A promotion that uses offline methods to reach a local audience is referred to as traditional marketing. A product or service is promoted using traditional marketing, which also includes billboards, television commercials, newspaper ads, and other forms of advertising. The efforts are frequently expensive, and measuring their success can be difficult.
Digital marketing is displacing traditional marketing by reaching clients online through social media, email, and search engines. Compared to traditional marketing, digital marketing is more cost-effective and more easily promotion trackable in terms of its effectiveness.
It is possible to create marketing materials specifically for conventions, seminars, or conferences. The efforts are frequently expensive, and measuring their success can be difficult. To attract visitors to your promotion booth and learn more about the company and its goods, you could, for instance, build booths or more substantial materials like banners or signage.
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Henry, a trainer at MyChem Inc., schedules training on handling hazardous chemicals for a group of newly hired employees. The training complies with OSHA regulations and is given to all employees upon hire along with periodic refreshers. The type of training described in this scenario is _____.
Answer:
Hazard Communication Standard (HCS) training program
Explanation:
The type of training described in this scenario is known as the Hazard Communication Standard (HCS) training program. This is a employee training program designed with the goal of explaining and reinforcing the written information regarding hazard labels and material safety data sheets, as well as how to behave around hazardous material and to apply this information to their workplace.
can someone help me? got till the end of the day :/
Answer:
A
Explanation:
If Martha is willing to pay up to $350 for insurance against a
loss of $7000 which will occur with a 4% probability, she is,
a.
risk neutral.
b.
risk averse.
c.
risk loving.
d.
irration
it is possible for Martha to make such a decision to purchase insurance against a risk averse even though the cost is high.If Martha is willing to pay up to $350 for insurance against a risk averse, irrational behavior can explain this decision. The correct option is b.
Risk aversion is the tendency of individuals to avoid taking on risky options even when the potential benefit is high. Therefore, people tend to prefer a sure gain over an uncertain one.
For instance, buying insurance against an event that has a small likelihood of happening is often a rational decision for a risk-averse person.Irrational behavior can also explain this decision.
Individuals can be irrational when making decisions that involve uncertain outcomes. For example, someone may choose to purchase insurance coverage against an event with a low likelihood of happening if they are emotionally attached to that event.
The decision is not based on rational thinking but rather on the person's emotions. Hence, it is possible for Martha to make such a decision to purchase insurance against a risk averse even though the cost is high. The correct option is b.
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Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 892.00 Cost of goods sold 752.00 Depreciation 42.00 Earnings before interest and taxes (EBIT) $ 98.00 Interest expense 23.00 Income before tax $ 75.00 Taxes 15.75 Net income $ 59.25 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 380 $ 334 Long-term assets 280 233 Total assets $ 660 $ 567 Liabilities and shareholders’ equity Current liabilities $ 205 $ 168 Long-term debt 119 132 Shareholders’ equity 336 267 Total liabilities and shareholders’ equity $ 660 $ 567 The company’s cost of capital is 8.5%.
a. Calculate Watervan’s economic value added (EVA). (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)
b. What is the company’s return on capital? (Use start-of-year rather than average capital.) (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
Watervan Corporation's economic value added (EVA) is $43.57 million.
To calculate Watervan Corporation's economic value added (EVA), we need to subtract the company's cost of capital from its after-tax operating profit.
1. Calculate the after-tax operating profit (NOPAT):
NOPAT = Earnings before interest and taxes (EBIT) - Taxes
NOPAT = $98.00 - $15.75
NOPAT = $82.25 million
2. Calculate the total capital invested:
Total capital = Long-term debt + Shareholders' equity
Total capital = $119 million + $336 million
Total capital = $455 million
3. Calculate the cost of capital:
Cost of capital = Total capital * Cost of capital rate
Cost of capital = $455 million * 8.5%
= $38.68 million
4. Calculate the economic value added (EVA):
EVA = NOPAT - Cost of capital
EVA = $82.25 million - $38.68 million
EVA = $43.57 million
Therefore, Watervan Corporation's economic value added (EVA) is $43.57 million.
b. To calculate the company's return on capital (ROC), we need to divide the after-tax operating profit (NOPAT) by the total capital invested and express the result as a percentage.
1. Calculate the return on capital (ROC):
ROC = (NOPAT / Total capital) * 100
ROC = ($82.25 million / $455 million) * 100
ROC = 18.07%
Therefore, Watervan Corporation's return on capital (ROC) is 18.07%.
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A.Watervan Corporation's economic value added (EVA) is $22.83 million. B. Watervan Corporation's return on capital (ROC) is 20.6%.
a. To calculate Watervan Corporation's economic value added (EVA), we need to subtract the company's cost of capital from its net operating profit after taxes (NOPAT). EVA is a measure of a company's profitability that considers the cost of capital.
First, we calculate NOPAT by subtracting taxes from EBIT:
NOPAT = EBIT - Taxes
= $98.00 - $15.75
= $82.25 million
Next, we calculate the company's cost of capital (COC). Given that the cost of capital is 8.5%, we can calculate it as a percentage of total capital employed:
COC = 8.5% * ($567 million + $132 million)
= 8.5% * $699 million
= $59.42 million
Finally, we calculate EVA by subtracting the COC from NOPAT:
EVA = NOPAT - COC
= $82.25 million - $59.42 million
= $22.83 million
Therefore, Watervan Corporation's economic value added (EVA) is $22.83 million.
b. The company's return on capital (ROC) can be calculated by dividing net operating profit after taxes (NOPAT) by the capital employed at the start of the year.
ROC = (NOPAT / Capital Employed) * 100
The capital employed at the start of the year can be calculated by adding long-term debt and shareholders' equity:
Capital Employed = Long-term debt + Shareholders' equity
= $132 million + $267 million
= $399 million
Using the calculated NOPAT from part a ($82.25 million), we can calculate the ROC:
ROC = (82.25 million / 399 million) * 100
= 20.6%
Therefore, Watervan Corporation's return on capital (ROC) is 20.6%.
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A firm's total output times the price at which it sells that output is:
A. net revenue.
B. total revenue.
C. average revenue.
D. marginal revenue.
A firm's total output times the price at which it sells that output is total revenue. Hence option B is correct here.
What is total revenue?Total revenue is the total amount of money a company receives from selling its goods or services. It is calculated by multiplying the quantity of goods or services sold by the price at which they were sold. In other words, it is the product of a firm's total output and the price at which it sells that output. Total revenue is an important metric for a company, as it is used to measure the overall performance of a business and can be used to make important decisions such as setting prices, determining production levels, and evaluating the effectiveness of sales and marketing efforts.
The calculation of total revenue is relatively simple. It is the product of the quantity of goods or services sold and the price at which they were sold. For example, if a company sells 100 units of a product for $10 each, the total revenue would be 100 x $10 = $1,000.
Alternatively, if a firm is selling more than one product, then it will have to sum up the revenue generated from each product.
For example, if the firm sells product A for $20 and product B for $30, and it sold 100 units of product A and 50 units of product B, then the total revenue would be (10020)+(5030) = 2000 + 1500 = $3500.
It's important to note that total revenue is not the same as profit. Total revenue only takes into account the money a company brings in, while profit takes into account the money a company spends, such as on cost of goods sold, operating expenses, and taxes.
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true or false:
One of the most important jobs of a national political committee is to raise money for candidates running for office.
False.
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On July 10, a hardware retailer purchased merchandise inventory on account for $1800. The company plans to pay $1600 the following week and the remaining amount the week after. Which of the following is the correct entry to record the July 10 transaction in a purchases journal? Group of answer choices
$1600 will be recorded in the Accounts Payable CR and Merchandise Inventory CR columns.
$3400 will be recorded in the Accounts Payable DR and Merchandise Inventory DR columns.
$1800 will be recorded in the Merchandise Inventory CR and Accounts Payable DR columns.
$1800 will be recorded in the Accounts Payable CR and Merchandise Inventory DR columns.
On July 10, a hardware retailer purchased merchandise inventory on account for $1800. The company plans to pay $1600 the following week and the remaining amount the week after. $1800 will be recorded in the Accounts Payable CR and Merchandise Inventory DR columns.So option d is correct.
In this transaction, the hardware retailer purchased merchandise inventory on account for $1800. Since the retailer is buying the inventory on credit, the amount is recorded as an increase in the Accounts Payable account (a liability) and an increase in the Merchandise Inventory account (an asset). Therefore, the Accounts Payable is credited (CR) for $1800, and the Merchandise Inventory is debited (DR) for $1800.Therefore option d is correct.
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4 On 1 July 20-6 Mumtaz started a business. The following are her transactions for the first two weeks of trading:
Mumtaz started a commercial enterprise. the following are her transactions for the primary weeks of trading: can do economic transactions thru cellular banking using a smartphone.
Definition of transaction: something transacted specially: a trade or switch of goods, services, or funds digital transactions. b transactions plural: the often posted record of the meeting of a society or affiliation: an act, system, or example of transacting.
Examples of transactions are as follows: Paying a provider for offerings rendered or items added. Paying a seller with coins and notice so that you can attain ownership of belongings previously owned by means of the seller. Paying an employee for hours worked.
In accounting, a transaction in any financial commercial enterprise event impacts a commercial enterprise's monetary statements. because transactions include any occasion that has an economic effect on your monetary data, there are a whole lot of items that are transactions.
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When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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Use the following information to answer the next question. Polk Products is considering an investment project with the following cash flows:
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Cashflow -100 90 -20 -40 30 80
The company’s cost of capital is 10%, and it can get an unlimited amount of capital at that cost. What is the modified internal rate of return (MIRR) for the Project? Select one:
a. 8.54% b. 10.00% c. 15.77% d. 10.80% e. 6.03%
The modified internal rate of return (MIRR) for the project is 10.80%. To calculate the MIRR, we need to determine the discount rate that equates the present value of the project's negative cash flows (outflows) to the future value of the project's positive cash flows (inflows) at the cost of capital.
Step 1: Calculate the present value of the project's outflows (negative cash flows) at the cost of capital:
PV(outflows) = -100 / (1 + 0.10)^0 = -100
Step 2: Calculate the future value of the project's inflows (positive cash flows) at the cost of capital:
FV(inflows) = 90 * (1 + 0.10)^1 + (-20) * (1 + 0.10)^2 + (-40) * (1 + 0.10)^3 + 30 * (1 + 0.10)^4 + 80 * (1 + 0.10)^5 = 251.41
Step 3: Determine the discount rate that equates the present value of outflows to the future value of inflows:
MIRR = (FV(inflows) / PV(outflows))^(1/n) - 1
MIRR = (251.41 / 100)^(1/5) - 1
MIRR ≈ 1.1080 - 1
MIRR ≈ 0.1080
Step 4: Convert the MIRR to a percentage:
MIRR % ≈ 0.1080 * 100 ≈ 10.80%
The modified internal rate of return (MIRR) for the project is approximately 10.80%. This indicates that the project's expected return exceeds the cost of capital, suggesting that it may be a favorable investment opportunity for Polk Products.
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Sarah receives a semi-monthly salary of $933.20 and works a regular workweek of 40 hours. A. What is Sarah's hourly rate of pay? 5 marks b. If Sarah's gross earnings in one pay period were $1090.19, for how many hours of overtime was she paid at time and one-half regular pay
Answer:
$10.7677
9.72 hours
Explanation:
Given the following :
Semi-monthly salary = $933.20
Work hours per week = 40 hours
Hourly rate of pay =?
Monthly salary = 2 × $933.20 = $1866.40
Yearly pay = $1866.40 × 12 = $22396.8
Therefore, weekly pay ;
$22,396.80 / 52 = $430.7077
However, Sarah only works for 40 hours per week
Therefore, weekly pay equals;
$430.7077 / 40 = $10.7677
B) if gross pay = $1090.19
Therefore, amount of overtime paid equals:
$1090.19 - $933.20 = $156.99
If overtime pay is one-half regular pay, that is;
1.5 × $10.7677 = $16.152
Therefore, overtime hours equals
Total overtime paid / overtime pay rate
$156.99 / $ 16.152 = 9.719
9.72 hours
If you buy an investment for $800 and then sell it for
$950 a year later, what is your annual return on investment (percentage)?
Answer: 18.75%
Explanation:
Since the investment is bought for $800 and then sold for $950 a year later, then the annual return on investment will be:
= (Selling price - Cost price) / Cost price × 100
= ($950 - $800)/$800 × 100
= $150/$800 × 100
= 18.75%
For best results, company signatures or logos should occupy 40 percent of the total print ad area.A) TrueB) False
The statement is false because there is no universally accepted rule or guideline for the ideal size or placement of company signatures or logos in print advertisements.
The appropriate size and placement of a company signature or logo may depend on a variety of factors, such as the overall design of the ad, the target audience, the intended message, and the branding strategy of the company.
While some advertisers may choose to use a large, prominent signature or logo to reinforce brand recognition and identity, others may prefer a more subtle approach that emphasizes the ad's message or creative elements.
Ultimately, the most effective size and placement of a company signature or logo will depend on a range of factors that are specific to the particular ad and the company's goals and objectives.
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which of the following is a reason why queues will form even if capacity exceeds demand? multiple choice customers do not arrive in a consistent pattern. customers arrive in a consistent pattern. there is no variability in average capacity. there is no variability in the arrival of customers.
Queues can form even if capacity exceeds demand when customers do not arrive in a consistent pattern. This means that there is variability in the arrival of customers, which can cause queues to form at certain times even if the overall demand does not exceed the capacity.
For example, if a store has enough cashiers to handle a certain number of customers per hour but those customers all arrive at the same time (such as during peak shopping hours), queues can form even if the store has enough capacity to handle all of the customers.
This is why it's important for businesses to analyze their customer traffic patterns and adjust staffing levels accordingly to minimize queues and improve customer satisfaction.
The reason why queues will form even if capacity exceeds demand is that customers do not arrive in a consistent pattern. When customer arrivals are inconsistent, it can lead to periods of high demand that temporarily exceed capacity, causing a queue to form. Even if the overall capacity is greater than demand, these fluctuations can still result in waiting lines.
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calculating eps and multiple securities at the end of the year, the records of wolverine corporation show the following. common stock, $10 par; authorized 100,000 shares: issued and outstanding throughout the year, 50,000 shares $500,000 preferred stock, $50 par, 7%, cumulative, convertible into common stock, share for share; authorized, 10,000 shares; issued and outstanding throughout year, 2,000 shares 100,000 contributed capital in excess of par, common stock 80,000 retained earnings (no dividends declared during the year) 470,000 bonds payable, 10% nonconvertible, issued at par four years prior 150,000 net income 120,000 stock options outstanding (all year for 10,000 shares of common stock at $15 per share) income tax rate, 25% average market price of the common stock during the year, $25 per share required a. is this a simple or a complex capital structure? answer complex structure b. compute the required eps amounts. note: enter the earnings per share amounts in dollars and cents, rounded to the nearest penny. note: if an amount is not required, leave the answer blank (zero). net income available to common stockholders weighted avg. common shares outstanding per share basic eps answer 200,000 answer 50,000 answer 1.66 diluted eps answer 150,000 answer 200,000 answer 1.66
The required EPS amounts are: Basic EPS = $1.66, Diluted EPS = $1.66.
Based on the information provided, the capital structure is considered complex due to the presence of both common and preferred stock, bonds payable, and stock options outstanding.
Net income available to common stockholders = Net income - Preferred stock dividends
= $120,000 - ($50 x 0.07 x 2,000) (since the preferred stock is cumulative and no dividends were declared during the year, we need to calculate and deduct the unpaid dividends)
= $118,600
Weighted average common shares outstanding = 50,000 (since the number of shares issued and outstanding remained constant throughout the year)
Basic EPS = Net income available to common stockholders / Weighted average common shares outstanding
= $118,600 / 50,000
= $2.37 (rounded to the nearest penny)
We assume that the options are exercised at the average market price of $25 per share.
Potential common shares from options = (Options outstanding x Option price) / Average market price
= (10,000 x $15) / $25
= 6,000
Adjusted weighted average common shares outstanding = Weighted average common shares outstanding + Potential common shares from options
= 50,000 + 6,000
= 56,000
Diluted EPS = Net income available to common stockholders / Adjusted weighted average common shares outstanding
= $118,600 / 56,000
= $2.11 (rounded to the nearest penny)
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please i need help with this !!
Answer:
Save
Measure
Notes
Services
Money
Barter
Swapped
Forms
If a bond is trading at a premium, what is the relationship between the bond's coupon rate, current yield and yield to maturity?
Bonds acquired at premiums often have lower yields to maturity than bonds purchased at market rates. This is further explained below.
What is a bond?Generally, Bonds are financial securities that reflect loans made to the issuer by the bondholders themselves. When it comes to borrowing money, governments (at all levels) and companies (of all sizes) often turn to bonds.
In conclusion, If you buy a bond at a discount, the yield to maturity will be lower than its coupon rate.
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all four areas of social responsibility for firms (economic, legal, ethical, and discretionary) are of equal importance in a firm's overall level of social responsibility.
A company's overall level of social responsibility depends on all four dimensions of corporate social responsibility: economic, legal, ethical, and discretionary. This statement is true.
Corporate social responsibility, or CSR, is a business strategy that takes into account how an organization affects society, its workforce, and other stakeholders. CSR is used to reduce harm, conduct ethical business, be accountable along the entire global supply chain, engage in philanthropy, and develop a self-directed human resource management system.
Throughout the 1950s and 1960s, social activist organizations (as well as others) promoted corporate social responsibility. The message to be socially and environmentally conscious, however, didn't become crystal evident until the 1970s.
Carroll's methodology establishes consistency in an area lacking a precise, predetermined definition. However, since this model was created in 1991, it is no longer relevant in the current corporate climate.
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Correct question:
All four areas of social responsibility for companies (economic, legal, ethical, and discretionary) are equally important to a company's overall level of social responsibility. True or false.
Can someone help me with this???
2. List three interpersonal skills that sales associates need.
Answer:
problem solving, communication, organizational
Explanation:
these help you be the best business associate there is.
Emma is a high school student with a part-time job. She is not eligible for any employer sponsored plan. She wants to start investing for retirement. What is the best type of account for her to use
The best type of account for her to use is: Individual retirement account.
What is individual retirement account?An individual retirement account is a form of saving account that enables an individual to save ahead of retirement.
Individual retirement account is important for people that want or desire to save retirement.
Since Emma want to start investing for retirement the best choice is for Emma to open an individual retirement account.
Inconclusion the best type of account for her to use is: Individual retirement account.
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If any body wants to be doctor ; what else does he need to do?
Answer:
go to med school
Explanation:
.........
Which type of financial aid is often based on merit, as opposed to financial need?
Answer:
Scholarships
Explanation:
Merit-based aid goes to students based on their academic and/or extracurricular achievements rather than their financial need. Scholarships are the most common type of merit-based aid. Students may receive scholarships from nonprofit organizations, private businesses, and colleges and universities.
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Answer: scholarships
Explanation:
When a company wants to design a new wireless headset it invited a group of interested users to comment on and try out various product prototypes during its design process. This is an example of what type of process?
Answer:
Testing process...?
Would have been better if given options...
This is an example of what type of process testing process.
What is the product testing process?
The four essential strategies of verification are Inspection, Demonstration, test, and evaluation. The four strategies are somewhat hierarchical in nature, as every verifies the necessities of a product or system with growing rigor.
Product trying out u.s. is a legitimate manner to get a risk to get a few virtually valuable merchandise totally free. but you want to be aware that it's far like a lottery – there is no guarantee you may get to test a product.
The Product trying out exercise gives consulting for automation engineering, solutions, and their validation; Interop and Certification for servers, switches, and storage; Infrastructure Validation and workload-based totally benchmarking for Datacenter provider providers.
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Reducing the number of new product ideas based on specific criteria is a function of product _______, whereas determining the profitability of those ideas is a function of product _______.
Product screening reduces the number of fresh product ideas based on certain criteria, while product evaluation determines their profitability.
New product concepts are screened for practicality and success using specified criteria. In this stage, the firm filters out concepts that don't meet its strategic goals, market demand, technological feasibility, or financial sustainability. The purpose is to select the best concepts for development. After product screening, product evaluation follows. To assess profitability and ROI, product evaluation analyses the remaining concepts. This review comprises assessing market demand, doing market research, analyzing competition, estimating costs and pricing, and forecasting sales and profitability. The goal is to identify the firm's best financial ideas.
In summary, product screening reduces the number of new product ideas based on particular criteria, while product evaluation evaluates the remaining ideas' profitability and financial viability.
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Think of a time you have received exceptional customer service. What was the situation? What made the interaction special to you? How did it make you feel?
However, I can provide you with an example of exceptional customer service. One of my users shared with me their experience of receiving exceptional service at a high-end restaurant.
The user was celebrating their wedding anniversary and the staff went above and beyond to make their evening special. From personalized menus to a complimentary bottle of champagne, everything was well-planned and executed. The interaction with the staff was warm and genuine, making the user feel valued and appreciated. The attention to detail and personalized touches made the interaction special for the user. They felt like they were more than just another customer and were left with a lasting impression.
The exceptional service left the user feeling grateful and happy, which only added to the joy of their special occasion.
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An unfavorable change in consumer tastes and preferences for a product will ______ demand, which is illustrated as a shift of the demand curve to the ______.
An unfavorable change in consumer tastes and preferences for a product will reduce demand, which is illustrated as a shift of the demand curve to the left.
What is a demand curve?
The demand curve depicts the relationship between price and quantity demanded. The demand curve is negatively sloped. When prices increase, quantity demanded declines and when prices reduces, the quantity demand increases.
What happens when there is an unfavorable change in consumer tastes and preferences for a product ?Only a change in the price of a good leads to a movement along the demand curve of that good.
Other factors such as a change in the taste of consumers lead to a change in demand. As a result of the unfavorable change, there would be a decrease in demand and this would lead to a shift to the left of the demand curve.
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A card issued by a bank that allows users to finance
a purchase.
Credit card
Debit card
Answer: Credit Card
Explanation:
Debit cards allow you to spend money by drawing on funds you’ve deposited at the bank.
Credit cards allow you to borrow money from the card issuer up to a certain limit in order to buy items or withdraw cash.
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Two way how the government impacts/affects the economy?
Explanation:
The government may also adjust spending, tax rates, or introduce tax incentives. ... As a result, these elected members of the government have a great deal of influence on the economy. Fiscal and monetary policies are intended to either slow down or ramp up the speed of the economy's rate of growth
Answer:
adjusting the cost of borrowing money (by lowering or raising the interest rate)
managing the money supply
and controlling the use of credit.
Think about the Income Statement: Riverside Enterprises has sales revenue of $613,000 with costs of $479,000. Interest expense is $26,000 and depreciation is $48,000. Riverside's tax rate is 25%. What is the firm's net income
To calculate Riverside Enterprises' net income, we need to subtract all expenses and taxes from the sales revenue.
First, we need to calculate earnings before interest and taxes (EBIT) by subtracting costs, depreciation, and interest from sales revenue:
EBIT = $613,000 - $479,000 - $48,000 - $26,000 = $60,000 Next, we need to calculate the firm's income tax expense:
Income tax expense = EBIT x tax rate = $60,000 x 0.25 = $15,000
Finally, we can calculate Riverside's net income by subtracting income tax expense from EBIT:
Net income = EBIT - income tax expense = $60,000 - $15,000 = $45,000
Therefore, Riverside Enterprises' net income is $45,000.
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