how can a sport/event product have characteristics of both goods and services?
Answers
Sport/event product can have characteristics of both goods and services in the following ways: Sports goods can be said to be products that are manufactured and sold.
In this sense, they are goods. Sport products are, in addition, services because they involve direct or indirect interaction with the customer. Customers, for example, can go to a gym for physical activity, receive physical training, and participate in events like marathons, which are services.Sporting events or products can have characteristics of both goods and services due to the following reasons:The goods and services have a mixture of tangible and intangible attributes.
For example, a spectator can watch a game, take photographs, and collect autographs; all of which are tangible goods. The experience of attending the event, on the other hand, is intangible, and the spectator receives a service rather than a tangible product.Secondly, it is essential to note that the consumer must be present at the event or participating to receive the service. An event cannot exist without the physical presence of the customer, and the customer needs to be present to receive the service.
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Related Questions
You have examined photographs of Hoovervilles in different states. What do they show about life in Hoovervilles all across the country?In one or two sentences, explain what the photographs say about how people adjusted to Hooverville life.
Hooverville residents did the best they could under difficult circumstances. Hooverville residents formed their own communities and learned to fend for themselves. Hooverville residents tried to make their towns and lives as normal as possible.
Answers
Life in the Hoovervilles became pretty tough and those tried their first-class to get via as they may.
Life in Hoovervilles usually shared certain characteristics which include.
A resident dwelling in unsanitary situations
citizens being pressured to beg or depend upon charity for food
Hoovervilles have been created in the course of the top notch depression as thousands and thousands of human beings misplaced their jobs and have become too terrible to have enough money right housing. As a end result, they created ghettos where they could live on temporarily.
Living in these ghettos become difficult due to the fact:
situations were unsanitary - the housing was now not constructed as much as the proper wellknown and sewage systems were missing. This caused very unsanitary conditions and caused disorder.
food became scarce - the ones living within the ghetto have been normally unemployed and could not come up with the money for meals so they needed to beg for it from other people in addition to approach charitable businesses.
life is the belongings that distinguishes count with and with out biological tactics, such as signaling and self-sustaining methods, and is described by way of its ability for boom, response to stimuli, metabolism, electricity conversion, and duplicate.
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Consider the following table of activities A through G in which A is the start node and G is the stop node.
Activity Duration (days) Predecessor
A 10 --
B 20 A
C 5 A
D 3 B, C
E 20 B, C
F 4 B, C
G 10 D, E, F
On a piece of scratch paper, draw the network associated with this table and determine the following. Considering the lengths of all the paths, which of these paths is shortest and what is its length? And What is the late finish time for activity G?
Multiple Choice
A-B-F-G, 31
A-D-E-G, 22
A-D-E-G, 25
A-C-E-G. 20
- What is the late finish time for activity G?
The late Finish time for activity G is .............
Answers
The given table of activities A through G is shown below: Activities A B C D E F GLength8 4 6 3 2 3 1As per the given table, A is the start node and G is the stop node.
In order to find the late finish time of activity G, we can use the backward pass method. For this method, we start from the right-most column and move towards the left-most column. The last column shows the early finish times for each activity.
Therefore, the early finish time for activity G is 22, which is written in the last column. Now, we can use the following formula to calculate the late finish time for each activity:Late Finish Time (LFT) = Early Finish Time (EFT) + Total Slack (TS)The total slack for activity G is 0, since it is the last activity and there is no room for delay. Therefore, the late finish time for activity G is: LFT for G = EFT for G + TS for G= 22 + 0= 22Thus, the late finish time for activity G is 22.
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Give a proper definition of money.
Answers
Answer:
Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. Money provides the service of reducing transaction costs, namely the double coincidence of wants. Money originates in the form of a commodity, having a physical property to be adopted by market participants as a medium of exchange. Money can be: market-determined, officially issued legal tender or fiat money, money substitutes, and fiduciary media, and electronic cryptocurrencies.
Explanation:
Which is an example of a small business showing social responsibility to individuals within the company?
A. starting an office recycling program
B. developing sustainable business practice
C. donating money to local organizations
D. allowing employees to work from home
Answers
Starting an office recycling program, developing sustainable business practice and donating money to local organizations are examples of a small business showing social responsibility to individuals within the company.
Company have a social responsibility to the communities in which they operate. This includes ensuring that they are good corporate citizens, providing support for local causes and charities, and protecting the environment.
Sustainable business is a term that is often used to describe businesses that are environmentally friendly or that have a positive social impact.
Hence, the correct options are "A, B & C".
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Bart, Inc., a newly organized corporation, uses the equity method of accounting for its 30% investment in Rex Co.'s common stock. During 20X5, Rex paid dividends of $300,000 and reported earnings of $900,000. In addition: The dividends received from Rex are eligible for the 80% dividends-received deduction. All the undistributed earnings of Rex will be distributed in future years. There are no other temporary differences. Bart's 20X5 income tax rate is 30%. The enacted income tax rate after 20X5 is 25%. In Bart's December 31, 20X5 balance sheet, the deferred income tax liability should be
Answers
Answer:
The right answer is "$9,000". A further explanation is given below.
Explanation:
The given values are:
Rex paid dividends,
= $300,000
Reported earnings,
= $900,000
Investment,
= 30%
Taxable rate applicable,
= 25%
Now,
Throughout the future years, the amount of dividends taxable will be:
= \((900,000 - 300,000)\times 30 \ percent\)
= \(180,000\) ($)
Dividends received deduction will be:
= \(180,000\times 80 \ percent\)
= \(144,000\) ($)
then,
Net taxable dividend will be:
= \(180,000-144,000\)
= \(36,000\)
hence,
Deferred tax liability will be:
= \(36,000\times 25 \ percent\)
= \(9,000\) ($)
which one of these is an example of a necessary debt
Answers
Answer:
An example of unnecessary debt is when you change your clothes and don't really need on a high-interest score. Thus option C is correct.
What is unnecessary debt?
An unnecessary debt can be caused by a variety of issues such as expensive life events, having children, or moving to a new house. It may also be due to poor money management. The debt is due to those things that are not needed and hence are unnecessary.
Explanation:
What are the 5 main types in the chart of accounts?
Answers
Unrealized gains or losses on available-for-sale debt investments occur when a company adjusts the investment to________.
A. fair value when an asset is disposed
B. fair value but has not yet disposed of the asset
C. average value when an asset is disposed
D. average value but has not yet disposed of the asset
Answers
Unrealized gains or losses on available-for-sale debt investments occur when a company adjusts the investment to:
B. fair value but has not yet disposed of the asset.
Option B is correct. Unrealized gains or losses on available-for-sale debt investments are adjustments made to reflect the fair value of the investment when the asset has not been sold. Available-for-sale debt investments are financial instruments held by a company that is not classified as either held-to-maturity or trading securities. These investments are reported at fair value on the balance sheet and any changes in fair value result in unrealized gains or losses. When the fair value of the investment increases or decreases, the company recognizes unrealized gains or losses in its financial statements. These gains or losses are considered unrealized because they have not yet been realized through the actual sale of the asset. It is important for companies to regularly assess the fair value of their available-for-sale debt investments to accurately reflect their financial position.
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Which of the following must be true when average product is rising? a. Marginal product is below average product. b. Marginal product is increasing. c. Total product is at its maximum. d. Marginal product is above average product. e. Marginal product is decreasing.
Answers
When average product is rising Marginal product is above average product. The correct answer D.
This is because the average product is calculated as the total product divided by the quantity of labor or capital used. When the average product is rising, it means that the additional units of labor or capital being used are adding more to the total product than the previous units. This implies that the marginal product of labor or capital is higher than the average product.
The intersection of the marginal product and average product curves is where the average product curve peaks. If the marginal worker's productivity is the same as the average productivity of the existing workforce, the average does not change.
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_____________ is a deliverable-oriented grouping of the work involved in a project that defines its total scope.
Answers
Answer:
A work breakdown structure
when customers purchase goods on account, spitz manufacturing offers them a 2% reduction in the amount owed if they pay within 10 days. this is an example of a:
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When customers purchase goods on account, spitz manufacturing offers them a 2% reduction in the amount owed if they pay within 10 days is an example of a sales discount.
Briefly describe a sales discount.A sales discount is a lower price that a company offers on a good or service. A sales discount usually referred to simply as a "discount," offers clients of a business a lower price on one or more of the goods or services being provided.
The sales discount account reduces overall revenues because it is a contra-revenue account. A reduction in the expense (or asset) related to the transaction, or in a separate account that tracks discounts, is recorded when the buyer receives a discount. If a customer chooses to use a discount on receivables for which they are ineligible, it may have a direct impact on your balance sheet.
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What is the basis of the law of demand?
Group of answer choices
Self-interested behavior
Marginal utility
Utility curves
Market timing
Answers
market timing
Explanation:
because that way u wont miss customers
if you spend money you work for, are you taking out money from the economy?
Answers
a record $3.8 billion worth of cryptocurrency was stolen from various services last year. some of the biggest thefts were driven by hackers linked to which country?
Answers
Some of the biggest thefts of cryptocurrency were driven by hackers linked to country North Korea.
There have been several major cryptocurrency thefts in recent years, but it can be difficult to definitively link them to a particular country or group of hackers.
That being said, there have been some high-profile cases in which hackers with suspected links to North Korea have been accused of stealing large amounts of cryptocurrency.
One notable example is the hack of the cryptocurrency exchange Coincheck in January 2018, in which over $500 million worth of NEM tokens were stolen. Japanese authorities later accused a group of hackers with ties to North Korea of carrying out the attack.
Another example is the theft of $31 million worth of Tether tokens from the Bitfinex exchange in August 2016. While the identity of the hackers is not definitively known, some security researchers have suggested that they may have been linked to North Korea.
It's worth noting, however, that not all cryptocurrency thefts are carried out by state-sponsored actors. There are also many cybercriminal groups and individual hackers who engage in cryptocurrency theft for financial gain.
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The impact of Furman v. Georgia (1972) was that states had to
promise to use the death penalty only with approval from the Supreme Court.
throw out the old Miranda warning and write a new one.
agree to throw out all state laws regarding crime and impose national standards.
create clear standards to be applied fairly before imposing the death penalty.
Answers
Answer: D.create clear standards to be applied fairly before imposing the death penalty.
Explanation: The answer it's right there
The impact of Furman v. Georgia (1972) was that states had to
create clear standards to be applied fairly before imposing the death penalty.The Furman v. Georgia caseThis was a case that had to do with the cruel and the unusual way that people faced in the death penalty.
The case ruled that the death penalty was unconstitutional if it was applied in a discriminatory way.
It ruled that the eight amendment was being violated if used in this way.
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Which of the following is a general two-year college level degree
• A masters degree
• a associates degree
• A bachelors degree
• A technicians degree
Answers
Answer:
An associates degree.
Explanation:
An associates degree is the typical 2 year degree. Bachelors is 4 years, masters is 6-8 years, and technicians is different altogether, with varied times.
A general two-year college-level degree is an associate's degree. Thus the correct option is B.
What is a College degree?A college-level degree indicates a degree or a certificate that is given to an individual when he succeeds in a higher level of education. THis degree determines the level of learning and knowledge of an Individual.
When an individual is looking for Job this degree acts as evidence of their education that they have acquired a particular level of knowledge from a particular institution.
A two-year community college program is often required to obtain an associate's degree. It concentrates on general education requirements that, after two more years of study, can be applied toward a bachelor's degree.
Therefore, option B is appropriate.
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Inventory Analysis A company reports the following: $443,475 Cost of merchandise sold Average merchandise inventory 59,130 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover b. Number of days' sales in inventory days
Answers
The inventory turnover is approximately 7.50, and the number of days' sales in inventory is approximately 48.7 days.
What is the inventory turnover and number of days' sales in inventory for the company?The given information allows us to calculate the inventory turnover and the number of days' sales in inventory.
(a) Inventory turnover is calculated by dividing the cost of merchandise sold by the average merchandise inventory.
Cost of merchandise sold = $443,475
Average merchandise inventory = $59,130
Inventory turnover = Cost of merchandise sold / Average merchandise inventory
= $443,475 / $59,130
≈ 7.50
Therefore, the inventory turnover is approximately 7.50.
(b) The number of days' sales in inventory is calculated by dividing the number of days in a year by the inventory turnover.
Number of days in a year = 365
Inventory turnover = 7.50
Number of days' sales in inventory = Number of days in a year / Inventory turnover
= 365 / 7.50
≈ 48.7 days
Therefore, the number of days' sales in inventory is approximately 48.7 days.
In summary, the inventory turnover for the company is 7.50, indicating that the inventory is turned over approximately 7.5 times in a year. The number of days' sales in inventory is approximately 48.7 days, suggesting that on average, it takes around 48.7 days to sell the entire inventory.
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On January 1, the first day of the fiscal year, a company issues a $1,450,000, 5%, five-year bond that pays semiannual interest of $36,250 ($1,450,000 × 5% × ½), receiving cash of $1,408,720.
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Complete Question:
On January 1, the first day of the fiscal year, a company issues a $1,450,000, 5%, five-year bond that pays semiannual interest of $36,250 ($1,450,000 × 5% × ½), receiving cash of $1,408,720
Journalize the first interest payment and the amortization of the related bond discount using the Straight line method
Answer:
Kindly check Explanation
Explanation:
Given the following :
Face value of bond issued = $1,450,000
Cash received on Issuance = $1,408,720
Number of Interest payment on bond = 5 × 2 = 10(semiannual)
Therefore, discount on bond :
$(1,450,000 - 1,408,720) = $41,280
Spreading or amortizing diacou t on bond over the bond duration (use te straight line method)
Discount / period
$41,280 / 10 = $4,128
Interest expense a/c Dr $40,378
To discount on bond payable a/c Cr $4128
To cash a/c $36,250
A Tyre Company Has Developed Two New Processes, Process A And Process B, For Making Longer-Wearing Steel-Belted Radials. To
Answers
(a) The 95% confidence interval for the difference in mean lifetimes of Process A tyres and Process B tyres is (21.6, 274.4).
(b) The confidence interval does provides evidence that the mean lifetimes of tyres produced by the two processes differ.
(a) The formula for the confidence interval for the difference in mean lifetimes of Process A tyres and Process B tyres is given by:
Lower limit = X - Z (α/2) * (S.D. / √n)
Upper limit = X + Z (α/2) * (S.D. / √n)
Where, X = sample mean of difference of tyre life
Z = Z-score of α/2α = 1 - 0.95 = 0.05
S.D. = Standard Deviation of difference of tyre life.
n = sample size
We are given that n = 50, X = 148 hours, S.D. = 2004 hours and α = 0.05Z-score of α/2 = Z(0.025)
At α = 0.05, the Z(0.025) value is 1.96.
The 95% confidence interval for the difference in mean lifetimes of Process A tyres and Process B tyres is calculated as follows:
Lower limit = 148 - 1.96 * (2004 / √50) = 21.6
Upper limit = 148 + 1.96 * (2004 / √50) = 274.4
Therefore, the 95% confidence interval is (21.6, 274.4).
(b) Yes, the confidence interval provides evidence that the mean lifetimes of tyres produced by the two processes differ. As the confidence interval for the difference in mean lifetimes of Process A tyres and Process B tyres does not include zero, it indicates that the difference in mean lifetimes is statistically significant.
Note: The question is incomplete. The complete question probably is: A tyre company has developed two new processes, Process A and Process B, for making longer-wearing steel-belted radials. To compare the processes, 50 tyres made using Process A and 50 made using Process B are selected. Each of the 50 Process A tyres is randomly assigned to either the front left or front right of one of 50 cars, If for a given car, a Process A tyre gets assigned to be the front left tyre, then a process B gets assigned to the front right, and vice-versa. The rear of each of the cars is equipped with two tyres, of standard manufacture, made by the company. The differences in tyre life (Process B life minus Process A life) for the 50 pairs of ties were recorded. The average difference in lifetime was 148 hours and the standard deviation of the differences in lifetime was 2004 hours. a) Find a 95% confidence interval for the difference in mean lifetimes of Process A tyres and Process B tyres. b) Does your confidence interval provide evidence that the mean lifetimes of tyres produced by the two processes differ?
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The text below describes the purpose of the Coalition of Independent Educator Associations (CIEA). The Coalition of Independent Educator Associations (CIEA) is made up of non-unionized education associations across America. Keeping educators connected, CIEA collaborates and focuses on serving its members in each state and on the national level. Source: cieaonline.org Judging from the organization's description, CIEA could be best categorized as what kind of interest group
Answers
Answer:
peak association
Explanation:
The Coalition of Independent Educator Associations (CIEA) is most likely an Economic interest group based on the description of its services.
Economic interest groups:
Represent the affairs of a labor group such as teachers and doctors Foster cooperation between members of a labor group Increase economic and financial access for their membersThe Coalition of Independent Educator Associations (CIEA) is concerned with the affairs of educators as well as working to increase collaboration and cooperation between its educator members.
We can therefore conclude that the CIEA is an economic interest group as it engages in work that is typical of other economic interest groups.
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What is the objective of the Joint Project Planning Session?
Question 5 options:
Produce a detailed Project Plan
Produce Conditions of Satisfaction
Produce a Project Overview Statement
Produce Stakeholder Agreements
Which of the following is NOT a situation requiring team operating rules?
Question 16 options:
Conflict resolution
Problem solving
Project Training
Decision making
Mr. John Smith has been appointed as manager of large installation project. In his new role, Mr. Smith is responsible for managing potentially 300 stakeholders. Which of the following would be the BEST course of action for him to take?
Question 25 options:
Gather the needs
Find an effective way to gather the needs of all stakeholders
Contact the CEO and ask which stakeholders are most important
Eliminate some stakeholders
Answers
Produce a Project Overview Statement. Project Training. Find an effective way to gather the needs of all stakeholders.
The objective of the Joint Project Planning Session is to produce a Project training. This statement provides a high-level overview of the project, including its goals, scope, deliverables, and key stakeholders. It serves as a concise summary that helps align the project team and stakeholders on the project's direction and objectives. Project Training is not a situation that requires team operating rules. Team operating rules are typically established to guide and regulate team activities in areas such as conflict resolution, problem solving, and decision making. Project training, on the other hand, focuses on equipping team members with the necessary skills and knowledge to effectively perform their roles and contribute to the project's success.
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A customer has just received a $100,000 inheritance and wants to know what to do with the money until he decides how to use it. He thinks that he will make his decisions on what to do with the funds within 3 months. The BEST recommendation is for the customer to buy:"_______
a. Treasury Bills
b. Treasury Notes
c. Investment Grade Preferred Stock
d. Certificates of Deposit
Answers
Answer:
The answer is A. Treasury Bills
Explanation:
Treasury bills (T bills) are short-term security(debt security) backed by the national government. The maturity period is always less than a year or a year at maximum.
Since the customer's horizon is 3 months, he should walk up to his bank and buy treasury bills. It is always risk free.
Tbills is usually sold at discount to par value i.e the purchase price is less than the face value(value at maturity) of the bill.
how can a firm obtain the expertise needed to produce and market its products in, for example, the eu?
Answers
There are several ways that a firm can obtain the expertise needed to produce and market its products in the EU. These include:
Hiring expertsPartnering with other firmsPartnering with other firms Investing in training and developmentWe proceed to analyze the actions that companies can take to gain experience to produce and market in different organizations, for example, the EU:
Hiring experts: One of the most effective ways to obtain expertise is to hire professionals who already have the necessary skills and knowledge. This could include individuals with experience in product development, marketing, and regulatory compliance within the EU market.Partnering with other firms: Another approach is to partner with other firms that already have the expertise needed to produce and market products in the EU. This can help a firm tap into existing knowledge and resources, while also sharing the costs and risks associated with entering a new market.Investing in training and development: Firms can also invest in training and development programs to help their employees acquire the expertise needed to produce and market products in the EU. This could include sending employees to seminars and workshops, or providing them with access to online courses and resources.See more about firm at https://brainly.com/question/28339100.
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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1. Which is an example of fiscal policy?
A. preventing unions from going on strike
B. raising taxes in order to cover a budge deficit
C. Restricting the amount of money that banks can lend
D. increasing the level of minimum wage
2. Which is an example of fiscal policy?
A. decreasing the interest rates on loans charged to car companies
B. deploying troops to help citizens cope with natural disaster
C. going into debt to buy a large number of vehicles
D. limiting the number of foreign cars that can be sold in the United Stats
Answers
Answer:
A. decreasing the interest rates on loans charged to car companies
Which of the following is not an example of professional behavior
?
Answers
By 2018, industries that are projected to represent 12 percent of the U.S. overall domestic product are _____.
Answers
By 2018, industries that are projected to represent 12 percent of the U.S. overall domestic product are
finance industryinsurance industryWhat is an industry?An industry is a collection of businesses that are connected by their main lines of activity. There are numerous categories of industries in contemporary economies. Sectors are generally used to combine together bigger groups of industry classifications.
Typically, a company's major revenue sources determine what industry it belongs to. For instance, even if a carmaker may have a financing segment that contributes 10% to the company's overall earnings, most classification systems would place the business in the automaker category.
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Market failure associated with the free-rider problem is a result of.
Answers
Market failure associated with the free-rider problem is a result of benefits that accrue to those who don't pay.
What is market failure?Market failure refers to a situation when there's an inefficient distribution of resources in the market.
Market failure occurs when the free market does not distribute resources efficiently. This leads to rational outcomes for the group as a whole.
Hence, market failure associated with the free-rider problem is a result of benefits that accrue to those who don't pay.
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4. Determine the importance of environment conservation from the business viewpoint
Answers
Answer:
Economic expansion is not what is causing the climate crisis; rather, the lack of effective public policy meant to lower greenhouse gas emissions is to blame. As long as regulations are in place to limit the environmental effects of the goods and services we produce and use, there is no conflict between capitalism and environmental protection. With those regulations in place, consideration for environmental sustainability can and will be factored into every decision made by the private, nonprofit, and governmental organizations from which we all benefit.
The sustainability of the environment is not affected in the same way by all consumption patterns. The emergence of more sustainable lifestyles can be seen in consumption trends. Young Americans, for instance, don't seem as interested in buying cars as their parents and older siblings did. The advancement of the mobile phone has made ride-sharing, bike-sharing, and other transit options possible.
However, taking an Uber or driving your own car are both considered economic activities for the purposes of calculating GDP. These consumption patterns are typically not the subject of policymaking because they are quite influenced by shifting social norms than by governmental action. The only exceptions might be behavior that directly harms other people, like drinking and driving or smoking in public. New technologies can also lessen the impact of consumption on the environment.
Ironically, some environmentalists and some deniers of global warming share the view that environmental protection and economic growth must be compromised. Both can and must be done. Because most people in the developed world enjoy their way of life and won't give it up, we cannot stop investing in economic development. Environmental advocates will fail politically if they make such a request.
Explanation:
Political and business leaders may not care if economic growth harms the environment, and environmentalists may disagree, contending that neither economic growth nor environmental harm can coexist.
Even by itself, environmental protection promotes economic expansion. The air pollution control technologies we install on power plants and automobiles are made and sold by a third party. Additionally, environmental amenities are valuable.
Memphis Company's May sales budget calls for sales of $950,000. The store expects to begin May with $55,000 of inventory and to end the month with $60,000 of inventory. Gross margin is typically 35% of sales. Compute the budgeted cost of merchandise purchases for May.
Answers
To compute the budgeted cost of merchandise purchases for May, we first need to calculate the cost of goods sold (COGS) using the gross margin percentage.
Gross Margin = Sales - COGS
35% = $950,000 - COGS
COGS = $950,000 x 65% (complement of 35%)
COGS = $617,500
To find the budgeted cost of merchandise purchases, we need to add the cost of goods sold to the desired ending inventory and subtract the beginning inventory.
Budgeted Cost of Merchandise Purchases = COGS + Ending Inventory - Beginning Inventory
Budgeted Cost of Merchandise Purchases = $617,500 + $60,000 - $55,000
Budgeted Cost of Merchandise Purchases = $622,500
Therefore, the budgeted cost of merchandise purchases for May is $622,500.
Hi! To calculate the budgeted cost of merchandise purchases for May, we'll first need to determine the cost of goods sold (COGS) and then adjust for the desired ending inventory. Here's how to do it:
1. Calculate the gross margin in dollars: $950,000 (sales) * 35% (gross margin) = $332,500
2. Determine the COGS: $950,000 (sales) - $332,500 (gross margin) = $617,500
3. Calculate the desired ending inventory: $60,000
4. Add the desired ending inventory to the COGS and subtract the beginning inventory: $617,500 (COGS) + $60,000 (ending inventory) - $55,000 (beginning inventory) = $622,500
The budgeted cost of merchandise purchases for May is $622,500.
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