in marketing education courses and is 17 years old. Juan has been hired by an electrical contractor. Juan is hoping to use this job as a cooperative work site placement. You are told that Juan’s job is to pull electrical components out of inventory and drive them to the job site.
Answer:
What is the wholesaling industry?
Explanation:
Juan is enrolled in marketing education courses and is 17 years old. Juan has been hired by an electrical contractor. Juan is hoping to use this job as a cooperative work site placement. You are told that Juan’s job is to pull electrical components out of inventory and drive them to the job site.
Your answer
explain the process that economists use to conduct a Cost-Benefit Analysis (CBA) for a high-speed rail
Answer:
A cost-benefit analysis is a systematic process that businesses use to analyze which decisions to make and which to forgo. The cost-benefit analyst sums the potential rewards expected from a situation or action and then subtracts the total costs associated with taking that action. Some consultants or analysts also build models to assign a dollar value on intangible items, such as the benefits and costs associated with living in a certain town.
KEY TAKEAWAYS
A cost-benefit analysis (CBA) is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.
A CBA involves measurable financial metrics such as revenue earned or costs saved as a result of the decision to pursue a project.
A CBA can also include intangible benefits and costs or effects from a decision such as employees morale and customer satisfaction.
Cost-Benefit Analysis (CBA)
Understanding Cost-Benefit Analysis (CBA)
Before building a new plant or taking on a new project, prudent managers conduct a cost-benefit analysis to evaluate all the potential costs and revenues that a company might generate from the project. The outcome of the analysis will determine whether the project is financially feasible or if the company should pursue another project.
In many models, a cost-benefit analysis will also factor the opportunity cost into the decision-making process. Opportunity costs are alternative benefits that could have been realized when choosing one alternative over another. In other words, the opportunity cost is the forgone or missed opportunity as a result of a choice or decision. Factoring in opportunity costs allows project managers to weigh the benefits from alternative courses of action and not merely the current path or choice being considered in the cost-benefit analysis.
By considering all options and the potential missed opportunities, the cost-benefit analysis is more thorough and allows for better decision-making.
The Cost-Benefit Analysis Process
A cost-benefit analysis should begin with compiling a comprehensive list of all the costs and benefits associated with the project or decision.
The costs involved in a CBA might include the following:
Direct costs would be direct labor involved in manufacturing, inventory, raw materials, manufacturing expenses.
Indirect costs might include electricity, overhead costs from management, rent, utilities.
Intangible costs of a decision, such as the impact on customers, employees, or delivery times.
Opportunity costs such as alternative investments, or buying a plant versus building one.
Cost of potential risks such as regulatory risks, competition, and environmental impacts.
Benefits might include the following:
Higher revenue and sales from increased production or new product.
Intangible benefits, such as improved employee safety and morale, as well as customer satisfaction due to enhanced product offerings or faster delivery.
Competitive advantage or market share gained as a result of the decision.
An analyst or project manager should apply a monetary measurement to all of the items on the cost-benefit list, taking special care not to underestimate costs or overestimate benefits. A conservative approach with a conscious effort to avoid any subjective tendencies when calculating estimates is best suited when assigning a value to both costs and benefits for a cost-benefit analysis.
Finally, the results of the aggregate costs and benefits should be compared quantitatively to determine if the benefits outweigh the costs. If so, then the rational decision is to go forward with the project. If not, the business should review the project to see if it can make adjustments to either increase benefits or decrease costs to make the project viable. Otherwise, the company should likely avoid the project.
With cost-benefit analysis, there are a number of forecasts built into the process, and if any of the forecasts are inaccurate, the results may be called into question.
Limitations of the Cost-Benefit Analysis
For projects that involve small- to mid-level capital expenditures and are short to intermediate in terms of time to completion, an in-depth cost-benefit analysis may be sufficient enough to make a well-informed, rational decision. For very large projects with a long-term time horizon, a cost-benefit analysis might fail to account for important financial concerns such as inflation, interest rates, varying cash flows, and the present value of money.
Piper Gene Munster, the person responsible for a survey dedicated to Apple in which he found out an estimated number of iPhones that were sold, has come up with yet another interesting theory.
According to Munster and the past-week Apple announcement about 1 million iPhones sold, the calculations take to the conclusion that after the price cut, the sales increased up to 200%. By Munster's reckoning, Apple and AT&T were selling an average of 9,000 iPhones a day before the price reduction, which would have put their quarterly sales at 594,000 as of September 5. By the end of the quarter, he believes Apple will have sold a total of 1.28 million iPhones.
What was the price elasticity of demand for iPhones in 2007 prior to the price reduction if the percentage change in price was 40%?
The price elasticity of demand for iPhones in 2007 prior to the price reduction was 5.
To calculate the price elasticity of demand, we need to use the following formula:
Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price
Given that the percentage change in price was 40%, we can calculate the percentage change in quantity demanded using the information provided by Munster.
Before the price reduction, Munster estimated that Apple and AT&T were selling an average of 9,000 iPhones a day. With a price cut and a subsequent increase in sales by 200%, we can calculate the new quantity demanded.
New Quantity Demanded = 9,000 iPhones per day + (200% increase) = 9,000 iPhones per day + (200/100) * 9,000 iPhones per day = 9,000 iPhones per day + 18,000 iPhones per day = 27,000 iPhones per day
Now, let's calculate the percentage change in quantity demanded:
Percentage Change in Quantity Demanded = (New Quantity Demanded - Initial Quantity Demanded) / Initial Quantity Demanded * 100
= (27,000 iPhones per day - 9,000 iPhones per day) / 9,000 iPhones per day * 100
= (18,000 iPhones per day) / 9,000 iPhones per day * 100
= 200%
Now we can substitute the values into the price elasticity of demand formula:
Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price
= 200% / 40%
= 5
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mcclintock corporation is considering investing $60,000 in a new piece of machinery that will generate net annual cash flows of $20,000 each year for the next 6 years. the machine has a salvage value of $4,000 at the end of its 6 year useful life. mcclintock's cost of capital and discount rate is 10%. what is the dollar amount that we would multiply the factor by when using the pv of an annuity table?
The present value of the cash flows generated by the new piece of machinery is $70,906.
To calculate the present value of the cash flows generated by the new piece of machinery, we need to use the present value of an annuity formula.
PV = C x [1 - (1+r)⁻ⁿ] / r
Where PV is the present value, C is the annual cash flow, r is the discount rate, and n is the number of periods.
In this case, C is $20,000, r is 10%, and n is 6.
PV = $20,000 x [1 - (1+0.10)⁻⁶] / 0.10
PV = $20,000 x [1 - 0.56447] / 0.10
PV = $20,000 x 3.5453
PV = $70,906
To find the dollar amount that we would multiply the factor by when using the PV of an annuity table, we need to look up the present value factor for a 6-year annuity with a discount rate of 10%. This factor is 4.3553.
Therefore, we would multiply the factor 4.3553 by the annual cash flow of $20,000 to get the present value of the annuity, which is $70,906.
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On July 24, 2007, the federal minimum wage was increased from $5.15 per hour to $5.85 per hour. Consider the effect of this increase on an unemployed job seeker, Using a job-search model, what is the effect on the probability of finding an acceptable job in any given period? How does this increase affect the expected duration of unemployment and the expected wage (once employed)?
On July 24, 2007, the federal minimum wage was increased from $5.15 per hour to $5.85 per hour. The effect of this increase on an unemployed job seeker can be analyzed using a job-search model.Job search models are widely used to explain how individuals search for work and how firms and other organizations search for employees.
These models provide a framework for understanding how search effort affects labor market outcomes such as the probability of finding a job, the duration of unemployment, and the wage rate once employed.The increase in the minimum wage can be expected to have a positive effect on the probability of finding an acceptable job in any given period. This is because the higher wage rate makes it more attractive for firms to hire workers, which increases the demand for labor and reduces unemployment.However, the effect on the expected duration of unemployment is less clear. On the one hand, the higher wage rate may reduce the duration of unemployment by increasing the incentive for job seekers to search for work and by reducing the time it takes to find an acceptable job. On the other hand, the higher wage rate may also increase the reservation wage—the minimum wage that an unemployed person is willing to accept— which may lengthen the duration of unemployment.The effect on the expected wage rate (once employed) is also less clear. On the one hand, the higher minimum wage may increase the wage rate for low-skilled workers, which could improve the economic well-being of these workers. On the other hand, the higher wage rate may also reduce the demand for low-skilled labor, which could lead to job loss and reduce the economic well-being of these workers.
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