Answer: The correct answer is d). efficiently, effectively
Explanation: Efficiently means accomplishing the objectives with a minimum of resources while Effective means having the intended result.
Management is a critical process in any organisation. It prevents wastage and ensures that the goal of the organisation is met appropriately.
Answer:
This refers to price elasticity of demand.
Explanation:
The price elasticity of demand (PED) measures how much does the quantity demanded of a good or service changes proportionally to a 1% change in the price of the good or service.
-the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
- ELASTIC DEMAND: when the change in quantity demanded is proportionally greater than the change in price.
-the percentage change in quantity demanded is equal to the percentage change in price.
- PRICE UNITARY DEMAND: e.g. if the price increases by 10%, the demand decreases by 10% (the same proportion).
-the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value).
- ALMOST PERFECTLY ELASTIC DEMAND: if a product has a perfectly elastic demand, any small change in price will increase or decrease the quantity demanded to either infinite (price decrease) or zero (price increase). No demand is perfectly elastic, but a demand that changes by 100% more than the price change is very similar to this concept.
-quantity demanded does not respond to changes in price.
- PERFECTLY INELASTIC DEMAND: the quantity demanded doesn't change if the price changes. This rarely happens in real life as well as the perfectly elastic demand.
Goods that are normally consumed together are known as 'Complimentary Goods' i.e. they compliment one another.
Other examples include toothbrush and toothpaste or Car and Gasoline.
Car and Gasoline is a classic example of complementary goods since the increase or decrease in the demand for one product has a direct impact on the other.
For example, when Gasoline prices start to decline, there is generally an upward trend in the purchase of new cars and vice versa.
Answer:
$784,000
Explanation:
For calculating budgeted sales for the upcoming week can be calculated as under:
Sale Budget (Units) = Hardcover Books sales units per day * 7 days
= 1,600 books per day * 7 days
= 11,200 Units
Now the sales units would be converted into Dollars:
Sales Budget ($) = 11,200 Units * $70 days = $784,000
The correct answer is D) Human resource planning
You need to have good resources for your employees if you want to attract an effective work force.
