1. One reason we saw for the firms to have a large size is a large MES (the economies of scale are exhausted at a large level of output). Another reason may be the scope economies (you may want to quickly review section 4.3.1 in chapter 4 of the textbook). Use the ideas of economies of scale and economies of scope to try and explain in short Why are the BC elementary schools small, secondary schools large, and universities very large? (4) To give you some context, a typical elementary school in BC probably has about 80-200 students: a typical secondary school in BC probably has about 800-1,500 students: SFU has about 30,000 students, UBC about 65,000, UVic about 20,000; a typical elementary school teacher teaches everything: a typical secondary school teacher specializes in one or two subjects: a typical university instructor teaches a subject (specializes in it) and conducts research.
Answers
The reasons behind the different sizes of BC elementary schools, secondary schools, and universities are linked to the ideas of economies of scale and economies of scope firms .Let's consider the following:Elementary schools are smaller because the economies of scope favor them.
The instruction given to students is not very diverse and can be handled by one teacher, which implies that it is not necessary to hire many teachers. Additionally, the class sizes are modest, which ensures that each student gets the attention they require to excel in their studies.
Thus, the average enrollment of an elementary school is around 80-200 pupils.Secondary schools, on the other hand, are larger because of the economies of scale. Specialization is one of the reasons for this. Unlike the generalized instruction given in elementary schools, students in secondary schools are exposed to diverse subjects and curricula. As a result, there are more teachers who specialize in specific subjects.
Additionally, schools are able to offer a greater variety of extracurricular activities, allowing students to participate in a wide range of activities. These benefits are only possible due to the economies of scale that come from having a larger student body. Therefore, the average enrollment of a secondary school is around 800-1,500 students.Finally, universities are very large due to the scope economies. University instructors specialize in their fields of study and conduct research. They also have more resources and facilities than other educational institutions.
To cover the diverse curricula and fields of study, universities must have a large pool of instructors. Additionally, more resources are needed to cater to a large student body. As a result, universities have a very large student body, with an average enrollment of 20,000-65,000 students.
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Related Questions
The amount of jelly sold decreases from 100 jars to 50 jars when the price of peanut butter increases from $2 to $3. Using the midpoint method, the cross-price elasticity between peanut butter and jelly is _____.
Answers
Answer: -1.7
Explanation:
Using a midpoint method. Find the rate of change for both quantity and price.
The rate of change in quantity is: ((Q2 - Q1)/(Q2+Q1)/2) X 100%
The rate of change in price is: ((P2-P1)/(P2+P1)/2)) X 100%
The answer is the rate of change in quantity divides by the rate of change in price.
Weston makes uniforms and overalls for employees in any industry where there is a risk of fire injury. It uses fabric from Indie Fabric Co. for all of the uniforms it manufactures. If there is a decrease in the demand for products in the chemical industry, then there will be a decrease in employment in that industry. This will lead to a decrease in the demand for Weston's uniforms. Since fewer uniforms will be needed, the sales for Indie Fabric will decrease. This is an example of:
Answers
Answer:
Derived Demand
Explanation:
Derived demand refers to a demand for an intermediate good or factor of production with respect to the demand for another intermediate good or factor of production.
In the given example, there will be a decrease in the demand for Weston's uniforms with a decrease in employment in that industry.
As a result, the sales for Indie Fabric will also decrease.
This is an example of Derived Demand.
A sports coach running a junior coaching programme was interested in examining the differences in children's fitness performance scores across four different coaching regimes. She was particularly interested in whether the regime the child was in had a possible influence on the child's fitness performance score. She ran an ANOVA with the predictor variable 'coaching regime', which had four categories, 'Yellow group', 'Green group', 'Pink group' and 'Purple group'; the outcome variable was 'fitness performance score'. Her ANOVA had an F-statistic of 98.12 (p 0.02). How would you interpret her findings?
Answers
Answer:
A sports coach running a junior coaching programme was interested in examining the differences in children's fitness performance scores across four different coaching regimes. She was particularly interested in whether the regime the child was in had a possible influence on the child's fitness performance score. She ran an ANOVA with the predictor variable 'coaching regime', which had four categories, 'Yellow group', 'Green group', 'Pink group' and 'Purple group'; the outcome variable was 'fitness performance score'. Her ANOVA had an F-statistic of 98.12 (p 0.02). How would you interpret her findings?
Explanation:
Which of the following is most likely reason that a regulated product may go
to market?
Answers
Answer:
B) it has passed testing and certification standards
Explanation: hope this helps!
Answer:
B IS CORRECT :))))
Explanation:
ACTIVITY 2.
Identify and explain briefly the question below
1 What are the 4P's in marketing plan?Explain each
А__________
B__________
С__________
D__________
Answers
Answer:
A. Product
B. Price.
C. Place.
D. Promotion.
Explanation:
Marketing plan can be defined as the choices about product attributes, pricing, distribution, and communication strategy that a company blends and offer its targeted markets (customers) so as to build and maintain a desired response.
Generally, a marketing plan is made up of the four (4) Ps and these includes;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
Covering up incidents, abusing sick days, lying to a supervisor, taking credit for a colleague's ideas, and inflating grades on a résumé are examples of
Answers
Covering up accidents, taking advantage of sick days, telling lie to the boss, appropriating a coworker's ideas, and exaggerating grades on a resume are some examples of unethical actions.
A candidate for a job creates a formal document called a résumé that outlines their qualifications for the position. A resume is typically accompanied with a personalized cover letter in which the applicant expresses interest in a certain job or company and highlights crucial details from the CV.
The term "unethical behavior" refers to conduct that deviates from societal norms or is seen negatively by the general public. The exact opposite of unethical activity is ethical behavior. The public accepts ethical behavior because it adheres to the majority of societal standards.
One of the biggest problems in today's society is the prevalence of unethical behavior, which includes lying, cheating, organizational misbehavior, and many other types. Extreme incidents and expensive frauds are frequent, as the media frequently emphasizes.
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The amount you plan to spend on Each promotional strategy
Answers
Answer:
Brand image goals
"Please answer all parts.
The December 31,2024 , adjusted trial balance for Coyote Corporation is presented below. Required: 1. Prepare an income statement for the year ended December \( 31,2024 . \) 2. Prepare a statement of"
Answers
The December 31, 2024, adjusted trial balance for Coyote Corporation provides the necessary information to prepare an income statement for the year ended December 31, 2024, and a statement of retained earnings.
To prepare the income statement, we need to gather the revenue and expense accounts from the trial balance. Revenues such as sales, service income, and other operating income are listed as credits. Expenses, including cost of goods sold, salaries and wages, rent, utilities, and other operating expenses, are listed as debits. By subtracting the total expenses from the total revenues, we can determine the net income or loss for the period. After preparing the income statement, we can use the net income figure to calculate the statement of retained earnings. The statement of retained earnings shows the changes in retained earnings from the beginning to the end of the period.
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What is the difference between a retail market and a wholesale market?
A.
Retail markets are in urban areas, whereas wholesale markets are in rural areas.
B.
Retail markets are at transport hubs, whereas wholesale markets are at central places in villages.
C.
Retail markets sell only organically grown produce, whereas wholesale markets sell all types of produce.
D.
Retail markets sell directly to consumers, whereas wholesale markets sell primarily to traders and retailers.
Answers
Answer:
D. Retail markets sell directly to consumers, whereas wholesale markets sell primarily to traders and retailers.
Explanation:
Retailers are the last traders in the distribution chain. They buy goods in bulk from wholesalers, break the bulk and sell the goods in small quantities to consumers. Retailers are found in all areas, including towns, estates, and rural areas. Large-scale retailers such as supermarkets buy directly from manufactures and sell to retailers.
Wholesalers are intermediaries in the distribution chains. Their primary customers are retailers. Wholesalers buy from manufacturers in bulk, break the bulk and sell to retailers. Some wholesalers have created channels for selling to consumers.
Answer:
D
Explanation:
The pedals of the bicycle should have reflectors on them that can be seen from
feet away
Answers
The pedals of the bicycle should have reflectors on them that can be seen from at least 200 feet away.
California vehicle code (CVC) mandates that cyclists who commute at night attach a white safety light to the front of their bikes. Within 300 feet, the cyclist's front and sides should be able to plainly see this white light. If you don't feel comfortable mounting this light on your bike, you may also lawfully wear it on your person (such as on a helmet).
The CVC mandates that cyclists wear reflectors on their shoes or ankles or attach white or yellow reflector pedals to their bicycle's pedals. You should be able to see these reflectors from at least 200 feet away.
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Debate how the lawsuit would be affected if Novell admitted that the parties had an oral contract under which Meade was entitled to 25% of the difference between accounts receivable and payable as of the day Meade quit, with specifics.
Answers
The lawsuit would be affected in a number of ways if Novell admitted that the parties had an oral contract under which Meade was entitled to 25% of the difference between accounts receivable and payable as of the day Meade quit.
The following are some of the potential effects of such an admission:
1. A determination of whether there was an enforceable oral contract could be required. It would be necessary to determine whether Meade's understanding of the terms of the alleged oral agreement was the same as Novell's, whether the terms were definite enough to be enforceable, and whether the agreement was supported by valid consideration.
2. The sum owed to Meade would be affected. If Meade was entitled to 25% of the difference between accounts receivable and payable, the calculation of the sum owed to Meade would be affected by how those accounts were calculated and by the amount of time it took to calculate the accounts.
3. It could impact the statute of frauds. The statute of frauds is a legal concept that requires certain contracts to be in writing in order to be enforceable. An oral agreement that falls under the statute of frauds, such as a contract for the sale of goods worth more than a certain amount, may not be enforceable.
4. The admission could harm Novell's defense. If Novell admits that an oral contract existed, it could make it more difficult for them to argue that the contract is unenforceable due to fraud or lack of consideration. It could also harm Novell's defense in other ways, depending on the specific facts of the case.
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Croc gator removal has a profit margin of 6.4 percent, total asset turnover of 1.73, and roe of 14.3 percent. what is this firm’s debt-equity ratio?
Answers
The firm's The ratio of the firm's total debt to its total equity is 0.21 or 21%, this debt-equity ratio indicates that the company has a relatively low level of debt compared to its equity.
The formula for return on equity (ROE) is:
ROE = Net Income / Shareholder's Equity
We can also express shareholder's equity as the sum of the firm's debt and equity:
Shareholder's Equity = Debt + Equity
Rearranging the formula for ROE, we get:
ROE = Net Income / (Debt + Equity)
Multiplying both sides by (Debt + Equity), we get:
ROE * (Debt + Equity) = Net Income
Expanding the left-hand side, we get:
ROE * Debt + ROE * Equity = Net Income
Subtracting ROE * Equity from both sides, we get:
ROE * Debt = Net Income - ROE * Equity
Now, we can use the given information to solve for the debt-equity ratio:
Profit Margin = Net Income / Sales
Total Asset Turnover = Sales / Total Assets
ROE = Net Income / Shareholder's Equity
We can rearrange the profit margin and total asset turnover formulas to get:
Net Income = Profit Margin * Sales
Sales = Total Asset Turnover * Total Assets
Substituting these expressions into the ROE formula, we get:
ROE = (Profit Margin * Sales) / Shareholder's Equity
ROE = (Profit Margin * Total Asset Turnover * Total Assets) / Shareholder's Equity
Solving for Shareholder's Equity, we get:
Shareholder's Equity = (Profit Margin * Total Asset Turnover * Total Assets) / ROE
Now we can substitute the given values to find Shareholder's Equity:
Profit Margin = 6.4%
Total Asset Turnover = 1.73
ROE = 14.3%
Shareholder's Equity = (0.064 * 1.73 * Total Assets) / 0.143
Simplifying, we get:
Shareholder's Equity = 1.21 * Total Assets
Finally, we can express the debt-equity ratio as a ratio of debt to equity:
Debt/Equity = (Total Assets - Shareholder's Equity) / Shareholder's Equity
Substituting the expression for Shareholder's Equity, we get:
Debt/Equity = (Total Assets - 1.21 * Total Assets) / (1.21 * Total Assets)
Simplifying, we get:
Debt/Equity = 0.21
Therefore, the firm's debt-equity ratio is 0.21 or 21%.
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What is something that will not help you get a higher credit limit?
A: Paying off the balance of the credit card each month
B: Asking the banking company for a higher limit on your credit card
C: Maxing out the credit card and only making the minimum payment each month
D: Making more money at your job (More personal income)
Answers
Maxing out the credit card and only making the minimum payment each month is something that will not help you get a higher credit limit. A credit limit is the most money you are permitted to spend on a credit card or line of credit by a lender.
If a credit card company grants you a credit limit of $2,500, that is the most you may ever have charged to the card payment . If you charge $1,900 to your card, you will have $600 left over that you can use without paying a fee or being restricted from using the card limit further.
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Please help
2. Explain the difference between brand names, brand marks, and trade characters.
3. What is the difference between a manufacturer's brand and a private brand?
4. What is an advantage of family branding?
5. What is an advantage of individual branding?
6. Why should a product brand name describe the product's benefits and uses?
7. Why is it important that a brand name be easy to read, pronounce, and remember?
8. What is an example of a brand name that creates appealing images?
9. Why should a brand name be distinctive?
10. What kind of qualities will a brand name possess if it is adaptable?
11. Why is it important to make sure that a particular brand name is not the property of
another company?
12. Why are shorter brand names better for packaging and advertising?
13. What are two reasons why brands are used?
14. Describe the three stages of brand loyalty.
OBJECTIVE B
15. What are four questions that a business might ask itself when deciding whether to brand
a product?
16. Discuss the stages of the initial branding process.
17. What is a trademark?
18. Explain three types of branding strategies.
Answers
Answer:
2]…
Brand names are the words or names used to identify a company's products or services. Brand marks are the visual symbols or designs used to identify a brand. Trade characters are specific characters or personas used to represent a brand.
3]…
A manufacturer's brand is owned by the company that produces the product, while a private brand (also called a store brand or house brand) is owned by a retailer or distributor and is sold exclusively in their stores.
4]…
Family branding allows a company to leverage the reputation and recognition of its main brand to promote new products or variations, which can lead to increased efficiency and reduced marketing costs.
5]…
Individual branding allows a company to tailor its branding and marketing efforts to the specific product or product line, which can help differentiate it from competitors and create a unique identity.
6]…
A brand name that describes the product's benefits and uses can help customers understand what the product is for and why they should choose it, which can make it more appealing and easier to sell.
7]…
A brand name that is easy to read, pronounce, and remember can help customers recall and recognize the brand more easily, which can lead to increased brand loyalty and sales.
8]…
Nike is an example of a brand name that creates appealing images, as it is associated with athletic performance, victory, and motivation.
A distinctive brand name can help a product stand out in a crowded market and create a unique identity that customers will remember and associate with quality.
A brand name that is adaptable will be able to evolve and grow with the company, allowing it to expand into new markets and product lines without losing its identity or recognition.
It is important to make sure that a particular brand name is not already the property of another company to avoid trademark infringement and legal issues.
Shorter brand names are better for packaging and advertising because they are easier to read and remember, and take up less space on product labels and advertisements.
Brands are used to create differentiation between products, build customer loyalty and trust, and increase brand recognition and reputation.
The three stages of brand loyalty are cognitive (awareness and recognition), affective (positive feelings and emotions towards the brand), and conative (action and commitment to purchasing and promoting the brand).
OBJECTIVE B
Four questions a business might ask when deciding whether to brand a product are: Is there a market for the product? Will branding the product add value to the company and increase profits? Will the branding be sustainable and effective over time? Is the company able to support the costs and resources required for branding?
The stages of the initial branding process are research and analysis, developing the brand identity and positioning, testing and refining the brand, and launching and promoting the brand.
A trademark is a legal symbol, word, or phrase that identifies and distinguishes a company's products or services from those of its competitors.
Three types of branding strategies are: individual branding (creating unique branding for each product or product line), family branding (using a common brand name for all products under the company's umbrella), and co-branding (partnering with another company to create a joint branding effort).
Will cash bonuses speed the return to work of unemployed people? A state department of employment security notes that last year 68% of people who filed claims for unemployment insurance found a new job within 15 weeks. As an experiment, the state offers $500 to people filing unemployment claims if they find a job within 15 weeks. The percent who do so increases to 77%.
Answers
Answer:
Apparently handing out a cash incentive for getting a job when you are unemployed really works. A 9% increase in the number of unemployed people getting a new job is significant.
But this hypothesis has a flaw. Is there any way that you can tell if people quit on purpose just to be able to file for unemployment and get the cash bonus? Unemployment benefits vary a lot depending on the state, but the national average is $378 per week. If you multiply that by 4¹/₂ weeks per month = $1,701 (roughly). It is not a fortune, but its not that bad either.
If we add the extra $500 cash bonus to the total unemployment benefits, in 15 weeks a person could earn $500 + (15 x $378) = $6,170 for not working.
It doesn't make sense for someone earning a high salary to quit just to get unemployment benefits, but being unemployed pays you $6,170 / (15 x 40 hours) = $10.28 per hour and that is more than the minimum wage.
The early years of e-commerce are considered:A) the most promising time in history for the successful implementation of first mover advantages.B) an economist's dream come true, where for a brief time consumers had access to all relevant market information and transaction costs plummeted.C) a stunning technological success as the Internet and the Web increased from a few thousand to billions of e-commerce transactions per year.D) a dramatic business success as 85% of dot-coms formed since 1995 became flourishing businesses.
Answers
The early years of e-commerce are considered an economist's dream come true, where for a brief time consumers had access to all relevant market information and transaction costs plummeted . The correct answer is B)
During the early years of e-commerce, the internet and web were new technologies and consumers were able to access information about products and prices from anywhere in the world. This level of transparency in the marketplace led to lower transaction costs, making it easier for consumers to make informed decisions about their purchases.
This was a particularly exciting time for economists who had long theorized about the benefits of perfect market information, and for consumers who were able to take advantage of these newfound efficiencies.
While there were certainly some successful first movers and some dramatic business successes, the overall impact of e-commerce in the early years was largely driven by the reduction in transaction costs and the availability of information to consumers.
E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the internet. It involves the use of various online platforms such as websites, mobile apps, and social media to facilitate transactions between businesses and customers.
E-commerce has revolutionized the way businesses operate, making it easier and more convenient for consumers to purchase products from anywhere in the world.
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Which institutions monitors the monetary policies of member nations to ensure a global monetary system that works best for all nations
Answers
Answer: International Monetary Fund
Explanation:
Answer: International Monetary Fund
Explanation: Hope this helps
the term used to describe the amount the company expects to receive for an asset at the end of its service life is
Answers
Answer: residual value (or salvage value)
Explanation:
Something that a person desires, but could function without
Answers
Answer:
Luxury
Lot of people have a deep desire for that.
Answer: Want
Explanation: If there’s something that a person strongly desires but doesn’t necessarily need, it’s a want.
a performance appraisal consists of multiple choice setting standards and monitoring performance. assessing performance and providing feedback. motivating improvement and onboarding. developing skills and managing labor.
Answers
A performance appraisal consists of setting standards and monitoring performance.
What is performance appraisal?Performance appraisal can be described as the process of carrying out assessment of the past as well as the present performance of the employee in a particular organization and elated this performance to the standard performance that is been expected from the employee.
It should be noted that this help the company to know how the employee is doing his job with respect to the standard that is been set and the task that is been given to the employee in the organization.
Therefore, the first option is correct.
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most business presentation visuals for nonlinear presentations are created using _____________.
Answers
Prezi is used to produce the majority of nonlinear business presentation graphics. An innovative company or group that engages in professional activities is referred to as a business.
An organization or entrepreneurial entity engaging in commercial, industrial, or professional activity is referred to as a business. A business's goal is to coordinate some form of economic output (of goods or services). Businesses can be for-profit corporations or nonprofit organizations working to further a social cause. Businesses varies in size and scope from small, local enterprises to enormous, global conglomerates. An organization that runs for commercial, industrial, or professional purposes is frequently referred to as a business. The foundation of the concept is an idea and a name, and to ascertain whether it is viable to develop the idea into a business, substantial market research may be necessary.
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After which problem-solving stage should you take action? A. defining the problem B. evaluating information C. gathering information D. making a choice
Answers
Answer:
Evaluate your decision
Explanation: correct mark brainlest plz. and thanks also []L7[]
Answer:
making a choice
Explanation:
If you are inserting an address block with the Address Block dialog box and the fields do not connect automatically, what can you do?
Answers
Answer: Click Match Fields and match them manually.
The basic principle of activity based costing is a(n)
Answers
The basic principle of activity based costing is a products consume activities. Fixed costs and variable costs are the two different types.
Any system for allocating costs to a component of a firm is referred to as costing. Costing is often used to establish expenses for customers, distribution channels, personnel, geographical regions, product lines, processes, subsidiaries, and entire businesses. The four main categories of costs are fixed costs, variable costs, direct costs, and indirect costs. Costing is how an entrepreneur determines how much it costs to produce or sell each unique product. a fair and competitive price for the product to be set.
The various production costs that a company incurs are tracked, recorded, and analysed using cost accounting. Material, labour, and overhead expenditures make up the three primary components of these expenses.
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Which of the following defines the objectives of a project?
A) something that is required or in demand
B) targets and destinations for the project
C) statements of what the project will accomplish
D) all of the activities necessary for the project
Answers
statements of what the project will accomplish
Answer: D. all of the activities necessary for the project
Explanation: boss baby approved
Question 37 Marks: 1 Plan implementation involves capital improvement programs and financing plans.Choose one answer. a. True b. False
Answers
The correct option is A, true. Plan implementation generally involves the prosecution of various capital improvement programs and backing plans that are necessary in achieving the association's goals and objects.
Capital enhancement programs relate to the enterprise or systems that a company undertakes to enhance or upgrade its physical structure,outfit or technology to improve effectiveness, productivity, and client service. financing plans involve relating and securing available finances or backing sources, similar as loans or bonds, to support the capital enhancement programs and sustain the association's operations.
Effective plan implementation requires careful planning, collaboration, and oversight to insure that the enterprise are aligned with the association's strategic pretensions and objects and yield positive issues.
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Read the following scenario, and then answer the question below.
A new pet supply company plans to primarily sell products in stores. They need a system that will track their large
inventory and keep customer sales records.
Which evaluation factor will be most important when choosing technology for the company?
1)speed
2)size
3)storage
4)connectivity
Answers
The correct answer is 3) storage
Explanation:
In technology, storage refers to the amount of information a system, program, or similar can record and save. This factor is especially important when businesses or companies need to keep a lot of information from sales, inventory, and similar. This occurs in the case of the pet supply company because it is explained they need a technological system to "track their large inventory and keep customer sales records", therefore their priority will be to record and save their information or the storage in the system.
Answer:
c
Explanation:
c
If your company has a $100,000 annual budget for employee recognition, what percentage of this should go towards recognizing company tenure? Why? Share what you think are other reasons to award recognition. What is your favorite non-monetary way to recognize employees? For example, a company parking place can be a great reward and it doesn't cost the company anything.
Answers
My favorite non-monetary way to recognize employees is to give them a public shout-out at a company event or in a company newsletter. This type of recognition is a great way to show employees.
What is company?A company is an organization formed to carry out business activities, such as production, marketing, and providing services. Companies can be either public or private, with public companies listed on stock exchanges and private companies operating without public disclosure. Companies are typically owned by shareholders who benefit from the profits generated by the organization.
The percentage of the $100,000 annual budget that should go towards recognizing company tenure depends on the size and scope of the company, but typically should range between 10-15%.
In addition to recognizing company tenure, there are other reasons to award recognition such as celebrating employee accomplishments and milestones, recognizing great customer service, or acknowledging superior performance.
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in a hierarchical organization, the upper levels consist of: group of answer choices knowledge, technical and operational workers. professional and operational workers. managerial, professional, and operational workers. managerial, professional, and technical workers. managerial, professional and knowledge workers.
Answers
In a hierarchical organization, the upper levels consist of managerial, professional, and technical workers. So, the correct answer is D).
Managerial Workers: These individuals hold positions of authority and are responsible for making decisions, setting goals, and overseeing the overall operations of the organization. They provide leadership, guidance, and strategic direction to the lower levels.
Professional Workers: These are individuals who possess specialized knowledge, skills, and expertise in a particular field or profession. They may include doctors, lawyers, engineers, accountants, and other professionals who contribute their expertise to support the organization's objectives.
Technical Workers: These employees possess specific technical skills and knowledge related to the organization's operations. They are often involved in executing tasks, implementing processes, and handling technical aspects of production or service delivery.
The upper levels of a hierarchical organization typically involve a combination of these roles to ensure effective management, utilization of professional expertise, and technical execution of tasks and operations. So, the correct option is D).
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--The given question is incomplete, the complete question is given below " in a hierarchical organization, the upper levels consist of: group of answer choices
a, knowledge, technical and operational workers.
b, professional and operational workers.
c, managerial, professional, and operational workers.
d, managerial, professional, and technical workers.
e, managerial, professional and knowledge workers. "--
Explain the concept of price taking. In 1-3 sentences, explain what it means for a firm to be a "price taker" and identify what market structure(s) exhibit price-taking behavior. Rubric: 1. Answered in complete, comprehensible sentences. (1 point) 2. Provided a clear and accurate definition of price taking. (1 point) 3. Identified the market structure(s) in which firms are price takers. (1 point)
Answers
Price taking refers to a market situation where a firm sells its products at the prevailing market price, and cannot influence that price in any way. A firm is a price taker when it has no power over the market price and must accept the price as it is determined by the market. Perfectly competitive markets are examples of market structures that exhibit price-taking behavior.
Price taking refers to a situation in which a firm operates in a market where it has no control or influence over the prevailing market price. In this scenario, the firm must accept the market price as given and adjust its quantity of output accordingly. The firm's individual actions, such as changing production levels or prices, have a negligible impact on the overall market price.
Price-taking behavior is typically observed in perfectly competitive markets. In a perfectly competitive market, there are numerous small firms that sell identical products, face a large number of buyers and sellers, have perfect information, and can freely enter or exit the market. Due to the presence of many sellers offering the same product, no individual firm can exert enough influence to affect the market price. Each firm becomes a price taker and must accept the price determined by the interaction of market forces such as supply and demand.
Being a price taker has implications for firms as they must focus on efficiency, cost reduction, and maximizing profits through economies of scale or cost-saving measures, rather than attempting to manipulate prices.
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