Which one is not correct about the relationship between income and health status? a. On average, high income individuals are healthier regardless of age b. For high income individuals, health depreciates less by age compared to low-income people c. Income seems to be more effective in improving health for those 65 and older compared to those between 35 and 44 d. None of the above
Answers
The statement that is not correct about the relationship between income and health status is: c. Income seems to be more effective in improving health for those 65 and older compared to those between 35 and 44.
The relationship between income and health status can be summarized as follows:
a. On average, high-income individuals are healthier regardless of age. This is because they generally have better access to healthcare services, can afford healthier food options, and have lower levels of stress related to financial concerns.
b. For high-income individuals, health depreciates less by age compared to low-income people. This can be attributed to the factors mentioned in point (a), as well as the possibility of better access to preventive care and a generally healthier lifestyle.
However, statement (c) is incorrect because the impact of income on health tends to be more significant for younger age groups. As individuals age, the influence of other factors, such as genetics and lifestyle choices, may play a more prominent role in determining health status.
While income can still play a role in healthcare access and lifestyle for older individuals, it is generally less effective in improving health outcomes compared to its impact on younger age groups. Therefore, the correct answer is (c), as it inaccurately represents the relationship between income and health status across different age groups.
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Related Questions
Why is the core inflation rate calculated separately from the inflation rate?.
Answers
Answer:
To better show long term effects on inflation
Hope it helps you
Explanation:
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Which of the following are laws which protect workers?
Answers
Answer:
The Equal Employment Opportunity Commission (EEOC) enforces federal laws prohibiting employment discrimination. These laws protect employees and job applicants against: Discrimination, harassment, and unfair treatment in the workplace by anyone because of: Race.
Explanation:
Describe an experience you have had as a consumer which illustrates supply and demand.
Answers
Answer:
The law of supply and demand is the market rule by means of which the supply of goods and the demand for them are interrelated, linked through price: the higher the price of the good, the lower the demand for it, since that it will be more inaccessible for consumers, with which there will be an excess supply; Whereas, if the price of the good falls, the demand for the good increases and its supply will not meet the consumption expectations of consumers.
A clear example of this situation occurred in the midst of the coronavirus pandemic, when as a result of restrictions on public transport and fear of crowding in closed places, many people decided to purchase bicycles as an alternative means of transport, which triggered the demand for said well by causing the prices of these to increase.
Sam is getting his bachelor's degree. During some of his course work, he honed his research skills and learned to
exhibit confidence while presenting to an audience. Which career has Sam most likely been preparing for?
Answers
The correct answer is Journalism
Explanation:
Journalism is one of the careers that most require the use of communicative and research skills. This is because journalists are expected to gather information about important local, national and global events, which requires the use of research skills, and later they are expected to communicate the information precisely, concisely, and confidently, which requires the use of communicative skills. In this context, the career Sam is preparing for is journalism because this is the only one from the options that would require Sam to research and then communicate information confidently.
Answer:
D. Journalism
Explanation:
Please Help!
1. The Pascal family: Both Mr. and Mrs. Pascal have been hired by a major employer in your town. They have been pre-approved for a loan of up to $300,000 and have enough cash to make a 20% down payment. They have steady incomes and hope to put down roots. Single family home, 3 beds and 2.5 baths.
(a) Give the URL for the home listing.
(b) Describe the home.
(c) Provide the reasons why it is a good fit.
2. The Harris family: They are a few years out of college and have been hired to teach school through the Teach for America program. Their contract is for one year. They have a little savings of about $1,200 in the bank. They are both fitness enthusiasts and love to ride bikes, play tennis and jog. Apartment with $800-$1000 monthly rent
(a) Give the URL for the home listing.
(b) Describe the home.
(c) Provide the reasons why it is a good fit.
3. The Middleburg family: They are looking to retire in your town to be closer to their grandchildren. They have $255,000 from the sale of their previous home to buy a house outright for a minimum $200,000. Mrs. Middleburg has neuropathy and may eventually need a wheelchair. Mr. Middleburg has a heart condition that needs to be monitored. Single story 3 beds, 2 bath “accessible” home. $200,000 - $250,000 range
(a) Give the URL for the home listing.
(b) Describe the home.
(c) Provide the reasons why it is a good fit.
Answers
Answer:
You should go to redfin.com and search a house that meets their needs I’m not sure if that’s the correct way to do the assignment but that’s how I did it
Explanation:
The pascal family of Mr. and Mrs. paschal have employed a major employ a man in the town. They have ales approved a loan of 300,000 and have enough cash to make a down payment.
The home listing URL is blog.hubspot.com. The home is big and located near the central business district. It is a good fit as it has all the available and necessary sites within one hour of reach. The harries family is a few years out of college and has been hired to teach in a school. They have contracts for one-year duration and have some savings of $1,200. They love to ride bikes and play tennis. Give a rent of 800-1000 USD. For them home would be a place that is far away from the downtown has cheap and affordable transportation and is not crowded. The middle burgs family is looking for retirement. The want to live close to their grandchildren. They have a $255,000 form sale and are used to wheelchairs. They need a home that is near the city and is near the medical care.Learn more about the Pascal family: Both Mr. and Mrs. Pascal have been.
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bobby flay is a popular celebrity chef who is famous for his use of the grill to create his signature dishes. recently, bobby flay debuted a line of grilling accessories and believes these products will be successful because he has a loyal following among men aged 30 to 60. what type of segmentation is utilized for this new line of grilling accessories?
Answers
Demographic type of segmentation is utilized for this new line of grilling accessories.
What is segmentation?To segment, industry is to break it into identifiable, operable, productive, and segmented pieces that have room for expansion. Due to limitations on time, money, and labor, a corporation would be capable of reaching the overall economy.
As there is some kind of segmentation that is being gone on regarding the grill and its use of it. It will be most preferable that Bobby flay has chosen a particular kind of group that will be more suitable for this kind of line. This is usually due to the demographic limitation of a particular group.
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What are the two factors used to calculate productivity?
A. Goods produced and number of customers
B. Resources invested and goods lost
C. Goods produced and employees hired
D. Goods produced and resources invested
Answers
Goods produced and resources invested re the two factors used to calculate productivity.
How productivity is measured?Productivity is measured from different factors in the organization like the profit generate from the sales, number of customer increases, the amount of money invested in the company, the goods that are consumed of sell within span of time and others.
Thus, option D is correct.
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Answer:
Goods produced and resources invested
Explanation:
enter mia profit/loss for the 2 month
Answers
Tacos and more based in houston, texas, plans to buy sun grown salsa, which is based in mexico. Sun grown salsa has been in business for 12 years and demonstrates amazing profits. What type of entry mode is tacos and more using?
Answers
Tacos and More, based in Houston, Texas, is planning to acquire Sun Grown Salsa, a company based in Mexico. Based on the provided information, Tacos and More is likely utilizing an acquisition entry mode.
An acquisition involves one company acquiring another and integrating it into its existing operations. By acquiring Sun Grown Salsa, Tacos and More would gain immediate access to the company's established brand, customer base, and profitable operations. This entry mode allows Tacos and More to quickly expand its business and capitalize on the success of Sun Grown Salsa without the need to build a new business from scratch. Additionally, the fact that Sun Grown Salsa has been in business for 12 years and demonstrates impressive profits further supports the likelihood of an acquisition, as Tacos and More can benefit from the acquired company's established track record of success.
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Choose the false statement about the Building and Personal Property Coverage Form. A Personal property owned and used to service the building is included in the building coverage B Tenant's improvements that are not legally removable are included in the Personal Property of Others Coverage C Personal property of others that is in the insured's care, custody, and control is automatically included up to $2,500 under coverage extensions D Building Coverage includes the building structure, completed additions, permanently installed fixtures, machinery and equipment
Answers
Answer: Tenant's improvements that are not legally removable are included in the Personal Property of Others Coverage
Explanation:
The false statement about the Building and Personal Property Coverage Form is that "Tenant's improvements that are not legally removable are included in the Personal Property of Others Coverage"
The above is incorrect. This is because the Tenants Improvements and Betterments are not covered under the
Personal Property of Others Coverage but rather, they are covered in the Business Personal Property.
5. The price of a laptop computer dropped from $1,800 to $1,200. What was the percent of
decrease?
a. 30%
b. 1/3
c. 33.33%
d. 333
Answers
Answer:
c. 33.33%
Explanation:
The original price was $1,800
The price dropped to $1,200
the drop in price was $1,800 - $1200 = $600
The percentage drop will be $600/$1800 x 100
=0.33333 x 100
=33.33%
if johnson bank has actual reserves of $200,000 and $200,000 in demand deposits with a reserve ratio is 10%, what is the amount of excess reserves
Answers
If Johnson bank has actual reserves of $200,000 and $200,000 in demand deposits with a reserve ratio is 10%, the amount of excess reserves is 180,000$.
What exactly do reserves mean?A reserve is a portion of the company's retained earnings that is set aside to help the business meet its obligations under the law, expand, pay off debt, make investments, and other goals. Usually, this is done to prevent the money from being used for other things.
Give an example of reserve.The money in special reserves is money that business owners set aside to cover particular debts. The most typical examples of specialized reserves include the reserve for capital redemption, reserve for debt redemption, reserve for asset replacement, and reserve for dividend equalization.
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1. Determine the trade-offs of implementing an ERP system in the company versus buying best of breed software and using middleware to integrate. 2. What are the potential impacts of such implementation on the company’s suppliers and customers? 3. If the company chose to stay with the system it currently has, what are some potential consequences that can occur in the future? 4. Based on the business nature of the company, the industry, and the current environment, what would you recommend doing?
Answers
Answer:
Throughout the clarification segment follows, the context of the concern is mentioned.
Explanation:
(a)
There seem to be different divisions of every company, such as ordering, production management, engineering, finance as well as ordering management, and marketing. Previously, with each company maintaining their everyone else's collection of information, these same government agencies used to collaborate throughout silos, resulting in redundant systems but so much time and energy during peaceful coexistence.By facilitating cross-functional transfers, ERP packages support organizations. These bundles, for example, come up with all these financial, ordering, balance sheets, accounts receivables, fully organized cash equivalents for one another and, and therefore also companies no longer have to store different copies of records. The numerous divisions can navigate the purchasing order that is raised throughout the framework.(b)
The future effect including its company's introduction to the ERP system would make communication with suppliers healthier and more streamlined. To strengthen the distribution network, collaboration with vendors can enhance communication and exchange knowledge utilizing innovative software. For clients, this new ERP deployment framework will satisfy the existing domain's scalable specifications.(c)
If the organization wanted to stick in the new method that was being non-synchronous and unreliable through its service, the likely implications for the immediate future seem to be the corporation's defeat with loss. There was no standard program or software kit used by the new framework for the whole enterprise and the complete IT arrangement was then disintegrated.The void of misunderstanding might expand if the government continues this very same method, combined with a lack of improvement in order fulfillment and procurement of materials. The attorney general's office and accounting would not have been able to assemble the tremendous pricing information that would not operate the shop in a successful direction instead of always get knotted in tech problems.(d)
The organization's overall nature includes an optimized application suite to be adopted, which is standardized for the whole workplace. The entire organization should be trained by a similar arrangement running on a single platform. Software besides inventory control, accounting, business development, capital structure, but most project management should be included in this effort and compliance.Effectiveness cloud-based software could allow the management to configure the program according to its preferences and then use it for particular purposes without buying everything at once. This ERP implementation seems to be profitable for the organization in terms of the current culture and community, as well as for the organization's strategic accomplishment.
The government can make money by borrowing from its population in the form of governmental bonds.
A. True
B. False
Answers
Answer:
False
Explanation:
What is regulation in an economic system?
A: Regulation is the placing of limits or restrictions on business activity by the government.
B: Regulation is the placing of limits or restrictions on business activity by producers.
C: Regulation is the removal of limits or restrictions on business activity by the government.
D: Regulation is the removal of limits or restrictions on business activity by the producers.
Answers
A: Regulation is the placing of limits or restrictions on business activity by the government.
More about regulation in an economic system:
To get its goals, the government imposes obligations on businesses and persons in the private sector like cheap and quality products, safeguards for current businesses against "fair" (and unfair) competition, cleaner air and water, and safer workplaces. Fines and in rare circumstances, even criminal punishments may be imposed for breaking regulations.
Economists distinguish between two types of regulation:
Economic Regulations: Economic regulation refers to laws that limit who can enter a firm (entry controls) and the prices they can charge (price controls).Social Regulation: "Social regulation" refers to the broad category of regulations directing how any individual or organization conducts its activities in order to rectify one or more "market failures."Learn more about economic regulation here:
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What assumption in the food industry did Howard Moskowitz change?
Answers
Answer:
"By evolving from a one-size-fits-all approach to one that embraces customer diversity, Moskowitz was able to improve customer experiences with food products from coffee to cola to spaghetti sauce and beyond."
this is what I found online
Moskowitz was able to improve consumer experiences with culinary goods ranging from coffee to soda to spaghetti sauce and beyond by shifting from a one-size-fits-all approach to one that welcomes customer variety.
What is food industry?The food industry is a complex, global network of various businesses that provides the majority of the world's food.
The word "food industries" refers to a wide range of manufacturing, distribution, processing, and conversion operations, preperation, transport and many other facilities.
Thus, Moskowitz was able to improve consumer experiences.
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1. If you know that Diane holds the highlighted position in the organizational chart shown here, she is probably a ____ (first-line, top, administrative, middle) manager. A job title associated with that level of management is ________ (plant manager, staff accountant, chief executive officer, coordinator)
2. [CHECK ALL THAT APPLY]
Which of the following activities is most likely part of a typical workday for Diane?
A) Teaching a new employee how to use the company’s workflow management system
B) Reviewing departmental performance to determine whether managers are meeting their goals
C). Assisting customers with general questions about the company’s products
D). Monitoring long-term business trends that may have an impact on the organization
PLS HELPPPPPPPPPPPPP
Answers
1) If you know that Diane holds the highlighted position in the organizational chart shown here, she is probably a middle manager. A job title associated with that level of management is plant manager.
2) The activities that is most likely part of a typical workday for Diane is "Teaching a new employee how to use the company’s workflow management system" (Option A)
What is an Organizational Chart?An organizational chart, also known as an organigram, organogram, or organizational breakdown structure, is a diagram that depicts an organization's structure as well as the relationships and relative rankings of its parts and positions/jobs.
Org charts illustrate the structure of an organization and may clearly highlight seniority and lines of authority that should be followed. It can also indicate which roles are in charge of specific duties, divisions, departments, or areas. This can help to eliminate uncertainty and increase communication.
Note that Middle management is the intermediate management level of a hierarchical organization that reports to executive management and is responsible for 'team leading' and/or'specialist' line managers.
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if you are an equity investor how do you make money from your investment?
(A) Continuing to invest more money over time.
(B) Lending money and charging interest
(C) Selling the investment for more than you paid for it
(D) Sharing the equity with others
Answers
Answer:
(C) Selling the investment for more than you paid for it.
Explanation:
The investor can create profits by buying shares at a lowered price and trading them at a greater exchange price. Bonus Problem: If a business is functioning particularly well, it might give available shares to its stockholders. Investors should have a clear knowledge of their maneuvering before buying stock so they understand the best technique to estimate any possible stock purchase.
Answer:
Selling the investment for more than you paid for it
Explanation:
Cultures that score high on the Uncertainty Avoidance Index
O seldom experience much stress.
O take an empirical approach to knowledge.
O enjoy ambiguity.
O value security and try to always follow the rules.
Answers
Answer:
seldom experience much stress.
Explanation:
countries that have high levels of uncertainty avoidance tend to be less stress-prone and more likely to take an empirical approach to knowledge. They also generally enjoy ambiguity and value security.
It is difficult to say definitively what the effects of scoring high on the Uncertainty Avoidance Index are, as every culture is different. However, in general, it seems that cultures that score higher on this index tend to experience more stress, take an empirical approach to knowledge, and value security more. They may also try to always follow the rules, which can lead to a feeling of rigidity.
Forever Quilting is a small company that makes quilting kits priced at $120. The costs of the materials that go into each kit are $45. It costs $5 in labor to assemble a kit. The company has monthly expenses of $1,000 for rent and insurance, $200 for heat and electricity, $500 for advertising, and $4,500 for the monthly salary of its owner. Forever Quilting's unit contribution margin for its kits is
Answers
Forever Quilting's unit contribution margin for its kits is $70.
To calculate the unit contribution margin for Forever Quilting's quilting kits, we need to subtract the variable costs from the price of the kit. The variable costs include the cost of materials and labor, which total $50 ($45 for materials + $5 for labor).
So, the unit contribution margin for each quilting kit is $70 ($120 price - $50 variable costs).
However, we also need to consider the fixed costs that the company incurs each month. These include rent and insurance ($1,000), heat and electricity ($200), advertising ($500), and the owner's salary ($4,500). Together, these fixed costs total $6,200 per month.
To determine the break-even point for Forever Quilting, we can divide the total monthly fixed costs by the unit contribution margin.
$6,200 / $70 = 88.57 quilting kits
So, the company would need to sell approximately 89 quilting kits per month to break even.
In summary, the unit contribution margin for Forever Quilting's quilting kits is $70. However, considering the fixed costs, the company would need to sell around 89 kits per month to break even. This is a detailed answer to your question.
I understand that you would like a detailed and step-by-step explanation for calculating the unit contribution margin for Forever Quilting's kits. Here's the breakdown:
Step 1: Identify the price per unit.
The price of each quilting kit is $120.
Step 2: Calculate the variable cost per unit.
The material cost per kit is $45, and the labor cost is $5. So, the total variable cost per unit is $45 + $5 = $50.
Step 3: Calculate the unit contribution margin.
The unit contribution margin is the price per unit minus the variable cost per unit. In this case, it is $120 - $50 = $70.
Therefore, Forever Quilting's unit contribution margin for its kits is $70.
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QUE ES UN CHOQUE ELECTRO SEVERO
RAPIDO RAPIDO AYUDA POR FAVOR
ES DE ELTRICIDAD PERO LE PUSE ESA MATERIA PORFAVOR AYUDAME
Answers
Answer:
un choque electro es un choque electrico
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Use the table to determine how many workers the firm will employ when the cost per good is $6, and the wage rate
is $25
A 3 workers
B 5 workers
C 2 workers
D 4 workers
Answers
The firm will employ 3 workers
Marginal cost is the change in total cost as a result of hiring one more unit of labour. The marginal cost of labour is equal to the wage rate.
Marginal revenue is the change in total revenue when output is increased by one unit
A rational producer would continue to higher labour as long as marginal revenue is higher or equal to marginal cost. If marginal revenue is less than marginal cost it means that productivity has fallen.
Looking at the marginal revenue and marginal cost on the table, marginal revenue is greater than marginal cost when 1,2 and 3 units of workers are used. But the number of workers that yields the highest product is 3 workers. So, 3 workers should be employed.
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Answer:
A 3 workers
Explanation:
you tour a company and notice that employees all seem to have a common goal and understanding of procedures. what would be the contributing factor for this? responses action plan action plan strategies strategies organizational structure organizational structure safety manuel
Answers
As you visit a firm, you note that all of the staff appear to have a single goal or objective and a grasp of how things are done. The contributing factor for this might be proper action plan strategies.
The correct option is A.
Setting goals, agreeing on steps to accomplish those goals, and mobilising the resources required to carry out those activities are all parts of strategic planning. A strategic plan outlines the methods and resources that will be employed to accomplish those objectives.
Planning, legislation, neighbourhood norms, incentives, and educational options are examples of action strategies.
A detailed strategy that lays out the measures to follow in order to achieve one or more goals is known as an action plan.
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Answer:
action plan
Explanation:
because the guy above said so and he has an expert verified answer
if a more efficient technology was discovered by a firm, there would be
Answers
If a more efficient technology was discovered by a firm, there would be a decrease in the firm's costs of production. A firm is an organization that produces goods or services for sale. It can also be referred to as a company. The primary aim of a firm is to maximize profit, which is the difference between total revenue and total cost.
Technology refers to the application of scientific knowledge to create something useful. It encompasses all the tools, machinery, techniques, and methods used to produce goods and services. Technological advancements have led to increased productivity, efficiency, and innovation in various sectors, including agriculture, medicine, communication, and manufacturing.
If a firm discovers a more efficient technology, it can significantly reduce its production costs. This is because the new technology is likely to be faster, more reliable, and require fewer resources, such as labor, raw materials, and energy. The firm can then use these cost savings to lower the price of its products or increase its profit margins.
An example of how technology can reduce production costs is the use of robots in manufacturing. Robots can perform tasks that were previously done by humans, which saves time and money. They can also work continuously, which increases production output.
Therefore, if a firm adopts the use of robots, it can reduce its labor costs and increase its productivity.
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why do hmos promote healthy lifestyles and preventive care? responses it is cheaper to prevent an illness than to treat an illness. it is cheaper to prevent an illness than to treat an illness. people with healthy lifestyles never get sick, thus costing less. people with healthy lifestyles never get sick, thus costing less. premiums increase for all when patients become ill. premiums increase for all when patients become ill. it costs too much money to attract new patients.
Answers
The primary reason HMOs encourage healthy lives and preventive care is that sickness prevention is more cost-effective than illness treatment. Here option A is the correct answer.
HMOs (Health Maintenance Organizations) promote healthy lifestyles and preventive care as a cost-saving measure. Preventive care measures such as routine check-ups, screenings, and vaccinations can help identify and address health problems before they become more serious and expensive to treat.
By promoting healthy lifestyles, such as regular exercise, healthy eating, and avoiding tobacco and alcohol, HMOs can reduce the risk of chronic diseases such as heart disease, diabetes, and cancer. Treating these chronic illnesses can be costly, especially if they are not caught early.
Additionally, when patients become ill and require expensive treatments, premiums increase for all members of the HMO. Therefore, promoting healthy lifestyles and preventive care is not only beneficial for individual patients but also for the HMO's overall financial health. It is more cost-effective to invest in preventive care measures and encourage healthy behaviors rather than waiting for illnesses to develop and treating them after the fact.
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Complete question:
Which of the following is the main reason why HMOs promote healthy lifestyles and preventive care?
A. It is cheaper to prevent an illness than to treat an illness.
B. People with healthy lifestyles never get sick, thus costing less.
C. Premiums increase for all when patients become ill.
D. It costs too much money to attract new patients.
can the car make it to the top of the hill by coasting?
Answers
No, the car cannot make it to the top of the hill by coasting.Coasting refers to the act of driving without applying the accelerator or brakes, essentially allowing the vehicle to rely solely on its momentum.
However, when it comes to climbing a hill, coasting alone is not sufficient to propel the car to the top. This is because a hill creates an incline that opposes the forward movement of the vehicle, requiring additional power to overcome gravity and reach higher elevations.
When a car coasts, it gradually loses speed due to the resistance of air and road friction. Without the engine's power, the car's momentum eventually diminishes, making it unable to overcome the uphill gradient and reach the summit. The force of gravity acting against the vehicle's momentum becomes too strong, causing it to slow down and eventually come to a halt.
To conquer a hill, a vehicle needs a source of power, typically provided by an engine, to counteract gravity and maintain forward motion against the incline. By generating sufficient power, the engine can overcome the gravitational force and propel the car to the top of the hill.
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Halifax Shoes has 33% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $84,037 in June, $73,042 in July, and $86,560 in August? Round to the nearest penny, two decimal places.
Answers
We must take into account both the credit sales collection pattern and the monthly sales made in order to determine the cash collected in August.
Given: June sales equaled $84,037 July sales were $73,042 and August sales were $86,560. The percentage of cash transactions in overall sales is 33%. Therefore, the following formula can be used to determine cash sales each month: Cash sales for June were $27,741.21 ($84,037 * 0.33). Cash sales in July were $24,084.86 (73,042 * 0.33). Cash sales for August were $28,543.20 ($86,560 multiplied by 0.33). We need to use the collecting pattern for credit sales. The percentages of collections are as follows: - Paid during the month of the sale: 65% - 25% was collected one month after the sale. - 5% was collected one month after the sale. How to calculate the money received from credit sales: Amounts received in August based on June sales, $54,625.05 ($84,037 * 0.65). Cash received in August from transactions made in July equals $73,042 * 0.25, or $18,260.50. Cash sales and money received from credit sales combined: Total cash received in August equals the sum of cash received from sales in August, June sales, and July sales. Total funds received in August were $28,543.20, $54,625.05, and $18,260.50 for a total of $101,428.75. As a result, the amount of money collected in August is $101,428.75.
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Suppose you are interested in estimating how price sensitive people are for dental care. You have a survey of the population where you observe how many visits to the dentist someone has in a given year, and you observe the insurance plans for each individuals (i.e., the co-payment rate). (a) Using these data, you trace out a demand curve for dental care. Will this demand curve be a good estimate of the true demand? Use a graph and explain why or why not. (b) Is there a better way to estimate true demand? If so, briefly explain how you would do so any why this will recover true demand (Hint: starting from scratch, how would you get data on people). (c) Now suppose you find, starting from 5% co-payment (i.e, you only pay 5% of your dental bill) individuals go to the dentist 3 times per year on average. However, when the co-payment rate is changed 50%, people go to the dentist 1 time per year on average. What is the elasticity of demand for dental care? Is this elastic or inelastic? (d) What is the main issue with the previous measure of price sensitivity? Calculate the arc elasticity of demand and explain why may it is better.
Answers
The demand curve for dental care estimated using the given data may not be a good estimate of the true demand. This is because the observed data only includes information on the number of visits to the dentist and the co-payment rate, but it lacks other important factors that can influence demand, such as income, preferences, and other unobserved determinants of dental care utilization.
Without accounting for these additional factors, the estimated demand curve may not capture the full range of price sensitivity and could lead to biased results.To illustrate this, consider a graph where the x-axis represents the co-payment rate and the y-axis represents the number of visits to the dentist. Without controlling for other factors, the observed data points may not follow a clear pattern or exhibit a consistent relationship between the co-payment rate and dental care utilization. The estimated demand curve based on these data points would be unreliable and may not accurately reflect the true demand.(b) A better way to estimate true demand for dental care would be to conduct a randomized controlled trial (RCT) or a natural experiment. In an RCT, a sample of individuals would be randomly assigned to different co-payment rates, allowing for a controlled comparison of their dental care utilization.
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Suppose that the consumer price index rises from 100 to 200. From this information we may conclude that?.
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When the Consumer price index rises from 100 to 200 , it concludes that the prices in an average consumer's market basket are doubled.
The Consumer Price Index (CPI) is an index commonly used to measure inflation by tracking changes over time in the price consumers pay for a basket of goods and services. These goods and services are classified into eight major groups: food and beverages, housing, clothing, transportation, healthcare, recreation, education and telecommunications.
The Consumer Price Index is calculated by measuring the price of this fixed basket of consumer goods and services within a period compared to the price of the previous period. Changes in the CPI therefore loosely reflect changes in the cost of living in the Country. As such, the CPI is the most commonly used economic indicator to identify periods of inflation (or deflation) in the Country.
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if a perfectly competitive firm decreases production from 110 units to 100 units, and the market price is $20 per unit, the firm's total revenue will be:
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Perfectly Competitive firms are those where a large number of buyers and sellers are present in the market structure but sell identical products in the economy.
If a perfectly competitive firm decreases production from 110 units to 100 units, and the market price is $20 per unit, the firm's total revenue will decrease. Total revenue (TR) is the product of price (P) and quantity (Q), i.e., TR = P × Q.
Initially, the firm's total revenue was TR1 = $20 × 110 = $2200. But after decreasing production to 100 units, the new total revenue would be TR2 = $20 × 100 = $2000. Hence, the firm's total revenue decreases by $200 ($2200 - $2000) due to the decrease in production.
In a perfectly competitive market, the firm is a price taker, meaning that it cannot influence the market price. Therefore, the price remains constant regardless of the quantity of output produced. As a result, the firm's marginal revenue (MR) equals the market price.
When the firm decreases production, its marginal revenue decreases, and it earns less revenue per unit of output. This is because the demand for the product is relatively elastic, and a decrease in production leads to a decrease in total revenue. In other words, the firm is not able to sell its output at the same price as before due to a change in market conditions.
In conclusion, if a perfectly competitive firm decreases production from 110 units to 100 units, and the market price is $20 per unit, the firm's total revenue will decrease by $200 due to a decrease in output and the relatively elastic demand for its product.
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