Key aspects of performance management include setting clear goals and expectations, providing regular feedback and coaching, conducting fair and impartial performance reviews, and encouraging employee development and development.
These elements help align employee efforts with organizational goals, improve performance, and increase employee engagement and motivation.
Changes in the labor market require changes in performance management practices. With the advent of remote work, flexible arrangements, and multiple work roles, performance management has become more focused on continuous feedback, agile goal setting, and ongoing performance conversations.
Traditional models based on rigid structures and annual reviews are being replaced with a more adaptive and dynamic approach to meeting the changing needs of employees.
Technology has revolutionized performance management by providing digital tools and platforms for process streamlining, real-time performance tracking, and automated data analysis. Technology facilitates efficient feedback collection, improves communication and collaboration, and enables more accurate performance evaluation and reporting.
However, human connections and decision-making remain important to motivating and growing employees, so organizations must ensure a balance between technology and the human element to maintain effective performance management.
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Help what’s the answer?
Answer: My guess is C
Explanation: Not sure don't hate if it's not right
Suppose that u. S. Mining companies purchase german-made ore trucks at a reduced price. By itself, what effect will this purchase have on the gdp deflator and on the consumer price index?.
There won't be any changes to the GDP deflator or the consumer price index.
The average price variations of the products and services that households purchase are measured by the Consumer price index (CPI) all households, which is computed by Statistics Netherlands. Employers' organizations, trade unions, and the government regularly utilize the index as a key indicator of inflation. The cost of living index (CPI) is calculated by the Bureau of Labor Statistics (BLS) as a weighted average of prices for a sample of goods and services that is representative of overall consumer spending in the United States.
Every month in the US, the Consumer Price Index (CPI) tracks changes in consumer prices.
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In the market for bottled water, fresh springs has a 30 percent share of the market, swiss springs has a 27 percent share, l'eau de france has a 13 percent share, and mountain water has a 10 percent share. the rest of the market consists of 20 firms with a 1 percent share of the market each. what is the value of the herfindahl-hirschman index
The value of the Herfindahl-Hirschman Index, calculated for the market for bottled water, is 2,298.
What is the Herfindahl–Hirschman Index?The Herfindahl–Hirschman Index, HHI, is a commonly accepted measure of market concentration and competitiveness.
The HHI is calculated by squaring the market share of each competing firm and then summing the resulting numbers.
Data and Calculations:Product Market Share Squared Market Share
Fresh springs 30% 900(30% x 30%)
Swiss springs 27% 729 (27% x 27%)
L'eau de France 13% 169 (13% x 13%)
Mountain water 10% 100 (10% x 10%)
Rest of market 20% 400 (20% x 20%)
Sum of squared market share = 2,298
Thus, the value of the Herfindahl-Hirschman Index is 2,298, reflecting a low market concentration.
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The costs per equivalent unit of direct materials and conversion in the rolling department of oak ridge steel company are 180 and 62
Answer:
Equivalent units of direct materials= $180 per tons
Equivalent units of conversion =$62 per tons
Explanation:
Calculation to Determine the direct materials and conversion costs per equivalent unit.
Using this formula
Equivalent units of direct materials=Cost of direct materials transferred/Total equivalent units for direct materials
Let plug in the formula
Equivalent units of direct materials= $432,000/2,400
Equivalent units of direct materials= $180 per tons
Therefore the direct materials cost per equivalent unit will be $180 per tons.
Calculation for Equivalent units of conversion using this formula
Equivalent units of conversion=Conversion cost /Total equivalent units for Conversion
Let plug in the formula
Equivalent units of conversion=$144,150/2,325
Equivalent units of conversion= $62 per tons
Therefore the conversion cost per equivalent unit will be $62 per tons.
correct answer please!
pag tama brainliest ko!
Answer:
1. radish, vinegar, spices
2. cucumber, vinegar, herbs
3. ripe mangoes, vinegar, chopped herbs
4. sweet potatoes, vinaigrette, nuts
5. arugula, vinaigrette, oranges
The best way to get a first-hand look at a job and its surroundings is _____.
a film about the company
a job-site visit
the internet
an interview
Answer:
2. a job site visit maybe??
The relationship between increasing prices and decreasing money value is called
Answer:
Inflation occurs when prices rise across the economy, decreasing the purchasing power of your money.
Explanation:
Can I please get on the brainlist
which one of these best describes the requirements of an investment strategy?
The option that best describes the requirements of an investment strategy is (C) "Competencies, resources, goal, method".
An investment strategy requires a combination of competencies (skills and knowledge), resources (money and other assets), a clear goal (what you want to achieve), and a method (the approach or plan you will use to reach your goal). These four elements are essential for creating and executing an effective investment strategy.
Without competencies, you may not have the knowledge or skills to make informed investment decisions. Without resources, you may not have the means to make investments. Without a clear goal, you may not have a direction or purpose for your investments. And without a method, you may not have a plan for achieving your investment goal.
This question should be provided as:
Which one of these best describes the requirements of an investment strategy?
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I am considering two investment choices that are mutually exclusive. (This means I must pick one of them OR neither of them; I cannot pick both.)
The first opportunity requires an investment of $50 today and will return $10 annually forever.
The second opportunity requires $300 of investment today and will return $30 annually forever.
What should I do if my cost of capital is 10%?
What should I do if my cost of capital is 5%?
Given a risk-free rate of 2% and a market return of 8%, what is the beta of a portfolio constructed of these two securities?
30% stock 1, with expected return of 8%
70% stock 2, with expected return of 10%
If the inflation rate doubles, what is the new beta of the portfolio in the previous question?
The beta remains the same at 1.35 in this case.
if the cost of capital is 10%:
- choose the second opportunity since its internal rate of return (irr) exceeds the cost of capital (30% > 10%).
- the first opportunity has an irr (10%) lower than the cost of capital, so it should be disregarded.
if the cost of capital is 5%:
- choose both opportunities since their irrs (10% and 30%) exceed the cost of capital (5%).
- by selecting both, you can maximize your returns and take advantage of the positive npv from both investments.
the beta of the portfolio constructed with the two securities is calculated as follows:
beta = (weight of stock 1 * beta of stock 1) + (weight of stock 2 * beta of stock 2)
= (0.3 * 1) + (0.7 * 1.5) = 1.35
if the inflation rate doubles, it does not affect the beta of the portfolio. beta measures the systematic risk of a security relative to the market, and inflation does not directly impact this relationship. when the cost of capital is 10%, the decision is based on the internal rate of return (irr) of each investment opportunity. the first opportunity has an irr of 10%, which is equal to the cost of capital, making it less attractive. the second opportunity, with an irr of 30%, exceeds the cost of capital, indicating higher profitability.
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make me laugh and ill give you brainly along with 15 points
remember\(\left[\begin{array}{ccc}180&260&life\\make&me&laugh\\level&hard&because im tierdnit will be hard good luck\end{array}\right]\)
Answer:
Whats a lawyers favorite suit...
A lawsuit
Explanation:
What are benefits of social media?
Here are the several benefits of social media in business:
It is an inexpensive channel for promotion.Can do more specific targeted promotions.Can find out the trends in the market much faster.What Are The Benefits Of Social Media In Marketing?Marketing is an activity of informing about the goods or services offered by the company to consumers. One way that can be used today is social media marketing where companies use social media as a channel to introduce their products to consumers. This social media marketing can be done both for free and for free, so it is one of the relatively inexpensive promotional efforts. Apart from that, one of the advantages of social media marketing is the existence of targeted promotions where companies can know that the advertisements they have made will be received by the appropriate target market.
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Consider a factory that produces a popular type of drink. According to business investigation, demand of the market is estimated to be 25,000 bottles per month. The factory produces the drink at rate of 250 bottles per hour and works 240 hours per month. It takes 3 hours for the factory to reset and maintain the machines between different operation processes. The cost of each single reset is calculated to be ¥ 1,200.00 per hour. Stock-holding costs are counted at ¥5 per item per month. 1. What is the economic batch quantity (EBQ)? (5 points) 2. Suppose that the unit cost to manufacture each bottle of drink is ¥ 1.2. If we want the total EBIT per month to be ¥ 38908, what value should we set the unit price of each toy at? (4 points) (Hint: EBIT = total revenue – total holding cost – total ordering cost – total manufacturing cost).
The economic batch quantity (EBQ) is defined as the optimal amount of product that should be ordered to reduce the total cost of manufacturing, ordering, and carrying inventory.
The EBQ is determined by the following formula:
EBQ = Square root of [(2 x D x S)/H]
Where, D = Annual demand or the amount of product demanded each year
S = Cost of setting up or ordering one unit of the product
H = Annual holding cost per unit of product
Therefore, for the factory that produces 25,000 bottles per month at a rate of 250 bottles per hour, the monthly demand can be calculated as follows:
Monthly demand = 25,000 bottles
Hence, daily demand (assuming 30 days in a month) = 25,000/30 = 833.33 bottles
Also, given that the factory works for 240 hours per month and it takes 3 hours for the factory to reset and maintain the machines between different operation processes, the total effective hours of operation per month is 240 - (240/3) = 160 hours.
Hence, the monthly production is given by:
Monthly production = (250 bottles/hour) x 160 hours = 40,000 bottles
Thus, the annual demand can be calculated as follows:
Annual demand = 25,000 x 12 = 300,000 bottles
The cost of each reset is ¥ 1,200.00 per hour and the monthly holding cost is ¥ 5 per item per month.
Thus, the ordering cost can be calculated as follows: Ordering cost = (D/EBQ) x S = (300,000/EBQ) x 1,200 = 300,000 x 1,200 / EBQ = 360,000,000 / EBQ
The holding cost can be calculated as follows:
Holding cost = (EBQ/2) x H = (EBQ/2) x 5 = 2.5 x EBQ
Therefore, substituting the values in the EBQ formula, we get:
EBQ = Square root of [(2 x 300,000 x 1,200) / 5] = 3464.10 bottles
EBIT stands for Earnings Before Interest and Taxes. It is a measure of the profitability of a company.
The formula for EBIT is given by:
EBIT = Total Revenue - Total Holding Cost - Total Ordering Cost - Total Manufacturing Cost
Also, the total manufacturing cost can be calculated as follows:
Total Manufacturing Cost = (Monthly Production / EBQ) x Manufacturing Cost per unit
Total Revenue can be calculated as follows:
Total Revenue = Unit Price x Monthly Demand
Given that the cost of manufacturing each bottle of drink is ¥ 1.2, the total manufacturing cost per month can be calculated as follows:
Total Manufacturing Cost = (40,000 / 3464.10) x 1.2 = ¥ 13,870.28
Therefore, substituting the values in the EBIT formula, we get:¥ 38,908 = Unit Price x 25,000 - (3464.10 / 2) x 5 - (300,000 / 3464.10) x 1,200 - ¥ 13,870.28
Solving for the unit price, we get:
Unit Price = (¥ 38,908 + 8532.75 + 413,128.82 + ¥ 13,870.28) / 25,000 = ¥ 18.68
Thus, the unit price of each bottle of drink should be set at ¥ 18.68 to achieve the desired EBIT per month of ¥ 38,908.
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Give an overview of the Key Performance Indicators (KPI) that your organisation uses in evaluating the performance of its suppliers
These Key Performance Indicators (KPIs) may vary based on the industry, organizational goals, and specific supplier relationships. Some commonly used KPIs in supplier performance evaluation are on-time delivery, quality performance, and financial stability.
On-time Delivery: This KPI measures the supplier's ability to deliver goods or services according to the agreed-upon schedule.
Quality Performance: This KPI evaluates the quality of the products or services provided by the supplier.
Financial Stability: This KPI assesses the financial health and stability of the supplier.
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Please help with all 3 bullet points
You have been invited to speak to a group of Managers at Paychex about increasing the business’s commitment to improved employee health benefits by increasing the opportunity to work remotely.
How will you appeal to their pathos?
How will you appeal to their ethos?
How will you appeal to their logos?
To appeal to the managers' pathos, I would emphasize the positive impact of remote work on employees' well-being, work-life balance and overall happiness.
How can remote work benefit employees' well-being and happiness?As managers, we must recognize the profound influence of employee well-being on their productivity and loyalty. By increasing the opportunity of work remotely, we offer employees a better work-life balance and flexibility.
This lead to reduced stress levels, increased job satisfaction and improved mental health. Remote work allows employees to save commuting time, spend more quality time with their families and achieve a greater sense of control over their lives.
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While the U.S. unemployment rate fluctuates over time, it normally returns to a long-run average somewhere between Group of answer choices 8% and 10%. 4% and 6%. 2% and 4%.
The U.S. unemployment rate experiences fluctuations over time due to various economic factors, such as business cycles, market demand, and labor force participation.
However, in the long run, the unemployment rate typically returns to an average range. This long-run average is referred to as the natural rate of unemployment, which encompasses frictional and structural unemployment, but not cyclical unemployment. The natural rate of unemployment in the U.S. generally falls within the range of 4% and 6%.
Frictional unemployment occurs when workers are temporarily between jobs, such as during a job search or a career transition. Structural unemployment arises from a mismatch between the skills of the labor force and the skills required by employers, often due to technological advancements or changes in the economy.
The natural rate of unemployment does not include cyclical unemployment, which results from economic downturns and recessions. In summary, while the U.S. unemployment rate experiences fluctuations due to various economic factors, it generally returns to a long-run average between 4% and 6%. This range encompasses the natural rate of unemployment, which includes frictional and structural unemployment, but not cyclical unemployment.
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intoxicated, efron enters a contract for the sale of his business, freight dispatch, to gretel for less than its market value. this contract is enforceable if, at the time,
Intoxicated, Efron enters a contract for the sale of his business, Freight Dispatch, to Gretel for less than its market value. This contract is enforceable if, at the time, the legal consequences are understood by Efron.
Particularly under illustration (b) thereto, Section 12 of the Contract Act, which specifies when a person can be deemed to be of sound mind for entering into a contract, seems to imply that intoxication can render a person incapable of making a contract. Disaffirmance is the legal term for avoiding or putting aside a contractual commitment. A minor must demonstrate their desire to disaffirm the agreement by doing so verbally or physically.
In most places, people who are minors (under the age of 18) lack the legal competence to enter into a contract. Therefore, a kid who signs a contract has the option of upholding it or having it canceled. However, there are a few outliers. For instance, a minor can often not revoke a contract for basic needs like food, clothing, and housing.
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The given question is incomplete. The complete question is:
Intoxicated, Efron enters a contract for the sale of his business, Freight Dispatch, to Gretel for less than its market value. This contract is enforceable if, at the time,
a. Efron understood the legal consequences.
b.Efron's intoxication was purely voluntary.
c.Gretel was also intoxicated.
d.Gretel fraudulently induced Efron to become intoxicated
The accounting records of Woo Company show $2,400 of retained earnings. Based on this information alone, ______.
Despite that an amount of $2,400 is known for retained earnings, the amount of cash dividends that the company is able to pay cannot be determined.
What is retained earnings?Retained earnings means the profit generated and set aside for the company's future purpose.
The amount of Retained earnings does not reflects the cash dividends paid to shareholders.
In conclusion, despite that an amount of $2,400 is known for retained earnings, the amount of cash dividends that the company is able to pay cannot be determined.
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Rollins Company accumulates the following adjustment data at December 31 . (a) Service revenue eamed but unbilled totals $600. (b) Store supplies of $300 are on hand. Supplies account shows $1,900 balance. (c) Utility expenses of $275 are unpaid. (d) Service revenue of $490 collected in advance has been eamed. (e) Salaries of $800 are unpaid. (f) Prepaid insurance totaling $400 has expired. Instructions (a) Prepare journal entries for each of the events above. (b) Indicate the type of adjustment (prepaid expense, uneamed revenue, accrued revenue, or accrued expense). Problem 3. In its first year of Operations Buddy Company earned $28,000 in service revenue, $6,000 of which was on account and still outstanding at year-end. The remaining $22,000 was received in cash from customers. The company incurred operating expenses of $14,500. Of these expenses $13,000 were paid in cash; $1,500 was still owed on account at year-end. In addition, Buddy prepaid $3,600 for insurance coverage that would not be used until the second year of Operations. Instructions (a) Calculate the first year's net earnings under the cash basis of accounting, and calculate the first year's net earnings under the accrual basis of accounting. (b) Which basis of accounting (cash or accrual) provides more useful information for decision makers?
(a) The first year's net earnings under the cash basis of accounting is $9,000.
(b) The first year's net earnings under the accrual basis of accounting is $13,500.
Accrual basis of accounting provides more useful information for decision makers.
Journal entries for the events above are as follows:
(a) Debit: Service Revenue Accounts Receivable $600 Credit: $600
(b) Debit: Supplies Expense Supplies $300 Credit: $300
(c) Debit: Utility Expense Accounts Payable $275 Credit: $275
(d) Debit: Unearned Service Revenue Service Revenue $490 Credit: $490
(e) Debit: Salaries Expense Salaries Payable $800 Credit: $800
(f) Debit: Insurance Expense Prepaid Insurance $400 Credit: $400
The types of adjustments are as follows:
(a) Unearned revenue
(b) Prepaid expense
(c) Accrued expense
(d) Accrued revenue
(e) Accrued expense
(f) Prepaid expense
In its first year of operations, Buddy Company earned $28,000 in service revenue. $6,000 of the revenue was on account and still outstanding at year-end, while the remaining $22,000 was received in cash from customers. The company incurred operating expenses of $14,500, with $13,000 paid in cash and $1,500 still owed on account at year-end. Additionally, Buddy prepaid $3,600 for insurance coverage that would be used in the second year.
(a) The first year's net earnings under the cash basis of accounting is $9,000.
(b) The first year's net earnings under the accrual basis of accounting is $13,500.
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suppose you have developed a new product for you business.outlineany five steps in developing a rematch instrument
Answer:
But I am too young to start a new business
Identify and explain two reason why the primary sector is relatively more important to Botswana than India?
Answer:
There is labour abundance in primary sector in India. Also, most of the people are employed in the primary sector because enough jobs are not provided by the secondary and tertiary sector. Employment growth is less in the secondary and tertiary sector. About 63% of the country are absorbed in the primary sector
Objective and subjective product criteria are developed during the ________ stage of the purchase decision process so that the decision can be made in the next stage.
Objective and subjective product criteria are developed during the alternative evaluation stage of purchase decision.
What is alternative evaluation?Alternative evaluation is the the third stage in the consumer buying decision. It refers to the stage in the buying decision process in which the buyer uses information gathered to make a final choice between the products in the evoked set.
The alternatives should reflect different approaches to the problem or different priorities across objectives, and should present decision makers with real options and choices
Hence, objective and subjective product criteria are developed during the alternative evaluation stage of purchase decision.
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mc qu. 37 a checking account is also called ... a checking account is also called a demand deposit because
A checking account is also called a demand deposit because it allows the account holder to withdraw funds on demand. Here option C is the correct answer.
A checking account is a type of bank account that allows the account holder to deposit and withdraw money as needed. Because the account holder can demand their money at any time, it is referred to as a "demand deposit."
Checking accounts are typically used for everyday transactions, such as paying bills, making purchases, and withdrawing cash from an ATM. They offer easy access to funds and often come with a debit card, which allows the account holder to make purchases without carrying cash.
Unlike savings accounts, checking accounts typically do not offer high-interest rates, and they may require a minimum balance to be maintained to avoid fees. While some people may use checking accounts for short-term savings goals, they are generally not intended for long-term savings.
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Complete question:
Which of the following options correctly completes the sentence: "A checking account is also called a demand deposit because..."?
a) it offers high-interest rates
b) it requires a minimum balance to be maintained
c) it allows the account holder to withdraw funds on demand
d) it is typically used for long-term savings
the graph above reflects a significant increase in world oil prices. what will the impact on aggregate supply most likely lead to?
Since the graph reflects a significant increase in world oil prices, the impact on aggregate supply will result in an increase in input prices.
It should be noted that an increase in the prices of oil will affect the aggregate supply. The aggregate supply simply means the total supply of goods and services that are produced in an economy at a particular period.
The impact on aggregate supply most likely leads to an increase in the prices of inputs. Since there's a rise in prices of world oil, it'll lead to inflation and hence result in an increase in input prices.
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why was the expansion of railroads significant to the growth of the cattle industry?
More cow towns were built in the West as railroads made it easier to transport a large number of cattle. Cattle from the east could be transported west via railroads and fed the region's expanding population.
What exactly is the cattle industry ?The production, management, slaughter, and sale of meat, dairy, and other products derived from cattle, such as hides, are all parts of the multi-billion dollar cattle industry in the United States. Any bovine animal—cows, buffalo, bison, etc.—is referred to as a cattle.
The national cattle herd ended its seven-year liquidation on January 1, 2014, with 88.2 million cattle and calves—the lowest herd size since 1952. The herd of cattle has increased ever since, reaching a peak of 94.8 million head in 2019. The herd has decreased by 3% to 91.9 million cattle heads as of January 1, 2022.
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Using the marine corps planning process (mcpp) to produce an operations order (opord) is an example of which level of risk management?
Answer:
Deliberate level of risk management
Explanation:
Risk management can be defined as a process whereby situations or circumstances that can pose or cause risks to a firm or management operations is properly identified.
Risk management also involves taking appropriate measures to prevent such risks from occurring or taking place.
Risk management also involves controlling or mitigating against any for of risks that may occur in the future.
Risk management includes the following steps:
a) Identify the risks
b) Assess the risks
c) Make decisions
d) Place appropriate controls in place
e) Carry out adequate supervision.
Operational Risk Management has 3 levels and they are:
1) Deliberate Risk Management.
2) Time Critical Risk Management.
3) Strategic Risk Management.
In the question above, using the marine corps planning process (mcpp) to produce an operations order (opord) is an example of Deliberate level of risk management.
Deliberate level of risk management can be defined as the risk management level that is carried out or well executed amongst a group of personnels.
It is the level of risk management that is carried out when we are trying to execute or carry out a particular project.
Explain why the limit of insurance applicable to the coverage is an important component of the final premium.
The limit of insurance applicable to the coverage is an important component of the final premium because it determines the maximum amount that the insurance company will pay in the event of a claim.
The higher the limit of insurance, the more coverage the policyholder has, and therefore the higher the risk for the insurance company. As a result, the premium will be higher to reflect the increased coverage and potential liability for the insurer.
Conversely, if the limit of insurance is lower, the premium will be lower since the potential risk and payout for the insurance company are reduced. So, the limit of insurance directly impacts the final premium, with higher limits leading to higher premiums and lower limits leading to lower premiums.
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How can you improve your credit score?
Answer:
Explanation:
According to Forbes, some ways to raise a credit score quickly include raising credit limits, keeping accounts open and paying bills on time
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Latrice works in product design for a cell phone manufacturer. She researches what people like and dislike about their current cell phones and then draws up ideas for new designs. What skill might benefit Latrice in her career?
A. Latrice is great with math and keeping things in order.
B. Latrice is outgoing and friendly.
C. Latrice is artistic and has a great imagination.
D. Latrice loves the outdoors.
During the COVID-19 pandemic, which of the following would be closest to the elasticity of demand for personal protective equipment (PPE)? a. 1.2 b. 0.3
c. 2.3
d. 1.5
e.. 1.8
During the COVID-19 pandemic, the elasticity of demand for personal protective equipment (PPE) would likely be relatively high. Among the given options, the closest value to reflect this higher elasticity would be option e: 1.8.
Elasticity of demand measures the responsiveness of the quantity demanded to changes in price. A higher elasticity indicates that the demand for PPE is more sensitive to price changes.
During the pandemic, there is a heightened need for PPE to protect individuals from the virus, leading to increased demand. As a result, even small changes in price may significantly affect the quantity demanded. This responsiveness suggests a relatively high elasticity of demand, making option e (1.8) the closest value in the given options.
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2. what is the economic principle of absolute advantage? what is the economic principle of relative (or comparative) advantage? what should countries do to trade under each one of these principles?
The economic principle of absolute advantage is the ability of a country to produce a particular good or service with fewer resources than another country. This theory was first introduced by Adam Smith in his book "The Wealth of Nations" in 1776. Smith argued that countries should specialize in the production of goods or services in which they have an absolute advantage and trade with other countries for goods or services in which they do not have an advantage.
The economic principle of relative (or comparative) advantage is the ability of a country to produce a particular good or service at a lower opportunity cost than another country. This principle was introduced by David Ricardo in 1817. Ricardo argued that countries should specialize in producing goods or services in which they have a comparative advantage and trade with other countries for goods or services in which they have a higher opportunity cost.
To trade under the principle of absolute advantage, countries should produce and export the goods or services in which they have an absolute advantage and import the goods or services in which they do not have an advantage. This will lead to increased efficiency and lower production costs for both countries.
To trade under the principle of comparative advantage, countries should specialize in producing goods or services in which they have a comparative advantage and trade with other countries for goods or services in which they have a higher opportunity cost. This will lead to increased efficiency, lower production costs, and increased output for both countries.
Overall, both principles of trade are beneficial for countries as they allow for specialization and increased efficiency in production. It is important for countries to identify their strengths and weaknesses and trade accordingly to maximize the benefits of trade.
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