Answer:
The correct answer is option c.
Explanation:
A country produces two goods, smartphones, and Blu-ray players. The quantity of smartphones is 20, its price is $100.
While the quantity of Blu-ray players is 10 and the price is $200.
The GDP of a country measures the value of final goods and services produced in the country in a year.
The GDP of this country will be
= [tex](20\times \$100) + (10\times \$200)[/tex]
= $2,000 + $2,000
= $4,000
The benefits of trade extend beyond simple exchange. For example, trade allows us to take advantage of _____, the reduction in costs that arise when goods are mass-produced.
Answer: Economies of sale
Explanation:
The advantage of economics of sale in the firm is refers to the increase in the level of the output and it also helps in developing the various types of rapid economic for the purpose of supporting the large firms in the specific geographical areas.
According to the given question, the benefits of the various types of trade allows for using the main concept of the economics of sales by reducing the overall cost of the system.
The main advantage of the economics if sale is to providing the large business expansion and it also increase the productivity that is sales in an organization.
Therefore, Economies of sale is the correct answer.
Suppose Janet earns $700 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Felix $450 per week to work the cash register. Felix uses $100 to purchase a necklace from Classy's Jewelry Store.
Identify whether each of the following events in this scenario occurs in the factor market or the product market.
a. Felix earns $450 per week working for Pillmart Pharmacy.
b. Janet earns $875 per week working for Classy's Jewelry Store.
c. Felix spends $325 to purchase necklace from Classy's Jewelry Store.
Answer:
A) Felix earns $450 per week working for Pillmart Pharmacy. Resource market: Felix sells his resources (labor) to the Pillmart Pharmacy in exchange for a salary.
B) Janet earns $875 per week working for Classy's Jewelry Store. Resource market: Janet sells her resources (labor) to the Classy's Jewelry Store in exchange for a salary.
C) Felix spends $325 to purchase necklace from Classy's Jewelry Store. Product market: the Classy's Jewelry Store sells its products to Felix.
When consumers started using cell phones, it became evident to technology corporations that helping consumers find a way to "shop" on their phone would be a well-accepted practice. As a result, "apps" became an adaptation to this new cell phone environment. These "apps" are an example of _________.
Answer:
Innovation.Explanation:
Implementation of news ideas or the launching of new products or services is known as Innovation. Those ideas which tend to find loopholes and opportunities in the current market just like what these apps did. They observed that it would get easy for the customers to shop just using their cellphones, so they innovated apps to cover that gap.
True or False: The shape of the production function reflects the law of diminishing marginal returns.
Answer:
True
Explanation:
When we graph a production function, we obtain an upward-sloping curve whose gradient (or slope) reaches a peak, and then, begans to flatten until it is fully flat.
This is because the law of diminishing returns states that there is a point when capital and labor are used optimally, and after that point, any additonal unit of capital or labor has a lower marginal productivity.
I will attach a graph of the production function that illustrates this point.
The statement is true. The shape of the production function reflects the law of diminishing marginal returns, where increasing units of a variable input eventually produce smaller increases in output.
The statement is true. The shape of the production function indeed reflects the law of diminishing marginal returns.
The law of diminishing returns, also known as the law of diminishing marginal returns, states that as more units of a variable input are added to a fixed input, the additional output generated by each new unit of input will eventually decrease.
To explain further, initially, adding more of the variable input (such as labor) to a fixed input (like machinery) can increase total output at an increasing rate.
However, due to the constraint imposed by the fixed factor of production, there comes a point where each additional unit of the variable factor adds less to the total output, thereby illustrating diminishing returns.
This phenomenon produces the characteristic shape of the production function, which can be seen as initially increasing at an increasing rate, then increasing at a decreasing rate, and eventually flattening out. This reflects the diminishing additional output gains as more units of input are added.
An example of this is observed in agricultural production: initially, adding more fertilizers to land can significantly boost crop yields.
However, after a certain point, additional fertilizers result in smaller increments in crop yield, due to the limited capacity of the soil to absorb fertilizers effectively.
Juan, an operations manager, has been assigned to train a group of older employees in the logistics department. He has to train them to use new computer software. He begins by reminding them that they were quick in learning the old software. Juan is trying to _____.
Answer:
Increase the employee efficacy
Explanation:
Juan the operations manager is trying to boost the efficacy and confidence of the employee. By reminding them of how they easily learnt the old software, their minds visualise the previous success and this motivates them to also learn this new computer software fast.
When they believe they have learnt efficiently in the past they have a drive to do so again.
Humbert believes that he is in control of his own destiny. If he works hard and keeps on working hard, he will be able to overcome any obstacle he encounters/ Humbert has a _____ locus of control.
Explanation:
Let us understand the term internal locus of control.
Internal locus is having a high belief on oneself. The term can be explained in deeper saying, a person belief himself that he is sole responsible for the result which is derived from his own action.
For eg:
Every person would be expecting his school results. So depending on the result like pass or fail, a person with high internal locus believe that, he has done well so he got pass, or he has not prepared properly so he failed.
Hammer and Nails, Local Motion, DIY Palace, and Handy Paradise are all hardware stores that compete against each other through everyday low pricing and discounts on bulk purchases. All four stores cater to the needs of highly price-sensitive customers. Thus, together these stores form a
Answer:
Strategic group
Explanation:
Combinations of companies which sell similar products combine to form a strategic group. It is a concept of management that identifies and separate companies working in the same industry. Similarly, in the above example, the stores are similar as all four are hardware stores; so to compete against each other, they form different strategies such as discounts so they use strategies which makes all of them strategic group.
a courier picks up 1000 small unmarked bills, some $20 bills and some $50 bills. The total value is $41,000. How many of each bill are there?
Answer:
Explanation:
The amount of bills are 1000
Let the number of $20 bills be x
Let the number of $50 bills be y
Using a ratio method, we assume that the ration of the bills are 20:50
Adding both ratios, we have 20 + 50 = 70.
To find x, we have
(20 ÷ 70) × 1000
0.286 x 1000
286 bills
To find y, we have
(50 ÷ 70) × 1000
0.714 x 1000
714 bills
Having calculated the number of bills for $20 and $50, we calculate the value of each bills.
we have, 286 x $20 = $5,720
714 x $50 = $35,700
Adding these above amounts, we have
$5,720 + $35,700 = $41, 420 which is approximately $41,000.
Cheers.
Economists usually assume that production is subject to increasing opportunity costs because: a. higher production usually results in more inflation. b. if production is efficient, it is not possible to increase the production of all goods simultaneously. c. individuals desire constantly increasing opportunities to make themselves better off. d. not all resources are equally suited to producing every good.
Answer:
d. not all resources are equally suited to producing every good.
Explanation:
The rule of increasing cost of opportunity is the principle that, when you keep increasing the development of one item, the cost of opportunity of creating the next unit rises. It occurs just as you redistribute resources to create one product which was ideally suited to create the initial product.
A study of the consumption of beverages in Mexico found that: "Overall, for soft drinks a 10% price increase decreases the quantity consumed by 10.6%."
Source: M.A. Colchero, et al., "Price Elasticity of the Demand for Sugar Sweetened Beverages and Soft Drinks inMexico," Economics and Human Biology, Vol. 19, December 2015, pp. 129-137.
Given this information, the price elasticity of demand for soda in Mexico is _____ . (Enter your response rounded to two decimal places. Use a negative sign if you are entering a negativenumber.)
Is demand price elastic or price inelastic? Briefly explain.
A.) Inelastic, because the percentage change in quantity demanded is less than the percentage change in price.
B.) Elastic, because the percentage change in quantity demanded is less than the percentage change in price.
C.) Inelastic, because the percentage change in quantity demanded is greater than the percentage change in price.
D.) Elastic, because the percentage change in quantity demanded is greater than the percentage change in price.
Answer:
Elasticity of demand is 1.06
Elastic, because the percentage change in quantity demanded is greater than the percentage change in price.
Explanation:
Elascitiy of demand measures the responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded / percentage change in price.
10.6% / 10% = 1.06
When coefficient of elasticity is greater than 1, it indicates that demand is elastic.
The percentage change in quantity demanded is greater than the percentage change in price.
I hope my answer helps you
Identify the accounting concept that was violated in each of the following situations.
1. Astro Turf Company recognizes an expense, cost of goods sold, in the period the product is manufactured.
2. McCloud Drug Company owns a patent that it purchased three years ago for $2 million.
3. The controller recently revalued the patent to its approximate market value of $8 million.
4. Philips Company pays the monthly mortgage on the home of its president, Larry Crosswhite, and charges the expenditure to miscellaneous expense.
Answer:
Expense Recognition
The Historical Cost (original transaction value) Principle
The Economic Entity Assumption
Explanation:
The principle of expense recognition is a fundamental part of the accounting accrual scale, which maintains that income is identified when earned and expenditures when consumed.
The theory of historical cost specifies that firms must report and account for most financial assets and liabilities at either purchase or lease price.
The business entity principle is an accounting principle claiming that all business financial records should be recorded separately from his holders.
The violated accounting concepts are:
1) Matching Principle
2) Historical Cost Principle
3) Conservatism Principle
4) Business Entity Concept
The accounting concept violated in this situation is the matching principle. The matching principle states that expenses should be recognized in the same period as the revenues they help to generate.
In the case of Astro Turf Company, recognizing the cost of goods sold when the product is manufactured does not match the expense with the revenue it will generate when the product is sold.
Instead, it should be recognized as an expense when the product is sold, aligning with the revenue recognition principle.
The accounting concept violated here is the historical cost principle. The historical cost principle dictates that assets should be initially recorded on the balance sheet at their original cost.
McCloud Drug Company should have recorded the patent at its purchase price of $2 million and not at its current market value.
The accounting concept violated is the conservatism principle. The conservatism principle suggests that assets should not be overvalued but rather reported at the lower of cost or market value.
Revaluing the patent to $8 million without proper justification or impairment testing violates this principle.
The accounting concept violated in this case is the business entity concept. The business entity concept states that the business's finances should be separate from the personal finances of its owners or executives.
Charging the monthly mortgage of the president's home to miscellaneous expenses blurs the line between personal and business expenses, violating this concept.
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Most organizations spend more time and money on the systems ________ phase than on any of the other phases. Group of answer choices maintenance design development analysis
Answer:
maintenance phase
Explanation:
Maintenance phase -
It refers to the phase of making the changes in the software , hardware and documentation to improve the operations effectively , is referred to as the maintenance phase .
The phase is important , as it enhances the efficiency and corrects the problem .
The company or the organisation tries to invest the maximum amount in the maintenance phase .
Hence , from the given statement of the question,
The correct option is maintenance phase .
The shape of China's production possibilities frontier (PPF) should reflect the fact that as China produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone ------
Answer:
Remain same
Explanation:
In this situation, China makes tablets and smartphones only. The equipment used to manufacture these two products is nearly the same, the same collection of tools is equally useful in manufacturing both smartphones and tablets. So there is the constant opportunity cost of both commodities.
Resources are similarly appropriate for the manufacturing of two varied goods at a constant opportunity cost.
Therefore, the opportunity costs for additional smartphone remains the same.
In economics, the PPF reflects the combinations of goods a country can produce. As China produces more smartphones and fewer tablets, the opportunity cost of each additional smartphone increases, according to the Law of Increasing Opportunity Cost. This means as more of any good is produced, the cost of foregone production of the next best alternative good increases.
Explanation:The production possibilities frontier (PPF) in economics symbolizes the different combinations of goods a country can generate given its resources. As China decides to make more smartphones and fewer tablets, the opportunity cost of each additional smartphone increases, which is called the Law of Increasing Opportunity Cost. This law suggests that as you produce more of any good, the opportunity cost (i.e., the cost of foregone production of the next best alternative good) will increase.
For example, if China can produce either 1000 smartphones or 2000 tablets, and chooses to produce 200 more smartphones, they may have to give up production of 300 tablets. This means that the opportunity cost of each additional smartphone (in terms of tablets foregone) is increasing.
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Maria, a single mother of three, has been saving to buy the family's first home. Her budget is limited, but there is a home she can easily afford on the market. Unfortunately, there have been zoning changes in the area, and a twenty-four hour convenience store is located across the street. Is this deterioration curable or incurable?
A. Curable
B. Incurable
C. It may be curable if the surrounding neighborhood is well-maintained and the upkeep is good. If the remainder of the area is on the decline, it is probably incurable.
D. Both A and C
The presence of a convenience store across from Maria's potential home is an example of incurable deterioration because it is an external change caused by zoning regulations and cannot be economically remedied by Maria.
Explanation:The question asks whether the deterioration of a property's value due to a change in the neighborhood, specifically the construction of a twenty-four hour convenience store across the street, is curable or incurable. In real estate terms, a curable deterioration is one that is economically feasible to fix, meaning the increase in property value will be greater than the cost of the remedy. On the other hand, an incurable deterioration is one that cannot be fixed in a cost-effective manner.
The presence of the convenience store is considered an external factor and typically falls under incurable deterioration because Maria cannot change or control the zoning regulations or the existence of the store. Therefore, the best answer is B. Incurable, since the zoning changes and the convenience store's presence are outside of Maria’s control and cannot be economically remedied by her. Answer C suggests a condition where curability may be determined by the surrounding neighborhood, but in this context, the specific issue of the store being close to the property would remain regardless of the upkeep of surrounding areas.
Capital controls may take a variety of forms EXCEPT: A. prohibitions B. currency boards C. taxes D. quotas
Answer: B. Currency Boards
Explanation: Capital control is a process through which Organisations put in place different actions and programs to regulate the capital used in the business. This can be in the form of prohibitions(a capital control by preventing certain spending)
Taxes are also means of controlling capital by Organisations.
Quotas are also used to control capital by assigning certain level of spending or investment.
Answer:
B
Explanation:
Currency boards
Capital control is any measure that is taken by a government, central bank or other regulatory bodies to limit the flow of foreign capital in and out of the domestic economy. These controls imay take variety of forms like taxes, tariffs, legislation, volume restrictions, and market-based forces.
While a currency board is a monetary authority that makes decisions about how to value the nation’s currency, specifically whether to peg the exchange rate of the local currency to a foreign currency
Regarding financial accounting for public companies, the role of the Securities and Exchange Commission (SEC) as currently practiced is to ___________.A. Regulate financial disclosures for corporate, state, and municipal reporting.B. Make rules and regulations pertaining more to disclosure of financial information than to the establishment of accounting recognition and measurement principles.C. Develop and promulgate most generally accepted accounting principles.D. Make rules and regulations regarding filings with the SEC but not to regulate annual or quarterly reports to shareholders.
Answer:
Make rules and regulations pertaining more to disclosure of financial information than to the establishment of accounting recognition and measurement principles.
Explanation:
The SEC is primary involved in regulating the external financial reporting activities like financial disclosures. The FASB is primarily.concerned with the establishment of accounting recognition and measurement principles.
Answer:
C. Develop and promulgate most generally accepted accounting principles.
Explanation:
The Securities and Exchange Commission (SEC) does have the authority to control financial reporting from outside. It has decided to allow the accounting profession (via the FASB) to set principles.
It has appointed the FASB as the body responsible for implementing public company accounting standards in the US. On 1 July 1973, the FASB replaced the board of accounting principles (APB) of the American Institute of Certified Public Accountants (AICPA)
The Krakozhian fashion market has many brands that sell clothing. However, each brand sells clothing designed for different niches in the market. In this scenario, the market structure prevalent in the Krakozhian fashion market is _________.
Final answer:
The Krakozhian fashion market, with many brands offering niche clothing designs, exemplifies a monopolistic competition market structure.
Explanation:
The market structure prevalent in the Krakozhian fashion market is monopolistic competition. This type of market is characterized by having a large number of firms that sell clothing designed for different niches, which results in similar but varied products. There are few barriers to entry, allowing for many producers to supply these differentiated products to the market. For instance, the Mall of America, a real-world example, features a variety of stores each offering distinctive clothing styles catering to different customer preferences, which is a hallmark of monopolistic competition.
A marketing research is most likely to serve as a _____ in a new product development team. functional representative process manager scientific advisor project leader
Answer:
functional representative
Explanation:
A marketing research is most likely to serve as a functional representative in a new product development team.
Market research are conducted to know the viability of new goods and services in the market before it is launched. It is based on unbaised opinion of customers. It help the company to understand the target customer, pricing, other expectation of customer, which is extremely important in designing and developing new product. Therefore, market research serve as functional representative.
Jameson and Harrison were both eligible for promotion. However, Patrick, their manager,decided to promote Harrison because he had been with the company for six years and wasa more consistent performer than Jameson. Which of the following did Patrick lead by topromote Harrison?1. Bureaucracy2. Coercion3. Synergy4. Patriarchy
Answer:
1. Bureaucracy
Explanation:
-Bureaucracy refers to a structure in which there is a standard procedure, a hierarchy, a formal division of the responsabilities, impersonal relationships and everyone has the same chances for advancement. It focuses on how well individuals perform their tasks.
-Coercion refers to convincing a person to do something by using threats.
-Synergy refers to combining two or more things into a greater one that provides superior performance.
-Patriarchy is a system in which men have more power and the most important roles.
According to this, Patrick lead by bureaucracy to promote Harrison because he focused on the years he had at the company and his performance to give him the promotion.
Investment X and Investment Y are both growing perpetuities with initial cash flow of $ 100. Both investments have the same interest rate (r). The present value of Investment X is $5,000, while the present value of Investment Y is $4,000. Which of the following is true? Investment X has a higher growth rate than Investment Y. Investment X has a lower growth rate than Investment Y. The answer cannot be determined without knowing the interest rate for both investments. This makes no sense - with the same initial cash flow and the same interest rate Investment X and Investment Y should have the same present value.
Answer:
Investment X has a higher growth rate than Investment Y
Explanation:
Applying the formula for the Present Value (PV) of a perpetuity on an investment on both Investment X and Investment Y, given an interest rate of (r), a growth rate of (g), and an initial investment of (A).
[tex]PV = \frac{A}{r-g}[/tex]
Since both Investments X and Y, have the same initial investment (A) and interest rate (r), the difference in their present values (PV of Investment X = $5,000, and PV of Investment Y = $4,000) is accounted for by the difference in their growth rate (g).
Given that a higher growth rate will translate to a higher present value, therefore, the present value of Investment X is higher than the present value of investment Y because Investment X has a higher growth rate than Investment Y.
Unilever discovered that people in emerging economies could not afford to buy standard sizes of toothpaste or shampoo, so Unilever started selling single-serve packets at very low prices. Later, Unilever discovered that the same approach worked in the United States and started also selling them there. This is an example of ________.a. reverse innovation.
b. ethnic sensitivity.
c. promotional flex.
d. unethical marketing practices.
e. glocalization.
Answer: Reverse Innovation.
Explanation:
Reverse Innovation is been used by Unilever company in making products for developed markets. Reverse Innovation involves introducing a new product to a developing market and if it succeeds in that market, the same product is then introduced to a developed market.
Final answer:
Unilever's adaptation of selling single-serve packets at low prices from emerging economies to the U.S. exemplifies reverse innovation, showcasing product development flexibility and market adaptability.
Explanation:
Unilever's strategy of selling single-serve packets at very low prices in emerging economies and later in the United States is an excellent example of reverse innovation. Reverse innovation involves developing products in emerging or developing markets and then adapting and adopting them for more developed or affluent markets. This approach allows companies like Unilever to test products in cost-sensitive markets before introducing them to more diverse consumer bases, ensuring adaptability and broad appeal across various socioeconomic segments.
Which of the following are useful when planning a schedule (select multiple)?
1. Knowing your short term goals
2. Knowing your long term goals
3. Knowing the place where you will do the work
4. Knowing which other responsibilities are important
5. Knowing how much time you have for the goals
6. Knowing which subject you need to study first
7. Knowing how many subjects you need to study
Answer:
All of the above
Explanation:
A schedule is a time management tool which contains an arrangement of time and corresponding tasks which is aimed towards achieving a goal. A schedule can also be called a timetable. A schedule can be daily, weekly, monthly, etc
In a schedule, events are arranged with priority for and in an order that states what is meant to be done at a certain time.
To successfully plan a schedule, all of the options in the question are important. They can be rearranged as 7,6,5,4,3,1,2.
When all of these scheduling priorities are put in place, a schedule is sure to be well planned.
I hope this helps.
__________ represent(s) income received by investors on foreign investment in financial assets (securities).a) Portfolio income.b) Direct foreign income.c) Unilateral Transfers.d) Factor Income.e) None of the above.f) Capital Account.
Answer:
d. Factor Income
Explanation:
Factor Income -
It refers to the income obtained from the various sources like , foreign investment and factors of production , is referred to as factor income .
The factors of production are the capital , labour , land .
The factor income obtained from any type of land property is referred to as rent .The factor income obtained from any type of capital is referred to as profit .The factor income obtained from labor is referred to as wage .Hence , from the given information of the question,
The correct option is d. Factor Income .
U. s. recording studios are feeling the pinch in profits due to the fact that artists' music is copied and sold overseas within 24 hours of the music selling in the u. s. market. as a student who is now aware of the challenges businesses face in global trade, which of the following statements do you think is an accurate representation of this situation?
a. the copying and selling of the artist's original music is illegal and enforceable by international copyright law.
b. the copying and selling of the artist's music is legal due to the fact that the internet has changed copyright laws.
c. u. s. copyright laws do not necessarily apply globally.
d. copyright laws only protect the artist, but not the recording studios.
Answer:
C. U.S. copyright laws do not necessarily apply globally.
Explanation:
The reason for this is the inability to enforce the law
. For example, let's say that you are violating the copy right low in united States. In such situation, the police department in united states can force you to court and fine you for your violation.
If the one that violate the copyright live in another country (Let's say China). The police department in united states do not have the authority/jurisdiction to arrest and fine Chinese citizens.
The only way this barrier of enforcement can be passed is if the two nations made an explicit argument to allow police department to arrest violators in each other's country.
Comprehensive income would be found in which financial statement? a. Income Statement b. Statement of Stockholders Equity c. Cash Flow Statement d. Balance Sheet
Answer:
a. Income Statement
Explanation:
Statement of Comprehensive income compromise on Income Statement and Other Comprehensive Income. other Comprehensive Income starts from the after Net Income of the year. Comprehensive Income is the net income and all unrealized income such as gains / losses on hedge/derivatives and foreign currency etc. It deals with all the historical incomes which are not dealt in the Income statement.
At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December. The wages will be paid to the employees in January. Which of the following is one of the effects of this error?
A. Net income is overstated.
B. Liabilities are overstated.
C. Net income is understated.
D. Expenses are overstated
Answer: The correct answer is A). Net income is overstated.
Explanation: Net income is equal to Income less expenses. When an accrued expense is not recognised it results in an understated expense which in turn leads to an overstated net income.
Wages payable is a liability. An omission of such a liability means that wages expenses is also omitted.
Which of the following will allow managers to create graphical presentations of how brands relate to other brands, including those of competitors? A. Reverse engineering B. Syndicated research C. Statistical modeling D. Multidimensional scaling E. Data visualization
Answer:
D. Multidimensional scaling
Explanation:
Multidimensional scaling is a method used to visualize the similarity between different individual data sets, in the case of brands, multidimensional scaling helps visualize the position of one brand with respect to others in that cartesian space.
All of the following are true about time series methods EXCEPT a. they discover a pattern in historical data and project it into the future. b. they involve the use of expert judgment to develop forecasts. c. they assume that the pattern of the past will continue into the future. d. their forecasts are based solely on past values of the variable or past forecast errors.
Answer:
B. they involve the use of expert judgement do develop forecasts
Explanation:
A time series is a series of events that is spaced equally in time. It is a statistical technique used to identify a time based trend of events and them make forecast using data from the trend/time series.
Time series requires certain processes which include discovering of a pattern in the historical data, projection of the historical data into the future, assumption that the pattern will remain the same(constant) as the time goes by, etc.
In time series method, since historical data is the point of reference for making a forecast, no expert judgements is required to develop forecasts. This is because once the data of the series from the past has been taken and a trend/pattern has been identified, that becomes the basis for future forecasts.
Cheers.
The statement 'they involve the use of expert judgment to develop forecasts' is not true about time series methods. These are quantitative techniques based on historical data, and they project that past patterns will continue in the future.
Explanation:All the options about time series methods are indeed true, except for 'b. they involve the use of expert judgment to develop forecasts'. Time series methods are mostly quantitative in nature and rely predominantly on historical data and statistical techniques to make future predictions. The assumption is that future patterns will mirror past ones, as indicated in options 'a', 'c', and 'd'. Expert judgment is often used in qualitative forecasting methods, not so much in time series analysis.
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Ethan is a purchasing manager for an industrial chemical company. Kim is a salesperson for a raw materials provider is contacting Ethan in an effort to initiate a relationship. Kim is adopting a ___________ format, which is probably the worst sales presentation format for this situation.A) Directed sales presentation
B) Written sales presentation
C) Organized sales presentation
D) Canned sales presentation
E) Customized sales presentation
Answer:
c) organized sales presentation
Explanation:
Ethan is a purchasing manager for an industrial chemical company. Kim is a salesperson for a raw materials provider is contacting Ethan in an effort to initiate a relationship. Kim is adopting a ___________ format, which is probably the "BEST" sales presentation format for this situation.
By Kim making a relationship with Ethan he has created the best source to get the right information needed in other to give an outstanding presentation that would yield a positive break through for him to sell the required raw material for Ethan"s industrial chemical company.
Value consists of: a. a product's performance characteristics and attributes for which customers are willing to pay. b. a product's proprietary characteristics and attributes for which customers are willing to pay. c. a product's proprietary characteristics and attributes for which customers consider paying. d. a product's performance characteristics and attributes for which customers consider paying.
Answer:
A) a product's performance characteristics and attributes for which customers are willing to pay.
Explanation:
Only customers can assign value to a product. A manufacturer can set a product's price, but if the customers do not accept that price and assign a lower value to the product, then they will not purchase it. This applies to every single market situation (except for command economies) including monopolies, free markets, monopolistic competition, etc. Customers value a product depending on its performance characteristics and attributes, e.g. sports cars are value for being fast, Volvos for being safe, compared to other similar products. Customers do not value unique one of a kind characteristics, they value relative characteristics, i.e. the best product has a higher value.
Value stems from a product's performance characteristics and attributes that customers are willing to pay for. These factors create a product's value and are essential in hedonic pricing models, which explain a product's price based on its valued characteristics.
Explanation:Value consists of both a product's performance characteristics and attributes for which customers are willing to pay. These characteristics may be proprietary or not but ultimately define the item's utility and worth, as perceived by the consumer. Whether it's a car's horsepower or the crispiness of a snack, each aspect contributes to the hedonic pricing models, where multiple attributes bundle together to form the product's overall value.
Consumers determine a product's utility based on their subjective experiences and personal feelings, with their willingness to pay signifying the value they attribute to it. This determination of value is influenced by a product's objective characteristics, such as its physical or chemical properties, but is also reflective of a consumer's individual preferences and the satisfaction they anticipate gaining from the product.
Therefore, the correct answer to the question is: a. a product's performance characteristics and attributes for which customers are willing to pay, as it is the performance characteristics alongside the attributes that consumers value and are willing to pay for, which could be described using hedonic pricing models.