QUESTION TWO (20 MARKS)
In October 2015, the top management of Homers Vehicle Company of Madina, Greater Accra announced its plans to relocate its manufacturing and assembly operations to a new plant in Suame, Ashanti Region. The firm, a major producer of pickup campers and camper trailers, had experienced 5 consecutive years of declining profits as a result of spiraling production costs. The costs of labor and raw materials had increased alarmingly, utility costs had gone up sharply, and taxes and transportation expenses had steadily climbed upward. Despite increased sales, the company suffered its first net loss since operations were begun in 1982.
When management initially considered relocation, it closely scrutinized several geographic areas. Of primary importance to the relocation decision were the availability of adequate transportation facilities, state and municipal tax structures, an adequate labor supply, positive community attitudes, reasonable site costs, and financial inducements.
Although several communities offered essentially the same incentives, the management of Homers Vehicle Company was favorably impressed by the efforts of the Kumasi Power and Light Company to attract "clean, labor-intensive" industry and the enthusiasm exhibited by regional and local officials, who actively sought to bolster the regions’s economy by enticing manufacturing firms to locate within its boundaries.
Two weeks prior to the announcement, management of Homers Vehicle Company finalized its relocation plans. An existing building in Rotary industrial park was selected (the physical facility had previously housed a mobile home manufacturer that had gone bankrupt due to inadequate financing and poor management); initial recruiting was begun through the regions employment office; and efforts to lease or sell the Madina property were initiated. Among the inducements offered Homers Vehicle Company to locate in Suame were:
1. Exemption from regional and municipal taxes for 5 years
2. Free water and sewage services
3. Construction of a second loading dock—free of cost—at the industrial site
4. An agreement to issue GH¢500,000 in industrial bonds for future expansion
5. Public-financed training of workers in a local industrial trade school
In addition to these inducements, other factors weighed heavily in the decision to locate in the Suame town. Labor costs would be significantly less than those incurred in Madina; organized labor was not expected to be as powerful; and utility costs and taxes would be moderate. All in all, the management of Homers Vehicle Company felt that its decision was sound. On October 15, the following announcement was attached to each employee’s paycheck:
To: Employees of Homers Vehicle Company
From: James Mensah, President
The Management of Homers Vehicle Company regretfully announces its plans to cease all manufacturing operations in Madina on December 31. Because of increased operating
costs and the unreasonable demands forced upon the company by the union, it has become impossible to operate profitably. I sincerely appreciate the fine service that each of you has rendered to the company during the past years. If I can be of assistance in helping you find suitable employment with another firm, please let me know. Thank you again for your cooperation and past service.
Required:
Evaluate the inducements offered Homers Vehicle Company by community leaders in Suame, Ashanti Region whether they should be the only basis to be considered for the relocation decision. (2 marks)
What problems would a company experience in relocating its executives from a heavily populated industrialized area to a small rural town? (8 marks)
Evaluate the reasons cited by James Mensah for relocation. Are they justifiable? (4 marks)
How can the principles of human capacity in capacity planning be applied when a decision to cease operations is made? What legal and ethical responsibilities does a firm have to its employees when a decision to cease operations is made? (6 marks)
Answers
The inducements offered by the Suame community leaders are important, but they should not be the sole basis for the relocation decision. Relocating executives from an industrialized area to a rural town can present challenges related to amenities, talent attraction. James Mensah's reasons for relocation, citing increased costs and union demands, are justifiable based on the information provided.
1. Evaluation of inducements for relocation:
The inducements offered by community leaders in Suame, Ashanti Region are certainly important factors to consider in the relocation decision. They provide financial benefits and support for the company's operations. However, relying solely on these inducements as the basis for the relocation decision would be short-sighted. Other critical factors, such as the availability of an adequate labor supply, transportation facilities, tax structures, community attitudes, and site costs, should also be carefully evaluated. It is crucial to consider the long-term sustainability and viability of the new location, beyond the initial incentives offered.
2. Problems in relocating executives:
Relocating executives from a heavily populated industrialized area to a small rural town can pose several challenges:
a) Limited amenities and services: The rural town may have limited infrastructure, amenities, and services compared to the industrialized area, making it difficult for executives and their families to adjust to the new environment.
b) Talent attraction and retention: Executives may be hesitant to relocate to a small rural town due to limited career opportunities for themselves and their spouses, as well as potential concerns about the quality of education and healthcare facilities for their families.
c) Disruption of social networks: Executives and their families may have established social networks in the industrialized area, and relocating to a new town could result in a loss of social connections and support systems.
d) Cultural differences: Executives may face challenges in adapting to the cultural differences and social norms of the rural town, which can affect their integration into the local community.
3. Evaluation of reasons cited by James Mensah:
The reasons cited by James Mensah for relocation, including increased operating costs and unreasonable union demands, can be considered justifiable based on the information provided. The company experienced declining profits due to rising production costs, including labor, raw materials, utilities, taxes, and transportation expenses. These cost factors, combined with the demands imposed by the union, made it difficult for the company to operate profitably in Madina. Therefore, the decision to relocate to Suame, where labor costs were lower, utility costs and taxes were moderate, and the union influence was expected to be less powerful, seems reasonable from a business perspective.
4. Application of human capacity principles and firm responsibilities:
When a decision to cease operations is made, the principles of human capacity in capacity planning can be applied to address the firm's legal and ethical responsibilities towards its employees. This involves:
a) Workforce transition planning: The firm should develop a comprehensive plan to assist employees in finding suitable employment with other firms. This may include providing job placement assistance, offering retraining programs, and facilitating networking opportunities.
b) Respect for employee rights: The firm should ensure that employees' legal rights, such as severance pay and benefits, are honored in accordance with labor laws and employment contracts.
c) Transparent communication: The firm should maintain open and honest communication with employees, explaining the reasons for the decision to cease operations and providing updates on the transition process.
d) Support and counseling: The firm should offer emotional support and counseling services to help employees cope with the uncertainty and stress associated with job loss.
e) Compliance with legal obligations: The firm must comply with all legal requirements, such as providing notice periods, adhering to termination procedures, and fulfilling any financial obligations towards employees.
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Related Questions
Question in attachment
Answers
Which of the following is not one of the purposes of an internal control system?
A) The evaluation of performance
B) Safeguarding the company's assets
C) Ensuring that the company is using the most effective marketing plan
D) The assessment of the degree of compliance with company policies and public laws
Answers
C). A system of internal controls is not intended to ensure that an organization is employing the best marketing strategy.
Describe the internal control system.Internal control is a practice carried out by management, the board of directors, and other employees of a firm with the goal of providing a reasonable level of assurance that the information is accurate, timely, and reliable.
Internal controls were developed as a means of safeguarding a business and lowering the risk to its objectives. Internal controls support risk mitigation, asset protection, accurate record-keeping, improved operational performance, and regulatory compliance.
Types: There are two main types of internal controls: preventative and detective. Both belong to a successful internal control system.
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margot, a prospective investor, wants to know how much cash ziegler inc. has on december 31. margot can find the information in ziegler's:
Answers
Margot, a prospective investor, aims to know how much cash ziegler inc. has on december 31. Margot can find out the information in Ziegler's balance sheet.
The balance sheet is a financial statement that provides information about a company's assets, liabilities, and equity at a specific point in time, and is typically used to determine the financial health of a company. The balance sheet will show the company's cash and cash equivalents, which would give Margot an idea of the amount of cash Ziegler Inc. had on December 31.
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The video says only a handful of companies make eyeglasses and they mark them up 10 or 20 or more times. Markup pricing is best defined as deriving a price by _______. a. adding a predetermined percentage of the cost to the cost of the product b. charging a higher price when demand is strong c. balancing supply and demand d. determining the costs and then adding specified dollar amount or percentage of the cost to the seller's cost e. adding a flat dollar amount or percentage to the cost of the product
Answers
Answer:
Option A: Adding a predetermined percentage of the cost to the cost of the product
Explanation:
Price
This is simply refered to as money or other thing that ia used i exchanged for the right, ownership or use of a good or service.
Markup
This is commonly defined as thd difference between the cost price and the selling price of an goods or services that the business gives. it is the dollar amount listed or added to the cost of products to get the selling price. It is fondly called Gross Profit , Markup Margin or Margin, Gross Margin.
Standard Markup Pricing
This is the difference between selling price and cost. It is usually called as a percentage of cost.
The need for a markup is that business gather up expenses in order to be in a position to sell goods or services, and the markup covers these expenses and other factors
Lilliput's aggregate income in 2015 was $48,002,000,500. Suppose the population of Lilliput was 20,100,500 in 2015, of which 16,086,000 people were employed. Therefore, Lilliput's income per capita in 2015 was $nothing. (Round your answer to two decimal places. ) Suppose the aggregate income of Lilliput was $6. 5 billion in Q1:2016, $5. 2 billion in Q2:2016, $5. 4 billion in Q3:2016, and $5. 9 billion in Q4:2016. Lilliput ▼ suffered didn't suffer from a recession in 2016. Lilliput's yearly unemployment rate for 2016 is likely to be ▼ greater thangreater than not significantly different fromnot significantly different from lesser thanlesser than the previous year's value
Answers
Lilliput's income per capita in 2015 was approximately $2,387.85. In 2016, the aggregate income fluctuated quarterly, with values of $6.5 billion, $5.2 billion, $5.4 billion, and $5.9 billion.
Lilliput's aggregate income in 2015 was $48,002,000,500. With a population of 20,100,500 and 16,086,000 people employed, we can calculate the income per capita in 2015 by dividing the aggregate income by the total population.
Income per capita = Aggregate income / Population
Income per capita = $48,002,000,500 / 20,100,500
Income per capita ≈ $2,387.85
Therefore, Lilliput's income per capita in 2015 was approximately $2,387.85.
In 2016, Lilliput experienced varying levels of aggregate income throughout the year. While it did not suffer from a recession, the quarterly income figures indicate some fluctuations. The aggregate income in Q1:2016 was $6.5 billion, followed by $5.2 billion in Q2:2016, $5.4 billion in Q3:2016, and $5.9 billion in Q4:2016.
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for business and personal finance: What is insurance?
Answers
Answer:
Insurance is the procedure by which persons or companies exposed to a specific risk agree with an institution specializing in compensation for damage that the institution will indemnify the damage caused when the risk materializes. The resulting contract is called insurance.
From a commercial point of view, insurance can be defined as the means by which the cost of incidental damage can be converted evenly into a continuous annual cost on an annual basis.
Drag each option to the correct location.
Match the scenarios to the factors that affect the labor market.
foreign direct investment
outsourcing
immigration
Answers
Each scenario should be matched to the factors that affect the labor market as follows:
Immigration: Carlos is moving from Mexico to the United States because he got a job in a bank. He had his interview last month, and the bank agreed to hire him because he was willing to work for 10% less than most American workers, even though he has the same qualifications.Foreign direct investment: A US supermarket chain is going to open a few supermarkets in Europe because a recent survey showed that the chain has a huge potential for profits in Europe.Outsourcing: A renowned US information technology firm has recently signed a contract with a company based in the Philippines. The Filipino company will handle the accounts of the US firm. The US firm made this decision to reduce labor costs.What is immigration?Immigration can be defined as the movement of a group of people from one geographical region to another geographical destination such as a city, especially in search of any of the following:
Good governanceSecurityBetter living conditions.WorkJobsSocial amenitiesWhat is a foreign direct investment?A foreign direct investment (FDI) simply refers to a type of investment which is made by an individual or business organization (investor) into an investment market that is located in another country.
In conclusion, an example of foreign direct investment (FDI) is a US supermarket chain that is planning to open a few supermarkets in a country in Europe.
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Answer:
Post Test: Free Market and Businesses
Unit: 2
Economics
Question #12
__________________________________________________________
This is 100% right because I took the test
Go to explanation for picture with answers
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Explanation:
Here's the picture and I hope this helped!
Have a nice day!
how long does algorithm take to run how muh memory space does it require?
Answers
Answer:
The running time of an algorithm for a specific input depends on the number of operations executed. The greater the number of operations, the longer the running time of an algorithm.Space complexity is the total amount of memory space used by an algorithm/program including the space of input values for execution. So to find space-complexity, it is enough to calculate the space occupied by the variables used in an algorithm/program.
Explanation:
Use these graphics to answer the question.
An association of medical researchers examined exercise trends among adults.
pls help need an answer fast
Which ratio shows the relationship between the total percent of people who exercised in 2014 to the percent of adults ages 18–24 who exercised in 2016?
47:42
58:45
48:59
48:50
Answers
The ratio that represents the relationship between the total percent of people who did exercise in 2014 compared to the the percent of adults ages 18–24 who exercised in 2016 is 48:59.
What is a ratio?A ratio is the comparison of two figures, this can be done with the past data, or can be done with the budgeted or any competitor. In the example given the data is compared with the past data, base year is 2014 and the current year is 2016.
The ratio that is calculated represents that the total percentage of people were 48% in 2014 and the adults in 2016 as a total represents a percentage of 59% and therefore the ratio is 48:59.
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Please help. Atleast the top 2
Answers
Answer:
Number 1 is Pure Market. Number two is socialist, I'm pretty sure.
Explanation:
Please mark me brainliest if someone else answers :>
Identify the stage of the new product development based on the given scenario
Answers
Answer:
Product Development Stage
Explanation:
Killian's board game is in the Product Development Stage.
This stage is the first part of the Product Life Cycle. In this stage, research on the target market and product positioning are carried out. It is at this stage that market research, distribution channels and competitor analysis are carried out and thoroughly outlined. Also, product validation is carried out. This involves getting feedback from test users concerning the use of the product.
So, this stage is Product Development Stage.
Why do you think people start their business? EXPLAIN
Answers
Answer:
People start their own businesses for a variety of reasons. Some people may be looking to take control of their professional lives and create a career path that is tailored to their individual goals. Others may have an idea that they believe could be successful and have the entrepreneurial drive to make it happen. Starting a business can also provide an opportunity to make a living while doing something that you are passionate about. Additionally, many people start businesses in order to create a financial legacy and provide for their families. Ultimately, the reasons for starting a business vary from person to person but often involve a combination of professional, financial, and personal goals.
Explanation:
Answer-people should start their own business it has many reasons.
I think it is more flexible because we can work in our own hours and we can spend more times without family and friends and we can do whatever with think we don't need to work under someone else and we can make rules what we want there is no need to work under someone else and there will be no boundation of timings like this I think there's a lot of reason and profit to start our own business instead of working under someone others business so I think it will be a great plan to start our own business it will be more profitable.
Thank you
that's all.
Lying about stock values to get consumers to invest is known as ____ fraud.
A. insurance
B. securities
C. health care
D. mail
Answers
Answer:
B. securities fraud. Securities fraud involves making false or misleading statements about a company's financial condition or prospects in order to induce people to invest in the company's securities. This can include lying about the value of a company's stock or other securities in order to convince people to buy them.
Explanation:
What is financial literacy?
- the ability to understand how to make sound financial choices so you can confidently manage and grow your money
- the financial management that an individual or a family unit performs
- the shift in the structure of an economic system
- the money that a person, a region, a country, etc. earns from work, from investing money, from business, etc
Answers
Financial literacy refers to the knowledge and skills that individuals have to make informed and effective decisions with respect to the management of their money. This can include understanding financial concepts such as budgeting, saving, investing, and credit management, as well as being able to navigate financial systems and institutions. Financial literacy also includes understanding the risks and rewards of different financial products and services and how to plan for short-term and long-term financial goals.
Having financial literacy skills can help individuals make the most of their financial resources, and can also help to reduce financial stress and anxiety. It enables individuals to be more financially stable, secure and independent in the long run. It also can help to avoid financial scams, and make sound decisions in times of economic crisis or uncertainty.
Financial literacy is important for people of all ages and income levels, as everyone must deal with financial issues and decisions throughout their lives.
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Answer:1)The ability to understand how to make sound financial choices so you can confidently manage and grow your money.
2) The CEO of the Finance Bar
3) Tracking your income and expenses
4) The financial management which an individual or a family unit performs
5) your language
Explanation: Just took the quiz 5/5
How is aggregate demand by different factors and determinants?
Answers
Answer:
Aggregate demand is calculated as the sum of consumer spending, investment spending, government spending, and the difference between exports and imports. Whenever one of these factors changes and when aggregate supply remains constant, then there is a shift in aggregate demand.
Choose which statement is wrong by applying your knowledge from the reading.
a. Circumventing the installed built-in limitations on an Apple iPhone is called jailbreaking.
b. Due to its slow speed and other limitations, infrared capabilities in mobile devices are rarely found today.
c. COPE allows users to use their own personal mobile devices for business purposes.
Answers
The statement that wrong is Due to its slow speed and other limitations, infrared capabilities in mobile devices are rarely found today.
What are the right statements?COPE serves as a business model which allows users to use their own personal mobile devices for business purposes.
jailbreaking is also used by Apple iPhone making the statement right.
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Which of the following measures would result in an increase in the money supply in the economy?
1. Purchase of government securities from the public by the Central Bank
2. Deposit of currency in commercial banks by the public
3. Borrowing by the government from the Central Bank
4. Sale of government securities to the public by the Central Bank
Select the correct answer using the codes given below :
A
1 only
B
2 and 4
C
1 and 3
D
2,3 and 4
Answers
The purchase of government securities from the public by the Central Bank and borrowing by the government from the Central Bank would result in an increase in the money supply in the economy. The correct option is C.
Money supply refers to the total amount of money in circulation within an economy at a given time. It includes all forms of money that individuals and entities use to make transactions, store value, and settle debts. Monitoring the money supply is important for central banks and policymakers as it helps assess the overall liquidity and financial conditions in an economy.
Thus, the ideal selection is option C.
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The measures that would result in an increase in the money supply in the economy are:
Purchase of government securities from the public by the Central BankDeposit of currency in commercial banks by the publicborrowing by the government from the Central BankTo increase the money supply in the economy, several measures can be taken:
Purchase of government securities from the public by the Central Bank: When the Central Bank buys government bonds or treasury bills from individuals or institutions, it injects money into the economy. This increases the money supply as individuals or institutions receive money in exchange for the securities.Deposit of currency in commercial banks by the public: When individuals or businesses deposit cash into their bank accounts, it increases the reserves of the banks. This allows the banks to lend out more money, thereby increasing the money supply.borrowing by the government from the Central Bank: When the government borrows money from the Central Bank, it increases the amount of money in circulation. This is because the government spends the borrowed money, which enters the economy and increases the money supply.Sale of government securities to the public by the Central Bank: On the other hand, when the Central Bank sells government bonds or treasury bills to individuals or institutions, it reduces the money supply. This is because individuals or institutions purchase the securities from the Central Bank, taking money out of circulation.Learn more:
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59:47
What percentage of jobs are found through networking?
A.0%-20%
b. 20%-40%
c. 40%-60%
d. 60%-80%
Answers
Answer:
the answer is letter D
Explanation:
just took the test it was right on EDG
Answer:
60-80
Explanation:
Which statement describes what this graph indicates about government spending? the government spends less than it receives year over year. the government should produce more money to cover spending. the government on average spends more than it collects. the government needs to lower taxes to cover spending.
Answers
The government spending graph indicated that
the government on average spends more than it
collects.
What is Government Spending?Government Spending serves as the public expenditure on goods as well as services which can be seen as a major component of the GDP.
Therefore, it can be concluded that the government spending graph let us know that the government spend more.
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Do you think business practices will become standardized across cultures as the global marketplace continues to flourish? Why or why not?
Answers
Answer:
Most likely yes
Explanation:
Business practices do depend on local cultures, but they are also very sensitive to standardization since business across the world have the base basic objective: to increase economic value, and this value is measurable.
As globalization advances, firms all over the world will seek the best financial, operative, and human resource practices in order to increase economic value, and this practices will be available to a global audience mainly in the form of quantitative data and strategies that can be adapted to any firm no matter where it is located.
Why do students who attend the most prestigious universities in our country begin in pre-med or pre-engineering and engineering but end up changing their majors?
Answers
A major is just a topic area in which students might focus while working toward a college degree. Between one-third and fifty percent of the courses you take in college are usually either in your major or closely linked to it. You demonstrate consistent, high-level work in one subject by finishing a major.
The difficulty of science is due to a variety of factors. Because science has such high cognitive and psychological demands, students must be able to comprehend other topics, retain difficult and frequently abstract concepts, and maintain high levels of drive and perseverance throughout their studies. A major is the subject on which you will concentrate most of your academic work.
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List at least five forms in which a USP can appear.
Answers
Answer:
Explanation:
A Unique Selling Proposition (USP) is a unique selling point or slogan that differentiates a product or service from its competitors. A USP may include words such as the "lowest cost," "the highest quality," or "the first-ever," which indicates to customers what your product or service has that your competitors do not.
6. Three months ago, the
price of a good was $4,
and the quantity supplied
was 200 units. Today,
the price is $6, and the
quantity supplied is 400
units. Did the quantity
supplied rise because the
price increased, or did
the price rise because
The quantity supplied increased
Answers
Answer:
The quantity supplied increased due to price rise. This is because of law of supply.
Explanation:
the quantity supplied rose because the price increased.
if the supplied quantity increased, with demand as it was, the price would fall.
Do I have any college students on here willing to help me with a project? It's for my personal finance class. I'm in college but I'm a high schooler. I have to make a report on what the average college student spends. I will not be asking for bank card/account info or anything of that sort. No social security numbers or phone numbers. If you'd be willing to help me out thanks!!
Answers
Explanation: I'm a VERY smart 7th grader. : )
Answer:
i'm not in college but i can help you if you need help
Explanation:
Explain how apple corporation helped the world to get better by its contribution in different fields of life
Answers
Explanation:
Apple is one of the largest companies in the world, and has contributed positively to the world in different fields of life. It can be said that the company has the highest standards of environmental management that contributes to the reduction of impacts caused by the company to the environment, as well as to the preservation and investments in environmental programs.
It is also correct to say that the company has revolutionized the way people communicate, with the creation of its technological devices that provided greater interaction between people, greater speed with which communication is exercised, helping in business, in the way of living, to buy and interact with the world.
A supplier is entering into a contract with a manufacturer to deliver a machine in no later than 8 weeks from now. Due to uncertainty in availability of parts for the machine, the supplier is not sure when it will be able to deliver the machine. Also, when the machine is delivered, there is a chance that the manufacturer will judge it as being of inferior quality. The supplier estimates the probability distribution of the time it takes to deliver the machine is given as below.
Independently of this the company estimates that the probability of rejection due to inferior quality 0.15. If the machine is delivered at a least a week ahead of time and the manufacturer judges the quality to be inferior, the supplier will have time to fix the problem (with certainty) and still meet the deadline. However, if the delivery is late, or if it is exactly on time but of inferior quality, the manufacturer will not pay up.
The supplier expects the cost of manufacturing the machine to be $45,000. This is a sunk cost that will be incurred regardless of the timing or the quality of the machine. The supplier also estimates that the cost to fix an inferior machine depends on the number of weeks left to fix it: $7500 if there are three weeks left, $10,000 if there are two weeks left, and $15,000 if there is one week left. The manufacturer will pay $70,000 for a machine of sufficient quality delivered on time, but it will pay nothing otherwise.
Find the distribution of profit or loss for the supplier. Then find the mean and standard deviation of this distribution. Do you think the supplier should sign the contract?
Answers
Based on the analysis, the distribution of profit or loss for the supplier is highly uncertain. However, the expected profit is negative, indicating a potential loss. Considering the risks involved and the estimated mean and standard deviation of the profit distribution, it would be advisable for the supplier not to sign the contract.
To determine the distribution of profit or loss for the supplier, we need to consider various factors. First, we have the uncertainty in the delivery time of the machine, represented by a probability distribution. The supplier's estimation of this distribution indicates that there is no guarantee the machine will be delivered within the desired timeframe.
Next, we have the probability of the manufacturer rejecting the machine due to inferior quality, which is estimated at 0.15. If the machine is delivered at least a week ahead of time and judged as inferior, the supplier can fix it within the remaining time and still meet the deadline. However, if the delivery is late or on time but of inferior quality, the manufacturer will not pay.
Considering these factors, the supplier's profit or loss will depend on the following scenarios: (1) early delivery and judged as inferior (2) early delivery and judged as sufficient quality (3) late delivery or on-time delivery with inferior quality.
In scenario (1), the supplier can fix the machine, incurring an additional cost based on the number of weeks left to fix it. In scenario (2), the supplier receives the payment from the manufacturer. However, in scenario (3), the supplier incurs a loss as no payment is received.
By considering the probabilities and associated costs, we can calculate the expected profit or loss for each scenario and combine them using the probability distribution of the delivery time.
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If my dad goes to get milk and doesn't come back for more than two months later after I get my d1 offer what do I do. Be serious lol
Answers
Answe
I cant really help because my dad got cigars and hasnt come back for 6 months
Explanation:
Answer:
I DONT KNOW
Explanation:
I TGHINK HE LEFT YOU BC U LIKE STEALING POINTS IM CONTACTING BRAINLY
According to the shutdown rule, a firm should produce no output in the short run if:
a. price is below minimum average total cost.
b. total revenues are lower than total fixed costs.
c. price is above minimum average total cost.
d. price is below minimum average variable costs.
Answers
According to the shutdown rule, a firm should produce no output in the short run if the price is below the minimum average variable costs (option d). The correct option is d).
In the short run, a firm has both fixed costs (costs that do not change with the level of output) and variable costs (costs that change with the level of output). The shutdown rule helps firms determine whether they should continue producing in the short run or temporarily shut down operations.
When the price is below the minimum average variable costs, it means that the firm cannot cover its variable costs by selling its output at the current market price. In this case, the firm would incur a loss greater than its fixed costs if it continues production. Temporarily shutting down operations allows the firm to minimize losses in the short run by avoiding additional variable costs.
On the other hand, if the price is above the minimum average variable costs, even if it is below the minimum average total cost (option a), the firm should continue producing since it can cover its variable costs and contribute towards fixed costs. This situation is preferable to a complete shutdown, as it reduces the firm's overall losses in the short run.
In conclusion, the shutdown rule states that a firm should produce no output in the short run if the price is below the minimum average variable costs, as it is the most effective way to minimize losses during unfavorable market conditions.
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A flower shop uses software to execute transactions that is ten-years old. It is often slow and ineffective. What type of influence is affecting this business?
external
economic
governmental
internal
Answers
Answer:
Internal
Explanation:
The problem is the flower shop’s software. The flower shop needs to update or buy a different up-to-date software like ASAP.
A study is being conducted on the number of people who frequent a certain breakfast buffet and how often they visit the buffet during a six-month period.
Complete the statements based on the information.
The individuals in the study are
.
The variable in the study is
.
Answers
Answer:
The individuals in the study are people who visit the breakfast bufftet.
The variable in the study is the number of times a peraon visits the buffet in six months.
The Complete statements based on the given information, “A study is being conducted on the number of people who frequent a certain breakfast buffet and how often they visit the buffet during a six-month period.” are:
The individuals in the study are people who visit the breakfast buffet.
The variable in the study is the number of times a person visits the buffet in six months.
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