Using mathematical operations, the total cost of owning the car will be $46,100 over its 5-year life.
How is the total cost determined?The total cost is the sum of the different costs associated with the ownership of the car over its 5-year period.
Some costs, like gasoline, checkups/oil changes, and insurance are multiplied by 5 years while others were not.
Auto loan repayment per month = $450
Period of auto loan repayment = 48 months (4 years x 12)
Auto loan repayment for 4 years = $21,600 ($450 x 48 months)
Checkups/Oil changes = $500 ($100 x 5 years)
5-year Average Repair Costs = $3,000
Insurance = $6,000 ($1,200 x 5 years)
Gas cost - $ 15,000 ($3,000 x 5 years)
Total cost = $46,100
Thus, we can use mathematical operations (multiplication and addition) to determine the total cost of the car over 5 years.
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Last week Sarah Carver worked 4 overtime hours at time-and-a-half pay. Her
regular pay rate is $8.70 per hour. What was her overtime
pay for the week
Answer:
34.80
Explanation:
8.70 times 4 is 34.80
Answer:
69.60
Explanation:
8.70 x0.5 = 17.4
17.4 is time and a half rate
17.4 x 4 = 69.60
4 is the hours she worked.
The career cluster that involves data and computers is___.
A.Human Services
B.Hospitality and Tourism
C.Law, Public Safety, Corrections, and Security
D. Information Technology
Answer:
the career cluster that involves data and computers is information technology.
Answer:
The Information Technology Career Cluster® has four career cluster pathways to guide students to their desired occupation in information technology.
Network SystemsInformation Support and ServicesWeb and Digital CommunicationsProgramming and Software DevelopmentExplanation:
so, answer is option D
Information technology*
provide a defination of GAAP
Answer:
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Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.
business ethics
1. what are the 5 social media platforms that have the most ethical liability? give example for each and describe briefly whether social media is an added value for the business.
2. Multinational firms are frequently charged with unethical behavior. Describe some of the things they are criticized for.
The five social media platforms with significant ethical liability include Face book, Tw it ter, In sta gram, You Tube, and T ik To k.
The Social media platformsThese platforms have faced concerns related to privacy breaches, data mining, misinformation, cyberbullying, content moderation issues, and more. Despite these concerns, social media can provide added value to businesses through marketing opportunities, customer engagement, and brand promotion.
Multinational firms are often criticized for unethical behavior. Common criticisms include labor exploitation, environmental degradation, tax avoidance, corruption, and human rights violations. Responsible business practices, ethical decision-making, and corporate social responsibility are crucial for addressing these concerns and ensuring positive contributions to society.
Overall, while social media platforms and multinational firms present opportunities for business growth and connectivity, they must navigate ethical challenges, prioritize user safety, privacy, and responsible practices to mitigate negative impacts and maintain a positive reputation
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How do you round to the nearest whole percent?
( here’s the question I need to round for )
What percentage of total expenses is spent on housing?
( round to the nearest whole percent)
A 20%
B 21%
C 22%
D 24%
~Please help ASAP~
Answer:
Dont worry about me, I just added this answer so the other person can get their brainliest because they definetly deserve it
Lillypad Toys is a manufacturer of educational toys for children. Six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. Three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. What should Lillypad's managers prepare for next?
Answer:
increased competition from imitators
Explanation:
In the scenario being described, Lillypad's managers should prepare for increased competition from imitators. Whenever a company releases a new product into the market, other competitors in the same market will try and release a similar product as fast as possible in order to profit from the high demand of the unique product as well as take advantage of the advertisements that the original company has already made in order to get a population aware of the new device.
consumers are free to divide their income between consumption and_________.
Consumers are free to divide their income between consumption and saving.
Saving refers to the act of setting aside a portion of income for future use rather than spending it immediately on goods or services. It allows individuals to accumulate funds for emergencies, future purchases, investments, or retirement. By choosing to save a portion of their income, consumers can allocate resources for future needs and financial security.
The ability to allocate income between consumption and saving provides consumers with flexibility and the opportunity to plan for their financial well-being. It allows them to prioritize their current needs and desires while also preparing for future expenses or financial goals.
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Momentum, a brand of sports cars, launched an advertising campaign with a tagline that states, "Our cars outperform most cars on the road even before you step on the accelerator." In this scenario, the company is using ________ segmentation as it targets its product to satisfy consumers who want to satisfy performance needs. benefit
demographic
geographic
socioeconomic
Momentum, a brand of sports cars, launched an advertising campaign with a tagline that states, "Our cars outperform most cars on the road even before you step on the accelerator." In this scenario, the company is using benefit segmentation as it targets its product to satisfy consumers who want to satisfy performance needs.
Benefit segmentation is a type of market segmentation strategy in which the target market is divided into segments based on the perceived benefit that consumers seek from a product or service. In other words, the company divides the market into different groups of consumers based on the specific benefits they are looking for in a product or service.
For example, Momentum is using benefit segmentation by targeting consumers who want to satisfy their performance needs. The company is emphasizing the superior performance of its sports cars, which appeals to consumers who are looking for high-performance vehicles. By doing so, Momentum is trying to differentiate its product from other cars in the market and attract consumers who value performance and speed over other features.
Therefore the correct option is benefit
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__________ damage for the sake of doing damage, and they often choose targets of opportunity.
The statement seems to refer to individuals or groups who inflict harm or cause destruction without any particular reason or motive other than the satisfaction of doing so.
They may not have any specific target in mind, but rather look for any chance to cause damage. This behavior can be seen as senseless and irresponsible, as it serves no constructive purpose and may even lead to negative consequences. It is important to consider the impact of our actions and choose our targets carefully, rather than acting on impulse or for the sake of causing harm.
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U.S. citizens pay $3 billion more annually for shoes and Japanese citizens pay $6 billion more for rice than the actual cost of the products because
U.S. citizens pay $5 billion more annually because both countries have imposed tariffs on imported goods to protect their domestic markets.
What is tariff?A tariff simply means a tax imposed by a government of a country on imports or exports of goods.
In this case, U.S. citizens pay $3 billion more annually for shoes and Japanese citizens pay $6 billion more for rice than the actual cost of the products because both countries have imposed tariffs on imported goods to protect their domestic markets.
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Healthy Plants Ltd. (HP) produces its premium plant food in 50-pound bags. Demand for the product is 100,000 pounds per week. HP operates 50 weeks per year and can produce 250,000 pounds per week. The setup cost is $200, and the annual holding cost rate is $0.55 per bag. Currently, HP produces its premium plant food in batches of 1,000,000 pounds. Using the data provided in Problem 23, determine what will happen if HP uses the economic production quantity model to establish the quantity produced each cycle.
Based on the weekly demand, production capacity and holding cost, the EPQ must be 550,482.88 pounds or 11,009.66 bags.
The Economic Production Quantity can be found by the formula:
= √( ( 2 x Annual demand x Setup cost) / ( Annual holding cost per pound x ( 1 - Demand rate per week / Production rate) ) ) )
Annual demand = Demand per week x Number of weeks in HP year)
= 100,000 x 50
= 5,000,000
Annual holding cost per pound = Cost per bag / Number of pounds in bag
= 0.55 / 50 pounds
= $0.011 per pound
Economic Production Quantity = √( ( 2 x 5,000,000 x 200) / ( 0.011 x ( 1 - 100,000 / 250,000) ) ) )
= 550,481.88 pounds
In bags this is:
= 550,481.88 / 50 pounds per bag
= 11,009.66 bags
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The question is:
Calculate the economic production quantity (EPQ) in pounds and bags
The Travel Industry Council of Hong Kong (TIC) was founded in
1978 to safeguard travel brokers' interests."
Answer: The Travel Industry Council of Hong Kong (TIC) was indeed founded in 1978 with the primary objective of safeguarding the interests of travel brokers in Hong Kong. The TIC serves as a regulatory body for the travel industry in Hong Kong and plays a crucial role in maintaining standards and promoting professionalism within the industry.
Explanation: The TIC is responsible for establishing and enforcing a Code of Conduct for travel agents and tour operators in Hong Kong. This code sets out guidelines and regulations that members of the TIC must adhere to, ensuring fair and ethical practices in the provision of travel services.
Some of the key functions and responsibilities of the TIC include:
Licensing and Regulation: The TIC is responsible for licensing travel agents and tour operators in Hong Kong. They assess the qualifications and financial stability of applicants before granting licenses, ensuring that only reputable and reliable operators are authorized to conduct business.
Consumer Protection: The TIC plays a vital role in safeguarding the interests of consumers by implementing measures to protect their rights. They establish a mechanism for handling complaints and disputes between travelers and travel agents, aiming to resolve issues in a fair and efficient manner.
Industry Standards and Training: The TIC sets standards and guidelines for the travel industry in Hong Kong, promoting professionalism and excellence. They organize training programs and seminars to enhance the skills and knowledge of industry practitioners, contributing to the overall development and competitiveness of the sector.
Promotion of Hong Kong as a Travel Destination: The TIC actively promotes Hong Kong as a desirable travel destination through various marketing initiatives. They collaborate with tourism organizations and participate in international travel fairs and exhibitions to attract visitors to Hong Kong.
In summary, the Travel Industry Council of Hong Kong (TIC) was established to protect the interests of travel brokers and regulate the travel industry in Hong Kong. Through licensing, consumer protection measures, industry standards, and promotional efforts, the TIC plays a vital role in ensuring the professionalism, integrity, and growth of the travel industry in Hong Kong.
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Name the three competitive priorities for time. Give a specific example of each one. In your answer, fully explore the impact of the global environment on these three competitive priorities. Does the global environment impact each of the three priorities equally? Why or why not?
The three competitive priorities for time are speed, on-time delivery, and development speed.
Speed is an important competitive priority for businesses because it helps them to respond quickly to the needs of their customers. Companies that prioritize speed can introduce new products faster and respond to changes in the market more quickly. An example of speed as a competitive priority is fast food restaurants like McDonald's, which offer quick service to customers who want to eat on the go.
On-time delivery is another competitive priority for businesses. Companies that prioritize on-time delivery can provide their customers with reliable service, which helps to build trust and loyalty. An example of on-time delivery as a competitive priority is FedEx, which guarantees that packages will be delivered on time.
Development speed is also an important competitive priority for businesses. Companies that prioritize development speed can bring new products to market faster than their competitors, which can help them gain a competitive advantage. An example of development speed as a competitive priority is Apple, which is known for introducing innovative new products on a regular basis.
The global environment has a significant impact on these three competitive priorities. For example, changes in technology and communication have made it easier for companies to introduce new products quickly, which has increased the importance of development speed as a competitive priority. On the other hand, political and economic instability in certain regions can make it difficult for companies to ensure on-time delivery, which can hurt their reputation and customer loyalty.
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Which of the following is true with a voluntary survey when compared to a mandatory census?
A) A sizeable proportion of people do not answer such surveys. B) If people refuse to answer at random, then non-response would not cause a problem; we just would not get as large a sample. C) We would expect more variation in the mean incomes we calculate, but they would not be systematically different from the population mean. D) A), B), and C) are all true.
E) A), B), and C) are all false.
E) A), B), and C) are all false. The statement is false because all three options presented in the answer choice are incorrect. Here is the explanation for each option:
A) A sizeable proportion of people do not answer such surveys.
This statement is not necessarily true for voluntary surveys. While it is possible that a sizeable proportion of people may choose not to respond, it is also possible that a high response rate can be achieved through effective survey design, incentives, and communication.
B) If people refuse to answer at random, then non-response would not cause a problem; we just would not get as large a sample.
Non-response bias can be a significant issue in voluntary surveys. If certain groups of people are more likely to refuse to participate, it can lead to biased results and affect the representativeness of the sample. Non-response bias can distort the findings and limit the generalizability of the survey results.
C) We would expect more variation in the mean incomes we calculate, but they would not be systematically different from the population mean.
The level of variation in mean incomes calculated from a voluntary survey would depend on the characteristics of the respondents and the non-response patterns. The variation may or may not be greater than that of a mandatory census, and it is possible for systematic differences to arise between the survey results and the population mean due to non-response bias.
Therefore, none of the options presented in the answer choice are true, and the correct answer is E) A), B), and C) are all false.
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define the term budding class 7th
Answer: Budding is a process when there is an outgrowth and eventually seperates the nucleus. Budding can be observed in yeast. This is a form of asexual reproduction which involves development of small mass of cells as protuberances on the parental body to give rise to new structures called as buds.
Explanation:
bob bought some land costing $16,040. today, that same land is valued at $46,117. how long has bob owned this land if the price of land has been increasing at 4 percent per year?
Given that Bob paid $16040 for the land, and that the price is rising at a pace of 4% each year, the land is now worth $46117.if the price is rising at a pace of 4% annually, Bob must own his land for 26 years.
We need to figure out when Bob had to be the land's owner for the land to be worth $46117 today.
Calculating the principal and the additional interest is known as compounding.
Land prices will rise at a 4% annual rate.
Bob paid $16040 when he purchased the land.
Today's land cost is $46117.
Similar to how interest compounds, the amount is determined as follows:
\(S=P*(1+r)n\)
In the above equation P is the amount at beginning, r is rate of increasing and n is the number of years.
\(46817=16390(1+0.04)n46817/16390=(1.04)n(1.04)n=2.8564(1.04)n=(1.04)26\)
From both the sides we will get n=26.93
Therefore, if the price is rising at a pace of 4% annually, Bob must own his land for 26 years.
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The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring high school students, on a commission basis, to sell sweatshirts bearing the name and mascot of the local high school.
These sweatshirts would have to be ordered from the manufacturer six weeks in advance, and they could not be returned because of the unique printing required. The sweatshirts would cost Hooper $16.00 each with a minimum order of 203 sweatshirts. Any additional sweatshirts would have to be ordered in increments of 203.
Since Hooper’s plan would not require any additional facilities, the only costs associated with the project would be the costs of the sweatshirts and the costs of the sales commissions. The selling price of the sweatshirts would be $32.00 each. Hooper would pay the students a commission of $7.00 for each shirt sold.
Required:
1. What level of unit sales and dollar sales is needed to attain a target profit of $7,308?
2. Assume that Hooper places an initial order for 203 sweatshirts. What is his break-even point in unit sales and dollar sales? (Round your intermediate calculations, round "Break-even point in unit sales" up to the nearest whole unit and round "Break-even point in dollar sales" to the nearest whole dollar.)
3. How many sweatshirts would Hooper need to sell to earn a target profit of $8,222? (Round final answer up to the nearest whole unit.)
1. The unit and dollar sales levels needed to attain a target profit of $7,308 are 812 and $25,984.
2. The break-even point with 203 sweatshirts is $4,669.
3. The unit sales level needed to attain a target profit of $8,222 is 914.
What is the break-even point?The break-even point represents the required sales units for no profit or loss to be achieved.
At the break-even point, the total revenue equals the total costs (fixed and variable).
Data and Calculations:Selling price per sweatshirt = $32
Variable cost per unit = $23 ($7 + $16)
Contribution margin per unit = $9 ($32 - $23)
Contribution margin ratio = 0.28125 ($9/$32)
Fixed costs = $0
Target profit = $7,308
1. Sales level to attain a target profit of $7,308 = 812 units ($7,308/$9)
And $25,984 ($7,308/0.28125)
2. Break-even point with 203 sweatshirts = $4,669 ($23 x 203)
3. Target profit = $8,222
Sales level to attain a target profit of $8,222 = 914 units ($8,222/$9)
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QUESTION 17
What kind of linkage do the factory methods created for lab 1 have?
Choose one • 1 point
1. Implicit
2. Explicit
3. Internal
4. External
QUESTION 18
New files that you create in a project are automatically staged in git, and will always be part of the next commit that you make into the repository.
Choose one • 1 point
1. True
2. False
For the first question:
The answer would depend on the specific context of the lab and the factory methods being referred to. The terms "Implicit," "Explicit," "Internal," and "External" are not directly related to the linkage of factory methods.
For the second question:
The correct answer is 2. False.
In regards to the first question, without specific information about the lab and the nature of the factory methods, it is difficult to determine the kind of linkage they possess. The terms "Implicit," "Explicit," "Internal," and "External" are broad and can have different meanings depending on the context. To provide a definitive answer, more details about the lab and the specific implementation of the factory methods would be required.
Regarding the second question, the statement is false. In Git, new files are not automatically staged for the next commit. It is necessary to explicitly use the "git add" command to stage the files before they can be included in a commit. This allows for selective control over which changes are included in each commit, promoting better version control and organization of the project's history.
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What is one advantage of taking a course online instead of onsite?
A.
It is easier to access the printed course materials.
B.
You can usually do the coursework when it’s convenient.
C.
The quality of teaching is typically a little better.
D.
You can communicate with your teacher more effectively.
B. The coursework can usually be completed at a time that works for convenient - is one of the benefits of taking a course online rather than in person.
What are the benefits of taking courses online?There are advantages and disadvantages to learning online and in a virtual classroom, just as there are to learning in person on a physical campus. You'll find that one of the many advantages of online education is that it gives you more flexibility in your schedule, can lower the cost of your degree, and can make it easier to advance your career while you study.
Online education has many advantages, but there are also disadvantages to consider. In its own way, staying focused and being self-motivated can be difficult; which is one reason why not everyone is a good candidate for online education. You can get a better idea of whether online learning might be right for you and your career and education goals by learning more about its benefits and drawbacks.
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The average weekly wages for employees in a company has an average income of $415 with the standard deviation of $26. Assume that the weekly wages are approximately normally distributed.
What should be the income of a randomly selected employee so that the income is in the top 5%?
An employee claims that his income is at 85th percentile. What should be his/her income in dollars?
The z-score associated with the desired percentile.
How can the z-score be used to find the income for a specific percentile?To determine the income that corresponds to the top 5% of employees in the company, we need to find the z-score associated with the desired percentile.
Since the income is normally distributed, we can use the standard normal distribution table or calculator to find this value. The z-score corresponding to the top 5% is approximately 1.645.
Using the z-score formula, we can calculate the income corresponding to the top 5% as follows:
Income = (z-score * standard deviation) + mean
Income = (1.645 * $26) + $415
Income ≈ $56.77 + $415
Income ≈ $471.77
For the employee who claims to have an income at the 85th percentile, we can follow a similar approach. The z-score corresponding to the 85th percentile is approximately 1.036. Thus, their income can be calculated as:
Income = (z-score * standard deviation) + mean
Income = (1.036 * $26) + $415
Income ≈ $26.94 + $415
Income ≈ $441.94
The income for a randomly selected employee to be in the top 5% should be approximately $471.77, while the income for an employee claiming to be at the 85th percentile should be around $441.94.
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Melissa plans to become a nurse. What would be a good extracurricular activity for Melissa during high school? O A. O B. O C. O D. joining the cheerleading squad taking charcoal drawing lessons participating in gymnastics volunteering at a health clinic after school
Answer:
Volunteering at a health clinic after school
Explanation:
If Melissa plans on becoming a nurse, she should look for extracurriculars which could help support her in her future years. Volunteering at a health clinic could provide her with hands on experience opposed to cheerleading or charcoal drawing which are good for hobbies and fun activities. But if Melissa really has a passion to become a nurse she should look for extracurriculars which not only interest her but may be of benefit to her.
Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Check all that apply.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed
When Jim lost his job, he became unemployed and structurally unemployed.
A person is unemployed if he is within the working age, is willing and able to work but does not have a job.
Types of unemployment
Structural unemployment: this type unemployment occurs when the skills a person has is no longer relevant in the economy. It occurs as a s result of changes in the economy. For example, technological advancement can make a person's job redundant.Frictional unemployment: this type of unemployment occurs from when a person leaves his current employment gets another job. Voluntary unemployment: a person decides not to work. For example, a factory worker might decide to stop working in order to become a fulltime student. Cyclical unemployment: it occurs as a result of fluctuations in the economy.
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a company reported cost of goods sold of $1,240,200 for the year. during the year, inventory increased from a $270,000 beginning balance to a $324,000 ending balance, and accounts payable increased from a $84,600 beginning balance to a $99,000 ending balance. how much cash was paid for merchandise purchased during the year?
The Cash Paid for Merchandise Purchased is$1,141,200.
Calculate the Cost of Goods Available for Sale
Cost of Goods Available for Sale = Beginning Inventory + Purchases = $270,000 + X
Calculate the Ending Inventory
Ending Inventory = Beginning Inventory + Purchases - Cost of Goods Sold = $270,000 + X - $1,240,200
Calculate the Purchases
Purchases = Ending Inventory + Cost of Goods Sold - Beginning Inventory = $324,000 + $1,240,200 - $270,000
Calculate the Cash Paid for Merchandise Purchased
Cash Paid for Merchandise Purchased = Purchases - Accounts Payable = X - $99,000
Cash Paid for Merchandise Purchased = $1,141,200
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MATCH EACH TERM WITH EACH DEFINITION
Credit report
Grace period
Secured card
Annual percentage rate
1. The amount of interest paid on a unpaid balance
2. Number of days to run a balance before fees or interest are charged
3.A credit card with money in a savings account to act as collateral
4. A listing of a persons financial information and history
Answer:
grace period = 2
credit report= 4
secured card = 3
annual percentage rate = 1
Answer:
annual percentage ; the amount of interest charged on unpaid balances
grace paid ; number of days to run a balance before fees or interest are charged.
balance transfer ; the movement of money owed on one credit card to another credit card.
credit report ; listing of a person's financial information and history.
Explanation:
ap3x correct
What is the main purpose of the dual accounting method?.
Answer:
The main purpose of a double-entry bookkeeping system is to ensure that a company's accounts remain balanced and can be used to depict an accurate picture of the company's current financial position.
Explanation:
Grayson really wants to get an a on his upcoming math test but he hates studying. He decides to set a goal for himself to study for 20 minutes every night this week and preparation for the quiz Friday.What kind of goal Grayson set for himself?
Answer: short term goal
Explanation:
A short-term goal is a goal that an economic agent such as an individual or a fitm wants to achieve or accomplish soon. Short term goals are goal that one wants to achieve maybe today, in a week, in a month or even probably a year.
Since Grayson really wants to get an a on his upcoming math which is coming soon, the goal that he sets to study for twenty minutes every night is referred to as a short term goal.
Research the options for AP and IB classes in your local school district or state and write a one-page report presenting the following information:
What programs are available that can help you get college credit for your chosen career?
What are the entrance requirements, if any?
How many college credits could you possibly graduate high school with?
What are the benefits of programs such as AP and IB, and how can you prepare yourself in middle school to take these types of classes in the future?
The programs that available that can help you to get the college credit for the career that you have chosen are:
Advanced placement classesCollege level examinationsThe entrance requirements for this schools would need you to have up to an achievement rating of 4 in some basic subjects.
You could possibly graduate with up to 120 college credits from school.
The benefits of Advanced placements is that they help to prepare students for the college school. They are used to place and grade students as they prepare for college.
What is college credit?When students join in these courses, they study college-level content more rigorously and at a faster speed. They can acquire college credits in return for taking a course like this.
High school pupils need to be aware that there are options like these, with great rewards. Students who know this information can finish their college education before arriving on the campus of their chosen institution or university.
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Answer: (Answers may vary.)
After researching the AP and IB options in my town, I found out that my state doesn’t offer the IB curriculum. I think that the IB program sounds very interesting. I’d like to see a real IB school and learn more about the curriculum, but unfortunately I won’t be able to in my school district. My school district does, however, offer AP classes in high school.
In order to get into the AP program in my school district, I have to be on the AP path. This means that I would take the pre-AP classes in middle school, which will allow me to get farther along in the curriculum, and then I’d take the AP classes starting in my junior year. I also have to get a 3.0 GPA and maintain that GPA through my AP classes while in high school or I may lose my place in the program.
If I get on the right track, I could possibly take up to eight AP classes in my junior year of high school and another eight AP classes in my senior year, which would mean that I could get a lot of college credits! I don’t know if I could realistically do this, however, because the classes are so much more difficult than regular high school classes are. I’d also be very worried about taking all of those AP exams at the same time!
I think I’ll try to take as many AP classes in high school as I possibly can, but only for the core classes, such as English, Science, Math, and History. That way, I can get through college sooner and pay less for my degree. I have to make sure I get good grades in my classes, and I plan to get on the AP track so I can take these classes in the future.
Explanation: Edmentum Answer
Consider a second hand car market where three types of cars are being sold: High quality (H), medium quality (M) and low quality (L). Sellers value an H at $2000, an M at $1200 and an L at $800, whereas buyers value an H at $1800, an M at $1600 and an L at $1400. As discussed in the "Akerloff's Lemons Market", sellers are able to distinguish between different quality cars but buyers are not and a buyer believes that in this market 40% of the cars is an H, 30% of the cars is an M and 30% of the cars is an L. a) Determine which type of cars will be sold at the efficient allocation. b) Determine which type of cars will be sold at the market equilibrium.
Answer:
a) Determine which type of cars will be sold at the efficient allocation.
All cars would be sold in a Pareto efficient allocation.
In a Pareto efficient market, resources are all allocated in teh most efficient possible way. This is the reason why this is just a theoretical concept that does not necessarily apply in real life.
b) Determine which type of cars will be sold at the market equilibrium.
Since consumers are only willing to pay up to $1,620 for a used car, only medium quality and low quality cars will be sold. The price of high quality used cars is higher than the equilibrium price.
Explanation:
the most a buyer would be willing to pay for a used car is ($1,800 x 40%) + ($1,600 x 30%) + ($1,400 x 30%) = $720 + $480 + $420 = $1,620
As a(n) , it‘s up to you to make choices about what you buy and use.
As a consumer, it‘s up to you to make choices about what you buy and use.
What are consumers?Generally, A consumer is a person or group that uses a product or service. In economic terms, a consumer is someone who buys goods and services for personal use.
Consumer demand drives the economy, as businesses aim to produce and sell products that consumers want to buy.
Consumers also play a role in shaping the market by making purchasing decisions based on factors such as price, quality, and brand.
Read more about consumers
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CQ
As a(n)_____ , it‘s up to you to make choices about what you buy and use.
Explain why economists are concerned with relative scarcity as opposed to absolute scarcity?
Answer:
Absolute scarcity: First, it may be that there are simply insufficient quantities of a resource to meet human needs or wants. ... Relative scarcity: Second, there may be physical quantities of a resource present but scarcity exists because of problems about supply or distribution.Jan 19, 2012
Explanation: