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3 years ago

In 1 or 2 sentences, describe the effect of competition on prices of items being sold.

1 answer:

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Competition has an impact on prices of items being sold such that when competition is high, prices can get lower. This is because you want to keep up with other players and present your items as the affordable kind. when competitiion is low, prices are higher because your demand is high

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Why are costs and benefits weighed when determining whether something gets produced

katrin2010 [14]

Answer:

Costs and benefits are weighed to determine if producing the good will be profitable.

Explanation:

Production of goods refers to the process through which raw material and resources are converted to a finished product. In most economies, production of goods are services is necessary to meet the demand for these goods. Companies and firms utilize resources like labor and materials to produce finished products. This is usually a costly activity that needs to be planned and organized for it to be successful. Since most businesses is for profit making, the production process has to be done in such a way that in the end, profits are made. Production processes requires financial strategies to be applied and assessed to ensure that the process is profitable in the long run.

An example of a financial analysis that can be used is the cost benefit analysis. The cost benefit analysis involves determination of all the resources that will be needed as input. The input is then convert into monetary terms, then summed together. The total amount of input in monetary terms is the cost, since that i the total amount needed to process the raw materials to finished goods. The future benefits are also forecasted and converted into monetary terms. The comparison of the costs versus the benefits forms what is collectively termed as the cost and benefits analysis.

When the costs outweigh the benefits, then the good should not be produced. When the costs are equal to the benefits, it means the business will break-even, so there will be no profits, it is advisable not to produce the good. Finally, when the benefits outweigh the costs, it is advisable to produce the good.

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3 years ago

In 1–3 sentences, explain the role of entrepreneurs in the economy.

jenyasd209 [6]

ANSWER: There are many ways how entrepreneurs benefit the economy. Few of them are

1) Create Jobs: Entrepreneurs create jobs in the community. When someone opens a new business or expands his new business, he will need human resource to help him to do his works.

2) Wealth Creation: Entrepreneurs pool in their own money and attract investment from lenders, banks and other investors. This mobilizes public wealth.

3) Exports: Entrepreneurs after growing in their businesses will want to export their products as a part of extending their market. This will help gain foreign currency in the country.

4 0

3 years ago

Read 2 more answers

"Which indicator is the best for determining whether a client with Addison's disease is receiving the correct amount of glucocor

oksano4ka [1.4K]

Answer:

The correct answer is Daily weight.

Explanation:

Changes in weight can occur quickly. The treatments and medicines used to fight the disease can affect the weight in a very short time.

Knowing the weight helps staff members make the safest and most effective choices.

• Doctors and pharmacists use weight to help decide the amount of medicine

That needs to be ordered.

• Nurses and doctors use daily weight to decide if it is necessary to increase or decrease fluids either by mouth or by vein.

Staff will monitor the weight before most clinic visits and at any time when they are admitted. Doctors and other staff members often decide the dose of medicines and the amount of serum needed early in the morning.

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2 years ago

g The company is deciding whether to drop product line Apple because it has an operating loss. Assuming fixed costs are unavoida

KIM [24]

Fruit Pie Inc. has three product lines—Strawberry, Cherry, and Apple. The following information is available:

Strawberry Cherry Apple

Sales revenue $70,000 $60,000 $31,000

Variable costs (20,000) (15,000) (11,000)

Contribution margin $50,000 $45,000 $20,000

Fixed costs (20,000) (5000) (25,000)

Operating income (loss) $30,000 $40,000 $(5000)

The company is deciding whether to drop product line Apple because it has an operating loss. Assuming fixed costs are unavoidable, if Berry Pie Inc. drops product line Apple and rents the space formerly used to produce product Apple for $20,000 per year, total operating income will be ________.

Group of answer choices

$25,000

$65,000

$11,000

$20,000

Answer:

Fruit Pie Inc.

Assuming fixed costs are unavoidable, if Berry Pie Inc. drops product line Apple and rents the space formerly used to produce product Apple for $20,000 per year, total operating income will be ________.

= $65,000.

Explanation:

a) Data and Calculations:

Strawberry Cherry Apple

Sales revenue $70,000 $60,000 $31,000

Variable costs (20,000) (15,000) (11,000)

Contribution margin $50,000 $45,000 $20,000

Fixed costs (20,000) (5000) (25,000)

Operating income (loss) $30,000 $40,000 $(5000)

Income Statement after the Elimination of Apple:

Strawberry Cherry Total

Sales revenue $70,000 $60,000 $130,000

Variable costs (20,000) (15,000) (35,000)

Contribution margin $50,000 $45,000 $95,000

Fixed costs (20,000) (5000) (25,000)

Fixed costs (Apple's) (25,000)

Rent income 20,000

Operating income (loss) $30,000 $40,000) $65,000

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3 years ago

What side of the manufacturing overhead account is actual manufacturing overhead entered on?.

Ludmilka [50]

Applied overhead goes on the credit side of the Manufacturing overhead of $120,700 was applied to production using the company's predetermined overhead rate

8 0

1 year ago