To follow Lola’s suggestion about planting a pumpkin variety that grows more quickly, is more drought-tolerant, and produces a heartier pumpkin would mean that Lorenzo is following b) evidence-based management.
What is evidence-based management?Evidence-based management is a management approach that sets aside the well-known generally accepted conventions and hierarchy of opinion in favor of applying critical thinking and the best available evidence for decision-making.
Evidence-based management depends on the following principles:
Convert information needs to questions.Find the best evidence to answer the questions.Appraise the evidence for validity and usefulness.Apply the results of the appraisal.Evaluate the performance.Evidence-based management is not the same as the contingency viewpoint, the human relations movement, or operation management.
Thus, to follow Lola's suggestion would imply that Lorenzo is following b) evidence-based management.
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Question Completion with Answer Options:a) contingency viewpoint
b) evidence-based management
c) the human relations movement
d) operation management
Suppose that, in the economy of Example 1 , the demand for electricity triples and the demand for coal doubles, whereas the demand for steel increases by only 50%. At what levels should the various industries produce in order to satisfy the new demand?
To satisfy the increased demand, the electricity industry should triple its production, the coal industry should double its production, and the steel industry should increase its production by 50%.
This means that each industry needs to adjust its output levels accordingly to meet the new demand.
In more detail, the electricity industry should produce three times its previous output to meet the tripled demand. Similarly, the coal industry should double its production to cater to the doubled demand for coal. Lastly, the steel industry should increase its production by 50% to meet the 50% increase in demand for steel.
By aligning their production levels with the new demand, these industries can ensure that they meet the increased requirements and contribute to the overall economic growth and stability.
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The Galindo family plans to start a small business in our neighborhood. The father
borrows $10,000 from the bank at an annual interest rate of 7.5% rate for 42
months. What is the amount of interest he will pay on this loan?
$26.25
$26,250
$262,500
$2,625
Answer:
$2,625
Explanation:
Interest is calculated using the formula
I = p x r x t
For Galindo family
I= interest,
P = principal amount : $10,000
r= Interest rate: 7.5 % or 0.075
t= times in years : 3.5 years( 42 months /12)
I= $10,000 x 0.075 x 3.5
I=750 x 3.5
I=$2,625
Scientists have modified feed corn genetically, increasing its resistance to insect pests. Farmers who tried out the genetically modified corn last season applied less insecticide to their corn fields and still got yields comparable to those they would have gotten with ordinary corn. Ordinary corn seed, however, costs less, and what these farmers saved on insecticide rarely exceeded their extra costs for seed. Therefore, for most feed-corn farmers, switching to genetically modified seed would be unlikely to increase profits.
Which of the following would it be most useful to know in order to evaluate the argument?
(A) Whether there are insect pests that sometimes reduce feed-corn yields, but against which commonly used insecticides and the genetic modification are equally ineffective
(B) Whether the price that farmers receive for feed corn has remained steady over the past few years
(C) Whether the insecticides typically used on feed corn tend to be more expensive than insecticides typically used on other crops
(D) Whether most of the farmers who tried the genetically modified corn last season applied more insecticide than was actually necessary
(E) Whether, for most farmers who plant feed corn, it is their most profitable crop
Answer:
D) Whether most of the farmers who tried the genetically modified corn last season applied more insecticide than was actually necessary
Explanation:
In order to evaluate this argument, we must first determine the cost equation for corn farmers:
profit = revenue from corn - total costs of producing corn
the total costs of producing corn include coth the price of seeds and pesticide.
Since the price of the seeds is much higher, it can only be offset if the amount of pesticide used was lower. But did the farmers that participated in the research study used the correct amount of pesticide during the last years would be crucial to determining the real impact of the new genetically modified seeds. If the farmers used too much pesticide in the previous years just in case, would mean that the actual use of pesticide should have been less and the costs increase when using the new seeds.
Karl’s Sporting Goods started as a small shop catering to the fly-fishing crowd but as requests were made for different and varied goods, it branched out into an outdoor-sports store. Karl caters to his core customer base of hunters and fishermen, but stocks the latest outdoor gear for those who want to incorporate other sports such as backpacking into their hunting and fishing experience. Due to space limitations, he does not carry mountain bikes, but does carry gear for them. Since Karl’s is not located near the ocean or a large body of water, he does not carry wetsuits or other watersports equipment, but he does carry gear that would be required for wading in cold mountain rivers and streams, and canoes and kayaks. His marketing is directed toward hunters and fishermen, but includes activities, events, and sales aimed at bringing outdoor enthusiasts with other interests into his store. Over the past month, he has received numerous request for rock climbing gear. As a result of t
The full question is:
Karl's Sporting Goods started as a small shop catering to the fly-fishing crowd but as requests were made for different and varied goods, it branched out into an outdoor-sports store. Karl caters to his core customer base of hunters and fishermen, but stocks the latest outdoor gear for those who want to incorporate other sports such as backpacking into their hunting and fishing experience. Due to space limitations, he does not carry mountain bikes, but does carry gear for them. Since Karl's is not located near the ocean or a large body of water, he does not carry wetsuits or other watersports equipment, but he does carry gear that would be required for wading in cold mountain rivers and streams, and canoes and kayaks. His marketing is directed toward hunters and fishermen, but includes activities, events, and sales aimed at bringing outdoor enthusiasts with other interests into his store. Over the past month, he has received numerous request for rock climbing gear. As a result of these requests, Karl has entered into negotiations with three providers of high-quality rock climbing shoes and gear. What do Karl's activities show about his marketing for Karl's Sporting Goods?
Answer:
He has a marketing concept and is acting on it.
Explanation:
A marketing concept is the way by which businesses identify the needs of customers and come up with strategic ways of meeting those needs better than competing firms.
Different marketing concepts include: production concept, product concept, selling concept, marketing concept, and the societal marketing concept.
In the given scenario Karl's sporting goods only catered for fly fishers but as demand for other items increased they branched into other outdoor sport items.
He is stocking gear for swimming, rock climbing, and mountain bikers through partnership with suppliers even if they are not his primary market.
This is acting on marketing concept to be able to meet demand for the other outdoor sporting activities he does not normally supply
Which industry is the second-largest employer of teens
and young people?
What percentage of employed teens are employed by
the government?
I got it
is retail trade
and 7%
Answer:
I. Retail industry
ii. 7%
Explanation:
Retail industry is the second largest employers of teen and young people next to health sector which is the largest employer.
Retailing involves buying goods either from the producers or wholesaler and selling them to the final consumers. Some services are also offered in these retailing such as call center representative, those who work in innovation lab. etc
In the United States, about 7% of teens and young people are in the employment of government , while retail industry is the largest employer of teen and young people because it provides flexibility and also do not involve much academic qualifications.
Example of these retail jobs are those who work in call center, sales representatives and those who works in stores.
Answer:
Retail Trade
7%
Explanation:
Edge 2020
Dakota, Inc. is a merchandiser of medallions. The company sold​ 15,100 units during the year. The company has provided the following​ information: Sales Revenue ​$558,000 Purchases​ (excluding Freight​ In) ​280,000 Selling and Administrative Expenses ​66,000 Freight In ​13,000 Beginning Merchandise Inventory ​52,000 Ending Merchandise Inventory ​54,900 What is the unit cost per item​ sold? (Round your answer to the nearest​ cent.)
Answer:
$19.21
Explanation:
The computation of the unit cost per item is as follows:
Beginning merchandise inventory $52,000
Add: Purchases + freight in $293,000 ($280,000 + $13,000)
Less: Ending merchandise inventory -$54,900
Cost of goods sold $290,100
Now the cost of goods sold per unit is
= $277,100 ÷ 15,100 units
= $19.21
When one designs a unique good or service, the individual is said to have used a(n) _____ approach to starting the business.
a. new-new
b. old-old
c. old-new
d. new-old
When designing a unique good or service, the individual is said to have used a(n) approach to starting the business.
When an individual designs a unique good or service and starts a business based on that, it is said to follow a "new-old" approach. The "new-old" approach refers to combining innovative ideas or concepts with established or traditional methods, products, or services. It involves introducing something new or novel to the market while leveraging existing knowledge, practices, or customer preferences.
In this approach, entrepreneurs may take inspiration from existing successful business models or traditional practices and then add a unique twist or innovative element to differentiate their product or service. By incorporating new ideas or technologies into established frameworks, the individual can create a competitive advantage in the market and appeal to customers who are looking for something different or improved.
The "new-old" approach allows entrepreneurs to strike a balance between innovation and familiarity, capitalizing on the advantages of both. It enables them to tap into existing customer demand or behavior while introducing a fresh perspective or solution. This approach often leads to the creation of disruptive or transformative businesses that can challenge traditional norms and establish themselves as industry leaders.
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Correct option is a. When one designs a unique good or service, the individual is said to have used a(n) "new-new" approach to starting the business. This approach refers to the creation of a completely new product or service that has not been seen or experienced before.
It involves innovative thinking, extensive research, and the development of something that fills a gap in the market or solves a problem in a novel way. By taking the "new-new" approach, the individual aims to offer customers something they have never had before, creating a competitive advantage and attracting attention in the market. This approach requires creativity, risk-taking, and a deep understanding of consumer needs and preferences.
Overall, the "new-new" approach is about breaking new ground and introducing groundbreaking ideas to the business world.
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on january 1, year 1, poultry processing company purchased a freezer and related installation equipment for $70,500. the equipment had a three-year estimated life with a $4,200 salvage value. straight-line depreciation was used. at the beginning of year 3, poultry processing revised the expected life of the asset to four years rather than three years. the salvage value was revised to $3,200. required compute the depreciation expense for each of the four years, year 1 to year 4.
The computed depreciation expenses for each of the four years, year 1 to year 4, are $20,700, $20,700, $15,025, and $15,025, respectively.
Depreciation is the gradual decrease in the value of an asset over time due to wear and tear, usage, and obsolescence.
Straight-line depreciation is the most basic method of depreciation, where the cost of the asset, minus its expected salvage value, is divided equally over the estimated useful life of the asset.
To compute the depreciation expense for each of the four years, we need to use the following formula:
Depreciation Expense = (Cost of Asset - Salvage Value) / Estimated Useful Life
On January 1, year 1, the poultry processing company purchased a freezer and related installation equipment for $70,500. The equipment had a three-year estimated life with a $4,200 salvage value.
Hence, the cost of the asset is $70,500 - $4,200 = $66,300.
Depreciation Expense = ($66,300 - $4,200) / 3= $20,700 per year
At the beginning of year 3, the poultry processing company revised the expected life of the asset to four years instead of three years. The salvage value was also revised to $3,200.
Depreciation Expense = ($66,300 - $3,200) / 4= $15,025 per year
Thus, the depreciation expense for each of the four years, year 1 to year 4, is as follows:
Year 1 = $20,700
Year 2 = $20,700
Year 3 = $15,025
Year 4 = $15,025
Therefore, the computed depreciation expenses for each of the four years, year 1 to year 4, are $20,700, $20,700, $15,025, and $15,025, respectively.
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The sales representatives at AdVance have been told by the CEO that they need to start using social media every day to help them close sales. Most of these reps are already using social media personally, but have not been using it in a business setting. Describe what is the best strategy for them to use to follow the CEO's request?
Answer: D) Interact more actively with clients and potential clients on social media, but without pushing business.
Explanation:
The options given are:
A) Post statistics and benefits of AdVance fertilizers on their personal accounts.
B) Begin work accounts that are separate from their personal accounts, and focus on posting images sent from the marketing department.
C) Send private messages to all their personal friends on social media asking them to purchase AdVance fertilizer.
D) Interact more actively with clients and potential clients on social media, but without pushing business.
E) Post photos of their vacations and purchases to show that they are successful at AdVance.
Based on the scenario portrayed in the question, the best strategy for them to use to follow the CEO's request is for the sales representatives to interact more actively with clients and potential clients on social media, but without pushing business.
Social media is a platform for people to interact, discuss issues and pass messages across to each other. Hence,
through the interaction with clients, the sales representatives can discuss new products and ask about the well being of their customers and clients which will help in enhancing customer relationships.
Interaction with customers can also help in building loyal customers and having a long lasting relationship with them. Customers are vital for businesses and it's vital for companies to always protect and keep them.
The table Coal Mine Pollution shows the marginal social benefit and cost of various amounts of pollution from a coal mine. At the efficient quantity of pollution the marginal social benefit of pollution is:a: $100b: $200c: $300d: $400
To determine the efficient quantity of pollution where the marginal social benefit of pollution is at its highest, we need to find the point where the marginal social benefit equals the marginal social cost. This is known as the equilibrium point.
Unfortunately, you have not provided the table Coal Mine Pollution to reference. However, the following steps to find the answer can be followed:
Step 1: Locate the table Coal Mine Pollution and examine the marginal social benefit (MSB) and marginal social cost (MSC) columns.
Step 2: Identify the point where the MSB equals MSC. This is the efficient quantity of pollution.
Step 3: Once you have found the equilibrium point, look at the corresponding MSB value. This value will be the answer to the question.
Now you can apply these steps to the table Coal Mine Pollution to determine the marginal social benefit of pollution at the efficient quantity, choosing from the options a: $100, b: $200, c: $300, or d: $400.
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Date
Page
2
2) Marketing is meeting
needs
profitably!
Comment
Answer:
markeing
Explanation:
communication skills, credentials, honesty
The sales of Sherwin-Williams paint in different regional markets depends on several input variables. One variable that partially drives selling price, which in turn affects sales, is the cost to get the product to market. When other input variables are held constant, sales can be modeled as
when it costs x dollars to get a gallon of paint to market, data from 0 ≤ x ≤ 2.
(Source: Based on data from Sherwin-Williams as reported in J. McGuigan et al., Managerial Economics, Stamford, CT: Cengage, 2008)
a. How many gallons of paint are sold when it costs 75 cents for a gallon to reach the market?
b. How quickly is sales changing when x = 0.75?
a.18.5 gallons of paint are sold when it costs $0.75 for a gallon of paint to reach the market
b. when x = 0.75, the rate at which the sales of paint is changing is -23.
a.Based on the data from Sherwin-Williams as reported in J. McGuigan et al., Managerial Economics, Stamford, CT: Cengage, 2008, the sales of paint are given byS(x) = 8 + 16x − 25x2.
In this scenario, the value of x is 0.75 as the cost to get a gallon of paint to the market is $0.75 per gallon.
Then, the number of gallons of paint that are sold is given by substituting x = 0.75 in the sales equation.
S(x = 0.75) = 8 + 16(0.75) − 25(0.75)2= 18.5
Therefore, 18.5 gallons of paint are sold when it costs $0.75 for a gallon of paint to reach the market
b. The rate at which the sales of paint is changing at x = 0.75 is given by the derivative of the sales equation with respect to x.
dS/dx = 16 − 50x.
Substituting x = 0.75 in the above expression gives:dS/dx (x = 0.75) = 16 − 50(0.75) = −23.
Therefore, when x = 0.75, the rate at which the sales of paint is changing is -23.
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How do I view my work schedule Six Flags?
Answer:
you should have an username and password and just log in with six flag . try going to https://six.flag.team
Explanation:
I hope that help you
You have just purchased a new laptop with built-in 802.11 wireless and Bluetooth capabilities. When you boot into Windows, you do not see a Bluetooth adapter listed in Device Manager. What should you do first?
Replace the wireless card in the laptop.
Update the device driver in Windows.
Enable the Bluetooth device in Device Manager.
Enable Bluetooth in the BIOS/UEFI configuration.
Enable Bluetooth in the BIOS/UEFI configuration. I think I will do this thing first. So the last option is the correct option of the given statement.
What does the UEFI BIOS setting do?As a lightweight BIOS substitute that only uses the data required to start the OS boot process, UEFI establishes a new protocol for OSes and platform firmware communication. Furthermore, UEFI offers improved computer security measures and backward compatibility for the majority of the current BIOS systems.
Is UEFI mode secure?Despite various issues surrounding its inclusion in Windows 8, UEFI is a more beneficial and secure replacement for BIOS. You may make sure that only authorized operating systems can operate on your computer by using the Secure Boot function. However, UEFI is still susceptible to various security flaws.
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Where do banks get the majority of the money they lend?.
Answer:
Banks collect savings from households and businesses (savers) and use these funds to make loans to those who want to borrow (borrowers).
Banks assemble savings from individuals and companies (savers) and utilize these resources to provide loans to borrowers.
Financial institutions known as banks offer a variety of services pertaining to lending, managing finances, and conducting financial transactions. By enabling the movement of money and providing a range of financial goods and services, they contribute significantly to the economy resources . Banks perform the following important tasks and offer the following services:
Deposits: Banks welcome contributions from private citizens, companies, and other nonprofits. These deposits might be in the form of savings accounts, checking accounts, certificates of deposit (CDs), and other kinds of accounts. Government-backed schemes that guarantee deposits often exist to safeguard the money of clients.
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Help me with questions 1 - 4
Help me!!!!!!!!!!!!! It’s for music class or orchestra
I need help please!!! Due tomorrow
answer:-
it is for music class and I don't know the notes
You need to choose by yourselves and then research on different two companies from same industry or business (one large business and one small) to explain the impact of globalisation. You need to compare how they are different. NEED COMPANY NAMES Specially, Mostly they should be based in UK.
You will be required to identify how two different organisations be compared based on their:
Status: size, location(s), employees, local or global, organisational structure(functional/divisional/matrix)
Marketing: 4 P’s, branding, advertising
Economy: Supply and Demand, Market share, profit/ financial statistics
British Airways and Skyscanner are UK companies comparing their impact on globalization based on factors like size, location, employees, marketing strategies, and economic factors.
British Airways, as a large business, operates globally with a significant presence in the aviation industry. It has a large number of employees, operates in multiple countries, and follows a functional organizational structure.
The company focuses on the 4 P's of marketing (product, price, place, promotion), emphasizing its brand reputation and offering various advertising campaigns to attract customers.
In terms of the economy, British Airways faces high competition, fluctuating market demand, and financial statistics that reflect its position as a major player in the airline industry.
On the other hand, Skyscanner, as a small business, operates primarily through its digital platform as an online travel agency.
It has a smaller workforce and a more localized presence compared to British Airways. Skyscanner utilizes innovative marketing strategies, including online branding and targeted advertising, to reach its customer base.
In terms of the economy, Skyscanner relies on supply and demand dynamics in the online travel industry, aims to increase its market share, and maintains financial statistics that reflect its growth and profitability as a digital travel platform.
In conclusion, the impact of globalization on British Airways and Skyscanner can be compared based on their status, marketing strategies, and economic factors.
While British Airways operates as a large global airline, Skyscanner functions as a smaller online travel agency, and their approaches to size, location, employees, marketing, and economic dynamics differ accordingly.
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2. Look at the following title page:
a. Explain why this is not a good example of what a title page should look like. (2 points)
To finance a new laptop, emilie is offered a 4 year payment plan with low monthly payments of $33. 60. The cost of the laptop was $884. 39 including tax. Round to one decimal place, if necessary
Emilie is offered a 4-year payment plan with low monthly payments of $33.60 to finance a laptop that costs $884.39, including tax.
To calculate the total cost of the laptop including financing, we need to multiply the monthly payment by the number of months in the payment plan. Emilie has a 4-year payment plan, which is equivalent to 4 * 12 = 48 months.
The total cost of the laptop with financing is therefore 48 * $33.60 = $1612.80.
However, we are given that the cost of the laptop, including tax, is $884.39. This means that the financing cost is $1612.80 - $884.39 = $728.41.
Rounded to one decimal place, the financing cost is $728.4.
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Which government act protects the rights of people with disabilities?
1. Value yourself:
2. Taking care of yourself physically can improve your mental health. Be sure to:
Eat nutritious meals
Drink plenty of water
3. Surround yourself with good people
4. Break up the monotony
ian gonna need these so here
Answer:
hi
Explanation:
People are living paycheck to paycheck why is that a problem
Which of the following is an example of typosquatting? Group of answer choices A start-up investment company assumes the online identity of Arman & Company, a well-established investment company, in social networking platforms for the purposes of acquiring its brand equity. An environmental support group creates a spoof of the advertisement of a popular beverage company, highlighting its degradation of the environment by releasing waste products into the water bodies near its bottling plant. A person registers a domain name, Tucson Multispecialty Clinic, which is the name of a popular multispecialty clinic hoping to resell it to the clinic at an exorbitant profit. A person registers the domain name "currentaffairs.net" to take advantage of the huge popularity of the e-newspaper currentaffairs.org to divert traffic to his webpage and make money by selling advertising space.
Answer:
An environmental support group creates a spoof of the advertisement of a popular beverage company, highlighting its degradation of the environment by releasing waste products into the water bodies near its bottling plant.
Explanation:
An example of typosquatting is an environmental support group creates a spoof of the advertisement of a popular beverage company, highlighting its degradation of the environment by releasing waste products into the water bodies near its bottling plant.
when you run your strategic planning process, you should do it all at once in a multi-day offsite. true or false
It is FALSE when you run your strategic planning process, you should do it all at once in a multi-day offsite.
Inputs, Activities, Outputs, and Outcomes are all components of the process known as strategic planning. Every method has limitations, even this one. It can be formal or informal, iterative, with feedback loops all the way through the process. While certain process steps can be continuous, others might be carried out as discrete projects with clear beginning and ending dates over the course of a period. Strategic thinking, which directs the actual strategy formulation, is aided by strategic planning's inputs. In typical strategic planning initiatives, the organization's mission and strategic challenges are assessed in order to reinforce present practices and assess the need for new programming. The final product is the organization's strategy, which includes a diagnosis of the external and internal environment, a guiding principle for what the organization hopes to achieve, and major initiatives or action plans to carry out the guiding principle.
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to simplify cvp calculations, it is assumed that blank______ will remain constant.
To simplify CVP (Cost-Volume-Profit) calculations, it is assumed that "unit variable cost" will remain constant.
In CVP analysis, this assumption is made to help determine the break-even point and assess the impact of different levels of production on profitability.
By assuming that the unit variable cost remains constant, we can focus on how changes in sales volume affect total costs and revenues. This allows for easier decision-making regarding pricing, production levels, and product mix.
1. Identify fixed costs, which are expenses that don't change with the production volume (e.g., rent, salaries, insurance).
2. Determine the unit variable cost, which changes with production volume (e.g., direct materials, labor, commissions).
3. Calculate the contribution margin per unit, which is the difference between the selling price and the unit variable cost.
4. Determine the break-even point by dividing total fixed costs by the contribution margin per unit. This shows the number of units needed to be sold to cover all costs.
5. Analyze the impact of different sales volumes on total costs, revenues, and profits using the CVP equation: Profit = (Selling Price x Units Sold) - (Unit Variable Cost x Units Sold) - Total Fixed Costs.
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.How would you contrast and compare the various approaches to dealing with cyclical unemployment by Keynesian and neoclassical economics?
Group of answer choices
Neoclassicals would suggest tax increases that stimulate productivity growth and labor demand. Keynesians would suggest increasing government spending.
Neoclassicals would suggest doing nothing because the labor market will correct itself.
Keynesians would suggest an increase in government spending. Both would suggest an increase in aggregate supply by increasing government spending.
Neoclassical economists advocate for market forces to correct cyclical unemployment, while Keynesian economists suggest government intervention through increased spending.
How do neoclassical and Keynesian economics differ in their approaches to cyclical unemployment?In neoclassical economics, cyclical unemployment is seen as a temporary imbalance that will naturally correct itself over time. Neoclassical economists argue that government intervention, such as tax increases or increased spending, can potentially distort the market and hinder its self-correcting mechanism. They believe that policies aimed at stimulating productivity growth and labor demand, such as reducing regulations and lowering taxes, will lead to long-term job creation.
On the other hand, Keynesian economics emphasizes the role of government intervention in addressing cyclical unemployment. Keynesians argue that during economic downturns, aggregate demand falls, leading to a decrease in production and employment. To counter this, they advocate for increasing government spending to boost aggregate demand, which in turn stimulates economic activity and reduces unemployment. By injecting money into the economy through infrastructure projects, public works, or social programs, Keynesians aim to create jobs and restore economic stability.
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What is Woolworths environmental impact in relation to the triple bottom line
Woolworths has disclosed the results of its participation in the statewide MySchool initiative as part of the triple-bottom-line reporting that the company is required to complete. Too far, R23 million has been generated for educational institutions and dispersed as a result of a project that incorporates a number of retail partners.
This is further explained below.
What are educational institutions?Generally, Preschools, daycare, elementary-middle schools, secondary-high schools, and universities are educational institutions. They provide several learning locations and surroundings.
In conclusion, Woolworths has disclosed the outcomes of its involvement in the national MySchool initiative as part of its triple-bottom-line reporting. This project, which includes many shop partners, has so far raised and given R23 million to schools.
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ARTICULATE THE MAJOR APPLICATIONS OF DEMAND AND SUPPLY TOOLS IN DIFFERENT TYPES OF MARKETS . REFERENCE SHOULD BE MADE TO ANY EMERGING ECONOMY OF YOUR CHOICE.
Answer:
Demand and supply are important tools for formulating an economy. The major role is played by demand and supply function in an economy. Demand and supply of a product decides the price for it.
Explanation:
Demand and Supply of a product is set in order to achieve equilibrium in an economy. If demand for a product is higher than its supply then it will create burden on its price and prices for the product will increase. If the supply for a product is high and demand is low then the prices will decline as customer will have sufficient supply to buy from and they will buy at lowest possible price.
How do you find consumer surplus and producer surplus at the equilibrium price?
Answer:
The consumer surplus is q∗∫0d(q)dq−p∗q∗.
The producer surplus is p∗q∗−q∗∫0s(q)dq.
The sum of the consumer surplus and producer surplus is the total gains from trade.
What is an example of form utility