Answer:
Explanation:
Project A Project B
Probability Cash Flows Probability Cash Flows
0.2 $6,000 0.2 $0
0.6 $6,750
Explain Maitland’s argument for morality of sweatshops.
a. You need to understand the Classic Liberal Standard in contrast to other standards.
b. Consistently Libertarian, his argument is both Kantian and Utilitarian. You need to know why.
2. Why does Maitland thing that requiring a living wage in sweatshops is itself immoral?
a. This is primarily an economic argument that leads to a moral judgment. You need to explain why.
3. According to Arnold’s and Bowie’s use of the Respect Principle, what do we owe other people?
a. Focus on what they say based on Thomas Hill’s work.
b. Contrast what they say with the way a Libertarian would argue about what we own others.
4. Explain Arnold’s and Bowie’s use of the Kantian Respect Principle in their discussion of a living wage.
a. It will be important to understand what is owed to other people.
Maitland's argument is utilitarian and Kantian in that he upholds the autonomy of the individual and contends that the overall advantages of sweatshops such as increased economic growth and the eradication of poverty outweigh any potential drawbacks. The shops intentions are misguided and they would actually do more harm than good.
1. The Classic Liberal Standard, on which Maitland's argument is predicated, asserts that people have the right to pursue their own self interest without interference or coercion as long as they do not harm others in the process.
Maitland contends that employment opportunities in sweatshops are appealing to workers and frequently superior to those offered by other sources.
2.Maitland contends that requiring a living wage in sweatshops is morally wrong in and of itself because it would stunt economic development and raise unemployment in developing nations. He contends that wages in sweatshops are frequently higher than the going rate in the neighborhood and that employees have the option of working there or not.
According to him, mandating a living wage would raise the cost of labor and deter businesses from using sweatshops, which would limit the number of jobs available to workers. The main thrust of Maitland's argument is economic, but he thinks it ends up being moral because efforts to require a living wage would hurt the very people they are meant to help.
3. Arnold and Bowie emphasize the significance of treating employees as ends in themselves rather than as means to an end in their discussion of a living wage by applying the Kantian Respect Principle. They contend that employers have a moral duty to respect employees inherent dignity by paying them a living wage.
This rule is based on Kant's contention that people should always be regarded as ends in and of themselves, as opposed to merely being used as means to further our own goals.
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You can earn 3% interest on a CD and 1.25% interest on a savings account.
How much more interest will the CD earn for one year if you make a deposit of
$1,650?
Financial Lit, please help!!
Answer:
The CD will earn $49.50 more interest than the savings account for one year if you make a deposit of $1,650.
Determine what type of policy is needed for each of the following scenarios:
pick between Expansionary or Contractionary as answers for the questions below
1) U% = 7%, CPI = 2%:
2) U% = 4%, CPI = 12%:
3) U% = 3%, CPI = 10%:
4) U% = 10%, CPI = 2%:
5) U% = 3%, CPI = 7%:
6) U% = 5%, CPI = 8%:
1. Expansionary, 2. Contractionary, 3. Contractionary, 4. Expansionary, 5. Expansionary, 6. Contractionary.
Explain expansionary monetary policy using examples.Expansionary monetary policy describes the steps done by a central bank to raise the money supply and promote economic expansion, such as the Federal Funds rate in the United States. This can be accomplished in a number of ways, including by lowering interest rates, purchasing government securities, and easing bank reserve requirements. An instance of when expansive fiscal policy might be employed is during a recession or downturn in the economy. In such a case, the central bank may reduce interest rates to promote lending and investment, which may result in an uptick in consumer spending and corporate activity. The central bank can lower the cost of borrowing by expanding the money supply.
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Clement Manufacturing Company uses two departments to make its products. Department I is a cutting department that is machine intensive and uses very few employees. Machines cut and form parts and then place the finished parts on a conveyor belt that carries them to Department II, where they are assembled into finished goods. The assembly department is labor intensive and requires many workers to assemble parts into finished goods. The company’s manufacturing facility incurs two significant overhead costs: employee fringe benefits and utility costs. The annual costs of fringe benefits are $420,000 and utility costs are $300,000. The typical consumption patterns for the two departments are as follows:
Answer:
Answers attached to entire question you're working on.
Explanation:
Leondra looks over her Algebra homework and says to herself ""I’m probably not going to be able to do this - I’m just not a math person."" Leondra is exhibiting a
Answer:
Fixed mindset
Explanation:
Mindset could be explained as an individual's psychological state which often transcends into how we perceive challenges, what we can do and what we can't. Usually the ability to solve a puzzle, face and conquer a challenge starts and ends with an individual's mindset as it is where either the strength to execute or depression to walkway is derived.
The growth mindset gives individuals who exhibit the trait the strength and morale to face challenges, instead of backing out without trying, they try to find ways of constantly improving at what seems difficult.
On the other hand, the fixed mindset which is what is exhibited by Leandro could be deemed as a rigid type of notion whereby an individual believes all he knows and all he can do are already fixed, hence anything aside those cannot be successfully executed this kind of individuals fail to try new challenges.
Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following:
Common stock, $6 par value, 120,000 shares authorized
Preferred stock, 11 percent, par value $13 per share, 5,000 shares authorized
During the year, the following transactions took place in the order presented:
a. Sold and issued 21,900 shares of common stock at $26 cash per share.
b. Sold and issued 2,800 shares of preferred stock at $30 cash per share.
c. At the end of the year, the accounts showed net income of $41,600. No dividends were declared.
Required:
Prepare the stockholders’ equity section of the balance sheet at the end of the year.
Answer and Explanation:
The preparation of the stockholder equity section is presented below:
Tandy Company
Balance Sheet (Partial)
Stockholders Equity :
Contributed Capital :
Common stock (21,900 shares × $6) $131,400
Preferred stock (5,000 shares × $13) $65,000
Additional Paid in Capital - Common stock (21,900 shares × $20) $438,000
Additional Paid in Capital - Preferred stock (5,000 shares × $17) $85,000
Total Contributed Capital $719,400
Add: Retained Earnings $41,600
Total Stockholders Equity $761,000
visit a local specialty retail store (e.g., sporting goods, cooking products, electronics) or look in your own kitchen/pantry and identify a generic product or commodity that might be "de-commoditized" and dif- ferentiated through innovation.
A commodity that might be de-commoditized and differentiated is cool max. This cool max is all-season technology which keeps the body warmer in winter and keeps the body cooler in summer.
How coolmax might be de-commoditized through innovation?Cool max is all-season technology which keeps the body warmer in winter and keeps the body cooler in summer. This helps the store to differentiate its offering from its competitors and it will also help in attracting more audience towards the product. So this is also a sort of innovation which has de-commoditized products.
Thus cool max might be de-commoditized through innovation.
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your manager ask you to get details on a computer crash
what windows application could you use
The window you can use is Event Viewer.
Event Viewer is part of Microsoft's home windows NT running device that shall we administrators and users view the occasion logs on a neighborhood or faraway gadget.
Microsoft home windows Server Event Viewer is a monitoring device that suggests a log of events that can be used to troubleshoot troubles on a windows-primarily based system. The event Viewer presentations data about software, security-associated, gadget ,and set up events.
The windows event viewer indicates a log of software and gadget messages, together with mistakes, records messages, and warnings. It's a beneficial device for troubleshooting all forms of special windows problems.
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Today you earn a salary of $28,500. What will be your annual salary fifteen years from
now if you earn annual raises of 3.5 percent?
Answer:
$47.747.44
Explanation:
After 14 years, the salary will be equivalent to the future value of $28,500 at 3.5% compound interest.
The formula for calculating compound interest is as follows.
FV = PV × (1+r)n
where FV = Future Value
PV = Present Value... 28,500
r = annual interest rate.... 3.5%
n = number of periods...15
Fv = $28,500 x ( 1+ 3.5/100)15
Fv = $28,500 x ( 1+0.035)15
Fv =$28,500 x 1. 67534883
Fv =$47.747.44
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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Suzy works for a company that markets timeshare condos on beach resorts in Mexico. Her job is to phone consumers and invite them to a free weekend at one of her employer's beach resorts. The only catch is that visitors are obliged to take a tour and listen to a presentation about investing in a timeshare. Which orientation is Suzy's company exhibiting?
Answer:
Sales orientation
Explanation:
Sales Orientation is a business approach of making profits by focusing on persuasion of people to buy the products instead of understanding the customer needs
Fixed vs variable cost preference. bates operates a kiosk at a local mall, selling duck calls for $30 each. the variable cost to make a duck call is $18. a new mall is opening where bates wants to locate a new kiosk. the mall operator offers the following two options for bates: 1. paying a fixed rent of $15,000 a month, or: 2. paying a fixed rent of $9,000 per month plus 10% of revenue earned from each duck call, the amount of monthly sales (in units) at which bates would be indifferent as to which plan to select is: a) 1,900 b) 2,000 c) 1,500 d) 1,600
Answer:
b) 2,000
Explanation:
sales price = $30
10% from each sale = $3
the amount of rent paid as a percentage of sales = $15,000 - $9,000 = $6,000
the indifference point in units = $6,000 / 10% revenue margin = $6,000 / $3 = 2,000 units
If Bates sells less than 2,000 units, then he should prefer option 2, but if he sells more than 2,000 units, then option 1 is better for him.
What is a gearing ratio?
Answer:
Gearing ratios are financial ratios that compare some form of owner's equity (or capital) to debt, or funds borrowed by the company. Gearing is a measurement of the entity's financial leverage, which demonstrates the degree to which a firm's activities are funded by shareholders' funds versus creditors' funds.
Explanation:
Identify which group of accounts may require adjustments at the end of the accounting period. Multiple choice question. Utilities expense; Cash; Owner, Capital Unearned revenue; Supplies; Prepaid rent Cash; Notes receivable; Land
Answer:
Unearned revenue; Supplies; Prepaid rent
Explanation:
Explain how both the supply-led view and demand-led view led to economic development
The supply-led view and demand-led view are two different perspectives on how economic development can be achieved. Both views have their own merits and can lead to economic development in different ways.
How both the supply-led view and demand-led view led to economic developmentThe supply-led view focuses on the importance of increasing the supply of goods and services in order to stimulate economic growth. This view holds that by increasing the production of goods and services, businesses will be able to create more jobs, increase incomes, and spur economic activity. Policies that support this view may include investments in infrastructure, such as transportation and communication networks, as well as measures to promote entrepreneurship and innovation.
On the other hand, the demand-led view emphasizes the importance of increasing consumer demand for goods and services as a means of stimulating economic growth. This view holds that by increasing consumer spending, businesses will be incentivized to produce more goods and services, leading to increased employment and economic activity. Policies that support this view may include measures to increase consumer spending, such as tax cuts or government spending on social programs.
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Both views have been used to achieve economic development in different contexts. For example, in developing countries where there is a lack of basic infrastructure, the supply-led view may be more effective in spurring economic growth by increasing the supply of basic goods and services. On the other hand, in more developed countries where consumer demand is already high, the demand-led view may be more effective in promoting economic growth by increasing consumer spending and stimulating private investment. Overall, both views can contribute to economic development, and policymakers must carefully consider the specific circumstances of their country or region in deciding which approach to take.
1. Use the supply schedule below to graph the supply curve of vintage concert t-shirts. Label the curve S1.
2. Use the supply schedule of vintage concert t-shirts below to graph a second supply curve on the graph. Label the curve S2.
3. Does the graph indicate an increase or decrease in supply?
4. Describe a reason that could have been a reason for this shift in supply.
5. Why does the Qs of a product go down when price goes down?
10. Parmentier Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $5,096 and a total of $87,668 in conversion costs were incurred in the department during January. What was the cost per equivalent unit for conversion costs for January in the Molding Department
Answer:
$1.752 per unit
Explanation:
The computation of the cost per equivalent unit for conversion cost is as follows:
Total conversion cost for month of January
= Opening wip conversion cost + current production conversion cost
= $5,096 + $87,668
= 92,764
Now the total equivalent units is
= Units transferred out + ending wip
= 51,300 × 100% + 5,500 × 30%
= 52,950 units
Now the cost per equivalent unit is
= $92,764 ÷ 52,950 units
= $1.752 per unit
If you have to reject a job offer because it isn't what you wanted, what is the best step to take?
a.
Say no at the interview to save the employer time
b.
Do not call the interviewer back
c.
Call the interviewer back, thank them, and give a reason for your answer
d.
Call the interviewer and let them know you would never work for them
Answer:
Call the interviewer back, thank them, and give a reason for your answer
Explanation:
Cyber security system had a sales of 3,400 units at $70 per unit lasy year. The marketing manager projects a 25 percent increase in unit volume sales this year with a 20 percent price increase. Returned merchandise will represent 6 percent of total sales.
The marketing manager anticipates a 20 percent price increase this year and a 25 percent increase in unit volume sales. 6 percent of total sales will be made up of returned goods.
Determine the anticipated sales for this year using the provided data in the manner shown below:3,400 units were sold last year in total.
Last year, the cost per unit was $70.
3,400 times $70, or $238,000, was the total amount of sales last year.
Unit volume sales are anticipated to increase by 25%.
20% is the estimated price increase.
Total anticipated unit sales for this year are 3,400 multiplied by 1.25 to equal 4,250 units.
Price per unit anticipated for this year: $70 multiplied by 1.20, or $84 per unit. Estimated total sales revenue for this year is $357,000 (4,250 x $84).
Returns, which account for 6% of total sales, must be taken into account. Therefore, we must deduct this sum from the anticipated sales: Returns anticipated = 6% x $357,000 = $21,420 This year's anticipated net sales revenue is $357,000 - $21,420, or $335,580. As a result, $335,580 is the estimated net sales revenue for the cyber security system for this year. 3,400 units of cyber security systems were sold last year at a cost of $70 each. The marketing manager anticipates a 20 percent price increase this year and a 25 percent increase in unit volume sales. 6 percent of total sales will be made up of returned goods.
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Which of the following best describes a way to use your website to improve the guest experience?
A personal call to the room after check-in to welcome guests
Easy-to-navigate menus with clear shortcuts for booking
Opportunities to accumulate user-generated content
Use of digital key cards for contactless check-in and room entry
The most effective strategy to use your website to enhance the visitor experience is to provide opportunities for user-generated material to gather. As a result, choice (C) is appropriate.
What is meant by guest experience?The interactions you have with your visitors from the time they arrive until they check out are referred to as the guest experience. This phrase is frequently used in the hospitality sector to describe how well your customers are treated.
A positive guest experience is at the very heart of hospitality. Additionally, it should be a key component of your hotel's operations since, if done well, it will encourage clients to leave favorable internet reviews and even become devoted regulars.
Hence, option (C) is accurate.
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John is working on his department's annual plan. Employee performance has been okay and commitment to his department's goals moderate. In the past John
has asked his employees to do their best. This year he is asking each employee to work with him in determining exactly what that employee is going to
accomplish this year. John wants his people to feel the goals are theirs, to invest in their accomplishment. He wants them to believe that they can accomplish
these goals. He thinks he can help this whole process by meeting with each employee quarterly and talking about where the department is and where the
employee is in regards to goal accomplishment. In the past what principle of goal setting did John violate?
O A) Goal commitment
OB) Assigning specific goals
O Setting difficult but acceptable goals
OD) Providing feedback on goal attainment
Answer:B
Explanation:
Why do Keynesian economists emphasize AD, whereas classical economists emphasize AS?
Keynesian economists emphasize Aggregate Demand , whereas classical economists emphasize Aggregate Supply because he emphasis on Fiscal policy rather than monetary policy.
How is Keynesian economics different from classical economics?
Classical economics places little emphasis on the use of fiscal policy to manage aggregate demand. Classical theory is the basis for Monetarism, which only concentrates on managing the money supply, through monetary policy. Keynesian economics suggests governments need to apply fiscal policy, especially in a recession
Classical economics emphasizes the fact that loose markets result in an efficient outcome and are self-regulating.In macroeconomics, classical economics assumes the longer term aggregate deliver curve is inelastic; therefore any deviation from full employment will only be temporary.The Classical model stresses the importance of limiting government intervention and striving to keep markets free of potential limitations to their efficient operation.Keynesians argue that the financial system may be under complete capacity for a giant time because of imperfect markets.Keynesians place a extra role for expansionary monetary coverage (government intervention) to conquer recession.Learn more about economics https://brainly.com/question/28208676
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The brand changes form part of a strategic plan the group conceived in September last year called Ekuseni (the Zulu word for “dawn”)”
“Pick n Pay and its new CEO are taking the fight to competitors in a strategy..”
“Pick n Pay yesterday launched a new strategic plan…”
Evaluate the proposed strategy that Pick n Pay is planning to implement, including in your evaluation, the potential risks attached to the proposed new strategy
Pick n Pay's proposed strategy, known as Ekuseni, aims to implement changes in their brand and take the fight to competitors. The strategy, conceived in September last year, focuses on strategic planning and was launched recently. While the strategy holds potential for success, there are risks associated with its implementation.
1. Pick n Pay's proposed strategy, called Ekuseni, includes changes to their brand and a competitive approach to rivals. This strategic plan was conceived in September last year, with the term Ekuseni referring to "dawn" in Zulu.
2. The strategy aims to revamp the brand image and position Pick n Pay as a strong competitor in the market. By taking the fight to competitors, the company intends to gain a competitive edge and attract more customers.
3. The launch of the new strategic plan indicates that Pick n Pay is committed to implementing this strategy and achieving its goals. It demonstrates the company's intention to adapt and stay relevant in the evolving market.
4. However, like any strategic plan, there are potential risks associated with its implementation. These risks include customer resistance to changes in the brand, increased competition from rivals, and potential financial strains due to the cost of rebranding and marketing efforts.
5. Customer resistance is a common risk when brands undergo significant changes. If the proposed strategy doesn't resonate with Pick n Pay's target market, it could lead to a decline in customer loyalty and affect sales.
6. Additionally, taking the fight to competitors may trigger retaliatory actions from rival companies. This could result in intensified competition, price wars, and potential market share loss for Pick n Pay.
7. Finally, implementing a new strategic plan involves financial investments. The cost of rebranding, marketing campaigns, and operational changes may strain the company's resources, potentially impacting its financial stability.
In conclusion, while Pick n Pay's proposed strategy holds promise for the company's growth and competitiveness, there are risks involved. Proper planning, market research, and effective execution will be crucial to mitigating these risks and ensuring the success of the strategy.
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With regard to the composition of corporate boards in the United States,
corporate boards average approximately 12 members.
O about half of the directors are "outside" directors.
O five percent have at least one woman on the board.
twenty-five percent of all companies have at least one minority board member.
With regard to the composition of corporate boards in the United States, option B. About half of the directors are "outside" directors.
Corporate boards in the United States typically consist of a group of individuals responsible for overseeing the management and decision-making of a company. The composition of these boards can vary, but there are some common trends and practices.
Option A states that corporate boards average approximately 12 members. While this may be true for some companies, board sizes can vary significantly depending on the size and nature of the organization. Smaller companies may have fewer board members, while larger corporations may have larger boards to accommodate the complexities of their operations.
Option C suggests that five percent of corporate boards have at least one woman on the board. However, the representation of women on corporate boards has been a topic of discussion and a focus of efforts to improve diversity. Recent studies and reports indicate that progress has been made, and the percentage of women on boards has been increasing over time. However, the exact percentage varies among companies and industries.
Option D states that twenty-five percent of all companies have at least one minority board member. Like gender diversity, the representation of minorities on corporate boards has been a topic of concern and initiatives promoting inclusion. The percentage of companies with minority board members may vary, and efforts are being made to improve diversity in this regard as well.
Overall, it is important to recognize that the composition of corporate boards in the United States is evolving, and there is increasing recognition of the importance of diversity, including gender and minority representation. While specific percentages may vary, there is a growing emphasis on promoting diversity and inclusion in corporate governance practices. Therefore, the correct option is B.
The question was incomplete, Find the full content below:
With regard to the composition of corporate boards in the United States,
A. corporate boards average approximately 12 members.
B. about half of the directors are "outside" directors.
C. five percent have at least one woman on the board.
D. twenty-five percent of all companies have at least one minority board member.
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hester Corp. ended the year carrying $18,711,000 worth of inventory. Had they sold their entire inventory at their current prices, how much more revenue would it have brought to Chester Corp.
Answer:
$18,711,000
Explanation:
Based on the information given the amount of more revenue would it have brought to Chester Corp will be $18,711,000
Select the best answer for the question.
4. One component of the agreeableness trait is altruism. Altruism means
O A. the need for personal success and to see others fail.
O B. the desire to help others, or the concern for the welfare of others.
O C. the ability to take and give criticism.
O D. poor self-confidence.
One component of the agreeableness trait is altruism. Altruism means the desire to help others, or the concern for the welfare of others. The correct option is (B).
What do you mean by an agreeableness?Trust, frankness, benevolence, compliance, humility, and tender-mindedness are the lower-level characteristics or aspects that makeup agreeableness.
Altruism is characterized by selflessness and care for the well-being of others. Although someone can overdo charity to the detriment of their own personal well-being, this is a commendable attribute.
Therefore, one component of the agreeableness trait is altruism. Altruism means the desire to help others, or the concern for the welfare of others.
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including scholarships and financial aid Rachel has 39,000 to spend on college if the total cost of her college education is_____, she will have enough resources to pay
a 36,000
b 42,000
c 48,000
d 45,000
Answer:
A. 36,000
Explanation:
If the college education cost is less than your financial aid limit then it can pay for it.
Answer:36,000
Explanation:because it say it
Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $63,000 loan at 8.5% for 24 months. What is his monthly payment by table lookup? (Use Table 14.2)
Note: Round your answer to the nearest cent.
If he was offered a $63,000 loan at 8.5% for 24 months. His monthly payment by table lookup is : $3071.
What is monthly payment?Monthly payment can be defined as the amount a person received on a monthly basis.
First step is to convert the month to year
Month to year = 24 / 12
Month to year = 2 years
Second step is to find the interest using this formula
I = P × R×T
Where:
I = Interest
P = Principal
R = rate
T = time
Hence
I = 63,000 × 2 × 8.5%
I = 10,710
So,
P+ I = 63,000 + 10,710
P+I = 73,710
Now let find the monthly payment:
Monthly payment = 73,710 / 24 months
Monthly payment = $3,071.25.
Monthly payment = $3,071 (Approximately)
Therefore the monthly payment is the amount of $3071
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Your friend Stan owns a coffee shop in a monopolistically competitive industry. One day, Stan tells you (an economist) that he is earning an economic profit and is setting his price equal to his marginal cost. Is Stan producing the profit-maximizing amount of coffee? What should he do?
In a monopolistically competitive industry, each firm has some control over the price it sets due to product differentiation.
Stan mentioned that he is earning an economic profit and setting his price equal to his marginal cost. To determine whether he is producing the profit-maximizing amount of coffee, we need to consider a few factors.
1. First, let's understand the relationship between price, marginal cost, and profit maximization. In a competitive market, profit maximization occurs where marginal cost equals marginal revenue. However, in monopolistic competition, firms have some market power, so the profit-maximizing quantity occurs where marginal cost equals marginal revenue, not price.
2. Setting the price equal to marginal cost does not necessarily guarantee profit maximization. If Stan's price is equal to marginal cost, it means that he is covering his variable costs, but it does not take into account his fixed costs. To maximize profit, Stan should set his price above marginal cost, considering both variable and fixed costs.
3. If Stan is currently earning an economic profit, it suggests that he may not be producing the profit-maximizing amount of coffee. In monopolistic competition, firms tend to have excess capacity, meaning they produce less than the quantity that would minimize average total cost. By increasing his output, Stan may be able to reduce his costs and increase his profit.
Considering these factors, here are a few suggestions for Stan:
- Conduct a cost analysis: Stan should evaluate his fixed and variable costs to understand the full picture of his expenses. By knowing his costs, he can set a more informed price and determine the profit-maximizing quantity.
- Consider demand elasticity: Stan should also assess the price elasticity of demand for his coffee. If demand is relatively elastic, a small price increase may result in a significant decrease in quantity demanded, potentially reducing his profits. On the other hand, if demand is inelastic, Stan may be able to increase his price without a significant drop in sales.
- Experiment with pricing: Stan could consider experimenting with different prices to find the optimal point that maximizes his profit. By monitoring customer response to different prices, he can identify the price that generates the most revenue while covering his costs.
By taking these steps and considering the unique characteristics of monopolistic competition, Stan can better position his coffee shop for long-term success and profitability.
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explain the following definition of marketing ethics
Answer:
Explanation:
The concept of ethical marketing refers to the way in which companies and / or enterprises market their goods and services: the focus does not only revolve around the benefits of their offer for customers, but also on how they impact on causes and / or responsible actions with society and / or the environment ..