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3 years ago

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What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive, there must b

e

1 answer:

xz_007 [3.2K]3 years ago

5 0

Answer:

There are 4 conditions that make a market to be perfectly competitive:

There must be a large number of buyers and sellers, and each one must be relatively small.
All the sellers produce identical products or services.
There are no barriers for entry or exit.
All the buyers and sellers are price takers, no one can set the price at their own will.

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Two major variables in choosing the structure and design of an organization are the opportunities and need for ________.

Sphinxa [80]

Answer:

globalization and localization.

Explanation:

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

Comparative advantage in economics is the ability of an individual or country to produce a specific good or service at a lower opportunity cost better than another individual or country.

The comparative advantage gives a country a stronger sales margin than their competitors as they are able to sell their specific products or render their peculiar services at a lower opportunity cost.

Also, localization (local responsiveness) refers to the degree of requirements and conditions to which a manufacturing firm should significantly adjust their products and methods of production in a particular country to. Thus, a firm that is facing both strong cost pressures and strong pressures for localization should ensure that it adopts a global standardization strategy.

Hence, two major variables in choosing the structure and design of an organization are the opportunities and need for globalization and localization because the opportunities that abound in the market would determine the level of revenues (cash-inflows) that the organization can generate.

3 0

3 years ago

The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2020. All materi

larisa [96]

Answer:

<u>Welding Department </u>

<u>Production cost report for the month of February</u>

Inputs :

Beginning Work In Process :

Materials $18,100

Conversion costs $14,460

Added During the year :

Materials $218,685

Labor $67,100

Overhead $58,531

Total $376,876

Outputs :

Completed and Transferred Out $328,000

Units still in Process $48,076

Total $376,876

Explanation:

<u>Calculation of Equivalent Units of Production with Respect to Materials and Conversion Costs.</u>

1. Materials

Ending Work In Process (11,900 × 100%) 11,900

Units Completed and Transferred Out (54,800 × 100%) 54,800

Equivalent Units of Production with Respect to Materials 66,700

2. Conversion Costs

Ending Work In Process (11,900 × 1/5) 2,380

Units Completed and Transferred Out (54,800 × 100%) 54,800

Equivalent Units of Production with Respect to Materials 57,180

<u>Calculation of Cost per Equivalent Unit of Production with Respect to Materials and Conversion Costs.</u>

Cost per Equivalent Unit = Total Cost ÷ Total Equivalent Units

1. Materials

Cost per Equivalent Unit = ($18,100 + $218,685) ÷ 66,700

= $3.55

2. Conversion Cost

Cost per Equivalent Unit = ($14,460 + $67,100 + $58,531) ÷ 57,180

= $2.45

3. Total Cost

Total Cost = Materials + Conversion Cost

= $3.55 + $2.45

= $6.00

<u>Calculation of Total Cost of Units Completed and Transferred Out and Total Cost of Units still in Process.</u>

Completed and Transferred Out = Units Completed and Transferred Out × Total Cost

= 54,800 × $6.00

= $328,000

Units still in Process = Material Cost + Conversion Cost

= $3.55 × 11,900 + $2.45 × 2,380

= $48,076

7 0

3 years ago

Differentiate the terms small business and entrepreneurial opportunity

luda_lava [24]

Answer:

Small businesses usually deal with known and established products and services, while entrepreneurial ventures focus on new, innovative offerings. Because of this, small business owners tend to deal with known risks and entrepreneurs face unknown risks.

8 0

2 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

<u>For Goldday corporation</u>

<em>During Recession </em>

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

<em>During Economic boom</em>

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%

<u>Determine the covariance between Goldday and the MARKET </u>

= ∑ ( 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

The type of layout where similar activities are grouped together in departments or work centers according to the function they p

Mama L [17]

Answer: process layout

Explanation:

Process layouts has to do with the grouping of resources based on their similarity in processes.

It is the type of layout where similar activities are grouped together in departments or work centers according to the function they perform.

5 0

4 years ago