Answer:
Option (D) is the right answer.
Explanation:
According to the question, customized production is the most appropriate answer because job order production refers to the manufacturing process which is unique & customized according to the customer's needs.
While the other options are wrong because of the following reasons:
- Mass production can be described as a large number of production for the same product.
- Process production can be defined as the production which takes place through a similar process for all the products.
- Unit production can be defined as the number of production of the items.
- Standard costing can be defined as the costing which occurs on the production of the product.
Hence the most appropriate answer is option (D).
To solve this problem, we first make a chart that shows the spending pattern of $90 million over 23 years.
$90 million at 11% = [math]\frac{90 \times 1.11^{23}}{100}=903.478[/math]. The future worth at the end of the 23-year is approximately $903,478.
Since the problem does not provide a standard amount of time that people usually use to measure interest rates, we can infer that this rate should be 10% per year.
Using 10% per year instead of 11%:
$90 million at 10% = [math]\frac{90 \times 1.10^{23}}{100}=897.507[/math]. The future worth at the end of the 23-year is approximately $897,507.
Since the total amount that was spent on development over a period of 23 years is $90 million and the answer in our problem has to be in millions, we have to adjust the amount.
$90 million x 100 = $9 billion. The future worth at the end of the 23-year is approximately 9 billion dollars.
Answer:
A. Entrepreneur
Explanation:
Andy Yocom is an entrepreneur, because he saw a market opportunity, took a financial risk (he had to finance the advertising in the golf course, either with his own capital, or by taking up debt), hoping to recover the investment in the near-future, and earn a profit as well.
That is what entrepreneurs do: they try to find market opportunities, set up businesses to meet take advantage of those opportunities, assuming financial risks in the process, with the hopes of earning a profit afterwards.
The factor affecting elasticity is the luxury versus necessity factor. A cruise is considered a luxury so its demand is considered more elastic when compared with a necessity.
Elasticity of demand measures how the quantity demanded of a good responds to changes in the price of the good.
<u><em>Types of demand elasticity. </em></u>
- Elastic demand: This means that demand is very sensitive to change in the price of a good. The coefficient of elasticity is greater than one.
- Inelastic demand: this means that demand is not very sensitive to changes in the price of the good. The coefficient of elasticity is less than one.
- Unit elastic demand: a change in price of the good leads to an equivalent change in the demand for the good. The coefficient of elasticity is equal to one.
<u><em>Factors that affect elasticity of demand </em></u>
- The number of substitutes the good has: the more substitutes the good has, the more elastic demand would be.
- The length of time: demand is less elastic in the short run when compared with the long run. This is because in the long run, consumers would have more time to search for suitable substitutes.
- Luxury versus necessity: a good that is considered a necessity is inelastic. While the demand for a luxury is considered elastic.
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If the board of governors of the federal reserve system increases the legal reserve ratio this change will "reduce member banks' surplus reserves to reduce the amount of money in circulation."
<h3>What is
federal reserve system?</h3>
The American central bank is referred to as the Federal Reserve System (FRS). It is conceivably the most potent financial organization in the entire globe and is sometimes referred to as "the Fed."
Some characteristics of federal reserve system are-
- The United States' central bank & monetary authority is the Federal Reserve System.
- The Fed offers a secure, adaptable, and stable financial and monetary system to the nation.
- The 12 district Federal Reserve Banks which make up the Reserve System are each in charge of a particular part of the country.
- The Fed's primary responsibilities include overseeing and regulating banks, implementing national monetary policy, preserving financial stability, and offering banking services.
- The Fed's monetary policy is decided through the Federal Open Market Committee, which also controls the nation's money supply.
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