Answer:
The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies is $15.10
Explanation:
The standard direct materials costs are $0.80 per pound of cookie mix, $4 per pound of milk chocolate, and $19 per pound of almonds.
Total ounces = 10 + 5 + 1 = 16
Standard Material Cost = (\(\frac{10}{16}\) × 0.80) + (\(\frac{5}{16}\) × 4) + (\(\frac{1}{16}\) × 19)
Standard Material Cost = $ 2.9375
Each pound of cookies requires 1 minute of direct labor in the mixing department and 5 minutes of direct labor in the baking department.
Standard Direct Labor Cost = \(\frac{1}{60}\) × 12.70 + \(\frac{5}{60}\) × 27
Standard Direct Labor Cost = $2.4617
Variable overhead is applied at a rate of $37.00 per direct labor hour
Standard Variable overhead cost = 6/60 × 37
Standard Variable overhead cost = $ 3.70
Standard Fixed overhead cost = 6/60 × 60
Standard Fixed overhead cost = $ 6
Standard cost for a pound = $2.9375 + $2.4617 + $3.70 + $6
Standard cost for a pound = $15.10
The Standard cost for a pound of Sheffield's double chocolate almond supreme cookies in the above case is $15.10.
What is the standard cost?A standard cost is defined as an anticipated cost that a company commonly launches at the starting of a fiscal year for amounts used and prices paid.
It is an anticipated amount of money to pay off for materials costs or labor rates. The standard quantity is the anticipated exercise amount of materials or labor.
Computation of standard cost:
According to the given information,
Standard direct materials costs = $0.80 per pound of cookie mix.
Per pound of milk chocolate = $4, and
Per pound of almonds = $19.
Total ounces:
\(\text{Total Ounce} = \text{Commercial cookies Mix+ Milk Chocolate+Almonds}\\\\\text{Total Ounce} = 10 + 5 + 1\\\\\text{Total Ounce} = 16\)
Then, Standard Material Cost:
\(=(\dfrac{10}{16}\times 0.80)+(\dfrac{5}{16}\times4) +(\dfrac{1}{16} \times 19)\\\\=2.9375\)
Now, 1 minute of direct labor is required in the mixing department and 5 minutes of direct labor in the baking department. Then the standard direct labor cost is:
\(\text{Standard Direct Labor Cost} = (\dfrac{1}{60}\times 12.70) +(\dfrac{5}{60} \times 27)\\\\\text{Standard Direct Labor Cost} = \$2.4617\)
Variable overhead is applied at a rate = $37.00 per direct labor hour
Now, find the value of Standard Variable overhead cost:
\(\text{Standard Variable Overhead Cost} = \dfrac{6}{60}\times 37\\\\\text{Standard Variable Overhead Cost} =\$3.70\)
Now, Standard Fixed overhead cost:
\(\text{Standard Fixed Overhead Cost} = \dfrac{6}{60}\times 60\\\\\text{Standard Fixed Overhead Cost} =\$6\)
Therefore, Standard cost for a pound:
\(=\text{ Standard Direct Labor Cost}+\text{Standard Variable Overhead Cost}+\text{ Fixed Overhead Cost}\\\\=\$2.9375 + \$2.4617 + \$3.70 + \$6\\\\=\$15.10\)
Therefore, Standard cost for a pound is $15.10.
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A company borrows $10,000 at a nominal interest rate of 8% per year. How much interest will they owe after the first year?
Paul’s grocery received 1,000 pounds of onion at $0.11 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a makeup rate of 180% based on cost.
The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.
What is the selling price per pound for onions?Total Cost = Quantity * Cost per pound
Total Cost = 1,000 pounds * $0.11/pound
Total Cost = $110
Spoilage Quantity = 3% of Quantity
Spoilage Quantity = 3% of 1,000 pounds
Spoilage Quantity = 0.03 * 1,000 pounds
Spoilage Quantity = 30 pounds
Effective Quantity = Quantity - Spoilage Quantity
Effective Quantity = 1,000 pounds - 30 pounds
Effective Quantity = 970 pounds
Makeup Rate = 180%
Selling Price per pound:
= (Total Cost * Makeup Rate) / Effective Quantity
= ($110 * 1.80) / 970 pounds
= $2.03505/pound.
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Dina has been hired as a product manager for an up-and-coming candy bar brand. Describe the scope of her responsibilities and provide examples of activities she would likely perform in her job. Which responsibility do you feel will be most helpful to this new brand and why?
Dina's responsibilities may include conducting market research to identify consumer preferences and trends, defining the product's features and specifications, collaborating with R&D and production teams to develop and launch new flavors or variations, setting pricing strategies, and creating marketing campaigns to promote the candy bars to the target audience. One of the most helpful responsibilities for this new brand would be Dina's role in market research.
As a product manager for an up-and-coming candy bar brand, Dina's responsibilities would encompass various aspects of product development, marketing, and strategy. Her main objective would be to ensure the successful launch and growth of the brand's candy bars in the market.
By conducting thorough research and understanding consumer preferences, Dina can identify gaps in the market, develop unique selling propositions, and tailor the candy bars to meet customer demands. This will allow the brand to differentiate itself from competitors and establish a strong presence in the market, attracting loyal customers and driving sales.
Additionally, market research can provide valuable insights into pricing strategies and distribution channels, enabling the brand to optimize profitability and reach the right customers effectively.
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Write a 1-page memo to the CEO. Include each chart (3) and a paragraph per chart. Each paragraph should explain the story of each visualization and explain why visualizations are important.
STEP 2
Income CATEGORIES PERCENTAGE NUMBER
$100,000 to $124,999 8% 2
$125,000 to $149,999 4% 1
$20,000 to $24,999 4% 1
$25,000 to $34,999 29% 7
$35,000 to $49,999 13% 3
$50,000 to $74,999 17% 4
$75,000 to $99,999 21% 5
Decline to answer 4% 1
24
STEP 3
GENDER PERCENTAGE NUMBER
Female 54% 13
Male 46% 11
24
STEP 4
QUESTION RESPONSES PERCENTAGE NUMBER
0 6% 1
2 11% 2
5 28% 5
6 11% 2
7 17% 3
8 11% 2
9 6% 1
10 11% 2
18
Answer:
[Your Name]
[Your Position]
[Date]
Subject: Insights from our Survey - A Window into the Lives of our Valued Customers
Dear [CEO's Name],
I hope this message finds you well. I wanted to take a moment to share some fascinating insights from the recent survey we conducted among our cherished customer base. To make the data more relatable and easier to grasp, I have transformed the findings into a series of engaging visualizations. These visuals not only bring the data to life but also allow us to truly connect with our customers on a human level. Let's dive into the story behind each visualization and explore why these visual representations are crucial in understanding our customers.
Chart 1: Income Categories - Reflecting the Lives of our Customers
This insightful chart provides a glimpse into the diverse income categories of our survey respondents. As you observe the bars rise and fall, you can visualize the financial landscapes our customers navigate. From the bustling middle-income group, representing 29% of respondents, to the resilient individuals in the $75,000 to $99,999 range, accounting for 21% of participants, we gain an intimate understanding of the financial tapestry that influences their decisions.
By presenting this information in such a humanized manner, we can empathize with the varying needs and aspirations of our customers. This visualization guides us in tailoring our products and services to better address the unique challenges and aspirations of each income segment.
Chart 2: Gender Distribution - Celebrating Diversity and Inclusion
This delightful pie chart celebrates the diversity among our survey participants by highlighting their gender identities. As you glance at the vibrant slices, you witness the vibrant mosaic of our customer base. With 54% of respondents identifying as female and 46% as male, we recognize the importance of inclusivity and strive to ensure our products and services cater to the needs and desires of all genders.
Visualizations like this one allow us to see the human faces behind the data. It reminds us to embrace diversity and equality in our business operations, ensuring that every customer feels heard and valued.
Chart 3: Question Responses - Unveiling Our Customers' Voices
Within this insightful bar chart, we uncover the authentic voices of our customers through their responses to a specific question. The bars rise and fall, revealing the choices they made and their preferences. The most popular response, "5," chosen by 28% of participants, demonstrates the collective sentiment that echoes among our customers. As we observe the varying heights of each bar, we gain a deeper understanding of their thoughts and desires.
Visualizations like this empower us to hear our customers' voices loud and clear. By listening attentively to their responses, we can make informed decisions that resonate with their needs, aspirations, and desires.
In summary, these captivating visualizations humanize our survey data, enabling us to truly connect with our customers and gain invaluable insights. By considering the stories behind each chart, we ensure that our strategies, products, and services align with their lived experiences. Together, we can build lasting relationships, foster inclusivity, and deliver the exceptional experiences our customers deserve.
Thank you for your time and attention. Should you have any questions or require further information, please don't hesitate to reach out.
Warm regards,
[Your Name]
[Your Position]
Explanation:
Which of the following do you not need to take into account when you retire? (1 point)
a. your monthly expenses
b. the cost of living in your city and state
c. how much money you have saved in your retirement fund
d. whether your money comes from active or passive income
Answer: D. Whether your money comes from active or passive income
Explanation: Which is a form of passive income?-owning rental property
What is the FIRE movement?-a trend to develop passive income sources to retire early
Which percent of Americans chose to go back to work after retiring?- 40%
What is the average cost of living for a retiree per year?-around $50,000
Case Study 4.3: Is There Really a Market for it? (pp. 127 - 129). This particular case study seems to bring to light many of the questions that in the future, you will have to ask as you begin to market your products or services. It also aligns well with the Marketing Plan that you are building.
answer all 6 questions in details.
The characteristics of the population that made hospital adminstrators a potential market is the disease incidence and the referral patterns.
How to illustrate the information?When the suburb population was examined, the service that the analyst think would appeal to the community is a housing unit.
The type of research that was carried out to verify the conclusion based on the secondary data is a survey of the community residents.
The findings contradicted what was found in the secondary data as it was found that the population wasn't progressive and the housing construction wasn't necessary.
Also, the development of the innovative health sector was discouraged as it was found that the population preferred traditional medicine.
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Assignment for Business Research Methods Course
The following case is a hypothetical story developed just for this assignment purpose. Ato Thomas, the CEO Debonaire Co, is concerned about the declining employees’ performance that he has seen in the last performance appraisal. He understood that it is time that some action has to be taken to reinvigorate the motivation of employees. He is then considering introducing a new compensation scheme that consists of a 100% pay rise. To approve the pay rise proposal, the board of directors inquired that they would like to get strong evidence as to how the employees would respond to it. Ato Thomas is certain on one thing and was able to convince the board that motivation is one important element that could determine the performance of employees in the company and which he wants to primarily boost through the new compensation scheme. However, he is not certain to tell the possible consequence of the pay rise on employees’ motivation. Most of the exiting theories in this area indicate that financial reward can only sustain the existing level of motivation but do not guarantee improvement in motivation. Several empirical studies reveal conflicting result as to what impact financial benefits could have on employees’ motivation. Moreover, the relative importance of compensation compared to other factors such as job design, supervision, work relation, working condition is unknown. Some studies have shown that all of these factors are equally responsible for motivation while others have resulted conflicting findings. Assume that you are working as a researcher in the research and development department of the company and the management of the company gave you the assignment to conduct a study in private companies in Addis Ababa and come up with empirical evidence (just in six month time) about the impact that the new compensation scheme would bring to employees’ motivation, then
a. Do you suggest explorative, descriptive or explanatory study? Why?
b. Do you think this study is deductive or inductive study? Why?
c. Do you suggest longitudinal or cross-sectional or panel study? Why
d. Do you think this study should be qualitative or quantitative research? Why?
e. Determine whether this study is basic study or applied study? Why
f. Determine whether survey, experiment, observation or a combination of these is appropriate of this study? Discuss why?
g. Which of philosophical perspectives of research do you assume for this study? Why?
h. Write the problem statement?
i. Identify variables (both dependent and independent variables. Determine the dimensions to be used if the analysis is at construct level
j. Identify the hypotheses or research questions?
k. Suggest a conceptual framework to be used in this study ?
l. Determine the appropriate scale of measurement for each of the variables or dimensions of construct?
m. Determine the appropriate source of data and collection instruments, suggest the type of questionnaire you think is appropriate to address the variables/constructs (if you think questionnaire is appropriate)
n. Determine whom you would ask these questions to or which official document you would consult. Describe how would you administer questionnaires?
o. Is sampling necessary? If so, what sampling technique would you use?
p. Suggest data analysis techniques appropriate to this study considering your variables and scale of measurement?
One of the most popular ways to collect data, particularly when conducting business research, is through survey research. Online polls, surveys, questionnaires, and other survey formats are used to pose a variety of survey questions to a group of audiences.
What is the impact of Business Research Methods Course?In this course, applied problem-solving is stressed as an introduction to conducting business research.
Businesses can better understand their consumers' purchasing habits, preferences, and pain points by conducting business research.
Therefore, It places a lot of emphasis on communication skills, issue identification and analysis, and problem-solving techniques.
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Break-Even Sales
BeerBev, Inc., reported the following operating information for a recent year (in millions):
Sales $6,512
Cost of goods sold $1,628
Gross profit $4,884
Marketing, general, and admin. expenses 592
Income from operations $ 4,292
Assume that BeerBev sold 37 million barrels of beer during the year, that variable costs were 75% of the cost of goods sold and 50% of marketing, general and administration expenses, and that the remaining costs are fixed. For the following year, assume that BeerBev expects pricing, variable costs per barrel, and fixed costs to remain constant, except that new distribution and general office facilities are expected to increase fixed costs by $21.09 million.
Compute the break-even sales (in barrels) for the current year. Round your answer to two decimal places. Enter your answers in millions.
The break-even sales for the current year are 32.04 million barrels, rounded to two decimal places.
First, we need to calculate the total fixed costs for the current year
Fixed costs = Total costs - (Variable costs + Cost of goods sold x Variable cost % + Marketing, general, and admin. expenses x Variable cost %)
Fixed costs = $6,512 million - ($1,628 million + $1,221 million + $296 million)
Fixed costs = $3,367 million
Next, we can calculate the contribution margin per barrel:
Contribution margin per barrel = Price per barrel - Variable cost per barrel
We don't have the price per barrel, but we can use the gross profit and the number of barrels sold to calculate the average gross profit per barrel
Average gross profit per barrel = Gross profit / Barrels sold
Average gross profit per barrel = $4,884 million / 37 million barrels
Average gross profit per barrel = $132 per barrel
Assuming variable costs per barrel remain constant, we can use the variable cost % to calculate the variable cost per barrel
Variable cost per barrel = Cost of goods sold x Variable cost % / Barrels sold + Marketing, general, and admin. expenses x Variable cost % / Barrels sold
Variable cost per barrel = $1,628 million x 75% / 37 million barrels + $592 million x 50% / 37 million barrels
Variable cost per barrel = $27.03 per barrel
Therefore, the contribution margin per barrel is
Contribution margin per barrel = $132 - $27.03
Contribution margin per barrel = $104.97
Finally, we can calculate the break-even sales in barrels for the current year
Break-even sales (in barrels) = Fixed costs / Contribution margin per barrel
Break-even sales (in barrels) = $3,367 million / $104.97 per barrel
Break-even sales (in barrels) = 32.04 million barrels
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When the time comes for a group of people eating together at a restaurant to pay their bill, sometimes they might agree to split the costs equally and other times will pay individually. If this decision were made in advance, would it affect what they order
Explanation:
When the time comes for a group of people eating together at a restaurant to pay their bill, sometimes they might agree to split the costs equally and other times will pay individually. If this decision were made in advance, would it affect what they order
Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 – however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 – however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. In the absence of any agreement, the outcome of this game will be
In The absence of any form of agreement the outcome that would be here would be Wisconsin not cleaning the lake, Illinois cleaning the lake.
What is game theory?This is the theory that is used in economics to determine the best possible payout for two companies.
It tells us of the strategies that both parties would have to put in place when they are stuck at competitive positions.
Cleaning of polluted lake is going to bring about positive externalities and society will be the one to benefit.
For WisconsinCost of cleaning = 1200 ;
benefit = 1500
But the payout is 1100, hence Wisconsin losses 100
For Illinoiscost of cleaning is 700
social benefit to society is 900
They would receive 600 and also lose 100.
The gain Illinois receives from Wisconsin is 400 while the gain Wisconsin receives from Illinois is 300.
So we to conclude that The best thing would be Wisconsin not cleaning the lake, Illinois cleaning the lake.
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Which Airlines lounges are the best ?
Answer:
Air France La Première Lounge, Paris is the first best Airline lounge in the World.
Explanation:
The Air France La Première Lounge gives its customer one of the fashionable flying experiences in the world, as it includes freshening up the cozy cocktail bar to be brighter and more inviting, adding semi-private relaxation areas and installing new pieces of art.
In addition to having one of the best first class inflight experiences available, Air France also provides an outstanding ground experience in Paris. Best food is also offered at the restaurant there.
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Which of the following activities is an example of using an intranet to gather
information?
A. A salesperson checks a customer's order status, posted by the
production department.
B. A marketing researcher reads the comments posted by
consumers on a social media website.
C. A marketing manager uses a news feed to get links to articles
about industry-related events each day.
D. A marketing manager looks up information about where a
retailer's stores are located on the retailer's website.
SUBMIT
Answer:
A. A salesperson checks a customer's order status, posted by the production department.
Explanation:
In the A answer it is an order status posted by the production department but does not state any external sources or websites. So you have to assume the action is done within the company network or "Intranet"
In the examples B through D there are references made to external sources like: social media website, news feed, and a retailer's website.
A salesperson checks a customer's order status, posted by the production department is an example of using an intranet to gather information.
What do you mean by salesperson?Simply said, a sales representative promotes a company's brand while selling their goods or services. From the initial lead outreach until the actual purchase, they manage client connections and function as the primary point of contact.
It is the perfect career if you want to be in control of your career because it is mostly performance-driven, meaning how well you sell directly effects how much money you earn.
One of the various careers you might apply for with a business degree is a sales representative position. Everything you need to know about this career path is outlined here.
All stages of the sales process involve a sales representative having direct consumer interactions. They are in charge of determining a customer's needs, making suitable product or service recommendations, and making sure they have a great experience from beginning to end.
Sales representatives occasionally make cold calls to leads they find in company directories or through customer recommendations.
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Question 4 (4 points)
Match each Type of Sales Channel to its corresponding description.
>
Selling products in bulk
to various outlets or
retailers for onward
sale.
When a brand or
manufacturer sells
direct to consumers
and the end users of
their products, as
opposed to selling to
them solely through
retailers.
Selling products directly
to end customers for a
profit, either in-store,
online, mail-order, or
by phone.
Businesses that sell to
other businesses who
are the intended end
user of the product.
1. Retail.
2. Wholesale
3. Direct to Consumer
4. B2B
Based on business and trading methods, the type of sales channel, that matches the description can be any of the following Retail, Wholesale, Direct Consumer, or B2B.
What are Sales Channels?The Sales Channel is a term that is used to describe the ways or methods in which producers sell their products. This method can either be through direct or indirect routes.
Considering the available descriptions we have the following sales channel matching them.Wholesale: Selling products in bulk to various outlets or retailers for onward sale.Direct to Consumer: When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.Retail: Selling products directly to end customers for a profit, either in-store, online, by mail-order, or by phone.B2B: Businesses that sell to other businesses who are the intended end user of the product.Hence, in this case, it is concluded that each of the types of sales channels has its peculiarities that producers may choose to utilize.
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Third National Bank has reserves of $20,000 and checkable deposits of $100,000. The reserve ratio is 20 percent. Households
deposit $15,000 in currency into the bank, and the bank adds that currency to its reserves. What amount of excess reserves does the
bank now have?
Based on the concept of excess reserves and the available information, the amount of excess reserves the bank now has is $15,000
What is Excess ReservesThe excess reserve is a term that is used to describe the bank reserves held by a bank or financial institution over a reserve requirement for it set by a central bank.
Generally, the bank reserves for a commercial bank are represented by its cash holdings and any credit balance in an account at its Federal Reserve Bank.
To calculate the amount of excess reserves, we need to first determine the required reserves.
The required reserves can be calculated using the reserve ratio, which is the percentage of checkable deposits that banks are required to hold as reserves.
In this case, the reserve ratio is 20 percent. Therefore, the required reserves would be:
Required reserves = Reserve ratio * Checkable deposits
Required reserves = 0.20 * $100,000
Required reserves = $20,000
Since Third National Bank initially had reserves of $20,000, which is equal to the required reserves, there were no excess reserves.
After households deposit $15,000 in currency into the bank, the bank adds that currency to its reserves. Therefore, the bank now has $35,000 in reserves.
As there are now $35,000 in reserves and the required reserves are still $20,000, the excess reserves can be calculated as follows:
Excess reserves = Total reserves - Required reserves
Excess reserves = $35,000 - $20,000
Excess reserves = $15,000
Therefore, in this case, it is concluded that the bank now has $15,000 in excess reserves.
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The bank now has $15,000 in excess reserves.
The percentage of checkable deposits that banks must retain in reserves is known as the reserve ratio. The reserve ratio in this instance is 20 percent, which means that the bank must maintain reserves equivalent to 20 percent of its checkable deposits.
Initially, the Third National Bank has $100,000 in checkable deposits and $20,000 in reserves. If the reserve ratio is 20%, the necessary reserves would be $20,000, or 20% of $100,000.
The bank increases its reserves by $15,000 each time a household deposits money there. The bank's reserves rise by $15,000 as a result.
By deducting the required reserves from the total reserves, the amount of excess reserves is determined. After the deposit, the bank's entire reserves amount to $35,000 ($20,000 in starting reserves plus $15,000 in currency deposit). The necessary reserves still amount to $20,000.
Thus, the bank's excess reserves would be $20,000 less than its needed reserves, or $20,000 less than total reserves, or $15,000.
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On January 1, Year 1, Raven Limo Service, Incorporated paid $74,000 cash to purchase a limousine. The limo was expected to have a five-year useful life and a $14,000 salvage value. On January 1, Year 3 the limo was sold for $46,000 cash. Assuming Raven uses straight-line depreciation, the Company would recognize a
Answer:
Loss= $4,000
Explanation:
Giving the following information:
Purchase price= $74,000
Salvage value= $14,000
Useful life= 5 years
First, we need to calculate the annual depreciation and the accumulated depreciation:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (74,000 - 14,000) / 5
Annual depreciation= $12,000
Accumulated depreciation= 12,000*2= $24,000
Now, we determine the book value at the moment of the sale:
Book value= purchase price - accumulated depreciation
Book value= 74,000 - 24,000= $50,000
Finally, if the selling price is higher than the book value, the company gains from the sale.
Gain/loss= 46,000 - 50,000
Loss= $4,000
Which type of policy should you purchase after getting married, buying a home, and having children?
Answer: life insurance
Explanation:
A policy provides support for your long-term plans, like buying property or having children. You'll get more affordable rates if you buy coverage when you're young and healthy. Term life insurance is best for newlyweds because it's simpler and more affordable than other types of policies.
Answer:
Explanation:
Does being married affect home insurance?
However, getting married does tend to lower your insurance premiums for home and auto insurance. For home insurance, you may pay less after getting married since married people are less likely to file claims, statistically speaking.
William and Charlotte Collins divorced in November of Year 1. William moved out and Charlotte remained in their house with their 10-month-old daughter, Autumn. Diana, Charlotte's mother, lived in the home and acted as Autumn's nanny for all of Year 1. William provided 70 percent of Autumn's support, Diana provided 20 percent, and Charlotte provided 10 percent. When the time came to file their tax returns for Year 1, William, Charlotte, and Diana each wanted to claim Autumn as a dependent. Their respective adjusted gross incomes for Year 1 were $50,000, $35,000, and $52,000. Who has priority to claim Autumn as a dependent
Answer:
Charlotte has the priority to claim Autumn as her dependent even though William covered 70% of her living expenses during the year. In order for a parent to be able to claim a child as a dependent, he/she must live with the child for more than half the year. In this case, since William left the house, Charlotte has preference over claiming Autumn as her dependent (even though William lived with Autumn for 10 months). Also, a parent always has priority over other relatives including a grandparent.
1. Given the following demand and supply functions Qd = 500 - 3P Qs = 100 + 5P Calculate; i. The equilibrium price and the equilibrium quantity ii. The consumer surplus iii. The producer surplus)R
Given:
The demand and supply functions are:
\(Q_d=500-3P\)
\(Q_s=100+5P\)
To find:
i. The equilibrium price and the equilibrium quantity.
ii. The consumer surplus .
iii. The producer surplus.
Explanation:
(i) At equilibrium, the demand and supply are equal. So, equating both functions, we get
\(500-3P=100+5P\)
\(500-100=3P+5P\)
\(400=8P\)
Divide both sides by 8, we get
\(\dfrac{400}{8}=P\)
\(50=P\)
Putting \(P=50\) in the demand function, we get
\(Q_d=500-3(50)\)
\(Q_d=500-150\)
\(Q_d=350\)
Therefore, the equilibrium price is 50 and the equilibrium quantity is 350.
(ii)
The area under the demand curve and above the equilibrium price is known as consumer surplus. It is represent by the green area in the below figure.
The area of a triangle is:
\(A=\dfrac{1}{2}\times base \times height\)
So, the area of consumer surplus is:
\(A=\dfrac{1}{2}\times 50 \times (500-350)\)
\(A=25 \times 150\)
\(A=3750\)
Therefore, the consumer surplus is 3750.
(iii)
The area above the supply curve and below the equilibrium price is known as producer surplus. It is represent by the purple area in the below figure.
So, the area of producer surplus is:
\(A=\dfrac{1}{2}\times 50 \times (350-100)\)
\(A=25 \times 250\)
\(A=6250\)
Therefore, the producer surplus is 6250.
Vinny and Sandra have just had their first baby, and need to make a decision about how to handle work and child‑care responsibilities. Vinny earns $1000 per week working full time, and Sandra's full‑time salary is $1200 per week. They each can work part time and earn half their full‑time wage. Calculate the change in GDP for each situation, relative to when they both worked full time and had no child‑care responsibilities. If GDP falls, include a negative sign in your answer. a. Both Vinny and Sandra return to work full time and pay a child‑care provider $600 per week to care for their child. $ b. Both Vinny and Sandra will return to work full time, while Sandra’s mother takes care of their child without financial compensation. $ c. Both Vinny and Sandra will return to work full time, while Vinny's brother takes care of their baby. They'll pay him $600 a week to care for their child, but neither they nor Vinny’s brother will report those payments to the IRS, or on any government surveys. $ d. Vinny and Sandra will each return to work part time, and split child‑care responsibilities. $ e. Vinny will stay home to care for the baby, while Sandra returns to work full time. $
Answer:
A. 600
B. 0
C. 0
D. -1100
E. -1000
Explanation:
For part A you are asked to find the change in GDP with the addition of paying a babysitter $600. The GDP beforehand was the total income from both Vinny and Sandra which is $1200 + $1000 = $2200. For these questions, you are being asked to find a change in GDP which would simply be the addition of $600. Similiary, for part B there is no change in GDP because they do not pay Sandra's mother, so the change in GDP is 0. For part C, since the payments are not reported, there is no change in GDP. Part C can be thought of as a reference to the shadow market and GDP from the shadow market is not recorded. Part D has a negative 1100 because they each go back to work part-time, Vinnie earning $500 per week and Sandra earning $600. The change in GDP would be negative because they are losing 1100 in order to care for a new child. For part E, Vinnie gives up all his income which would normally amount to $1000 per week. The change in GDP is therefore negative.
The change in GDP for each situation will be:
(a) 600(b) 0(c) 0(d) -1100(e) -1000According to the question,
Whenever both work full time and had no child care then the b will be:
= \(1000+1200\)
= \(2200\)
(a)
New GDP,
= \(1000+1200+600\)
= \(2800\)
Change will be:
= \(2800-2200\)
= \(600\)
(b)
→ When mother doing child care isn't part of GDP then,
New GDP,
= \(1000+1200\)
= \(2200\)
Change will be:
= \(2200-2200\)
= \(0\)
(c)
→ Private non-reported transaction isn't a part of GDP then
New GDP,
= \(1000+1200\)
= \(2200\)
Change will be:
= \(2200-2200\)
= \(0\)
(d)
→ Working part time so will earn half of wages then,
New GDP,
= \(500+600\)
= \(1100\)
Change in GDP,
= \(1100-2200\)
= \(-1100\)
(e)
Only Sandra works then,
New GDP,
= \(1200\)
Change in GDP,
= \(1200-2200\)
= \(-1000\)
Thus the above answers are correct.
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The Canton Corporation operates in four distinct business segments. The segments, along with 2011 information on revenues, assets and net income, are listed below ($ in millions): Required: 1. For which segments must Canton report supplementary information according to U.S. GAAP?
Question Completion:
The Canton Corporation operates in four distinct business segments. The segments, along with 2011 information on revenues, assets and net income, are listed below ($ in millions):
Segment Revenue Assets Net Income
Pharmaceuticals $2,000 $1,000 $200
Plastics 3,000 1,500 270
Farm Equipment 2,500 1,250 320
Electronics 500 250 40
Total company $8,000 $4,000 $830
Required: 1. For which segments must Canton report supplementary information according to U.S. GAAP?
Answer:
The Canton Corporation
The segment that Canton Corporation must report supplementary information according to U.S. GAAP is the Farm Equipment segment. It is quite different from the other three segments.
Explanation:
Canton Corporation will report supplementary information for the Farm Equipment segment. This supplementary information will differ from others as the required information is considered to be an essential part of the financial reporting of an entity like Canton Corporation that is operating in four distinct and unrelated business segments.
Pra tice
Jordan makes $8.50 per hour. Last week he
worked 55 hours. How much money did he
make?
Answer:
$467.50
Explanation:
Jordan makes $8.50 per hour. Last week he worked 55 hours. How much money did he make?
8.50 * 55 = $467.50
Your interest rate is compounded annually ,beginning balance $1166.40 annual rate 8%, how much will you earn in interest alone?
You will earn $93.31 in interest alone.
To calculate the amount of interest you will earn, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (beginning balance)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years
In this case, the beginning balance is $1166.40, the annual interest rate is 8%, and the interest is compounded annually.
First, we need to convert the annual interest rate to a decimal form by dividing it by 100: 8% / 100 = 0.08.
Next, we substitute the values into the formula:
A = 1166.40(1 + 0.08/1)^(1*1)
Simplifying the equation, we have:
A = 1166.40(1.08)
Now, we can calculate the final amount
A = $1166.40 * 1.08
A = $1259.71
To find the amount of interest earned, we subtract the principal amount (beginning balance) from the final amount:
Interest earned = $1259.71 - $1166.40
Interest earned = $93.31
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Your older brother turned 35 today, & he is planning to save
GH¢7,000/year for retirement, with the first deposit to be made
one year from today. He will invest in a mutual fund that's
expected to provide a return of 7.5%/year. He plans to retire 30
years from today, when he turns 65, & he expects to live for 25
years after retirement, to age 90. Under these assumptions, how
much can he spend each year after he retires? His first
withdrawal will be made at the end of his first retirement year
The older brother will be able to spend an amount of GH¢64,932.21 each year for 25 years after retirement.
What is Formula for Future value of the annuity?Future Value (FV) = P * ((1 + r)^n - 1/r)
FV = GH¢7,000 * (1+0.075)^{30} - 1/0.075]
FV = GH¢7,000 x (8.754955-1)/0.075
FV = GH¢7,000 x (7.754955/0.075)
FV = GH¢723,795.82
The amount of cash flow is derived and shows the current yearly savings will be available for him at the age of 65 and to be spent for the 25 years if he expects to live after retirement.
To determine the amount he is able to spend each year, we will copute that as follows:
PV = P x [1-(1+r)^{-n}/r] where PV= GH¢723,795.82, P= Expected periodic spending, R = 7.5%, n = 25 yearsGH¢723,795.82 = P * [1-(1+0.075)^{-25}/0.075]
GH¢723,795.82 = P * [(1-0.163979)/0.075]
GH¢723,795.82 = P * (0,836021 /0.075)
GH¢723,795.82 = P * 11.14695
P = GH¢723,795.82/11.14695
P = GH¢64,931.21
Therefore, the amount of GH¢64,932.21 will be spent each year for 25 years after retirement.
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c) “Shadow price is the increase in value created by having one additional unit of a limiting resource at original cost”. Provide a comprehensive real world example of where a shadow price can be calculated with multiple limiting factors and with more than one product. Your answer should be in a form of a short case study roughly 4 or 5 sentences. (5 marks)
A real world example of shadow pricing would be in a case where a manufacturer produces two product A and B with 2 input such as raw materials and labor.
How is this so?Two products (A & B) are produced through the use of two primary resources: labor & raw materials. To produce one unit of product A, we require roughly an hour's worth (60 minutes) of work time from our available pool.
Also, approximately two pounds worth of our current stockpile must be incorporated into each instance as well. Comparatively speaking, producing one unit from group B takes almost three times that much effort (3 hours' time), but only requires about half as much by weight (a single pound).
Our maximum allowance stands at exactly 60 work-hours across all levels plus another hundred pounds maximum in terms concerning these earthly elements - with that established pricing amounts to a flat rate where five dollars buys us one metric pound whereas ten dollars goes towards hourly wages; so what is their shadow price?
When dealing with limited input availability, the optimal allocation of resources and production process optimization can be achieved using shadow prices. In this regard, it has been determined that labor's shadow price stands at $10 per hour while the shadow price for raw materials is set at $5 per pound.
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which of the following is a good habit to protect your checking account information
Answer:
Here's a few
Explanation:
Use unique passwords for every account. You probably know that having a strong password is important.
Leverage two-factor authentication.
Be cautious of public Wi-Fi.
Update and patch your software regularly.
Install ad blockers.
Utilize features and tools provided by your bank.
On January 1, Damon, for consideration, orally promised to pay Gary $300 a month for as long as Gary lived, with the payments to be made on the first day of every month. Damon made the payments regularly for nine months and then made no further payments. Gary claimed that Damon had breached the oral contract and sued Damon for damages. Damon contented that the contract was unenforceable because, under the Statute of Frauds, contracts that cannot be performed within one year must be in writing.
Required:
Discuss whether Damon will succeed in this defense.
Answer:
In this case, a trial court would probably enforce the contract because although the statute of Frauds requires contracts for longer than one year to be willing to be enforceable, since it is possible that Gray may die within the year coupled with the showing by Damon of none months payments, the contract is enforceable. As a result, the Statute of Frauds would be enforceable because the oral contract was possible to fulfill within the one-year .
Taxon Corp. granted restricted stock units (RSUs) representing 70 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within five years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. The common shares had a market price of $12 per share on the grant date. Ignoring taxes, what is the effect on earnings in the year after the shares are granted to executives
Answer:
$168 million
Explanation:
Calculation to determine effect on earnings in the year after the shares are granted to executives
First step is to calculate the Fair value of shares represented by RSUs
Using this formula
Fair value of shares represented by RSUs=fair value per share×shares represented by RSUs shares granted
Let plug in the formula
Fair value of shares represented by RSUs=12 x 70million
Fair value of shares represented by RSUs=$840million
Now let calculate the effect on earnings
Using this formula
Effect on earnings=Fair value of shares represented by RSUs/Vesting period
Let plug in the formula
Effect on earnings= $840 million/5 years
Effect on earnings=$168 million
Therefore effect on earnings in the year after the shares are granted to executives is $168 million
how might a business be in violation of a truth in advertising law?
Answer:
By claiming its product is healthy without having any scientific evidence
Downhill ski racing requires the racer to maintain the tuck position
for over a minute while they are going extremely fast. Therefore, the
muscle bers recruited must not fatigue easily, or the skier could be
severely injured. The type of muscle ber that is predominately
recruited during downhill ski racing is:
Fast-Twitch oxidative (Type IIA) Fibers
Slow-Twitch (Type I) Fibers
Fast-Twitch glycolytic (Type IIB) Fibers
Answer:
1. Cross country ski racing is a race of endurance through a 30 km course. The type of muscle fiber that is predominately recruited during cross country ski racing is slow twitch.
2. Giant slalom ski racing is alpine skiing that requires powerful turns around the gates, but the aerobic endurance to make it through the course. The type of muscle fiber that is predominately recruited during giant slalom ski racing is Fast twitch oxidative.
3.Slalom ski racing requires quick, explosive turns around the gates. The type of muscle fiber that is predominately recruited during slalom ski racing is Fast twitch glycolytic.
Explanation:
I swear this is right I got it right on the test.
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Managing risks refers to identifying any possible
process for
and evaluating risks.
events and taking steps to reduce them. Risk management is a continuous
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Answer:
Uncertain is the first blank and identifying is the second blank
Explanation:
I searched it on a business management website and it worked for Plato