Kevin Smith is hired by Leslie Porter to help with budgeting. Based on the tasks Kevin is responsible for, he is most likely a corporate accountant. The correct option is E.
A private accountant typically works within a specific organization and handles the financial responsibilities for that organization, such as budgeting, cost analysis, and preparing financial statements. Similarly, a corporate accountant performs these tasks specifically for a corporation.
On the other hand, a public auditor is focused on examining and verifying the financial records of various organizations, and a budget manager oversees and manages an organization's overall budget. A clerk typically performs basic bookkeeping tasks and does not have the same level of responsibility as an accountant.
In conclusion, given Kevin's responsibilities in helping with budgeting, determining costs, and creating financial statements, his role would most likely be corporate accountant. The correct option is E.
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Complete question:
Kevin Smith is hired by Leslie Porter to help with budgeting, determining the costs of the firm’s meal services, and recording transactions and creating financial statements. Kevin is a
a. public auditor.
b. budget manager.
c. clerk.
d. private accountant.
e. corporate accountant.
Ingrid wants to acquire a lot of exposure for a new product line that she's launching. She understands that she can reach a significant portion of people on the internet with the help of a Display campaign. In what way will a Display campaign achieve Ingrid's marketing goal?
Answer:
Explanation:
A Display campaign will allow Ingrid to put her new product in front of the eyes of an extremely large audience of individuals who are interested in such a product. Display campaigns focus on targeting specific individuals who have searched for search terms that pertain to your product or who have searched for similar products. By placing ads in front of these people about Ingrid's product it will drastically increase the chances of getting more sales.
Students usually attend a vocational school for _____ years or less.
A.1 B.2 C.3 D.4
Answer:
2
Explanation:
Answer:
four
Explanation:
if u think bout it its four years and makes more sence and mroe realistic
According to the law of demand, as prices increase, the quantity demanded by people .
Answer:
Quantity supplied will increase
Answer: decreases
Explanation: right on edmentum
An inflationary gap is the amount by which aggregate expenditures ____ the amount required to achieve full-employment equilibrium GDP.
An inflationary gap is the amount by which aggregate expenditures exceed the amount required to achieve full-employment equilibrium GDP.
An inflationary gap refers to the situation where aggregate expenditures in an economy exceed the level necessary to achieve full-employment equilibrium GDP. It signifies that the economy is operating beyond its sustainable capacity, potentially leading to inflationary pressures. Factors such as increased consumer spending, expansionary policies, or external factors can contribute to an inflationary gap. Policymakers closely monitor and respond to inflationary gaps through measures like tightening monetary policy or reducing government spending to bring the economy back to a sustainable level. Managing an inflationary gap is crucial to maintaining price stability and sustainable economic growth.
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(14%) Let A[1..n] be an array of n positive numbers. Entry A[i] represents the trading price of a stock X on the i-th day (and hence the numbers are ordered chronologically). Write an algorithm max-profit that returns a pair (a, b) such that if one buys stock X on the a-th day and sells it on the b-th day, the maximum profit is made. Give the time complexity of your algorithm in Big-O. Show the derivation of the complexity result.
To solve this problem, we can use a simple algorithm that iterates through the array and keeps track of the minimum price seen so far and the maximum profit.
The algorithm works as follows: Initialize variables: min_price = A[1], max_profit = 0, buy_day = 1, sell_day = 1. Iterate through the array A from the second element to the last: If A[i] < min_price, update min_price = A[i]. If A[i] - min_price > max_profit, update max_profit = A[i] - min_price, buy_day = index of min_price, sell_day = i. Return the pair (buy_day, sell_day). The time complexity of this algorithm is O(n), where n is the size of the array A. This is because we perform a single pass through the array, comparing and updating values in constant time for each element. Therefore, the algorithm has a linear time complexity.
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What are u guys thankful for
Answer:
God waking me up this morning also thx for asking how bout you
Explanation:
Brink presents an alternative approach to estimate VaR for Fund Y. Fund Y has assets of USD 213 million. Brink's Historical VaR analysis indicates that Fund Y's average monthly return over the past 10 years is 1.16% with a monthly standard deviation of 2.51%. The 10 worst monthly returns during that period are shown in the Table 1 Table 1: Ten Worst Monthly Returns for Fund Y over the Past 10 Years Jul 2008 Aug Sep Sep Sep Dec Jun 2009 Oct Jun 2011 Aug 2008 2009 2011 2013 2008 2013 111.56% -10.87% -9.53% 8.47% 7.24% 6.92% 5.37% 4.71% -3.98% -2.72% 2008 13. Calculate the 5% monthly VaR (in %) for Fund Y using the analytical method. (2 Marks) a. -3.21% b. -2.98% c. -2.54% d. -4.68% 14. Calculate the 5% monthly VaR (in USD) for Fund Y using the analytical method. (2 Marks) a. -6.35 million b. -9.99 million c. -14.74 million d. -15.42 million 15. Calculate the 5% monthly VaR (in %) for Fund Y using the historical method. (2 Marks) a. -8.47% b. -7.24% c. -6.92% d. -5.37% 16. Calculate the 5% monthly VaR (in USD) for Fund Y using the historical method. Marks) a. -18.04 million b.-15.42 million c.-14.74 million d. -11.44 million
The borrower's payment for February 2007 was 30 credit limit days overdue. In February 2007, the borrower is 30 days late with the credit payments; otherwise, they are made on time. Paying for whatever you've bought with your credit card.
We also accept credit cards for mail-in or online orders. It's possible that your supplier will find themselves "in credit" with you if you pay your energy bill via direct debit, which means that they owe you money.
When using a Visa card to make a transaction, the user consents to repay the bank later; hence, the card is considered a form of credit. Credit can be given in cash or in other ways.
A unique The weight of chocolate chips in an 18-ounce package falls in the 27th percentile. Ahoy! chip cookies contain 190 chocolate chips.The middle 97% of X are found between the 1.5th percentile and the 98.5th percentile.
The "NORM.S.INV" function in Excel allows us to
The associated z-score for the 1.5th percentile is -2.17.
The z-score that represents the 98.5th percentile is 2.17. The X value for the 1.5th percentile is therefore X=p+zoX = 1262 + (-2.17 x 118)X 1006
And X=u+ zoX = 1262 + (2.17 x 118)X 1518 is the result that corresponds to the 98.5th percentile. The 1006 to 1518 chocolate chips that make up the middle 97% of a bag of chips Ahoy! constitute the bag's total chocolate chip content.
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What should you NEVER do even if the email looks legitimate?
O Go directly to the website referenced by a link in the email
message.
O Delete the email message without reading it completely.
O Click a link in the email and then enter personal information
O Click a link in the email message and read information.
A reduction in the level of unemployment would have which effect with respect to the nation's production possibilities curve?
A. It would shift the curve to the left.
B. It would not shift the curve; it would be represented by moving from a point inside the curve toward the curve.
C. It would not shift the curve; it would be represented by moving from a point on the curve to a point to the right of the curve.
D. It would shift the curve to the right.
Answer:
B. It would not shift the curve; it would be represented by moving from a point inside the curve toward the curve.
Explanation:
Here the falling in unemployment represents that there is a movement with respect to the resources that are fully employed.
In this the unemployment means that it could be occured inner side of the PPF but if there is an increase, so the point of the production would be moved inner of the PPF to the PPF
Therefore the option B is correct
A? B? C? Or D? Please answer
Answer: C the client is always right in the end you want to benefit and help the person out and been seen as helpful not pushy
Delectable, Inc.'s unadjusted trial balance includes Accounts Receivable of $10,000; Allowance for Doubtful Accounts of $50 credit balance; and credit sales of $100,000. Based on an aging of its receivable, management estimates that $1,000 of receivables will be uncollectible. Delectable's financial statements will show ______. (Select all that apply.)
Answer:
Allowance for Doubtful Accounts of $1000 credit balance and Bad Debt Expense of $950 ($1000- 50 (unadjusted))
Explanation:
Delectable, Inc.'s unadjusted trial balance contains $10,000 in accounts receivable, $50 in allowance for doubtful accounts, and $100,000 in credit sales. Management predicts that $1,000 of receivables will be uncollectible due to aging. The financial statements for Delectable will indicate
Allowance for Doubtful Accounts of $1000 Bad Debt Expense of $950 Thus, option (b) and (e) is correct. What is Management?The term “management” refers to the act of managing. The management of the business activities. Management is the basis of art, science, and the profession. Management are they manage the organization. Management are based of the different functions are the step by step.
According to the management credit balance of $1000 and the Allowance for Doubtful Accounts of (1000-50)
Journal Entry Debit Credit
Bad Debts expenses 950
Allowance for Doubtful Accounts 950
Therefore, option (b) and (e) is correct.
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In a market economy, decisions about which goods are produced are based
on
OA what businesses believe will generate the most profits.
O B. what the government decides is important for society.
OC. what the local community has made for generations.
OD. what health care organizations suggest will be best for citizens.
Answer:
A what businesses believe will generate the most profits.
Explanation:
In a market economy, the private sector controls the majority of the factors of production. The government or central authority does not interfere with economic activities in this type of economy. The private sector decides on the production and distribution of goods and services.
The private sector participates in economic activities to make profits. Demand and supply forces determine the type and quantities of goods to be produced. Traders will avail to the markets the goods and services that consumers are willing to buy.
Answer: what the local community has made for generations
"The Milgrim Study and Zimbardo Prison Study that we watched in class highlighted which of the following:Group of answer choicesA. It is important that teams are cohesiveB. The tendency for people to obey and not question those with powerC. Social loafing occurs as group size increasesD. The power of linking performance to rewards"
The Milgrim Study and Zimbardo Prison Study both highlighted the tendency for people to obey and not question those with power. The correct option is B.
In the Milgrim Study, participants were instructed to deliver increasingly painful electric shocks to a stranger, simply because an authority figure told them to.
Similarly, in the Zimbardo Prison Study, participants took on the roles of guards and prisoners and quickly began to abuse their power and authority over the other group.
These studies demonstrate how easily individuals can be influenced by authority figures and how obedience to authority can override personal moral and ethical codes.
Therefore, it is important for individuals to be aware of this tendency and to question authority when necessary, especially in situations where the consequences could be harmful or unethical.
Building strong teams and linking performance to rewards can be helpful, but it is crucial to not lose sight of individual autonomy and the importance of questioning authority when necessary.The correct option is B.
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Marcus volunteers for an organization that cleans up
the neighborhood park. Each volunteer is assigned to
a different section of the park to pick up trash and pull
weeds
Which motivation for giving is described in this
paragraph?
to gain recognition
to develop new skills
to support an institution
to give back to the community
Answer:
D. To give back to the community
I got it right on Edgenuity
D. to give back to the community is the motivation for giving is described in this paragraph.
What is motivation and why is it important?Motivation reflects something specific approximately each one of us and allows us to advantage valued outcomes like progressed performance, improved wellbeing, personal growth, or a feeling of reason. Motivation is a pathway to alternate our way of thinking, feeling, and behaving.
What is motivation examples?Motivation is defined as the reasons why you're doing something, or the level of desire you need to do something. in case you want to lose weight to get more healthy, this is an example of motivation to enhance your health.
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3. Which of the following is NOT an example of a violation of professional ethics?
Coming to a school activity after participating in happy hour with colleagues is not an example of a violation of professional ethics.
What is professional ethics?Professional ethics encompass the personal and corporate standards of behaviour expected of professionals. The word professionalism originally applied to vows of a religious order. By no later than the year 1675, the term had seen secular application and was applied to the three learned professions, they are divinity, law, and medicine. The term professionalism was also used for the military profession around this same time.
Professionals and those working in acknowledged professions exercise specialist knowledge and skill. The use of this knowledge should be governed when providing a service to the public can be considered a moral issue and is termed professional ethics. It is capable of making judgments, applying its skills, and reaching informed decisions in situations that the general public cannot because they have not attained the necessary knowledge and skills.
One of the earliest examples of professional ethics is the Hippocratic oath to which medical doctors still adhere to this day.
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Show how each of the following would affect the U.S. balance of payments. Include a description of the debit and credit items, and in each case identify which specific account is affected (e.g., imports of goods and services, IM; exports of assets, EXA; and so on.The central bank of China purchases $1 million of export earnings from a firm that has sold $1 million of toys to the United States, and the central bank holds these dollars as reserves.
The transaction would result in a debit in the U.S. current account (IM) and a credit in the U.S. financial account (EXA).
When the central bank of China purchases the export earnings from the firm, it involves a transfer of funds from China to the United States. This transaction represents a debit in the U.S. current account because it reflects an increase in imports of goods and services (toys) from China. Simultaneously, it represents a credit in the U.S. financial account as it involves the export of assets (dollars) to China, which are held by the Chinese central bank as reserves. This transaction would lead to a decrease in the U.S. current account balance and an increase in the U.S. financial account balance.
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Which monetary policy is expansionary? sales of government securities decreases in the discount rate increases in the federal funds rate increases in the prime rate
The monetary policy is expansionary in decreases in the discount rate. Thus the correct option is B.
What is monetary policy?The Federal Reserve's operations and disclosures are part of monetary policy in the United States and are designed to promote economic growth, moderate inflation, and reasonable long-term borrowing costs.
The main instruments central banks employ to expand monetary policy are reduced bank reserves, an increase in the purchase of government assets, and a decrease in the discount rate which helps in managing economic growth.
Therefore, option B is appropriate.
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Which investment security has the least risk associated?
A) Mutual Funds
B) Stocks
C) Bonds
Answer:
I think it's Mutual Funds?
sweden and finland produce only two goods, herring and cell phones, and this table shows the maximum amount that each nation can produce of the two goods. sweden finland herring 100,000 50,000 cell phones 10,000 10,000 table 4-3: comparative advantage i (table 4-3: comparative advantage i) the opportunity cost of producing 1 unit of cell phones for sweden is: a 5 units of herring. b 1/10 unit of herring. c 10 units of herring. d 1/5 unit of herring. e 10 units of cell phones.
Comparative advantage 1/5 unit of cell phones Sweden and Finland produce only two goods, herring and cell phones, and this table shows the maximum amount that each nation can produce of the two goods.
What, by way of illustration, is comparative advantage?Your greatest skill and least amount of sacrifice are your comparative advantages. If you are a terrific babysitter and a fantastic plumber, for instance, your competitive advantage is plumbing. If someone can create something for less money than anyone else, they have a comparative advantage.
Comparative advantage is different from superiority in a given field. In reality, a person can have a competitive advantage at something even if they are utterly untrained in it. The ability to generate more or superior services and products than competitors is referred to as having an absolute advantage. In order to produce goods and services at a reduced cost, but not always at a lower cost, one must have a comparative advantage.
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Click in the boxed areas to the right of each item bolow. A pick list will launch. Chick on the pick list icon to reveat a drop-down menu of choices. Solect the correct choice to turn the boxed area green. A simpie description of activity-based costing is that it divides production into core activities, defines costs for those activities, and allocates costs fo products based on consumption of: →>→ ABC abandons the traditional division of costs between products and: >>> ABC cannot be used for GAAP reporting: GAAP requires: →[infinity]> With ABC, cost objects are limited to saleable products and services? >sas ABC identifies activities by type. Which type can relate to one or more units of output? >>>> With ABC, all costs must be identified, but are they necessarily allocated to an activity or cost object? >os> A vinple cluserphisen of activity based costing is that it ealyides production. into cate activifies, defines coste forthose activitiof and allocater conts for products based on consumption of: Retwitics costs Products- Nll co the Above Question 2 1 pts ABC abandons the traditional division of costs between products and: Perriods Processes lobs Nane of the Above Question 3 ABC cannot be used for GAAP reporting; GAAP requires: Absorption Costing Direct Costing Marginal Costing Variable Costing With ABC, cost objects are limited to saleable products and services? Yes: Depends None of the above Question 5 1 pts ABC identifies activities by type. Which type can relate to one or more units of output? Batch Units Products Customers
All costs must be identified with ABC, but they are not necessarily allocated to an activity or cost object. Some may be considered general costs. Thus the answer is "Depends."
Activity-Based Costing (ABC) is an accounting approach that divides the production procedure into numerous activities and assigns costs to every activity for calculating the accurate cost of the product or service. This costing methodology allows companies to recognize the activities that drive their costs, thereby giving them an opportunity to lessen those expenses by improving operational efficiencies.
It also allocates indirect costs to products based on their consumption of each activity.Below are the answers to the given questions:Question 1ABC abandons the traditional division of costs between products and processes.Question 2ABC cannot be used for GAAP reporting.
GAAP requires absorption costing.Question 3With ABC, cost objects are limited to saleable products and services.Question 4ABC identifies activities by type. Batch type can relate to one or more units of output. Thus the answer is "Depends."
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Find the time-domain signal x[n] whose z-transform is, X(z) = Zᶻ−2+2Z⁻¹/Z³
The time-domain signal x[n] corresponding to the given z-transform X(z) = Z^(-2) + 2Z^(-1) / Z³ is x[n] = δ[n-2] + 2u[n-1] / n², where δ[n] is the unit impulse function and u[n] is the unit step function.
To find the time-domain signal x[n] corresponding to the given z-transform, we can use the inverse z-transform. The given z-transform X(z) is:
X(z) = Z^(-2) + 2Z^(-1) / Z³
By applying the inverse z-transform, we can rewrite X(z) as a time-domain signal x[n]:
x[n] = δ[n-2] + 2u[n-1] / n²
where δ[n] is the discrete-time unit impulse function, u[n] is the discrete-time unit step function, and n represents the time index.
In summary, the time-domain signal x[n] corresponding to the given z-transform is x[n] = δ[n-2] + 2u[n-1] / n².
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use the adjusted trial balance accounts and balances at its december 31 year-end for stark company to prepare an adjusted trial balance.
To prepare an adjusted trial balance for Stark Company at its December 31 year-end, you would follow these steps:
1. Start with the unadjusted trial balance: This is a list of all the accounts and their balances before any adjustments have been made.
2. Review the adjustments: Look for any adjustments that need to be made to the accounts. These adjustments are typically recorded on a separate worksheet.
3. Make the necessary adjustments: Use the adjustments provided to update the balances in the accounts. This may involve adding or subtracting amounts from the existing balances.
4. Calculate the adjusted balances: After making the adjustments, calculate the adjusted balances for each account. This is done by adding or subtracting the adjustment amounts from the unadjusted balances.
5. Prepare the adjusted trial balance: Create a new list of accounts and their adjusted balances. The adjusted trial balance should include all the accounts from the unadjusted trial balance, as well as any new accounts that were created as a result of the adjustments.
Once you have made all the adjustments, calculate the adjusted balances for each account. This is done by adding or subtracting the adjustment amounts from the unadjusted balances. For example, if an adjustment decreases the balance of an asset account, you would subtract the adjustment amount from the unadjusted balance.
Finally, prepare the adjusted trial balance by creating a new list of accounts and their adjusted balances. The adjusted trial balance should include all the accounts from the unadjusted trial balance, as well as any new accounts that were created as a result of the adjustments. This adjusted trial balance is used to prepare the financial statements.
Stark company has the following adjusted accounts with normal balances at its December 31 year-end. Notes payable $ 30,000 Accumulated depreciation-Buildings $ 34,000 Prepaid insurance 4,400 Accounts receivable 7,800 Interest expense 880 Utilities expense 3,200 Accounts payable 11,000 Interest payable 860 Wages payable 2,300 Unearned revenue 1,750 Cash 48,000 Supplies expenso 580 Wages expense 9,400 Buildings 230,000 Insurance expense 3,700 Dividends 12,500 Common stock 29,000 Depreciation expenso-Buildings 11,500 Services revenue 115,000 Supplies 1,750 Retained earnings 109,800 Use the adjusted trial balance accounts and balances at its December 31 year-end for Stark Company to prepare an adjusted trial balance STARK COMPANY Adjusted Trial Balance December 31 Debit Credit Totals
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Gamma, Inc., has struggled for industry dominance with Ardent, Inc., its main competitor, for years. Gamma has gathered and analyzed large amounts of competitive intelligence about Ardent. It has observed as much of the firm's internal functioning and technology as it can legally, yet Gamma cannot understand why Ardent has a competitive advantage over it. The source of Ardent's success is: Group of answer choices unfair. causally ambiguous. impregnable. non-substitutable.
Answer:
Option B, Causal ambiguity
Explanation:
Causal ambiguity defines the situation where there is lack of understanding of cause-and-effect interactions between resources and competitive advantage. This is the case with the Ardent having a competitive advantage over Gamma. It relates the ambiguity between resources and performance of available resources.
Option B is correct
A bond issue with a face amount of $500,000 bears interest at the rate of 7%. The current market rate of interest is 8%. These bonds will sell at a price that is:
As a result of the interest rate being 8% and the coupon being 7%, these bonds will sell at a price less than $500,000.
Why would the bonds sell less than $500,000?When a bond's coupon rate is less than the market rate of interest, it is referred to as a discount bond.
This means that the bond will be sold at a price that is less than its face value amount. In this case the market rate is higher than the coupon rate so the bond will sell for less than $500,000.
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nternet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing Case 6.2: The Complaint Letter 1. Briefly summarize the complaints and compliments in Dr. Loflin's letter. 2. Critique the letter of Gail Pearson in reply to Dr. Loflin. What are the strengths and weaknesses of the letter? 3. Prepare an "improved" response letter from Gail Pearson. 4. What further action should Gail Pearson take in view of this incident?
Gail Pearson's response letter to Dr. Loflin was criticized for lacking follow-up on correcting the errors. An improved response letter should emphasize the promised actions to correct the errors.
1. In Dr. Loflin's letter, she compliments Gail Pearson for her effective and efficient manner in handling their project, but complains about the report that was submitted to her as the report was filled with grammatical errors and inaccuracies.
2. Gail Pearson's response letter showed strength in its apologies and sincere acknowledgments of the errors made, as well as the promise to remedy the mistakes in future reports. However, it also showed a lack of follow-up regarding how the report would be corrected, and it included the note about Dr. Loflin's writing that was not necessary to the matter.
3. The improved response letter from Gail Pearson should emphasize the promised actions to correct the errors in the report, along with the details of how the corrections would be made. This letter should apologize to Dr. Loflin again for the inconvenience that was caused and should show empathy towards her, expressing an understanding of her frustration.
4. In view of this incident, Gail Pearson should take further action to ensure that the report is completely corrected and free of errors, and to ensure that a similar situation will not happen again. Gail should provide a plan or a detailed procedure on how they will review and correct the work, and they should include the steps that will be taken to avoid a similar mistake.
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Adam Smith believed that freedom was vital to the survival of any economy, especially the freedom to own land or property and the freedom to keep the profits from working the land or running a business.
The freedom to own land or other property, as well as the freedom to keep the income earned from farming or operating a company.In his opinion, if given the opportunity, people will work hard.
How did Adam Smith define freedom?The freedom to own land or other property, as well as the freedom to keep the income earned from farming or operating a company.In his opinion, if given the opportunity, people will work hard.Smith argued that allowing everyone the freedom to produce and trade goods as they pleased (free trade) and opening the markets to domestic and foreign competition would encourage people's natural self-interest to promote greater prosperity than could be achieved by imposing strict government regulations.Smith thought that an atmosphere of unrestricted competition that followed "natural laws" at a universal level was the greatest place to promote economic development.Smith's economic ideas served as the foundation for classical economics because it represented the most organized and thorough study of economics to that point.To learn more refer freedom refer
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Describe the approach used by Galiani & Schargrodsky to study the causal effects of property titling in Argentina (‘Property Rights for the Poor: Effects of Land Titling’, 2010). Explain the key results.
They employ a randomized controlled trial approach, where eligible individuals were randomly selected to receive property titles, allowing for a rigorous assessment of the impact of titling on various socioeconomic outcomes.
In their study, Galiani and Schargrodsky randomly assigned property titles to eligible low-income individuals in selected neighborhoods in Buenos Aires, Argentina. This randomized approach ensures that any differences observed between the titled and untitled groups can be attributed to the titling intervention itself, rather than other factors.
The researchers collected data through surveys and administrative records, both before and after the titling intervention, to analyze the impact of property titling on key outcomes such as housing investments, access to credit, labor market outcomes, and overall well-being.
The key results of the study indicate that property titling had significant positive effects on the titled individuals. They found that titling led to increased investment in housing improvements and repairs, as well as increased access to formal credit. Property titling also had positive effects on labor market outcomes, such as increased employment and higher wages.
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The value of money is the idea that money in your possession today is worth more than money that will be in your possession in the future. (True or False)
It is a true statement that value of money is the idea that money in your possession today is worth more than money that will be in your possession in the future.
What does value of money mean?In economic, a value of money is also called a time value of money, which is a concept that a sum of money is worth more now than the same sum will be at a future date due to its earnings potential in the interim.
Time value of money is a core principle of finance which holds that sum of money in the hand has greater value than the same sum to be paid in the future. In conclusion, the time value of money is also referred to as the present discounted value.
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1. What is a business plan?
Answer:
It's simple, what you want to do with your business. Or what your planning to do with it.
Beachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded, at each price, is twice what it was)a. What happens to the equilibrium price and quantity, in each market?b. Which product experiences a larger change in price?c. Which product experiences a larger change in quantity?d. What happens to total consumer spending, on each product?
Answer:
What happens to the equilibrium price and quantity, in each market?
Beachfronts have inelastic supply, which means that their supply is fixed no matter how large the demand. The population increase would simply increase the price of renting a beachfront.
Automobiles have elastic supply, their supply responds to demand. At fist, the population increase would cause a price hike, but in the long-run, supply would meet demand and reach a new equilibrium.
b. Which product experiences a larger change in price?
Beachfronts experience a larger change because their price goes up, and stays above the previous equilibrium price.
c. Which product experiences a larger change in quantity?
Automobiles, simply because they do have a elastic supply that can increase to meet the new larger demand. Beachfront supply is inelastic and will stay the same no matter how much the population and demand grows.
d. What happens to total consumer spending, on each product?
Total consumer spending on beachfronts will be very high because of the very high prices.
Consumer spending in automobiles will be higher than before because of the higher demand, but not as high as consumer spending on beachfront, because automobile supply will also grow, bringing down prices to a similar point to the previous equilibrium price.