$20,995
Cost of goods sold:
17,500 Beginning inventory
+19,252 Plus purchased inventory
- $15,757 Minus ending inventory
=20,995 Cost of Goods Sold
Social responsibility in marketing refers to marketing philosophies, strategies, practices, and actions whose main goal is to improve society and safeguard the environment by using environmentally friendly goods and methods.
SOCIAL RESPONSIBILITY: WHAT IS IT?
Sustainability can be attained through social responsibility. Any business or system can increase its chances of long-term sustainability and success by adopting fundamental social responsibility principles including accountability and transparency.
An organization's accountability for the effects of its choices and actions on people, the environment, and society through openness and moral behavior that: contributes to societal well-being and sustainable development, including health reflects an awareness of stakeholder expectations is in accordance with all current laws and international standards of conduct is incorporated across the business and used in partnerships.
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Answer:
A price floor set above the equilibrium price will result in a surplus of supply.
Explanation.
An equilibrium price refers to the price at which demand for a service or product is equivalent to the quantity of the product or service supplied in the market.
Setting a price floor above the equilibrium price essentially means that the set prices will be higher than what demand is willing to pay for the product or service. Demand will therefore purchase fewer quantity of the product offered by supply at the prevailing price than they would have at equilibrium price.
Since the price floor will raise the product price to considerably higher than the equilibrium price, supply will be willing to provide higher volumes of the product at the prevailing price than at equilibrium price.
This will lead to a mismatch in the market between supply and demand resulting into a surplus.
Answer:
It is not efficiently using all of its resources.
Explanation:
PPC is the graphical representation of product combinations that an economy can produce, given resources & technology.
- Points on PPC reflect the best potential production of economy, by best efficient utilisation of available resources & technology.
- Any point under PPC reflects production under best potential of economy, by inefficient utilisation of resources.
- Points beyond PPC are unattainable, unless growth in either resources/ technology shifts the PPC curve outwards.
