The change in the optimal objective function value per unit increase in the right-hand side of a constraint is given by the shadow price. The shadow price represents the marginal value of relaxing the constraint by one unit. In other words, it measures the increase in the optimal objective function value per unit increase in the right-hand side of a constraint.
The shadow price is calculated by solving the linear programming problem with the constraint replaced by a slack variable, and then subtracting the original optimal objective function value from the new optimal objective function value. This gives the change in the optimal objective function value due to relaxing the constraint by one unit. This change is then divided by one to get the shadow price.
The shadow price is an important concept in linear programming because it allows us to understand the impact of changes in the constraints on the optimal solution. If the shadow price is high, it means that the constraint is highly restrictive and any increase in the right-hand side will have a significant impact on the optimal solution. If the shadow price is low, it means that the constraint is less restrictive and any increase in the right-hand side will have a minimal impact on the optimal solution.
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Dublin, April 27, 2021 (GLOBE NEWSWIRE) - - Tr '" report has been added to ResearchAndMarkets.com's offering. This report rocuses on we accounting sector in South Africa and includes information on the state of the sector, recent developments and influencing factors. There are profiles of 18 companies including the big four, PWC, Deloitte, EY and KMPG, as well as other prominent companies including BDO and Mazars, and a number of smaller firms. The Accounting Sector in South Africa: The accounting sector is the guarantor of financial reporting standards and performs a critical function in the economy. Although well-established and anchored by the world's largest accounting firms, the auditing profession has been mired in controversies relating to fraud and financial irregularities involving its clients. These have highlighted the shortcomings of the external audit and various stakeholders have called for audit reforms. Regulatory changes that are set to disrupt the industry include the mandatory rotation of auditors, which is scheduled to come into effect on 1 April 2023. Reputational Damage: Poor accountability, specifically the failure of certain major auditing firms to report financial malpractice and fraud involving private companies and public entities, has resulted in a credibility crisis for the auditing profession. Major firms have implemented controls including audit quality monitoring systems, integrity checks, whistle-blowing initiatives and publication of annual transparency reports. The large firms' increased reticence to take on clients who present an elevated risk is expected to drive many clients to smaller accounting firms. Answer ALL the questions in this section. Question 1 (15 Marks) Examine the extract above and explain how considering ethics as the bottom-line can mitigate the reputational damage on the accounting sector in South Africa.
The accounting sector in South Africa has been plagued by controversies related to fraud and financial irregularities, which have resulted in a credibility crisis for the auditing profession.
Considering ethics as the bottom line can mitigate reputational damage on the accounting sector in South Africa by promoting transparency and accountability in financial reporting practices and encouraging ethical conduct by auditors and accounting firms. Financial scandals and controversies have highlighted the shortcomings of external audits and the need for audit reforms. Regulatory changes such as mandatory rotation of auditors are set to disrupt the industry, and stakeholders have called for greater accountability and transparency in financial reporting practices.
By considering ethics as the bottom line, accounting firms can adopt integrity checks, whistle-blowing initiatives, and other measures to promote transparency and accountability in their operations. They can also implement audit quality monitoring systems and publish annual transparency reports to demonstrate their commitment to ethical conduct. These measures can help restore trust in the accounting profession and mitigate the reputational damage caused by financial scandals and controversies.
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Classical economists believe that business cycles are temporary glitches and generally favor:
A. anti-trade restrictions
B. government restrictions on the invisible hand
C. non-activist governmental policy
D. strong labor unions
The correct option is C, Classical economists believe that business cycles are temporary glitches and generally favor non-activist governmental policy.
Economists are professionals who study and analyze the production, distribution, and consumption of goods and services in an economy. They apply economic theories, models, and statistical techniques to understand and predict economic behavior and trends. Economists examine various factors such as supply and demand, inflation, unemployment, fiscal and monetary policies, and international trade to provide insights into the functioning of markets and economies.
Their work encompasses a wide range of areas, including macroeconomics, microeconomics, labor economics, public finance, industrial organization, and international economics. Economists often conduct research, collect and analyze data, and develop economic models to inform policy decisions, business strategies, and financial market forecasts. They may work in academia, government agencies, think tanks, research institutions, or private companies.
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showed the following equity information at December 31, 2019. Common shares, unlimited shares authorized; 5.700,000 shares issued and outstanding Retained earnings $1,167,500 1,560,000 On April 1, 2020, 370,000 common shares were issued at $0.80 per share. On June 1, the board of directors declared a 10% share dividend to shareholders of record on June 15; the distribution date was July 1. The market prices of the shares on June 1, June 15, and July 1 were $2.78, $1.96, and $2.26, respectively. On December 11, the board of directors declared a 2:1 share split to shareholders of record on December 15; the distribution date was December 20. Profit earned during the year was $1,497,500. Required: Prepare the company's equity section on the December 31, 2020, balance sheet.
December 31, 2020, Equity Section: Common Shares: Authorized: Unlimited
Issued and Outstanding:
Initial Shares: 5,700,000 shares
Additional Shares Issued on April 1, 2020: 370,000 shares
Share Dividend on June 1, 2020: 10% of outstanding shares as of June 15, 2020 (calculated below)
Share Split on December 11, 2020: 2:1 (calculated below)
Retained Earnings: $1,167,500 (from December 31, 2019)
Additional Shares Issued on April 1, 2020:
The company issued 370,000 common shares at $0.80 per share.
370,000 shares * $0.80 per share = $296,000
Share Dividend on June 1, 2020:
The company declared a 10% share dividend to shareholders of record on June 15, 2020.
10% of the outstanding shares as of June 15, 2020:
10% * (5,700,000 shares + 370,000 shares) = 607,000 shares
Share Split on December 11, 2020:
The company declared a 2:1 share split.
The outstanding shares before the split were 5,700,000 shares + 370,000 shares + 607,000 shares = 6,677,000 shares.
After the split, the total number of shares will be doubled:
6,677,000 shares * 2 = 13,354,000 shares
December 31, 2020, Equity Section:
Common Shares:
Authorized: Unlimited
Issued and Outstanding: 13,354,000 shares
Retained Earnings: $1,167,500 (from December 31, 2019) + Profit earned during the year: $1,497,500 = $2,665,000
On the December 31, 2020, balance sheet, the company's equity section would show 13,354,000 common shares issued and outstanding and retained earnings of $2,665,000. This includes the initial shares, additional shares issued, share dividend, and share split, along with the retained earnings for the year.
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Nellie has a bankruptcy on her credit report and therefore pays higher interest rates on her current loans. She calculates that the extra money she pays in additional interest each year, if invested at the rate of 3% for 5 years, could earn her simple interest totaling $114. Approximately how much does Nellie pay in additional interest each year? a. $171 b. $190 c. $342 d. $760.
The correct statement is that Nellie pays an additional interest of $760 each year as a result of bankruptcy in credit report. So, the correct option that matches the quoted statement is D.
The calculation of simple interest for each of the options as under A, B, C and D can be done to obtain that Nellie earns a simple interest of 3% on such additional amount paid annually.
Calculation of interest. The formula for calculation of Simple Interest is as, \(\rm Simple Interest = \dfrac{Principal\ x\ Interest\ x\ Period}{100}\)Using the formula above, the simple interest on principal of $171, $190 and $342 is calculated as $25.65, $28.5 and $51.3 respectively. Now calculating the simple interest on the additional amount of $760 and taking it as principal, we get, \(\rm Simple\ Interest = \dfrac{760\ x\ 3\ x\ 5}{100}\\\\\\\rm Simple\ Interest = \dfrac{11400}{100}\\\\\rm Simple\ Interest = \$114\)The amount of simple interest to be earned on such additional amount matches with the information given.Hence, the correct option is D that Nellie pays an additional interest of $760 on her loan due to bankruptcy in her credit report and could earn 114 USD simple interest in five years over such additional interest borne.
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Rashid wants to try his luck at high-risk investments for good returns. However, he is worried that he may wind up losing money in the process. Which investment would be a best bet for Rashid?
A. mutual funds
B. stocks
C. money market account
D. certificates of deposit
E. saving account
Answer:
Explanation:
a. mutual funds for high risk n good returns
Answer:
Explanation:
The best bet as compromise between high-risk and good returns will be an investment in A. mutual funds.
Ethical standards in business are principles or codes for how a business conducts itself with ___, customers, and the public.
A. Other businesses
B.Employees
C.the government
D.charity organizations
Answer:
B. Employees
Explanation:
TRUE / FALSE. expectancy theory predicts that high expectancy, instrumentality, and valence will result in zero motivation.
FALSE. The Expectancy Theory and its relationship with motivation.
According to Expectancy Theory, motivation is a product of three components: expectancy, instrumentality, and valence. High levels of expectancy, instrumentality, and valence will lead to increased motivation, not zero motivation.
- Expectancy refers to the belief that one's effort will result in successful performance.
- Instrumentality is the belief that successful performance will lead to desired outcomes or rewards.
- Valence represents the value or importance individual places on the outcomes or rewards.
When all three components are high, motivation will be high as well. If any of these components is low or zero, motivation will decrease.
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A Bank with the following capital levels: common equity of 47,000, Tier 1 of 38,000, Tier 2 of 17,000. If total assets are 850,000 and risk adjusted assets are 650,000, the capital classification of the bank is
The capital classification of the bank would be "Adequately Capitalized" as its Tier 1 capital ratio.
To determine the capital classification of the bank, we need to compare its capital levels to the risk-adjusted assets. The capital classification is typically based on regulatory requirements and ratios set by the relevant financial authorities.
One common capital adequacy ratio used for classification is the Tier 1 capital ratio.
The Tier 1 capital ratio is calculated by dividing Tier 1 capital (including common equity) by risk-adjusted assets. Let's calculate the Tier 1 capital ratio:
Tier 1 capital ratio = (Tier 1 capital / Risk-adjusted assets) * 100
In this case:
Tier 1 capital = 38,000
Risk-adjusted assets = 650,000
Tier 1 capital ratio = (38,000 / 650,000) * 100
= 5.846%
Now, let's determine the capital classification based on the Tier 1 capital ratio:
Well-Capitalized: Tier 1 capital ratio ≥ 6%
Since the calculated Tier 1 capital ratio is 5.846%, it does not meet the well-capitalized threshold.
Adequately Capitalized: Tier 1 capital ratio ≥ 4%
The calculated Tier 1 capital ratio is above the adequately capitalized threshold, which is 4%.
Undercapitalized: Tier 1 capital ratio < 4%
Since the calculated Tier 1 capital ratio is above 4%, the bank is not classified as undercapitalized.
Therefore, based on the given information, the capital classification of the bank would be "Adequately Capitalized" as its Tier 1 capital ratio exceeds the minimum regulatory requirement of 4%.
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In the United States, the 401(k) plan or Individual Retirement Account iS a defined
plan.
A defined contribution plan, often known as a cash or deferred arrangement, is a 401(k) plan.
What is a personal 401(k) plan?When you work for yourself or as a partner in a company where the only employees are the partners and their spouses, you can maximize your savings with an individual 401(k), also known as an i401(k).
What is a defined benefit plan in a single 401(k)?A Solo CB can be used in conjunction with a 401(k) Plan or as a standalone retirement plan. There is a compulsory contribution to a Solo CB because it is a defined benefit plan, but the plan also permits sizeable pre-tax retirement plan contributions, especially for business owners over the age of 50.
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what is the contribution margin if the sales price per unit is $15000,variable cost er unit is $10000,and fixed cost are $2000,ignore taxes
The contribution margin is $5,000 per unit, if the sales price per unit is $15000,variable cost er unit is $10000,and fixed cost are $2000
The contribution margin can be calculated using the formula:
Contribution Margin = Sales Price per Unit - Variable Cost per Unit
Given:
Sales Price per Unit = $15,000
Variable Cost per Unit = $10,000
Using the formula, we can calculate the contribution margin:
Contribution Margin = $15,000 - $10,000
Contribution Margin = $5,000
Therefore, the contribution margin is $5,000 per unit.
The contribution margin is a financial metric that represents the amount of revenue remaining after deducting the variable costs associated with producing and selling a product or providing a service. It measures the profitability of each unit sold and provides insights into the financial health of a business.
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The last stage in sales is
Conviction
Action
Desire
Interest
Answer:
action
Explanation:
If you are interviewed by more than one person, you should send a thank-you note to _____.
each person in the interview
each person you see in the building
the first person you are introduced to
the person who is obviously leading the interview
Answer:
option A is correct.
i.e.
each person in the interview.
Explanation:
Because thank-you letter provides a simple but effective way to express gratitude to all the individuals you met with.
you buy one hundred shares of ibm stock at $100 per share and pay $250 commission. how much will this transaction add to gdp? group of answer choices zero $250 $10,000 $10,250
Option a: In the given scenario, the transaction of buying one hundred shares of IBM stock will not add to GDP because the purchase of stocks or bonds is not included in the calculation of GDP. Therefore, the answer to this question is zero (0).
The Gross Domestic Product (GDP) is the total value of all final goods and services produced within a country's borders in a particular period. The GDP formula is calculated by adding the consumption, investment, government spending, and net export or export minus import. The purchase of stocks or bonds is not included in the calculation of GDP because these items are not final goods or services.
Stocks are a type of financial asset that represents ownership in a company, while bonds are a type of financial asset that represents a loan to a company or government. Therefore, the buying and selling of stocks or bonds are considered financial transactions that do not contribute to the production of final goods and services and are not included in the calculation of GDP.
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Complete question:
You buy one hundred shares of IBM stock at $100 per share and pay $250 commission. how much will this transaction add to GDP? group of answer choices
zero
$250
$10,000
$10,250
a manufacturer reports the following information. direct materials $ 50 per unit direct labor $ 12 per unit variable overhead $ 6 per unit fixed overhead $ 2 per unit target markup 40 % compute the (a) total product cost per unit under absorption costing and (b) target selling price per unit under absorption costing.
The correct answers are: (a) Total product cost per unit under absorption costing: $70 per unit. (b) Target selling price per unit under absorption costing: $98 per unit.
To compute the total product cost per unit under absorption costing, we need to consider the direct materials, direct labor, variable overhead, and fixed overhead, as well as the target markup.
(a) Total product cost per unit under absorption costing:
Direct materials: $50 per unit
Direct labor: $12 per unit
Variable overhead: $6 per unit
Fixed overhead: $2 per unit
Total variable cost per unit:
Direct materials + Direct labor + Variable overhead = $50 + $12 + $6 = $68 per unit
Total cost per unit (including fixed overhead):
Total variable cost per unit + Fixed overhead = $68 + $2 = $70 per unit
(b) Target selling price per unit under absorption costing:
Target selling price is calculated by adding the target markup percentage to the total product cost per unit.
Target selling price per unit = Total product cost per unit × (1 + Target markup)
Target selling price per unit = $70 × (1 + 0.40) = $70 × 1.40 = $98 per unit
Therefore, the (a) total product cost per unit under absorption costing is $70, and (b) the target selling price per unit under absorption costing is $98.
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can somebody make a summary of a article about what it takes to give good customer service??? PLEASE i only need like 4-5 sentances
Answer:
Customer service sets great businesses apart from the rest. Customers are the reason that businesses exist. Keeping those customers happy means being responsive to their needs and wants. A good customer service experience can turn a one-time customer into a lifelong repeat customer. People like to share their good experiences. Excellent customer service can turn into positive word of mouth.
The product life cycle concept is a useful tool for managers because it ___
a. can be used to predict the ultimate length of the life span for a product. b. recognizes that products must be managed differently over time. c. can be use to control internal costs of operation. d. is applicable to fads. e. automatically signals when a product has entered the growth stage of the life cycle
The product life cycle concept is a useful tool for managers because it recognizes that products must be managed differently over time. It helps managers understand the different stages a product goes through, from introduction to growth, maturity, and decline.
By understanding these stages, managers can make informed decisions about product pricing, promotion, and distribution strategies. They can also plan for product updates or new product development to extend the life of the product. Additionally, the concept helps managers anticipate changes in customer demand and respond accordingly. While the concept cannot predict the ultimate length of a product's life span, it provides a framework for effective product management throughout its life cycle.
The product life cycle concept is a useful tool for managers because it b. recognizes that products must be managed differently over time. This concept helps managers understand the stages a product goes through during its life cycle, allowing them to adapt marketing strategies, production, and resource allocation accordingly. This understanding leads to better decision-making and maximizes the product's potential in the market.
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The following are affected by the business structure you choose when you start your
business.
O a.
day-to-day operations, personal liability, and business name.
O b.
day-to-day operations, business location, and taxes.
О с.
profitability, personal liability, and taxes
O d.
day-to-day operations, personal liability, and taxes.
1
When you start business, the business structure you choose can affect your day-to-day operations, personal liability, and taxes.
What is a liability?Liability refers to the legal responsibility for one's actions or debts. It is an obligation to pay or perform something to another party. Liability can arise from various sources, such as contractual agreements, statutory laws, or common law. For instance, when a person borrows money from a bank, they have a liability to repay the loan amount to the bank within a certain period, according to the terms and conditions of the loan agreement. Liability can also arise from a person's actions or omissions that result in harm or damage to others. In such cases, the person may be held liable for the damages caused and may have to compensate the affected parties for their losses.
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Which action would a government most likely take to reduce its
unemployment rate?
A. Use tax money to hire workers for government projects
B. Cut taxes on businesses that operate with very few workers
C. Increase taxes on businesses that operate outside the country
D. Cut off loans to businesses in order to reduce the money supply
SUBMIT
The unemployment rate is the unemployed divided by the sum of employed and unemployed, in order to reduce it the government can hire workers for a new project by using tax money.
What is the unemployment rate?It is the rate of unemployment calculated by the number of people unemployed to the total number of people employed and unemployed multiplied by 100.
In order to reduce it, the government can hire workers for a new project by using tax money
Therefore, option A can help in the reduction of the unemployment rate.
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Classify the statements as true or false. a. The process of specialization and trade has positive net benefits and is, therefore, beneficial to everyone. b. A nation will not have a comparative advantage in a product if it does not also have an absolute advantage in the production of that good. c. It can be mutually beneficial for two nations to specialize in goods for which they have a comparative advantage and then trade with one another. d. Countries specialize in the production of goods for which they have a comparative advantage. e. Absolute advantage is the source of the potential gains from specialization and trade.
The process of specialization and trade has positive net benefits and is, therefore, beneficial to everyone. This statement is false.
A nation will not have a comparative advantage in a product if it does not also have an absolute advantage in the production of that good. This statement is True.
It can be mutually beneficial for two nations to specialize in goods for which they have a comparative advantage and then trade with one another. This statement is True.
Countries specialize in the production of goods for which they have a comparative advantage. e. Absolute advantage is the source of the potential gains from specialization and trade. This statement is True.
What is trade?Transferring products and services from one person or institution to another includes trade, frequently in exchange for cash. A system or network that permits trading is referred to as a market by economists.Bartering was a primitive type of trade in which commodities and services were directly exchanged for other goods and services. Barter is the practice of exchanging goods without using cash.Learn more about trade here:
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As described in Learning from Mistakes, the failure of the A380 to reach its sales goals was due to ___
Multiple Choice a. good selection of hotel in the sky amenities. b. lack of production capacity. c. changes in customer demands. d. misunderstanding of supplier demands.
The failure of the A380 to reach its sales goals was due to changes in customer demands. Alternative c. is correct.
As described in Learning from Mistakes, the failure of the A380 to reach its sales goals was due to changes in customer demands. While the A380 was initially designed to cater to the needs of a large number of passengers, changes in customer demands led to a shift towards smaller, more fuel-efficient planes.
This resulted in a decline in demand for the A380, leading to its failure to reach its sales goals.
In conclusion, alternative c. changes in customer demands is correct.
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outline 2 advantages to H&H of using secondary market research
Fifty (50) years ago, scientists used computers that filled up an entire room.
O True
O False
Answer:
true
Explanation:
the predetermined overhead rate for paradise company is $5, comprised of a variable overhead rate of $3 and a fixed rate of $2. the amount of budgeted overhead costs at normal capacity of $150,000 was divided by normal capacity of 30,000 direct labor hours, to arrive at the predetermined overhead rate of $5. actual overhead for december was $8,900 variable and $5,400 fixed, and 1,500 units were produced. the direct labor standard is 2 hours per unit produced. the total overhead variance is
To calculate the total overhead variance, we need to calculate the variable overhead variance and the fixed overhead variance separately and then sum them up.
Variable Overhead Variance:
Actual Variable Overhead = $8,900
Budgeted Variable Overhead (based on predetermined rate) = $3 per direct labor hour x 2 hours per unit x 1,500 units = $9,000
Variable Overhead Variance = Actual Variable Overhead - Budgeted Variable Overhead
= $8,900 - $9,000
= -$100 (favorable variance, as actual is less than budgeted)
Fixed Overhead Variance:
Actual Fixed Overhead = $5,400
Budgeted Fixed Overhead (based on predetermined rate) = $2 per direct labor hour x 2 hours per unit x 1,500 units = $6,000
Fixed Overhead Variance = Actual Fixed Overhead - Budgeted Fixed Overhead
= $5,400 - $6,000
= -$600 (favorable variance, as actual is less than budgeted)
Total Overhead Variance:
Total Overhead Variance = Variable Overhead Variance + Fixed Overhead Variance
= -$100 + (-$600)
= -$700 (favorable variance, as actual overhead is less than budgeted overhead)
Therefore, the total overhead variance for December is -$700 (favorable).
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Should High School make it mandatory for all students to wear school uniforms each day to school?
Answer:
Explanation:
No i believe that students should not have to wear uniform to school it should be up to students
PLEASE HURRY!!!! Thanks! ;)
How do you know when you can afford something? When you have the ———————- to pay for it!
Answer:
Umm. Money
Explanation:
Well its not bananas or ketchup is it?
List 3 responsibilities that a consumer has when making a purchase.
Answer:
check receipt, know the return policy, read the fine print
Explanation:
Welcome
Factories for video game console manufactures are forced to close again due to Covid. They are unable to make these devices for the holiday shopping season. What would happen to the supply of video games? How would that supply affect demand? Price?
Products will be available in less quantity. The price of the goods will rise. According to demand theory, a good or service's price in the market can alter depending on how much of it buyers are willing to buy.
What is the law of supply and demand?The epic economic classic The Wealth of Nations by Adam Smith from 1776 included a detailed discussion of the subject. Often referred to as the "Father of Economics," Adam Smith defined supply and demand as the "invisible hand" that automatically steers the economy.
A resource, a commodity, or a product's supply and demand are affected by price changes, according to the law of supply and demand, which combines two basic economic principles. On the other hand, as the price falls, supply is constrained and demand is increased.
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Steps:
Select two news headlines, one from each column. You will create one graph to show a change in demand and one graph to show a change in supply.
Demand (TRIBE)
Select one:
"As more Americans hold on to older vehicles longer, oil and tire change service shops see boom in profits."
"Influencers claim orange juice cured their insomnia; claim leaves doctors scratching their heads and store cases looking bare."
"U.S. birthrate continues to drop, signaling a colicky future for makers of baby products."
Select one: Supply (ROTTEN)
"Semiconductor chip shortage woes: automobile manufacturers warn of delays in production and higher prices."
"Safer, faster milk for less: dairy leaders describe improved production process."
"Social media campaigns increase shelter adoptions; breeders report giving up the puppy business."
Draw your graphs. Draw a basic market graph for each headline you chose. You should have two graphs, where each focuses on one product market. Title eac
h graph with the market for the product affected in your news headline, such as "Market for Orange Juice." In each graph, label the axes, curves, equilibrium price "Pe," and equilibrium quantity "Qe."
Note: The headlines you chose might reference or imply more than one good or service. However, you will interpret the impact on just one product market for each headline. As long as your graphs are reasonable for your chosen headlines, your work should be acceptable.
Add the shift in each graph. Draw a new curve on each of your graphs to reflect the shift in either supply or demand. Label it D1 or S1, accordingly. Label the new equilibrium price P1 and the new equilibrium quantity Q1. Add arrows to show the direction of the changes in the curve, price, and quantity.
Explain the outcomes. In a complete paragraph for each graph, explain how your graph illustrates the news event. Describe what changed and why. Include the one element of either TRIBE or ROTTEN that best explains
the shift. Describe how this led to the market outcomes for equilibrium price and quantity. You will have two paragraphs, one for each graph.
Submit your work. This includes your graph images and two typed paragraph explanations.
Answer:"As more Americans hold on to older vehicles longer, oil and tire change service shops see boom in profits."
"Influencers claim orange juice cured their insomnia; claim leaves doctors scratching their heads and store cases looking bare."
Explanation:
The demand for orange juice rises due to influencers' claims, leading to an increase in price and quantity demanded in the market. On the other hand, the supply of semiconductor chips decreases due to a shortage, leading to a rise in price and a decrease in quantity supplied in the market.
Explanation:For the demand side, let's consider the headline: 'Influencers claim orange juice cured their insomnia; claim leaves doctors scratching their heads and store cases looking bare.' This suggests a rise in the popularity of orange juice due to the influencers' claim. We expect this to increase the demand for orange juice. In the demand graph titled 'Market for Orange Juice', the demand curve shifts to the right from D to D1, indicating an increase in demand. The new equilibrium price (P1) and quantity (Q1) are higher than the initial equilibrium price (Pe) and quantity (Qe). This is an example of a change due to TRIBE (Tastes), as the taste and preferences of consumers have shifted due to the influencers' claim. For the supply side, consider the headline: 'Semiconductor chip shortage woes: automobile manufacturers warn of delays in production and higher prices.' This suggests a decrease in the supply of semiconductor chips. In the supply graph titled 'Market for Semiconductor Chips', the supply curve shifts to the left from S to S1, indicating a decrease in supply. The new equilibrium price (P1) is higher, and the new equilibrium quantity (Q1) is lower than the initial equilibrium price (Pe) and quantity (Qe). This is an example of change due to ROTTEN (Resources), as resources (semiconductor chips) have become scarcer.
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Estelle is a recent accounting graduate, and while she likes the idea raised by her fellow graduate Fernando to set up business in a partnership together, she has always wanted to go into business for herself. Before Estelle makes a decision, her instructor tells her it would be a good idea to consider the effect of different tax structures on each type of business, just in case she favors one situation more than the other. Compare and contrast how partnerships and sole proprietorships differ in terms of their tax requirements.
Sanjay was recently alerted to the fact that his business will be audited by the IRS. What are some possible causes for Sanjay’s business being selected for audit? What will this audit likely entail? How can Sanjay prepare?
After getting his first paycheck, Marlon is incredulous at the amount of money that goes to FICA. “Who in the world is FICA?” he asks his mother. How does she reply?
Eloise has exactly $300 to spend on an airline ticket. Assuming that she will need to pay the passenger ticket tax, the passenger facility charge, and the Sept. 11th fee, what is the maximum base ticket price Eloise can still afford to pay, knowing that she has all these additional fees and taxes to pay? Explain.
Sloan has always been pretty lax about preparing her taxes, and she doesn't pay too much attention to the rules. However, after taking a class on tax fraud, she is a bit concerned that some of the information in her past tax returns may be questionable. Sloan should only be worried about tax fraud if she’s made certain mistakes in the past. What kind of mistakes should Sloan be concerned about? Explain.
COMPARE and contrast the terms scarcity and shortage and provide examples of each.
Answer:
Scarcity and shortage are not the same things. Shortage conditions exist when the demand of a good at the market price is greater than supply. ... Scarcity is the concept that we have limited resources and cannot meet the unlimited demand - it has nothing to do with a market price.