the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to the nearest whole number)?

Answers

Answer 1

A model that connects two or more variables is determined by using a regression equation. The equation for the regression can be linear or nonlinear. The regression equation can sometimes be both linear and nonlinear.

Is it possible to model a connection between two or more variables using regression?

A regression model is a statistical model that uses a line (or plane in the case of two or more independent variables) to estimate the relationship between one dependent variable and one or more independent variables.

Calculate b1 and b0 to one decimal place.

Complete the estimated regression equation to the nearest one decimal place: b1 = 7.6 and b0 = 1146.7

y = 1146.7 + 7.6 x What is the variable cost per produced unit, rounded up to the nearest tenth?

$ 7.6

Determine the coefficient of determination using three decimal places.Note:r2 should be between 0 and 1.

The estimated total cost of this operation is 4947, where r2 = 0.959.

What is a model of two-variable regression?

The relationship between these two variables is modeled in the simplest form of linear regression analysis. variables y and x, and a linear relationship is assumed here. We are, in particular. interested in the anticipated value of the random variable y when x is set to a particular value.

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Related Questions

what is your assessment of jonah's definitions of throughput, inventory, and operation expense as measures of plant performance? what are the applications in the services and non-profit sectors?

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These were Jonah's three measurements:reducing, inventory and operational costs while simultaneously increasing throughput.Advertising, public relations, and fund-raising are just a few examples of non-profit sector. Housekeeping, tour guides, nursing, and teaching are all examples of jobs in the service sector.

what are inventory , throughput and operation expenses?

The money spent on products that will sell once they are ready is called inventory.

Throughput is generating revenue from sales.

Last but not least, a company's production costs are referred to as operational expenses.

what are non profit and service sectors?

The effective use of marketing strategies to advance the goals and objectives of non-profit organizations is referred to as nonprofit marketing.

The third tier of the three-sector economy is the service sector, also known as the tertiary sector.This industry produces services like maintenance and repairs, training, and consulting rather than products.

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________ flows involve money transfers, payments, credit card information and authorization, payment schedules, e-payments, and credit-related data.

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Cash flows involve money transfers, payments, credit card information and authorization, payment schedules, e-payments, and credit-related data.

   A cash flow analysis enables you to comprehend how much money a company made or spent over a certain accounting period. For your firm to be financially viable, you must be aware of your cash sources and where your money is going. A company may turn a profit while still having negative cash flow, or it may lose money while having positive cash flow. Free cash flow and asset based free cash flow are complementary metrics that provide special insights into a company's financial health.

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your bank has a reserve requirement of 0.2. if you deposit $675 into your bank account and that results in an increase in excess reserves of $540, then what is the maximum possible change in the money supply from your initial deposit?

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The deposit multiplier indicates that banks must keep 10% of all deposits in reserve if the reserve requirement is 10%,

But they can create money and stimulate economic activity by lending out the remaining 90%.Therefore, if someone deposits $100, the bank must reserve $10 but can lend $90.

How are excess reserves calculated?

Excess Reserves = Total Reserves minus Required Reserves Take a bank with $20 million in deposits as an illustration. It must keep at least $2 million on hand if its reserve ratio is 10%.On the other hand, if the bank has $3 million in reserves, $1 million of those reserves are in excess.

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what is a sales return?multiple choice question.a sales return refers to merchandise that customers return to the seller after a sale.a sales return is the cash discount given for early payment of an invoice.a sales return refers to merchandise a seller acquires, but then returns to the buyer.a sales return is designed to shorten the payment period between the buyer and the seller.

Answers

Sales return is : A. a sales return refers to merchandise that customers return to the seller after a sale.

What is sales return?

Sales return can be defined as the way in which a buyer or customer decide to return some of the goods they purchased from a buyer as a result of some reasons such as:

The seller mistakenly gives the buyer excess goods.The product were damaged or when the goods the buyer purchased form the seller are defective goods.When the goods does not meet the buyer expectation  etc.

Therefore we can conclude that the correct option is A.

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the 30-year, 5.5 percent bonds issued by modern kitchens pay interest semiannually, mature in four years, and have a $1,000 face value. currently, the bonds sell for $1,020.66. what is the yield to maturity?

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Based on the face value of the bond, the yield to maturity, and the term of the bond, the yield to maturity can be found to be 4.92%.

How to find the yield to maturity?

The yield to maturity shows the rate of the return that the investors purchasing the bond demand from it. If this rate is lower than the coupon rate, then the selling price of the bond would be higher than the face value.

The formula for the yield to maturity is:

= (Annual coupon + ( Face value - Current market value) / Term till bond maturity)  / (Face value + Current market value) / 2)

Coupon payment is:

= 5.5% x 1,000

= $55

Solving for the yield to maturity gives:

= (55 + ( 1,000 - 1,020.66 ) / 4 ) / ( 2,020.66 / 2)

= 4.92%

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Once funds are available for a program, what is one of the responsibilities of the manager?


find more funds from the community
ensure no additional funds are needed
find more funds from private sources
ensure all funds are spent

Answers

Once some funds are available for a program, one of the responsibilities of the manager is to ensure all funds are spent.

Who is a manager of funds?

A typical manager of funds is also known as money manager. This is a person that manages the securities portfolio of an individual or institutional investor. They always employs people with various expertise ranging from research and selection of investment options to monitoring the assets and deciding when to sell them.

Most time, they also perform the function of financial advisor because they work to create a financial plan and then manage your portfolio of assets to help you hit your goals

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Which cde contest requires students to use their sensory skills to solve problems and make sound decisions?.

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Food Science and Technology Career Development Event (CDE) requires students to use their sensory skills to solve problems and make sound decisions.

Sensory skills are those which include. imaginative and prescient, hearing, touch, odor, flavor, vestibular (for stability and head role in space), and. proprioception (records from the muscle groups and joints). they may be chargeable for receiving. information.

Children use their senses to explore and try to make sense of the world round them. They try this with the aid of touching, tasting, smelling, seeing, shifting and listening to. Sensory play facilitates language development, cognitive growth, high-quality motor competencies and gross motor talents, trouble fixing abilities and social interactions.

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one of the most compelling challenges for the marketing research industry is finding individuals who combine tech savviness and analytical skills with: the ability to understand syndicated and social media data. the ability to understand new software technologies. the ability to perform high-level statistical analysis. the ability to synthesize data and present it in a compelling way.

Answers

The most challenging aspect is finding the individuals with the ability to synthesize data and present it in a compelling way.

Which is the major challenge faced by market research industry?

Choosing talent

When developing successful plans, a marketing team's collective knowledge and expertise are frequently crucial components. It might be difficult to find and keep an accomplished workforce on occasion because skilled marketers are frequently in high demand. If you're having trouble finding personnel, think about using marketing strategies during the hiring process to increase the appeal of your business to candidates.

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a firm recorded the receipt of cash on account from a creditor as a debit to cash and a credit to accounts payable. the error was discovered after the data posted. the correcting entry should contain:

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In the situation where there was an accounting error in recording a financial transaction as given above, the correcting journal entry should contain a debit to accounts payable and a credit to accounts receivable.

What is the significance of a journal entry?

A journal entry can be referred to or considered as the systematic of recording and maintaining the financial transactions that take place in an organization during an accounting period. It has a debit and a credit effect.

A correcting journal entry rectifies the errors made in the recording of actual journal entries. For the above situation, the correcting entry where accounts payable are debited and receivables are credited would rectify the transaction.

Therefore, the significance regarding a journal entry has been aforementioned.

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a chapter 13 personal bankruptcy is characterized by all of the following except group of answer choices you maintain title and possession of your assets. your creditors vote on restructuring your net worth. you get relief from harassment by bill collectors. a new debt repayment schedule is determined. you continue to pay at least a portion of most of your debts.

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personal bankruptcy is characterized by all of the following except your creditors' vote on restructuring your net worth.

An individual may be declared bankrupt under certain jurisdictions' personal bankruptcy laws. Almost all nations with contemporary legal systems offer some kind of debt relief for private citizens. Corporate bankruptcy differs from personal bankruptcy.

If you successfully complete a court-mandated repayment plan that lasts between three and five years, you may be eligible to keep your property (including secured assets like your home and car) under Chapter 13, often known as a reconstruction bankruptcy.

People have access to the most potent debt repayment plan possible in Chapter 13 bankruptcy. Any additional interest on debts that are dischargeable will not accrue as a result of your Chapter 13 bankruptcy. Just the outstanding balance must be paid on the day you declare bankruptcy.

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question content areain terms of probability, which of the following taxpayers would be least likely to be audited by the irs? a.taxpayer is an employed electrician. b.taxpayer owns and operates a check-cashing service. c.taxpayer just received a $3 million personal injury award as a result of a lawsuit. d.taxpayer just won a $1 million slot machine jackpot at a las vegas casino.

Answers

The right response is (b). The taxpayer owns and runs a check-cashing business.

Who are taxpayers?
A taxpayer is anyone who owes taxes to the federal, state, as well as local governments, whether they are an individual or a business. Governments primarily obtain their funding from taxes, which are levied on both citizens and companies. Individual taxpayers in the US are typically required to file as well as pay both federal as well as state returns each year. Businesses must also submit yearly returns, but they typically budget for and make scheduled estimated tax payments all year long. The federal, state, as well as local governments all play a role in enacting and enforcing the U.S. tax code. The primary regulatory body in charge of enforcing the implemented revenue tax code both for people and enterprises is indeed the Internal Revenue Service (IRS).

By taxpayer income, audit trends vary. IRS audited taxpayers with earnings of $500,000 or more and those earning under $25,000 at higher-than-average rates in recent years.

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if the decision maker has no knowledge about the likelihood of any of the states of nature occurring, then it can be stated that the decision maker is operating in an environment of

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The decision-maker in situations of complete uncertainty has no knowledge at all, not even regarding the possibility that any given natural state would occur. In these circumstances, the decision-actions maker's are solely determined by how they feel about the uncertainty.

Do humans have any power on the natural world's conditions?

Any circumstance involving decision-making consists of three elements: The options on offer (alternatives or acts). Uncontrollable future events are natural phenomena that are not in the decision-control. maker's The rewards that are required for each possible decision alternative and natural state. in statistics Decision analysis....more potential future occurrences, referred to as states of nature. Everything that could possibly occur is included in the list of potential states of nature, and each state is defined with the understanding that only one of them will actually materialize. The action with the highest expected value should be chosen after computing the expected value for each action. The probability of the outcomes are only included in this technique out of the four.

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under which circumstances will two investors choose different risky portfolios (portfolios that differ in the relative proportions of the various risky assets

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The two investors will select different risky portfolios if they have different expectations for the expected returns and standard deviations of the various risky assets.

What is a risk in context of investment ?

Risk, regarding finance, can be defined as the probability that an investment will not be able to yield outcomes or return that was intended. The possibility of losing the entire or a portion of the initial investment is risk.

Typically, previous behaviour and outcomes are considered when calculating risk. In finance, the standard deviation is a frequent indicator for assessing risk. A gauge of asset price volatility in proportion to average historical values over a given time period is provided by the standard deviation.

Overall, by comprehending the fundamentals of risk and how it is quantified, it is possible and smart to control investment risks.

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The complete question is mentioned below :

Under which circumstances will two investors choose different risky portfolios (portfolios that differ in the relative proportions of the various risky assets, and not just in the relative proportion of the risk-free asset to the risky assets)?

A. If the two investors have different levels of risk aversion.

B. If the two investors have different levels of wealth.

C. If the two investors disagree about the expected returns and standard deviations of the various risky assets.

D. All of the above

what is the amount of taxes paid for 2014 for $65,000 of taxable income for a single person? (rounded to the nearest dollar and no dollar sign $ or comma needed)

Answers

A single person's taxable income of 12,106.

What Is the Marginal Rate for Taxes?

The marginal tax rate is the amount of additional tax that must be paid for each dollar of increased income produced. The total amount of tax paid divided by the total income earned is the average tax rate. With a marginal tax rate of 10%, 10% of every subsequent dollar earned would be taxed.

What is the 2022 marginal tax rate?

Rates at Margin: Individual single taxpayers with incomes greater than $539,900 will continue to pay the highest tax rate, which is 37% for the tax year 2022 (or 647,850 for married couples filing jointly). For incomes over $215,950, the tax rate is 35% or $431,900 for married couples filing jointly.

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according to the corporate governance task force (cgtf), during which phase of the ideal model and framework does the organization plan the specifics of how it will reach its destination?

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According to the Corporate Governance Task Force (CGTF), during the Ideal Formation Model and Framework phase, the organization plans specifically how it will achieve its objectives.

Organization is a place or place for a group of people to work together in a rational and systematic, controlled, and guided manner to achieve a certain goal by utilizing existing resources. In general, organizations will utilize certain resources in order to achieve goals, such as; money, machines, methods/methods, environment, human resources, and other resources, which are carried out in a systematic, rational, and controlled manner. Referring to the understanding of the organization, organizational goals do not only focus on achieving the company's vision and mission, but also increasing income that exceeds production costs. This is what distinguishes profit and non-profit organizations.

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costs that are capitalized as inventory during completion of products are called: multiple choice product costs. period costs. general costs. administrative costs. selling expenses.

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Out of the choices provided above, it can be concluded to state that the costs that are capitalized as inventory during completion of products are called product costs. Therefore, the option A holds true.

What is the significance of product costs?

The product costs can be referred to or considered as the costs that are in relation to the production of goods or services that are sold by an organization while being involved in the regular course of its core business activities.

The costs related to the products are derived only after they are capitalized as inventories of the firm when the production of goods is finished, and they are ready to be offered for sale.

Therefore, the option A holds true and states regarding the significance of product costs.

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while in a store, you will notice that not all products are given the same amount of shelf space. what can the amount of shelf space allotted to a product in a store tell you about that product?

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A market in which numerous buyers and sellers sell identical goods is known as pure competition. In the preceding illustration, there are numerous buyers and sellers, and the product is uniform, allowing them to purchase it from any source.

What is a market with only competition?

a marketing scenario in which no single company has a significant impact on price because there are numerous sellers of a product that cannot be distinguished. The perfect market information and the ease with which new businesses can enter the market are also prevalent conditions.

What is a market with oligopolies?

Oligopoly markets are those in which a small number of suppliers control a market. They can be found in many different industries and countries. While some oligopoly markets appear to be less competitive, others may be.

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what are the pre-shift and post-shift equilibrium prices for a sandwich? will an increase in quantity supplied at every price always result in a lower equilibrium price, why?

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Yes, an increase in quantity supplied at every price always results in a lower equilibrium price due to the law of supply.

The law of supply is the law of microeconomics that, all other factors being equal, when the price of a good or service increases, the quantity of the good or service offered by the supplier increases and vice versa.In the law of supply, suppliers try to maximize their profits by selling more commodities when their prices increase.According to the law of supply, the higher the price, the more the producer will put on the market.When a company strives to make a profit, expecting a higher price for something will make it produce more.If prices fall in the meantime, suppliers will be discouraged from producing so much.Market supply can be represented as a rising supply curve that shows how supply responds to different prices over a period of time.Together with demand forms one-half of the law of supply and demand.

hence, when an increase in quantity supplied at every price always results in a lower equilibrium price due to the law of supply.

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Organizations must have a strategy for managing all the resources that are involved in meeting customer demand for their product or service. This strategy is developed in the ________ activity of scm.

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Organizations must have a strategy for managing all the resources that are involved in meeting customer demand for their product or service. This strategy is developed in the plan activity of SCM.

Oil, coal, herbal gasoline, metals, stone, and sand are natural assets. Different natural assets are air, daylight, soil, and water. Animals, birds, fish, and vegetation are herbal sources as properly. Herbal assets are used to make meals, gasoline, and uncooked materials for the production of goods.

These are the resources that can be located within the surroundings and are evolved without the intervention of humans. Not unusual examples of herbal resources consist of air, daylight, water, soil, stone, flowers, animals, and fossil fuels.

Assets are essential for humans due to the following reasons: assets while used as uncooked fabric satisfy the wishes and comforts of humans. Herbal resources are a supply of agricultural sports which adds to the economic significance. Additionally, they provide employment possibilities.

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Starting a new business in pursuit of an opportunity to introduce a new product or service to market through innovation is engaging in the process of​ ________.

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Starting a new business in pursuit of an opportunity to introduce a new product or service to market through innovation is engaging in the process of​ entrepreneurship

What does entrepreneurship mean ?The process of starting a new business and taking on any associated risks with the intention of turning a profit is referred to as entrepreneurship. Entrepreneurs are those who start new businesses and take on all the challenges involved in its growth and operation.service to market through innovation is engaging in the process of​ entrepreneurshipEntrepreneurship is essentially the act of creating, setting up, and managing a new business in order to make money while taking on financial risk.

Four categories are most frequently used to classify different types of entrepreneurship:

small business.scalable start-upsbig business or intrapreneurship.entrepreneurial social work

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Determine cost of goods sold for x-mart, assuming that beginning inventory was $5,000. Net purchases were $20,000 and ending inventory was $9,000.

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The cost of goods sold formula can be expressed simply as follows: Starting inventory + purchases ending inventory = cost of goods sold. The following formula combines all the inventory information for the entire accounting period: Beginning stock plus purchases equals the cost of the available products (i.e., cost of goods available for sale.) So, cost of goods sold = cost of goods available - cost of items ending inventory.

Explanation:

Beginning inventory is $5,000

Net purchases is $20,000

Ending inventory is $9,000

Therefore the cost of goods sold can be calculated as follows

= (5,000+20,000)-9,000

= 25,000-9,000

= 16,000

Hence the cost of goods sold is $16,000

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based on what we have already discussed about the different jurisdictions rule, how many inspections should a supervisory appraiser expect to make with a trainee appraiser before the trainee appraiser is competent to make solo inspections?

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After the first year, a Trainee Appraiser should be able to inspect a complicated property without supervision.

If the credentialing authority permits it, a trainee appraiser should be permitted to inspect a property alone. The Supervisory Appraiser should independently inspect the property once the Trainee Appraiser has finished the examination and written the property description to make sure the observations and description are accurate.

As shown by the following, Supervisory Appraisers are accountable for the instruction, direction, and direct supervision of their Trainee Appraisers:

They certify that the assessment complies with USPAP and sign the report to accept responsibility for the appraisal. Supervisory Appraisers must be willing to bear the time-consuming responsibility of reviewing and signing the appraisal reports written by Trainee Appraisers.Until she is certain the Trainee Appraiser is capable of inspecting the property independently and in line with the USPAP Competency Rule, the Supervisory Appraiser personally inspects each appraised property alongside the Trainee Appraiser. A Supervisory Appraiser who takes this role seriously should be appreciated by trainees. A Supervisory Appraiser who does not assign property inspections before they are qualified deserves respect from trainees.

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What is the keyboard shortcut you can use to update a selected table of contents?

Question 3 options:

F9


F10


F11

Answers

The "F9"+Fn is the keyboard shortcut that we can use to update a selected table of content.

What is the use of F9 function?

On a computer, the F9 key is a key found at the top of almost all keyboards. It is often used to open the Mission Control on an Apple computer and also has other uses depending on the computer and program.

We can use this function by opening the program that uses the key and press F9. If the key has an icon on the key, it does indicates the key has a secondary function. In other to use the secondary function, we will press and hold down the Fn key and while continuing to hold the key, press F9.

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suppose the median household earned $9,243 in 1976 and $52,765 in 2016. during that time, also suppose the cpi rose from 48.2 to 214.68. instructions: round your answers to one decimal place. a. the total growth rate in nominal median household income from 1976 to 2016 was: %. b. the total growth rate in real median household income from 1976 to 2016 was:

Answers

The overall nominal growth rate is 469.40%, whereas the actual growth rate is 28.5%. The concept of nominal growth rate describes how an economy is rated in terms of production, which includes determining current prices.

Real growth rates also consider the actual advancement a nation has made over a period of time.

a) The nominal growth rate overall

= [1 - ((Earned Income in 1976 / Earned Income in 2016)] x 100%

= [(52,624 / 9,242) - 1] x 100%

= 469.40%

=$9243/0.482=19176.3

=$52765/2.14=24656.5

Total Growth Rate=[(24656.5/19176.3)-1]x 100

                             =28.5

b) Rate of overall real growth = [(2016 Real Earned Income / 1976 Real Earned Income) - 1] * 100%

But,

Actual earnings in 1976

= 1976 CPI / 1976

Earned Income

= $9,242 / 45.06%

=$20,267.54

Actual earnings in 2016

= 2016 earned income / 2016 CPI

= $52,624 / 219.75%

=$20,267.54

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international strategy refers to a(n): a. action plan pursued by american companies to compete against foreign companies operating in the united states. b. political and economic action plan developed by businesses and governments to cope with global competition. c. strategy through which the firm sells its goods or services outside its domestic market.

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International strategy refers to a political and economic action plan developed by businesses and governments to cope with global competition.

An international strategy is usually the first approach most companies take when expanding globally. That is, exporting or importing goods and services while maintaining a head office or branch in the home country. There is no one-size-fits-all approach to global expansion as a company.

Cross-border strategies are the best, but also the most complex in terms of relationships and communication. Visualizing four different international strategic models helps to understand the relationship between branch offices and headquarters.

Strategy is the action a manager takes to help him achieve one or more organizational goals. Strategy can also be defined as "the general direction along which an organization and its various components will achieve the desired future state". Strategy is born out of a detailed strategic planning process. "

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in monaco, a market basket of goods and services cost $130 in 2017, $140 in 2018, and $160 in 2019. based on this information, and assuming 2017 is the base year, the price index in 2019 was:

Answers

The price index is the weighted average of the price of goods and services of a particular year relative to the base year. It is used to measure the general price level.

The price index of 2019 was $123.07.

It is given that cost of goods and services in 2017 was $130

In 2018, it was $140 and in 2019, it was $160.

The year 2017 was assumed to be the base year.

To calculate the price index, we take price of goods and services of a particular year and divide it by the price of goods and services of the base year.

Thus,

Price index = (Price in particular year÷Price in base year)×100

Price index = (price in 2019÷price in2017) ×100

= ($160÷$130) ×100

= 1.2307×100

=$123.07

Thus, the price index in 2019 was $123.07

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which of the following best describes corporate governance? a. understanding the difference between right and wrong b. what is permitted under the law c. the system of policies, processes, laws, and regulations that affect the way a company is directed and controlled d. the moral quality, fitness, or propriety of a course of action that can injure or benefit people

Answers

c. the system of policies, processes, laws, and regulations that affect the way a company is directed and controlled

turkey trades textiles, food products, and building materials to germany in exchange for german machinery, technology, and cars. this trade is possible because

Answers

This trade is possible because each country has comparative advantage in different goods.

What is International trade ?

International trade is the exchange of capital, goods, and services across international borders or territories because goods or services are required or desired. In most countries, such trade accounts for a significant portion of GDP.

When compared to domestic trade, international trade is a more complex process. Currency, government policies, the economy, the judicial system, laws, and markets all have an impact on trade between two or more states.

Some international economic organisations, such as the World Trade Organization, were formed in the modern era to facilitate and justify the process of trade between countries of varying economic standing. These organisations work to facilitate and expand international trade.

Intergovernmental and supranational statistical services, as well as governmental statistical agencies, publish official statistics on international trade.

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a chain of appliance stores, app corporation, purchases inventory with a net price of $300,000 each day. the company purchases the inventory under the credit terms of 1/15, net 30. app always takes the discount but takes the full 15 days to pay its bills. what is the average accounts payable for app? round your answer to the nearest dollar.

Answers

The value of inventory must be multiplied by 15 days in order to compute the accounts payable for that period. Consequently, $4,500,000 is the average amount of accounts payable.

It goes without saying that the inventory is worth $300,000. The purchase price must be paid within 15 days. The inventory's daily worth is. The inventory value must be multiplied by 15 days to determine the accounts payable for that period of time. The average amount of accounts payable is $4,500,000.

The sum that must be paid for the purchase is represented by the accounts payable. Cash purchases are those that are made right away. Credit purchases occur when cash is paid after a specific period of time. Accounts payable is considered to be the amount due on inventory a credit purchase.

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When the marketing concept is used to make all business decisions, how many functions does marketing serve?.

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Promotion, selling, product/service management, marketing information management, pricing, financing, and distribution are the seven essential elements of marketing.You may more effectively focus your efforts and develop plans to support your organization if you are aware of the fundamental components of marketing.

What are the 7 main functions of marketing?Product, pricing, place, and promotion make up the four Ps.They serve as an illustration of a "marketing mix," or the collection of tools and techniques utilized by marketers to accomplish their marketing goals.E initially formally conceived of the 4 Ps in 1960. The marketing idea is the use of marketing data to concentrate on consumer needs and wants in order to design marketing strategies that not only meet customer needs but also achieve organizational goals. The benefit of marketing for your company is that it engages consumers and helps them decide whether to purchase your goods or services.A marketing strategy, which is a component of your business plan, also aids in generating and maintaining demand, relevance, reputation, competitiveness, etc. Production, product, selling, marketing, and society are the top five marketing concepts.Companies apply these five ideas to their product, price, distribution, and marketing strategies. When a business determines the needs of the customer and then creates the products, services, or concepts that will meet those needs (by adhering to the "correct" principle), it is utilizing the marketing concept.The marketing philosophy is focused on providing value in order to satisfy clients, whether they are businesses or consumers.

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