Answer:
Country A
Explanation:
given data
country A give 11 lamp produce = 1 bicycle
country B give 15 lamps produce = 1 bicycle
solution
we know that country comparative advance is require giving up less of product for producing 1 bicycle
so as that country A has comparative advantage over country B
it is Because Country B has to sacrifice more in order to have 1 unit of the bicycle
so comparative advantage in making bicycles is Country A
Shawn McGill is on the executive board for ABC pharmaceuticals. The company produces the number-one-selling cancer-
ghting drug on the market. Due to its incredible success, ABC Pharmaceuticals has decided to increase the cost of the
drug from $8 a pill to $15 a pill. Which force is ABC Pharmaceutical using to increase its drug price?
A. Supplier power.
B. Buyer power.
C. Threat of false entrants.
D. Business power.
Answer:
A
Explanation:
ABC is the producer of the drug, therefore not the buyer.
While they could be concerned about new Entrants, that is not 'a force' nor a mechanism to block new entrants. You might lower price to block new entrants but raising prices will have them seeking alternatives.
Business power is too generic and meaningless of an answer.
Dan has been directed to study the forces close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company.
Answer:
Micro environment
Explanation:
The institution's micro-environment comprises of those components that are manageable. Generally the micro-environment doesn't really impact all businesses in a sector in same manner, as the scale, efficiency, competence and approaches are different.
For instance, the suppliers of raw materials are giving big corporations more compromises. We might not offer small businesses the same concessions though. Thus, from the above we can conclude that the correct answer is micro-environment.
Juana looked at her September issue of O magazine and did not see anything of interest. However, after her mother was diagnosed with bipolar disorder, Juana found the issue extremely interesting because it offered advice on how to help people who are suffering from this problem. The fact that the boring issue became quite interesting is most directly due to a change in ________.
Answer:
Selective attention.
Explanation:
Selective attention is the act of focusing on the most important information at a given time. There is a large amount of information being transferred daily and our minds need to filter out the information that is not important to us at that time.
This is what happened with Juana. When she first read the article it was not important to her, most likely she saw the heading and selective attention pushed it aside as unimportant.
After her mother was diagnosed with bipolar disorder, it was one of the articles her mind now picked as important.
Sarah works at a U.S.-based company that gets most of its sales from Europe, more than half of the company’s managers are non-American, and its employees work in five different countries. Based on this information, Sarah works at a(n):______
Answer:
Multinational corporation
Explanation:
Sara works in an organisation that has office all over the world; it means she works in a multinational corporation. Companies who work in just one country or home country are known as domestic companies. Similarly, companies which have offices and operations in different countries are known as multinational companies. 'Multi' stands for more than one country.
Janice, a co-founder of a startup firm that provides financial services, is responsible for making the standard operating procedure for the firm's wealth management division and assigning duties to the management trainees recruited for this division. In the context of management functions, Janice's job responsibilities best illustrate _____. Group of answer choices A. organizing B. ambitious C. none of these
A shortage of qualified personnel is one of the main reason that companies outsource. A project may require experts in a particular field for several months and planning for this procurement ensures that the needed services will be available for the project." Which of the following benefits does this characteristic of outsourcing provide an organization? a. Reduces focus on its core business b. Increases control over all aspects of projects that suppliers carry out c. Provides access to specific skills d. Reduces dependency on suppliers
Answer:
Correct answer is (c) Provides access to specific skills
Explanation:
Outsourcing for professionals and qualified personals in major companies handling specialist project can never be over estimate as this is very important for growth and developments of companies. Project handled by lousy quack is bound to be revisit for corrections of errors and adjustments of mistakes, which does not really go well with companies image and prestige. Therefore, outsourcing for professionals provide companies to access specific skills that are needed for proper execution of project.
Billy freely agrees to sell Roger a painting for $100. Billy thinks the painting is ugly and a piece of junk. Neither Billy nor Roger are art aficionados or knowledgeable about art. After the sale is made, however, Billy discovers that the painting is worth $10,000. If Billy tries to void his agreement for lack of consideration with Roger and loses, what would be the best reason under these facts?a. Billy was under no duress at the time of the sale.
b. The consideration, although disproportionate, is nevertheless adequate because he was done freely.
c. Billy made a unilateral mistake.
d. None of these are correct.
Answer:
b. The consideration, although disproportionate, is nevertheless adequate because he was done freely
Explanation:
Consideration is one of the essential elements of a valid contract, it is the quid pro quo of a contract, that is, something for something. Consideration is anything of value exchanged for services rendered, goods supplied, or promise. it is the value of what parties to a contract get in a contractual deal.
It must be noted that in the eyes of the law consideration need not be adequate but must be sufficient for the contract.
A new assessment tool does a good job of differentiating those who later will be depressed and those who will not be depressed, and it produces results similar to those of other tools measuring depression. Therefore, the new assessment tool has good:
A. predictive validity.
B. face validity.
C. interjudge reliability.
D. test-retest reliability.
Answer:
A. predictive validity.
Explanation:
The tool has predictive-validity because it can assess, or predict, out of a sample, which subjects will be depressed in the future, and which subjects will not, producing similar results to other tools that also measure depression, something that gives it credibility.
Final answer:
The new assessment tool shows good predictive validity because it accurately differentiates between individuals who will later be depressed and those who will not. Predictive validity is concerned with how well a measure can forecast future outcomes based on its intended purpose. Other types of validity and reliability aren't as clearly demonstrated by the information provided.
Explanation:
The new assessment tool in question does a good job of differentiating those who will later be depressed from those who will not, and it also produces results similar to those of other depression measurement tools. Therefore, the new assessment tool is displaying good predictive validity. Predictive validity refers to the degree to which a measure successfully predicts a future outcome that it is theoretically expected to predict. In this case, the tool accurately identifies who will develop depression in the future, which is the essence of predictive validity.
Test-retest reliability is about consistency over time when a measure is administered multiple times. Since the assessment tool reliably differentiates future depression as other tools do, this implies that it could potentially possess good test-retest reliability, but the question does not provide enough information about this specific type of reliability.
Face validity pertains to the plausibility that a measure appears to assess what it is designed to assess, which may not necessarily reflect actual validity. Interjudge (inter-rater) reliability refers to the degree to which different observers or judges agree on an assessment. The scenario described does not provide sufficient details to evaluate face validity or inter-rater reliability, focusing instead on the tool's ability to predict future depression.
Luxere Hotels International, an American company, sells the rights to other hospitality companies globally to open hotels with the Luxere name for a fee and a share of the profit, in return for using Luxere's brand name and a package of materials and services. This defines ____.
Answer: Franchising
Explanation:
Franchising is one of the type of marketing based method that helps in defining the various types of business strategy by implementing the intellectual properties and also the business structure.
It is basically refers to the licence that is obtained for the purpose of accessing the other business for selling the products with the name of same brand.
According to the given question, the luxere hotels is one of american based company that selling the products to other hotels by using their specific name of the brand.
Therefore, Franchising is the correct answer.
Google is known for its successful products. It has the most popular search engine in the world, and its Android operating system gives competitor Apple a run for its money in the smartphone industry. Google has expanded into so many areas that it reorganized into a holding company called Alphabet. This holding firm includes Google as a search engine company as well as a number of other companies. According to the CEO, the new holding company will allow each firm to run more independently, which in turn keeps them more flexible to market opportunities. Google is also known for its strong lobbying efforts, having spent more than $4.5 million on lobbying within a four-month period. Google has most likely adopted a ____________ approach to environmental forces.
Answer:
Proactive
Explanation:
Proactive approach in this context refers to the act of actively influenced the environment around us so it works in our favor.
This can be seen in google actions in it's lobbying effort.
Often times, the law / regulation that created by a company will influence the final outcome of its operation. To handle it, Google basically have two choices:
- First choice. They can just wait and adapt to whatever law/regulation passed by the government.
- Second choice, they can take a proactive approach and try to influence the law through lobbying.
They can do this by helping a certain candidate achieving his/her position through monetary donation. In return, that candidate will have to pass the regulation that is favorable for google.
Drew contracts to sell a house to Evan. The contract provides that if Drew does not sell the house by February 10, he must pay Evan one-half of the contract price. This provision is not enforceable because it is ________.a. a liquidated damages clause.b. a material breach.c. a mitigation of damages.d. a penalty clause.
Answer:
Option D is correct because a penalty clause is excessive harm mitigation charge which is written in the contract so according to the law in case of default of one party the other party must be only compensated for the damage. So in this case Evan has used a penalty clause to enforce Drew to sell him his house. If Drew wants to default then he will have to compensate for the demages to Evan due to his default.
A nightclub has several types of employees, each with a specialized task. Bartenders make drinks, bouncers check identification, bussers clear away used glasses, and so on. A shift supervisor is in charge, and a manager is in charge of the shift supervisor. At work the employees check the bulletin board, where their boss posts memos explaining changes in the rules. The bouncers are the most popular employees, because they usually let their friends in for free, even if their friends don’t have ID. In many ways, the club is a bureaucracy, but there is at least one significant element of bureaucratic organization missing. What is it?A) Specialization
B) Hierarchy
C) formal written communication
D) Impersonality
Final answer:
The missing element of bureaucratic organization in the nightclub scenario is impersonality.
Explanation:
The missing element of bureaucratic organization in the nightclub scenario is D) Impersonality.
A bureaucracy is characterized by explicit rules, a clear division of labor, hierarchy, and impersonality. Impersonality refers to taking personal feelings out of professional situations and treating all individuals in the organization equally. While the nightclub organization exhibits other elements of bureaucracy, such as specialization, hierarchy, and formal written communication through memos posted on the bulletin board, the fact that the bouncers let their friends into the club for free shows a lack of impersonality.
Final answer:
The nightclub fails to exhibit impersonality, as bouncers allowing friends in for free without ID shows favoritism, deviating from the bureaucratic principle of equal treatment for all clients.
Explanation:
The nightclub described demonstrates several elements of a bureaucratic organization, such as specialization where each employee has a specialized task, a hierarchy with a shift supervisor and a manager overseeing operations, and formal written communication with the use of memos posted on a bulletin board. However, the mention of bouncers letting friends in without ID suggests a lack of impersonality in the treatment of clients, which contradicts the principles of bureaucracy where all clients should be treated equally and without favoritism. Therefore, the significant element of bureaucratic organization that is missing in this nightclub scenario is impersonality.
A consumer will often turn to one of their formal or informal ________ (one word) groups for advice and guidance on acceptable beliefs, attitudes, and consumer behaviors. This group might be colleagues at work, team members on sports team, or a club in which they are a member.
Answer:
Reference
Explanation:
_____ goals are set by and for an organization's top management. a. Operational b. Diversification c. Strategic
Answer:
c. Strategic
Explanation:
Strategic decision is the long term decision of the organization and decide the strategy of the organization, which is the responsibility of the top management. Lower management contributes to achieve these long term objective by achieving short term objective which is align with the strategy of the organization.
4. In order to attract businesses to the area, the city of Grand Valley offers a $500 job tax credit per employee, a 3% investment tax credit for purchased equipment and a health insurance tax credit of $200 per employee. This is an example of a(n)____________
Answer:
enterprise zone.
Explanation:
Enterprise zone -
It refers to the geographical area , which gets some specific tax break , some regulatory exemptions and some specific public assistance so as to initiate the private economic development , which helps to create more jobs , is referred to as enterprise zone .
The method is adapted in order to promote the revival of the city or the nearby area .
Hence , from the given scenario of the question ,
The correct term is enterprise zone .
In agile projects, overall planning is at a high level, and only the near-term work is planned in detail. The project work is conducted in iterations (sprints) that are normally:_______________
Answer:
2-4 weeks.
Explanation:
Agile projects usually used when an organization wants to finish a certain project within a short period of time.
They do this by leveraging all different divisions in the organizations and separate them into different segments. Each segments has to focus on one specific work and let the other segments do the other part of the project.
This type of method can only works with experienced team members. Due to the quick deadline, having the managers giving direct orders tend to be inefficient.
In most companies today, this type of projects usually implemented if a company need something to be done within 2-4 weeks. It's the appropriate time to gather resources, make detailed planning, and get to work.
Which theory states that deviant behavior occurs when a person weighs the costs and benefits of deviant behavior and concludes that the benefits outweigh the risks?
Answer: Rational Choice of Theory of Deviance
Explanation:Deviant Behavior, is the term used to describe actions or behaviors that are judge as not morally right,they are Behaviors that are against the established social norms or Behaviors that are against the legal provisions of the land.
Rational Choice of Theory of Deviance is a sociological theory that tends to prove that Deviant acts are sometimes caused by actions or activities of others such as the people or organizations or Government.
On November 1, Year 1, Key Co. paid $3,600 to renew its now-expired insurance policy for 3 years. It recorded this payment as an expense. At December 31, Year 1, Key’s unadjusted trial balance showed a balance of $90 for prepaid insurance and $4,410 for insurance expense. What amounts should be reported for prepaid insurance and insurance expense in Key’s December 31, Year 1, financial statements?
Answer:
Prepaid Insurance 3,490
Insurance Expense 1010
Explanation:
November 1, Year 1,
Insurance Expense recorded = $3,600
Unadjusted balances:
Insurance Expense = $4,410
Prepaid Insurance =$90
* Assuming prepaid of $90 is from other insurance policy of $900 for 10 months and it has only one month to expired 9 moths charged as 810 (9 x 90 ) .
Actual Prepaid balance = $90 + ( 3600 x 34/36) = 90 + 3400 = 3,490
Actual Insurance Expense = 4,410 -3400 = 1010
Answer:
Prepaid insurance: $3,400
Insurance expense: $1,100
Explanation:
Since Key Co. paid $3,600 to renew its policy for 3 three years, it means that the cost per month = $3,600 / 36 months = $100
So during year 1 it has to record two months worth of insurance or $200, that means that the prepaid insurance account should decrease by $200 = $3,600 - $200 = $3,400.
The actual amount of insurance expense = $4,410 + $90 (prepaid insurance not previously expensed) - $3,400 (prepaid insurance balance) = $1,100
Complexity theory is an offshoot of the _____ viewpoint because it is the study of how multiple chaotic processes arise into pattern and order
1. To build teamwork - trust - and mutual respect - Tqm companies see that every employee is involved in the continuous improvement process. This requires that workers must be trained and empowered to find and solve problems.
2. Managing the production and delivery of an organization's products or services more effectively.
3. Systems
4. Outputs
Answer:
Option "C" is the correct answer to the following statement.
Systems
Explanation:
The concept of complexity focuses on relationships and the corresponding feedback that changes systems continuously. While it implies that structures are unstable, they are also restricted by rules which produce order. The principle of complexity was applied in the fields of tactical administrators and institutional studies.
Besides, a complex system consists of many elements and their relations.
Complexity theory, an offshoot of chaos theory rooted in physics, studies the emergence of pattern and order from chaotic processes. It offers insights into systems traditionally studied by thermodynamics and statistical mechanics, potentially enhancing our understanding of various complex phenomena.
Explanation:Complexity and Chaos in Physics
Complexity theory is a fascinating offshoot of chaos theory, which itself is rooted in physics. Chaos theory describes systems that are highly sensitive to initial conditions and are unpredictable over the long term. Complexity theory builds on this premise, studying how multiple chaotic processes can lead to order and pattern. For instance, the chaotic nature of Pluto's orbit or the arrhythmic heartbeat may display a form of underlying order when viewed through the lens of complexity. This emerging field, in relation to traditional physics, offers potential insights into organized, adaptive, and evolving systems, such as in thermodynamics and crystal growth, demonstrating the ever-present drive to understand the universe's complexity.
Some traditional areas of physics, like thermodynamics and statistical mechanics, deal with complex systems averaging or in detail, respectively. Complexity theory may provide new perspectives on phenomena such as heat transfer, phase changes, and magnetic domain organization in iron atoms. The inherent complexity in these systems, which sometimes self-organize, may be better understood through the lens of complexity theory.
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Ownership costs are incurred after the initial purchase and are associated with the ongoinguse of the product or material. Which of the following is not an ownership cost listed in the text? A. Financing costsB. Energy costsC.TaxesD. AestheticsE. Worker fatigue
Answer:
C, Taxes
Explanation:
Tax is the financial levy or charge imposed on an individual by the government to fund its expenditure.
When a product is purchased, the ownership cost of the product does not include tax because a product is not taxable. The income from the product is taxable but not the product itself.
So when purchasing a product, asides from value added taxes which has been included in the product price, there is no continuous tax payment on the product after its been paid for.
Cheers.
In the country of Lumberne, citizens campaigned against the sanction of a new factory that was about to be built in the vicinity of their residences. They argued that the discharge from the factory will pollute the area and adversely affect the quality of life of several residents. These citizens, who campaigned against the sanction, are most likely a part of a _____.
a) self-regulatory body
b) civil society
c) law firm
d) government organization
Answer: (B) Civil society
Explanation:
The civil society is one of the type of organization in which the various types of collective actions are taking place in order to share the common values and interests.
It basically enhance the services and the used in the decision making process based on the public and the economical rights.
According to the given question, the civil society is one of the part of citizen campaigned that is against sanction of the new factory that start building in the residence area.
Therefore, Option (B) is correct answer.
You are offered an investment that will make three $5,000 payments. The first payment will occur four years from today. The second will occur in five years, and the third will follow in six years. If you can earn 12 percent, what is the future value of the cash flows? What is the most this investment is worth today?
Answer:
what is the future value of the cash flows?
$16,872
What is the most this investment is worth today?
$8548
Explanation:
First Payment
$5000 payment will occur Four year from now
$5000 payment will occur Five year from now
$5000 payment will occur six year from now
Interest rate = 12%
Future value at year 6 = (5000 (1+0.12)^2) + (5000 (1+0.12)^1) + 5000
Future value at year 6 = 6272 + 5600 + 5000 = $16,872
Present value of investment = Future Value / (1+r)^n
Present value of investment = $16,872 / (1+0.12)^6
Present value of investment = $8547.88
Present value of investment = $8548 (Rounded off to nearest whole Number)
In May, Xiang sold 15 used cars. For these 15 cars, the range of the selling price was $15,000 and the lowest selling price was $4,500. In June, Xiang sold 10 used cars. For these 10 cars, the range of the selling prices was $16,500 and the lowest selling price was $6,100. What was the range of the selling prices of the 25 used cars sold by Xiang in May and June?A. $15,600B. $15,750C. $16,820D. $18,100E. $19,200
Answer:
$18100
Explanation:
Range is the difference between the highest and the lowest value in a data set. To calculate the highest value in a data set, we simply add the range to the lowest value,
In data set for may, the lowest value was 4500 while the range was 15000. So, the highest value will be
Highest Value = lowest value + range= 4500 + 15000 ⇒ $19500
Similarly, for June, the highest value will be,
Highest Value = 6100 + 16500 ⇒ $22600When we combine both data sets for May and June,
The lowest value of combined data set is $4500The highest value of combined data set is $22600The range of the combined data set will be,
Range = 22600 - 4500 ⇒ $18100Claudia Norman, a marketing consultant, recommended that brand equity for a new environmentally-friendly product could be established by giving initial customers free memberships in the Sierra Club organization. Claudia used which of the following in her recommendation?
A. Promotional consideration
B. Emotional learning
C. Classical conditioning
D. Instrumental conditioning
Answer:
D. Instrumental conditioning
Explanation: -
Instrumental conditioning - Operant learning is another name for instrumental conditioning. In this conditioning, punishment may increase or decrease the chances that behavior will repeat again.
In the given question, Claudia who is a marketing consultant advised giving free membership in a particular club in order to recommend brand equity. Thus this shows Claudia is using reinforcement to build the behavior of the customer which can or cannot be long-lasting.
Mini Mart suspects that Junior is stealing candy. The next time Junior comes into the store, the manager at Mini Mart detains Junior in the store’s office until the police can come to investigate. What will happen to the Mini Mart manager?
Final answer:
If a Mini Mart manager detains a suspected shoplifter, they must follow the legal concept of shopkeeper's privilege, which allows reasonable detainment for investigation. The manager must ensure that they do not violate the suspect's rights or else face potential legal consequences. If an employee is wrongfully labeled a thief, they should seek to clear their name and may require legal assistance.
Explanation:
If Mini Mart suspects that Junior is stealing candy and the manager detains Junior in the store’s office until the police can come to investigate, the action taken by the manager could be considered a shopkeeper's privilege. This is a legal concept that allows retailers to detain suspected shoplifters on store property for a reasonable period of time and in a reasonable manner, to investigate the situation. However, if the manager uses excessive force, detains Junior for an unreasonable length of time, or if Junior is found to be innocent, Mini Mart and the manager could potentially face legal consequences such as false imprisonment or assault charges. It is essential for the manager to act within the boundaries of the law to ensure the rights of the suspect are not violated.
In the scenario described where an employee is labeled as a thief, the employee should seek to clear their name through evidence or lack thereof. If the cash drawer discrepancy can be explained by errors unrelated to theft, or if there is no direct evidence of the employee's misconduct, the label of 'thief' may be unwarranted and could defame the employee. The employee may need legal advice to protect their rights and reputation.
Which of the following is a possible outcome of setting a legal maximum rental rate below the market clearing rental rate? a. a decrease in the quantity of rental housing demanded b. a surplus of rental housing c. an increase in the quantity of rental housing supplied d. a black market in rental housing
Answer:
The answer is d. a black market in rental housing
Explanation:
There is likely to be deficit of rental housing meaning Demand > Supply. Rental housing is likely to be sold in black market at a higher price.
Setting a maximum rental price below the market rate can lead to a shortage in rental housing, as the demand exceeds the set supply. This could potentially give rise to a black market in rental housing where renters pay extra fees to secure housing.
Explanation:When a legal maximum rental rate is set below the market clearing rental rate, it could result in a black market in rental housing.
This concept is primarily related to rent control laws. Rent control laws peg the price of rental housing at a certain level.
According to the example provided, if the city government sets a legal maximum price of $500 for a typical apartment, this may result in a discrepancy between the quantity of housing supplied and the quantity demanded.
At this capped price, the quantity of rental units supplied remains static. However, the quantity of rental units demanded exceeds this supply, resulting in a housing shortage. Ironically, there could be fewer apartments rented out under the price ceiling than at a higher, unrestricted market price. This might lead to the formation of a black market in rental housing, with potential renters willing to pay extra illegal fees or bribes to secure housing in the face of the shortage.
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Max Weber argued that the ascetic principles embedded in _____ do not encourage entrepreneurial activity in pursuit of wealth creation because it is perceived that such activities make the attainment of nirvana more difficult.
A. Islam
B. Hinduism
C. Confucianism
D. Protestantism
E. Capitalism
Answer:
B. Hinduism
Explanation:
Max Weber is known for his concept of bureaucracy as an organization structure.
Weber observed, the principles of Hinduism preach selflessness and greater self denial as means to attain enlightenment or nirvana. By abiding to such principles, entrepreneurial activities cannot be a possibility.
The simple reason being, entrepreneurial activities are focused at wealth creation and profit making. And ideally, one's profit is offset by another's loss. So when one earns a profit, it always comes at the cost of someone's loss.
So such activities as per Hinduism cannot lead to attainment of nirvana and thus would be discouraged.
The junior accountants at Stejings, a textile manufacturing company, are being interviewed to fill a vacancy for the position of senior accountant in the company. In this scenario, Stejings is engaged in_____.
A) internal recruiting
B) validation
C) structural accommodation
D) downsizing
Answer:
A) internal recruiting
Explanation:
Stejingsi s filling a vacant position from its junior employee so this is termed as internal recruiting. Whereas, Validation process is the performance assessment of employee. Structural Accommodation is the ability to change the organization's structure, Downsizing is the permanent reduction of workforce of the company.
Stejings is engaged in internal recruiting as they are filling a position of senior accountant by interviewing junior accountants from within the company. This is not an example of downsizing or polarization.
Explanation:In the scenario where junior accountants at Stejings, a textile manufacturing company, are being interviewed for a senior accountant position, Stejings is engaged in internal recruiting. This human resources strategy involves filling vacancies with candidates from within the organization rather than hiring externally. It can offer benefits such as reduced training costs and promotion of employee morale because it provides existing employees with opportunities for career advancement.
In contrast, downsizing is a process where an organization reduces the number of its employees to improve efficiency. The practice of polarization involves the increase in disparity between high-end and low-end jobs, causing the number of middle-level jobs to decrease. Therefore, both downsizing and polarization are not occurring in this scenario, according to the given information.
Ali decides to attend the one-hour review session for microeconomics instead of working at his job. His job pays him $10 per hour. Ali's opportunity cost of attending the review session is _________.
Answer:
Opportunity cost is $10
Explanation:
Opportunity cost is the concept in economics that looks at the cost of doing an activity, that is the foregone alternative.
Ali decides to attend a one-hour review session in so doing he has foregone one hour's wages where he works. As one hour pays $10, he has lost $10 for attending the review session.
The opportunity cost of attending the review session for Ali is $10.
Opportunity cost is the value of the next best alternative that is foregone when a decision is made. In this case, Ali has the choice to either attend the microeconomics review session or work at his job for one hour. By choosing to attend the review session, Ali gives up the opportunity to earn money from his job. Since his job pays him $10 per hour, the opportunity cost of attending the review session is the amount of money he would have earned in that hour, which is $10.
If changing market conditions cause a company earning $7,000,000 in 2018 to project a loss of 4% of its profit in each of the next 5 years, what profit does it project in 2023? (Round your answer to the nearest dollar.)
Answer:
$5,707,609
Explanation:
The computation of the profit for 2023 would be
Given that
Earning in 2018 = $7,000,000
Loss = 4%
So, the profit = 96%
For 2019 = $7,000,000 × 0.96 = $6,720,000
For 2020 = $6,720,000 × 0.96 = $6,451,200
For 2021 = $6,451,200 × 0.96 = $6,193,152
For 2022 = $6,193,152 × 0.96 = $5,945,425.92
For 2023 = $5,945,425.92 × 0.96 = $5,707,609
The company projects a profit of approximately $5,702,316 in 2023 based on a 4% projected loss each year starting from the $7,000,000 profit in 2018.
Explanation:To project the profit in 2023, we need to calculate the projected profit for each year and subtract it from the previous year's profit. Given that the company earned $7,000,000 in 2018, we can calculate the projected profit for each year by multiplying the previous year's profit by (1 - 0.04). The projected profit for 2019 would be $7,000,000 * (1 - 0.04) = $6,720,000. We can repeat this calculation for the following years to find the projected profit in 2023.
2019: $7,000,000 * (1 - 0.04) = $6,720,0002020: $6,720,000 * (1 - 0.04) = $6,451,2002021: $6,451,200 * (1 - 0.04) = $6,192,7682022: $6,192,768 * (1 - 0.04) = $5,944,774.2722023: $5,944,774.272 * (1 - 0.04) ≈ $5,702,316Therefore, the company projects a profit of approximately $5,702,316 in 2023.
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