Marginal revenue and marginal cost is equal to the quantity of 3 units and the price of $ 20. When the price is $ 20, consumers A, B, and C are buyers.
Total producer surplus = Quantity sold x Price – Marginal cost = 3 x (20 – 10) = 30.
Therefore, total producer surplus is $30.00
Trader Tom should charge $30 per turkey to maximize his profit, achieving $60 profit by selling 3 turkeys. The willingness to pay suggests that a $30 price point earns the highest profit compared to lower prices. Other prices result in lower or negative profits.
To determine the price Trader Tom should charge as a single-price monopolist, we need to find the price that maximizes his profit. We start by looking at the willingness to pay of his 6 potential customers and observe the demand schedule. The willingness to pay for the customers is: $50, $40, $30, $20, $15, and $5.
Given that Tom’s constant marginal and average cost is $10 per turkey, we need to identify the price that maximizes his total revenue minus total cost. Here’s the process step by step:
Calculate the revenue for different prices and corresponding quantities sold.Determine the profit (revenue - cost) for each price.Here’s the calculation:
At $30, demand is 3 turkeys (customers who are willing to pay $50, $40, and $30):The maximum profit is achieved at a price of $30, where Tom sells 3 turkeys and earns a profit of $60.
Of fifo or lifo, which method would produce the more favorable cash flow? fifo, because of it produces lower income tax expense fifo, because of it produces higher income tax expense lifo, because of it produces lower income tax expense lifo, because of it produces higher income tax expense no difference in cash flow
Using a decision support system to determine market share is a
A five-year, seven-volume study by the russell sage foundation found that:
which of the following is not one of the four components of the business process
The four components of a business process include inputs, resources, activities, and outputs. Without the list of options, we cannot identify which is not a component.
Explanation:The four primary components of a business process are inputs, resources, activities, and outputs. Inputs refer to the materials, information, or other resources that are necessary to start a process. Resources are the tools, equipment, and human skills required to carry out the process. Activities are the tasks or steps taken to transform inputs into outputs. Outputs are the results or products of the business process. Each component plays an essential role in the functionality and success of the process. Determining which of these is not a component requires an understanding of the context, as the original question seems to be missing the list of options to choose from.
A one-brand-name strategy is useful when the marketer wants the brand to appear to be a local brand, or when regulations require localization.
a. True
b. False
"when more tenured workers publish best practice information on the it solutions' knowledge management system, they are providing"
Cove's cakes is a local bakery. price and cost information follows: price per cake $ 13.41 variable cost per cake ingredients 2.27 direct labor 1.09 overhead (box, etc.) 0.13 fixed cost per month $ 3,372.80 required: 1. determine cove's break-even point in units and sales dollars.
Experts estimate that ________ of sustainability occurs at the design stage
Levon is writing a persuasive message. what is the first task his message should accomplish?
The first task the Levon’s message should accomplish when writing a persuasive message is analyzing the situation as this is the first task that should be done in planning and writing a persuasive message in a way that will help the readers to understand what the message is trying to point out or to be delivered to them.
A nominal interest rate is defined as "the opportunity cost of holding or using money." explain what you understand this definition to mean.
The journal entry to record a return of merchandise purchased on account under a periodic inventory system would be
Imagine a firm that manufactures textiles (pants and shirts). list the four categories of resources, and for each category, give an example of a specific resource that the firm might use to manufacture textiles
A firm that manufactures textiles (pants and shirts) has human resources, physical resources, financial resources, and raw materials.
Here are the four kinds of resources that a company producing textiles (pants and shirts) could employ, along with examples of particular resources for each category:
Personnel ResourcesSkilled labor, including pattern makers, seamstresses, and quality control inspectors, is an example of a resource.
Materials ResourcesExamples of resources include tools and machinery including sewing machines, cutting boards, textile printers, and ironing equipment.
monetary resourcesAn example of a resource would be money for the purchase of raw materials, machinery, and equipment, as well as money for marketing, operating costs, and research and development.
Input Materials:Fabrics (such as cotton, silk, and polyester), threads, buttons, zippers, dyes, and other components utilized in the manufacture of shirts and pants are examples of resources.
Hence, The company needs these resources to make textiles successfully and efficiently, enabling them to fulfill consumer demand for high-quality shirts and pants.
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A textiles firm uses four categories of resources: labor (factory workers), capital (equipment like sewing machines), land (factory space and raw materials like cotton), and entrepreneurship (the leadership and vision to combine these resources to make desirable products)
Explanation:The four categories of resources, also known as factors of production, include labor, capital, land, and entrepreneurship. For a firm that manufactures textiles:
Labor: This refers to the workforce of the company, such as factory workers who operate the machines and sew the textiles. Capital: These are the machinery and equipment used for textile production. For example, sewing machines, looms, and even the factory buildings themselves. Land: This includes the physical space where the factory is located, as well as natural resources like cotton used in the manufacturing of textiles. Entrepreneurship: This is the initiative to combine the three other factors of production into a successful business. An example here would be the business insight to manufacture high-demand textile goods and manage supply chains effectively. Learn more about Factors of Production here:
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For high levels of quantity supplied where firms have reached near maximum capacity, supply becomes less elastic because firms may need to invest in additional capital in order to further increase production.
At high levels of quantity supplied near maximum capacity, supply becomes less elastic because firms may need significant capital investments and time to further increase production, limiting their responsiveness to demand.
High levels of quantity supplied, where firms are operating near their maximum capacity, can indeed result in a situation where the supply becomes less elastic. This occurs because firms may need to make substantial investments in additional capital, such as new machinery or production facilities, to further increase their production. These investments require time, resources, and planning, and firms may not be able to respond quickly to changes in demand.
As a result, the supply of the product may become less responsive to price changes or shifts in demand, making it less elastic. In such cases, even if prices rise significantly, the supply may not increase proportionally due to the limitations of capacity and the time required to expand production.
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José is trying to decide how to diversify his company so that it produces a larger variety of products and competes in new markets. this is a(n) example of a _____ decision.
Case company allocates $5 overhead to each unit produced. the company uses a plantwide overhead rate with machine hours as the allocation base. given the amounts below, how many machine hours does the company expect in department 2?
Let Department 2 Machine hours Be x, and using the equation below.
Find ATQ :
5= (440000 + 245000) / (74000 + x)
=> 370000 + 5x = 685000
=>x = 63000
Therefore, there are 63,000 machine hours that the company expects in Department 2.
What kind of radio isn't regulated by the federal communication commission?
A workbook contains sales information for the first quarter and you are interested in finding the totals sales generated in january by the sales rep jim anderson. what function is best suited to handle the task?
The function that is best suited in handling the task that will help you in seeking the information needed such as the total sales generated in January is the SUMIFS. This function will help in summing the values in the cells base on the dates or numbers provided.
Robert hitchcock is 40 years old today and he wishes to accumulate $500,000 by his 65th birthday so he can retire to his summer place on lake hopatcong. he wishes to accumulate this amount by making equal deposits on his 40th through his 64th birthdays. what annual deposit must robert make if the fund will earn 12% interest compounded annually?
The problem wants to find out the cash flow per period that Robert will make from his 40th birthday until his 65th birthday. We know that he wants to get $500,000 by his 65th birthday thus this is the future value of his money. To solve for the cash flow per period, the equation is Future value = Annuity * [((1+i)^n-1)/i]. The n is the number of payments Robert would make which is 25. The answer would be $3749.98.
Final answer:
Robert Hitchcock needs to make an annual deposit of $832.70 from his 40th to his 64th birthday at a 12% annual interest rate to accumulate $500,000 by his 65th birthday.
Explanation:
Robert Hitchcock wishes to save $500,000 by his 65th birthday, planning to make equal yearly deposits from age 40 to 64 at a 12% annual interest rate. We will calculate the necessary annual deposit using the formula for the future value of an annuity, which is FV = P * [((1 + r)^n - 1) / r], where FV is the future value, P is the annual deposit, r is the annual interest rate, and n is the number of deposits. To solve for P (the annual deposit), we rearrange the formula to P = FV / [((1 + r)ⁿ - 1) / r].
Given FV = $500,000, r = 12% or 0.12, and n = 25 years (from 40 to 64 years old), we calculate:
P = $500,000 / [((1 + 0.12)²⁵ - 1) / 0.12]
Plugging the numbers into the formula gives:
P = $500,000 / [(9.64629371 - 1) / 0.12]
P = $500,000 / [72.0524476 / 0.12]
P = $500,000 / 600.43623
P = $832.70
Therefore, Robert Hitchcock must make an annual deposit of $832.70 to achieve his goal of $500,000 by his 65th birthday.
When a company's output is consumed immediately and employees and customers interact directly, the firm uses and will tend to be flexible, informal, and decentralized?
Companies with immediate consumer-facing outputs and employee-customer interactions tend to adopt flat organizational structures that are flexible, informal, and decentralized, focusing on service-centric operations and teamwork.
Explanation:When a company's output is consumed immediately and there is direct interaction between employees and customers, the firm likely operates with a service-oriented and customer-centric approach. In such situations, traditional hierarchical structures are replaced by flat organizational structures, characterized by flexibility, informality, and decentralization. This paradigm shift, moving away from vertical integration and rigid management, encourages agility within the market economy by enabling companies to respond rapidly to economic fluctuations without the need for government intervention. Interactions and teamwork are emphasized, with team contributions to profitability being a key focus for hiring decisions. This setup fosters seamless horizontal flows of information and builds upon informal networks and tacit knowledge to swiftly form collaborative teams, facilitating a dynamic industrial organization crucial to maintaining competitiveness and innovation.
Research shows that just ________ minutes of exercise can help calm you for as long as 24 hours.
An agency that offers accreditation for health-oriented websites is ____.
The na+/k+ atpase moves sodium in the __________ direction compared with the direction it travels through sodium leakage channels.
To raise wealth and stimulate private spending, suppose the central bank lowers interest rates, making stock market investment relatively attractive. which stock market index would you monitor to judge the effectiveness of the policy: the dow jones industrial average or the s&p 500?
If the relevant population is 268 million people and the number of people in the labor force is 148 million, the labor force participation rate is
If a person starts investing $100 per month starting at age 21, and that money earns a 7% return every year, how much will this person have when turning 70 years old? For ease of calculation, assume starting balance of $0 and annual contributions of $1,200 (12*$100).
Total revenue, in $millions, for apple computers was 42,905 in 2009, 65,225 in 2010, and 108,249 in 2011. the average growth rate of revenue during these three years is closest to:
On thursday, july 27th, 1972, the apple film _______________, featuring george harrison, opens to the general public in london. it will smash previous daily records with huge figures and continuous round-the-clock screenings.
Taos company sold goods to a customer for $100 and collected $7.50 in sales taxes. what type of transaction is the collection of the sales tax? asset exchange transaction claims exchange transaction asset use transaction asset source transaction
The collection of sales tax in this transaction is an asset exchange transaction. The Taos company sold goods to a customer for $100 and collected $7.50 in sales taxes.
Explanation:The collection of sales tax in this transaction is an asset exchange transaction. In this case, the Taos company sold goods to a customer for $100 and collected $7.50 in sales taxes. The sales tax collected is considered an asset for the company because it represents money that the company has received as part of the sales transaction. It is an exchange of assets between the company and the customer.
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Describe whirlpool's global marketing strategy. does whirlpool use an extension product strategy or an adaptation product strategy
Whirlpool's fundamental market strategy was buying nearby settled appliance organizations, converging with effectively existing markets. In Europe, Whirlpool contributed $3 billion to the local market. Whirlpool ended up number three in Europe, yet didn't move past it to Japan, Asia, and Latin America as was anticipated. To adapt to resulting appliance issues in Europe, Whirlpool utilized worldwide part-sourcing strategy that helped the organization to trim down the quantity of providers by supplanting deals associations in 17 nations with four local deals workplaces and by lessening the quantity of distribution centers. Whirlpool utilizes a product adaption strategy by stressing product platforms as a way to product localized forms of its products.
Whirlpool's global marketing strategy may involve either extending their product globally without changes or adapting it to local preferences. An extension strategy relies on emphasizing the same product features worldwide, while an adaptation strategy aligns products with local cultural settings. A bifurcation analysis can help devise strategies to overcome local market competition.
Whirlpool's global marketing strategy can be understood through two lenses: the extension product strategy and the adaptation product strategy. The extension strategy focuses on marketing a product globally without significant changes, emphasizing the same features such as absorbency and strength in the case of paper towels, similar to certain product-oriented strategies like the examples provided by Felton (2013). This approach is illustrated by brands like McDonald's, which highlight unique offerings, such as America's favorite french fries that can only be bought at its stores.
On the other hand, the adaptation product strategy adjusts the product to meet local tastes and preferences. It is reflective of adaptive strategies mentioned in 7.1. This involves understanding and aligning with various global modes of production, distribution, and consumption. Whirlpool may adopt this adaptive approach to compete effectively in different cultural settings, ensuring its products appeal to the local market nuances.
If overwhelmed by a competitor in the local market, as a director of a marketing department, I would conduct a bifurcation analysis to understand the critical factors influencing market dynamics. Based on the outcomes, I would develop a marketing strategy that potentially 'flips' the market by innovating in production, revolutionizing distribution methods, or altering consumption patterns to better align with consumer needs and preferences.
A family paid $99,000 cash for a house. fifteen years later, the house was sold for $195,000. if interest is compounded continuously, what annual nominal rate of interest did the original $99,000 investment earn?
Starting with the continuous compound interest formula, we have A = Pe^rt where P is the principal amount to be invested, r is the rate of annual interest to be compounded continuously, t is the period of time in years for which the amount P invested, A is the total amount in the account at the end of time t.
Given that a family paid $99,000 cash for a house and it was sold for $195,000 after fifteen years. Now we have to find the annual nominal rate of interest did the original $99,000 investment earn if interest is compounded continuously. Substituting the values we have P=$99,000, A=$195,000, t =15 years.
Hence, the equation above becomes 195,000 = 99,000e^r(15) => e^r(15) = 195,000/99,000 => e^r15 = 65/33.
ð Ln(e^r15) = ln (65/33) => 15rln€ = 0.67788
ð R = 0.67788 /15 = 0.045192 = 4.52%
The annual nominal rate of interest is 4.52%.