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3 years ago

"according to ted levitt, what is the definition of a product? what satisfactions do customers want?"

1 answer:

4 0

<span>In analyzing Ted Levittâ€™s definition of a product, he claims it to be something that solves a problem, or is a tool that solves an issue for a consumer. Customers want the satisfaction that the product they purchase will both meet and exceed the expectations they have for it.</span>

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A firm has sales of $1.8 million, and 20 percent of the sales are for cash. The year-end accounts receivable balance is $225,000

Juliette [100K]

Answer:

The average collection period is 56.25 days

Explanation:

The average collection period is the number of days' sales in receivables and calculated by using following formula:

The number of days' sales in receivables = 360/Accounts receivable turnover ratio

Accounts Receivable Turnover = Net Credit Sales/Accounts Receivable

Net Credit sales = Total Sales - the sales are for cash = $1,800,000 - 20% x $1,800,000 = $1,440,000

Accounts Receivable Turnover = $1,440,000/$225,000 = 6.4 times

The number of days' sales in receivables = 360/6.4 = 56.25 days

7 0

3 years ago

The Eastern District of Adelson Inc. is organized as a cost center. The budget for the Eastern District of Adelson Inc. for the

irinina [24]

Answer:

Eastern District: Adelson Inc.

Budget Performance Report

For the Year Ended December 31, XX

Actual Static Variance

<u>results budget </u>

Sales salaries $818,880 $819,840 -$960

System adm. salaries $447,720 $448,152 -$432

Customer service salaries $183,120 $152,600 $30,520

Billing salaries $98,100 $98,760 -$660

Maintenance $273,000 $271,104 $1,896

Depreciation of P & E $92,232 $92,232 $0

Insurance and prop. taxes $41,400 $41,280 $120

Total $1,954,452 $1,923,968 $30,484

Explanation:

A budget performance report shows how the actual costs and/or revenues perform according to the planned budget. A negative sign on the variance column shows a favorable variance (lower costs or higher revenues), while a positive sign shows an unfavorable variance (higher costs or lower revenues).

3 0

3 years ago

explain the difference between a change in quantity demanded and a change in demand. Provide a real world example of a factor th

Zina [86]

Answer:

A change in quantity demanded is caused by a change in price only. That is, when price rises quantity demanded falls vise versa

A change in demand occurs when there is a shift in the demand caused by a change in other determinates of demand other than price such as change in income, change in taste and fashion, demographic changes etc.

Explanation:

Real word example of change in demand :

Changing Tastes or Preferences

From 1990 to 2020, the per-person consumption of chicken by Americans rose from 48 pounds per year to 85 pounds per year, and consumption of beef fell from 77 pounds per year to 54 pounds per year, according to the U.S. Department of Agriculture (USDA). Changes like these are largely due to movements in taste, which change the quantity of a good demanded at every price: that is, they shift the demand curve for that good, rightward for chicken and leftward for beef.

Simply put it this way> Change in quantity demanded : Price change, quantity demanded change

Change in Demand: Price doesn't change but quantity demanded changes as a result of change in other determinates of demand examples the change in preference

6 0

3 years ago

g The effect on revenue due to a marginal increase in the input is called the marginal revenue product. Match the statements bel

morpeh [17]

Answer:

Statement true for Imperfect Competition Markets

Explanation:

Marginal Revenue Product is additional revenue due to hiring of additional input, it is product of marginal product & marginal revenue = MP x MR

Value Marginal Product is money value of additional production with additional input, product of marginal product (MP) & price (AR), = MP x AR

Input demand curves are derived demand curves, derived from demand of final goods. In perfect competition, demand is perfectly inelastic & horizontal, AR = MR, so MRP = VMP in this case. In imperfect competition market (oligopoly, monopoly etc) - MR < AR, so MRP < VMP in this case.

5 0

3 years ago

The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production

kari74 [83]

Answer: The Southern Corporation manufactures a single product and has the following cost structure:

Explanation:

Fixed costs per year: Production$98,770 Selling and administrative$86,920 Last year, 5,810 units were produced and 5,610 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

7 0

3 years ago