Answers
The European Union is way ahead of the United States on the use of Data Analytics in a tax audit, both by the regulator and the company hoping not to be audited. This statement is true.
The European Union (EU) is a political and economic grouping of 27 countries committed to shared democratic values. The euro is the shared official currency of 19 EU members known collectively as the eurozone. In recent years, the EU has expanded to include many of the countries that had been Soviet Socialist States before the collapse of the Soviet Union. The EU traces its roots to the European Coal and Steel Community, which was founded in 1950 and had just six members.
The EU established a common market to promote the free movement of goods, services, people, and capital across its internal borders.
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Related Questions
Mr. D is the manager of a local walgreens. His biggest concern is to make sure that his store is always making the most profit possible. He cuts costs by focusing on certain logistical decisions. Every other day walgreens receives shipments from pepsi, evian, hershey, and numerous other manufacturers. Walgreens insists on small shipments every two days, which helps to keep their inventory costs low. What system is mr. D using at walgreens to reduce his costs?.
Answers
The system is mr. D using at walgreens to reduce his costs is just in time inventory.
What is just in time inventory?JIT, or just-in-time inventory management, involves only ordering products from vendors when they are actually needed. This approach's primary goals are to lower the cost of keeping inventory and boost inventory turnover.With a just-in-time (JIT) inventory system, a business receives products as close as feasible to the moment they are actually required. As a result, if an auto assembly facility wants to install airbags, it doesn't maintain a supply on hand; instead, it gets them as the cars are put together.In conclusion. When used properly, JIT inventory can be a terrific method to reduce costs and boost productivity.
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Activity-based Costing—Comprehensive Problem [lo 2] The Riverdale Printing Company prints limited edition art books with production runs of 15,000 to 100,000. It has recently adopted an activity-based costing system to assign manufacturing overhead to products. The following data relate to one product, Art of Design, and the ABC cost pools:
Art of Design:
Annual production 40,000 units
Direct materials $37
Direct labor per unit $8
Manufacturing overhead
cost pools Cost Pool Cost Driver $ 840,000
Materials ordering $840,00 Number of purchase orders
Materials inspection 525,000 Number of receiving reports
Equipment setup 2,500,000 Number of setups
Quality control 1,000,000 Number of inspections
Other 25,000,000 Direct labor cost
Total manufacturing overhead
Annual activity information related to cost drivers:
Cost Pool All Books Art of Design
Materials ordering 120,000 orders 1,200
Materials inspection 2,100receiving reports 315
Equipment setup 125 setups 1
Quality control 5,000 inspections 500
Other $12,500,000 direct labour $320,000
a. Calculate the overhead rate per unit of activity for each of the five cost pools.
b. Calculate the total overhead assigned to the production of the Art of Design. Round to two decimal places.
c. Calculate the overhead cost per unit for the Art of Design.
d. Calculate the total unit cost for the Art of Design.
e. Suppose that Riverdale Printing allocates overhead by a traditional production volume-based method using direct labor dollars as the allocation base and one cost pool. Determine the over- head rate per direct labor dollar and the per unit overhead assigned to the Art of Design. Discuss the difference in cost allocations between the traditional method and the activity-based costing approach.
Answers
Answer:
Instructions are below.
Explanation:
a)
First, we need to calculate the activity rate for each activity:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Materials ordering= 840,000/121,200= $6.93 per order
Materials inspection= 525,000/2,415= $217.39 per report
Equipment setup= 2,500,000/126= $19,841.27 per setup
Quality control= 1,000,000/5,500= $181.82 per inspection
Other= 25,000,000/12,820,000= $1.95 per direct labor dollar
b)
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Materials ordering= 6.93*1,200= 8,316
Materials inspection= 217.39*315= 68,477.85
Equipment setup= 19,841.27*1= 19,841.27
Quality control= 181.82*500= 90,910
Other= 1.95*320,000= 624,000
Total allocated costs= $811,545.12
c)
Unitary overhead= 811,545.12/40,000= $20.30
d)
To calculate the unitary production cost, we need to use the following formula:
Total unitary cost= direct material + direct labor + allocated overhead
Total unitary cost= 37 + 8 + 20.3
Total unitary cost= $65.3
e) Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 29,865,000/12,820,000
Predetermined manufacturing overhead rate= $2.33 per direct labor costs
Allocated MOH= 2.33*320,000= $745,600
Unitary overhead= 745,600/40,000= $18.64
The difference between a plantwide predetermined overhead rate and an activity-based, is that the second one is more accurate. The allocation process is specific and more efficient.
Total Cost = $128,000,000 + ($12,000 x Number of Patient Days)
In the cost formula, the term $128,000,000
a. is the total variable cost.
b. is the dependent variable.
c. is the variable rate.
d. is the total fixed cost.
e. cannot be determined from the above formula.
Answers
Answer:
d. is the total fixed cost.
Explanation:
Total cost is obtained by adding fixed costs to variable costs. Fixed costs are expenses that do not change in a period. They remain constant in the short-run regardless of the level of output. Variable costs are dependent on the level of output.
As per the equation presented, $120,000,000 represents the fixed costs. The figure is constant in the equation.
Requirement 2. How much is the owner's equity of the property management company? Irene Chan has $ of equity in the property management company?
Answers
The information provided is incomplete as the amount of equity or any specific details about Irene Chan's investment in the property management company are not given. Therefore, without knowing the specific amount or percentage of equity Irene Chan holds in the company.
it is not possible to determine the exact value of the owner's equity or Irene Chan's equity in the property management company.Equity represents the ownership interest in a company and is calculated by subtracting the company's liabilities from its assets. However, since no information is provided regarding the company's liabilities, assets, or Irene Chan's investment.
We cannot calculate the owner's equity or determine Irene Chan's specific equity in the property management company.To accurately determine the owner's equity or Irene Chan's equity, it would be necessary to have additional information about the company's financial statements, investments, and any other relevant details regarding ownership stakes or capital contributions.
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Most modern workers _________.
a.
Will change their careers, but not their jobs
b.
Will change their jobs, but not their careers.
c.
Will change both their jobs and careers
d.
Will change neither their jobs nor their careers
Answers
Answer:
B. Will change both their jobs and careers
Explanation:
Internet made it really easy for people to access information , including new educations. Due to the abundant of information that the people can use, acquiring new skills and connections that required to change jobs became much Easier.
According to the data that recorded by the government, around 51% of modern workers change their jobs within 1-5 years period and around 30% workers change their careers every 12 months.
Answer:
c.
Will change both their jobs and careers
Explanation:
got it right on edge
In order to evaluate risk, management may also set qualitative risk classes. Rank these four projects from least risky to most risky, all other things being equal. Completely new market in United States. Completely new market in South America. Addition to normal product line. Repair to old machinery.
Answers
Answer:
Ranking projects from least risky to most risky:
1. Repair to old machinery.
2. Addition to normal product line.
3. Completely new market in United States.
4. Completely new market in South America.
Explanation:
As can be seen from the above scenario, the risk profile increases as the company's activities move away from the known, controllable, and internal arenas to the unknown, uncontrollable, and external arenas. This implies that increasing uncertainty induces more risk.
Are the following statements true or false?
(a) Perfect competition has an identical good.
(b) A monopolistically competitive firm makes zero economic profit in the long run.
(c) The defining feature of oligopoly is a large number of firms.
(d) A natural monopoly arises because of the existence of economies of scale.
Answers
(a) The given statement, "Perfect competition has an identical good" is true.
(b) The given statement, "A monopolistically competitive firm makes zero economic profit in the long run" is false.
(c) The given statement, "The defining feature of oligopoly is a large number of firms" is false.
(d) The given statement, "The defining feature of oligopoly is a large number of firms" is true.
(a) In perfect competition, all firms produce identical goods, which means that consumers cannot differentiate between them based on the product. Therefore, firms have to compete based on price and quality of their product.
(b) In monopolistic competition, firms can earn economic profit in the short run but may not be able to sustain it in the long run. This is because other firms can enter the market and offer similar products, which reduces the demand for the original firm's product and lowers its price, eventually resulting in zero economic profit.
(c) The defining feature of oligopoly is a small number of large firms that dominate the market. These firms have significant market power and can influence the market's price and quantity. Oligopolies can lead to collusion between firms, creating barriers to entry and limiting competition.
(d) A natural monopoly arises when a single firm can produce the entire output of the market at a lower cost than any combination of two or more smaller firms. This is due to economies of scale, where the average cost of producing a good decreases as the quantity produced increases.
Therefore, it is more efficient to have one firm producing the entire output rather than multiple smaller firms. However, natural monopolies can lead to market failure, and regulation may be necessary to prevent abuse of market power.
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Juan is a nursing student from Peru who first arrived in F-1 immigration status on September 1, 2019. He does not have a tax identification number and he did not work or receive a scholarship in 2020, but had $90 interest income from his U.S. savings account his parents set up for him to pay for school and his living expenses. Juan must file a Form 1040-NR and Form 8843 by April 15, 2021.
a. True
b. False
Answers
Answer:
True
Explanation:
Form 1040 NR is a document that is filed by U.S. residents. The taxable income is filled in the document to identify tax paynment or refund. Juan is student and he is dependent on the interest income that comes from the saving which is by their parents earnings. The interest income saves the tax and there will be refund on this income. Juan should file the 1040-NR document.
Piedmont Company purchased merchandise on account from a supplier for $45000, terms 1/10, n/30. Piedmont Company returned $7000 of the merchandise and received full credit.If Piedmont Company pays the invoice within the discount period, what is the amount of cash required for the payment
Answers
Answer:
$33,500
Explanation:
The Cash Required for Payment to Supplier is The Purchases Price less Credit Allowance and Cash Discount granted since Piedmont Company pays the invoice within the discount period.
If Piedmont Company had paid invoice out of the discount period we would only deduct the Credit Allowance from the Purchase Price.
Cash Required for Payment Calculation :
Purchase Price $45,000
Less Credit Allowance ($7,000)
Less Cash Discount $45,000 x 10% ($4,500)
Cash Required for Payment $33,500
Which group typically predicts trends in industry based on patterns?
O consumers
O economists
O producers
O shippers
Answers
Answer:
B economists
Explanation:
Right on edge
Economists is the group that typically predicts trends in industry based on patterns. Therefore, the correct option is option B.
Who is economists?A professional or practitioner inside the social science field of economics is called an economist. The person may also research, create, and use economic theories and concepts, as well as write concerning economic policy. There are numerous sub-fields in this discipline, ranging from broad philosophical ideas to the in-depth examination of details in particular markets, macroeconomic analysis.
Utilising analytical techniques and tools such statistics, financial economics, mathematical finance, econometrics, and computational economics models. Economists are employed in a variety of settings, including academia, government, and business. Economists is the group that typically predicts trends in industry based on patterns.
Therefore, the correct option is option B.
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According to the inventory life cycle after a retailer reveives products the next step is
Answers
the stage of the planning process for merchandise that comes after the budget for product that a merchant obtains from buying from suppliers of manufacturer brands.
How long is a product's life cycle?The movement of a product through its four stages of market existence is known as its life cycle. The four stages of the life cycle are initiation, growth, maturation, and decline. Each stage of a product's life cycle takes a different amount of time depending on the product.
What are the four components of the retailing mix?The type of goods sold, the variety and range of goods sold, the quality of the customer service, and the cost of the goods are four components of the retail mix that are particularly helpful for categorizing shops.
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Speaking effectively, writing concisely, and listening attentively are all examples of the transferable skill of
communication
human relations
organization, management, and leadership
research and planning
Answers
Answer: communication
Answer:
Its communication and i am 100% possitive ive took the test.
Explanation:
You have recently been hired as the staff attorney at a growing independent film studio in Van Nuys, California. Among your duties are to carefully review films’ content prior to their distribution, monitor all of the legal issues that may arise after the film has been released to theaters as well as when it is released on DVD, as streaming digital content or for broadcast television. In an essay of approximately 250 words, describe what you focus on as the film before a feature film’s worldwide release and premiere, issues that may be of concern to you when it is in theaters, and finally, what you will focus on when that film is released for a second time on DVD, online and broadcast television.
Answers
In order to write an essay on the roles of an independent film studio attorney in relation to film content review, legal and distribution issues, it is necessary to understand what the studio's and investors' greatest needs before and after movie release.
Copyright registrationThis is one of the main needs of a film production company, it is necessary to register the date and content of the original work, so that in case of plagiarism and illegal distribution, the owner of the work has legal protection to contest their rights.
Therefore, it is essential that there is an alignment of the film's content to the public, avoiding issues that can be interpreted ambiguously as disrespect for cultures and minorities, for example, which can culminate in legal sanctions for the producer.
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An electronic card that is derectly connected to a checking account is known as a
Answers
Answer:
debit card
Explanation:
a checking account is also known as a savings account
During its first year of operations, Kingbird, Inc. had credit sales of $3,875,000, of which $440,000 remained uncollected at year-end. The credit manager estimates that $18,900 of these receivables will become uncollectible.(a)Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answers
The credit manager estimates that $18,900 of these receivables will become uncollectible. The journal entry to record the estimated uncollectible is \(2.146065*10\).
Receivables, loans, or other debts with essentially zero prospect of being paid off are considered accounts uncollectible. A debt may become uncollectible for a variety of reasons, such as the debtor's bankruptcy, an inability to locate the debtor, the debtor's fraud, or a lack of adequate documents to support the existence of the debt. In California, the statute of limitations typically lasts four years for consumer debts resulting from written contracts. This covers debts from credit card, auto, personal, private student, and medical loans. For creditors, any quantity of uncollectible debt results in a loss.
Based on the given conditions, formulate:
18900*440000/3875000
Calculate
18900*440000/3875000
Reduce
\(756*88/31=66528/31=2.146065*10^{3}\)
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Using Activity Based Costing, calculate the rate for each cost driver.
13 marks b) Using activity based budgeting, prepare a budgeted yearly operating statement for
Aero3D Ltd. Show the following separately, within the statement.
i. The budgeted output for each product per year;
ii. The contribution to profits for each product and in total before charging activity based costs;
iii. The profit for each product and in total after charging activity based costs but before charging core costs (non-activity based costs);
iv. The total profit after charging core based costs.
Answers
i. Budgeted output for each product per year is XS PRO: 3,400 units and POLYX: 1,800 units
ii. Contribution to profits for each product and in total before charging activity-based costs are XS PRO: £561,000 + POLYX: £379,800 (£940,800)
iii. Profit for each product and in total after charging activity-based costs but before charging core costs are XS PRO: Profit after activity-based costs and POLYX: Profit after activity-based costs
iv. Total profit after charging core costs: Total profit after charging core costs
How did we arrive at these values?To calculate the rate for each cost driver using Activity Based Costing (ABC), divide the total cost of each cost pool by its respective cost driver.
a) Calculation of rates for each cost driver:
1. Condensing machine:
Rate = Total cost of condensing machine / Number of production batches
Rate = £450,000 / 60
Rate = £7,500 per batch
2. Shaping machine:
Rate = Total cost of shaping machine / Shaping machine hours
Rate = £130,000 / (3,400 × 0.50 + 1,800 × 0.70)
Rate = £130,000 / 2,400
Rate = £54.17 per shaping machine hour
3. Manual handling of material:
Rate = Total cost of manual handling of material / Weight of material handled
Rate = £55,000 / (3,400 × 1.2 + 1,800 × 1.4)
Rate = £55,000 / 7,040
Rate = £7.80 per kilogram of material handled
b) Budgeted yearly operating statement for Aero3D Ltd:
i. Budgeted output for each product per year:
- XS PRO: 3,400 units
- POLYX: 1,800 units
ii. Contribution to profits for each product and in total before charging activity-based costs:
Contribution per unit = Selling price - Direct material cost - Direct labor cost
- XS PRO: £175 - £8 - £2 = £165 per unit
- POLYX: £225 - £10 - £4 = £211 per unit
Contribution before activity-based costs:
- XS PRO: £165 × 3,400 = £561,000
- POLYX: £211 × 1,800 = £379,800
Total contribution = £561,000 + £379,800 = £940,800
iii. Profit for each product and in total after charging activity-based costs but before charging core costs:
Cost breakdown per unit:
- XS PRO:
- Condensing machine cost = Rate (Condensing machine) × Number of production batches
- Shaping machine cost = Rate (Shaping machine) × Shaping machine hours
- Manual handling cost = Rate (Manual handling of material) × Weight of material handled
Total cost per unit = Direct material cost + Direct labor cost + Condensing machine cost + Shaping machine cost + Manual handling cost
- POLYX:
- Condensing machine cost = Rate (Condensing machine) × Number of production batches
- Shaping machine cost = Rate (Shaping machine) × Shaping machine hours
- Manual handling cost = Rate (Manual handling of material) × Weight of material handled
Total cost per unit = Direct material cost + Direct labor cost + Condensing machine cost + Shaping machine cost + Manual handling cost
Profit after activity-based costs but before core costs:
- XS PRO: Selling price - Total cost per unit
- POLYX: Selling price - Total cost per unit
iv. Total profit after charging core costs:
Total profit = Total contribution - Core costs
Since the core costs are given as a fixed amount and not linked to any activity or cost driver, they are not allocated using the ABC method.
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The average wage of workers increases in a purely competitive industry. This change will result in (I) increase in marginal cost for the firms in the industry (II) increase in average variable cost for firms in the industry (III) increase in average fixed cost for firms in the industry (IV) increase in the industry supply curve
Answers
Answer:
The correct option is (I) increase in marginal cost for the firms in the industry
Explanation:
According to the given scenario, when there is a rise in increase in the workers wages in a purely competitive industry so the production cost would also rise that results in an increment in the marginal cost also the maximize profit arises when the marginal cost is equivalent to the marginal revenue
Therefore as per the given scenario, the correct option is (I)
Which economic indicators are used to measure the global economy? Choose four answers.
purchasing power parity
trade volumes
spending power parity
labor market data
gross domestic product
trade deficits and surpluses
Answers
Answer:
Explanation:
Used:
Trade Volumes
Labor Market Data
Gross Domestic Product
Trade Deficits and Surpluses
Not Used:
Purchasing Power Parity
Spending Power Parity
Economic indicators are;
Trade VolumesLabor Market DataGross Domestic ProductTrade Deficits and SurplusesWhat are economic indicators?Economic indicators serve as those economic data, that are needed to interpret current or future investment possibilities.
Therefore, economic indicators are used to measure the global economy.
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Question 6 of 10
One advantage of a long-term loan compared to a short-term loan is that a
long-term loan
A. does not require the borrower to have a good credit score,
B. can be paid off in full without the borrower paying any interest.
C. allows a person to borrow more money at a lower interest rate,
D. does not force the borrower to make payments every month,
SUBMIT
Answers
One advantage of a long-term loan compared to a short-term loan is that a long-term loan allows a person to borrow more money at a lower interest rate. Long-term loans typically have a longer repayment period, which spreads out the principal amount over a greater number of months or years.OPtion c
As a result, the monthly payments are lower compared to a short-term loan. This lower monthly payment makes it easier for individuals to manage their finances and allocate funds towards other expenses'Additionally, long-term loans often come with lower interest rates compared to short-term loans. Lenders are more willing to offer competitive interest rates for long-term loans because they have a longer period to earn interest on the loan.
This allows borrowers to save money in interest payments over the life of the loan.In summary, a long-term loan provides the advantage of enabling individuals to borrow more money while enjoying lower monthly payments and favorable interest rates.
It offers greater flexibility and affordability, making it an attractive option for those who require a larger loan amount and prefer a longer repayment period.Option c
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How you see your self can make a great different
in how
you Communicate
Answers
Answer: It is not what you say but how you say it.
Explanation: I have always been a person who communicates well but with my flaws. Sometimes the tone of voice can be betrayed, so it is important to use the right one so that people can feel the warmth of the words. The way things are said is more than what is said. It is not a matter of lying but of saying things in a way that is real but at the same time within a framework of respect.
What's your educational interest and goals
Answers
Sin duda, que no me dejen por abajo de la sociedad
Fixed vs variable cost preference. bates operates a kiosk at a local mall, selling duck calls for $30 each. the variable cost to make a duck call is $18. a new mall is opening where bates wants to locate a new kiosk. the mall operator offers the following two options for bates: 1. paying a fixed rent of $15,000 a month, or: 2. paying a fixed rent of $9,000 per month plus 10% of revenue earned from each duck call, the amount of monthly sales (in units) at which bates would be indifferent as to which plan to select is: a) 1,900 b) 2,000 c) 1,500 d) 1,600
Answers
Answer:
b) 2,000
Explanation:
sales price = $30
10% from each sale = $3
the amount of rent paid as a percentage of sales = $15,000 - $9,000 = $6,000
the indifference point in units = $6,000 / 10% revenue margin = $6,000 / $3 = 2,000 units
If Bates sells less than 2,000 units, then he should prefer option 2, but if he sells more than 2,000 units, then option 1 is better for him.
What is the definition of gross income?
Answers
Gross income refers to the total income earned by an individual, business, or entity before any deductions or expenses are subtracted.
Gross income is typically calculated on an annual basis, representing the total income earned over a specific period, usually a fiscal year. It serves as a starting point for determining taxable income, which is the amount on which taxes are assessed.
It is important to note that gross income does not account for any deductions or expenses, such as taxes, operating costs, depreciation, or other business expenses. These deductions are subtracted from the gross income to arrive at the net income or taxable income, which is the actual amount on which taxes are levied.
For individuals, gross income includes wages or salaries earned from employment, income from self-employment or freelancing, rental income, investment income, and other sources. It is reported on the individual's tax return and is used to determine their tax liability.
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DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?
Answers
Preliminary data gathering involves collecting and analyzing relevant information to establish a foundation for research or decision-making, including identifying objectives, assessing data availability, etc.
What are the Functions of Preliminary Data Gathering?Preliminary data gathering encompasses the initial acquisition and evaluation of pertinent information, serving as a basis for research or decision-making. It aids in defining project scope, goals, and needs, while also assessing data availability and quality.
This stage assists researchers and decision-makers in gaining insights, assessing project feasibility, recognizing potential obstacles, and formulating a strategic plan for subsequent data collection and analysis.
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1.Why is knowledge of consumer behavior important to the marketer?
Answers
The knowledge of consumer behavior is extremely important to the marketer in order to provide the customers with best possible products and earning profit for himself sideways.
CONSUMER BEHAVIOR is the study of consumers and the processes they use to select the product. It particularly deals with the psychological of the customer i.e., What the think? What they want? What are the trends they are interested in? At what price do they feel comfortable? And so on.
When the marketer understands the mental state of the consumer then he/she becomes fit to earn and compete with his fellow marketers. This enables him to provide the customers with the products of their choice at reasonable prices. This is how he sustains in market and earns profit.
Example: a marketer understands that customers are attracted by discounts. So he would increase the actual cost of product and increase the discount price. The selling price is not changed but since the customer thinks he is getting more discount, he is attracted.
Consumer Behavior is of great significance to marketers because it helps them to survive in the industry. It helps them to analyze business trends and helps to keep up with their competitors. It also helps to retain their customers.
Consumer buying behavior refers to the analysis of consumers' actions when selecting whether to get a good that meets their needs. it's an investigation into how customers behave and what motivates them to purchase and use particular goods.
The study of consumer purchasing behavior is crucial for marketers because it helps them comprehend what customers anticipate from them. Understanding what prompts a consumer to get a product is useful.
The importance of consumer behavior to marketers is discussed below:
Consumer diversification: It's a technique used in marketing to set one consumer apart from a group of related consumers. This aids in creating a target market of consumers who exhibit the same or comparable behavior.Customer Retention: Consumer behavior is incredibly crucial for both attracting new consumers and keeping hold of current ones. A satisfied customer is more likely to form the same purchase in the future. Therefore, it's important to sell the product in a way that encourages repeat purchases from customers.Forecasting Demand Patterns: By doing a consumer behavior analysis, a business can avoid spending plenty of money and energy on creating a product that won't be popular with customers.Competitiveness: Understanding and handling the competition are made easier by studying consumer behavior. Your brand may have a competitive edge supported consumer expectations.Develop Unique New Technologies: Businesses continually exerting to increase the likelihood that their novel ideas or new products will succeed. Amongst the foremost crucial methods is to carry out a thorough and careful study of consumer behavior.Learn more about consumer behavior : https://brainly.com/question/9566137
For the next 3 questions, use the following scenario: The graph below depicts the market for widgets. The government has imposed a tax on the production of widgets. Before the tax, the equilibrium price was $20 and the equilibrium quantity was 4. After the tax, the quantity is 2, the price the consumers face is $28, and the price the producers receive is $12.
Which of the following areas represents government revenue raised by the tax?
Group of answer choices
F
The sum of C and E
The sum of B and D
A
Flag question: Question 22
Question 224 pts
Calculate the amount of deadweight loss as a result of the tax.
Group of answer choices
16
32
12
20
Flag question: Question 23
Question 234 pts
Which of the following areas represents consumer surplus before the tax?
Group of answer choices
The sum of D, E, and F
A
The sum of A, B, and C
F
Answers
Q21) The area that represents government revenue raised by the tax is the sum of B and D, Hence, Option (C) is correct.
The government revenue is the part between what the consumer pays and what the producer gets and in the graph that portion is the B&D
Q22) The amount of dead-weight loss is $16, Hence, option (A) is correct.
To calculate the amount of deadweight loss as a result of the tax, we need to find the triangle that represents the loss of consumer and producer surplus due to the reduction in quantity. The deadweight loss is equal to half the base of the triangle multiplied by the height.
Given that the original equilibrium quantity was 4 and the new quantity after the tax is 2, the reduction in quantity is 4 - 2 = 2.
The base of the triangle is 2 (quantity reduction), and the height can be calculated as the difference between the price consumers faces ($28) and the price producers receive ($12), which is 28 - 12 = 16.
The deadweight loss = (1/2) * base * height = (1/2) * 2 * 16 = 16.
Therefore, the amount of deadweight loss as a result of the tax is $16.
Q23) The area that represents consumer surplus before the tax is the sum of A, B, and C. Hence, Option (C) is correct
Consumer surplus refers to the portion above the equilibrium price or the price and below the demand curve.
Before taxation, this portion is A, B & C.
Thus, Q21) Option (C) is correct, Q22) Option (A) is correct, Option (C) is correct
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Kim, Chris, and Beth are all partners in a cosmetics firm. Kim is leaving the partnership and wants to sell her shares of the business, including the property owned by the partnership, to Chris and Beth. The remaining partners are not interested in buying Kim’s interests. Kim has been unable to find a buyer for her share of the partnership. She has now resorted to asking the court to either sell her shares or sell the entire property. What form of concurrent ownership applies?a. Partition Law Suitb. Tenants in Commonc. Joint Tenancyd. Separate Ownership
Answers
Answer: Joint Tenancy
Explanation:
Based on the information that is given in the question, the form of concurrent ownership that applies is the joint tenancy.
Joint tenancy occurs when two or more individuals own thesame property. As a result, the joint tenants that is, the individuals who own the property share an equal ownership and also have equal right on the property.
1. Suppose promoters of xyz music concerts knows that if they charge 400 birr per ticket, 2000 people would buy the tickets for concerts and if charge 200 birr per ticket 4000 people would by tickets over this price range; a. Find price elasticity of demand b. What types of price elasticity of demand "
Answers
The type of price elasticity of demand in this scenario is elastic, indicating that a decrease in ticket prices would lead to a relatively larger increase in ticket sales.
a. The price elasticity of demand can be calculated using the following formula:
Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price
To calculate the percentage change in quantity demanded, we can use the formula:
Percentage Change in Quantity Demanded = (New Quantity Demanded - Initial Quantity Demanded) / Initial Quantity Demanded
Using the given information:
Initial Quantity Demanded = 2000
New Quantity Demanded = 4000
Percentage Change in Quantity Demanded = (4000 - 2000) / 2000 = 100%
To calculate the percentage change in price, we use the same formula:
Percentage Change in Price = (New Price - Initial Price) / Initial Price
Using the given information:
Initial Price = 400 Birr
New Price = 200 Birr
Percentage Change in Price = (200 - 400) / 400 = -50%
Now, we can calculate the price elasticity of demand:
Price Elasticity of Demand = (Percentage Change in Quantity Demanded / Percentage Change in Price) = (100% / -50%)
b. Based on the calculated price elasticity of demand, we can determine the type of elasticity:
Since the price elasticity of demand is greater than 1 (100% / -50% > 1), it indicates that the demand for concert tickets is elastic. This means that the percentage change in quantity demanded is greater than the percentage change in price.
Elastic demand implies that consumers are sensitive to price changes, and a small decrease in price leads to a proportionately larger increase in the quantity demanded. In this case, when the price decreases from 400 Birr to 200 Birr, the quantity demanded increases by 100%.
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1. Do you think the minimum wage should be increased in California, as is proposed? Why or why not? Remember, many firms must give everyone raises when minimum wage increases to keep all their workers happy. 2. In your opinion, what was the original purpose of the minimum wage? Was it meant to be a living wage?
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Why is it important to minimize the number of people who report directly to the fire chief
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Effective Communication: Communication becomes increasingly complex and challenging to manage as the number of individuals reporting directly to the fire chief rises.
What is the significance of fire prevention and safety?By putting a plan in place to avoid fires, you can dramatically minimize the amount of damage they can do and prevent them from starting in the first place.
What is the significance of workplace fire safety?To avoid and guard against the destruction brought on by fire, workplace fire safety is crucial and required. Fire safety lowers the possibility of injuries and building damage that can result from fires.
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