An 18% wage cost increase will likely cause a decrease in steel supply, resulting in an increased price and decreased quantity of steel sold, according to the law of supply and demand.
Explanation:The likely economic effect on the market for steel when steel mill wage costs increase by 18 percent over a year will probably involve a shift in the supply curve. This happens because of the assumption that wage costs are a significant component of the total production cost to produce steel. When wage costs rise, it becomes more expensive for steel mills to produce the same amount of steel, causing a decrease in the supply.
This decrease in supply while demand remains constant will lead to an increase in the price of steel and a decrease in the quantity of steel sold (following the law of supply and demand).
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An 18 percent increase in steel mill wage costs is likely to result in higher steel prices, potentially impacting demand and global competitiveness in the steel market.
When steel mill wage costs increase by 18 percent over a year, the likely economic effect on the market for steel can include the following:
Increased Production Costs: Steel producers will face higher labor costs, which can lead to an increase in the cost of producing steel products.
Price Increase: To offset the higher production costs, steel producers may raise the prices of their steel products. This could lead to an increase in the market price of steel.
Reduced Demand: Higher steel prices can potentially reduce the demand for steel, particularly among industries that are sensitive to price changes, like construction and manufacturing.
Impact on Competitiveness: Steel producers may face challenges in international markets if their prices become less competitive compared to steel from other regions.
Supply and Demand Dynamics: The specific impact on the steel market will depend on factors such as the overall supply and demand for steel, the global economic conditions, and the elasticity of steel demand.
In summary, an 18 percent increase in steel mill wage costs is likely to result in higher steel prices, potentially impacting demand and global competitiveness in the steel market.
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Stewed Tomatoes was an "all-girl power-pop trio." Its three members realized that many musicians feel stifled when making music in a sterile studio environment while the clock ticked away expensive hours, so the three girl band members created Materville Studios, a multimedia production house and recording studio in downtown Chicago. They share work responsibilities and profits equally. Materville Studios is a(n):
A. S corporation
B. Cooperative
C. Sole proprietorship
D. Partnership
E. Double proprietorship
Final answer:
Based on the shared responsibilities and profits, Materville Studios is a Partnership, which is a business structure operated by two or more individuals.
Explanation:
If the three members of Stewed Tomatoes share work responsibilities and profits equally, their multimedia production house and recording studio, Materville Studios, is most likely a Partnership. A partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. This structure allows the profits to be shared among the partners and does not require the formalities of an S corporation or a Cooperative, such as stock distribution or formal membership processes. Furthermore, unlike a Sole Proprietorship, which is owned and run by one person, a Partnership involves multiple individuals. There is no legal business structure known as a Double Proprietorship.
In September, Lauren Ashley Company purchased materials costing $220,000 and incurred direct labor cost of $150,000.Overhead totaled $310,000 for the month.Information on inventories was as follows:September 1 September 30Materials $140,000 $130,000Work in process $90,000 $70,000Finished goods $60,000 $80,000
1) What was the cost of direct materials used in September ?2) What was the total manufacturing cost in September ?3) What was the cost of goods manufactured for September ?
Answer:
a. $230,000
b. $690,000
c. $710,000
Explanation:
The computation is shown below:
a. Cost of direct material used = Beginning balance of raw material + purchase made - ending balance of raw material
= $140,000 + $220,000 - $130,000
= $230,000
b. Total manufacturing cost
Total manufacturing cost = cost of direct materials used + direct labor cost + overhead cost
= $230,000 + $150,000 + $310,000
= $690,000
c. Cost of goods manufactured
Cost of goods manufactured = Beginning balance of Work in process + Manufacturing cost - Ending balance of Work in process
= $90,000 + $690,000 - $70,000
= $710,000
Describe the organizational structure that might best suit Suburban Homes. Ensure that your discussion includes all possible structures and why each is ruled out. Minimum 250 words.
Answer:
Suburban organizational structures of homes are of different patterns that is evolving over the years.
From the days of cluster pattern of building of homes. This was struck out because it does not allow cross ventilation.
The elongated building system by the side of roads. The danger of over closeness to road struck out this organizational structure of suburban homes.
Also,Suburban structures occasionally call to mind their roots in the frontier experience — a pioneering spirit crystallized in the image of a small house standing at the edge of a vast and savage landscape. Confronting the wilderness, this cabin provides a place of refuge for the men and women who work the land in advance of the settlement yet to come. Today the legacy of the pioneer’s cabin can be encountered at the fringes of suburbia like a portent of the vast expanses of housing that will follow in its wake. In true pioneering fashion, the structure shown here lays claim to the landscape simply by virtue of being there first. The homespun elements of pitched roof and white timber siding, fetishistically pristine against the churned soil of the building site, are the formal embodiment of the myth of Manifest Destiny — a symbol of enterprise, resourcefulness and ultimate triumph in the face of an unknown and threatening world. Like Abbe Laugier’s own primitive hut, both natural and affected, this cabin stands as the proud primogenitor of suburbia.
Final answer:
Explains different organizational structures for Suburban Homes and reasons why some are ruled out.
Explanation:
Organizational Structure for Suburban Homes
Functional Structure: This structure groups employees based on the functions they perform. It is ruled out for Suburban Homes as it may lead to inefficiencies and lack of coordination among different departments.
Divisional Structure: This structure groups employees based on products, services, or geographic locations. It is ruled out for Suburban Homes if it has a limited product line or serves a single market.
Matrix Structure: This structure combines functional and divisional structures, but it can lead to power struggles and complexity. It may not be suitable for Suburban Homes due to its potential for confusion.
Conclusion: A hybrid structure that combines elements of functional and divisional structures may be the best fit for Suburban Homes, allowing for both functional specialization and divisional focus as needed.
Cortina Company accumulates the following adjustment data at December 31. Indicate 1) The type of adjustment (prepaid expense, accrued revenue, and so on.2) The status of the accounts before adjustment (overstated or understated).
Answer:Incomplete question.
Problems are:
A. Supplies of $400 are on hand. Supplies account shows $1,600 balance.
B. Services performed but unbilled total $700
C. Interest of $300 has accumulated on a note payable.
D. Rent collected in advance totaling $1,100 has been earned.
Explanation:
A. Prepaid expenses. Asset Overstated
B. Accrued Revenue. Expenses understated, Asset Understated
C. Accrued Expenses. Revenue understated, liability understated, Expenses Understated
D. Unearned revenue. Liabilities overstated, Revenue understated
Assuming Cortina Company accumulates the following adjustment data at December 31. The type of adjustment is: Prepaid expenses.
Type of adjustment and account statusA. Supplies of $400 are on hand. Supplies account shows $1,600 balance.
Type of adjustment: Prepaid expenses
Status of account:
Asset OverstatedExpenses understatedB. Services performed but unbilled total $700.
Type of adjustment:Accrued Revenue
Status of account:
Assets UnderstatedRevenues UnderstatedC. Interest of $300 has accumulated on a note payable.
Type of adjustment: Accrued Expense
Status of account:
Liability understatedExpenses UnderstatedD. Rent collected in advance totaling $1,100 has been earned.
Type of adjustment: Unearned Revenue
Status of account:
Liabilities OverstatedRevenue understatedInconclusion the type of adjustment is: Prepaid expenses
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After identifying the purpose of your message, you should select the most appropriate communication channel. When determining the most effective channel for your message, which of the following should you consider? Check all that apply. Receiver's preference and level of technical expertise Confidentiality and sensitivity of the message Sender's composing preference Amount of effort involved Cost of the channel Degree of satisfaction Amount and speed of feedback and interactivity required
To determine the most effective communication channel, consider the receiver's preference and technical expertise, the confidentiality of the message, the sender's preference, the cost and effort involved in the channel, and the speed and amount of feedback required.
Explanation:When determining the most effective communication channel for your message, several factors should be considered. First, the receiver's preference and level of technical expertise is important. If the person you are communicating with prefers email over phone calls and has the necessary skills to use this platform, then that is your best bet. Secondly, the sensitivity and confidentiality of the message should be considered. Certain channels provide more privacy than others. Thirdly, the sender's composing preference matters; it is easier to convey a well-written message if you are using a channel you are comfortable with.
The next consideration is the cost of the channel; some methods of communication are more expensive than others. Also, consider the amount of effort involved; some channels require more time and energy than others. Lastly, consider the degree of satisfaction and the amount and speed of feedback and interactivity required. Some channels allow for faster responses and more interaction, which can lead to greater satisfaction in the interaction.
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Michael Company reports the following account balances at the end of the first year of operations: Revenues $ 160 comma 000 Cost of Goods Sold $ 46 comma 000 Salaries Expense $ 21 comma 000 Dividends Declared and Paid $12,000 Utilities Expense $ 11 comma 000 Advertising Expense $10,000 Short-term Investments $ 14 comma 000 Cash $ 102 comma 000 Land $ 40 comma 000 Common Stock $50,000
What are total liabilities at the end of the first year?
Answer:
$46,000
Explanation:
The computation of the total liabilities at the end of the first year is shown below:
We know that
Total assets = Total liabilities + stockholder equity
where,
Total assets = Cash + land + short term investment
= $102,000 + $40,000 + $14,000
= $156,000
Stockholder equity = Common stock + net income - dividend paid
= $50,000 + 72,000 - $12,000
= $110,000
So, the total liabilities would be
= $156,000 - $110,000
= $46,000
Working Note:
The net income is
= Revenue - cost of goods sold - Salaries Expense - Utilities Expense - Advertising Expense
= $160,000 - $46,000 - $21,000 - $11,000 - $10,000
= $72,000
A business promises to pay the investor of $6000 today for a payment of $1500 in one year's time, $3000 in two years' time, and $3000 in three years' time. What is the present value of this business opportunity if the interest rate is 6% per year
Answer:
The business sounds good as the net present value is positive.
NPV $603.94
Explanation:
we have to solve for the present value of the discount values of the cash flow:
[tex]PV = \frac{1500}{1+0.06} + \frac{3000}{(1+0.06)^2} +\frac{3000}{(1+0.06)^3}[/tex]
PV = 6603.941509
Net present value
6,603.94 - 6,000 investment (amount borrowed to the business)
603.94
To calculate the present value of the business opportunity, we need to discount each future payment back to the present using the given interest rate of 6% per year.
Explanation:To calculate the present value of this business opportunity, we need to discount each future payment back to the present using the given interest rate of 6% per year. We can use the present value formula:
Present Value = Future Value / (1 + Interest Rate)n
Where 'Future Value' is the amount to be received in the future, 'Interest Rate' is the annual interest rate, and 'n' is the number of years.
Applying the formula to each future payment:
Present Value of $1500 in one year: 1500 / (1 + 0.06)1 = $1415.09Present Value of $3000 in two years: 3000 / (1 + 0.06)2 = $2675.93Present Value of $3000 in three years: 3000 / (1 + 0.06)3 = $2380.56Finally, we add up the present values of all the future payments:
Total Present Value = 1415.09 + 2675.93 + 2380.56 = $6471.58
Therefore, the present value of this business opportunity is $6471.58.
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Mr. James purchased a vacation house in Los Angeles on July 1, 2017. The purchase price was $1,000,000, and Mr. James spent $10,000 on capital additions. As of January 1, 2019, the house was worth $1,200,000. Mr. James was not entitled to depreciate thehouse as it was a personal-use asset.Assume Mr. James still owned the house as of December 31, 2019. On December 31,2019, the house was valued at $1,300,000. For tax purposes, how much income did Mr.James realize in 2019
Answer:
= $210,000
Explanation:
The question is to determine the income realized by Mr. James in 2019
The income is calculated as follows:
First, the basic information for calculation:
The Purchase price for the vacation house = $1,000,000
Spent Capital additions = $10,000
2019 worth of the house = $1,200,000
Secondly, based on the extracted figures, the income is calculated as follows
Income realised in 2019 = 2019 worth of the house - (Purchase Price - capital addition)
= $1,200,000 - ($1,000,000 - $10,000)
= $1,200,000 - $990,000
= $210,000
Mr. James did not realize any income from the increase in value of his house in 2019 for tax purposes as the house was not sold.
Explanation:For tax purposes, income is normally the amount of money received for goods or services during a certain time period. However, any increase in the value of personal assets such as a house, also known as appreciation, is not counted as income until the asset is sold. So, in 2019, even though the value of Mr. James' house increased by $100,000, from $1,200,000 on January 1 to $1,300,000 on December 31, 2019, Mr. James would not have realized, or officially 'made,' any income from his home in 2019 unless he sold it. Therefore, for tax purposes, the answer is $0.
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Unfortunately, Tori doesn't have enough money in her account right now. She needs to make additional contributions at the end of each of the next five years to be able to pay for the repairs. Her account currently has $3,500, which, along with her additional contributions, is expected to continue earning 8% annual interest. If she makes equal contributions each year, how large must each contribution be for Tori to have $8,000 after five years?
Answer:
Explanation:
formula:
FV=P(1+r/100)^n
FV=future value
P=present value
r=rate of interest
n=time period
8000=4500(1+8/100)^4+P(1+8/100)^3+P(1+8/100)^2+P(1+8/100)+P
P=each contribution amount
8000=6122.20+P[(1.08)^3+(1.08)^2+(1.08)+1]
P=[8000-6122.20]/[(1.08)^3+(1.08)^2+(1.08)+1]
=$417
The organizers of a local music and arts festival approach the management of Ocelot Juice Bar, a popular business near the festival site, about becoming a sponsor. While Ocelot thinks sponsoring the festival would be great exposure for their business, they have recently had to deal with some unexpected large expenses, including updating all the plumbing in their building and replacing a cracked window. They have to keep these expenditures in mind when considering becoming a sponsor.
A) Which of the following types of decisions is illustrated in this scenario?
O programmed decision
O goal displacement decision
O quantitative decision
O nonprogrammed decision
O garbage can model decision
Answer:
nonprogrammed decision
Explanation:
Nonprogrammed decision refers to a form of decision that is made based on new circumstances that never really happened in the past. Typically This type of decision happen when there is an external factor that mess up without initial plan.
In the example above, Ocelot need to consider their decision due to unexpected large expenses. This unexpected situation will force ocelot to explore a new solution that they never encountered before.
The decision Ocelot Juice Bar is facing is a non programmed decision due to its non-routine nature and the various complex factors that the management needs to consider before making this decision.
Explanation:The type of decision that best represents the scenario is a non programmed decision. Non programmed decisions are made in response to unusual or novel opportunities and threats, rather than routine matters. They are typically not structured and require more of a manager's judgement and intuition. In this case, Ocelot Juice Bar management is faced with a unique decision about whether to sponsor a local music and arts festival, something which is not a regular or routine part of their business. They must weigh the potential benefits of the increased exposure against their recent unexpected large expenses. There aren't firmly established procedures for making this decision as it involves several complex factors, including recent financial hardships and the potential financial and promotional benefits of sponsorship. Therefore, this situation calls for a non-programmed decision.
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NOVA Chemicals is a plastics and chemical company whose products are used in a wide variety of applications, including food and electronics packaging. It focuses its marketing efforts primarily on companies in the food and electronics industries.
NOVA’s specific marketing efforts to its customers are known as:
a) targeting.
b) segmentation.
c) mass marketing.
Answer:
a) targeting.
Explanation:
Targeting -
It refers to the marketing strategy , where some selected or specific type of people are targeted to market the goods and service produced , is referred to as targeting .
In the process of targeting , the people are distributed according to some specific characteristics .
Hence , from the given scenario of the question,
The correct option is a) targeting .
The Equal Credit Opportunity Act prohibits which of the following? a. Basing the credit decision on unemployment. b. Basing the credit decision on the fact that the applicant was in prison for a felony three years ago. c. Basing the credit decision on the receipt of public assistance income. d. Basing the credit decision on a bankruptcy of five years ago.
Answer:
(C). Basing the credit decision on the receipt of public assistance income.
Explanation:
According to the Equal Credit Opportunity Act, applicants who have the capacity to contract are eligible to apply for credit and should not be discriminated against by any creditor.
The act prohibits the creditor from refusing to grant credit on the basis of age, religion, race, sex, marital status, or whether the applicant receives public assistance income.
an amount of money is invested at 3% annual simple interest, & $2000 more than that amount is invested at 4%. The total annual interest is $920. How much is invested at each rate?
Answer:
$12,000 at 3%.
$14,000 at 4%.
Explanation:
Let A be the amount invested at 3%, and B be the amount invested at 4%. The following system of equations can be modeled from the provided information:
[tex]B=A+2,000\\0.03A+0.04B = 920\\[/tex]
Solving the linear system:
[tex]B=-0.75A+23,000\\-0.75A+23,000 = A+2,000\\A= 12,000\\B=14,000[/tex]
$12,000 were invested at 3% and $14,000 were invested at 4%.
A toothpaste manufacturer believes its most likely customers are parents of young children who value a brand with a kid-friendly taste and texture. The company's segmentation is probably based on: Select one:
a. psychographics.
b. behavioral characteristics.
c. a combination of demographics and benefits sought.
d. a combination of behavioral characteristics and benefits sought.
e. a combination of demographics and psychographics.
Answer:
c. a combination of demographics and benefits sought.
Explanation:
The type of customer that a company aims to reach with its products is the company's demographics. In this situation, the public aimed is parents of young children, which is the demographics. A "kid-friendly taste and texture" are the benefits offered by the manufacturer that they believe is valued by their demographics. Therefore, the company's segmentation is probably based on a combination of demographics and benefits sought.
Capital Radio PLC, the United Kingdom's biggest commercial radio firm announced in 2002 that it would cooperate with Walt Disney Co. to create a radio network for children under the age of 16. The company will broadcast to a potential audience of 25 million under the name Capital Disney. This new radio network will be created as the result of:
O joint venture
O international partnership
O oligopoly
O joint cooperative
O international cartel
This new radio network will be created as the result of: joint venture. As The company will broadcast to a potential audience of 25 million under the name Capital Disney. Hence, option A is correct.
What is joint venture?A joint venture is a business collaboration involving two or more participants who agree to cooperate in order to achieve a specific objective. Joint ventures are a general term for a variety of cooperative business agreements that involve varied degrees of integration and may or may not have a set duration.
SAB Miller and the Molson Coors Brewing Company. This joint venture example involves reaching out to new geographic markets: To distribute all of their beer brands in the US and Puerto Rico, Molson and SABMiller established a joint venture.
Joint ventures are collaborations between two or more people or entities working on a single project, as opposed to partnerships, which consist of just one person.
Thus, option A is correct.
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A 1,500,000 SF plant employs 300 people and produces 177,000 LCD panel per month. The plant is idle, on average, 2 months each year for maintenance, repairs, and retooling. The plant has fixed costs of $4,000,000 per month and variable costs of $90 per LCD panel. What is the total operating cost for the plant per YEAR? Express your answer in $ to the nearest $1 million.
Answer:
The total operating cost for the plant per YEAR is $225,000,000.
Explanation:
Fixed cost = $4,000,000 for month
Variable cost = $90 per LCD panel.
Total LCD panels produced in a month = $ 177,000.
Total operating cost = Fixed cost + variable cost
= 12*4,000,000 + 10*177,000*100
= 48,000,000 + 177,000,000
= $225,000,000
Therefore, The total operating cost for the plant per YEAR is $225,000,000.