What are the steps in the marketing research process?
Answers
In the following question, the steps in the marketing research process are- Defining the problem, Designing the study, Collecting the data, Analyzing the data, Interpreting and reporting the findings, and Using the results.
The marketing research process involves six steps:
1. Defining the problem - Defining the research problem and opportunities, as well as determining the research objectives.
2. Designing the study - Developing the research plan and selecting the methods, samples, and data sources.
3. Collecting the data - Collecting the data through a variety of sources such as surveys, focus groups, and experiments.
4. Analyzing the data - Analyzing the data to discover patterns and relationships.
5. Interpreting and reporting the findings - Interpreting the results, summarizing them, and presenting them in reports.
6. Using the results - Using the research results to make decisions about marketing strategies.
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Related Questions
This is a method of evaluation in a credit bureau that assigns points based on several factors to compute credit
scores for consumers.
Answers
Answer:
point system
Explanation:
Which of the following might vary in on online purchase depending on where the purchaser lives?
A. The quality of the object
B. The sales tax charged
C. The appearance of the item
D. The retail price of the item
Answers
Answer:
The sales tax
Explanation:
You've been asked to be the speaker for a 1-hour presentation at a large conference. The conference committee scheduled your presentation in a ballroom with a capacity of 500 people. You've been told approximately 465 people have enrolled in your session.
What environmental factor must you consider that could impact your message? (select the best answer)
Bad weather
Audio equipment
How many people attend your presentation
The traffic getting to the conference center
Answers
The traffic getting to the conference centre is the environmental factor must you consider that could impact your message. Hence, option D is correct.
What is environmental factor?In relation to genetics, environmental influences include things like pesticides or industrial waste we are exposed to where we live or work, unhealthy lifestyle choices like smoking or eating poorly, and stressful events.
Environmental elements include things like air, water, climate, soil, natural vegetation, and landforms. By definition, environmental factors have an impact on daily life and are a significant contributor to disparities in health between regions.
Thus, option D is correct.
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Which of the following is the term
used to describe giving up one thing
to get another?
A. opportunity cost
B. incentive
C. salary
D. investment savings plan
Answers
The term which is used to describe giving up one thing to get another is the opportunity cost.
What is the opportunity cost?Opportunity cost refers to the value of what you lose when choosing between two or more options. Thus, it refers to what you have to give up in order to buy what you want in terms of other goods or services.
This decision of choosing is made when you feel that the choice which you have made will have better results for you regardless of what you lose by making it.
For instance, you spend time and money going to a movie, you cannot spend that time at home reading a book simultaneously, and you can't spend the money on something else. However, here the choice is to be made.
Thus, the cost of making a choice is that the next best alternative is forgone is know as the opportunity cost.
Hence, option A is correct.
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Which situation most directly illustrates a possible outcome of a fiscal
policy?
A. New environmental regulations make drinking water in a city safer.
B. The government decides it is time to print a great deal of new
money
O C. Struggling farmers receive less assistance from the government.
O D. A company decides to expand its operations into several new
states
Answers
Answer:
C
Explanation:
The correct answer would be option C that says that the struggling farmers receive less assistance from the government as fiscal policies are associated with determining the expenses and taxation policies to the various sectors to regulate the direction of the economy.
There are two types of Fiscal Policy that are Expansionary and Contractionary.
Expansionary fiscal policy:
deals with an increase in spending and/ or relaxing in taxation by the government so that consumers in the economy get more money.Contractionary policy:
deals with reducing spending and/ or increasing taxation.In this case, farmers did not get assistance from the government due to reducing the amount of Federal money available for farming and farmers is an illustration of Contractionary fiscal policy.
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Which type of tax is paid to support transfer payments and other programs of the u.s. government
Answers
Federal income tax: An income tax is a type of tax that the federal government levies on people and corporations based on their earnings.
What kind of tax is paid to the government directly? Federal income tax: An income tax is a type of tax that the federal government levies on people and corporations based on their earnings.Defense, foreign policy, law enforcement, and debt interest are just a few of the government initiatives that are funded in part by the federal income tax.Taxes that are paid directly to the government by the taxpayer are known as direct taxes.A progressive tax is one that levies an income tax that is higher for high-income groups than for low-income ones.An equal percentage of revenue from each income category is taken as a tax under a proportional system.Regressive taxes—Taxes that take a bigger percentage of low-income groups' income than high-income groups—are those that are imposed.To learn more about Federal income tax refer
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The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? It should state that market supply is the sum of the quantities of natural gas that producers are willing and able to sell at every price. It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at. It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price. There is no flaw in this statement.
Answers
The market supply of natural gas is the sum of all prices that natural gas producers are willing and able to sell at for each quantity.
What is the correct market supply?
The market supply is the total amount of an item that producers are willing and able to sell at various prices over a given time period, such as one month.
The supply curve depicts the relationship between the cost of a good or service and the quantity supplied over a given time period. A typical illustration will show the price on the left vertical axis and the quantity supplied on the horizontal axis.
Therefore, A market supply curve in an industry is the horizontal sum of all supply curves for each individual firm.
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What is true about expense ratios for fees charged to manage mutual fund accounts?
Answers
Answer:
A lower percentage ratio indicates more money has been invested to make money for the customer
Explanation:
you have just been offered a contract worth million per year for years. however, to take the contract, you will need to purchase some new equipment. your discount rate for this project is . you are still negotiating the purchase price of the equipment. what is the most you can pay for the equipment and still have a positive npv?
Answers
1. If the annual contract value is $1 million and the discount rate is 10% for 5 years, the present value would be $620,921.95
2. The maximum purchase price for the equipment to have a positive NPV is $120,921.95.
To determine the maximum amount you can pay for the equipment and still have a positive Net Present Value (NPV), you need to calculate the NPV of the project. The NPV is the present value of all future cash flows, including the initial investment.
Here are the steps to calculate the maximum purchase price:
1. Calculate the present value of the future cash flows: Multiply the annual contract value by the discount rate and divide it by (1 + discount rate) raised to the power of the number of years.
Example: If the annual contract value is $1 million and the discount rate is 10% for 5 years, the present value would be:
$1 million / (1 + 0.10)⁵ = $1 million / (1.10)⁵ = $620,921.95.
2. Determine the maximum purchase price: Subtract the present value of the future cash flows from the initial investment.
Example: If you are still negotiating the purchase price, and the initial investment is $500,000, the maximum purchase price would be:
$500,000 - $620,921.95 = -$120,921.95.
Since the maximum purchase price is negative, it means that any purchase price below $120,921.95 would result in a positive NPV. Therefore, you can pay up to $120,921.95 for the equipment and still have a positive NPV.
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why the last 5 years before you retire are critical?
Answers
The last five years before retirement are critical because they represent the final stretch of your working years, and the decisions you make during this time can significantly impact your retirement.
The last five years before retirement are a critical period because they represent the final stretch of your working years, and the decisions you make during this time can significantly impact your retirement. Here are some reasons why:
Retirement Savings:During the last five years before retirement, you will likely be in your highest-earning years, and it's an ideal time to ramp up your retirement savings. You'll want to take full advantage of employer-sponsored retirement plans, such as 401(k)s, IRAs, and other investment accounts.
Debt Reduction:Reducing or eliminating debt before retirement can be critical to ensuring a comfortable and stress-free retirement. If you have a mortgage, car payments, or other debts, it's essential to pay them off or at least reduce the balances before retiring.
Retirement Budget:Preparing a retirement budget is critical to determining how much you'll need to save and how much income you'll need during retirement.
Health Care Planning:Health care costs can be a significant expense during retirement. As you approach retirement, it's essential to consider your health care needs and explore options for insurance coverage.
Retirement Lifestyle:Finally, the last five years before retirement are an excellent time to start thinking about your retirement lifestyle. Consider your hobbies, interests, and travel plans, and how they will fit into your retirement budget.
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nursing is a human service .clarify it
Answers
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Nursing is a human service. As in nursing we help the patients to get well. Not only for salary, they personly also try to help the patient with a lot care. Some nurses also treat the patient as their own family. Thus, nursing is a human service.
The Clayton Act makes it illegal for competitors to get together and set prices on the products or services they sell.
a. True
b. False
Answers
What are the fiduciary duties of an agent to her principal? Choose 3 answers.
A. accounting
B. obedience
C. indemnification
D. loyalty
Answers
The fiduciary duties of an agent to her principal are A. accounting, B. obedience, and D. loyalty.
These duties are responsibilities that the agent must fulfill in order to protect the interests of the principal and maintain a professional and ethical relationship.
Accounting refers to the agent's responsibility to accurately and transparently report all financial transactions and information related to the principal's business.
Obedience requires the agent to follow the principal's instructions and act within the scope of their authority.
Loyalty means that the agent must act in the best interest of the principal and avoid any conflicts of interest or self-dealing.
Indemnification, or the responsibility to compensate for damages or losses, is not typically considered a fiduciary duty of an agent to her principal.
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Exercise 8-7 At December 31, 2018, Concord Corporation Company had a credit balance of $18,800 in Allowance for Doubtful Accounts. During 2019, Concord Corporation wrote off accounts totaling $13,500. One of those accounts ($3,500) was later collected. At December 31, 2019, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $30,700. Prepare journal entries to record the 2019 transactions of Concord Corporation Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answers
Answer:
Dr Allowance $13,500
Cr Accounts Recivable $13,500
Dr Accounts Recivable $3,500
Cr Allow ance $3,500
Dr Cash $3,500
Cr Accounts Rec $3,500
Dr Bad Debts Expense $21,900
Cr Allowance $21,900
Explanation:
Preparation of the journal entries to record the 2019 transactions of Concord Corporation Company
Dr Allowance $13,500
Cr Accounts Recivable $13,500
(To record amount written off)
Dr Accounts Recivable $3,500
Cr Allow ance $3,500
(To reverse write-off)
Dr Cash $3,500
Cr Accounts Rec $3,500
(To record collection of writeoff)
Dr Bad Debts Expense $21,900
Cr Allowance $21,900
[$30,700-($18,800-$13,500+$3,500)]
Choose the items that represent data you might add to your career portfolio. check all of the boxes that apply. employer letters of recommendation vacation photos school transcripts national test scores photos you exhibited at a gallery or show chronological list of jobs held
Answers
employer letters of recommendation, school transcripts, national test scores photos you exhibited at a gallery, or show a chronological list of jobs held
A gallery, in architecture, is a covered passage open on one side, such as a portico or colonnade. More specifically, in late medieval and Renaissance Italian architecture, a narrow balcony or platform runs the length of a wall.
The Long Corridor looks like a spacious corridor but is designed as a gallery in itself rather than just a transition from room to room. By the 16th century, the seemingly obvious concept of the corridor had not been introduced into English domestic architecture. The rooms were entered from the outside or by walking from one room to another.
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PLEASE HELP MEEEE PLEASE!!!!!!!!!!!!!!!!!
Which of these describes an aspect of a product benefit?
Answer Choices:
A. Appeal to our senses
B. The advantages of product features
C. Relate to the quality of the merchandise
D. Physical in nature
Answers
Answer:
B or C, probably B
Explanation:
Tina, a sales manager, is interviewing a worker who applied for a sales job. She likes the applicant so much that she says, "This is a great place to work. If you are loyal to us, we will be loyal to you, and you can count on a job here." Phil, the HR manager, learns what Tina said. He asks her not to make this kind of statement again. What reason best explains why Tina's comment was unwise?
Answers
The reason why the comment by Tina was unwise was because A. Tina's statement could be taken as an implied contract to keep the worker in future, making it hard to dismiss the worker if problems arise.
Why should Tina not have said that?Tina essentially gave the applicant an implied contract because she gave the applicant terms that they needed to abide by in order to get the job and to keep it.
Those terms revolved around loyalty. This means that if the company needed to dismiss the worker in future, the worker could go to court and argue that they deserve to keep their job because they have given the loyalty that was a requisite according to Tina.
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Answer:
Tina's statement could be taken as an implied contract to keep the worker in the future making it hard to dismiss the worker if problems arise
the price elasticity of demand depends on
Answers
Answer:
...price levels, the type of product or service, income levels, and the availability of any potential substitutes.
In the context of using groups to improve decision making, which of the following is a difference between c-type conflict and a-type conflict?
A. Unlike a-type conflict, c-type conflict undermines team effectiveness.
B. Unlike c-type conflict, a-type conflict often results in anger and resentment.
C. Unlike c-type conflict statements, a-type conflict statements focus on issues and ideas.
Answers
The correct difference between c-type conflict and a-type conflict is that c-type conflict statements focus on issues and ideas.
whereas a-type conflict statements are more emotionally charged and can lead to negative emotions and personal conflicts within the group.
c. unlike c-type conflict statements, a-type conflict statements focus on issues and ideas.
in the context of using groups to improve decision making, c-type conflict (also known as cognitive conflict) and a-type conflict (also known as affective conflict) represent different types of conflicts that can arise within a group.
c-type conflict refers to conflicts that are based on differences in perspectives, opinions, and ideas. it involves a constructive debate and challenges the creativity group members' assumptions and beliefs. c-type conflict encourages critical thinking, stimulates creativity, and can lead to better decision making by considering a wider range of alternatives. unlike a-type conflict, which can hinder team effectiveness, c-type conflict can actually enhance team performance when managed properly.
on the other hand, a-type conflict involves conflicts that are emotionally driven, often resulting in negative feelings such as anger, resentment, or personal animosity among group members. a-type conflict tends to be more disruptive and can hinder effective decision making and collaboration within the group.
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Two teams of students are preparing for a debate in their economics class. Each team will argue for an economic goal. Dave's team will start by focusing on a goal shared by all market economies having to do with trying to keep the cost of goods and services from changing. What term should Dave use to introduce the first goal he will be discussing during the debate?
Answers
Dave should use the term "price stability" to introduce the first economic goal he will be discussing during the debate.
What is the price stability goal?Price stability is the state in which a country's currency maintains purchasing power by maintaining low and stable inflation over the medium term (three to five years), as measured by the Consumer Price Index. Price stability does not mean that prices will not change. This means that prices are rising at a moderate pace.
What is the goal of price stability?A stable price ensures that money retains its value and helps people and businesses better plan their spending and investments. This helps the economy grow, creating jobs and wealth.
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8. Explain why it is important for employment tests to be reliable and valid. (2 marks)T
Answers
It is important for employment tests to be reliable and valid for several reasons:
Reliability:
Validity:
Reliability: Reliability refers to the consistency and stability of the test results. A reliable employment test produces consistent results over time and across different administrations. It ensures that if the same test is administered to the same individual or group under similar conditions, it will yield consistent outcomes. Reliability is crucial because it allows employers to have confidence in the test results and make informed decisions about hiring, promotion, or training. It minimizes the chance of random errors or fluctuations affecting the test scores.
Validity: Validity refers to the extent to which an employment test measures what it is intended to measure and the degree to which it predicts job performance or other relevant outcomes. Validity is essential because it ensures that the test is accurately assessing the knowledge, skills, abilities, or other characteristics that are important for job success. A valid employment test provides meaningful information about an individual's suitability for a specific job or role. It helps organizations make effective selection decisions and identify candidates who are likely to perform well in the job.
Together, reliability and validity ensure that employment tests are robust and trustworthy assessment tools. They provide employers with accurate and consistent information about candidates' capabilities, helping to minimize bias and make fair and objective decisions. By using reliable and valid tests, organizations can improve the quality of their hiring and selection processes, increase the likelihood of finding the right fit for a position, and enhance overall organizational performance.
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Milk has an inelastic demand, and beef has an elastic demand. Suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent. 1. The equilibrium price will:____.
a. increase in both the milk and beef markets. b. decrease in both the milk and beef markets. c. increase in the milk market and decrease in the beef market.
d. decrease in the milk market and increase in the beef market. 2. The change in equilibrium price will be:_____.
a. any of the above could be correct. b. the same in the milk and beef markets. c. greater in the milk market than in the beef market.
d. greater in the beef market than in the milk market. 3. The change in equilibrium quantity will be:_____.
a. the same in the milk and beef markets. b. greater in the beef market than in the milk market. c. any of the above could be correct. d. greater in the milk market than in the beef market. 4. Total consumer spending on milk will:_____.
a. increase, and total consumer spending on beef will increase. b. decrease, and total consumer spending on beef will decrease.
c. increase, and total consumer spending on beef will decrease. d. decrease, and total consumer spending on beef will increase.
Answers
The equilibrium price will a. increase in both the milk and beef markets. Total consumer spending on milk will c. increase, and total consumer spending on beef will decrease.
The market value at which the quantity of products supplied and the quantity of goods required are equal is known as the equilibrium price. According to the scenario in 5-3, there was a rise in demand and a decrease in supply, which will result in an increase in equilibrium price in both the milk and beef markets.
The only price at which consumer and producer plans coincide is the equilibrium price, which is reached when the quantity sought by consumers and the quantity supplied by producers, respectively, are equal.
The equilibrium quantity is the name given to this common quantity. Every other price causes the market to be out of equilibrium since the amount requested does not match the quantity supplied.
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Why does the United States have an advantage over other countries in producing many different products for export?
Consumption greater than production
O Abundance of natural resources
O Lowest unemployment rate
O Mandatory education
Answers
Due to its wealth in natural resources, the United States has an advantage over other nations in creating a wide range of items for export.
Natural resources include any biological, mineral, or aesthetic asset provided by nature unaided and capable of being used for some sort of advantage, whether tangible (economic) or intangible. It has changed over time and from one community to another what is seen as a export "resource" (or, for that matter, "natural"). In addition to energy resources (like petroleum, natural gas, and heated water [that is, geothermal energy] contained within layers of rock), forests, surface water, groundwater, fertile lands, or the soil and minerals within them (rather than the crops that grow on them), are natural resources examples of assets that can be considered natural resources.
Natural resource management is a practice that takes into account how civilizations control the availability of or access to the natural resources that are essential to their existence and economic growth. According to natural resources certain definitions, management is only necessary for natural resources that can regenerate on their own and whose use export depends on this ability. For instance, oil is not typically seen as a topic of natural resource management.
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write any five things to be consider during trimming
Answers
Answer:
There are many things to consider when trimming a tree. Before you start trimming your trees, make sure you have the correct tools. The most common tools used to prune trees are pole pruners, pruning shears, and loppers. Always assess your tree’s size, condition, and location. Do this before trimming to ensure you stay safe during the process.
Overgrown trees can really put a damper on your property’s overall appearance and perceived value if they aren’t trimmed. That’s why you should practice trimming your trees on a regular basis so that you can avoid issues with overgrowth in the first place. Before trimming your tree, you need to consider a few critical variables so things will go as smoothly as possible.
There are various tools and equipment you can use to prune trees, depending on their size, health, and other factors. If you have a huge tree that needs to be trimmed, you should contact a professional because they can pose some serious safety risks.
If you’re someone who is interested in trimming their trees but want more information about the process before doing so, you’ve come to the right place. Below, we’re going to provide you with a detailed explanation of how to trim your trees the right way.
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There are many things to consider when trimming a tree. The most common tools used to prune trees are pole pruners, pruning shears, and loppers.
What are the things consider in case of trimming?There are various tools and equipment you can use to prune trees, depending on their size, health, and other factors.
Moreover, if you have a huge tree that needs to be trimmed, you should contact a professional because they can pose some serious safety risks.
If you’re someone who is interested in trimming their trees but want more information about the process before doing so, you’ve come to the right place.
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in business finance I did that
Answers
Answer:
u r sentence doesn't mean any sense
Answer:
what does your sentence mean?
Explanation:
A consulting company won a $20.8 million three-year contract. The contract requires software development, hosting, and maintenance over three years. The total estimated cost of the project is $17 million, with $10 million expected in Year 1, $5 million in Year 2, and $2 million in Year 3. The billing schedule shows that $5 million will be billed upon start of the work, and then $5 million at each year end. At the end of the first year, the actual cost incurred is $9 million, and total estimated costs are unchanged at $17 million. Using the percentage-of-completion method, how much revenue should be recognized at the end of the first year
Answers
Answer:17%
Explanation: I just want points
Carlos is planning a trip to Japan. He needs to convert U.S. dollars to
Japanese yen. When he looks up the exchange rate, he sees that it costs
122.45 yen to buy one U.S. dollar. How much does it cost to buy a Japanese
yen with U.S. money?
A. 82
B. 1
C. 0.0082
D. 1.2245
Answers
To purchase a Japanese yen using U.S. currency, it costs $ 0.0082. As a result, choice (C) is the right one.
Why does money value differ from country to country?The interplay of a number of national and international variables, including supply and demand on the foreign exchange markets, interest rates set by the central bank, inflation and economic growth at home, and trade balances between nations, determines the strength of a currency.
Because different nations have diverse economic environments, several currencies exist. A country that exports a lot of goods will typically strive to have a low-value currency to maintain its trade advantage and entice consumers to purchase its goods.
According to Kenneth Rogoff, a professor of economics at Harvard University, the Federal Reserve is on track to raise interest rates faster than other significant nations, which has contributed significantly to the dollar's rise.
Hence, the accurate answer is option (C).
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Answer:
1. DO NOT PUT a negative currency balance
2. 0.0082
3. Lower cost of production
4. Establishing a secure monetary system
5. the size of the market
6. central bank
7. comparative advantage
8. movies
9. Having familiarity with laws and regulations
10. international business can be riskier than domestic business but the size of the market makes it a very attractive option
Explanation:
U5L2: Quiz 3
90%
I got number 1 wrong so do not put the answer i wrote down
Use the exhibits to determine the appropriate measure of the inventory in the company's year-end financial statements for each of the independent situations described below.
Select from the option list provided the correct choice. Each choice may be used once, more than once, or not at all.
Situation Answer
1. Abi accounts for its inventory using the moving-average cost method. The estimated costs of completion and disposal of inventory are $10,000. 2. Abi accounts for its inventory using the FIFO cost method. The estimated costs of completion and disposal of inventory are $15,000. 3. Abi accounts for its inventory using the LIFO cost method. The estimated costs of completion and disposal of inventory are $10,000. 4. Abi accounts for its inventory using the FIFO cost method. The estimated costs of completion and disposal of inventory are $10,000. 5. Abi accounts for its inventory using the LIFO cost method. The estimated costs of completion and disposal of inventory are $3,000. 6. Abi accounts for its inventory using the FIFO cost method. In its third-quarter interim financial statements, Abi recognized a loss on inventory write-down of $12,000. This inventory was reported at $96,000. The estimated costs of completion and disposal of inventory are $10,000.
Answers
The estimated costs of completion and disposal of inventory are $10,000. The appropriate measure of inventory is lower of cost or net realizable value.
The appropriate measure of the inventory in the company's year-end financial statements for each of the independent situations described is as follows:
Situation 1:Abi accounts for its inventory using the moving-average cost method. The estimated costs of completion and disposal of inventory are $10,000. The appropriate measure of inventory is lower of cost or net realizable value.
Situation 2:Abi accounts for its inventory using the FIFO cost method. The estimated costs of completion and disposal of inventory are $15,000. The appropriate measure of inventory is lower of cost or net realizable value.
Situation 3:Abi accounts for its inventory using the LIFO cost method. The estimated costs of completion and disposal of inventory are $10,000. The appropriate measure of inventory is lower of cost or net realizable value.
Situation 4:Abi accounts for its inventory using the FIFO cost method. The estimated costs of completion and disposal of inventory are $10,000. The appropriate measure of inventory is lower of cost or net realizable value.
Situation 5:Abi accounts for its inventory using the LIFO cost method. The estimated costs of completion and disposal of inventory are $3,000. The appropriate measure of inventory is lower of cost or net realizable value.
Situation 6:Abi accounts for its inventory using the FIFO cost method. In its third-quarter interim financial statements, Abi recognized a loss on inventory write-down of $12,000. This inventory was reported at $96,000.
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Chapter Two Mini-Case Discussion (from textbook):
Is a Franchise Right for Me?
Based on the projected occupancy, average rate, and the fees associated with the franchise, should Tom become a franchisee, or should he
pursue other options? Explain your decision?
Answers
Tom can become a franchisee.
At 60% occupancy, his projected daily rate is 55$, resulting in a monthly income of 148500$. Deducting the royalty fee and license fee of 5% of profits and the program cost of 4% of income from the sum of 13365$, we receive 135135$. He has monthly earnings of $90135 after further lowering the licensing costs of $45000. Even if he decides to pay 10% or more in extra charges for a full-service hotel, he will still make a significant profit because the return on his investment will be high.
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n the accompanying game, firms 1 and 2 must independently decide whether to charge high or low prices. Firm 1 Firm 2 High Price Low Price High Price (10,10) (5,−5) Low Price (5,−5) (0,0) Which of the following are secure strategies for firms 1 and 2, respectively? ( high price, low price) (low price, high price) (low price, low price) (high price, high price)
Answers
The secure strategies for firms 1 and 2 in this game theory matrix, also known as the Nash Equilibrium, would be (high price, high price). This is the optimal strategy for both firms given the information available.
In this game, both firms must decide whether to charge high or low prices. If we consider each firm's decision-making process, it becomes clear that (high price, high price) is the most secure strategy. If Firm 1 believes Firm 2 will choose a high price, it is in its best interest to also choose a high price to maximize profit. The same logic applies to Firm 2. Conversely, if either firm believes the other will choose a low price, the optimal response is to choose a high price to avoid a negative payoff. Therefore, regardless of the other's action, it is in each firm's best interest to choose a high price, making (high price, high price) the only Nash Equilibrium.
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