Answer:
Target costing
Explanation:
-High-low pricing is when companies initially establish a high price for a product and then, they decrease it when people are less willing to buy it.
-Everyday low pricing is when companies offer low prices on their products all the time.
-Cost-plus pricing is when companies determine the cost of the product and add the profit margin they need to establish the price of the product.
-Target costing is when companies establish a target cost for the product by taking the price and subtracting the margin they expect from it.
-Competition-based pricing is when companies use the price the competitors have for the same product to establish the price.
According to this, the answer is that the situation exemplifies target costing.
Answer:
3. an insurance agent and an insurance company
Explanation:
Insurance simply means protection from financial loss.
Types of insurance are:
1. Property insurance
2. Life or personal insurance
3. Marine insurance
4. Fire insurance
5. Liability insurance
6. Social insurance
7. Guarantee insurance
Insurance Agents are people that work for insurance companies to reach out to new and existing customers to sell insurance. An insurance agent acts as an intermediary between an insured and the marketplace
An insured means a person or organization covered by insurance. They are like consumers.
Insurance company (insurer) is a business that provides coverage, in the form of compensation resulting from loss, damage or injury, treatment or hardship in exchange for premium payments.
Wholesale Broker is a type of insurance broker who acts as an intermediary between a retail broker (insurance agent ) and an insurer while having no contact with the insured
Answer:
D) i and iii
Explanation:
Implicit cost refers to economic costs that are not directly attributed to the business but are nevertheless important in making informed decisions. In this case the opportunity costs are implicit cost. They are:
- Salary forgone which should have been earned at another job, and
- Interest lost from savings account.
In most cases for this type of questions you would have to use a calculator, since this is not a value that can be approximated. Do you have an inverse normal function on your graphical calculator?
