When the magnitude (absolute value) of the price elasticity of demand is less than one (i.e., |Ed| < 1), then price and total revenue (total expenditure) are positively related.
The price elasticity of demand (Ed) measures the responsiveness of quantity demanded to a change in price. If Ed is less than one (|Ed| < 1), it means that a change in price will result in a proportionately smaller change in quantity demanded. In other words, the demand for the product is relatively inelastic.
When price and total revenue (total expenditure) are analyzed, there are two effects that need to be considered: the price effect and the quantity effect. The price effect refers to the change in revenue due to the change in price, while the quantity effect refers to the change in revenue due to the change in quantity demanded.
When the magnitude of Ed is less than one, the price effect dominates the quantity effect. This means that an increase in price will lead to an increase in revenue, while a decrease in price will lead to a decrease in revenue. The change in revenue is proportional to the change in price, but the change in quantity demanded is proportionately smaller.
In conclusion, when the magnitude of the price elasticity of demand is less than one (|Ed| < 1), price and total revenue (total expenditure) are positively related. This means that an increase in price will lead to an increase in revenue, while a decrease in price will lead to a decrease in revenue. The change in revenue is proportional to the change in price, but the change in quantity demanded is proportionately smaller.
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Which of the following is not an example of professional behavior
?
Type the correct answer in the box. Spell all words correctly.
Ideally, what should more than one member of the family contribute to for a better financial position?
A family can have more than one person contributing to the household _______
for a better financial position.
A family can have more than one person contributing to the household income for a better financial position.
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Question #1
Multiple Choice
What is it called when a small number of companies control more than 40 percent of a market?
O monopoly
O oligopoly
O competitive market
duopoly
Question # 2
Fill in the Blank
Answer:
Oligopoly.
Explanation:
An oligopoly can be defined as a market structure comprising of a small number of firms (sellers) offering identical or similar products, wherein none can limit the significant influence of others.
Hence, it is a market structure that is distinguished by several characteristics, one of which is either similar or identical products and dominance by few firms.
The characteristics of an oligopolistic market structure are;
1. Mutual interdependence between the firms.
2. Market control by many small firms.
3. Difficult entry to new firms.
According to the concentration ratio, when a small number of companies control more than 40 percent of a market, it is called an oligopoly.
The local theater sells tickets to its plays at a rate of $38 each. Patrons who attend multiple shows are encouraged to buy an annual membership for $80. Members are able to buy tickets at a discounted rate of $20 each. Roger expects to attend 6 shows this year. Grace expects to attend 4 shows. Who would benefit from buying a membership this year?.
Answer:
Roger Benefits
Explanation:
Okay so lets think about it like this:
Total Cost/Revenue for Roger:
Without Membership: 38*6 = 228
With Membership: 80 + 20*6 = 200
Difference: +28
Total Cost/Revenue for Grace:
Without Membership: 38*4 = 152
With Membership: 80 + 20*4 = 160
Difference: -8
Answer: Roger Benefits
Answer:
the answer is only roger
Explanation:
i just did it on edge;)
All of the following tests are included in the ethical decision-making metric except. Multiple Choice:
-the admired observer test.
-the legality test.
-the moral mentor test.
-the publicity test.
-the transparency test.
The legality test, the morally mentor test, and also the admired observer test are examples of tests that are frequently included in the ethical decision-making metric.
What are the four phases of making ethical decisions?James Rest (1994) created a theoretical concept of ethical decision-making that takes into account four different cognitive factors: moral awareness, moral principle, moral intent, and moral action. This model focuses on the process of comprehending and solving an ethical issue.
What exactly is an ethical decision?The process of assessing and selecting among options in a way that is compatible with ethical values is referred to as ethical decision-making .When making ethical decisions, it's critical to be aware of the possibility of unethical behavior, eliminate it, and select the most ethical course of action.
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Which of the following choices is not a step that can reduce your spending?
a.
eating at home, rather than dining out
b. using budgeted cash only
c. forgoing premium cable TV channels
d. purchasing reduced fat lattes during the week
Out of the given options, you won't reduce your spending by d. purchasing reduced fat lattes during the week.
How can we reduce spending?The best way to reduce spending is by spending less on things that we don't need or that we can do without.
In this case, spending on fat lattes won't be a way to reduce spending because they aren't very significant.
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Joe can read 7 page of hi book in 5 minute. At thi rate, how long will it take him to read the entire 275-page book?
Joe will need about 196.43 minutes minutes to read the entire 275-page book.
We can use the formula rate = distance/time to calculate this. The distance is the number of pages in this case, and the time is the amount of time it takes to read those pages.
We know Joe can read 7 pages in 5 minutes, so we can use these values to calculate how long it will take him to read 275 pages: rate = 275 pages / time.
We get time = 275 pages / 7 pages per 5 minutes when we solve for time.
275/7=39.286
pages per 5 minutes= 39.286 *5=196.43 minutes
Converting the time from minutes to hours, we get that it will take Joe
1 hour = 60 minutes
= 196.43/60
=3 hours 16 minutes
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A money market account paid annual interest of 4.8% in June and 4.91% in July. A two-month, time deposit account pays 4.87% annual interest. Neither account compounds interest. Which account would have earned more interest if $15,000 were left on deposit in each account for 2 months? *
Answer:
The time deposit account earned $0.37 more than the money market account.
This is so minimal and insignificant that it does not make a noticeable difference and the deposit could be put in any of the two accounts without the depositor suffering any disadvantage.
In practice, the time deposit earns more on the average than the money market account, because it has a stated period unlike the money market account that is always fluid.
Explanation:
a) Data and Calculations:
Money market account:
Interest rate in June = 4.8%/12
Interest rate in July = 4.91%/12
Deposit in account = $15,000
Interest earned in June = $60 ($15,000 * 4.8%/12)
Interest earned in July = $61.38 ($15,000 * 4.91%/12)
Total interest earned in June and July = $121.38
Time deposit account:
Interest rate in June and July = 4.87% * 2/12
Deposit in account = $15,000
Interest earned in June and July = $121.75 ($15,000 * 4.87% * 2/12)
Which of the following businesses is NOT possible to be rivaled?
A. an electric company
B. a mall
C. an airline company
D. a telecommunication provider
Answer:
A. an electric company
Explanation:
Among all the options given above, it is an electric company that cannot be rivaled due to the fact that, all household definitely need electricity in-order to power their home. Due to the nature of the company and how capital intensive it is, it would always be in demand by the people.
A group of six investors wants to open a new bank. In their application to the Comptroller of the Currency, they discuss that the community they want to do business in has a median income of $55,000, that there are approximately 75,000 homes in the community and that there is approximately $5.6 million in sales generated in the community on any given day. Which decision factor for seeking a new charter are the investors discussing
Answer: The level of economic activity in the community
Explanation:
The decision factor for seeking a new charter that the investors discussing is the level of economic activity in the community. Economic activity refers to the activity regarding the provision, purchase and sale of goods or services in an economy.
Since the investors discuss that the community has a median income of $55,000, has 75,000 homes and that there is approximately $5.6 million in sales generated in the community on any given day, then they're discussing about the level of economic activity in the community.
Which of the following is a demographic characteristic that is a force for
change outside the organization?
O Education
O Productivity
O Job satisfaction
O Petroleum prices
A demographic characteristic that is a force for change outside the organization is Education.
Demographic characteristics refer to attributes that describe the status of people or a person such as age, gender, ethnicity or income.
Education is often strongly associated with fertility, mortality and migration experiences. As a planned long-term activity, schooling must in general be considered to be potentially and endogenous.
It also refers of a population, such as age, race, and martial status.
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What is the best advice to keep in mind as you grow your business?
Answer:
Be smart and watch out for snakes
Please help............
5) "Once a business develops a solid information system to meet its needs, that system will serve the business for at least 25 years." Is this statement true or false? Explain. (2 points)
Answer:
This is not correct, as the information systems in this age are rapidly transforming, due to artificial intelligence and IoT.
It is a false statement that once a business develops a solid information system to meet its needs, the system will serve the business for at least 25 years.
What is an information system?It refers to the formal and organizational system that is designed to store and distribute information for future purpose.
However, because the information systems in this age are rapidly transforming due to presence of artificial intelligence.
Hence, the solid information system might not be able to sustain the demand and competitiveness of the industry,
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The president of Krypton Inc. wants to know the company's current financial condition. The financial report that can provide this information is the _____.
The president of Krypton Inc. desires to recognize the company's current financial status. The financial report that can furnish this content is the Balance Sheet.
What is a Balance Sheet?A balance sheet showed as a financial statement. It presents the liabilities, assets and shareholder equity of a business firm.
It is one of the three fundamental financial statements that is employed to examine a company, is the balance sheet.
It provides a snapshot of a company's financial situation as of the publication date.
If the president of Krypton Inc. needs to know about the company's current financial situation, the Balance Sheet is the financial report that may provide this information.
Therefore, the balance sheet is the statement the shows the financial condition of the organization.
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Calculate the following financial ratios. TIP: If you don't remember how to calculate financial ratios, review the Calculating Financial Ratio pages from Lesson 2 of this unit.
The financial ratio on a financial statement or items gives an insight on the firm financial position.
What is a financial ratio?This refers to the ratio that is used to calculate a company's financial status or production against other firms.
Most decision-users makes use of these financial tool to analyse and gain information about the finance of a company's history or the entire business sector.
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Buggy Wars Two friends and neighbours arrange to go into business together and then become bitter rivals: This is the story of Bob Bell and Michael Sharpe, who once lived just four houses apart on Oxford Street in Guelph, Ontario. Bell and Sharpe thought they had a good idea for a new business venture—a bicycle trailer—but the good idea turned into a long, sizzling struggle.
The correct answer to this open question is the following.
Unfortunately, the question is incomplete. Indeed, there is no question at all, just a series of statements.
What we can do is to comment on this case.
We are talking about the story of Bob Bell and Michael Sharpe.
Royalties were the main reason for this dispute. Bob Bell was the engineer that invented the bicycle trailer. Michale Sharpe would focus on Marketing the product due to his experience with computers and sales. Sharpe wanted both to share the financial risks but Bell considered it hos invention and wanted more royalties. Things went in the wrong direction, the situation got worse and they both hired lawyers in Toronto, Canada.
After disputes and legal actions, Bell won the case and he could expanse his business nationwide and signed an agreement with a Chinese company to sell the product. On the other hand, Sharpe made a 180-degree turn and started a fitness business.
if a monopolistically competitive firm is producing the profit-maximizing output and incurring economic losses, then: g
The amount of production at which a monopoly's profit is maximized occurs when the marginal cost equals the marginal income, if a monopolistically competitive company is generating the profit-maximizing output while suffering economic losses.
Free entry and departure from the market is one of the traits of monopolistic competition. Because of this, when businesses in a monopolistic market suffer losses, they will keep leaving the market until no businesses left in the sector are making any money.
The rule for maximizing profit in a market with monopolistic competition is to set MR = MC, and because of the downward sloping demand curve, price is higher than marginal revenue rather than equal to it.
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Cops and Robbers: Player 1 is a police officer who must decide whether to patrol the streets or to hang out at the coffee shop. His payoff from hanging out at the coffee shop is 10, while his payoff from patrolling the streets depends on whether he catches a robber, who is player 2. If the robber prowls the streets then the police officer will catch him and obtain a payoff of 20. If the robber stays in his hideaway then the officer's payoff is 0. The robber must choose between staying hidden or prowling the streets. If he stays hidden then his payoff is 0, while if he prowls the streets his payoff is -10 if the officer is patrolling the streets and 10 if the officer is at the coffee shop. a. Write down the matrix form of this game. b. Draw the best-response function of each player. C. Find the Nash equilibrium of this game. What kind of game does this game remind you of?
A. In the matrix, the rows represent Player 1's (police officer's) strategies, and the columns represent Player 2's (robber's) strategies. The numbers within each cell represent the payoffs for Player 1 followed by Player 2.
B. The best-response function for Player 1 is "If the robber prowls the streets, the police officer will patrol the streets." The best-response function for Player 2 is "If the police officer patrols the streets, the robber will stay hidden."
C. The Nash equilibrium of this game is when the police officer patrols the streets and the robber stays hidden.
How did we get these assertions?a. The matrix form of this game can be represented as follows:
| Prowl Streets | Stay Hidden |
------------------------------------------------------------------------
Patrol Streets | 20, -10 | 0, 10 |
------------------------------------------------------------------------
Coffee Shop | 0, 10 | 10, 0 |
In the matrix, the rows represent Player 1's (police officer's) strategies, and the columns represent Player 2's (robber's) strategies. The numbers within each cell represent the payoffs for Player 1 followed by Player 2.
b. The best-response function for Player 1 (police officer) can be determined by looking at the highest payoff for each of his strategies, given the robber's strategy. Let's analyze each strategy:
- If the robber prowls the streets, the police officer's best response is to patrol the streets since the payoff is higher (20) compared to staying at the coffee shop (0).
- If the robber stays hidden, the police officer's best response is again to patrol the streets since the payoff is higher (0) compared to staying at the coffee shop (-10).
Thus, the best-response function for Player 1 is as follows:
- If the robber prowls the streets, the police officer will patrol the streets.
- If the robber stays hidden, the police officer will patrol the streets.
The best-response function for Player 2 (robber) can be determined in a similar way. Let's analyze each strategy:
- If the police officer patrols the streets, the robber's best response is to stay hidden since the payoff is higher (0) compared to prowling the streets (-10).
- If the police officer is at the coffee shop, the robber's best response is to prowl the streets since the payoff is higher (10) compared to staying hidden (0).
Thus, the best-response function for Player 2 is as follows:
- If the police officer patrols the streets, the robber will stay hidden.
- If the police officer is at the coffee shop, the robber will prowl the streets.
c. To find the Nash equilibrium, identify the strategy profiles where neither player has an incentive to unilaterally deviate from their chosen strategy.
In this game, both players' best responses indicate that the police officer will patrol the streets and the robber will stay hidden. This strategy profile yields payoffs of 20 for the police officer and 0 for the robber, which are the highest possible payoffs for each player given the other player's strategy.
Therefore, the Nash equilibrium of this game is when the police officer patrols the streets and the robber stays hidden.
This game resembles a classic "Battle of the S.e.x.e.s" game, where two players have different preferred outcomes but can achieve a mutually agreeable outcome through coordination. In the given game, the police officer prefers to catch the robber (20 payoff), while the robber prefers to stay hidden (0 payoff). By both players following their best-response strategies, they achieve a mutually agreeable outcome, resulting in a Nash equilibrium.
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outline 2 advantages to H&H of using secondary market research
the concept that an organization's advertising, promotions, media relations, employee communications, investor communications and internet presence will all be coordinated and focused on the organization's positioning and mission statements is called
The concept that an organization's advertising, promotions, media relations, employee communications, investor communications, and internet presence will all be coordinated and focused on the organization's positioning and mission statements is called Integrated Marketing Communications (IMC).
Integrated marketing communication (IMC) is a term used in marketing management. It pertains to the coordination and integration of various communication channels such as advertising, public relations, sales promotion, direct marketing, personal selling, and online communications that a company employs to connect with customers and prospects. This strategy attempts to combine and coordinate all of the diverse marketing communication tools and methods to create a more effective program for the entire company. It is a way to coordinate and combine all marketing activities, messages, and images that a company portrays. IMC is a strategy that aims to assist companies in effectively conveying their message across various communication channels. IMC assists companies in achieving a clear and consistent message by coordinating all marketing communications across a variety of platforms. IMC is significant because it ensures that the firm's message is consistent and that the company presents a united front. As a result, consumers receive a clear and consistent message from the company. IMC is a strategic tool that is used to create and maintain relationships with customers by delivering messages that are timely, relevant, and of interest to them.For more such questions on promotions
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The prices for all kinds of fish sold in Eastville's downtown Old Market are much lower than the prices charged at uptown seafood stores. Old Market vendors buy fish of similar quality from the same wholesalers and at the same prices as uptown vendors do. Therefore, since Old Market fish vendors' businesses are as profitable as those uptown, the volume of the Old Market vendors' daily fish sales must, on average, be higher.
Which of the following, if true, most strengthens the argument given?
A. People who buy fish at Old Market stores generally have lower incomes than do those who buy fish from uptown seafood stores.
B. Some varieties of fish that are not available at Old Market stores can be found occasionally at uptown seafood stores.
C. Vendors at the old Market save on energy costs by keeping fish on ice instead of in refrigerated cases.
D. Many of the people who live in uptown Eastville prefer to buy fish from the neighborhood stores.
E. Fish vendors at the Old Market do not, on average, have lower overhead costs than uptown vendors do.
Answer:
The most correct answer is D
shine-bright dish corp. has five different dish soaps, each has a different fragrance but they all do the same job of cleaning dishes. these products are all treated as a unit and have a similar marketing strategy. this group of products is an example of a
These products are all treated as a unit and have a similar marketing strategy. This group of products is an example of a Product Line.
A product line is a collection of connected goods that have a common function or advantage for the consumer. In order to increase overall sales volume, product lines are sometimes offered together under a single brand.
The five various dish soaps from Shine-Bright Dish Corp. all have the same cleaning ability, but their distinctive scents set them apart from one another. Customers can select from a range of different fragrances in Shine-product Bright's line while still receiving the same cleaning benefit.
This makes sure that clients have a variety of options, which can ultimately assist to boost overall sales.
Complete Question:
Shine-bright dish corp. has five different dish soaps, each has a different fragrance but they all do the same job of cleaning dishes. These products are all treated as a unit and have a similar marketing strategy. This group of products is an example of a __________.
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T/F : A written plan gives the single person empowerment, self-accountability and control.
Yes, the above statement is true. A written plan can provide a single person with a sense of empowerment, self-accountability, and control over their goals and actions.
A written plan is one that outlines how an operation will be carried out, including particularly how the Contractor will carry out the Contract work in order to finish it in the allotted time frame. Written plans aid in determining whether your business idea is feasible. Before starting a firm, you must unbiasedly assess whether your idea will produce the desired results. People frequently launch new enterprises to change employment, work for themselves, or pursue their passions.
By putting their plans in writing, individuals can clarify their objectives and track their progress, which can enhance their motivation and sense of personal responsibility for achieving their desired outcomes.
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Help please... This is due in an hour...
Answer:
but where the key word to it
list one career cluster and three career pathways related to this cluster
Answer:
Business Management & Administration: General Management pathway: general manager: Walmart.
Business Management & Administration: Business Information Management pathway: IT manager: Walmart.
Business Management & Administration: Human Resources Management pathway: HR director: Meijers.
Business Management & Administration: Operation Management pathway: Operations manager: Meijers.
Business Management & Administration: Administrative Support pathway: Administrative assistant: Kroger.
Finance: Securities & Investments pathway: Bank teller: Huntington.
Finance: Business Finance pathway: accountant: Kroger.
Finance: Accounting pathway: auditor: H&R Block.
Finance: Insurance pathay: insurance claim agent: Amica.
Finance: Banking Services pathways: bank teller: Huntington.
Marketing: Marketing Management pathway: forecast manager: Adidas.
Marketing: Professional Sales pathway: salesperson: Adidas.
Marketing: Merchandising pathway: Sales Promotion manager: Walmart.
Marketing: Marketing Communications pathway: Advertising manager: Adidas.
Marketing: Marketing Research pathway: product planner: Nikes.
Explanation:
Business management and administration can be one of the career clusters.
What is a career?You maintain the same line of employment when you have a career. A profession can consist of one or several jobs. You may work for a single corporation or several. A career education, experience, and professional experience. A career is often referred to as a "career path."
One of the career clusters is a business management and administration.
Three paths to careers in this cluster
Management of corporate information will help them to become managers and know how to handle people.Management, in general, will help in smooth working. Human resource administration will make sure that the relationship between the employee and the employer is working smoothly.Learn more about career, Here:
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Which situation most directly illustrates a possible outcome of a fiscal
policy?
A. New environmental regulations make drinking water in a city safer.
B. The government decides it is time to print a great deal of new
money
O C. Struggling farmers receive less assistance from the government.
O D. A company decides to expand its operations into several new
states
Answer:
C
Explanation:
The correct answer would be option C that says that the struggling farmers receive less assistance from the government as fiscal policies are associated with determining the expenses and taxation policies to the various sectors to regulate the direction of the economy.
There are two types of Fiscal Policy that are Expansionary and Contractionary.
Expansionary fiscal policy:
deals with an increase in spending and/ or relaxing in taxation by the government so that consumers in the economy get more money.Contractionary policy:
deals with reducing spending and/ or increasing taxation.In this case, farmers did not get assistance from the government due to reducing the amount of Federal money available for farming and farmers is an illustration of Contractionary fiscal policy.
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What are the effects of a negative incentive?
Negative incentives are the techniques that the supervisors use to motivate their employees to perform productively in order to avoid a negative repercussion or consequences.
Negative incentives encourage productivity by making a person not to want a specific outcome. They are totally opposite of the positive incentives because positive incentives means encouraging productivity by creating an inherent desire to obtain something.
The effects of negative incentives include
Paying finesPaying feesNot getting bounces until the targets are achieved.These are considered as a form of punishmentSupervisor usually defer to positive incentives as a more familiar and result giving approach because negative incentives usually takes more time to bring results.
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Under the LIFO retail method, we determine that:__________.
a) a new layer of inventory has been added during the period if the ending inventory at retail is greater than the beginning inventory at cost.
b) the ending inventory at retail is greater than the beginning inventory at retail.
c) the ending inventory at retail is less than the beginning inventory at retail.
Answer: the ending inventory at retail is greater than the beginning inventory at retail
Explanation:
In the Last-In-First-Out(LIFO) method, it is assumed that the units that are sold are the ones that were recently bought.
Under the LIFO retail method, to determine a new layer at retail, the beginning inventory at the retail will have to be deducted from the ending inventory at retail.
This means that a new layer of inventory will be added when the ending inventory at retail is greater than the beginning inventory at retail.
Assume Amy’s wants to do the greatest good for the greatest number of people. Based on this, which approach to resolving ethical dilemmas would the company most likely employ?
a. justice
b. utilitarian
c. universal
d. moral-rights
e. individual
The approach to resolving ethical dilemmas would the company most likely employ is Utilitarian. Thus the correct option is B.
What are ethical dilemmas?The term "ethical dilemmas" describe the situation in which an individual is unable to reach any ultimate decision between the available options. This is mainly because of confusion or lack of knowledge.
In the given case, it is explained that an individual named Amy want tyo do greatest good for helping large number of people in the society signifies utilitarian.
A theory of ethics which distinguishes between good and evil by emphasising results is known as utilitarianism. It emphasises behaviours that are egotistical and show less empathy for others.
Therefore, option B is appropriate.
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