Answer:
Customer focus
Explanation:
Customer focus is a business philosophy that places the customer at the center of all business development and management decisions. It is a marketing approach also, that involves products and services to be developed around consumer’s preferences.
Answer:
That we are no profit and loss position.
Explanation:
Breakeven point is the point at which the company is at no profit no loss position. If the lady is saying that we are breaking even, its one explanation is that all that we have earned has covered all of our costs. The second explanation is dependant on the fixed cost considered. If the fixed cost considered is for whole of the year and we are breaking even at the 8th month then the contribution in the next four months would be 100% profit.
Answer:
a. H0 : U ≥ 15
Ha : U < 15
b. Type I error is incorrectly conclude that the pain is reduced in less than 15 minutes.
c. Type II error is fail to conclude that time for pain reduction is less than 15 mints when actually its less than 15 minutes.
Explanation:
Null hypothesis is a statement that is to be tested against the alternative hypothesis and then decision is taken whether to accept or reject the null hypothesis.
Type I error is one in which we reject a true null hypothesis.
Type II error is one in which we fail to reject the null hypothesis that is actually false.
Answer:
$12,280,000.
Explanation:
All the direct costs involved in the manufacturing of a product except fixed cost is called prime cost e.g direct material, direct labor etc.
Direct Material = $4,200,000
Direct labor = $8,080,000
Total Prime cost = Direct material + Direct labor = $4,200,000 + $8,080,000 = $12,280,000
Overhead costs are not classified as the prime cost because these are indirect costs.
Answer:
elastic, because many other firms produce the same standardized product
Explanation:
A good has perfect price elasticity when a change in price leads to an infinite change of quantity demanded.
A perfect competition is when there are many buyers of homogenous goods and services. The sellers are price takers; prices are set by the market force.
A perfect competition has perfect price elasticity because goods sold are standardised and identical with other goods in the market. If the seller increases its price, it's demand would fall to zero as consumers would shift demand to other subsituite goods.
I hope my answer helps you.
