The first step in developing a competitive relating strategy is to _____. group of answer choices
Answers
The first step in developing a competitive relating strategy is to understand the customer. group of answer choices.
The first step in developing a competitive pricing strategy is to conduct a thorough analysis of the market and understand the competitive landscape. This involves gathering information about competitors, their pricing strategies, and the value they offer to customers. By gaining insights into the market dynamics, a company can make informed decisions regarding its pricing strategy.
During this initial step, it is essential to assess factors such as customer demand, market trends, pricing elasticity, and the company's cost structure. This analysis helps in identifying the company's unique selling points, differentiating factors, and potential areas for competitive advantage.
Once the market analysis is completed, the company can determine its pricing objectives and align them with its overall business goals. This may include setting targets for market share, profitability, or product positioning. With a clear understanding of the market and desired pricing outcomes, the company can then proceed to develop a competitive pricing strategy that maximizes its value proposition while remaining competitive within the market.
Therefore, conducting a comprehensive market analysis and aligning pricing objectives are crucial first steps in developing a competitive pricing strategy. These steps provide a foundation for making informed pricing decisions that drive business growth and profitability.
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Related Questions
Sheridan Company took a physical inventory on December 31 and determined that goods costing $225,000 were on hand. Not included in the physical count were $24,200 of goods purchased from Pelzer Corporation, FOB shipping point, and $21,200 of goods sold to Alvarez Company for $29,200, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end.
Answers
Answer:
$270,400
Explanation:
FOB shipping point: (transfer of risk and reward takes place when the goods are shipped for transfer.
The purchased inventory that was not included are under FOB shipping point, which means that the risks and rewards associated with the inventory has been transferred at the year end. Hence the ownership has been shifted. This means the purchase must be included in the inventory.
FOB destination: The transfer of ownership takes place once the other party receives the order.
As the sold inventory are under FOB destination, which means that the risks and rewards assoiciated with the inventory are not yet transferred. Hence the ownership has not been shifted. This means the sold inventory must be included in the inventory.
Calculation:
Goods on Hand $225,000
Goods Purchased FOB Shipping Point $24,200
Goods Sold on FOB Destination $21,200
Goods on Hand on December 31 $270,400
How do businesses compete for customers?
Answers
Answer:
marketing team and review resources
the modified internal rate of return can be used to correct for: group of answer choicesnegative npv calculations.undefined payback periods.borrowing projects.multiple sign changes.
Answers
The Modified Internal Rate of Return (MIRR) is a financial metric used to evaluate the profitability of an investment project. It is particularly useful when the traditional Internal Rate of Return (IRR) method produces multiple sign changes, which can make it difficult to accurately determine the rate of return.
MIRR addresses this problem by assuming that cash flows generated by a project are reinvested at a specific rate, which is usually the cost of capital or a similar benchmark rate. By doing so, MIRR creates a consistent set of cash flows that can be used to calculate the rate of return more accurately.
MIRR can be used to correct for negative NPV calculations, undefined payback periods, and borrowing projects. Negative NPV calculations can occur when traditional IRR is used inappropriately, and MIRR can help correct for this by providing a more accurate rate of return. Undefined payback periods can occur when cash flows have multiple sign changes, and MIRR can help calculate a specific payback period that is more accurate. Finally, MIRR can be used to evaluate borrowing projects by providing a more accurate measure of the project's profitability. Overall, MIRR is a useful financial metric that can help investors make better investment decisions by providing a more accurate rate of return.
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How many units must be sold to break-even if the sales price is $500 per unit, variable costs are $300 per unit and total fixed costs are $1,000
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10 units must be sold to break-even if the sales price is $500 per unit, variable costs are $300 per unit and total fixed costs are $1,000.
What is sales?Sales are actions involving the sale of goods or the volume of items sold during a specified time frame. A sale also includes the provision of a service for a fee.In response to an acquisition, appropriation, request, or a direct connection with the customer at the point of sale, the seller or provider of the products or services completes a sale.What is cost?A cost is the worth of money that has been expended to produce something or provide a service and is therefore no longer available for use in production, research, retail, and accounting. In the case of an acquisition cost, the money spent on the acquisition is considered the cost. In this instance, money is the input used to obtain the item.Learn more about sales here:
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Explain what is meant by Classical Dichotomy and Monetary Neutrality in the LR. According to these concepts, do changes in monetary policy affect any macroeconomics outcome in the LR? Explain. Explain the difference between the setups of the LR and the SR and how Monetary Neutrality does not apply to the SR. (You need to show your explanations and analysis to earn points in this question.)
Answers
Classical Dichotomy and Monetary Neutrality are concepts in macroeconomics that pertain to the long run (LR).
In the LR, changes in monetary policy do not affect macroeconomic outcomes.
However, in the short run (SR), the concepts do not apply, and changes in monetary policy can impact the economy.
Classical Dichotomy refers to the separation of real variables, such as output and employment, from nominal variables, such as money and prices, in the long run. According to this concept, changes in the money supply only affect nominal variables and have no impact on real variables in the LR.
Monetary Neutrality is the idea that changes in the money supply do not have lasting effects on real variables in the LR. In other words, an increase or decrease in the money supply does not affect real economic output, employment, or productivity in the long run.
In the LR, the economy operates at its potential output level, and prices and wages adjust to maintain equilibrium. Changes in the money supply simply lead to proportional changes in prices and wages, without affecting real economic variables.
However, in the SR, prices and wages are sticky, and the economy may not be at its potential output level. In this case, changes in the money supply can have real effects on output, employment, and other macroeconomic variables.
Therefore, in the SR, changes in monetary policy can impact the economy through various channels, such as the interest rate, investment, and aggregate demand. However, in the LR, the concepts of Classical Dichotomy and Monetary Neutrality imply that changes in monetary policy do not have long-lasting effects on real variables.
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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel Supplies Selling price $ 180,000 $ 140,000 $ 120,000 $ 60,000 Cost 128,000 133,000 90,000 45,000 Replacement cost 120,000 130,000 110,000 41,000 Sales commission 10 % 10 % 10 % 10 % In applying the lower of cost or net realizable value rule, the inventory of apparel would be valued at:
Answers
Answer:
inventory value=$ 377,000.00
Explanation:
In applying the rule of the lower cost of cost or net realizable value,we compare NRV(selling price minus cost to sell) with the replacement cost(current price), where the lower of the two is then compared against the original cost of the inventory item as done in the attached.
Value of inventory=$120,000+$126,000+$90,000+$41,000=$377,000.00
Contribution Margin Income Statement Definition
The contribution margin income statement shows the net profit earned or loss incurred by an organization for a specific period. Both fixed expenses and variable expenses are treated separately in this statement. This statement is not used for financial reporting but, it is used to determine the net profit or loss incurred in a period.
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The contribution margin income statement displays the organization's net profit or loss for a certain time period. In this statement, fixed and variable expenses are considered separately. is accurate.
In the field of economics, profit is defined as the difference between the income produced by an economic entity's outputs and the total of its input expenses. Total income less total expenses, which includes both direct and indirect expenses, is what it amounts to. It differs from accounting profit in that the latter only applies to costs that are clearly listed on a company's financial statements. Accounting profit is determined by deducting all explicit expenditures from the company's total revenue. An economist considers all expenses, both explicit and implicit, while analyzing a firm. Along with traditional profit, economic profit is frequently taken into account. The phrase "normal profits" in business refers to a situation where a company makes income
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A perfectly competitive firm not able to sell all it wants at the market equilibrium
price. Therefore, it has no incentive to increase prices (sacrificing revenues and
therefore profits) to increase sales. Because other firms are selling nearly identic
products (i.e., goods are homogeneous) at the market equilibrium price, trying to
raise the price would lead to the firm gaining all its sales.
Answers
A perfectly competitive firm is not able to sell all it wants at the market equilibrium price. Therefore, it has no incentive to increase prices (sacrificing revenues and therefore profits) to increase sales. Because other firms are selling nearly identic products (i.e., goods are homogeneous) at the market equilibrium price, trying to raise the price would lead to the firm gaining all its sales.TRUE
In economic theory, perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers, buyers have perfect or full information, and companies cannot determine prices.In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition.
Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium. For example, if there are several firms producing a commodity and no individual firm has a competitive advantage, there is perfect competition.The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. Efficient market equilibrium under perfect competition is when marginal revenue equals marginal cost.
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A business must decide whether to open a new office in China. If it opens the
branch, it will increase its chances of selling a high volume of its products in
China. On the other hand, the business will have to spend a lot of money to
make the branch operational.
What would be an opportunity cost for the business if it chooses to open the
new branch in China?
A. The business could not use the money it spends on the new
branch for something else.
B. The business would be able to increase the selling prices for most
of its products.
C. The business would have to spend all its money making new
Chinese products.
D. The business would be able to easily sell its products to many new
customers.
Answers
Answer: A. The business could not use the money it spends on the new
branch for something else.
Explanation:
Opportunity cost simply means the cost of what one forgoes when an alternative decision is taken.
Since the business chooses to open a new branch in China, the opportunity cost will be the money that the business could have spent on something else.
Therefore, the correct option is A.
Match the term with the correct description.
Free Market
Fixed Market
The government increased involvement in the economy.
The government scales back involvement in the economy.
Answers
A free market is one in which the economic system is solely supported by voluntary transaction and the principles of supply and demand, without the involvement of the government.
What other term would you use to describe voluntary?Deliberate, intentional, or willing are a few words that are frequently used as synonyms for voluntary. Voluntary means freedom or spontaneity in choice or action without any outside force, even if all of these words indicate "done and brought out of one's own will."
Why is it referred to as voluntary?When something is voluntary, it is being done of one's own free will or volition. Since all the muscles linked to the skeleton are voluntary muscles, voluntary muscles are also frequently referred to as skeletal muscles or striated muscles (because the muscle fibers make them look striated, or stripy).
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80-85% of the world's natural vanilla is supplied by Madagascar, an island nation off the coast of Africa. Linda read a recent article online in one of the main ingredients for the ice cream that she and Cathal will produce in 'Sligo Scoops'. (i) What effect will a shortage of vanilla have on each of the following:
The price of vanilla:
Answers
Answer:
Climate change, crime and speculation mean the price of the fragrant spice has skyrocketed from $20 a kilo five years ago to $515 now.
The _____ environment is the set of factors that directly influences a firm and its competitive actions and responses.
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The collection of variables that directly affect a firm's competitive activities and responses is known as the micro-environment.
The set of factors that directly affect a firm's operation, its competitive actions, and its competitive responses make up the micro environment. These factors include the threat of new entrants, the power of suppliers, the power of buyers, the threat of product substitutes, and the level of rivalry among competitors.
The focus of the economic section is on the financial framework that businesses must function in. It covers things like interest rates, inflation rates, GDP, unemployment rates, levels of disposable income, and the overall expansion or contraction of the economy (Figure 3.5, "Economic Factors"). Additionally, the industrial setting has a more immediate impact.
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Unlike for-profit organizations, operating non-profit organizations is more challenging because ____. unlike for-profit organizations, operating non-profit organizations is more challenging because ____. nonprofits are government-based nonprofits need to network with charities nonprofits need more funds the cost of operating nonprofits is greater than their revenue nonprofits need to meet a set of objectives while maintaining steady revenue
Answers
Answer:
Explanation:
need more funds i think
why are medical related professions and human resources important
Answers
Answer:
They Both deal with the Wellbeing of the Human Talent
Explanation:
While the medical profession deals with physical, and psychotherapy treatment of the human being and the Human Resources function deals with the employee welfare at work place such as work conditions, training, harassments at work place, both these professions try to improve the wellbeing of the Human Talent.
define finance education for class 8
Answers
If marginal propensity to consume equals 0.6 and the change in income is $12 billion, what is the change in consumption
Answers
Based on the marginal propensity to consume and the change in income, the change in consumption was $7.2 billion.
What was the change in consumption?The change in consumption can be found as:
= Change in income x Marginal propensity to consume
Solving gives:
= 12 billion x 0.6
= $7.2 billion.
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The Answer Is:
$7.2 Billion
hich pricing strategy involves setting a high price for an exclusive, high-end product?
Answers
If the market clearing price increases, then the amount of producer surplus will:_______
Answers
The amount of producer surplus will increase if the market clearing price increases.
The price at which the amount provided and the quantity requested are equal is known as the market-clearing price. The market can only be "cleared" or balanced by this price. Prices tend to increase to market-clearing levels as a result of market competition.
When you have more of anything than you need or intend to utilize is known as surplus. For example, When you prepare a meal you have an excess of food if there is any leftover after everyone has finished eating. You have three options: discard the food, store it, or try to find a neighbor or other potential consumer.
So, when the price rises above its market-clearing price, sellers want to sell more units than buyers want to buy.
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Which description is the best example of physical capital?
A. A doctor with expertise in medicine
B. A miner with experience digging for coal
C. A machine that tests new car engines
D. A new law regulating trade in a country
Answers
Answer:
C. A machine that tests new car engines
Explanation:
it's man-made
The correct option is C. A machine that tests new car engines is the best example of physical capital.
Assets that a company owns and uses, including buildings, machines, and cars, are referred to as physical capital.
What are physical capital and its types?Physical capital refers to the range of inputs needed at each step of manufacturing. There are two forms of physical capital: working capital and fixed capital. Fixed capital includes a variety of tools and machines. The cash on hand to cover your immediate, short-term requirements is known as working capital.
Physical capital is made up of physical, man-made items that businesses invest in or purchase and employ to manufacture things. Physical capital assets that are reusable and not consumed during production, such as manufacturing equipment, also fall under the category of fixed capital.
Thus, The right answer is C. The best illustration of physical capital is a machine used to test new automobile engines.
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You are the manager of a project that has an operating leverage rating of 2.8 and a required return of 14 percent. Due to the current state of the economy, he expects sales to decrease by 7 percent next year. What change should you expect in operating cash flows next year given your sales forecast?
Answers
Answer:
The change should you expect in operating cash flows next year would be 19.60%
Explanation:
In order to calculate the change should you expect in operating cash flows next year given your sales forecast we would have to make the following calculation:
change should you expect in operating cash flows=operating leverage rating*percentage of decrease sales next year
change should you expect in operating cash flows=2.8*0.07
change should you expect in operating cash flows=19.60%
The change should you expect in operating cash flows next year would be 19.60%
multiple choice-- economics
A visit to your doctor's office might reveal another, or several, doctors maintaining separate practices in the same building. These doctors may have combined their efforts to form what kind of business?
Corporation
Partnership
Franchise
Sole proprietorship
Answers
Answer:
Partnership
Explanation:
A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.
There are two (2) main classes of partnerships and these includes;
1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.
2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.
In this scenario, there are several doctors maintaining separate practices such as dentistry, paediatric, gynaecology, etc., in the same building.
Thus, these doctors may have combined their efforts to form a partnership business because they all share in the successful operation of the business and assume liability for any business debt owed.
Henry, a trainer at MyChem Inc., schedules training on handling hazardous chemicals for a group of newly hired employees. The training complies with OSHA regulations and is given to all employees upon hire along with periodic refreshers. The type of training described in this scenario is _____.
Answers
Answer:
Hazard Communication Standard (HCS) training program
Explanation:
The type of training described in this scenario is known as the Hazard Communication Standard (HCS) training program. This is a employee training program designed with the goal of explaining and reinforcing the written information regarding hazard labels and material safety data sheets, as well as how to behave around hazardous material and to apply this information to their workplace.
2) suppose a ten-year, $1000 bond with an 8% coupon rate and semiannual coupons is trading for a price of $1034.74. a) what is the bond's yield to maturity (expressed as an apr with semiannual compounding)? b) if the bond's yield to maturity changes to 9% apr, what will the bond's price be?
Answers
The bond's YTM increases to 9% APR with semiannual compounding, its price will decrease to $941.47.
To find the bond's yield to maturity (YTM), we can use the present value formula and solve for the discount rate (YTM) that makes the present value of the bond's future cash flows equal to its current price:
The bond's YTM increases to 9% APR with semiannual compounding, its price will decrease to $941.47.
a) PV = \((C / (1+r/2)^{n} ) + (C / (1+r/2)^{n-1} ) +.... + (C + FV / (1+r/2)^{n-1} )\)
PV =1034.74
b) price= \((40 / (1+0.09/2)^{1} ) + (40 / (1+0.09/2)^{2} ) +.... + (40 + 1000 / (1+0.09/2)^{0} )\)
Price = $941.47
Thus, if the bond's YTM increases to 9% APR with semiannual compounding, its price will decrease to $941.47.
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4. Suppose the cross-price elasticity of demand for pork with respect to the price of
chicken is equal to +0. 4. What does this tell you about the relationship between pork
and chicken (substitutes, complements)? What will happen to consumption of pork if
the price of chicken falls by 20%?
Answers
Cross-price elasticity of demand is a measure of how responsive the demand for one good is to a change in the price of another good. A positive cross-price elasticity of demand indicates that the two goods are substitutes, meaning that an increase in the price of one good leads to an increase in the demand for the other good, while a decrease in the price of one good leads to a decrease in the demand for the other good.
In this case, the cross-price elasticity of demand for pork with respect to the price of chicken is equal to +0.4, indicating that pork and chicken are substitutes. This means that an increase in the price of chicken will lead to an increase in the demand for pork, while a decrease in the price of chicken will lead to a decrease in the demand for pork.
If the price of chicken falls by 20%, the demand for pork will increase due to the positive cross-price elasticity of demand. However, the extent of the increase in demand will depend on the size of the cross-price elasticity of demand. In this case, a 20% decrease in the price of chicken will lead to a 0.4 x 20% = 8% increase in the demand for pork. Therefore, the consumption of pork will increase by 8% if the price of chicken falls by 20%.
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Please help............
Answers
What are my goals tool about saving for
retirement
Answers
Saving for retirement on a budget Many experts advise allocating 15% of your yearly gross income to retirement savings.
What does allocation mean solely?When implementing a fulfilment plan, choose Allocation Only if you only want to allocate inventory—not yet pick, pack, and ship—and you want to allocate it. Select "Allocation Only" when filling orders if you wish to allocate inventory to one or more orders but aren't yet prepared to finish the pick, pack, and ship processes.
How does allocation rate work?The allocation rate, which determines how much of the money that is being paid into a fund—like a pension fund—can be invested, is the portion of the money that is still available after all fees have been deducted. The allocation rate would be 98%, for instance, if the charges were 2%.
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If a single bank has $35,000 in excess reserves and the required reserve ratio is 25 percent, what is the maximum the banking system can loan if all the money created is deposited in banks?
Answers
If a single bank has $35,000 in excess reserves and the required reserve ratio is 25 percent, the maximum amount the banking system can loan when all the money created is deposited in banks is $140,000.
The required reserve ratio is the portion of deposits that banks must keep as reserves. In this case, the required reserve ratio is 25 percent.
To determine the maximum loan amount, we need to calculate the total deposits created when the $35,000 in excess reserves are deposited in banks.
Since the required reserve ratio is 25 percent, banks must keep 25 percent of the deposits as reserves. This means that 75 percent of the deposits can be loaned out.
To find the total deposits, we divide the excess reserves by the required reserve ratio:
$35,000 ÷ 0.25 = $140,000
So, the maximum amount the banking system can loan, when all the money created is deposited in banks, is $140,000.
It's important to note that this calculation assumes that all banks in the system have the same required reserve ratio and that the excess reserves are evenly distributed among the banks. The actual loan amount may vary depending on individual bank policies and reserves.
In conclusion, if a single bank has $35,000 in excess reserves and the required reserve ratio is 25 percent, the maximum amount the banking system can loan when all the money created is deposited in banks is $140,000.
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In the U.S., Japan, Germany, France and other countries, ____ is/are placing significant financial pressures on government-provided retirement security plans.a high birth ratean aging populationincreasing standards for quality-of-life in old age
Answers
In the U.S., Japan, Germany, France and other countries, ancient civilizations is/are placing significant financial pressures on government-provided retirement security plans.a high birth population increasing standards for quality-of-life in old age.
Ancient civilizations gained from commerce by expanding their territory, population, money, power, and cultural exchange. Trade with other civilizations benefitted ancient civilizations in a number of ways Enhanced cultural interchange.
Through trade, ancient civilizations were able to exchange concepts, innovations, and cultural norms with other civilizations, which aided in the expansion of their worldview and the development of their own cultures. Increased wealth Trade enabled ancient civilizations to obtain resources and deities that were unavailable to them within their own borders, which they could then employ for their own advantage or to trade with other civilizations. These actions increased those civilizations' wealth.
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a corporation was organized in january 2004 with authorized capital of $10 par value common stock. on february 1, 2004, shares were issued at par for cash. on march 1, 2004, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. additional paid-in capital would increase on
Answers
The additional paid-in capital would increase on March 1, 2004 by $140,000.
The corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on March 1, 2004.
The additional paid-in capital is the difference between the fair market value of the shares and the amount paid for them. In this case, the shares were issued at par for cash, and then later, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000.
This means that the corporation received $90,000 worth of legal services in exchange for 7,000 shares of common stock that had a par value of $10 each. This means that the total par value of the shares was $70,000 (7,000 shares x $10 per share).
The difference between the fair market value of the shares and the amount paid for them is $20 per share ($90,000 fair market value / 7,000 shares - $10 par value per share).
The additional paid-in capital is the total amount of this difference, which is $140,000 ($20 per share x 7,000 shares). Thus, additional paid-in capital would increase on March 1, 2004 by $140,000.
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An accounts payable ledger:____.a. Records cash sales made to customers. b. Records credit sales made to customers. c. Contains a separate account for each supplier to the company. d. Contains an account for each customer. e. Lists the balances of selected accounts that are added to show the total amount of the significant long-term creditors outstanding.
Answers
Answer:
The answer is C. Contains a separate account for each supplier to the company
Explanation:
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