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____ [38]
3 years ago
5

If you want to give a vendor an incentive to complete work early, which type of contract would you use?Select an answer:a. fixed

priceb. time and materialsc. retainerd. cost plus
Business
2 answers:
uranmaximum [27]3 years ago
8 0

Answer:

The correct answer is letter "A": fixed price.

Explanation:

A fixed price incentive is a type of price that is set based on a reward that will be given only in the case the good or service traded results to be better than expected. It is normally applied when the good or service is delivered to the consumer before so the consumer has the product for extra time with no additional cost.

quester [9]3 years ago
8 0

Answer:

a. fixed price

Explanation:

a. fixed price contract:

The vendor will be paid a fixed payment regardless his time spending. Thus the vendor will try to complete work as soon as possible, then he can receive his payment/ incentive for completed work.

b. time and materials contract:

The vendor will be paid based on time spent and material used. This contracts are normally used in construction.

c. retainer contract:

The vendor will be paid in advance for professional work to be specified later.

d. cost plus contract:

The vendor will be paid for all of its expenses, plus additional margin for its profit.

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Answer:

Consider the following explanation

Explanation:

a) J. Crew is issuing its catalogs monthly in response to inflation. This will incur cost and it is known as 'Menu Cost'.

b) Grandpa has bought annuity which has promised $10,000 a year for the rest of his life. However, higher than expected inflation means grandpa has lesser purchasing power. This is loss of purchasing power and also 'redistribution cost'. In higher inflation borrower tends to get benefit. Here insurance company is at the gain.

c) Maria is witnessing loss of purchasing power because of hyper inflation. In such scenario, cost keeps rising and product's price could be higher a few hours later. This was witnessed in Germany as well as in Zimbabwe. People run to the stores as soon as they get cash or salary. It is known as 'shoe leather cost'. People make frequent trips to banks or stores but do not keep cash in fear of losing value.

d) Gita actually earned only 5% on her portfolio but as her income is in taxable bracket so she has to pay 20% tax. Her income from portfolio not even compensated inflation. This is a redistribution cost and also known as fiscal drag. More people fall into bracket because higher nominal income but real income is neglected which makes people worse off.

e) Father thinks that son is earning far more than him but inflation over the period of time erodes purchasing power and it could be possible that current income might be lower, same or higher comparing to inflation data. However, if it is lower then it is obviously loss of purchasing power.

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= $4.44

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