Answer:
b) $0, since he was just going to throw out the board
Explanation:
Producer surplus would have applied if the old surfboard that he no longer needs was produced by him.
Producer surplus measures the benefit to sellers of participating in a market. It is measured as the amount a seller is paid minus the cost of production. For an individual sale, producer surplus is measured as the difference between the market price and the cost of production, as shown on the supply curve.
There is a difference between profit and Producer Surplus which is the fixed cost of production.
In conclusion Steve benefited $10 but that cannot be called a producer surplus.
It may not always be possible to research the accounting for proposed transactions. Research may be required at the time, or after, a transaction is executed if:_______.
a. the transaction or event could not have been anticipated, such as issues arising from a fire or natural disaster.
b. the transaction was time-sensitive, and there was not sufficient lead time to research the accounting.
c. communication broke down between the accounting team and the operations teams in the organization, and the accounting team was not made aware of the proposed transaction.
d. the preparer has limited resources and therefore only performs research for final transactions.
e. all of the other answers are correct.
Option E
Research may be required at the time, or after, a transaction is executed if: all of the other answers are correct.
Explanation:
Inappropriate, accounting research may be required for transactions that are unique or rare for a firm, or concerning which a firm does not have an organized accounting fashion. Accounting research is commonly only implemented for transactions and functions that are deemed element to a thing and that are consequently suitable to users of an entity’s financial reports.
A transaction is performed, when the firm underwent from a construction explosion or natural hazard, the transaction was time-sensitive, Contact cracked down within the deal makers in the business and the accounting unit, the transaction was extremely secret.
Suppose that government officials want to increase the population, so they offer a $1,000 payment for to the parents of each child born. Which of the five foundations of economics best describes the thinking of these government officials?
a. opportunity cost.
b. incentives.
c. trade creates value.
d. marginal thinking.
Answer:
b. incentives.
Explanation:
Incentives are what makes or motivates economic agents to adopt a particular behaviour.
The incentive here is the $1000 that would be given for each child born.
All things being equal ,the $1000 would motivate people to have more babies.
I hope my answer helps you
In the Colorado Contract to Buy & Sell , if the buyer receives a property inspection report on the day after the Inspection Objection Deadline , and the report contains several serious matters. The buyer:______
Answer:
Missed the opportunity to object based on inspections issues, and the contract is still in force.
Explanation:
There is a reason why the objection deadline exists; prior to that date the buyer can decide to not purchase the property without any negative consequences. But dates actually matter, and if the buyer didn't file an objection until that deadline, then the contact is enforceable. Once that date passes, they lost their opportunity to object the inspection item.
Consider a society that must choose between making automobiles and tractors. The quantity of automobiles produced is graphed on the vertical axis on the PPF. What happens to the opportunity cost of making tractors as society moves to the right and down the curve?A) The opportunity cost stays the same.
B) The opportunity cost decreases substantially.
C) The opportunity cost decreases slightly.
D) The opportunity cost increases
Answer:
The correct answer is option D.
Explanation:
A society is assumed to produce two goods, automobiles and tractors. Automobiles are represented on the vertical axis while tractors are represented on the horizontal axis.
As society moves to the right on the production possibility frontier the quantity of tractors increases. At the same time, as the production of automobiles is reduced, the cost of giving up automobiles increases. In other words, the opportunity cost of producing tractors increases.
This happens because of substituting a resource for the production of another good.
Answer:
D) The opportunity cost increases
Explanation:
The law of increasing opportunity cost is the concept that as you continue to increase production of one good, the opportunity cost of producing that next unit increases. This comes about as you reallocate resources to produce one good that was better suited to produce the original good.
When solving systems of equations we have at least two unknowns. A common example of a system of equations is a price problem. For example, Jacob has 60 coins consisting of quarters and dimes. The coins combined value is $9.45. Find out how many of each (quarters and dimes) Jacob has. What do the unknowns in this system represent and what are the two equations that that need to be solved? Finally, solve the system of equations.
Answer:
a. The unknowns in the equation above are q and d that represent the number of quarters and dimes respectively.
b. The two equations that need to be solved are; q+d=60...equation 1, and
0.25 q+0.1 d=9.45...equation 2
c.
Number of dimes, d=37
Number of quarters, q=23
Explanation:
a.
Step 1: Derive equation for determining total number of coins.
The total number of coins can be derived using the expression below;
T=q+d
where;
T=total number of coins
q=number of quarters
d=number of dimes
In our case;
T=60 coins
q=unknown
d=unknown
replacing;
q+d=60...equation 1
The unknowns in the equation above are q and d that represent the number of quarters and dimes respectively.
b.
Step 2: Derive equation for determining combined value of coins.
V=(q×Q)+(d×D)
where;
V=total value of the coins
q=number of quarters
Q=unit value of a quarter in dollars
d=number of dimes
D=unit value of a dime in dollars
In our case;
V=$9.45
q=unknown
Q=$0.25
d=unknown
D=$0.10
replacing;
9.45=(0.25×q)+(0.10×d)
9.45=0.25 q+0.1 d
0.25 q+0.1 d=9.45...equation 2
Step 3: Combine equation 1 and 2 and solve simultaneously
(q+d=60)×0.25 >>>>>>>>>>>> 0.25 q+0.25 d=15
-
(0.25 q+0.1 d=9.45)×1>>>>>>> 0.25 q+0.1 d=9.45
(0.25 q-0.25 q)+(0.25 d-0.1 d)=15-9.45
0 q+0.15 d=5.55
0.15 d=5.55
d=5.55/0.15=37
d=37
Substitute the value of d in equation 1;
q+d=60
and q=37
37+q=60
q=60-37=23
q=23
Concerning the classification of customers in the business market, General Motors is a(n) ____ when purchasing a mainframe computer system from IBM, but is a(n) ____ when purchasing tires from Goodyear.
a. user; distributor
b. user; upstream supplier
c. user; original equipment manufacturer (OEM)
d. original equipment manufacturer (OEM); downstream supplier
Answer:
c. user; original equipment manufacturer
Explanation:
When businesses buy and sell goods with one another, wherein one business's finished product can act as another business's input/component, such a marketplace is referred to as business markets.
A business shall be referred to as a user if it purchases goods from another business and subsequently uses those goods, which are not directly used in manufacture of it's own products.
An Original Equipment Manufacturer(OEM) refers to such a business which buys products which act as components or constitute a part of it's own product. In such a case, business buys such a part, uses it in manufacture of it's own product, makes necessary changes and then sells the whole product under it's own brand.
Christian spends a significant amount of his time at work performing tasks such as distributing work among his subordinates and arranging their shifts and tasks to be performed.This relates most closely to which managerial function?
Answer:
Distributing work among his subordinates and arranging their shifts and tasks to be performed is related most closely to controlling and analyzing performance against goals managerial function.
Explanation:
A manager is who is in charge of departments in companies, guiding the people, making decisions planning for better.
The are four functions of management in industries include distributing work among subordinates and arranging their shifts and tasks to be performed, controlling a workflow, analyzing performance against goals and leading to internal goals achievement.
For supply, we know that the quantity supplied will increase as the price increases, ceteris paribus. What are the other variable that would affect supply and therefore either increase it (shift the curve right) or decrease it (shift the curve left)?
Answer:
Cost of production: if the cost of production increases, production would fall and the supply curve would shift to the left. If the cost of production falls, it would encourage production and the supply curve would shift to the right.
2. Prices of related goods: if the price of related goods rises, producers would shift to the production of the related goods because they would earn greater revenue. Thus, the supply of the good would fall and the supply curve would shift to the left.
3. Number of suppliers: if the number of firms producing a good increases, supply would increase and the supply curve would shift to the right. If the number of suppliers fall, the supply curve would shift to the left.
4. Technological advancement: technological advancement can positively enhance production. This would lead to an increase in supply and the supply curve would shift to the right.
I hope my answer helps you
Explanation:
Noah values his car at $10,000, and Emily values it at $14,000. If Emily buys it from Noah for $11,000, which of the following is true?
A) Noah gains $1,000 of value, and Emily gains $3,000 of value.
B) Noah gains $10,000 of value, and Emily loses $14,000 of value.
C) Noah gains $11,000 of value, and Emily loses $11,000 of value.
D) Noah and Emily both gain $11,000 of value.
Answer: The correct answer is a) Noah gains $1,000 of value, and Emily gains $3,000 of value
Explanation:
The gain to each person will be based on the value on the car.
Noah valued his car for $10000 and sold it for $11000. To him is gain is $1000 which is an increase in the value.
However, Emily's value on the same car is $14000. Since she purchased the car for $11000, she has made a gain/ savings of $3000.
Recently, two nations experienced a trade dispute over copyright issues. Country "A" accused Country "B" of violating international copyright laws. Since both were members of ______________, they appealed to this organization to mediate the dispute.
A) The WTO (World Trade Organization)
B) IMF (International Monetary Fund)
C) GACT (General Agreement on Copyrights and Trademark)
D) A common market
Answer:
The answer is A.The WTO(world trade organization).
Explanation:
The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
Adams has an easement over Baker's property. Adams leaves town for 21 years. When he returns, does he still have an easement over Baker's land? (a)No, because he was gone 20 years. (b)Yes, he still has the easement right, since he was not gone over 30 years. (c)Yes, Adams still has the easement. (d)No, because Adams abandoned the easement.
Answer:
(c)Yes, Adams still has the easement
Explanation:
An easement doesn't expire through non use. An easement is a restricted right to utilize the land of some individual for an intended purpose.easements only expire by agreement, abandonment, merger and necessity.
Abandonment: The easement is deserted when the bearer of the easement takes serious action to indefinitely abandon the easement. When the easement isn't in use it does not count as abandoning.
Assume the football team is set up as a C corporation and that Lenny, Sarah, and Sam are the shareholders. After setting up the corporation, no formalities of the corporation were kept. Lenny, Sarah and Sam all pay most of their personal bills out of corporate bank accounts. The team is sued for negligence because an individual who turned to see the quarterback running naked crashed her car, but the team does not have sufficient funds or insurance to cover the judgment. Which of the following is true?
A. Lenny, Sarah and Sam may be personally liable because the plaintiff may be able to pierce the corporate veil.
B. Lenny, Sarah and Sam may be personally liable because of the corporation by estoppels doctrine.
C. Lenny, Sarah and Sam may be personally liable because of the ultra vires doctrine.
D. Lenny, Sarah and Sam can never be personally liable because the team is set up as a corporation.
Answer:
Option D is correct
Explanation:
The reason is that the company has its separate essence and legally recognised as a separate entity from its owners. Its just like you are legally recognized as separate person from your family and you are liable for the things you do, not your family. Their was a case in UK, a person registered a separate company and that company posseses a plane which the owner insured and used to pay its insurance contribution. Later, he legally transferred the ownership of the airplane to his name. Due to an accident, the claim for the repair and maintenance was sent to the insurance entity. Now the insurance company said why would I pay you the amount when the asset is not legally owned by the company. The owner filed the case and the court said that the insurance company is right because the claim is only valid till the ownership is not changed and this case the ownership has been changed because the company is a separate company.
In the text, all of the following are listed as characteristics of the counselor as a therapeutic person except: Group of answer choices A. counselors no longer have to cope with personal problems. B. counselors make mistakes and are willing to admit them. C. counselors make choices that are life oriented. D. counselors have a sense of humor.
Answer:
Option"A" is the correct answer of the following statement.
counselors no longer have to cope with personal problems.
Explanation:
A counselor is a professional person who is specially trained to give advice. Counselors give proper advice to people on the strength of their specialized training. A good example of a consultant might also be a business consultant who uses his or her specialized knowledge to make appropriate decisions for a business.
The counselor is also like a common person, he also has to face many difficulties in life.
Nicolette Garrison works part-time at an independent record store. Whenever her friend, Jacob Barker, comes into the store during one of her shifts, he picks up a CD and brings it to the register where Nicolette is stationed. After ringing a "no sale" transaction on the cash register, Nicolette pretends to swipe Jacob's credit card for payment. She puts the CD in a bag and gives it to Jacob, who walks out without actually paying for the merchandise. What kind of scheme is being committed?
a. Cash larceny
b. Sales skimming
c. Fake sale
d. False refund
Michael is the owner of a steel refinery in Pittsburgh, PA. The market (his sales) price for a ton of steel increased from $400 per ton in October to $600 per ton in November. According to the law of supply, what would be a rational response by Michael to this change in the market price for steel?
Answer:
Explanation:
Supply refers to the quantity of goods and service that the supplier is willing to sell at a particular price and period. The law of supply states that an increase in price of a good or service will increase the quantity that the supplier is willing to supply provided that all other things are equal. Going by this law Micheal's response will be to Hire additional workers and increase his output or pay his workers overtime wages to increase working hours to increase output in other for him to make more profits.
Final answer:
According to the law of supply, Michael is likely to increase the supply of steel he produces in response to the increase in market price from $400 to $600 per ton, as long as his costs allow for profitable production.
Explanation:
The law of supply suggests that at higher prices, producers are willing to offer more of a good, and at lower prices, they will offer less. In the context of Michael owning a steel refinery and the market price for steel increasing from $400 to $600 per ton, the law of supply indicates that Michael would likely respond rationally by increasing his supply of steel. This means Michael would aim to produce and sell more tons of steel than he did when the price was lower, assuming his refinery can increase production without incurring excessive costs. If he can produce steel at a cost lower than the market price, then selling more steel at the higher price would lead to higher revenues and potentially higher profits.
Other factors that could influence Michael's decision include the cost of inputs, technology, and government policies, among others, which could affect his cost of production and ability to supply more steel.
George has a weekly income (I) of $50 which he uses to purchase donuts (D) and coffee (C). The price of a donut is $1 and the price of coffee is $2.50. Suppose George's income increases to $100 while the price of both donuts and coffee remain unchanged. Given this income change, one would expect George's budget line:a. to shift to the right. b. to shift to the left. c. to rotate around the coffee axis point. d. not to be affected.
Answer:
The correct answer is option a.
Explanation:
A budget line represents the maximum possible combination of two goods that can be purchased by an individual by spending all of his income.
George has a weekly income of $50.
He spends this income on donuts and coffee.
The price of a donut is $1 and the price of coffee is $2.50.
As George's income increase to $100, George will be able to afford more coffee and donuts as the price of coffee does not change.
So, the budget line will shift to the right, indicating the increase in the quantity of goods George can afford.
Final answer:
With an increase in George's weekly income to $100, his budget line will shift to the right, indicating a larger budget constraint allowing for the purchase of more goods.
Explanation:
A budget line represents the maximum possible combination of two goods that can be purchased by an individual by spending all of his income.
George has a weekly income of $50.
He spends this income on donuts and coffee.
The price of a donut is $1 and the price of coffee is $2.50.
As George's income increase to $100, George will be able to afford more coffee and donuts as the price of coffee does not change.
So, the budget line will shift to the right, indicating the increase in the quantity of goods George can afford.
During the new employee orientation, the training officer meets with the new EMTs and explains to them the monthly training schedule and the classes they must attend for EMT recertification. One of the new EMTs asks the training officer why they have to keep taking EMT courses if they already passed the EMT examination. What is the best answer?
Answer: EMS is constantly evolving in response to evidence-based research.
Explanation: Evidence-based research is the use of information to make decisions about a research and not an opinion.
It is a systematic process whose purpose is to congeal the best available research findings with historical and laboratory test results in order to optimize the process of making decisions.
it is any practice that relies on scientific and mathematical evidence to form strong inductive or deductive arguments for guidance and decision-making.
EMTs need to attend regular classes for recertification to stay updated on medical advancements and maintain their skills.
EMTs must attend regular classes for recertification to stay updated on the latest medical protocols, procedures, and advances in the field. While passing the initial EMT examination is crucial, continuous education ensures that EMTs maintain their knowledge and skills required for providing high-quality patient care.
Mediocre economists often consider only the immediate apparent effects of a change, whereas a good economist will also consider effects that may only become observable over time. This statement most clearly emphasizes:
A. The fallacy of composition
B. Economizing behavior
C. The importance of secondary effects
D. The fact that association is not causation
Answer:
C. The importance of secondary effects
Explanation:
Secondary economic impact is a study of economic activities due to recurring rounds of spending by companies, households, and the government.
Secondary effects are long term and comes after the primary effect (first round of spending).
It is also called induced economic effect.
An infant who begins to explore the environment by actively taking independent action is entering the:
tertiary circular reactions stage.
secondary circular reactions stage.
new adaptation and anticipation stage.
primary circular reactions stage.
Answer:
tertiary circular reactions stage.
Explanation:
Tertiary circular reactions stage starts at the age of 12 months to 18 months. it is the fifth sub stage of children development stages
At this stage the children try to explore the object by involving them like pulling the string, throwing the toys regularly. During this stage, children try to different different action in order to get attention from surrounding
Our company will continue to research and develop the latest technologies that lead to improvements in fermented organic treatments for endocrine disorders to improve the quality of life for people. This statement is an example of a company's ____________ statement. a. Promotion b. Vision c. Distribution d. Mission
Answer:
D. Mission
Explanation: Mission is a term used to describe the what an organisation is,what it want to achieve as it continues its business. Mission statement is vital to Organisational success as it puts all the departments,and sub units of the Organisation on the same level in terms of what is to be achieved by the Organisation. Mission statement is essential for building unity of purpose and execution of task in the Organisation as all are focused on the MISSION OF THE ORGANISATION.
Corinne has analyzed the overall attractiveness of doing business with three possible countries and has determined that Country A is the best choice based on the potential for huge economic growth that should occur there because of recent advances in technology. Which factor of overall attractiveness is Corinne basing her decision on?
Answer:
The answer is: Infrastructures
Explanation:
Entering an international market by a business requires a decision. However, there are some factors (good and bad) that may be considered and analyzed before coming up with the decision. These factors are: size & growth of the market, economic growth & levels of disposable income, exchange rates, ease of doing business, infrastructure, domestic competition, etc. They may contribute to the overall attractiveness of doing a business.
Clearly, Corinne is after the "Infrastructure" in Country A because she based her decision on the recent advances in technology. Infrastructures refer to buildings, facilities and other things that allows a society to function well. This includes the advancement in technology as well.
Business and the Bill of Rights, Thomas worked in the non-military operations of a large firm that produced both military and non-military goods. When the company dis-continued the production of non military goods, Thomas was transferred to the plant producing military equipment. Thomas left his job, claiming that it violated his religious principles to participate in the manufacture of goods to be used in destroying life. In effect, he argued, the transfer to the military-equipment plant forced him to quit his job. He applied for unemployment compensation with the state but was denied because he had not been effectively "discharged" by the employer but had voluntarily terminated his employment, making him ineligible for that state benefit.
1. The free exercise clause has an absolute protection related to _______, but the government may restrict an individual’s ________in order to maintain order.
2. In order to financially support himself, Thomas either had to______working for the military division or needed to____ unemployment benefits.
3. In order to receive unemployment benefits, Thomas could not ______, but instead had to be ______.
4. Thomas’s company did not _____ him but instead allowed him an opportunity to continue working, but for the military division.
5. Working for the military division would _____ Thomas’s religious beliefs.
6. Because of the state’s regulation, Thomas either had to _____his religious beliefs and work for the military division or give up unemployment compensation.
7. Because the state forced Thomas to choose between his religion or his unemployment benefits, the state____ violate his free exercise rights.
Answer:
1.beliefs, actions
2.continue, receive
3.quit voluntarily, be terminated
4.terminate
5.violate
6.violate
7.did
Explanation:
The summary of the the composition above is about thomas who worked for non military arm of his company. He was then transferred to the military arm that specialises in the production of equipments for war.
Thomas then felt this was against his religious beliefs, and he reacted by by resigning from hi job. He applied for unemployment compensation with state but was denied.
This is against the rights of individuals irrespective of there beliefs
the following answers should suffice for the questions.
1.beliefs, actions
2.continue, receive
3.quit voluntarily, be terminated
4.terminate
5.violate
6.violate
7.did
Marcos launched a small business by inventing, patenting and commercializing a new hand tool. Big Co. has produced a cheaper knock-off version of the tool and is violating Marcos' patent. Litigating a patent will cost at minimum several hundreds of thousands of dollars, which Marcos cannot afford. In this situation, Marcos cana. a. Hire a litigator from a large law firm who will assemble a large and highly qualified team and charge hourly feesb. b. Hire a litigator from a small law firm who will charge hourly feesc. c. Hire a litigator who will agree to a contingent fee structure and require payment only if Marcos obtains a settlement or jury verdictd. d. Save the cost of hiring a lawyer by representing himself in court
Answer:
C) Hire a litigator who will agree to a contingent fee structure and require payment only if Marcos obtains a settlement or jury verdict.
Explanation:
Generally when lawyers agree to a contingent fee structure is because they are convinced their chances of winning are high. Lawyers will accept a fixed percentage of the amount recovered, usually this percentage is around 1/3 of the final settlement.
This type of agreement is very useful since you don't need to invest a lot of money, and the lawyer's pay comes from the money awarded by the jury (or a settlement).
We know that the U.S. is a substantial net debtor to foreigners. How, then, is it possible that the U.S. received more foreign asset income than it paid out?
Answer:
The annual income from investment made on foreign assets is higher than the annual incomes foreigners earn from investing on u.s asset.
Explanation:
U.S companies take greater risk in direct investment when investing in foreign subsidiaries because they have potential for higher rewards while foreign companies take lesser risk when investing in U.S.A.
The number of years that an overseas subsidiaries have been in existence have an important and positive influence on it's rate of return and U.S.A has been establishing companies in foreign countries in the last 30 yearsyears.
In one of the cases in the textbook, Larry Gunter was a shipping clerk for a computer company that manufactured microprocessor chips. After learning that the chips were valuable, he stole three boxes and sold them to his girlfriend's father. Since the scheme worked so well the first time, he continued stealing and selling the chips, even letting a co-worker in on the scheme. How was the theft discovered?
a. A security guard found the chips in a routine check of his work cart
b. An inventory manager filling an order noticed that many of the chips were missing
c. The auditors found the shortage when they conducted the annual inventory event
d. His co-worker notified the loss prevention department in exchange for a cash reward
Answer:
B) An inventory manager filling an order noticed that many of the chips were missing
Explanation:
The text book case explained that Larry was discovered by the inventory manager, but what really is troubling is not that he was able to steal the chips since bad things can happen, but that they happened several times. This means that the company's controls are extremely deficient and it wasn't so difficult to bypass them. If the inventory manager didn't discover Larry's crimes, then an auditor should have discover them. But that is no excuse, if the company knows that the chips are very valuable they should enforce stricter controls to prevent future incidents.
If a company wished to alter a product's platform so that the product could be manufactured in a variety of forms, to meet local differences in five different foreign markets, the component of the product component model that is most likely to be under consideration is:
Answer:
Core components
Explanation:
In the product component model, the core component is the area concerned with what satisfies the needs and wants of customers.
If a company wishes to meet local differences in five foreign markets like un the question stated above, the core components contains what the customers in each of those five foreign markets are interested in.
The core components vary between markets. Market A, may like the color of the product in red and market B may like the color of the product in blue. So identifying these things and satisfying the needs of the customers would be done in the core component.
The company is most likely to be considered the core component of the product. This is the part of the product that facilitates customization to suit different markets, and adapting it can be a beneficial strategy the company can use to cater to different market demands.
Explanation:In the context of this question, the company would most likely be considering the core component of the product. This is the essential part of the product that allows for customization to suit different markets. For instance, a car manufacturer may have a core platform (like a chassis) that remains the same across all models but changes other features to cater to different customer preferences in various markets. The core component is integral to the product's operation but also allows flexibility for alterations to be made for different market demands. Thus adapting the core component is a beneficial strategy for a company when it aims to meet local differences across multiple foreign markets.
Learn more about the Product Component Model here:https://brainly.com/question/32396063
#SPJ6
____________ involving interests in land. Contracts that cannot, by their terms, be within one year from the day after the date of formation. or secondary contracts, such as promises to answer for the debt or duty of another. Promises made in of marriage. Under the Uniform Commercial Code, contracts for the sale of goods priced at or more.
Answer:
Contracts that generally require writing
Explanation:
An increase in demand for burgers _________. a. results in an increase in quantity demanded at every price. b. results in a movement upward and to the left along a demand curve. c. shifts the demand curve to the left. d. results in a movement downward and to the right along a demand curve.
An increase in the demand for burgers results in the results in an increase in quantity demanded at every price.
What is increase in demand?This is a term that is used in economics to mean that the quantity that users are requesting for a product has risen at the given price level.
With this definition in mind, the increase in burger would lead to increase in demand at the price level.
Read more on demand here:
https://brainly.com/question/24384825
Final answer:
An increase in demand for burgers results in an increase in quantity demanded at every price level, which is a rightward shift of the demand curve. This shift is different from a movement along the curve, which occurs due to price changes.
Explanation:
An increase in demand for burgers leads to a shift in the entire demand curve. This is accurately described as an increase in quantity demanded at every price level, resulting in a rightward shift of the demand curve. Therefore, the correct answer to the question 'An increase in demand for burgers _________.' is a. results in an increase in quantity demanded at every price level. This concept is central to understanding how changes in demand, as opposed to changes in price, affect market dynamics.
It is crucial to note that a shift to the right indicates an increase in demand across all price points. This differs from a movement along the demand curve, which occurs due to a change in the price of the good itself and is referred to as a change in quantity demanded.
ABD Tech has invested $20 million to install business intelligence software (BIS) at all of its branches across the globe so that it can access stored information in its servers for business analysis and decision making purposes. In this scenario, the cost incurred by ABD Tech is an example of _____A) acquisition costB) processing costC) storage costD) retrieval cost
Answer:
The correct answer is letter "B": processing cost.
Explanation:
Processing cost is a method of costing implemented in large institutions to track the costs per unit incurred in the business. This approach is mainly used when the company produces items in mass-scale that are very similar or equal and the costs tend to be assigned in mid-term periods -typically one month.
Suppose you have purchased a non-refundable plane ticket and, at the last moment, you cannot take the trip. You can, however, sell the ticket. If you paid $700 for the ticket, the cost of sending the ticket to someone through overnight mail is $20, and you spend $10 on a courier to get the ticket to the post office for overnight delivery, what is the minimum you should accept for the ticket?
a) $700 because that is what the ticket cost.
b) $720 because that is the cost of the ticket and of getting it to the buyer.
c) $730 because that is the total cost of the ticket and getting it to the buyer.
d) More than $730, so that you can make a profit.
e) $30 because the $700 is a sunk cost.
Answer:
E) $30 because the $700 is a sunk cost.
Explanation:
The price of ticket is now a sunk cost, i.e. $700 and only minimum amount that can be earned and accepted is $30.
Sunk cost is an irreversible cost that is incurred because of faulty decision or less accurate forecast by companies or individuals, or even normal costs that is spent becomes a thing of past.
Usually decision makers choose not to spend more money on projects that incur more sunk costs and try to compensate that by making new ways. Sunk costs are like fires shot from a gun; you cannot recover them by any means.
So, $700 is now a sunk cost which couldn’t be brought back.
Final answer:
The minimum amount to accept for the ticket is $730, accounting for the purchase price and the additional mailing and courier expenses, with the initial ticket cost considered a sunk cost. Option C is correct.
Explanation:
The minimum amount you should accept for the ticket is $730. This is because the initial cost of the ticket ($700) plus the overnight mailing costs ($20), and the courier cost ($10) should be recovered even though you cannot make the trip. This total amount represents the minimum price to break even on your expenses. Remember, the $700 is considered a sunk cost, and the rational decision would be to focus on recovering the additional expenses associated with delivering the ticket to a new buyer. Option C is correct.