Based on the Herfindahl-Hirschman Index:
The Herfindahl-Hirschman index for this industry is 3,400Suppose Mane Attraction leaves the market, the Herfindahl index for the industry will increaseThe largest possible value of the Herfindahl index is 10,000 because an index of 10,000 corresponds to a monopoly firm with 100% market share (C)Herfindahl-Hirschman index or HHI measures the market concentration and determines market competitiveness. HHI is calculated by squaring the market share of each firms in the market and summing the resulting numbers.
A low degree of market concentration reflects the industry is closer to a perfect competition scenario where many firms with equal sizes share the market. Higher Herfindahl index represents a lower market competition and higher market power.
To find the Herfindahl index, we have to use HHI formula:
HHI = S₁² + S₂² + S₃²
where:
S₁ = 40
S₂ = 30
S₃ = 30
Hence:
HHI = S₁² + S₂² + S₃²
HHI = (40)² + (30)² + (30)²
HHI = 1,600 + 900 + 900
HHI = 3,400
If Mane Attraction leaves the maarket, the Herfindahl Index for the industry will increase indicating less competition in the market. When a competitor exits the market, the remaining firms within the market will experience increase in their market shares, resulting in increase of HHI.
The largest possibel value of Herfindahl index is 10,000 because this condition will occur when a monopoly firm has 100% market share. Let's prove this assumption:
HHI = S₁²
HHI = (100)²
HHI = 10,000 --> proven!
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Abigail has just been added to a team tasked with developing new products. She has likely been put on which of the following teams?
A. Sales team
B. Virtual team brainstorming
C. Marketing
D. Top management
E. Research and development
A cross-functional team is a group of people who work on different projects and share a common objective. Employees from all levels of an organization are typically included in it.
Which one of these characteristics sets teams apart from groups?
The intensity with which team members collaborate and the presence of a specific, overarching team goal or objective are the two characteristics that set teams apart from groups.
Which structure is made up of teams working on individual tasks while working toward a common objective?
Employees who work together to achieve common objectives make up project teams. You can organize work in a specific, measurable, and time-limited manner with this kind of team. Roles, responsibilities, and deadlines can be clearly defined.
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You are ready to start completing the loan amortization table. Display the Loan worksheet. In cell B8, type a reference formula to cell B1. The balance before the first payment is identical to the loan amount. Do not type the value; use the cell reference instead. In cell B9, subtract the principal from the beginning balance on the previous row. Copy the formula to the range B10:B19.
Cells B1 through B3 should be filled with the correct values. Enter the formula "=-PMT(B2/1200,B3*12,B1)" in cell B4 to have Excel compute the monthly payment for you.
What is Amortization?Amortization is indeed an accounting technique that gradually lowers the book value of a loan or even other intangible asset over a certain period of time. Amortization of loans focuses on delaying loan payments indefinitely. In terms of how it impacts an asset, amortization is similar to depreciation.
Amortization is the process of repaying a loan in full by the maturity date by making monthly payments of the principal and interest over a period of time. Early in the loan's life, a larger portion of the flat monthly bill goes toward interest; but, with each succeeding payment, a larger portion of it goes toward the loan's principle.
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Fiscal policy that increases aggregate demand directly through an increase in government spending is typically called expansionary or "loose." By contrast, fiscal policy is often considered contractionary or "tight" if it reduces demand via lower spending.
expansionary fiscal policy , Expansionary or "loose" fiscal policy is defined as one that directly boosts aggregate demand through an increase in government spending.
What refers to a fiscal policy that increases aggregate demand directly through an increase in government spending?the application of fiscal policy to stimulate economic growth by raising aggregate demand, which results in more output, lower unemployment, and a higher price level. Recessions are treated by expanding the budgetary base.In order to boost the overall demand and support economic growth, an expansionary fiscal policy lowers tax rates or boosts spending. An inflation-prevention or -reduction contractionary fiscal strategy involves raising rates or reducing spending.Through adjustments to government expenditure and taxation, fiscal policy affects aggregate demand. These elements have an impact on employment and household income, which in turn affect consumer spending and investment. Money supply has an effect on an economy's interest rates and inflation rate as a result of monetary policy.To learn more about fiscal policy refer,
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TRUE/FALSE. greenhouse group initially met product demand from customers in other countries by exporting their products to those countries. last year, the company decided to set up a facility in london to meet the increased demand in foreign sales. with the opening of the london facility, greenhouse group became a(n) organization.
Greenhouse Group initially met product demand from customers in other countries by exporting their products. The company also decided to set up a facility in London to meet the increased demand in foreign sales. Greenhouse group became a multinational organization with the opening of the London facility. This statement is true.
What is a Multinational Organization?The reason that the statement in the question is true is that Greenhouse Group is considered a multinational organization because Greenhouse Group has opened its facility in London in order to meet the increased demand in foreign sales. A multinational organization is basically an organization that transacts abroad so that the demand for the company comes from within the country and also from foreign countries.
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b. assume an economy is experiencing inflation. identify the three things the central bank can do to fight inflation and how they affect investment and consumption. explain why monetary policy might be used to fight inflation rather than fiscal policy.
The Fed employs a number of techniques to control inflation. Open market operations (OMO), the discount rate, and the federal funds rate, are frequently combined.
What is inflation?Price increases, or inflation, can be thought of as the gradual loss of purchasing power. The average price increase of a selection of products and services over time can serve as a proxy for the rate at which buying power declines.
A unit of currency effectively buys less as a result of the increase in pricing, which is sometimes stated as a percentage. Deflation, which happens when prices fall and buying power rises, can be compared to inflation.
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during project closing, the project team or contractor should ensure that copies of appropriate project documentation are properly organized, filed, and archived so that ____.
The initial project specifications, including the timetable and budget, provided by all parties involved. Data from a project management software used as evidence that each criterion was satisfied. Any unpaid and connected supplier, partner, or vendor invoices must be paid upon delivery of the requested services.
What significance does the project's closure have?The ultimate stage of wrapping up all tasks for the project management process is called project closure (Project, phase, contract). This procedure has three main advantages: it archives project or phase information, it completes planned tasks, and it frees up organizational team resources to focus on new projects.
What document does not receive an update upon project close?They are documents produced independently of the project that lead to the project's launch. The Project Manager makes use of them but doesn't make any updates.
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in 2000s the massive employment opportunities offered by silicon valley drove the housing cost in california exponentially.
In 2000, a group of approximately 2,600 high-tech companies formed in Silicon Valley created more than 27,000 jobs in the local economy of the San Jose, California area.
What factors are including in Silicon Valley?From 1992 to 1999, Silicon Valley created over 230,000 jobs (a 23% increase) and accounted for about 40% of California's export trade. Silicon Valley was born from the intersection of several factors, including skilled scientific research hubs at local universities, ample venture capital, and steady spending from the US Department of Defense. Stanford's leadership was particularly important in the Valley's early development.
What made Silicon Valley successful?It is easy to build an infrastructure facilitating similar businesses. Silicon Valley is a destination in itself. With an established business infrastructure, pool of talented resources and a thriving marketplace, launching a tech company in such an atmosphere offers a distinct advantage over other locations.
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You have been asked to give a talk about how best to avoid different methods of identity theft. What is the BEST advice you can give to help
someone avoid becoming a victim of phishing?
O A.
OB.
0 с.
O D.
Shred all of your documents before you put them in the trash.
When carrying a purse, hold it tight to your body.
Don't use an ATM that looks as if it has been altered in some way.
If someone calls you to ask for personal information, don't reveal anything.
If someone calls you to ask for personal information, don't reveal anything, is the best advice you can give to help someone avoid becoming a victim of phishing.
Define Phishing.Phishing is a widespread scam when a con artist poses as someone you know and trust in order to trick you into divulging your username, password, or other personal information. Although it can be done over the phone, email is more common.
Phishing is a form of social engineering in which an attacker sends a message pretending to be someone else in order to mislead the recipient into giving the attacker access to their personal information or installing malicious software, such as ransomware, on their infrastructure. Phishing is when hackers try to persuade people to do "the wrong thing," like clicking a malicious link that would download malware or lead them to a dubious website.
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during design team meetings the director and designers talk about mood, pace, atmosphere, colors, character, story, and the production's style.
It is a true statement that during design team meetings, the director and designers talk about mood, pace, atmosphere, colors, character, story and the production's style.
What is a design team meetings?A design team meetings are meeting that are typically coordinated by the lead designer, if one is been appointed and may include all, or part of the design team.
The sub meetings of the design team may also be organised to deal with specific aspects of the design such as the structure, building services etc.
Full question "during design team meetings, the director and designers talk about mood, pace, atmosphere, colors, character, story and the production's style. True / False"
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Which of the following types of advertising promotes an organization's image, reputation, or ideas rather than a specific product?
Institutional advertising is a type of advertising that promotes an organization's image, reputation, or ideas rather than a specific product.
Institutional advertising is a type of advertising that focuses on building a brand's image or reputation, rather than promoting a specific product or service. Institutional advertising campaigns are often used to create a positive perception of a company or to highlight its core values, mission, or history.
The goal is to create a lasting impression of the brand in the minds of consumers. It is used by organizations such as businesses, schools, and governments. It is typically used to promote products or services to a large audience.
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In countries where there is less pressure for public accountability and information disclosure:
-information needs can be satisfied by requesting information from internal company sources.
-public offerings of stock shares are the primary source of financing for companies
.- accounting information is prepared to meet the needs of taxing authorities.
-accounting standards emphasize accounting for high inflation situations.
-the accounting focus is on recent market economy reforms.
In countries where there is less pressure for public accountability and information disclosure: -information needs can be satisfied by requesting information from internal company sources.
Whilst a person is given the responsibility to hold, use or put off sources now not belonging to him, he have to be held completely answerable to the owner of the resources for what he does with them. This, in essence, is the precept of accountability.
Political responsibility is when a politician makes alternatives on behalf of the people and the people have the capacity to praise or sanction the politician. In consultant democracies residents delegate electricity to elected officers via periodic elections if you want to represent or act of their hobby.
Duty is an assurance that an person or agency is evaluated on its performance or behavior associated with some thing for which it's miles accountable. The term is related to responsibility however is seemed extra from the attitude of oversight.
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Perreca son fell out of a tree in the backyard and it looked to hurt his arm is broken without thinking much about where to go see buckle them up in his car seat and head to the nearest Emergency Medical Center, Perak is sun emergency room visit would be best classified as an
In the above case Perreca is dealing with Buckle injury
Explain in detail
An example of a shattered bone is a buckle (or torus) fracture. Without breaking the other side of the bone, one side of a bone flexes, raising a little buckle.Never disregard symptoms like pain, swelling, or tenderness, even if they are not as severe as those from other types of fractures. If your child's buckle fracture is left untreated, they could eventually experience more severe side effects like malunion, which occurs when broken bones don't line up properly throughout the healing process.Buckle fractures normally heal within four weeks from the accident. No follow-up appointment is needed in most circumstances. After the splint is removed, there may be one to two weeks of tenderness, weakness, and stiffness.To know more about Buckle bone here
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Economic models are typically based on the principle that people behave rationally. However, people do not always behave rationally Which of the statements is NOT a reason why economists still consider their models valid, in spite of the irrationality of people? For the sake of simplicity, it is easier to create models from generalizations rather than from seemingly random irrational behavior The existing models have been in place for so are considered untouchable, the equivalent of an long, they economic law. People typically behave more rationally over time Despite the flaws in the model, the models are still thorough predictors of market behavior
The reason why economists still does not consider their models valid, in spite of the irrationality of people because the existing models have been in place for so long, they are considered untouchable, the equivalent of an economic law.
Who are Economists?
The production and distribution of resources, goods, and services are studied by economists through data collection and analysis, trend research, and evaluation of economic concerns.
1. collecting data from numerous sources, compiling and analyzing enormous amounts of data from sources like official statistics, literature, online research, and industry surveys.
2. studying and comprehending economic patterns and models.
3. using software to analyze the data gathered.
Regardless of the particular field they may work in, someone with a degree in economics will discover that they are employable in many domains. Graduates with economics knowledge are in high demand in the worldwide work market.
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Using the Fed model, compare and contrast different economic shocks: financial, spending, and supply shocks. Identify which curve shifts for each type of shock and the economic change associated with it.
Using the Fed model, the Financial Stock shows the change in the real interest rate and the change in the spending shock also means the shift of the curve.
What is the Fed Model?The Fed model compares the expected return metrics for each asset, YTM for bonds as well as E1/PS for stocks, to determine if the amount paid for the riskier cash flows generated from stocks is reasonable. Usually, the distinction between the 2 expected returns is examined in this study.
The value of the Fed Model valuation is computed as (E/P) - Y. More specifically, the Fed Model contrasts the process to increase (E/P) on the financial markets with both the present nominal yields seen on 10-year Treasury bonds (Y).
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Companies pursuing business-level strategies like cost leadership, differentiation, and integration should organize using a _______ structure.
Four regularly occurring business-level strategies emerge from these decisions: (1) huge value leadership , (2) large differentiation , (3) targeted price management , and (4) centered differentiation .
In rare cases, companies are able to offer both low expenditures and unique features that clients discover desirable.
What is a business-level strategy?A business-level strategy is an innovative way for a employer to exhibit its special assets, amplify its aggressive facet and help the character components of its business enterprise feature as one complete unit.
When pursuing a cost management method a business ought to keep in mind that?When pursuing a cost-leadership strategy, a business ought to take note that: Buyers will be reluctant to pay for a product until the pleasant is acceptable. In Strategy Highlight 6.2, Ryanair is aggressively pursuing a cost-leadership position in Europe.
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Today all national banks (with a federal charter) belong to the Federal Reserve System and relatively few state banks do.
Who is the Federal Reserve System's legal owner?
The federal government is the public controller of the federal reserve system, which is privately owned by the member banks. The president appoints seven governors for staggered 14-year terms with Senate approval.
Currently, only a small number of state banks are members of the Federal Reserve System, while all national banks (those with a federal charter) are.
Therefore, The Federal Reserve System is under the public jurisdiction of the federal government.
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Fill in the blanks to complete the sentence.
JVL Corporation began the year with a $75,000 balance in retained earnings. Net income for the year was $24,000 and the ending balance in retained earnings was $90,000. Given this information, cash dividends paid to stockholders equaled $(1). (Enter your answer as a whole number.)
1. 9,000
The cash dividends paid to stockholders is $9000.
What is meant by retained earning?
After deducting dividend payments, a company's retained earnings are its total net earnings or profits. The term "retained" refers to a crucial idea in accounting that describes how earnings were held by the corporation rather than distributed to shareholders as dividends.
These are the remaining net income for the company after dividends have been paid to its shareholders. Typically, management of the company decides whether to keep the profits or distribute them to the share holders. A business with an eye toward expansion may choose to employ retained earnings rather than paying any dividends at all or in very tiny sums. Retained earnings can be used by businesses, among other things, to boost output, hire additional salespeople, introduce new products, or repurchase shares.
These are a crucial factor in determining how financially sound a firm is because they demonstrate the net income that has been conserved over time and is consequently available for distribution to shareholders or reinvestment in the company.
Here, we have,
Beginning Retained Earning= $75,000
Net Income= $24,000
Ending Retained Earning= $90,000
We know that, Ending Retained Earnings= Beginning Retained Earning+ Net Income - Dividend
Putting values in the formula, we get
Dividend= $(75,000+24,000-90,000)
Dividend= $9000
⸫ Thus, the cash dividend is $9000.
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When corporate venturing is focused, the corporate entrepreneurship activities are isolated from the existing operations of the firm. True or False True False Real options analysis helps managers make investment decisions involving staged commitments of smaller financial resources. True or False True False
It is true that when corporate venturing gets the spotlight, the entrepreneurial activity of a company becomes disconnected from the existing activity of the company.
It is false that Real options analysis helps managers make investment decisions involving tiered commitments of small financial resources.
What is corporate entrepreneurship?Corporate entrepreneurship (CE) is a term used to describe entrepreneurship within established, medium and large organizations. Other common or related terms include organizational entrepreneurship, internal entrepreneurship, corporate venture, and strategic entrepreneurship.
How do you start your corporate entrepreneurship?Steps to Unleash Rapid Entrepreneurship and Innovation in Your Business: 1) Collect and validate ideas from company stakeholders. 2) Set clear business innovation goals and objectives. 3) Build a corporate entrepreneurship and innovation team. 4) Execute the company's innovation strategy. 5) Participate in corporate innovation programs.
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One of the challenges with globalization is determining how to meet the needs of customers at very different income levels. In many developing economies, distributions of income remain much wider than they do in the developed world, leaving many impoverished even as the economies grow.
Globalization offers ample opportunities for truly global development, but it is not progressing evenly.
What is globalization and cultural challenges associated with it?Globalization is a global phenomenon, and advances in communication and transport technologies have led to a barrier-free exchange of information, culture, products, services, and human resources on a global scale.
Cultural challenges in the process of globalization include: Erosion of local culture. While cultural globalization brings people together, it can also threaten local cultures, languages and traditions. Growing inequality. Clash of civilizations. Ecological impact.
How will you meet the challenges of globalization?Ways to Adapt to a Globalized and Changing Workforce: 1) Stay close to your customers. Create a diverse and inclusive workforce that reflects your customers. 2) Work together. The Connected Workforce is the glue that binds this new virtual and global world together. 3) Tour included. 4) Agile thinking. 5) Prepare for the future.
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limited liability companies and limited liability partnerships share which of the following characteristics?
The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.
What is liability?
A liability, in general, is an obligation between two parties that hasn't been fulfilled or paid for. A financial liability is an obligation in the world of accounting, but it is more specifically characterised by prior business transactions, events, sales, exchanges of goods or services, or anything else that will generate income in the future. Non-current liabilities are typically viewed as long-term obligations since they are anticipated to last more than a year (12 months or greater).
Depending on their temporality, liabilities are classed as current or non-current. They might be a future responsibility to provide a service to someone else (a short-term or long-term loan from a bank, a person, or another organization) or a past deal that left an unresolved duty.
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vendors frequently sign___with their customers to ensure a guaranteed uptime and define their ability to meet demand spikes.
Vendors frequently sign service level agreements defining their capacity to handle demand spikes and guaranteeing a guaranteed uptime with their clients.
What is Vendor?
An organisation that contributes products or services is referred to as a vendor, supplier, provider, or seller in a supply chain. A supply chain vendor typically produces inventory or stock items as well as sells them to the chain's following link. These terms now describe a provider of any services or products. Anyone who offers goods or services to another entity is referred to as a vendor in supply chain management. Vendors can engage in business-to-business (B2B) or direct-to-consumer (B2C) or business-to-government (B2G) sales (business to government).
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Answer:
I understand this completely true fact
Explanation:
majic
Answer:
Is this actually a question?? XD
Explanation:
HH Company uses LIFO. HH disclosed that if FIFO had been used, inventory at the end of 2021 would have been $20 million lower than the difference between LIFO and FIFO at the end of 2020. Please assume HH has a 25% income tax rate: Help me find the reported cost of goods sold and whether it would have been higher with LIFO or FIFO
Its reported cost of goods sold for 2021 would have been $20 million higher if it had used FIFO rather than LIFO for its financial statements. And tax rate is irrelevant because at the time of income or loss we consider tax and tax don't relate to the cost of goods sold.
FIFO (“First-In, First-Out”) assumes that the oldest products in an employer's inventory had been offered first and are going with the aid of the one's production expenses. The LIFO (“closing-In, First-Out”) method assumes that the maximum current merchandise in a business enterprise's inventory has been sold first and makes use of the one's fees instead.
Find merchandise with the soonest fine before or use by means of dates. put off objects which might be past these dates or are damaged. area items with the soonest dates on the front. stock new objects at the back of the front stock; people with modern-day dates have to be on the back.
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the federal government finances its deficit spending through the use of securities known as treasuries
Three, six, or twelve months Treasury Notes Interim period (two, five, or ten years) Treasury Bills (more than ten years) Treasury securities .
What three sorts of finance are there?The term "finance" refers to all aspects of resource and financial management for private citizens, governmental agencies, and commercial enterprises. Personal finance, global economics, and commercial finance are the 3 types of finance.
What does finance mean exactly?The term "finance" also first appeared in English in the 15th century, but it stems from the Anglo-French verb finer, which both means "to end" and "to pay." The term first appeared to illustrate capital assets and money management in the 18th century.
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The Complete question :
The U.S. government finances its deficit spending through the use of securities known as Treasuries. Each type of security has a unique name based on its maturity. Given the following terms to maturity, identify the appropriate Treasury instrument :
Ramona works for a large Denver, Colorado ski equipment warehouse. In the past, her only chance to learn how she was doing on the job came during fairly superficial performance reviews with her boss twice a year. The company recently implemented a policy designed to give Ramona and other employees detailed information about their job performance on a monthly basis. This suggests that the ski equipment retailer now provides Ramona and her co-workers with more:
One of the five characteristics of job enrichment is feedback, which means giving employees direct and clear information about their job performance.
One well-known approach to work design is job enrichment. This article will define job enrichment, explore its benefits, provide examples of ways to enrich jobs, and contrast job enrichment with job enlargement.
The creation of an inspiring job is the aim of work enrichment. This can be achieved, for instance, by taking a routine, "boring," job and adding extra tasks that give the employee a greater sense of purpose in their work. Therefore, work design and job redesign include job enrichment.
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Baldwin has a new design for their product Bolt next round that can reduce their material cost of producing units from $8.14 to $7.32. Baldwin passes on half of all cost savings by cutting the current price to customers. For simplicity: - Use current labor costs of $3.98 - Assume all period costs as reported on Baldwin's Income Statement (Annual Rpt Pg 2) will remain the same. Determine how many units (000) of product Bolt would need to be sold next round to break even on the product.
Select : 1
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990 units.
792 units.
1,049 units.
1,287 units.
1,101 units.
937 units.
Baldwin has a new design for their product .The breakeven point in the units will be 989.26 units.
Calculating the problem:Particulars Per unit
Sales per unit $19
Less: Direct materials $7.32
Direct labor $4.14
Contribution margin $7.54
Fixed costs of product Bat $7,459
Break even point in units = Fixed costs ÷Contribution margin per unit
Break even point in units = $7,459 ÷ $7.54
Break even point in units= 989.26 Units
Break even point:Unit break even point = fixed cost ÷ contribution margin per unit. A unit's breakeven point tells you exactly how many units you need to sell to make a profit. If you can sell more units beyond that point, you can make a profit.
What is BEP in Cost Accounting?The break-even point in accounting refers to the point or level of activity at which sales or turnover exactly equals total costs. In other words, the break-even point is the level of activity at which there are no gains or losses and the total cost of the business is equal to the revenue.
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the act forbids the use of oppressive child labor and makes it ulawful to ship goods produced by businesses that use oppressive child labor
The FLSA, or Fair Labor Standards Act, prohibits use of abusive child labor and makes it illegal to ship products made by such business.
What is child labor?The term "child labor" refers to the exploitation of kids through any type of job that robs them of their youth, prevents them from going to regular school, and is bad for their minds, bodies, social lives, and morals. In spite of the fact that child labor is illegal by law everywhere, there are several exceptions, including work performed by child artists, family responsibilities, supervised training, and some jobs performed by Amish children and native children in the Americas. Throughout history, different levels of child labor have been practiced. Many younger children from lower-income households worked in both Western countries and their colonies during the 19th and early 20th centuries, ranging in age from 5 to 14.
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Refer to the following selected financial information from Texas Electronics. Compute the company’s accounts receivable turnover for Year 2.
Year 2 Year 1
Cash $ 38,200 $ 32,950
Short-term investments 97,000 63,500
Accounts receivable, net 89,000 83,000
Merchandise inventory 124,500 128,500
Prepaid expenses 12,800 10,400
Plant assets 391,500 341,500
Accounts payable 109,900 111,300
Net sales 714,500 679,500
Cost of goods sold 393,500 378,500
In Year 2, the company's accounts receivable turnover is $251,400.
What is the accounts receivable?Accounts receivable is often known as AR. These are legally enforceable claims for payment maintained by a firm for products or services given but not paid for by consumers.
Computation of company's accounts receivable:
Accounts Receivable = Cash + Short term Investments + Accounts Receivable + Merchandise Inventory + Prepaid Expenses – Account Payable
Accounts Receivable = $38,500+$97,000+$89,000+$124,000+$12,800-$109,900
Accounts Receivable = $251,400.
Therefore, the company’s accounts receivable turnover for Year 2 is $251,400.
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An enterprising applied econometrician would like to find out how to get wealthy. To accomplish this, he collects a large cross-section of data from the 2010 CPS and estimates the following regression:
W????????????????ℎ???? = ????0 + ????1????????????c???? + ????2m???????????????? + ????3???????????????? + ????4y???????????? o???? ????????????????ℎ???? + ????5m???????????????????????????? + ????????
a. This equation has a misspecification error that prevents the applied econometrician from estimating the model. Describe the problem and suggest a possible solution.
b. After solving that issue, can our applied econometrician then interpret α1 as the causal effect of education on wealth? Why or why not
a. The misspecification error is due to a redundancy in the model specification. Since age and the year of birth go hand in hand in a cross-sectional dataset one of these two related variables should be removed.
The possible solution is just to remove year of birth from the model. Alternatively we could remove age, but it is better to retain age because the regression coefficient for age is more easily interpretable than the coefficient for year of birth.
Thus the corrected formula is:
⇒ [tex]Wealth_{i}=\alpha _{0}+ \alpha_{1} educ_{i} +\alpha_{2}male_{i}+\alpha_{3}age_{i}+\alpha_{4}married_{i}+\in_{i}[/tex]
b. Even after correcting the misspecification error, [tex]\alpha _{1}[/tex] cannot be interpreted as the causal effect of education on wealth. The coefficient [tex]\alpha _{1}[/tex] represents just that portion of variation in Wealth that is uniquely explained by education.
The correlation of education with the other predictors, such as the categorical predictor male, the numeric variable age, etc. that are not captured in the model also explain the variation in Wealth.
What is regression?⇒ Regression is a group of statistical procedures used in statistical modeling to determine the relationships between a dependent variable (often referred to as the "outcome" or "response" variable, or a "label" in machine learning jargon), and one or more independent variables (often referred to as "predictors," "covariates," "explanatory variables," or "features"). In linear regression, the most typical type of regression analysis, the line (or a more complicated linear combination) that most closely matches the data in terms of a given mathematical criterion is found. When using the ordinary least squares method, for instance, the specific line (or hyperplane) that minimizes the sum of squared differences between the genuine data and that line is computed (or hyperplane).
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foundational human resources management procedures for reducing turnover can also apply to other areas of managing human resources. which of the following is not one of the recommendations for reducing turnover and other risks? A) increase employee engagement; B) pay attention to employee needs; C) use pre-employment screening;D) create clearly-defined, easy work paths
Foundational human resources management procedures for reducing turnover can also apply to other areas of managing human resources. Creating clearly-defined, easy work paths is not one of the recommendations for reducing turnover and other risks.
In organizational studies, useful resource management is the green and powerful improvement of a company's resources when they wished. Such assets may also consist of economic assets, stock, human competencies, manufacturing resources, facts era, and natural resources. aid control is the practice of planning, scheduling, and allocating people, cash, and era to a mission or program. In essence, it's far the manner of allocating assets to gain the best organizational value.
Seven sorts of aid management are (1) wooded area resource management (2) Water useful resource management (3) Mineral useful resource management (four) Land aid control (five) power aid management (6) natural world control (7) Agriculture useful resource management.
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