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iragen [17]
3 years ago
11

Discuss the importance of innovation in the survival and success of a business. Include three strategies that you, as an entrepr

eneur, can use to encourage creativity and innovation in your small business in your response. Provide support for your response.
Business
1 answer:
Colt1911 [192]3 years ago
4 0

Answer is given below :

Explanation:

  • Innovation is part of the business and should be successful in the long run. If the business is not innovative it will one day fail and stop making a profit.
  • example shows that it was the number one mobile phone in 2000 but it failed for a long time because it did not change the dynamic market and did not adopt the Android operating system.
  • There are three strategies to promote creativity and innovation in small business: -
  1. A business should focus not only on the product, but also on the process, delivery and customer service of the product.
  2. A business must always come up with new ideas to survive in the market, which will reduce costs and improve production.
  3. A business must constantly monitor the current dynamic environment in the business world and adapt to market conditions and change business on time if necessary.
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During June, Briganti Corporation purchased $81,000 of raw materials on credit to add to its raw materials inventory. A total of
-BARSIC- [3]

Answer:

Explanation:

The journal entries are shown below:

1. Raw material inventory A/c Dr $81,000

           To Accounts payable A/c  $81,000

(Being the raw material is purchased on account)

2. Work in process inventory A/c Dr $66,000

   Manufacturing overheads A/c Dr $6,000

              To  Raw material inventory A/c Dr $72,000

(Being the use of the material is recorded)

5 0
3 years ago
Barkoff Enterprises, which uses the high-low method to analyze cost behavior, has determined that machine-hours best explain the
Paha777 [63]

Answer:

The utilities cost associated with 1,110 machine hours will be $10,505.

Explanation:

High Low method is a way to calculate the variable and fixed cost element of total cost using lowest level of activity and its cost and highest level of activity and its cost.

In this example The Highest activity of Machine hour is in the month of May and Lowest  activity is in February.

Using high low method:

Variable cost =  ( Highest activity cost - Lowest activity cost ) / ( Highest activity - Lowest activity )

Variable cost =  ( Cost in May - Cost in February ) / ( Machine hours in May - Machine Hours in February)

Variable cost =  ( $9,625 - $8,360 ) / ( 950 - 720 )

Variable cost =  $1,265 / 230

Variable cost =  $5.50 per machine hour

Fixed Cost = $8360 - ( 720 x $5.5) = $8360 - $3960 = $4,400

Utility cost of 1110 units = $4,400 + ( 1,110 x 5.5 ) = $4400 + $6,105 = $10,505

5 0
3 years ago
Maria lost her job because the economy is shrinking. This is an example of _____.
kakasveta [241]
It is an example of cyclical unemployment.

I hope this helps!
7 0
3 years ago
Read 2 more answers
Suppose that XYZ Company hires labor and capital in competitive input markets. Assume that labor costs $200 per day and that a u
GuDViN [60]

Answer:

a) Yes, the firm is minimizing the cost of current production. This is because MRPL / w = MRPC / r = 0.20.

b) The long run adjustments that the firm would likely make in response to the wage increase is to use more labor and less capital until MRPL / w = MRPC / r, which is the condition for the cost minimization of a firm.

Explanation:

a) Given the information provided, is the firm minimizing the cost of current production? Explain why or why not.

The condition for the cost minimization of a firm is as follows:

MRPL / w = MRPC / r ……………………………. (1)

Where:

MRPL = Labor's marginal product = 40

w = Cost of labour = $200

MRPC = Capital's marginal product = 30

r = Cost of capital = 150

Therefore, we have:

MRPL / w = 40 / 200 = 0.20

MRPC / r = 30 / 150 = 0.20

Since MRPL / w = MRPC / r = 0.20, this implies that these conditions are consistent with equation (1). Therefore, the firm is minimizing the cost of current production.

b) If the daily wages were to increase, explain the long run adjustments that the firm would likely make in response to the wage increase.

If the daily wages were to increase, the MRPL / w in equation (1) in part a above will fall and we will have:

MRPL / w < MRPC / r …………………… (2)

Since equation (2) is no longer consistent with equation (1), the firm is NOT minimizing the cost of current production.

Therefore, the long run adjustments that the firm would likely make in response to the wage increase is to use more labor and less capital until MRPL / w = MRPC / r, which is the condition for the cost minimization of a firm.

7 0
2 years ago
Management innovations such as total quality, benchmarking, and business process reengineering cannot lead to sustainable compet
Lilit [14]

Answer: Option B

   

Explanation: An organisation can earn sustainable competitive advantage in the market only if they have some special assets or rights that they can use to attract the customer and maintain their base for a period of time.

Although, globalization has made the world a single market and every entity is now focusing on maximizing their consumer satisfaction by doing researches and setting benchmarks.

Hence as every second entity operating at a global level is doing the given activities therefore none of them can get competitive advantage.

8 0
3 years ago
Read 2 more answers
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