Explanation:
5.1 Discuss the role of personal selling in promoting products. What advantages does personal selling offer over other forms of promotion?
Personal selling is a traditional sales method that consists of a more personalized service and a more efficient product promotion compared to other forms of promotion. This is due to the fact that, in a personal sale, there is the direct influence of the seller to explain the functionalities and characteristics of a product, which is usually done using sales and negotiation techniques that directly influence the buyer to feel the need for the product that is being promoted. The advantages of personal selling as opposed to other types of promotion, is the possibility of reducing the time and effort of purchase, since in this type of sale, the seller goes to the customer to offer the product.
5.2 What are the major advantages of personal selling to the company selling a product? What are the advantages to the person or company buying the product?
The biggest advantages of personal selling for the company that sells a product is the greater possibility of having a closed purchase, since the potential sales are made with your potential customers. There is also a decrease with other types of product promotion, which can be costly, such as advertising an advertisement on television, and which may not generate the expected goal of increasing product sales.
The advantages for the person or company that buys the product is the possibility of knowing and seeing the functionality of the product before purchasing and the possibility of negotiating and providing meaningful feedback, which can influence the seller to make the sales proposal more flexible by making it more attractive to the customer. Personal selling also creates value for the customer, as the service is personalized, based on their profile, characteristics, desires and needs.
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,200 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 7,300 50% Conversion costs $ 3,500 20% A total of 8,600 units were started and 7,900 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 160,500 Conversion costs $ 122,200 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:
Answer: $16.19
Explanation:
Equivalent Units = Units completed and transferred + Ending Inventory completed
Ending Inventory = Beginning inventory + Units started into production - Units transfered to second processing department
= 2,200 + 8,600 - 7,900
= 2,900 units
Equivalent Units = 7,900 + (2,900 * 85%)
= 10,365 units
Cost per equivalent unit = Total Material Cost / Equivalent Units
= ( Beginning material cost + Material cost incurred during the month) / Equivalent Units
= (7,300 + 160,500) / 10,365
= $16.19
Remember that some of the messages you send will be passed along to other people. Thus, you may have to consider a secondary audience as well as a primary one. Read the following scenario, and answer the question. You just wrote the following message to your supervisor regarding an incident of possible industrial espionage you witnessed. Dear Mr. Helmsley, We have a problem. The other day I saw one of my coworkers loading boxes into the trunk of her car. I offered to help because I thought she was taking work home. The lid slipped off one of the boxes, and I realized it was full of photocopied plans from our latest prototype. Sheâs not on the development team, so thereâs no reason she should have these documents. Iâm not sure what, if anything, I should do about this. Before sending the message, it occurs to you that your e-mail will probably be forwarded to the legal team. What will you need to change to make the message appropriate for both your supervisor and the legal team?
Answer:
I Will have to give more specific information including dates and names
Explanation:
This message is going to be sent to the supervisor and also the legal team. So it is very necessary that more specific details are provided concerning the circumstances I witnesses. It would be good to provide Dates, names and Even possible conversations that occurred. This will be a form of evidence and with the information I have given, there may be further investigations and the supervisor may decide to take further and necessary action.
Big Foot produces sports socks. The company has fixed expenses of $80,000 and variable expenses of $0.80 per package. Each package sells for $1.60. The number of packages Big Foot needed to sell to earn a $24,000 operating income was 130,000 packages. If Big Foot can decrease its variable costs to $0.70 per package by increasing its fixed costs to $95,000, how many packages will it have to sell to generate $24,000 of operating income? Is this more or less than before? Why? Begin by identifying the formula to compute the sales in units at various levels of operating income using the contribution margin approach. ( Fixed expenses + Operating income ) ÷ Contribution margin per unit = Sales in units (Round your answer up to the nearest whole unit.) Big Foot will have to sell packages to generate $24,000 of operating income.
Answer:
1. Big Foot will have to sell 132,222 packages to generate $24,000 of operating income
2. The News Sales in units of 132,222 packages is greater than 130,000 packages it had before by 2,222 packages.
3. The reason is that fixed expenses of $80,000 it had before is lower than the New Fixed expenses of $95,000, and also because variable expenses of $0.80 per package it had before is higher than the new variable expenses per package of $0.70.
Explanation:
From the question, we have:
New Fixed expenses = $95,000
New variable expenses per package = $0.70
New operating income to generate = $24,000
Selling price per package = $1.60
New contribution margin per package = Selling price per package - New variable expenses per package = $1.60 - $0.70 = $0.9
News Sales in units = (New Fixed expenses + New Operating income ) / New contribution margin per package ....................(1)
Substituting relevant values into equation (1), we have:
News Sales in units = ($95,000 + $24,000 ) / $0.9 = $119,000 / $0.9 = 132,222 packages
Therefore, we have:
1. Big Foot will have to sell 132,222 packages to generate $24,000 of operating income
2. The News Sales in units of 132,222 packages is greater than 130,000 packages it had before by 2,222 packages.
3. The raason is that fixed expenses of $80,000 it had before is lower than the New Fixed expenses of $95,000, and also because and variable expenses of $0.80 per package it had before is higher than the new variable expenses per package of $0.70.
Which of the following is true? Group of answer choices An excise subsidy has only a substitution effect since the subsidy artificially lowers the price of the subsidized good causing the consumer to increase consumption of the good, but no income effect. An excise subsidy increases consumption of a good by the same quantity as does a cash transfer but at a lower cost to the government. An excise subsidy has an income effect since the subsidy increases the consumer’s income but no substitution effect. An excise subsidy has both an income and a substitution effect which causes the consumption of the subsidized good to rise.
Answer:
An excise subsidy has only a substitution effect since the subsidy artificially lowers the price of the subsidized good causing the consumer to increase consumption of the good, but no income effect.
Explanation:
The above is true due to the fact that the consumption of goods increases. This could have been reduced had it been that, there was never any excise subsidy on those goods.
You purchased one silver futures contract at $3.15 per ounce. Assume the contract size is 5,000 ounces and there are no transactions costs. What would be your profit or loss at maturity if the silver spot price at that time is $3.34 per ounce
Answer:
$950
Explanation:
In this scenario, the profit or loss would be the difference in price between the selling and buying price of the asset, multiplied by the number owned of that asset. Therefore in this scenario, since you purchased the asset at a price of $3.15 per ounce and would be selling at a price of $3.34 per ounce we need to subtract these values and find the difference, then we multiply by the amount of the asset which is 5,000 ounces to find the loss or profit.
$3.34 - $3.15 = $0.19
$0.19 * 5000 = $950
Finally, we see that you made a profit of $950
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 50% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
Answer:
The correct answer is "$87,750".
Explanation:
In process inventory, the overall cost allocated to the final job would be:
⇒ [tex]Sum \ of \ material +labour \ material[/tex]
⇒ [tex]18000 \ units[/tex]
The unit of ending were 100%
⇒ [tex]2.75 = 45,500[/tex] ($)
Labor = [tex]18000\times 50 \ percent \times 4.25[/tex]
= [tex]38,250[/tex] ($)
In process inventory, the overall cost allocated to the final job would be:
⇒ [tex]Material+Labor[/tex]
⇒ [tex]49,500+38,250[/tex]
⇒ [tex]87,750[/tex] ($)
Consider a budget line drawn with avocados on the vertical axis and tangerines on the horizontal axis. The consumer's income is $100, the price of avocados is $5, and the price of tangerines is $10. Suppose the consumer's income falls to $75.00, but the prices stay the same. The change in income produces a: Group of answer choices parallel shift inward of the indifference curves. new budget line which is steeper than the original one. parallel shift inward of the budget line. new budget line which is flatter than the original one.
Answer:
new budget line which is steeper than the original one.
Explanation:
I drew the both budget lines in order to show the effect of the decrease in income.
The new budget line shifts inward and it is slightly more steep than the original budget line because the consumer can only purchase 7 tangerines, he cannot purchase 7.5. This slight difference makes the slope steeper. The total possible quantity of avocados diminished by 25%, while the total possible quantity of tangerines diminished by 30%.
Real estate construction is a volatile process determined by the interaction of the user, developer and capital markets. What factors affect the volatility of real estate construction and commercial and residential real estate development
Answer:
Real estate market is a unique business in a sense that each product is different and each product has a different value, e.g. two houses with identical blueprints are different due to location and by how well they have taken care off. Another aspect that makes real estate so special is that generally it represents its owners largest asset. Unless you are very wealthy, your house is usually your most valuable possession.
Real estate markets are very volatile. They might be increasing at a rapid pace and then suddenly everything collapses. Remember the great recession back in 2007? Any change in capital markets affects directly the real estate market, even though they are not directly related. E.g. interest rates increase, real estate suffers.
Since construction costs include many items that are not interchangeable, they are highly volatile. They include thousands of different parts that are not necessarily standardized or are not purchased in bulk. E.g. cars also contain thousands of parts, but each car has the same parts (parts are interchangeable). You cannot take a house's wall and place it another house, but you can take a car's wheel and use it in another car.
ohnstone Company is facing several decisions regarding investing and financing activities. Address each decision independently. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On June 30, 2021, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to pay Genovese $10,000 on the purchase date and the balance in five annual installments of $8,000 on each June 30 beginning June 30, 2022. Assuming that an interest rate of 10% properly reflects the time value of money in this situation, at what amount should Johnstone value the equipment
Answer:
Johnstone should value the equipment at $40,326.29.
Explanation:
To determine this, the present value of the five annual installments of $8,000 is first calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value of the five annual installments =?
P = Annual payment = $8,000
r = interest rate = 10%, or 0.10
n = number of years = 5
Substitute the values into equation (1) to have:
PV = $8,000 * ((1 - (1 / (1 + 0.10))^5) / 0.10)
PV = $8,000 * 3.79078676940845
PV = $30,326.29
Therefore, the present value of the five annual installments of $8,000 is approximately $30,326.29.
As result of this:
Value the equipment = Payment on the purchase day + present value of the five annual installments = $10,000 + $30,326.29 = $40,326.29
Therefore, Johnstone should value the equipment at $40,326.29.
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $16,200 of cash revenue. Borrowed $12,000 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 8 percent annual interest rate. Required a. What is the amount of interest payable at December 31, Year 1? b. What is the amount of interest expense in Year 1? c. What is the amount of interest paid in Year 1? d. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (I) or decreases (D) each element of the financial statements. In the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA) or financing activities (FA). Columns for events that have no effect on any of the elements should be left blank. The first transaction has been recorded as an example.
Answer:
Please see below and attached
Explanation:
a. What is the amount of interest payable at December 31, year 1
= $12,000 × 8% × 4/12
= $320
b. What is the amount of interest expense in year 1.
= $12,000 × 8% × 4/12
= $320
c. What is the amount of interest paid in year 1.
The amount of cash paid for interest is $0. This is because it will be made at the time of maturity in year 2.
D. Use a horizontal statements model to show how each event affects the balance sheet, income statement and statement of cash flows.
• Please find attached solution to this question.
Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment (a) Services performed but unbilled totals $600. Select a type of adjustment Select a status of the accounts Select a status of the accounts (b) Store supplies of $160 are on hand. The supplies account shows a $1,900 balance. Select a type of adjustment Select a status of the accounts Select a status of the accounts (c) Utility expenses of $275 are unpaid. Select a type of adjustment Select a status of the accounts Select a status of the accounts (d) Service performed of $490 collected in advance. Select a type of adjustment Select a status of the accounts Select a status of the accounts (e) Salaries of $620 are unpaid. Select a type of adjustment Select a status of the accounts Select a status of the accounts (f) Prepaid insurance totaling $400 has expired. Select a type of adjustment Select a status of the accounts
Answer and Explanation:
The type of adjustment and the status of accounts before the adjustment is shown below:-
Type of adjustment Accounts before adjustment
(a) Accrued revenues Assets understated
Revenues understated
(b) Prepaid expenses Assets overstated
Expenses understated
(c) Accrued expenses Expenses understated
Liabilities overstated
(d) Unearned revenues Revenues understated
Liabilities overstated
(e) Accrued expenses Expenses understated
Liabilities understated
(f) Prepaid expenses Assets overstated
Expenses understated
An entrepreneur who is green focuses on
a. helping others who are in need.
b. conserving resources.
c. operating with integrity.
d. finding societal needs that are not being met by the government.
Hello!
An entrepreneur who is green focuses on environmental issues and the best options for sustainable businesses.
In this question, the best answer is B. "conserving resources."
I hope this helps you! Have a great day!
- Mal
What are chemical containants
For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2021 from Fidelity’s records follows: Interest income on municipal governmental bonds $ 32,000 Depreciation claimed on the 2021 tax return in excess of depreciation on the income statement 58,000 Carrying amount of depreciable assets in excess of their tax basis at year-end 88,000 Warranty expense reported on the income statement 26,000 Actual warranty expenditures in 2021 10,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $7,500 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity’s 2021 net income?
Answer:
1. Income tax payable for 2021 = (Pretax accounting income - Interest income on municipal governmental bonds - Depreciation + (Warranty expense reported - Actual Warranty) ) * Income Tax rate
= (978,000 - 32,000 - 58,000 + (26,000 - 10,000)) * 25%
= $226,000
Income tax expense for 2021 = (Pretax Income - Interest income on municipal governmental bonds) * 25%
= (978,000 - 32,000) * 25%
= $236,500
Deferred tax asset - Warranty
= (Warranty expense reported - Actual Warranty) * Income Tax rate
= (26,000 - 10,000)) * 25%
= $4,000
Deferred Tax liability
= Depreciation * Income Tax rate
= 58,000 * 25%
= $14,500
Journal entry
DR Income Tax Expense $236,500
Deferred Tax Asset $4,000
CR Income Tax Payable $226,000
Differed Tax liability $14.50
2. Net Income
= Pretax Accounting Income - Income tax expense
= 978,000 - 236,500
= $741,500
Given that the price per microprocessor in the above function equals $5.60 and that the software component consists of 1,200 lines-of-code at $120/line-of-code, determine the difference in cost-per-unit (unit is all the hardware and software required to implement the function) to support each of the three forms of fault tolerance. Note that if multiple microprocessors are used, they still may use the same software. Furthermore, assume that the company is planning to sell 100,000 units.
Answer and Explanation:
Please find attached answer and explanation
The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash Accounts Receivable Prepaid Insurance Office Supplies Land Building Accumulated DepreciationBuilding Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Unearned Revenue Mortgage Payable Baker, Capital Baker, Withdrawals Service Revenue Salaries Expense Depreciation ExpenseBuilding and Equipment Supplies Expense Insurance Expense Utilities Expense Total There were no new capital contributions during the year. After the closing entries are posted, what is the balance in Baker, Capital?
Answer: $163,300
Explanation:
Baker, Capital = Beginning Capital + Net Income - Drawings
Net Income = Service revenue - Salaries - Supplies - Insurance - Utilities - Depreciation for Building and Equipment
= 275,000 - 64,000 - 11,000 - 14,600 - 18,000 - 5,600
= $161,800.
Baker Capital = 24,500 + 161,800 - 23,000
= $163,300
Problem 5-3 Future Value and Multiple Cash Flows [LO 1] Wells, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,060 2 1,290 3 1,510 4 2,250 a. If the discount rate is 6 percent, what is the future value of these cash flows in Year 4? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the future value at an interest rate of 14 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What is the future value at an interest rate of 21 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
a. $6,562.52
b. $7,218.32
c.$7,843.64
Explanation:
The present value of the cash flows would be found first and after, the present value has been determined, the future value would be found
Present value can be calculated using a financial calculator
Cash flow in year 1 = $1,060
Cash flow in year 2 = $1,290
Cash flow in year 3 = 1,510
Cash flow in year 4 = $2,250
Present value when interest rate is 6% = $5,198.131267
Present value when interest rate is 14% = $4,273.825287
Present value when interest rate is 21% = $3,659.117655
Now we find the future value
Future value = present value ( 1 + r)^n
r = interest rate
n = number of years
a. $5,198.131267(1.06)^4 = $6,562.52
b. $4,273.825287(1.14)^4 = $7,218.32
c. $3,659.117655 (1.21)^4 = $7,843.64
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
True or False: The term “academic training” refers primarily to formal classes taken in school.
Answer:
False
Explanation:
The grocery industry has an annual inventory turnover of about times. Organic Grocers, Inc., had a cost of goods sold last year of $; its average inventory was $. What was Organic Grocers' inventory turnover, and how does that performance compare with that of the industry? a) What was Organic Grocers' inventory turnover? nothing times per year (round your response to two decimal places). b) How does Organic Grocers' performance compare with that of the industry? It is ▼ the same as worse than better than the industry.
Answer:
Inventory turnover ratio= 10.5 times
Organic Grocers' performance is LOW compare with that of the grocery industry.
Explanation:
Computation of Inventory turnover ratio using this formula
Inventory turnover ratio = Cost of goods sold / Average inventory
Let plug in the formula
Inventory turnover ratio = $10.5 /$ 1 .00
Inventory turnover ratio= 10.5 times
Therefore Organic Grocers’s inventory turnover is 10.5 times
Based on the information given about grocery industry we were told that they had annual inventory turnover of 14 times while Organic Grocers’s based on the above calculation inventory turnover is 10.5 times which means that Organic Grocers’s performance is low when compared with grocery industry which had inventory turnover of about 14 times.
Therefore Organic Grocers' performance is LOW compare with that of the grocery industry.
Which type of manager is responsible for production and quality control?
Beliefs that are handed down from one generation to another and that influence decision making are _____.
genetic
diversity issues
universal values
cultural preferences
Answer: cultural preferences.
Answer: cultural preferences
Explanation: I just took the test
Oasis Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows:
E3-5 (Algo) Weighted-Average Method [LO 3-2, 3-3] Beginning Work in Process Ending Work in Process Conversion Conversion
Complete Units Units Complete
Months Untis (percent) Started Transferred out Units Percent
February 1300 46 --- 19400 6600 24 June 4300 75 24100 --- 3800 39September --- 27 25600 25600 2400 60December 2900 35 22400 21100 --- 73 Equivalent UnitsMonth Material Conversion February June September December
Required:
1. Reconcile the number of physical units to find the missing amounts.
2. Calculate the number of equivalent units for both materials and conversion for each month using the weighted-average method.
Answer:
Please see solution below and attached
Explanation:
1. To calculate the number of physical units worked on and the missing figures, we will make use of the formula below;
Beginning inventory + Started = Transferred out + Ending inventory
For February,
1,300 + Started = 19,500 + 6,600
Started = 24,700
For June,
4,300 + 24,100 = Transferred out + 3,800
Transferred out = 24,600
For September,
Beginning inventory + 25,600 = 25,600 + 2,400
Beginning inventory = 2,400
For December,
2,900 + 22,400 = 21,100 + Ending inventory
Ending inventory = 4,200
2. Calculate the number of equivalent units for both materials and conversion for each month using the weighted average method.
• Please find attached detailed solution to question number 2.
Where do employees on the travel and tourism industry come from?
Answer:
There are six major components of tourism, each with their own sub-components. These are: tourist boards, travel services, accommodation services, conferences and events, attractions and tourism services. Below, I will explain what each of the components offer to the tourism industry and provide some relevant examples.
Explanation:
There are six components of tourism, each with its sub-components are:
First Tourist boards,
Second Travel services,
Third Accommodation services,
Fourth Conferences, and
Fifth Events,
Sixth, Attractions and also tourism services.
What is the Travel and tourism industry?
The tourism industry also understood as the travel industry is related to the idea of people traveling to different locations, either domestically or internationally, for leisure, social or business purposes. It provides heritage, business, sports, tourism, cultural, and medical. The main objective of this sector is to develop and promote tourism, maintain the competitiveness of India as a tourist destination and improve and expand existing tourism products to ensure employment generation and economic growth. In this province, we provide details about various tourist destinations, modes of travel, accommodation, and also approved travel agents.
Find more information about Travel and tourism industry here:
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The 2017 balance sheet of Kerber’s Tennis Shop, Inc., showed $500,000 in the common stock account and $3.3 million in the additional paid-in surplus account. The 2018 balance sheet showed $540,000 and $3.5 million in the same two accounts, respectively. If the company paid out $305,000 in cash dividends during 2018, what was the cash flow to stockholders for the year? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567.)
Answer:Cash flow for share holders=$65,000
Explanation:
Cash flow for share holders = Dividends paid -Net equity
Dividend paid- [(Common sto end + Additional Paid in Surplus end)]- [(Common beg+APIS beg)]
Dividend paid -{( Ending common stock +Ending paid in capital) -( beginning common stock +beginning paid in capital }
$305,000- ($540,000+$3,500,000)- ($500,000 +$3,300,000)
=$305,000-{(4,040,000)- ($3,800,000}
$305,000 - $240,000
=$65,000
Olivia enjoys watching little birds at the many feeders in her yard. She counts how many of them she can see in her yard every morning before she leaves for school. Her data for two weeks can be seen below. Day Sun Mon Tue Wed Thu Fri Sat Week 1 31 36 24 34 45 27 41 Week 2 16 34 20 18 25 38 31 What is the mean of the number of little birds that Olivia sees in her yard each morning? Round to the nearest bird, if necessary.
a. 34
b. 31
c. 30
d. 26
Answer:
C.30
Explanation:
Add all of the numbers together, then divide by 14 (how many pieces of data there are).
The median is the middle value in a set of data.
What is the meaning of Median?The midway number in a set of data is known as the median. The data should first be arranged and ranked from smallest to greatest. Divide the total number of observations by two to get the midway value. The value in that location is the median if there are an odd number of observations; otherwise, round the number up.
The median is the value that divides a data sample, a population, or a probability distribution's upper and lower halves in statistics and probability theory. It could be referred to as "the middle" value for a data set.
A data set's median value is the point where 50% of the data points have a value that is smaller than or equal to the median.
Learn more about the Median here:
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explain the characteristics strengths, weaknesses of quantitative
hope it helps...
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"Suppose that a worker in Lago can produce either 5 units of oats or 20 pounds of tuna per year, and a worker in Abuta can produce either 20 units of oats or 5 pounds of tuna per year. There are 20 workers in each country. No trade occurs between the two countries. Lago produces and consumes 50 units of oats and 200 pounds of tuna per year while Abuta produces and consumes 200 units of oats and 50 pound of tuna per year. If trade were to occur, Lago would trade 60 pounds of tuna for 60 units of oats. If Lago now completely specializes in tuna production, how many pounds of tuna could it now consume along with the 60 units of imported oats?"
Answer:
140 pounds of tuna
Explanation:
Lago
opportunity cost of producing 1 unit of oat = 20 / 5 = 4 pounds of tunaopportunity cost of producing 1 pound of tuna = 5 / 20 = 0.25 units of oatAbuta
opportunity cost of producing 1 unit of oat = 5 / 20 = 0.25 pounds of tunaopportunity cost of producing 1 pound of tuna = 20 / 5 = 4 units of oatLago should produce tuna while Abuta should produce oat. If they specialize:
total production of tuna = 20 x 20 = 400 pounds total production of oat = 20 x 20 = 400 unitsLago trades 60 pounds of tuna in exchange for 60 units of oat, so it will have 140 pounds of tuna and 60 units of oat in total.
Quantity of Tacos Total Utility Marginal Utility Quantity of Burritos Total Utility Marginal Utility 1 16 16 1 30 30 2 30 14 2 46 16 3 42 12 3 61 15 4 52 10 4 75 14 5 60 8 5 88 13 6 66 6 6 100 12 7 70 4 7 111 11 You go to a local resturant and are deciding how many tacos and burritos to order. The price of a taco is $2 and the price of a burrito is $3. You are really hungry and decide to spend no more than $28 in total for both tacos and burritos. If your utility schedule is like the one above, then how many burritos should you purchase
Answer:
The quantity of burritos that should be purchased is 6.
Explanation:
Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.
The explanation to the answer is now given as follows:
Also note: See the attached excel file for the calculation of ratios of Marginal Utility to Price for Taco and Burrito.
The quantity of burritos to purchase by determining the point at which the ratios of Marginal Utility to Price of Taco and Burrito are equal.
In economics, utility from two or more goods is maximized at a point where the ratios Marginal Utility to Price of the two or more goods are equal.
For Taco and Burrito in the attached excel file in red color, utility is therefore maximized where we have:
Marginal Utility of Taco / Price of Taco = Marginal Utility Burrito / Price of Burrito = 4.00
At this point, Quantity of Taco is 5 while Quantity of Burritos is 6.
At this point, the total budget of $28 is exhauted as it is equal to the total expenses on Taco and Burrico. This can be confirmed as follows:
Total expenses = (Quantity of Tacos * Price of Taco) + (Quantity of Burritos * Price of Burrito) = (5 * $2) + (6 * $3) = $10 + $18 = $28
Therefore, the quantity of burritos that should be purchased is 6.
You are ready to buy a house, and you have $25,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $48,000 (monthly income $4000) , and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 7.2% per year with monthly compounding (.6% per month) for a 30-year fixed rate loan. How much money will the bank loan you
Answer:
The bank will loan you $147,321.36.
Explanation:
The amount the ban will loan can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value of the of loan or the amount the bank will loan you =?
P = Monthly mortgage payment = Monthly salary * 25% = $4,000 * 25% = $1,000
r = Monthly interest rate = 7.2% / 12 = 0.072 / 12 = 0.006
n = number of months = 30 years * 12 months = 360
Substitute the values into equation (1) to have:
PV = $1,000 * ((1 - (1 / (1 + 0.006))^360) / 0.006)
PV = $1,000 * ((1 - (1 / 1.006)^360) / 0.006)
PV = $1,000 * ((1 - 0.99403578528827^360) / 0.006)
PV = $1,000 * ((1 - 0.116071859187515) / 0.006)
PV = $1,000 * (0.883928140812485 / 0.006)
PV = $1,000 * 147.321356802081
PV = $147,321.36
Therefore, the bank will loan you $147,321.36.
In Draco Corporation’s first year of business, the following transactions affected its equity accounts. Issued 6,400 shares of $2 par value common stock for $42. It authorized 20,000 shares. Issued 1,600 shares of 12%, $10 par value preferred stock for $47. It authorized 3,000 shares. Reacquired 320 shares of common stock for $54 each. Retained earnings is impacted by reported net income of $74,000 and cash dividends of $27,000. Prepare the stockholders’ equity section of Draco’s balance sheet as of December 31. (Amounts to be deducted should be indicated by a minus sign.)
Answer:
$373,720
Explanation:
Preparation of stockholders’ equity section of Draco’s balance sheet as of December 31
DRACO CORPORATION
Stockholders' Equity Section of the Balance Sheet
December 31
Preferred stock- $10 par value $16,000
(1,600*10)
Paid in capital in excess of par- Preferred stock 59,200
[(47-10)*1,600]
Common stock- $2 par value 12,800
(6,400*2)
Paid in capital in excess of par- Common stock 256,000
[(42-2)*6,400]
Retained earnings 47,000
(74,000-27,000)
Less: Treasury stock (17,280)
(320*54)
Total stockholders' equity $373,720
Therefore stockholders’ equity section of Draco’s balance sheet as of December 31 will be $373,720
