A business must not only look at its direct competitors, but also must contend with those firms that offer a product that a consumer might alternatively choose. Porter refers to this as the force of substitutes in the market.
<h3>What factors affect the market?</h3>
Supply and demand in an economy are regulated by government action as well as other causes such as social, demographic, cultural, economic, technical, political, and legal pressures. The supply of a product may be affected by the weather.
<h3>Why does the market operate the way it does?</h3>
The free-market system is driven by self-interest. For their own financial advantage, people manufacture commodities and services. The struggle for consumers' dollars is what is known as competition among producers.
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Answer:
b.2.8 times.
Explanation:
Asset turnover = net sales/average total assets
From Stein Corporation report,
Net sales = $3,500,000
Beginning total assets = $1,000,000
Ending total assets = $1,500,000
Average total asset = ($1,000,000 + $1,500,000)/2
= $1,250,000
Asset turnover = $3,500,000/$1,250,000
= 2.8 times
Option b is right.
The completed table is:
Fishing Lures Duck decoys
40 0
32 40
24 30
16 20
8 10
0 50
<h3>What is the production possibilities schedule?</h3>
The production possibilities schedule is a schedule that shows the two combination of goods or services that can be produced when a person's resources are fully utilized.
In order to determine the production possibilities schedule, the opportunity cost of producing 1 fishing lure have to be determined. The opportunity cost = 10 / 8 = 1.25. Thus, the opportunity costs between fishing lures and duck carves have to be 1.25
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Answer:
1.15
Explanation:
The computation of the price in 2005 dollars is shown below:
= Price in 1979 × (CPI in 2005) ÷ (CPI in 1979)
= $0.43 × (100) ÷ (37.4)
= (43) ÷ (37.4)
= 1.1497 or 1.15
Simply we do the proportion based on the CPI in 2005 and Price in 1979 and then divide it by the CPI in 1979. Based on the given information, the price in 2005 dollars is 1.15
