Build a local advisory board, school administrators can plan and administer fundraising strategies with the aid of business skills.
How can businesses get involved in schools?Employers require workers that are competent and organised. Developing relationships with students promotes career decisions that will help businesses and support their efforts in hiring. Partnerships help schools by providing them with the human and financial resources they need to deliver high-quality education.School administrators can plan and administer fundraising strategies with the aid of business skills. Businesses can organise special dinners and events to raise money for a cause, and they can also contribute financially by making their own donations.Students can act as the go-betweens between the institution and the business partner; they can discuss what is happening in the classroom to give the institution some context and a human face.To learn more about business refer:
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which statement about the outcomes of high-performance work systems is most accurate? sales revenues increase the outcomes of high-performance work systems.
D. The outcomes of each employee contribute to a system's overall high performance is the correct statement.
A high-performance work system is a collection of strategic human resource management (HRM) initiatives that assist businesses in decentralising decision-making in order to increase company performance and profitability.What are CIPD high performance work systems?
The term "high-performance work systems" refers to "a collection, or bundle, of human resource management methods linked to selection, training, performance management, remuneration, and information exchange that are meant to recruit, retrain, and inspire individuals" (Messersmith and Guthrie 2010, p. 242).
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on january 1 of this year, barnett corporation sold bonds with a face value of $500,000 and a coupon rate of 7 percent. the bonds mature in 10 years and pay interest annually on december 31. barnett uses the effective-interest amortization method. ignore any tax effects. each case is independent of the other cases. (fv of $1, pv of $1, fva of $1, and pva of $1) required: 1. complete the following table. the interest rates provided are the annual market rate of interest on the date the bonds were issued. note: use appropriate factor(s) from the tables provided. round your final answers to nearest whole dollar amount.
The face value of $500,000 is paid in cash at maturity, and the amount is unaffected by the current market interest rate.
Since interest expense is a cost of borrowing money, it could be the cost of bonds issued by a business. Other costs associated with loans and other types of debt might also be included.
Cash received at issuance 500,000 466,450 536,800
b) Interest expense recorded in Year 1 35,000 37,316 32,208
c) Interest paid in Year 1 35,000 35,000 35,000 d) Principal paid at maturity 500,000 500,000 500,000
Case A - when the coupon rate is the same as the market interest rate, the cash received at issuance is the same as the face value of the bond.
Case B: Because the coupon rate is lower than the market interest rate, the cash proceeds will be lower than the face value. The formula that we can use to determine the bond's issue price is as follows:
Price is equal to the coupon payment times 1-(1+r)-t/r+Face Value/(1+r)t.
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what is the q2 2022 quarterly revenue amount implied by the accounts receivable balance and days in a/r?
The q2 2022 quarterly revenue amount implied by the accounts receivable balance and days in a/r is $ 26.8 mn.
Accounts receivable is the amount owed by a customer to a company for invoiced products or services. The total amount of all accounts receivable is included in the balance sheet as a current asset, including invoices for items or work performed on credit to customers.
Calculating the problem:Accounts Receivable (A/R) in days = number of working days in quarter × (Accounts receivable/ quarterly revenue)
12 = (91.25)× (3526000/Quarterly revenue)
Quarterly revenue = (3526000 × 91.25)/12
=26812000
=$ 26.8 mn
How do you handle complaints?
Accounts receivable is the amount a company owes a customer for the sale of goods or services. The journal entry used to record such credit sales of goods and services is made by debiting the customer account with a corresponding credit to the sales account.
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explain to patricia why her marginal cost increases as she increases output beyond 350 web pages per month.
Answer:
This question looks like it's related to diseconomies of scale: https://en.wikipedia.org/wiki/Diseconomies_of_scale
The concept is similar where diseconomies of scale say after a certain point, the average cost to produce one more starts to increase.
In Patricia's case, there might be some things that aren't working as effectively as they did when she was working on the first 350 web pages. For example, she may start losing concentration more easily, which would result in each web page taking a longer time to make which means more costs.
Explanation:
if the production of a product or service involves external or spillover benefits, then the government can improve efficiency in the market by:
If the production of a product or service involves external or spillover benefits, then the government can improve efficiency in the market by providing a subsidy to correct for an under allocation of resources.
A benefit granted to a person, company, or institution is known as a subsidy, and it is typically provided by the federal government. Payments made in cash are an instance of a direct payment (such as tax breaks). The intention of the subsidy is often to alleviate some sort of hardship, and it is frequently thought to be in the public's best interest to provide it in order to further a socially beneficial or economic affairs.
Because they reduce a cost that was originally placed on the recipient or because they support a specific action, subsidies were usually regarded as a special sort of financial help.
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which of the following statements reflects how a fitted regression line is computed? choose every response you believe to be correct.
The squared errors' total is as tiny as it can be. This assertion represents the methodology used to determine the fitted regression line.
To demonstrate the link between a predictor (x) and a responder (y), as well as to determine if a linear, quadratic, or cubic regression best fits your data, use fitted regression lines. Linear. A linear model can demonstrate a constant pace of data growth or decline.
The cost function for linear regression is the least Sum of Squared Errors. Calculate the sum of squares of mistakes for each feasible line. The line that fits the data the best is the one with the lowest sum of squared errors.
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more and more companies are discarding the traditional superior-subordinate performance feedback process and replacing it with a multi-rater appraisal called
A multi-rater evaluation known as the 360-degree feedback is replacing the conventional superior-subordinate performance feedback method in an increasing number of businesses.
What is input from all angles?By utilizing the constructive criticism of individuals with whom they interact the most, a 360-degree feedback evaluation, also known as a multi-source or multi-rater feedback assessment, enables people to recognize their individual strengths and weaknesses. Both leaders and workers can use it as a tool for personal development. The conclusions drawn from the process of group feedback are then taken into consideration when creating a person's growth plan.
A 360-degree feedback process: What is it?Those who work with employees who take part in a 360-degree feedback system or process provide them with private, anonymous comments. This typically involves the person's management, coworkers, and direct reports.
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all details related to an employee's earnings, deductions, and net pay throughout the year would be found in multiple choice the payroll register. the individual earnings record. the general journal. the wages expense account in the general ledger.
Related to an employee's earnings, deductions, and net pay throughout the year would be found in multiple-choice payroll register check-in to be a necessary part of their business assist to preserve each of their payroll records and their budgets in order.
It lists payroll information for approximately every worker, consisting of hours worked, gross pay, deductions, and net pay. Payroll registers additionally provide a mixture of employee records at a glance, which may be useful when depositing tax bills, submitting tax returns, and acting different fundamental accounting duties.
The structure of payroll registers is typically a sequence of easy charts (one for each worker at some point of a given pay duration) that
Encompass such statistics as:
Pay period dates (starting and quitting)
Pay date
Hours labored
Relevant pay quotes (ordinary or overtime)
General gross wages
Relevant worker and organization taxes
Gain deductions
Applicable worker and organization taxes
Benefit deductions
Organization advantages contributions
Internet wages
Net fee information (paper check, direct deposit, or pay card)
General ledger as they record every financial transaction of a firm. Furniture accounts, salary accounts, debtor accounts, owner's equity, etc.. are some examples:
General Ledger:
Cash A/C($) Trade Receivables A/C ($)
Jan 01 -400,000--Jan 02 -1,000 Jan 01 24000-Jan 29- 20,000
Jan 29-20,000--Jan 03-15,000
--Jan 07-800.00
--Jan30-1,000
_______________________________________________________
Jan 30 -402,200 --------------- Jan 30- 4,000
_______________________________________________________
Salary A/C($) Service Revenue A/C ($)
Jan 30--10,000 ------------ Jan -50,000
Jan 30--10,000 ------------ Jan 30 -50,000
_______________________________________________________
A general journal is typically used for investigation. Accountants may look back into a general journal to discover more details about a business transaction to understand a balance in a ledger. A general ledger is used to make financial statements to determine a company's account balance.
Another essential step in preserving a payroll sign-up is to perform audits. throughout this system.
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if real interest rates rose more in japan than in the united states, then other things the same a. u.s. citizens would buy more japanese bonds and japanese citizens would buy more u.s. bonds. b. u.s. citizens would buy more japanese bonds and japanese citizens would buy fewer u.s. bonds. c. u.s. citizens would buy fewer japanese bonds and japanese citizens would buy fewer u.s. bonds. d. u.s. citizens would buy fewer japanese bonds and japanese citizens would buy more u.s. bonds.
Interest rates The hobby fee is the quantity a lender prices a borrower and is a percent of the fundamental—the quantity loaned. The hobby fee on a loan is typically referred to on an annual foundation know mortgage quotes should decrease the subsequent week.
If the mortgage marketplace takes a careful technique to a possible recession. however, prices may want to rise if creditors account for the Federal Reserve continuing to take competitive measures to counteract the excessive inflation of 2022.
The Federal Reserve has been raising interest rates as it races to tamp down fast inflation. these movements have a lot of people questioning why the rate will increase — which increases the fee of borrowing money — are America's important tool for cooling down fees. Inflation proper now's being pushed by using an economic mismatch.
Key Takeaways. the highest fed funds charge became 20% in 1980 in response to double-digit inflation. the bottom fed funds fee became 0 in 2008 and once more in March 2020 in response to the coronavirus pandemic. The FOMC introduced in November 2022 that it might maintain to raise interest rates in reaction to rising inflation.
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at the quarterly dividend meeting, wood shoes declared a cash dividend of $1.10 per share for holders of record on monday, july 10. the firm has 300,000 shares of common stock outstanding and has set a payment date of july 31. when is the ex-dividend date?
At the quarterly dividend meeting, wood shoes declared a cash dividend of $1.10 per share for holders of record on Monday, July 10. the firm has 300,000 shares of common stock outstanding and has set a payment date of July 31. The ex- dividend date is 7 July.
What do you mean by the Ex - Dividend date?
The first business day following the payment of the stock dividend is when the ex-dividend date is set (and is also after the record date). Your right to the stock dividend is also forfeited if you sell your stock before the ex-dividend date.
The day when a stock trades without the benefit of the following scheduled dividend payment is known as the ex-dividend date.
Instead, the prior owner receives the payout. The day prior to the trade's record date is known as the ex-dividend date. The ownership of the stock is finally transferred as of the record date.
Therefore, at the quarterly dividend meeting, wood shoes declared a cash dividend of $1.10 per share for holders of record on Monday, July 10. the firm has 300,000 shares of common stock outstanding and has set a payment date of July 31. The ex- dividend date is 7 July.
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His real salary has fallen and his nominal salary has risen.
An assistant manager at a restaurant gets a $100 a month raise. He figures that with his new monthly salary he cannot buy as many goods ans services he could buy last year.
The nominal earnings are broken down by economic price level in real pay. Real salaries will increase if the price level declines and nominal earnings remain unchanged.
What do real wages and nominal wages mean?The nominal earnings are broken down by economic price level in real pay. If nominal wages remain unchanged.The cash you receive from an employer in exchange for your labor is referred to as a nominal wage or a money wage. Nominal wages are not indexed for inflation. A real wage, on the other hand, is a wage that has been increased to account for inflation. Your purchasing power will decrease if the nominal pay growth is less rapid than the inflation rate.The nominal earnings are broken down by economic price level in real pay. Real salaries will increase if the price level declines and nominal earnings remain unchanged.To learn more about Nominal wages refer to:
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there are five criteria for effective marketing segmentation which of the following segmentation variables best meets the measurable criterion
All members of the segment are active on popular social media and the Company primarily advertises on social media.
Social media is an interactive media technology that allows you to create and share information, ideas, interests, and other forms of expression through virtual communities and networks, and to exchange information and ideas in virtual communities and networks.
Social media platforms enable users to have conversations, share information, and create web content. There are many forms of social media such as blogs, microblogs, wikis, social networking sites, photo sharing sites, instant messaging, video-sharing sites, podcasts, widgets, virtual worlds, etc.
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the capability to understand the complexities of both the organization and its environment and to lead change in the organization in order to achieve and maintain a superior alignment between the organization and its environment is known as .
The ability to comprehend the intricacies of an organization and its environment as well as to drive organizational change in order to establish and sustain a superior alignment between the company and its environment is referred to as strategic leadership.
What are the challenges faced by leaders?Complexity Leadership theory explains the circumstances under which adaptive dynamics develop and produce innovative and adaptable knowledge with enough relevance and impact to effect change. Rather than being a solo effort, adaptive leadership is a dynamic of interconnected agents (i.e., CAS).
What does an organization's complexity mean?The degree to which various organizational entities differ from one another is referred to as organizational complexity. It speaks of the quantity of resources assigned to a team, project, or division.
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an adjustable rate loan drawn at 8% with an annual interest rate cap of 2% and an overall interest rate cap of 4% can be adjusted to which of the following rates at the beginning of the second year?
The initial interest rate is 8%. The annual increase is capped at 2%. As a result, the rate for the first year is 8%, or the rate for the second year may be increased by 2% for a total rate of 10%.
What is the primary concern?
Simple rates is a technique to predictably calculate the percent of interest payable on an item over a specified period of time. A straightforward and easy way for figuring out how much cash has paid interest is simple income.
How much interest is required?
The most prominent illustration is the interaction between savers and borrowers, even though borrowers must pay motivation and desire to borrow more funds in order to increase their current spending.
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The value perspective of quality is most important at the FILL IN THE BLANK stage in the creation and delivery of goods and services.
The value perspective of quality is most important at the design stage in the creation and delivery of goods and services.
In geometry and in its applications to drawing, a perspectivity is the formation of an image in a picture plane of a scene considered from a hard and fast factor. The technological know-how of graphical perspective makes use of perspectivities to make realistic pictures in right share. in keeping with Kirsti Andersen, the first creator to describe perspectivity changed into Leon Alberti in his De Pictura (1435).[1] In English, Brook Taylor provided his Linear angle in 1715, in which he defined "perspective is the art of drawing on a plane the Appearances of any Figures, by the rules of Geometry".[2] In a 2nd e book, New concepts of Linear attitude (1719), Taylor wrote
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if a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and , or it can charge the same price and . if a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and , or it can charge the same price and . earn higher profits; lose profits earn lower profits; gain higher profits lose profits; gain more market share earn higher profits; gain more market share lose profits; gain higher profits
The company can charge a higher price and earn higher profit, or it can charge the same price and gain more market share. So the correct option is C. It is because if the company delivers greater value by exceeding the competitor's, company will achieve more profit and gain more market share.
Corporations' generally can be defined as an organization that combined earnings from current production, with breakdowns by industry. There are several types of company or corporation profit, such as gross profit, operating profit, and also net profit.
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Which of the following should typically be ignored because spending has already been made and cannot be changed?
a. variable costs
b. sunk costs
c. marginal costs
d. average marginal costs
Sunk Cost typically be ignored because spending has already been made and cannot be changed.
What do you mean by Sunk Cost ?
A sunk cost is also called as a retrospective cost.It can be defined as an investment which has already incurred and can't be recovered. It includes marketing, research, new software installation or equipment, salaries and benefits, or facilities expenses.To find the sunk cost Subtract the current value from the as-new price.Example include Advertising expenditure , Research , Labor costs.Hence, in the above case the correct answer is Option B.
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FILL IN THE BLANK. leader behavior that is focused primarily on group members' needs and desires and is directed at creating mutual respect or trust is referred to as ___ leader behavior.
A leader behavior that is focused primarily on group members' needs and desires and is directed at creating mutual respect or trust is referred to as a consideration leader behavior.
What is a leader's consideration behaviors?Basically, a consideration refers to the extent to which a leader exhibits concern for the welfare of the members of the group. A consideration behaviors could include being supportive and friendly, representing people's interests, communicating openly with group members, recognizing them, respecting ideas and sharing concern for their feelings. Initiating structure involves “task-oriented” leader behaviors.
The consideration factor is oriented towards interpersonal relationships, mutual trust and friendship, that is, this leadership style is people-oriented.
Some statements used to measure this factor in the LBDQ includes being friendly, treating all group members as his/her equal, looking out for the personal welfare of group members and making him/herself accessible to group members.
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which of the following are good principles for building an interface? select all that apply. question 10 options: giving the user control using touchscreens requiring multiple instances of identity verification being consistent (in terminology, layout, and so on)
The following are good principles for building an interface are :
Being consistent (in terminology, layout, and so on)Giving the user control What are the principles of interface design?There are two rules of user interface design, in Jef Raskin's opinion: The first rule is that a computer must not destroy your work or, via idleness, for it to be destroyed. Second Law: You must not spend your time using a computer or perform more work than is absolutely essential.Clarity. Clarity in UI design refers to the use of identifiable pieces and functionality that are simple to use. ...Consistency. Building confidence in a design requires consistency.User management.Feeling at ease.Simpleness of Use.Accessibility.Design should group related items together and separate unrelated ones, distinguish between dissimilar items, and make similar items resemble one another. This organization of the user interface should be intentional, meaningful, and useful. It should be based on transparent, consistent models that are obvious and recognisable to users. The overall architecture of the user interface is addressed by the structure principle.Learn more about interface design refer to :
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economy is a principle of design where keeping it simple is the best solution. the artist may remove elements or not include them in the design or composition and the result is a more successful work of art.
Contrast is characterized as the pairing of two disparate elements that nevertheless combine to form a harmonious whole.
What effects can contrast create?Contrast can be employed in art in a variety of ways. Here are a few of the most typical:
To convey a sense of depth: You can give the appearance of depth in a painting by employing contrasting colors, values, or textures. This is frequently employed in landscape paintings because the contrast between light and dark hues can suggest remoteness. For instance, hills in the distance will have a tone that is closer to the sky than will hills in the front.Contrast can be utilized to direct the viewer's attention to a certain section of the painting in order to focus their attention. This is frequently accomplished by setting an item in front of a background with a strikingly different tone.Utilize contrast to give a painting a sense of motion. This is frequently achieved by spacing out the elements and arranging contrasting objects in curved or diagonal lines.Contrast can be used to evoke tension in a painting. You can achieve this effect by using objects that are close to one another or by using colors or values that are sharply in contrast, have high saturation, and have dark shadows.To Learn more About Contrast refer To:
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Do banks loan out your money?.
Banks do not accept your funds and then lend them to you at a higher interest rate.
What is the function of a bank?The function of a bank is to collect and lend public deposits for the development of agriculture, industry, trade, and commerce. The bank pays depositors lower interest rates while receiving higher interest rates on loans and advances from them.Although banks perform a variety of functions, their primary function is to accept funds from those with money, pool them, and lend them to those in need. Banks serve as go-betweens for depositors (people who lend money to the bank) and borrowers (to whom the bank lends money).The bank rewards every dollar you keep in your savings account. Interest is the money you receive from the bank.To learn more about banks refer to :
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What kind of a risk taker is the entrepreneur?.
Risk-taking in entrepreneurship is the technique of identifying, evaluating, mitigating, and attempting out capacity possibilities and techniques that could assist you construct or develop your enterprise however may also cause private or expert loss.
The required details for Entrepreneurship in given paragraph
Entrepreneurship is the advent or extraction of monetary value. With this definition, entrepreneurship is regarded as change, normally entailing chance past what's usually encountered in beginning a enterprise, which may also consist of different values than without a doubt monetary ones. An entrepreneur is an character who creates and/or invests in a single or extra companies, bearing maximum of the dangers and taking part in maximum of the rewards. The technique of putting in place a enterprise is referred to as entrepreneurship. The entrepreneur is typically visible as an innovator, a supply of recent ideas, goods, services, and enterprise/or procedures.
More slim definitions have defined entrepreneurship because the technique of designing, launching and jogging a brand new enterprise, that's frequently much like a small enterprise, or because the "capability and willingness to develop, arrange and control a enterprise assignment in conjunction with any of its dangers to make a profit.
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there are three reasons for the downward slope of the demand curve: the wealth effect, the interest rate effect, and the international trade effect. match each effect with the component of aggregate demand it most closely impacts.
We relate each effect to the component of aggregate demand it most affects:
The international trade effect, is related to the aggregate demand component of Net Exports.The wealth effect, is related to the aggregate demand component of consumption.The interest rate effect, is related to the aggregate demand component of investment.What is the aggregate demand component of an economy?Is a measure of the total amount of goods and services produced and consumed. It is comprised of four components:
consumptioninvestmentgovernment spendingnet exportsEach of these components is affected by different economic factors, and understanding how each of these components affects aggregate demand can be helpful in understanding the overall economic landscape.
There are three reasons for the downward slope of the demand curve: the wealth effect, the interest rate effect, and the international trade effect. Match each effect with the component of aggregate demand it most closely impacts.
1. Investment
2. Net exports
3. Consumption
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Yolanda Smith is an unmarried, 34-year-old taxpayer. She will use the head of household filing status, and she has the following income for the year: Wages: $34,500. Interest from a bank savings account: $350. Municipal bond interest: $200. Lottery prize: $250. Gift from her father: $5,000. Yolanda contributed $1,500 to her traditional IRA, which she qualifies for and will deduct. What is Yolanda's adjusted gross income?
Yolanda's adjusted gross income for the year is $33,600.
What is the adjusted gross income?The adjusted gross income represents the taxable income.
The prevailing tax rates will be applied to Yolanda's adjusted gross income to compute the tax liability for the year.
The adjusted gross income (AGI) is computed by deducting eligible income adjustments from the gross income.
Note that municipal bond interests are not taxable, just like the gift from Yolanda's father, which was below $16,000.
Year's Taxable Income:Wages = $34,500
Savings interest = $350
Lottery prize = $250
Traditional IRA = ($1,500)
AGI = $33,600
Thus, Yolanda's tax liability for this year will be based on her adjusted gross income of $33,600.
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atlantic corp. retired its bonds early which resulted in a gain of $40,000. question: in the journal entry to record the retirement, how should the gain be recorded, and what will be the effect of the gain on the company's net income?
The effect of the gain on the company's net income Gain account should be credited.
Net income is the positive result of subtracting expenses and losses from a company's revenues and profits. A negative result is called a net loss. Net income also known as net income is calculated as revenue minus the cost of goods sold selling general and administrative expenses operating expenses depreciation interest taxes and other expenses.
Net profit represents the overall profitability of a company after deducting all expenses and expenses from gross sales. Net income also includes all other types of income earned by a company. Interest income from investments or income from the sale of assets. Net profit is the profit left after deducting all costs from a company's sales.
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as a project manager, you collect opinion-based feedback surveys in an effort to improve a product. what do you call this type of data?
This type of data is Qualitative data. The definition of qualitative data is information that approximates and characterizes. It is possible to notice and document qualitative data. The nature of this data type is not numerical. Focus groups, one-on-one interviews, observations, and other similar techniques are used to gather this kind of data.
Data that conveys the ephemeral and interpretative features of a thing or process is referred to as qualitative data since it cannot be measured or quantified objectively. While qualitative data can be expressed in a variety of forms, including written words, audio recordings, and video clips, quantitative data is virtually always expressed mathematically.
The data set returns more varied outcomes with less simple methods of measurement and analysis than those found in quantitative analysis, particularly when qualitative data is acquired through human reactions.
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what makes a good exchange rate and what are the factors that impact the exchange rates? what are some arguments for fixed exchange rates?
A good exchange rate is one that is stable and reflects the underlying fundamental forces and trends that impact the two currencies. The exchange rate is determined by supply and demand for each currency.
Factors that influence exchange rates include interest rates, inflation, political stability, economic growth, and global events, Recession, Terms of Trade.
Arguments for fixed exchange rates include that it can reduce uncertainty, create a more stable economic environment, and facilitate international trade.
What is exchange rates?
Exchange rates are the price at which one currency can be exchanged for another. They are the rate at which one currency can be exchanged for another, or the value of one currency in relation to another.
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in most cases, demand for products or services can be broken into several components. which of the following is not considered a component of demand? group of answer choices a trend cyclical elements seasonal elements average demand for a period previous demand
The previous demand is not considered a component of demand.
What is demand?Demand simply means the willingness of the consumer to buy goods and services without hesitation and to pay a price for them. In simple terms, demand refers to the amount of goods that customers are willing and ready to buy at various prices during a given period of time. Preferences and choices are key drivers of demand and can be described in terms of costs, benefits, returns and other variables.
The amount of goods that customers choose depends modestly on the cost of the goods, the cost of other goods, the income of the customer and his tastes and inclinations. The amount of goods that the customer wants to buy, who can afford the prices offered by the goods and the tastes and preferences of the customer, is called the demand for the goods.
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a group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is called by marketers as .
A product line is a group of items that a company sells.
Product information
“a group of items that are closely related, either because they perform similarly, are promoted to the same customer groups, are supplied through comparable channels, or are priced within a certain range.”
Anything that can be sold on the market to fulfil a consumer’s need or desire is a product. An object, system, or service that is made available for customer usage in response to consumer demand is referred to as a product in marketing.
Commodities are often raw stuff like metals and agricultural products.
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in the long run, firms can control their costs by adjusting the scale of their production process. drag the appropriate description of the relationship between output and cost to the end of the correct long-run average total cost curve.
Production scale can be defined as the volume of a product or service that a single firm produces.
Explain by looking at the graph
By looking at the graph we can assume that
Point 1 = With more output comes Higher Cost.
( as LRATC is increasing with increase in output)
Point 2 = Cost remains constant regardless of output
( LRATC is constant when output increases )
Point 3 = As Output expands , Cost declines
(as LRATC is decreasing with increase in Output)
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