Answer: Knowledge management
Explanation: Knowledge management approach focuses on making best use of the knowledge with the intent of achieving organisational objectives. It involves discovering, sharing and harnessing of the intellectual resources that a company holds.
Knowledge management brings improved performance, innovation and competitive advantage to the organisation.
Answer:
1,500 units; 1,000 units
Explanation:
Break Even Point (in units) = Fixed cost ÷ Contribution margin per unit
Fixed cost = $160,000
Sales Mix = 60% of X + 40% of Y
= 0.6X + 0.4Y
So,
Contribution Margin of the Mix:
= (60% × contribution margin of X) + (40% × contribution margin of Y
)
Contribution Margin of the Mix per unit:
= (60% × 80) + (40% × 40)
= 48 + 16
= $64
Break Even Point (in units) = Fixed cost ÷ Contribution margin per unit
= 160,000 ÷ 64
= 2,500 unit
At the Level of break even
:
Unit of X at break-even:
= 60% of 2,500
= 1,500 units
Unit of Y at break-even:
= 40% of 2,500
= 1,000 units
Economic profit refers to the profit earned by deducting the implicit cost and the explicit cost from the total revenue.
Economic Profit = Total revenue - (Explicit cost + Impllicit Cost)
where Total Revenue = $100,000
Explicit Cost = $2000 + ($25000*10%) = $4500
Implicit Cost = $70000 + $10000 = $80000
Economic Profit = $100,000 - ($4,500 + $80,000)
Economic Profit = $100,000 - $84,500
Economic Profit = $15,500
Hence, Sid's Economic Profit is equal to $15,500
Answer:
D. All the Above
Explanation:
A. Lead to greater productivity
This is true because through specialization and competitive advantages you can achieve greater productivity in the production of goods and services. If you have a competitive advantage, it is because you have more capital, infrastructure and specialized human capital in the production of a specific type of good or service so that a greater amount of that good can be produced than another country in the same time.
B. Lead to greater output even if you can do everything better than someone else.
This is true since although a country has a competitive advantage in all industries, concentrating its labor and capital in the production of the good or service in which it has the greatest competitive advantage will allow a higher level of production in that sole good/service than if he divided his resources into the production of other goods and services.
C. Lead to international trade and overall gains for the nations involved.
This point, despite being true, is debatable. In theory, international trade allows to reach greater levels of wealth to the countries involved by being able to exchange the goods in which they have competitive advantage for others that if they were produced in the country they would consume part of their resources by not having such high productivity as if it will trade with a country that does have the capacity to produce it.
Having this clear, we can say that all of the above are true, so the answer is D.
