The profit maximization is derived at the point where the marginal revenue product of labor is equal to the marginal factor cost of labor.
Reason :
The profit maximization level is the point at which marginal cost equals marginal revenue. In this case, the marginal cost of labor is the labor wage. Thus, the profit maximization point for the employer is the point at which wage equals the marginal revenue product of labor.
What is the marginal revenue product of labour equal to?
The marginal revenue product of a worker is equal to the product of the marginal product of labor (MPL) and the marginal revenue (MR) of output, given by MR×MPL = MRPL. This can be used to determine the optimal number of workers to employ at an exogenous determined market wage rate.
What is the derived demand of labor curve?
The firm's demand for labor is a derived demand; it is derived from the demand for the firm's output. If demand for the firm's output increases, the firm will demand more labor and will hire more workers. If demand for the firm's output falls, the firm will demand less labor and will reduce its work force.
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Answer: B) Organizing
Explanation: Organizing in a business aspect means making preparations for an activity or an event. It involves delegating authority, grouping duties into different sections, assigning duties, and assigning resources to various parts of the organization. Sally Mitchell is engaging in all these aspects in the case study.
Other definitions that don't apply here are explained below.
A) Planning - INCORRECT. Planning is the first step towards creating an event or activity. It is the process of brainstorming and thinking about what is needed to achieve a goal.
C) Scrutinizing - INCORRECT. Scrutinizing means thoroughly evaluating or inspecting something.
D) Controlling - INCORRECT. This is a function done by management that involves comparing set standards to actual standards to confirm that tasks have been performed in accordance with the plans set.
E) Envisioning - INCORRECT. This means to visualize a possibility that can occur in the future.
Answer:
a.(bees OR flowers) AND dickinson
Explanation:
We defenitevily want Dickinson in our search as it is the writer we are interest on. Thus the statment should be and AND as an OR may leave it off the equation. and the system will look for bees or flowers from pretty much any writer. Dickinson is an exclusive factor.
Then, from the topoc of his poetry we look for bees or flowers at an equal interest. With findings of just one of these two concepts we are satisfied thereofre and OR statement is the way to go.
Answer:
a. $4,160.
Explanation:
The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.
These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.
The adjusted cash book balance is one that contains the necessary adjustments to transactions captured in the bank statement but yet to be recorded in the books.
The adjusting items are
- Notes receivable and interest collected by bank 850
- Bank charge for check printing 20
- NSF check 170
Hence the adjusted cash balance
= $3500 + $850 - $20 - $170
= $4,160
Answer: Please refer to Explanation
Explanation:
1. More customers are indeed purchasing online in this ever developing technological scene in this 21st century. One just has to look at the value of Amazon with it's over a trillion dollars market Capitalization. They have cornered the online scene and are reaping the benefits.
Things are looking quite bleak for offline retailers because these online stores offer one great thing, Convenience. Along with that they offer things like discounts and free delivery.
To reverse the trend that online stores have, offline retailers need to MATCH the SERVICES they OFFER as well as CAPITALIZE on the services they DON'T OFFER.
For instance, online stores do not have that personal touch of a sales person guiding them and explaining the perks of a product. In essence, retailers should work on their CUSTOMER SERVICE. They should treat customers in such a way that the customers would always want their assistance when buying things and would not mind coming all the way to the store to buy it. This is one way to hit them in places they don't offer services in.
Then you can also hit them in areas they rule. Such as opening a small website and marketing your goods. The world is moving online and to avoid it is death. Make a small website that has your products and offer delivery services coupled with telemarketing to explain anything needed.
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2. Brick and Mortar stores are still very important even in this day and age. With Brick and Mortar stores things like trust are easier to establish. This is because when you come to buy your goods you can touch them, you can see and smell them, you KNOW what you ARE BUYING. With online sites you can sometimes buy something and another thing arrives and returning it can be a hassle. With Brick and Mortar stores you can buy knowing that you bought what you saw you wanted and even if you want to return it you can.
Brick and Mortar stores also provide an actual SHOPPING EXPERIENCE because when you're in them you're surrounded by goods not just staring at a screen. You can also socialise with people here and build valuable relationships.
Brick and Mortar stores are still very much important.
