In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.
The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.
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Answer:
$100,890
Explanation:
To determine the value of the debt we must calculate the present value of the note:
present value = future value of the note / (1 + interest rate)⁵
present value = $170,000 / (1 + 11%)⁵ = $170,000 / 1.11⁵ = $170,000 / 1.685
present value = $100,890
I would say the inventory department.
Answer:
Cost-Plus
Explanation:
Cost plus pricing is a system of determining the selling price of an item by adding a determined amount called mark-up to the total cost of producing the item.Its purpose is to ensure that cost are fully recovered and profit are also made.
In a less competitive environment like Steinway's own , where pianos are being produced to the specification of waiting customers , this gives a good opportunity for cost plus marketing as threats from competitors are minimal or even nil.
