Tutorial 5 - Industry Application Questions Question 5.1: Name three fixed costs and three variable costs in your industry in the short run. Question 5.2: How can firms in your industry increase production in the short run? Question 5.3: Provide 3 examples of long run production decisions for firms in your industry.
Answers
Question 5.1 : Rent , Salaries , Taxes Question 5.2 : Firms can improve their efficiency by reducing waste. This would result in more products being made with the same amount of raw materials. Question 5.3 : By expanding their product lines, they may increase their sales and profit.
Question 5.1:Name three fixed costs and three variable costs in your industry in the short run.Fixed costs in an industry are the expenditures that remain constant for the short run, regardless of the production rate. Three fixed costs in the industry are as follows:Rent: The payment made by an industry for the rented facilities that are utilized in the production process is regarded as a fixed cost. This cost would remain constant even if the production rate goes up or down.Salaries: The salaries of the employees in an industry are fixed costs because they remain the same, irrespective of the level of production.Taxes: Taxes paid by an industry to the government are fixed expenses because they remain unchanged in the short run, regardless of the level of production.Variable costs in an industry, on the other hand, alter in response to production. Here are three variable costs in the industry:Raw materials: The cost of raw materials used in the production process is considered a variable cost because it varies according to the level of production.Transportation: As production levels fluctuate, the cost of transporting the finished product to various locations would also vary.Overtime Pay: When workers are paid an hourly wage, additional overtime pay must be added to their salaries when working overtime hours.
Question 5.2:Firms in an industry may raise production in the short term by using additional factors of production. They can increase production in the short run by doing the following:Utilizing more workers: An industry can raise production in the short term by employing more workers to complete more tasks, as long as the amount of raw materials used remains constant.Increasing the level of machinery: If the level of machinery is increased, more products can be produced at a faster pace. Increasing the number of machines is considered a short-term solution to raising production.Reducing waste: Firms can improve their efficiency by reducing waste. This would result in more products being made with the same amount of raw materials.
Question 5.3:Provide 3 examples of long-run production decisions for firms in your industry.Long-run production choices in an industry are those that are made when an industry is free to alter all of its variables. Here are three long-run production decisions in the industry:Improving technology: In the long term, businesses can replace their old technology with new, more efficient equipment to increase their productivity.Increasing capital investment: Capital investment can be increased in the long run to improve productivity, such as by expanding factory space or building a new production facility.Diversification of product lines: In the long term, firms can develop new products to meet the changing demands of consumers. By expanding their product lines, they may increase their sales and profit.
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Related Questions
The Texas Animal Health Commission (TAHC) employed Julio Garza as a health inspector in 2011. His responsibilities included bleeding and tagging cattle, vaccinating and tattooing calves, and working livestock markets. Garza was injured on the job in 2018 and underwent surgery in January 2019. After he had exhausted his paid leave, he asked TAHC for light-duty work—specifically, the job of tick inspector—but his supervisor refused the request. In September, TAHC notified Garza that he was fired. Garza filed a suit in a Texas state court against TAHC and others, alleging in part wrongful termination, and an important issue before the court was whether Garza had mitigated his damages. The court found that in the seven years between his termination and his trial date, Garza had held only one job—an unpaid job on his parents’ ranch. When asked how often he had looked for work during that time, Garza responded that he did not know but that he had looked in "several" places. He had last looked for work three or four months before the trial, when he informally had asked his neighbors about working on their ranch.
If it is true Garza was wrongfully terminated, is it fair to require him to mitigate his damages? Why or why not?
Do Garza’s actions since his termination fulfill the requirement to mitigate his damages? (Support your answer.)
What ethical basis do you feel supports the rule that employees seeking damages for breach of employment contracts must mitigate their damages? (Explain your response.)
Answers
Yes, it is fair to require Garza to mitigate his damages if he was wrongfully terminated. Mitigation of damages is a legal principle that requires an injured party to take reasonable steps to minimize the losses caused by the wrongful act of another party. In the context of wrongful termination, it means that the terminated employee has a duty to make reasonable efforts to find alternative employment and reduce the financial harm resulting from the termination.
In the case of Garza, his actions since his termination do not fulfill the requirement to mitigate his damages. Holding an unpaid job on his parents' ranch does not demonstrate a sincere effort to find suitable employment and mitigate the financial impact of his termination. Additionally, his sporadic and informal inquiries with neighbors about working on their ranch do not constitute a diligent search for alternative employment. To fulfill the requirement of mitigation, Garza should have actively sought employment opportunities in his field or other suitable positions, applied for available jobs, and kept a record of his job search efforts.
The ethical basis supporting the rule that employees seeking damages for breach of employment contracts must mitigate their damages is rooted in principles of fairness and reasonableness. Mitigation of damages promotes the idea that individuals should take reasonable steps to minimize the harm caused by another party's wrongful actions. By actively seeking alternative employment, the terminated employee demonstrates a willingness to take responsibility for their own financial well-being and lessen the burden on the breaching party. It encourages individuals to act in their own best interest and not rely solely on compensation for the breach of contract, fostering a sense of personal accountability and self-sufficiency.
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What does the ROI mean?
Answers
ROI stands for Return on Investment. It is a metric that is used to evaluate the performance and profitability of an investment, such as a marketing campaign, a business project, or an acquisition. ROI is calculated by dividing the net profit generated by an investment by the cost of that investment. The result is then expressed as a percentage or ratio.
ROI is an important measure of investment success because it provides a clear picture of the amount of money that is being made relative to the amount of money that is being spent. A positive ROI indicates that an investment is profitable and effective, while a negative ROI means that an investment is losing money. A high ROI means that an investment is generating a lot of profit relative to its cost, while a low ROI means that an investment is generating relatively little profit.
ROI is commonly used in business to evaluate the success of marketing campaigns, product launches, and other business initiatives. It can also be used to compare the effectiveness of different investment opportunities and to determine which investments are worth pursuing. By calculating ROI, businesses can make informed decisions about how to allocate their resources and optimize their profitability.
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Which of the following budgets
would be considered balanced?
A budget where the amount you spend is greater than the amount you
earn.
A budget where the amount you earn is equal or less than to the amount
you spend.
A budget where the amount you save is less than the amount you spend.
A budget where the amount you spend is equal or less than the amount
you earn.
Answers
magine that you inherit a 12-unit apartment building in cupertino, in the heart of silicon valley, and decide not to sell it. how would you apply the concept of targeting to your marketing of the units for rent?
Answers
Imagine that you inherit a 12-unit apartment building in cupertino, in the heart of silicon valley, and decide not to sell it. Selected customers will be targeted especially engaged in engineering industry.
By definition, targeted marketing is the process of customizing and individualizing online advertising in accordance with information gathered about a certain target demographic.
In other words, a subset is chosen based on their characteristics, interests, and preferences rather than advertising to a very big audience.
Of course, there are many other advantages to customized marketing. You are, in essence, sending adverts to people who are very likely to be interested in them. It's challenging to fail with such a plan.
In actuality, customers favor targeted marketing as their favorite tactic. When given the option to choose between targeted or random commercials, more than 40% favor the latter and 27.6% favor either.
Furthermore, it was shown that behavioral data-based advertisements were the most successful ones; their clickthrough rate was up to 5.3x greater when compared to other approaches.
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the profit mark-up is a percentage of the cost price which is added to the cost price in order to calculate the selling price.
true or false if false say why
Answers
Answer:
true
Explanation:
1.
There are three main credit reporting bureaus -- Equifax, Experian, and TransUnion. How
frequently can you request and receive a free credit report from each bureau?
Answers
Every Credit user is entitled to a free credit report every 12 months (1 years) from either of Equifax, Experian, or TransUnion.
What are credit reporting agency?These are agency that maintains only an historical credit information on individuals and businesses.
The maintained historical credit information helps in preparation of the credit report and score of all individuals and businesses in United states..
In U.S., the three main credit reporting bureaus includes the Equifax, Experian and TransUnion.
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Investments can help a business increase productivity by:
ANSWER: C. OFFERING THE BUSINESS MORE EFFICIENT WAYS TO MAKE GOODS
A. Making it possible for the business to ignore opportunity cost
B. Eliminating the need for any input when creating products
C. Offering the business more efficient ways to make goods
D. Creating goods outside the production possibilities curve
Answers
Answer:
c
Explanation:
when Offering the business more efficient ways to make and encourage the business can develop
Answer:
C. Offering the business more efficient ways to make goods
Explanation:
I just had my test
what are the legal requirements that an organization adopt a standard based on what a prudent organization should do, and then maintain that standard?
Answers
The legal obligations for adopting and upholding a rule based upon what a responsible company would do are known as "due care" and "due diligence."
What does the word "diligent" mean?Assiduity is the ability to labor diligently and painstakingly to complete a task with consistency, sincerity, and vigor. demonstrated excellent attention in finding the story. For his honesty, justice, and diligence, he had gained the respect of all.
Who are the diligent people?A diligent person puts up consistent, diligent effort when performing a task. In this sense, perseverance demands patience, therefore diligence may be seen of as a mix of the both hard labor and patience. It is also among a person's most crucial qualities.
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Which term best completes the outline?
?
economy
Economic freedom
Competition between businesses
Decisions motivated by profit
O A. Traditional
B. Mixed
C. Market
D. Command
Answers
Answer:
C. Market.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
Basically, there are four (4) main types of economy and these are;
I. Mixed economy.
II. Command economy.
III. Traditional economy.
IV. Free market economy.
A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.
The four (4) main elements or characteristics of a free enterprise system includes the following;
a. Profit: businesses are all out to generate revenue and profit through the sales of finished goods.
b. Economic freedom: means of production of goods and services are controlled by the people rather than the government. Thus, the producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.
c. Private ownership of properties: the various factors of production are owned and allocated by the people. Thus, citizens have rights to the ownership and use of private property.
d. Competition: there are many buyers and sellers of homogeneous products, as well as free entry and exit in the market. Thus, consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.
In conclusion, a market is characterized by the following economy;
I. Economic freedom
II. Competition between businesses
III. Decisions motivated by profit
is command
Explanation:
trust me
northern city bank keeps no excess reserves. assume northern city bank receives a deposit of $50 million dollars. as a result of the deposit, northern city bank’s required reserves increase by $10 million. what is the maximum possible change in the money supply in the banking system that could result from the $50 million deposit?
Answers
The maximum possible change in the money supply is $250 million.
The change in required reserves when an amount of money is deposited in a bank is determined by the reserve requirement.
Reserve requirement = increase in required reserves / amount deposited
$10 million / $50 million = 0.20 = 20%
The change in money supply can be determined using this formula:
Amount deposited / reserve requirement
$50 million / 20%
$50 million / 0.2 = $250 million
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The type of software that has qualities of both hardware and software is.
Answers
Answer:
Firmware shares qualities of both hardware and software in that it is software that hasbeen permanently embedded in hardware and typically cannot be copied or changed or evenreplaced.
What is the role of government in a mixed market-based economy?
A. The government has no significant role in a mixed market-based economy.
B. The government needs to intervene to help determine how the basic economic questions are answered.
C. The role of government is to ensure each citizen receives a fair share of resources.
D. The role of government is to provide public goods and services and protect property rights.
Answers
Answer:
lt would c
Explanation:
The owner of the rapids river rafting company wants to advertise to a broader customer base as a way to increase revenue. Employees are a little resistant to his plan. What is one way he can persuade them that this is a good idea?
Answers
Answer:
Document ways diversity played a crucial role for business in the past
Explanation:
River rafting refers to the activity of moving quickly in a small boat along rivers
The owner of the rapids river rafting company wants to advertise to a broader customer base as a way to increase revenue.
But the employees are a little resistant to his plan.
For this document ways, diversity has played a crucial role in business in the past.
So, he can follow such ways.
We will have seen the emergence of enormous global markets for standardized consumer products. do you agree with this statement?
Answers
Companies are attempting to tailor their products to the needs of the customer due to the rise in consumer awareness brought on by the internet and social media. In order to comprehend consumer purchasing patterns and trends and build the products accordingly, they have been investing in data analytics. Customers also get emails and updates about product recommendations.
But gradually, the tendency has shifted toward standardization of customization, where businesses work to personalize the items but it will result in an uniformity where many buyers will want to purchase the same thing.
The availability of products that were formerly exclusive to a particular market or country has increased due to globalization and international trade. Businesses that adhere to the global standardization idea see the globe as a cohesive whole rather than as a mashup of numerous cultures with disparate preferences. With variations in the product's parameters, such as pricing, promotion, etc., the fundamental concept of the product and the marketing stay the same.
Companies are attempting to offer goods with the best specifications so that they can be accepted globally. With regard to the marketing mix, the optimal balance should be a high percentage of globalization and a small amount of localization.
What is globalization?The term "globalization" refers to the increasing interdependence of the economies, cultures, and populations throughout the world as a result of technology, cross-border trade in goods and services, and flows of capital, labor, and information. Over many years, nations have developed economic alliances to support these movements. However, the phrase became more common after the Cold War in the early 1990s because of how these cooperative arrangements influenced contemporary daily life. With a primary focus on the United States, this guide utilizes the phrase more specifically to refer to international commerce and some investment flows among advanced economies.
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unscramble the message:
1 4M n07 s4D B|_|7 1 4M n07 h499y 317H3r. 1 4M D399R3$$3|)
Answers
Answer:
"I am not sad (b-word) I am not happy either. I am depressed"
Explanation:
Hope this helps?
Under a contractionary taxation policy, the government can reduce the deficit by
A) increasing taxes.
B) reducing taxes.
C) increasing spending.
D) increasing inflation.
The Answer is A) increasing taxes.
Answers
Answer:
c
Explanation:
not sure but I tried may best tho
Answer:
A) increasing taxes.
Explanation:
How can being smart, kind and generous make you a better person? Click to add to
Answers
Answer:
it will help you in life
Explanation:
when your kind and generous you can get a better job and to help you make friends and also you can be smart because you can apply to be a teacher or a tutor to help others
What is something that will not help you get a higher credit limit?
A: Paying off the balance of the credit card each month
B: Asking the banking company for a higher limit on your credit card
C: Maxing out the credit card and only making the minimum payment each month
D: Making more money at your job (More personal income)
Answers
Maxing out the credit card and only making the minimum payment each month is something that will not help you get a higher credit limit. A credit limit is the most money you are permitted to spend on a credit card or line of credit by a lender.
If a credit card company grants you a credit limit of $2,500, that is the most you may ever have charged to the card payment . If you charge $1,900 to your card, you will have $600 left over that you can use without paying a fee or being restricted from using the card limit further.
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If, as a manager, you decided to combine the jobs of receptionist, data entry clerk, and file clerk into jobs containing all three kinds of work, you would be using which one of the following job design techniques? Select one: A. Self-managing work teams B. Job enrichment C. Job rotation D. Dejobbing E. Job extension Frederick Herzberg is most associated with which job design technique? Select one: A. Job extension B. Job enrichment C. Designing efficient jobs D. Job rotation E. Job enlargement
Answers
The job design technique that the manager would be using if they decided to combine the jobs of receptionist, data entry clerk, and file clerk into jobs containing all three kinds of work is job extension. The correct answer is option a.
This is because the job extension is a technique in which the job is extended horizontally to give full long coverage over the activities and duties of other jobs that were previously separate and distinct. A job is given more responsibility and autonomy so that more than one task can be performed by the same job. Frederick Herzberg is most associated with the job design technique of job enrichment.
The process of increasing the satisfaction that employees derive from their work by giving them additional responsibilities is known as job enrichment. Herzberg believes that motivation and job satisfaction stem from the work itself rather than the work environment. As a result, it recommends increasing the responsibilities and challenges of workers.
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Interdependence results from:
Answers
Answer:
promotive interactionExplanation:
Positive interdependence (cooperation) results in promotive interaction where individuals encourage and facilitate teammates' efforts to complete the task. Negative interdependence (competition) encourages contrient interaction where team members work to oppose or block the success of others on their team while working to further their own, individual goals.
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a value proposition defines how a company's product or service will generate revenue for the firm. true or false?
Answers
‘The given statement "A value proposition defines how a company's product or service will generate revenue for the firm" is true because in other words, it outlines the specific benefits customers will get from the company's product or service.
A value proposition is a statement that clearly communicates the benefits and unique value that a company's product or service provides to its customers. It is used to differentiate the company from its competitors and to attract and retain customers. A strong value proposition is essential for a company to generate revenue and achieve success.
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Which situation describes an oligopoly market structure? A. One company builds and sells all of the cars available in a developing country. B. Many different vendors sell the same few T-shirt designs to fans at a concert. C. Solar panels are only available from two companies operating in a country. D. A government gives one company full control over water treatment in a city.
Answers
Answer:
Answer C
Explanation:
Answer:C)
Explanation:just got it right<3
when a manufacturer saturates the market by selling to any intermediary of good financial standing that is willing to stock and sell the product, the manufacturer is engaged in select .
Answers
When a manufacturer saturates the market, the manufacturer is engaging in intensive distribution.
Intensive distribution can be define as the way in which companies or manufacturer made available or distribute their products from retail outlet to wholesaler outlet.
Most companies use intensive distribution marketing strategy to increase sales and to sell out the products in their warehouse so as to restock or restore new products.
Intensive distribution help to create product awareness to those people that are not aware of the products due to the fact that the products can be find everywhere.
Inconclusion the manufacturer is engaging in intensive distribution.
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10. According to the inventory life cycle,
after a retailer receives products, the next
step is
• A. to display products.
• B. that the retailer prices products.
• C. inventory is purchased.
• D. that the customer shops the store.
B
Answers
Answer:
B. that the retailer prices products.
Explanation:
In the inventory life cycle, after a retailer receives products, the usual next step is to display the products, arranging them properly for customer viewing and ensuring they have accurate price tags.
Explanation:According to the inventory life cycle in the retail business, after a retailer receives products, the next step is usually to display products (Option A). This is because once products are received, the goal is to prepare them for sale to customers as quickly as possible. Proper product display includes arranging goods attractively, often following visual merchandising principles, and making sure all items have accurate price tags so customers can make informed purchasing decisions. Following product display, customers can then shop the store (Option D).
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you need to send an informational report to your supervisor updating him on the status of your consulting project. which report format would be most appropriate in this situation? letter format formal report manuscript format e-mail or memo format
Answers
A formal Report would be most appropriate in this situation. An official report that includes the thorough information, analysis, and statistics needed to make business choices is referred to as a formal report.
Typically, the goal of this report is to address an issue. Official reports can be, for instance: Reports on Inspection. Formal reports should be written in a formal corporate tone, without using excessive jargon or slang, and should be precise and succinct. Planning and rhetorical awareness—knowing the aim, audience, stakeholders, and context—are essential when drafting a formal report. The paper is checked for spelling and grammar issues during proofreading.
Research reports, proposals, feasibility studies, business plans, compliance reports, and monthly reports are examples of standard reports. While analytical reports draw findings and make suggestions based on data analysis, informational reports simply convey information.
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Please, someone help me. :(
Answers
Answer:
All u have to do is graph the points from the table above
Explanation:
Who most likely actually pays the tax on rental property?
Answers
landlord jk
Explanation:
When using the indirect method to calculate net cash flows from operating activities, we must remove all accruals from net income so that only the cash portion remains.
a. True
b. False
Answers
It is true that using the indirect technique, net income from an organization's income statement is first subtracted to determine cash flow from operating operations.
Revenue is only recorded when it is earned, not when it is received, because a company's income statement is constructed on an accrual basis.
While using the indirect technique, the differences from non-cash transactions are added to or subtracted from net income before calculating cash flow. Non-cash items can be seen in the shifts in a company's assets and liabilities from one period to the next one on its balance sheet.
In order to determine the amount of cash created by operating the operations, the indirect method for preparing the statement of cash flows entails adjusting net income with changes in balance sheet accounts.
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Monetary benefits of investing in real estate include
a evidence of debt
b the IOU spells out the terms
c A only
d Both A and B
Answers
The monetary benefits of investing in real estate include investing in real estate can provide a variety of monetary benefits, such as generating rental income, building equity, and potentially experiencing property appreciation over time. Correct option is b.
Rental income can provide a steady stream of cash flow, and as the property value increases, the owner can sell for a profit or refinance to access equity. Additionally, real estate investments can offer tax advantages, such as deductions for mortgage interest and property taxes. Overall, investing in real estate can be a way to build wealth and diversify a portfolio. The rate of return, tax advantages, inflation hedge, leverage, and equity development are further advantages of real estate investing. Real estate investing has some negatives, including risk, illiquidity, local market, the need for specialist assistance, and management requirements.
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Interest charges on customer debit balances are based on the? a prime rate b federal funds rate c treasury bill rate d broker loan rate
Answers
Interest charges on customer debit balances are based on the broker loan rate as recommended from time to time by the broker of the account. Therefore, the option D holds true.
What is the significance of interest charges?The interest charges can be referred to or considered as the rate at which interest is levied on the debit balance in the margin account held under the name of a customer. It is always chargeable as per the recommendations of the broker loan rate.
Therefore, the option D holds true and states regarding the significance of interest charges.
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