Internal secondary data, or the facts and figures that have already been collected about the Coffee Collective prior to the research at hand, would include information relating to budgets, previous marketing activities, sales and customer communications.
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Explanation:</u></h3>
The data that are collected from the areas that are withing the premises of an organisation refers to internal data. External data are collected form the external sources such as public, competitors ,consumers ,etc. Internal secondary data refers to data that are found inside the firm itself. The external secondary data refers to those information that are collected and will be stored by the person who are unknown and will be outside or external to the organisation.
The method that we engage for the information collection determines the difficulties in the collection of an internal secondary data. customer account information,records associated with sales and marketing, product purchasing data are some of the examples of this type. Thus, the given scenario is an example of an Internal secondary data.
The quality circle are essential to the part of continuous improvement to process and systems because they examine products, processes or procedures with the objective of making recommendations for improvement to management.
<h3>What is a quality circle?</h3>
This refers to the small group of employees that volunteers to meet regularly to undertake work related projects such as on work quality, productivity, safety, efficiency, cost, working conditions etc.
On other word, they are team of volunteer production employees and their supervisors who meet regularly to solve quality problems.
In a continuous improvement to process and systems, these quality circle are essential because when they meets, they examine products, processes or procedures with the objective of making recommendations for improvement to management.
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Answer:
The correct answer is B) The value of taking care of her neighbours son for 60 minutes.
Explanation:
Opportunity Cost belongs more in the parlance of microeconomics and is used to describe the idea that one cannot have everything all the time. There are alternative ends competing for limited means. In order words, when we decide to take a course of action, in the hope of achieving a thing or getting a reward, there is always another benefit forgone.
So knowing that there is an opportunity that was foregone helps the microeconomist to think carefully about what they want to achieve using the limited resources at their disposal.
Further simplified, if I have $5 dollars to spend, and that amount can purchase either a cupcake or a cup of ice cream, the one I chose to buy becomes the opportunity taken, whilst the alternative forgone is the opportunity cost.
Therefore, the cost of an item is not just the amount of money for which it was purchased, but all other alternatives with which the same amount could have been purchased.
In the question above, Deidre would have chosen to babysit her neighbor's son. That to her is the next best use of her time, and therefore the opportunity cost. According to the question, she wouldn't have worked in the library even if she had nothing else to do. Hence, that does not pass as opportunity cost.
Opportunity cost must be an alternative choice and is very subjective.
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In presidential elections, voters often find that they do not agree with any single candidate in all issues that matter to them this is known as limited and bundled choice problem.
Option d
<u>Explanation:</u>
In presidential elections, the voter has to select the candidate who is going to have the power of selecting the public services and goods that has to be financed by the tax money given by the voters.
The limited and bundled choice issue reduces the economic efficiency as a politician selects the programs with either positive or negative net benefits. The choices are bundled in that the limited set of candidates would govern over a multiple issues, and the preferences of the voters may not be perfectly aligned with any candidate.
Answer:
Increase the production to decrease the fixed cost per unit
Explanation:
The reason is that if the production increases then the fixed cost will start decrease because the level of production and fixed cost per unit are inversely proportional to each other. Now if the production increases to 1250 ($500/0.4) units then the firm is at no profit and no loss position (Breakeven position). So all the firm has to do is increase its production above 1250 and generate the demand of increased production at the same price.