What commodities are grown for a purpose other than food?

Which of the following statements is false? A) Price determination is the key element in any market system. B) Input prices infl

anastassius [24]

Answer:

option D) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.

Explanation:

A price system is simply defined as a part of any economic system. It uses prices usually expressed in monetary form for goods and services valuation and distribution and also the factors of production.

A Pricing Manager helps to determine pricing schemes for firms products and services. The scope of work entailss co-ordination with production departments on cost of making and working with staff in marketing especially on appropriate campaigns and promotions and also they assist with pricing bargaining of customers intent.

Price Determination is getting or deriving the cost of goods sold and services offered/ rendered in the free market. The forces of demand and supply always determine the prices of goods and services in the market system.

8 0

3 years ago

According to the _____, the most effective management theory or idea depends on the kinds of problems or situations that manager

german

Answer: The contingency approach

Explanation:

The contingency approach is one of the type of management theory that helps in understanding the various types of principles in an organization and it is also refers as the situational approach.

The main objective of the contingency approach is that it provide manager the different types of ways to give reaction on the given issue and different types of situation.

According to the question, the contingency approach helps in providing the different types of effective ideas to the manager where they facing different types of problems in an organization.

Therefore, contingency approach is the correct answer.

6 0

3 years ago

Financial analysts have estimated the returns on shares of the Goldday Corporation and the overall market portfolio under two ec

Marina86 [1]

Answer:

covariance = 0.0070

Explanation:

Given data :

probability of recession = 0.5 , probability of economic boom = 0.5

For Goldday corporation

During Recession

probability = 0.5

return on stocks = -0.04

expected return = 0.5 * - 0.04 = - 2.00%

deviation 1 = - 7% ( -0.04 - average return )

Prob * deviation ^2 = 0.5 * (- 7% )^2 = 0.002450

During Economic boom

probability = 0.5

return on stocks = 0.10

expected return = 0.5 * 0.10 = 5%

deviation 1 = 0.10 - average return = 7%

Prob * deviation^2 = 0.5 * ( 7%)^2 = 0.002450

Hence for Goldday corporation

average return = ∑ expected returns = 3%

variance = ∑ Prob * deviation^2 = 0.0049

std = √0.0049 = 7%

Note : perform the same calculation for the Market

For Market

average return = ∑ expected returns = 4%

variance = ∑ Prob * deviation^2 = 0.01000

std = √ variance = 10%

Determine the covariance between Goldday and the MARKET

= ∑ ( deviation 1 * deviation 2 * probability )

= recession + economic boom

= ( - 7% * - 10% * 0.5 ) + ( 7% * 10% * 0.5 )

= 0.0035 + 0.0035 = 0.0070 ---------> answer

8 0

3 years ago

When the price of flowers increased from $5.00 to $5.70, the quantity demanded of chocolate increased from 5,550 to 6,150. What

Aloiza [94]

Answer:cross-price elasticity of demand= 1.57

Explanation:

The Cross Price Elasticity of Demand measures the degree at which the quantity demanded for one commodity changes with a change in price of another product. If the two products in comparison show a positive cross elasticity of demand, then both products are substitutes of each other , while a negative results shows both are complementary of each other.

Cross Price Elasticity of Demand= ΔQx/Qx /ΔPy/Py

Cross Price Elasticity of Demand = (Q1x – Q0x) / (Q1x+ Q0x) ÷ (P1y – P0y) / (P1y + P0y),

Q0X = Initial demanded quantity of commodity X =5500

Q1X = Final demanded quantity of commodity X, = 6150

P0Y = Initial price of commodity Y = $5.00

P1Y = Final price of commodity Y= $5.70

Cross Price Elasticity of Demand = (Q1x – Q0x) / (Q1x+ Q0x) ÷ (P1y – P0y) / (P1y + P0y)

= (6150 -5000)/ (6150+5000)/(5.70-5.00)/(5.70 +5.00)

(1,150/11,150)/(0.7/10.7)=0.103139/0.065420= 1.5765 to the nearest hundreths = 1.57

A positive value 0f 1.57 for cross elasticity of demand shows that there is a competitive relationship between chocolate and flowers.

6 0

4 years ago

As illustrated here, a binding price ceiling causes a short-run shortage, which then worsens into a long-run shortage. what, in

ioda

Answer:

Explanation:

Price ceiling is a price regulatory system put in place by the government to check how high the price of a product can be. It is binding when it is set below the equilibrium price consequently leading to shortage of goods , but non binding if set above the equilibrium price since the price can still fall back to the equilibrium.

When shortage arises as a result of price ceiling being set below the equilibrium price , black market is formed to resolved the shortage with price set by supply and demand. Goods will be illegally sold at prices above the price ceiling.

The effect on black market in the short run will not be severe as the as demand and supply are still at the inelastic stage , but becomes severe in the long run due to elastics demand and supply.

6 0

4 years ago