Total Cost; Profit Markup; Selling Price from Mr phones is, total cost: £25,701.00, profit markup: 20%, selling price: £30,841.20.
Here is the completed Standard Cost Card:
Standard Cost CardDirect Costs: £200.00Phone Assembly:
Labour Hours: 200Overhead Costs: £6,000.00Branding:Labour Hours: 300Overhead Costs: £15,000.00Packaging:Labour Hours: 1001Overhead Costs: £4,500.00Total Cost: £25,701.00 (calculated as Direct Costs + Overhead Costs)
Profit Markup: 20%
Selling Price: £30,841.20 (calculated as Total Cost + Profit Markup)
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An effective social media policy includes an element that
o prevents all use of social media during daytime hours.
o vaguely threatens employees who violate the policy.
o applies consistent standards across all social media networks.
o encourages anonymity when posting on social networks.
An effective social media policy includes an element that applies consistent standards across all social media networks. Therefore option C is correct.
What is Social Media?The phrase "social media" refers to a computer-based technology that makes it possible to share concepts, ideas, and knowledge through online groups and networks. Social media is internet-based and allows users to share anything quickly, including movies, images, documents, and personal information.
Users interact with social media using web-based software or applications on a computer, tablet, or smartphone. Despite being widely used in America and Europe, Asia, particularly Indonesia, leads the world in social media usage. By October 2021, there will be more than 4.5 billion users of social media.
Therefore option C is correct.
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Question 14 of 20
Why might health care costs be less of a concern for a British company than
an American company?
A. America has stronger laws that regulate health care.
B. American companies do not provide health care to employees.
C. Britain allows its citizens to seek foreign treatment.
D. Britain has a system providing free universal health care.
Answer:
A
Explanation:
America has strong laws regulate health care
Answer:
its D - Britain has a system providing free universal health care.
Explanation:
HELP PLEASE!!!
1. The Building & Construction encompasses both hands-on vocations and conceptual high-end careers.
True
False
2.
What is the minimum education needed to start a career as a Cabinet maker?
A college diploma in cabinet making
An Associates degree in cabinet making
A Ph.D. in woodworking is required
Only vocational training is needed to start a career as a Cabinetmaker
3. A majority of the careers that require more education also tend to pay a higher salary.
True
False
4. Many careers require some education beyond high school even for entry level positions. The career in Section 3 that is an exception to this is:
Welder
Cabinetmaker
Electrician
Set Decorator
5. The career that encourages obtaining an APTI or CAT certification is
HVAC Installation and Maintenance
Air Pollution Control Manager
Water Quality Specialist
Building Inspector
Answer:
#1 is False
#2 Cabinet makers are not required to have completed formal education related to the trade, but most employers prefer to hire individuals with a minimum of a high school diploma or General Educational Development (GED) credential.
#3 True
Explanation:
Which of the following are most likely classified by economists as consumer durable goods? * (1 Point) food, clothing drugs, toys, magazines, books automobiles, furniture stocks, bond
Durable goods are generally defined as goods with an expected lifetime of more than three years. Automobiles and furniture are most likely to be classified by economists as consumer durable goods.
What are durable goods?A durable good, also known as consumer durable, is one that does not wear out quickly or, more specifically, one that yields utility over time rather than being consumed completely in one use. Highly durable goods, such as refrigerators or automobiles, are typically useful for several years after purchase, so durable goods are typically distinguished by long periods between successive purchases.
Consumer durables are products that last at least three years. Large and small appliances, furniture, automobiles, rubber tyres, lead-acid automotive batteries, boats, consumer electronics, luggage, sporting goods, household goods, are examples of these items
Therefore, among the options given automobiles and furniture are likely to classified as durable goods.
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The pipe located underneath Jiro’s kitchen sink was leaking and he did not know how to fix it. He called a plumber who agreed to come fix the leaking pipe in exchange for $125 plus the cost of any parts. The plumber went to Jiro’s home, removed the old pipe that was leaking, and replaced it with a new pipe that the plumber brought with her. When the plumber was finished, she told Jiro that the total cost was $140 and Jiro promptly paid her. Was this a voluntary exchange? Why or why not?
A
Yes, because both parties willingly entered the exchange and benefited from it.
B
Yes, because one party exchanged money with another party for a good or service.
C
No, because Jiro was not aware of the final cost before he agreed to the exchange.
D
No, because the plumber’s service was not equal in value to the money paid by Jiro.
Answer:
A
Explanation:
It’s not b
The given statement clearly states that it was a voluntary exchange because both parties willingly entered the exchange and benefited from it. Hence, Option A is correct.
What is a voluntary exchange?
Buyers and sellers engaging in market exchanges voluntarily and freely is known as voluntary exchange. A basic tenet of both classical and neoclassical economics, which serve as the foundation for modern mainstream economics, is voluntary exchange.
A transaction when two persons freely exchange products or services is referred to as a voluntary exchange. This happens in a market economy, a form of economy where both parties to an interaction benefit from it and come out ahead than they did before.
Given that both parties entered the voluntary exchange and benefited from it, it is apparent that the transaction was voluntary.
Therefore, Option A is correct.
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Using all 26 letters of the alphabet, can you complete the following 13 words?
(You may use each of the 26 letters only once.)
1. b a __ __ a i n
2. l __ __ g e r
3. d y __ __ s t y
4. __ __ g o t e
5. s a __ __ e
6. d i __ __ p a n
7. p u m __ __ i n
8. d e __ __ a y
9. b o __ __ a r
10. d i __ __ i t
11. s u n __ __ r n
12. o b l __ __ u e
13. l i __ __ o f f
Below are the completion of the 13 words
1. b a __ __ a i n = bargain
2. l __ __ g e r = ledger
3. d y __ __ s t y = dynasty
4. __ __ g o t e = Zygote
5. s a __ __ e = Sabre
6. d i __ __ p a n = Dishpan
7. p u m __ __ i n = Pumpkin
8. d e __ __ a y = Defray
9. b o __ __ a r = Boxcar
10. d i __ i t = Digit
11. s u n __ __ r n = Sunburn
12. o b l __ __ u e = Oblique
13. l i __ __ o f f = Liftoff
What is an alphabet?A set of characters used to represent a language's phonetic structure is called an alphabet. The characters are typically placed in a specific order or sequence in most alphabets.
An alphabet is a set of basic written graphemes that are standardized and serve to represent the phonemes of specific spoken languages. In this case, the correct words are given above.
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Lindsay is a personal trainer who works with athletes to get them ready for their events. She helps them learn how to strengthen their muscles and keep their bodies in prime condition so that they will perform at their best. The pathway in the Education and Training cluster that Lindsay’s career falls into is _____.
Answer: Fitness trainer
Explanation:
A fitness trainer is an individual who is responsible for the sole purpose of training individuals on how they can keep their body in fit condition, either for competition reasons, for their health sake or a personal decision by them. Most fitness trainer are paid and they are professionals who have undergone training either by education or have been taught by someone to carry out such practise
Answer:
C. Professionals Support Services
Explanation:
a system of public employment based on rewarding party loyalists and friends is known as a .
A system of public employment based on rewarding party loyalists and friends is known as patronage.
Patronage is a practice where individuals are appointed to government positions based on their loyalty to a political party or a specific politician. This system is often criticized for being corrupt and promoting nepotism over meritocracy. In contrast, a merit-based system rewards individuals based on their qualifications and skills, rather than their political affiliations. Many modern democracies strive to minimize or eliminate patronage practices to ensure fair and equal opportunities for all citizens.
However, patronage has since been largely replaced by a merit-based system of civil service hiring, which emphasizes qualifications and skills over political connections.
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A process with five steps has a cycle time of 1.9 minutes per unit. The only inventory in the system is held before the last station, where 25 units of inventory are maintained. A defective unit is produced at the second station but is not detected until final inspection (after the fifth station). Round your answer to one decimal place. What is the information turnaround time (in minutes)?
The information turnaround time in this process is 7.6 minutes.
To calculate the information turnaround time, we need to consider the time it takes for a defective unit to be detected and reported back to the second station. In this case, the defective unit is detected at the final inspection station, which is the fifth station in the process.
Given that the cycle time is 1.9 minutes per unit and there are 25 units of inventory before the last station, it means that it takes 1.9 * 25 = 47.5 minutes for the defective unit to reach the final inspection station.
However, since the defective unit is not detected until the final inspection, we need to subtract the cycle time from the total time. So, 47.5 - 1.9 = 45.6 minutes is the time it takes for the defective unit to travel through the process without being detected.
Finally, to calculate the information turnaround time, we add the time it takes for the defective unit to travel through the process without being detected (45.6 minutes) to the time it takes for the defective unit to be detected at the final inspection station (1.9 minutes). Therefore, the information turnaround time is 45.6 + 1.9 = 47.5 minutes.
Rounded to one decimal place, the information turnaround time is 7.6 minutes.
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HELPP on question 10
Answer:
land?
Explanation:
Answer:
Land
Explanation:
Below you will find the closing stock prices for eBay over a three-week period. Calculate the simple three-day and five-day moving averages for the stock. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)Date Close4/23/2012 $ 37.834/24/2012 37.654/25/2012 37.254/26/2012 37.514/27/2012 36.774/30/2012 36.945/1/2012 37.015/2/2012 37.055/3/2012 37.745/4/2012 37.845/7/2012 37.775/8/2012 37.935/9/2012 38.265/10/2012 38.415/11/2012 38.243-day 5-day4/23/2012 4/24/2012 4/25/2012 $ 4/26/2012 4/27/2012 $4/30/2012 5/1/2012 5/2/2012 5/3/2012 5/4/2012 5/7/2012 5/8/2012 5/9/2012 5/10/2012 5/11/2012
To calculate the simple three-day and five-day moving averages for eBay's stock prices, we add up the closing prices for the number of days in the moving average and divide by the number of days.
The simple three-day moving averages are:
April 25th: ($37.83 + $37.65 + $37.25) / 3 = $37.58
April 26th: ($37.65 + $37.25 + $37.51) / 3 = $37.47
April 27th: ($37.25 + $37.51 + $36.77) / 3 = $37.18
April 30th: ($37.51 + $36.77 + $36.94) / 3 = $37.07
May 1st: ($36.77 + $36.94 + $37.01) / 3 = $36.91
May 2nd: ($36.94 + $37.01 + $37.05) / 3 = $37.00
May 3rd: ($37.01 + $37.05 + $37.74) / 3 = $37.27
May 4th: ($37.05 + $37.74 + $37.84) / 3 = $37.54
May 7th: ($37.74 + $37.84 + $37.77) / 3 = $37.78
May 8th: ($37.84 + $37.77 + $37.93) / 3 = $37.85
May 9th: ($37.77 + $37.93 + $38.26) / 3 = $37.98
May 10th: ($37.93 + $38.26 + $38.41) / 3 = $38.20
May 11th: ($38.26 + $38.41 + $38.24) / 3 = $38.30
The simple five-day moving averages are:April 27th: ($37.83 + $37.65 + $37.25 + $37.51 + $36.77) / 5 = $37.20
April 30th: ($37.65 + $37.25 + $37.51 + $36.77 + $36.94) / 5 = $37.14
May 1st: ($37.25 + $37.51 + $36.77 + $36.94 + $37.01) / 5 = $37.10
May 2nd: ($37.51 + $36.77 + $36.94 + $37.01 + $37.05) / 5 = $37.06
May 3rd: ($36.77 + $36.94 + $37.01 + $37.05 + $37.74) / 5 = $37.10
May 4th: ($36.94 + $37.01 + $37.05 + $37.74 + $37.84) / 5 = $37.32
May 7th: ($37.01 + $37.05 + $37.74 + $37.84 + $37.77) / 5 = $37.48
May 8th: ($37.05 + $37.74 + $37.84 + $37.77 + $37.93) / 5 = $37.87
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what is motivation in business
Answer:
La motivación emprendedora es un factor importante para contribuir con el desarrollo de una sociedad. También es importante el proveer instrumentos para canalizar las acciones de los emprendedores/as potenciales para obtener el exito.
[ Entrepreneurial motivation is an important factor in contributing to the development of a society. It is also important to provide instruments to channel the actions of potential entrepreneurs to achieve success..]
Explanation:
Sorry my English is not very good but I hope you understand and help you with something.
What is the relationship between​ price, average​ revenue, and marginal revenue for a firm in a perfectly competitive​ market?
In a perfectly competitive market, a firm's price is determined by the market and is beyond their control. Therefore, the firm can only sell at the market price. The average revenue for a firm in a perfectly competitive market is equal to the market price.
Marginal revenue, on the other hand, is equal to the market price as well, since the firm can only sell more goods at the market price. In summary, in a perfectly competitive market, the relationship between price, average revenue, and marginal revenue is that they are all equal to the market price. Price: In a perfectly competitive market, the price is the same for all firms and is determined by the market forces of supply and demand. Average revenue (AR): Average revenue is the revenue generated per unit of output sold, which is calculated as total revenue divided by the quantity of output sold. In a perfectly competitive market, since the price is fixed, the average revenue is also equal to the price.
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A carton of eggs broke onto the floor in the dairy section, making the floor slippery. Little Johnny slipped, fell, and hit his head on the floor, causing a cut and mild concussion. The grocery store incurs___________liability for his injuries.
a) premises.
b) operational.
c) professional.
d) product.
Answer:
premises
Explanation:
The grocery store incurs premises liability for his injuries. This form of liability is a legal concept that has to do with personal injuries that have been caused by some form of unsafe or defective conditions on someone's property, usually due to negligence. This is exactly what happened in this scenario since it was negligent of the store to not have cleaned up the mess made by the broken eggs which ultimately caused Johnny to fall.
From the information given, the grocery store incurs premises liability for his injuries.
Premises liabilityIt should be noted that premise liability comes into play in personal injury cases when an injury is caused by some type of unsafe condition on someone's property.
Since the carton of eggs broke onto the floor in the dairy section, making the floor slippery, the grocery store incurs premises liability for his injuries.
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Identify and explain one advantage and one disadvantage of leasing all the equipment used in the business.
Answer:
Advantage Is You Save Money, Disadvantage Is The Way That There's Not Enough Or Its Not Good Enough
Explanation:
Basically Yea
The balanced scorecard approach involves considering all of the following, except:
a. The customer perspective
b. Employee satisfaction
c. The efficiency of internal business processes
d. An innovation and learning perspective
The balanced scorecard approach involves considering all of the following, except: b. Employee satisfaction.
Employee satisfaction refers to the level of contentment and fulfillment that employees feel in their jobs and with their work environment. It is an important aspect of organizational culture and can have a significant impact on employee engagement, retention, and productivity. When employees are satisfied, they are more likely to feel motivated, committed, and loyal to their organization. They are also more likely to be productive and to provide high-quality work. In contrast, when employees are dissatisfied, they may be less motivated, less committed, and less productive, and may even leave the organization. There are many factors that can contribute to employee satisfaction, including job security, compensation and benefits, opportunities for advancement and growth, work-life balance, job autonomy, and a positive work environment.
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Which message strategy is designed to trigger impulse buys?A) unique selling propositionB) resonance. C) affectiveD) conativeAnswer: D37) Which conative ...
The message strategy designed to trigger impulse buys is the conative message strategy.
Conative message strategy strategy aims to encourage immediate action and impulse purchases by appealing to the consumer's desires, needs, and emotions.
Conative messages often use persuasive techniques such as limited-time offers, discounts, scarcity, and calls to action that create a sense of urgency or excitement.
By targeting the consumer's impulse and immediate gratification, conative messages aim to trigger spontaneous buying decisions.
This strategy is commonly employed in advertising and marketing campaigns, especially for products or services that rely on impulse purchases, such as snacks, fashion accessories, or novelty items.
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Following statements are correct, exceptA.A basic principle of relationship marketing is that firms should concentrate on producing and promoting products that appeal to large groups of people.B.Relationship marketing moves away from mass production and toward custom-made goods and services.C.Firms adopting a relationship marketing strategy often establish an online presence to communicate with customers.D.Relationship marketing depends on understanding individual consumers and responding quickly to their wants and needs.
The following statements are correct, except "A basic principle of relationship marketing is that firms should concentrate on producing and promoting products that appeal to large groups of people" Option A
What is the principle of relationship marketing?Generally, As essential elements of relationship marketing, individualization of service, knowledge about the customer, investment in the customer, interaction with the customer, integration of the customer, intention, and selectivity have also been recognized.
The following assertions are true, with one exception: "A fundamental tenet of relationship marketing is that businesses need to focus their efforts on generating and advertising items that appeal to broad groups of people." Alternative A
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out of the over 700,000 construction firms in united states the majority are which of the following business types? question 3 options: joint ventures individual (sole) proprietorships corporations partnerships
A business structure is a class of legally registered enterprises whose regular operations or everyday activities are influenced by it.In general, the three (3) main business kinds are ranked from the easiest to start to the most challenging to start, as follows:
single-person business
Partnership\sCorporationThe type of business started by one guy is a sole proprietorship. Another name for it is one man's operation. The business's liabilities and debt are all owed to this one man. This situation does not fall under the entity idea, which holds that a company and its owner are separate, distinct, and distinctive. All business choices are made by him. He commands and offers directions. The earliest type of business is the sole proprietorship.This business structure has the fewest restrictions from the government of all business formations. There is no need for transparency, and there is no corporate tax. Government grants this company freedom to operate.
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Need help ASAP. Will mark brainliest
Answer:
click the top on and the socond option
Explanation:
What does the visible property control?
A which fields are displayed for each record
B how an object is affected by resizing the window
C how many objects can be included in a single form
D the number of records that can be displayed on a form
Answer:
A
Explanation:
EDGE 2021
All of the following are advantages of various appraisal tools except that
a. alternation ranking is simple to use.
b. forced distribution results depend on the adequacy of the original choice of cutoff points.
c. BARS is very accurate.
d. a graphic rating scale is simple to use.
e. MBO is tied to jointly agreed goals.
The answer to this question is option c, which states that Behavioral Anchored Rating Scales (BARS) are very accurate.
While BARS is a valuable appraisal tool that allows for a more specific and detailed assessment of an employee's performance, it is not necessarily considered to be the most accurate tool. The accuracy of BARS depends on how well the performance dimensions have been identified and defined, which can be subjective and prone to errors. On the other hand, options a, d, and e all state advantages of various appraisal tools, such as simplicity and goal-setting.
Option b highlights a limitation of the forced distribution method, which can be affected by the subjective choice of cutoff points. Overall, appraisal tools can have various advantages and disadvantages, and it is important to choose the most appropriate tool based on the specific needs and goals of the organization.
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Derek's team is struggling to come to a consensus because several people are unwilling to share their thoughts. What would be the BEST question for the group to ask themselves to avoid groupthink?
Question 3 options:
How is this situation similar to others we've encountered?
What about the group could be making people feel unsafe?
How would this situation look different if we had more money?
Can we get rid of the people who aren't willing to speak up?
If the team is struggling to come to a consensus because several people are unwilling to share their thoughts. The BEST question for the group to ask themselves to avoid groupthink is: B) What about the group could be making people feel unsafe?
What is groupthink?Groupthink refers to the way in which members of a group accepts
the decisions made in the group even if the decision they all accepted will have a negative effect on them as they do not consider the consequence that is attached to the conclusion they reach and they does this so as to be in one accord or for unity to reign among them.
Based on the given scenario it is advisable that the leader of the group to ask the members the reason why they feel unsafe to shares their thought or what they have on the mind as by doing this will help to give them insight about the reason why the members are unwilling to share their thought as well how to combat that feelings.
Therefore the correct option is B.
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Answer: What about the group could be making people feel unsafe?
Explanation: I took the quiz
northwest fur company started 2024 with $94,000 of inventory on hand. during 2024, $400,000 in inventory was purchased on account with credit terms of 1/15, n/45. all discounts were taken. purchases were all made f.o.b. shipping point. northwest paid freight charges of $7,500. inventory with an invoice amount of $5,000 was returned for credit. cost of goods sold for the year was $380,000. northwest uses a perpetual inventory system.
The ending inventory of northwest fur, assuming its uses the gross method to record purchases equals to $167,996.
What is an Inventory?An inventory means the goods that a business holds for the ultimate resale, product, or utilization.
We are going to calculate Cost of goods sold: The formula is: "Opening Inventory + Purchases - Purchase return - discount availed on purchases + freight paid- Ending inventory"
The discount to be availed on purchases:
= (Purchases- purchase Return) x discount rate
= (430000 - 4900) x 4%
= $17004
So, the cost of goods sold:
= Opening Inventory + Purchases - Purchase return - discount availed on purchases + freight paid- Ending inventory
361000 = 112000 + 430000 + 8900 - 17004 - 4900 - Ending inventory
361000 = 528996 - Ending inventory
Ending inventory = 528996 - 361000
Ending inventory = $167,996
Missing words "what is ending inventory assuming northwest uses the gross method to record purchases?"
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A cashier distributes change using the maximum number of five-dollar bills, followed by one-dollar bills. Write a single statement that assigns num_ones with the number of distributed one-dollar bills given amount_to_change. Hint: use %.
The statement will be implemented using the modulo operator.
The function of the modulo operator (%) is to return the remainder of an integer division.
Take for instance:
This is so because, when 5 is divided by 3; the remainder is 2
So, the required programming statement is:
numberOfOnes = amtToChange % 5;
The above statement is the same for several programming languages such as Python, Java, C++, C#, C, etc.
What exactly do cashiers have to do?by scanning merchandise, itemizing, and adding up customers' purchases, a cashier registers sales. redresses client complaints and responds to inquiries. If necessary, buy bags. handles transactions involving returns.
Do cashiers have a difficult job?As a result of repetitive motions, mental exhaustion, and the fact that sometimes things aren't as clear-cut as they should be, working as a cashier may be challenging and exhausting. It also makes their job more difficult when certain types of customers enter the store. That type of clientele is well known to everyone.
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A wedding party hired a sole proprietorship to cater their wedding. In this situation the sole proprietorship is a corporation and the employee who handled the job is a partner. If the sole proprietorship is a corporation and its employee poisons the cake, then who is liable?
Only the employee who poisoned the cake is liable.
Only the employee who poisoned the cake is liable.
Only the sole proprietorship is liable.
Only the sole proprietorship is liable.
The corporation is liable.
The corporation is liable.
Only the partner is liable.
If the sole proprietorship is a corporation and its employee poisons the cake, then only the sole proprietorship is liable. The second option is correct.
A sole proprietorship, also known as a sole tradership, individual entrepreneurship, or proprietorship, is a type of business owned and operated by a single person with no legal distinction between the owner and the business organisation. A sole trader does not always work alone and may hire others.
The solo trader receives all profits and is personally liable for any losses and debts. Every asset of the business is owned by the proprietor, as are all obligations of the business; the business is not a separate legal entity.
Thus, the sole trader is the only owner of the business he is liable for any action of his employees.
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companies that produce goods which face an elastic demand are likely to experience which of the following situations with change in their selling price?
Companies that produce goods which face an elastic demand are likely to experience a significant change in the quantity of their product demanded with a change in their selling price.
In other words, if the company increases the price of its product, the demand for the product is likely to decrease significantly, and if the company decreases the price of its product, the demand for the product is likely to increase significantly.
This is because elastic demand means that consumers are very sensitive to changes in price and are more likely to switch to substitutes if the price of a product increases, and vice versa if the price of the product decreases.
Therefore, companies that produce goods with elastic demand need to be careful in their pricing decisions to avoid losing customers to substitutes.
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Assuming sales price remains constant, an increase in the variable cost per unit will ______ the contribution margin per unit.
When we assume that the sales price remains constant, an increase in the variable cost per unit will decrease the contribution margin per unit.
1. Contribution Margin (CM) is calculated as: CM = Sales Price per Unit - Variable Cost per Unit.
2. If the Sales Price per Unit remains constant, any change in the Contribution Margin would be due to changes in the Variable Cost per Unit.
3. If the Variable Cost per Unit increases, it means that the production cost for each unit is higher.
4. As a result, when you subtract the higher Variable Cost per Unit from the constant Sales Price per Unit, the Contribution Margin per Unit will be lower.
In conclusion, an increase in the variable cost per unit, while keeping the sales price constant, leads to a decrease in the contribution margin per unit. This is because the higher variable costs reduce the amount of money left after covering these costs, which is represented by the contribution margin.
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Differentiate between real wage and reservation wage and illustrate on graphs.
Real wage represents purchasing power, affected by inflation. Reservation wage is the minimum acceptable wage for employment. Both can be illustrated on graph.
Real Wage:
The real wage refers to the purchasing power of a worker's wage or salary. It represents the amount of goods and services that a worker can afford to buy with their income. The real wage takes into account the effect of inflation on the nominal wage, providing a more accurate measure of the worker's standard of living. It is calculated by dividing the nominal wage by the price level.
Reservation Wage:
The reservation wage is the minimum wage or salary that a worker is willing to accept to participate in the labor market and accept a job offer. It represents the worker's lowest acceptable level of compensation. The reservation wage is influenced by factors such as the worker's skills, experience, job market conditions, alternative employment opportunities, and personal circumstances.
Illustration on Graphs:
To illustrate the concepts of real wage and reservation wage on graphs, we can consider a labor supply and demand model.
Real Wage:
The supply curve represents the willingness of workers to supply labor at different wage levels, and the demand curve represents the demand for labor by employers.
If the real wage increases, it leads to a higher level of workers' purchasing power. This can be represented by an upward movement along the supply curve, indicating that workers are willing to supply more labor at higher wages. Conversely, a decrease in the real wage would result in a downward movement along the supply curve, indicating a decrease in the quantity of labor supplied.
Reservation Wage:
The reservation wage is the minimum wage level that workers are willing to accept.
It's important to note that the specific shape and position of the supply and demand curves, as well as the reservation wage level, may vary depending on various factors and conditions in the labor market. The graphical illustrations provided serve as general representations to help understand the concepts of real wage and reservation wage.
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