With a 66.1% sales share in 2020, the disposable diapers segment led the baby diaper market. The reputation and dependability of the suppliers, the long-term prospects for producing or acquiring the product, the potential for changing or amending the decision in the future.
What is a market?In the field of economics, a market is a collection of mechanisms that allow for the exchange of goods and services between parties.
The majority of markets rely on sellers providing their goods or services to purchasers in exchange for money, however parties may exchange goods and services by barter.
The entire number of buyers and sellers in the area or region under consideration is referred to as the market. Earth, as well as several nations, regions, states, and cities, may be the subject.
The worth, expense, and cost of the goods traded depend on the forces of supply and demand in the market. The four types of economic market structures are oligopoly, monopoly, perfect competition, and monopolistic competition.
The following characteristics explain why the categories are different: In oligopoly, there are few producers, many in perfect and monopolistic competition, and one in monopoly.
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No matter how high a hierarchy grows, one problem associated with efficiency is that information passed from one level to the next can be accidentally or deliberately distorted. T/F
True.The passing of information within a hierarchy can be prone to accidental or deliberate distortion, which hampers efficiency.
As a hierarchy grows, the number of levels and the complexity of communication increase. In such systems, there is a higher likelihood of information being distorted as it moves from one level to the next. This distortion can occur unintentionally due to misinterpretation, errors in transmission, or biases. It can also happen deliberately when individuals intentionally manipulate or filter information to serve their own interests or agendas.
The passing of information within a hierarchy can be prone to accidental or deliberate distortion, which hampers efficiency. It is crucial for organizations to implement effective communication channels, transparency, and checks to minimize distortion and ensure accurate transmission of information across different levels of the hierarchy.
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3. Someday, Liam would like to be a master electrician. In order to achieve his goal, what would be a good job for Liam to take along
his career pathway?
apprentice to a residential electrician
internship at an architecture firm
junior mechanic for a machine rental agency
All changes saved
receptionist for a site project manager
A good job for Liam along his career pathway to becoming a master electrician would be an apprentice to a residential electrician (A). An apprenticeship would provide Liam with hands-on training and experience working with an experienced electrician, which would be valuable in helping him to develop the skills and knowledge necessary to become a master electrician.
Answer:
a
Explanation:
i just took this test
4. What competitive structure features pricing that is determined entirely through the laws of supply and demand and requires t
Moderate competition
Perfect competition
Monopolistic competition
Direct competition
Pricing is not determined by supply and demand forces in monopolistic competition. Companies set the prices for their distinctly different yet similarly priced items. The answer is option (c).
What is monopolistic competition?When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, monopolistic competition develops. A monopolistic competitive economy has minimal entry requirements, and actions made by any one business do not immediately impact those of its rivals.
Consider a market system where there are many businesses and free enterprise entrance and exit, but the goods these businesses produce are not uniform. A market structure like this is referred to as monopolistic competition.
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A vegetable farmer wishes to switch to a combination of trees and vegetables (agroforestry) on several hectares of her land to reduce erosion and to diversify what she grows. She needs to assess whether her land can produce as much income by growing two crops instead of one. The farmer estimates that the new tree crop would cover 40 percent of her fields, with the vegetable crop covering the other 60 percent. Which equation should she use to calculate how much total income she would get from using the new two-crop plan
The best equation to show her the income from her plan is (( Tree income per hectare) x total hectares x 0.4) + (( Vegetable income per hectare) x total hectares x 0.6)
Finding the income from treesTrees will cover 40% of the field. The income would be
= Amount earned from trees per hectare x Number of hectares used by trees
Number of hectares used by trees = 40% x Total number of hectares
Income from trees will be:
= Amount earned from trees per hectare x 40% x Total number of hectares
= Tree income per hectare x 0.4 x Total hectares
Income from vegetablesApplying the same method as above:
= Amount earned from vegetables per hectare x 60% x Total number of hectares
= Vegetable income per hectare x 0.4 x Total hectares
Total income= Sum of both
= (( Tree income per hectare) x total hectares x 0.4) + (( Vegetable income per hectare) x total hectares x 0.6)
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When economists determine that a nation’s GDP has declined, they can point to this as a sign of
economic shrinkage.
economic growth.
low unemployment.
poor leadership.
Answer:
ANSWER: Economic Shrinkage
Explanation:
When Economists determine that a nation’s GDP has declined, they declared that this is a sign of Economic Shrinkage.
This is because Economic Shrinkage is a term that described a decrease or reduction in the level of a country or nation's GDP.This implies that the level of economic and development growth rate of a specific nation under measure has declined.A reduction in the GDP of a nation affects the production level, the consumers, and the investors.Hence, in this case, the correct answer is option A "Economic shrinkage."
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explain four reason international countries choose jamaica to do business
The four reasons international countries choose Jamaica to do business are below in the below segment.
Although Jamaica seems to be a mid-income country with the highest average class, its low unemployment level has been one of the nation's most slow-growing economies.Considering Jamaica's economy's significance for commercial transactions, trade may be a major driving force for population development.For almost all such renewable sources, such as the production of energy, Jamaica consumes gasoline (petroleum).Another important feature of attention was knowledge and awareness-raising of trade trends among personal and corporate players but also civilized society.
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Johnny's Lunches is considering purchasing a new, energy-efficient grill. The grill will cost $35,000 and will be depreciated straight-line over 3 years. It will be sold for scrap metal after 5 years for $8,750. The grill will have no effect on revenues but will save Johnny's $17,500 in energy expenses. The tax rate is 30% Required: a. What are the operating cash flows in each year? b. What are the total cash flows in each year? c. Assuming the discount rate is 12%, calculate the net present value (NPV) of the cash flow stream. Should the grill be purchased?
a. The operating cash flows in each year is $5,833.33.
b. The total cash flows in each year is $14,583.33
c. The grill should be purchased because the NPV is positive.
The operating cash flows are the cash flows that are generated from the day-to-day operations of the business. In this case, the operating cash flows are the energy savings of $17,500 minus the depreciation expense. The depreciation expense is calculated by dividing the cost of the grill by the number of years it will be depreciated, which is 3 years. So, the depreciation expense is $35,000 / 3 = $11,666.67.
Therefore, the operating cash flows in each year are $17,500 - $11,666.67 = $5,833.33.
The total cash flows in each year are the operating cash flows plus the cash flows from the sale of the grill. In the first 3 years, the cash flows from the sale of the grill are zero. In the 5th year, the cash flows from the sale of the grill are equal to the salvage value of the grill, which is $8,750.
The net present value (NPV) is the present value of all the future cash flows, discounted by the discount rate. The discount rate is the rate of return that the company expects to earn on its investments.
In this case, the NPV of the cash flow stream is $1,030.90. This means that the grill is a good investment because the present value of the future cash flows is greater than the initial cost of the grill.
Total NPV = $1,030.90
Therefore, the grill should be purchased because the NPV is positive.
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Mr. Coffey bought a house for $195,000. He made a 20% down payment. The interest
rate is 5.25% for 30 years. Use the loan payment calculator to answer the following
questions. (do not use commas or dollar signs in your answer)
What is his monthly payment?
Answer: $861.44
Explanation:
Given the following :
Purchase price = $195,000
down payment = 20%
Interest rate = 5.25%
Period = 30 years
Down payment = 0.2 × $195,000 = $39,000
Therefore, loan amount will be :
$(195,000 - 39,000) = $156,000
The payment per period (monthly payment) can be calculated using the annuity calculator.
Present value = $156,000
Number of periods = 30yrs = 30× 12 = 360 months
Interest = 5.25% / 12= 0.4375% = 0.004375
Future value = 0 (Amount when entire loan has been paid)
Therefore, the payment per period is $861.44 using the financial calculator.
An innovative business idea that no one has never had
An innovative business idea that no one has never had is Offering virtual assistance to other businesses.
What is innovative business idea ?innovative business idea can be described as an idea in business that cn be developed so that it can be a way to earn a living by providing the services or the goods to the consumer.
It should be noted that this innovation can be the one that no one has ever done or the modification of the one that has been in exisitence, however providing the virtual assistance serves as one of the innovation in business that can ring profit.
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Complete question:
State An innovative business idea that no one has never had
A student needs to take a test. She has her paper, pencil, eraser, and a backup pencil.
What is she missing to take the test?
Answer:
A drink
Explanation:
When are marketers least likely to change a product's design, style, or other attributes?
Marketers are least likely to change a product's design, style, or other attributes when the product has achieved a high level of success, has a strong brand image, and meets or exceeds customer expectations.
Once a product has established a successful position in the market and gained customer acceptance, marketers may hesitate to change its design, style, or attributes. This is because customers often develop a preference and loyalty towards a specific product design or style that they have become familiar with. Changing these attributes may result in dissatisfaction among loyal customers and lead to a decline in sales.
Additionally, a product with a strong brand image and a positive reputation in the marketing activities may not require frequent changes to its design or attributes. Consistency in design and style can help reinforce brand recognition and differentiation, which are valuable assets in a competitive market.
Furthermore, if the product is meeting or exceeding customer expectations, there may be little incentive for marketers to make significant changes. If customers are satisfied with the product's performance, features, and design, altering these attributes may not provide a substantial benefit and could potentially introduce unnecessary risks.
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Eisenstein attempted to use montage editing politically by juxtaposing different shots of stone lions in order to:
Eisenstein attempted to use montage editing politically by juxtaposing different shots of stone lions in order to suggest that one lion is leaping to life.
Who is Eisenstein?This person is known as the creator of Montage. He is known for utilizing this in many of the films that he created.
He used the montage here to create suggestions of the lions leaping to life.
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Are you career ready? Please log back into your FOCUS2 account and take the Career Readiness Assessment. Is there a skills gap in today's college graduates in the workforce? Please write an argument whether you agree or disagree with this topic with supporting evidence, or examples defending your argument.
NewPathwaysFromCollegetoCareer-digital (002).pdf
Yes, there is a skills gap in today's college graduates in the workforce, as evidenced by the increasing disparity between employer expectations and the competencies possessed by recent graduates.
According to a survey by the National Association of Colleges and Employers, only 43% of employers considered recent graduates to be well-prepared for entry-level positions. This gap is partly due to the rapid pace of technological advancements, with many curricula failing to keep up.
Additionally, the emphasis on theoretical knowledge over practical skills and lack of opportunities for real-world experience contribute to this gap. As a result, employers often have to invest time and resources in training new hires, hindering productivity and economic growth.
Some factors contributing to the skills gap in college graduates include outdated curricula, inadequate work experience, and limited exposure to practical skills relevant to the current job market. For instance, some courses and programs may be outdated, making it challenging for students to develop the skills and knowledge required by today's employers. Moreover, the gap between what employers expect from college graduates and what they can offer is another significant concern that contributes to the skills gap in college graduates.
In conclusion, it is clear that there are valid arguments both for and against the existence of a skills gap in today's college graduates in the workforce. However, the debate on this topic is ongoing, and it is essential for college graduates to acquire the necessary skills and competencies required to succeed in the current job market.
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Brooklyn is paid biweekly. Her annual salary is $63,700. What is her biweekly gross pay?
Brooklyn's biweekly gross pay, given the amount that she is paid annually, is $ 2, 450
How to find the biweekly gross pay?A person's biweekly gross pay is the amount that they are paid every 2 weeks that is not adjusted for taxes and other deductions.
In a year, the number of two week periods are :
= Number of weeks / 2
= 52 / 2
= 26 biweekly periods
The biweekly salary of Brooklyn is therefore :
= Annual salary / number of biweekly periods
= 63, 700 / 26
= $ 2, 450
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On February 24, 2020, Allison's building, with an adjusted basis of $1,300,000 (and used in her trade or business), is destroyed by fire. On March 31, 2020, she receives an insurance reimbursement of $1,650,000 for the loss. Allison invests $1,550,000 in a new building and buys stock with the balance of insurance proceeds. Allison is a calendar year taxpayer. a. By what date must Allison make the new investment to qualify for the nonrecognition election
Answer:
December 31,2022
Explanation:
a. Since in the question it is mentioned that the allison is a taxpayer for the calender year so here the date that should be make the new investment in order to qualify for the non-recognition election is Dec 31,2022
So the same would be considered and relevant too
Hence, the date would be December 31,2022
D owns a Whole Life policy that was purchased 10 years ago. If the premium payments suddenly stop
and D takes no additional action, which Nonforfeiture Option will the insurer likely proceed with?
Since premium payments have suddenly stop, extended term is the option of the Non-forfeiture that the insurer will likely proceed with.
In assurance, the non-forfeiture clause states that the insured party will receive full benefits or partial refund of premiums after a lapse due to non-payment of premium as at when due.
The extended term is a option under non-forfeiture provision which uses the existing cash value to purchase term insurance on the life polic.
In conclusion, Since premium payments have suddenly stop, extended term is the option of the Non-forfeiture that the insurer will likely proceed with.
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Suppose we are studying the production of wine in a competitive market. Our two inputs are laborers, L, and raw materials, R. The price of laborers is 15 dollars per person. The price of raw materials is 5 dollars. The firm's output is represented by Q = LR. If the market price for one bottle of wine is 10 dollars, what is the firm's profit maximizing level of output?
The firm's profit-maximizing level of output in the production of wine is 2 bottles.
To determine the profit-maximizing level of output, we need to find the level of production where the firm's marginal cost (MC) equals the market price (P). In a competitive market, the firm maximizes its profit by producing at the quantity where marginal cost equals price.
Given:
Price of laborers (L): $15
Price of raw materials (R): $5
Output (Q): Q = LR
Market price for one bottle of wine: $10
To find the firm's profit-maximizing level of output, we need to calculate the marginal cost (MC) function. The marginal cost is the additional cost of producing one more unit of output. In this case, since the production function is Q = LR, the marginal cost can be derived as follows:
MC = ∂C/∂Q, where C represents the cost of production.
Since the cost function is given by C = L * (Price of laborers) + R * (Price of raw materials), we can calculate the marginal cost as:
MC = (∂C/∂L) * (∂L/∂Q) + (∂C/∂R) * (∂R/∂Q)
∂C/∂L = Price of laborers = $15
∂C/∂R = Price of raw materials = $5
∂L/∂Q = 1/R
∂R/∂Q = 1/L
Substituting the values into the marginal cost equation, we have:
MC = ($15 * 1/R) + ($5 * 1/L)
= 15/R + 5/L
To find the profit-maximizing level of output, we equate the marginal cost (MC) to the market price (P) and solve for Q:
MC = P
15/R + 5/L = $10
Simplifying the equation, we get:
15/R = $10 - 5/L
15/R = $10L/L - 5/L
15/R = (10L - 5)/L
15L = 10R - 5
Since Q = LR, we can rewrite the equation as:
15L = 10(Q/L) - 5
15L = 10Q/L - 5
15L^2 = 10Q - 5L
15L^2 + 5L = 10Q
Q = (15L^2 + 5L)/10
Q = 3L^2 + L/2
Now, to find the profit-maximizing level of output, we differentiate the equation for Q with respect to L and set it equal to zero:
dQ/dL = 6L + 1/2
= 0
6L = -1/2
L = -1/12
Since the quantity of labor cannot be negative, we discard the negative value. Therefore, the profit-maximizing level of output occurs at L = 1/12.
Substituting L = 1/12 back into the equation for Q, we get:
Q = 3(1/12)^2 + (1/12)/2
Q = 1/48 + 1/24
Q = 1/48 + 2/48
Q = 3/48
Q = 1/16
Therefore, the firm's profit-maximizing level of output in the production of wine is 2 bottles.
The firm's profit-maximizing level of output in the production of wine is 2 bottles. At this level, the marginal cost of production equals the market price, resulting in the maximum profit for the firm.
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When setting prices of products, businesses want to make sure they can
cover their costs and make
A. a markup
B. an allowance
C. a discount
D. a profit
Answer:
When setting prices of products, businesses want to make sure they can cover their costs and make:
D. a profit
The setting prices of products, businesses want to make sure they can cover their costs and make a profit. Thus, option (d) is correct.
What is businesses?The term “business” refers to earning a profit. The business is taking the risk and earning the profit. The business is mainly focused on the activities of the creation, distribution, and selling of concepts. The businesses are interested in the investment as a future perspective.
The business is the main motive for earning the profit. Businesses are increasing productivity as a result of rising profits. From the location to the facilities such as medical facilities, proper furniture, employee liberty of work, training, internet facilities, and furniture, etc., businesses are improving. The cost plus extra amount is called the profit.
As a result, in the setting prices of products, businesses want to make sure they can cover their costs and make a profit. Therefore, option (d) is correct.
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If we look at labour market statistics released by Statistics Canada prior to the pandemic (to remove the impact of Covid on markets) the labour market was doing well. For example, according to Statistics Canada, the level of employment increased by 0.9% in 2018 and the unemployment rate reached 5.6% by the end of 2018 which was the lowest since January 1976. However, the growth in wages for Canadian workers, while remaining positive, was slowing down.
a) With the aid of a labour market diagram, explain in words how these two observations can happen at the same time. (6 points)
b) One of the several explanations provided to a low wage growth is the changing nature of jobs. In the past decade, we observed an increase in gig, temporary, contract positions. How does this change in the nature of jobs lead to a slowdown in wage growth? Explain in words only. (4 points)
Prior to the pandemic, the Canadian labor market showed positive signs with an increase in employment and a decline in the unemployment rate. However, wage growth was slowing down. This can be explained using a labor market diagram, where the increase in employment represents a shift in the demand for labor, while the slowing wage growth can be attributed to factors such as changes in the nature of jobs, including the rise of gig, temporary, and contract positions.
a) In a labor market diagram, the increase in employment can be depicted as a rightward shift of the labor demand curve, resulting in higher employment levels and a lower unemployment rate. This shift can be driven by factors such as economic growth, increased demand for goods and services, or government policies stimulating job creation.
On the other hand, the slowdown in wage growth can be explained by a combination of factors. Despite the increase in employment, the supply of labor may have also increased, offsetting the upward pressure on wages. Additionally, other factors such as changes in labor market dynamics, productivity levels, or bargaining power of workers and unions can influence wage growth.
b) The changing nature of jobs, including the rise of gig, temporary, and contract positions, can contribute to a slowdown in wage growth. These types of jobs often come with lower job security, fewer benefits, and limited wage negotiation power for workers.
The increase in such positions can create a more flexible labor market where employers have a larger pool of available workers, reducing the bargaining power of individual workers.
As a result, employers may be able to offer lower wages or limited wage growth, knowing that workers in these positions may have fewer alternatives or bargaining leverage. The presence of more precarious employment options can constrain wage growth for the overall labor market, leading to the observed slowdown in wages despite improvements in employment levels.
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Explain the impact of effective purchasing on an operation’s cash flow.
Answer:
Thus, effective purchasing Implies buying the right items needed for operations at the right/fair price so as to reduce the total cost of operations, which invariably leads to more Profit since there's reductions in costs.
The effective purchasing is very important to a small business. Purchasing is a key factor for any small business as it influence the performance at all levels.
When the supplies you purchase for consumption do not meet one's needs they will limit the efficiency of the operations you want to carry out and also cash flow in the organization or business. One must to create the right purchasing procedures and closely handle them.
Purchasing systems play an key role in controlling a company's cash outflows this is because they ensure that only the key purchases are made and that they are to be done at good or reasonable prices.
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What is the purpose of international trade and how does it help the countries involved in it?
Answer:
the trade without border is
international trade.it purposes to share goods ,ideas,resources, etc.
it helps country in the time of need.
Answer:
Global trade makes it possible for people living in one country to use products from another country, allowing them to benefit from products that are not domestically produced. If a country is endowed with abundant labor or favorable climatic conditions, it has an advantage over the nations that do not have them. It makes economic sense to produce and export goods that other countries cannot produce as cheaply. This way, the exporters can increase sales with foreign commerce and strengthen their country’s economy, while earning profits at the individual level. It also helps strengthen the foreign currency reserves of the country.
International trade is a key driver in regulating foreign currency rates. Global trade helps balance a country’s cyclical pattern of trade deficit and surplus. When a country’s currency is strong, its imports tend to exceed its exports, thus creating a trade deficit for the importer. This situation leads to the exporter country’s currency strengthening and the importer’s currency eventually weakening. Over time, a role reversal happens with exports overtaking imports, thus strengthening the exporter’s currency and creating a trade surplus for the importer. Many other factors influence this cycle too, for example, product cost inflation and interest rates. Global trade removes boundaries and makes the whole world into a single marketplace, and that can work to the benefit of all the participating partners.
Explanation:
PLATO answer!
the______for an annuity can be calculated using the annuity present value, the present value factor, and the discount rate.
The payment for an annuity can be calculated using the annuity present value, the present value factor, and the discount rate.
What is annuity?An annuity is a financial product that provides a stream of regular payments to an individual over a defined period of time, usually until the end of their life. Annuities are typically purchased from insurance companies, and they are often used as a retirement income source.
When an individual purchases an annuity, they make a lump-sum payment or a series of payments to the insurance company.
By using the annuity present value, the present value factor, and the discount rate, the payment for an annuity can be calculated.
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The activities of the federal reserve board have the most direct influence on.
Answer:
The activities of the Federal Reserve Board have the most direct influence on: bank interest rates, monetary policy (interest rates, credit, etc.)
HELP PLEASE ILL GIVE CROWN!!!!
the percentage you will need to pay in interest on a loan will NOT depend on what factor?
A. your history of paying back loans in the past.
B. your volunteer activities and proof that you are a good person.
C. your overall credit score.
D. the financial choices you have previously made.
Answer:
B
Explanation:
This has nothing to do with your financial history, while every other option does.
More than _______ of new businesses in the united states are service businesses, and service employment is _______.
More than 90% of new businesses in the united states are service businesses, and service employment is fewer.
What is business?Business can be described as the offering of services as well as selling of goods to the consumer so that profit can be made by the company that is doing the business.
It should be noted that business could involves the selling of products as well as the manufacturing of the product which can then been sold to the wholesaler and from the wholesaler to the retailer and through that to the final consumer.
It could also implies that the business is into offering of services to the consumer which could be inform of therapy as well as pedicure services or logistic services to different consumers in the town.
It should be noted that i the united states the business that can be found there could be based on the services as well as the production of goods, however in the country there are many business that are into services com[pare to those that are into production of goods as well as services.
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Through the use of ________, a company is able to know exactly where a product is located within the distribution channel.
Through the use of supply chain management (SCM) technology, a company is able to know exactly where a product is located within the distribution channel.
Supply chain management technology refers to the use of software and other digital tools to manage the movement of goods and materials from the point of origin to the point of consumption. This technology enables companies to track products as they move through the distribution channel, from the manufacturer to the distributor, retailer, and finally to the end customer.
SCM technology provides real-time visibility into the movement of goods and materials, allowing companies to optimize their supply chain operations and improve efficiency. This includes tracking inventory levels, monitoring product demand, and identifying potential bottlenecks in the distribution process. By having real-time information on the location of products, companies can quickly respond to changing market conditions and ensure that products are delivered to customers on time.
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several companies, including barnyard and energy solutions corporation, are considering project a, which is believed by all to have a level of risk that is equal to that of the average-risk project at barnyard. project a is a project that would require an initial investment of $77,700 and then produce an expected cash flow of $100,600 in 2 years. project a has an internal rate of return of 8.79 percent. the weighted-average cost of capital for barnyard is 10.25 percent and the weighted-average cost of capital for energy solutions corporation is 5.81 percent. what is the npv that energy solutions corporation would compute for project a? $12155.48 (plus or minus $10) $5063.87 (plus or minus $10) $7300.22 (plus or minus $10) $160463.87 (plus or minus $10) none of the above is within $10 of the correct answer
The net present value (NPV) that Energy Solutions Corporation would compute for Project A is a) $12155.48 (plus or minus $10).
What is the net present value (NPV)?The net present value is the difference between the present values of cash inflows and cash outflows.
The present value is the discounted future value of cash flows.
Discounting future cash flows brings them to their present-day value.
The present value can be computed using an online finance calculator as follows.
N (# of periods) = 2 years
I/Y (Interest per year) = 5.81%
PMT (Periodic Payment) = $0
FV (Future Value) = $100,600
Results:
PV = $89,855.48
Total Interest = $10,744.52
Initial investment cost = $77,700
Net present value (NPV) = $12,155.48 ($89,855.48 - $77,700)
Thus, since Energy Solutions' weighted-average cost of capital is 5.81%, its computed NPV is $12,155.48.
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The price p and the quantity x sold of a small flat-screen television set obeys the demand equation below. a) How much should be charged for the television set if there are 70 television sets in stock? b) What quantity x will maximize revenue? What is the maximum revenue? c) What price should be charged in order to maximize revenue? p=−.14x+196
a) The price that should be charged for the television set when there are 70 sets in stock is $186.20.
b) The quantity that maximizes revenue is approximately 700 units, and the maximum revenue is approximately $68,600.
c) The price that should be charged in order to maximize revenue is approximately $98.
a) To determine the price when there are 70 television sets in stock, we need to substitute x = 70 into the demand equation and solve for p:
p = -0.14x + 196
p = -0.14(70) + 196
p = -9.8 + 196
p = 186.2
Therefore, the price that should be charged for the television set when there are 70 sets in stock is $186.20.
b) To find the quantity x that maximizes revenue, we need to find the value of x that corresponds to the maximum point on the revenue curve. Revenue is calculated by multiplying price (p) by quantity (x), so the revenue equation is given by:
Revenue = px
Substituting the demand equation into the revenue equation, we get:
Revenue = (-0.14x + 196)x
Revenue = -0.14x^2 + 196x
To find the quantity x that maximizes revenue, we can use calculus. Taking the derivative of the revenue equation with respect to x and setting it equal to zero, we can find the critical point:
d(Revenue)/dx = -0.28x + 196 = 0
-0.28x = -196
x = -196 / -0.28
x ≈ 700
So, the quantity x that maximizes revenue is approximately 700 units.
To find the maximum revenue, we substitute this value of x back into the revenue equation:
Revenue = -0.14(700)^2 + 196(700)
Revenue ≈ $68,600
Therefore, the maximum revenue is approximately $68,600.
c) To find the price that should be charged in order to maximize revenue, we substitute the value of x = 700 into the demand equation:
p = -0.14(700) + 196
p ≈ $98
Therefore, the price that should be charged in order to maximize revenue is approximately $98.
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