Which of the following is an effective way to use critical thinking in business? Identify my customer's personal needs by using receiver analysis Use my gut feeling when I don't have enough time to research a decision (both of the above) (none of the above)
Answers
An effective way to use critical thinking in business is to identify the customer's personal needs by using receiver analysis. Critical thinking is a valuable skill in business that involves evaluating, analysing, and reasoning information to make informed decisions and solve problems.
By employing critical thinking, businesses can identify challenges, develop strategies, and make informed decisions. One specific application of critical thinking is to understand and meet the personal needs of customers through receiver analysis. Receiver analysis is a tool that allows businesses to evaluate customer feedback, complaints, and reviews to gain insights into their preferences and expectations.
By analysing customer data, businesses can develop effective strategies to meet customer needs and enhance satisfaction. Identifying the customer's personal needs through receiver analysis is a practical approach that utilizes critical thinking in the business context.
In summary, using critical thinking to identify the customer's personal needs through receiver analysis is an effective strategy in business. It enables businesses to understand customer preferences and tailor their products or services accordingly, leading to improved customer satisfaction and business growth.
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Related Questions
Over the last 100 years, marginal tax rates have been fluctuating constantly. Place the years in order by how high the top marginal rate was at the time. Place the year with the highest rate first.
Answers
Communication may account for as much as
of a hiring decision.
a.
25%
b.
40%
C.
65%
d.
80%
Please select the best answer from the choices provided
Answers
The answer would be A
Answer:
A) 25%
Explanation:
JUST TOOK TEST ON EDGE
Most economists would agree that the best interests of international business are found in a nation with a ? a. laissez-faire policy. b. command economy. c. free trade policy. d. planned economy. e. mercantilist view.
Answers
Most economists would agree that the best interests of international business are found in a nation with a free trade policy.
Free trade policies involve the removal of barriers to international trade, such as tariffs and quotas, which allows businesses to access larger markets, increase competition, and reduce costs. This can lead to greater economic growth and job creation, as well as higher levels of consumer welfare.
While a laissez-faire policy, which emphasizes minimal government intervention in the economy, can be beneficial for businesses in terms of reducing regulatory burdens and taxes, it does not necessarily promote free trade. A command economy, on the other hand, involves government control over the allocation of resources and production decisions, which can limit the ability of businesses to operate efficiently and innovate.
A planned economy, which involves centralized government planning of economic activity, can similarly limit the ability of businesses to operate in a flexible and dynamic manner, while a mercantilist view, which emphasizes trade surpluses and protectionism, can restrict access to markets and limit competition.
Overall, a free trade policy is generally considered to be the most beneficial for international business, as it allows for greater market access and competition, leading to higher levels of economic growth and prosperity.
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A. Multiple Choice: Choose the correct 1. Many farmers may forget to check the troubleshooting section, which can cost them even more time out of the field. a. Not reading the Operator's Manual b. Improper Maintenance c. Poor electrical connection d. Overrunning machines capability e. Not replacing wom out when needed
Answers
Answer:
E.Not replacing whom out when Needed
Erica recently bought a homeowner’s policy that will cover the loss of jewelry, but only up to $20,000. What is this known as?
A.
an exclusion
B.
a deductible
C.
a rider
D.
a consideration
Answers
Answer:
(A.) An exclusion.
Explanation:
Just took the Final Exam on GradPoint.
Trice is a fellow student who heard about your business idea and put you in contact with his brother-in-law who might have similar interests. What is the role that Trice is playing
Answers
The role that Trice is playing is:
Self selected stakeholder.
Who is a Self selected stakeholder?This refers to a person who connects entrepreneurs and people with resources so that they can have a part of the business.
With this in mind and with the role of Trice who helped to connect an entrepreneur with an investor who happened to be her brother-in-law, then she is playing the role of a Self selected stakeholder
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Sherman, inc. Manufactures chainsaws that sell for $58. Each chainsaw uses $10 in direct materials and $3 in direct labor per unit. Sherman has two activities: machining, which is applied at the rate of $2 per machine hour, and finishing, which is applied at the rate of $20 per batch. This month, sherman made 200 chainsaws, using 1,000 machine hours in 40 batches. What is the gross profit for one chainsaw?
Answers
The correct option is B, This month, sherman made 200 chainsaws, using 1,000 machine hours in 40 batches. The gross profit for one chainsaw is $27.
Direct material ( per unit ) = $ 10
Direct labour. ( Per unit ) = $ 3
Therefore manufacturing cost s = 40 batches * $ 20 + 1000 * $ 2 + $ 10* 200 + $ 3 * 200
= 5400
Per unit cost = 5400/200
= $27
Gross profit is the difference between the revenue generated from sales and the cost of goods sold (COGS). It represents the money a company earns before subtracting operating expenses, interest, taxes, and other costs. Gross profit is a key financial metric that indicates the efficiency of a company's production and pricing strategy.
Gross profit is an important metric for businesses because it provides insight into the profitability of their operations. A high gross profit margin indicates that a company is able to produce and sell goods at a cost that is significantly lower than their selling price, which is a positive sign of financial health. Conversely, a low gross profit margin suggests that a company may need to adjust its pricing or cost structure to remain competitive in the market.
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Complete Question:-
Sherman, inc. Manufactures chainsaws that sell for $58. Each chainsaw uses $10 in direct materials and $3 in direct labor per unit. Sherman has two activities: machining, which is applied at the rate of $2 per machine hour, and finishing, which is applied at the rate of $20 per batch. This month, sherman made 200 chainsaws, using 1,000 machine hours in 40 batches. What is the gross profit for one chainsaw?
a. $13
b. $27
c. $30
d. $14
You are part of the management team for 23andMe and have come across the below workplace dilemmas on the job. Your team should research the topic and prepare to brief me, CEO, Anne Wojcicki, on how to handle the situation. You will be conferencing into our Sunnyvale HQ office in teams of four to advise me on the pros and cons of each issue. I will make a decision based on the facts presented to me.
Employer Hiring Practices
Brett Waters is a final candidate for the role of VP of Communications. He has a strong resume, did well in his interviews, and had glowing referrals. Before making a final decision, we did a deeper search and looked at candidate social media accounts. We uncovered photos of Brett partying with young girls in bikinis and consuming a lot of alcohol. One of his posts even boasts about drinking and driving. We are unsure this candidate is a good match for our company’s brand and reputation and ultimately think we should remove him from the candidate pool.
Should a company look at prospective employees’ social media profiles when considering them for a job?
PRO: Yes, anything put out in the world for public view is fair game. We should take this into consideration and not hire Brett because he is not a good fit with our culture.
CON: No, we should only look at his professional portfolio and NOT look at his social media accounts. We should hire Brett because he is a qualified candidate.
Expert Answer
Answers
A company should look at prospective employees' social media profiles when considering them for a job.
Explanation: Looking at prospective employees' social media profiles can provide additional insights into their character, behavior, and alignment with the company's culture and values. In the case of Brett Waters, the discovered photos and posts raise concerns about his judgment, ethics, and potential impact on the company's brand and reputation.By considering social media profiles, the company gains a more comprehensive view of candidates beyond their professional qualifications. It allows for a holistic assessment of their suitability for the organization and the role they are applying for. In the case of a VP of Communications, who would be representing the company publicly, it becomes even more critical to assess their online presence.However, it is important to establish clear guidelines and protocols for evaluating social media profiles to avoid biases, discrimination, or invasion of privacy. The assessment should focus on relevant information that directly impacts the candidate's ability to perform the job and align with the company's values. It should be conducted consistently and fairly for all applicants.Ultimately, considering social media profiles as part of the hiring process can provide valuable insights into a candidate's character, behavior, and potential fit with the company's culture, allowing for a more informed decision-making process.
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A company with two factories learns that by using robots and other high-tech
equipment it can produce the same quantity with just one factory. It decides
to close one of its factories. Under the WARN Act, who must be notified of
this decision?
O A. The workers at both plants and the state and federal departments
of labor
OB. The workers of the plant to be closed, the local government, and
the state's department of labor
O C. The workers at the plant to be closed, the local government, and
the state's dislocated-worker unit
O D. The workers at both plants, the local governments of both
communities, and both states' dislocated-worker units
Answers
Answer:
O C. The workers at the plant to be closed, the local government, and
the state's dislocated-worker unit
Explanation:
The WARN Act seeks to offer protection to workers, their families, and communities by compelling employers to give a 60 notice day in advance of a planned plant closure or intended mass layoffs. The advance notice provides workers and their families time to adjust to the pending loss of employment. It accords workers some time to seek alternative employment or acquire new skills to compete for jobs.
Apart from the affected workers, The WARN act requires employers to notify the state dislocated worker units. This facilitates dislocated worker assistance to be availed promptly to the affected worker. The local government representatives should also be notified.
Manufacturers who offer home trials of their products think that consumers will either like the product enough to keep it or
Answers
Businesses conduct market research by speaking with potential customers directly to determine whether a new product or service will succeed. Through market research, businesses can identify their target market and obtain in-the-moment consumer opinions and input. This is how home trials are done by manufacturers.
To make sure products are produced according to your clients' expectations, trial production runs are crucial. The trials enable for inspections and assessments to ascertain whether the product is of sufficient quality as well as whether your production operations are being carried out effectively. The four case types of civil, criminal, juvenile, and traffic trials can be used to classify all trial kinds. First appearance, arraignment, motions, pre-trial conference, and trial are the five phases. To make sure products are produced according to your clients' expectations, trial production runs are crucial. The trials enable examinations and reviews to ascertain not only whether the product is of suitable quality but also whether your production operations are being carried out effectively.To know more about manufacturing trial here
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which situation ONLY describes a purchase with a credit card?
Answers
A situation that will happen only with a credit card purchase is D) Mike took his mother out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill he received two weeks later.
Which situation happens with a credit card purchase?When we purchase with a credit card, it means that we do not use cash and instead the money is deducted electronically from our card.
We will then see this purchase amount on a credit card bill that is sent after some time like Mike was.
Options for this question include:
A) Ally loves her card because it is convenient to use, and she doesn't have to carry cash.
B) Don pays for lunch with his card. Each time he uses this card his checking account decreases.
C) Nancy purchased a movie ticket with her card. The money came straight out of her checking account.
D) Mike took his mother out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill he received two weeks later.
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Banks do not hold a lot of their assets in the form of cash mainly because of:
a. regulation.
b. the fear of being robbed.
c. the opportunity cost of holding cash, cash does not earn interest.
d. it can encourage employee theft.
Answers
Banks do not hold a lot of their assets in the form of cash mainly because of the opportunity cost of holding cash, cash does not earn interest. The correct option is C.
Opportunity costs are the possible advantages that a person, investor, or company forgoes while deciding between two options. It is necessary to weigh the advantages and disadvantages of each choice offered in order to correctly assess opportunity costs.
The interest that could have been made if the cash had been used to buy bonds instead is the opportunity cost of keeping any money balance.
Therefore, due to the opportunity cost of holding cash and cash does not earn interest banks does nor prefer to hold a lot of their assets in the form of cash .
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An employee
is compensation you receive from your employer over
and above your income.
O A. salary
OB. withholding
OC. benefit
OD. wage
Answers
With the help of online research, write a short report on “glocalization.”
Answers
The phenomena of Glocalization, which is best described as Thinking Globally, Acting Locally, is created when the two terms of globalisation and localization are combined.
To put it more properly, we may say that although if a single brand is produced, sold, and distributed globally, it is nevertheless personalised and customised to suit the tastes and preferences of customers in the many global marketplaces.
It is carried out since each region of the world has its own unique culture, linguistic preferences, demands, and desires.
By adjusting their offerings and products to meet the needs of that specific market, businesses may effectively position and place their items, resulting in high revenues and devoted customers.
The following are all global brands, although they cater to the demands of their customers in various parts of the world while selling items.
Chips by Lays (They sell different flavours in different parts of the world, according to the taste preference and eating habits of that country).
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T/F. A bond's current yield is computed by dividing the bond's interest rate by its closing value.
Answers
The statement given "A bond's current yield is computed by dividing the bond's interest rate by its closing value." is false because he current yield of a bond is not computed by dividing the bond's interest rate by its closing value.
The current yield is actually calculated by dividing the annual interest payment (coupon payment) of the bond by its current market price. It represents the yield or return an investor would receive from the bond based on its current market price. The current yield provides a measure of the bond's income return, but it does not take into account any potential capital gains or losses that may occur if the bond is bought or sold before maturity.
Therefore, it is important to note that the current yield is just one of the factors to consider when evaluating the attractiveness of a bond investment.
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Make a conditional relative frequency table for the columns of movie type. Determine which statement has the strongest association. Do you prefer watching a comedy, a drama, or a thriller movie? Comedy Drama Thriller Row Totals Males 40 23 56 119 Females 21 45 18 84 Column Totals 61 68 74 203 Females prefer drama movies. Males prefer comedy movies. Males prefer thriller movies. Females prefer comedy movies.
Answers
Based on the results of the survey, the statement with the strongest association would be Females prefer drama movies
The strongest association would be the one with the highest percentage of preference out of the total number of either men of women.
Females who prefer drama= Number of females who prefer drama / Total number of females x 100%
= 45 / 84 x 100%
= 54%
Males who prefer comedy= 40 / 119 x 100%
= 34%
Males who prefer thriller= 56 / 119 x 100%
= 47%
Females who prefer comedy= 21 / 84 x 100%
= 25%
In conclusion, the strongest association is that Females prefer drama.
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Answer:
A.) Females like Drama Movies
Explanation:
Took the test.
A company makes travel umbrellas. Its fixed costs are $1000 a week and its variable costs for one batch of umbrellas are $500 for every 2000 units. The company ships 10,000 units a week. What is the break-even price for a week's worth of umbrellas?
Answers
Answer:
the break even price is $0.35
Explanation:
The computation of the break even price is shown below"
= (Variable cost + fixed cost) ÷ (Number of units sold)
= ($500 ÷ 2,000 ×10,000 + $1,000) ÷ (10,000 units)
= ($2,500 + $1,000) ÷ (10,000 units)
= $0.35
hence, the break even price is $0.35
We simply applied the above formula so that the correct value could come
And, the same is to be considered
In GPR data recording, to obtain data with a high S/N ratio, [ ] must be enhanced and [ ] must be reduced?
Answers
In GPR data recording, to obtain data with a high S/N ratio, the signal must be enhanced and noise must be reduced.
A ground-penetrating radar (GPR) is a non-destructive testing (NDT) method that works by radiating electromagnetic energy into the ground and then measuring the response of reflected signals from subsurface features. However, a low Signal-to-Noise Ratio (S/N ratio) can make the identification of subsurface features difficult. Therefore, to improve the data quality and make the identification of subsurface features easier, noise must be reduced and the signal must be enhanced. In order to reduce noise, one of the most important steps in GPR data acquisition is to properly handle the antenna, this includes proper positioning of the antenna, the use of antenna stabilizers, and the proper handling of the cable.
When acquiring data, data acquisition systems should be used in a shielded environment. It is also recommended to conduct a data analysis to identify noise sources and minimize them. A signal can be improved by increasing the GPR antenna’s gain, which amplifies the return signal’s strength, his can help with the detection of faint signals and enable the identification of subsurface features. Furthermore, GPR data processing techniques, such as migration, can enhance the quality of the signal and increase the S/N ratio. So therefore in GPR data recording, to obtain data with a high S/N ratio, the signal must be enhanced and noise must be reduced.
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A mail-order firm processes 4,400 checks per month. Of these, 70% are for $34 and 30% are for $66. The $34 checks are delayed three days on average; the $66 checks are delayed four days on average. Assume 30 days in a month.
a-1. What is the average daily collection float? (Do not round intermediate calculations. )
a-2. How do you interpret your answer? (Do not round intermediate calculations. )
b-1. What is the weighted average delay? (Do not round intermediate calculations and round your answer to 2 decimal places, e. G. , 32. 16. )
b-2. Calculate the average daily float. (Do not round intermediate calculations. )
c. How much should the firm be willing to pay to eliminate the float? (Do not round intermediate calculations. )
d. If the interest rate is 6% per year, calculate the daily cost of the float. (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e. G. , 32. 16. )
e. How much should the firm be willing to pay to reduce the weighted average float to 1. 5 days? (Do not round intermediate calculations. )
Answers
a-1) The average daily collection float is $22,088
a-2) There is $22,080 that is uncollected and not available to the firm.
b-1) The weighted average delay is $191,840
b-2) The average daily float is $22,061.60
c) The firm be willing to pay to eliminate the float is $22,061.60
d)The average daily interest 3.46
e) New average daily float is: $9,591.99
Cash on collection:Cash on collection is said to be a function that explains the process whereby a company recovers cash from several businesses to whom it has previously issued a bill. These bills are issued with the duration of payment.
a-1 Calculating the average daily collection float :
Average daily collection float = (4,400× 70% × $34 × 3) + (4,400 × 30% × $66 × 4 ) / 30 days
= $22,088
a-2) On average, there is $22,080 that is uncollected and not available to the firm.
b-1)Calculating the weighted average delay
Total collection= 4400 × 70% × $34 + 4400 × 30% × $66
= $191,840
b-2) Calculating the average daily float
Average daily float = Weighted average delay × (Total collection/ 30 days)
= 3.45 × ($191,840/ 30 days)
= $22,061.60
c) $22,061.60 is the firm be willing to pay to eliminate the float
d) Calculating average daily interest
(1 + Interest rate) = \((1+R)^3^6^5\)
(1+ 0.06) = \((1+R)^3^6^5\)
R = 0.01596% per days
Daily cost of float = Average daily float × R
= $22,061.60 × 0.01596%
= 3.46
e) New average daily float = 1.5 days (Total collection/ 30 days)
= 1.5 days × ($191,840/30days)
= $9,591.99
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You know this dilemma well: You're about to send a message via email or some for of messaging, but you're worried that the right tone won't come across. What if you're trying to be humorously sarcastic, but the recipient thinks you're being serious? Or what if you are trying to be friendly and sympathetic, but the words come across as cold and uncaring?
If you were communicating in person, you could modulate the emotional tone of your message by smiling, using your voice to accent certain words or syllables, shrugging your shoulders, rolling your eyes, or otherwise sending nonverbal signals that help say what your words have trouble saying. Plus, you could monitor the recipient's response and immediately react if you see that the message didn't quite land.
To fine-tune the tone of their written messages, many people resort to emoticons or emojis. Emoticons and emojis can be effective ways to minimize the limitations of a lean medium, which is why so many people now use them for personal and business communication. A smiley face can inject a touch of levity into a tense situation and a frowny face can convey sympathy for someone who has suffered a setback, for example.
Answers
Emoticons and emojis have become popular tools for adding emotional context and tone to written messages. They can help bridge the gap between text-based communication and face-to-face interaction by providing visual cues that convey emotions and intentions.
Using emoticons or emojis allows the sender to enhance the clarity of their intended tone and help prevent misunderstandings. For example, a winking face ;) can indicate humor or sarcasm, a smiling face :) can convey friendliness, and a sad face :( can express sympathy or concern.
However, it's important to note that the interpretation of emoticons and emojis can still vary among individuals and across different cultures. Therefore, it's crucial to use them appropriately and consider the context and relationship with the recipient. Some professional settings may require more formal communication without the use of emoticons or emojis.
In addition to emoticons and emojis, other techniques can be employed to enhance the tone of written messages. These include using specific words or phrases, providing additional context, and being mindful of sentence structure and punctuation. Re-reading and proofreading the message before sending it can also help identify potential issues with the tone.
While written communication may always have its limitations compared to face-to-face interaction, employing these techniques can help reduce misunderstandings and ensure that the intended tone of the message is effectively conveyed.
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Frahm Company incurred a first quarter operating loss before income tax effect of $4,000,000. This is a normal occurrence for Frahm because of seasonal fluctuations. Experience has demonstrated the income earned during the remaining quarters far exceeds the first quarter losses each year. Frahm estimates its annual income tax rate will be 30 percent. What net loss should Frahm report for the first quarter?
Answers
Answer: $2,800,000
Explanation:
From the question, we are informed that Frahm estimates its annual income tax rate will be 30 percent and incurred a first quarter operating loss before income tax effect of $4,000,000.
The net loss should Frahm report for the first quarter will be:
= $4,000,000 - (30% × $4,000,000)
= $4,000,000 - (0.3 × $4,000,000)
= $4,000,000 - $1,200,000
= $2,800,000
Dominick earned $7.25 per hour until his state raised the minimum wage to $12 per hour, at which time his pay was increased to $12. Which law is the organization abiding by in this scenario
Answers
The law that Dominick's organization is abiding to when they increased his pay is the Fair Labor Standards Act (FLSA).
What does the Fair Labor Standards Act (FLSA) call for?It states that employees should be treated in a fair manner that is consistent with the work they put in.
The Act makes this clearly by specifying that minimum wage laws should be abided by which was why the organization increased Dominick's wages when the minimum wage was raised.
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do you know the answer
Answers
The sources of information for foreign employment Red, personal contacts abroad; Green, recruitment websites and the techniques of getting information of foreign employment notice board, websites etc.
What is foreign employment?Going from one country to another country in the search of job and for the purpose of earning money is called foreign employment.
The foreign employment has the advantage that it has the ability to experience different cultures, customs, and traditions.
It provides the opportunity to develop a more global and open mindset.
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ccounts receivable arise from credit sales to customers by both retailers and wholesalers.
True False
Answers
Answer:
HOPE THIS HELPS
Explanation:
True because when sales are sold they get money into the account of the industry.
Choose the best defense of the following statement: “A great communicator will practice speaking often.” a. Lots of practice will make the speaker less confident. b. Lots of practice will make the speaker’s argument more logical c. Lots of practice will make the speaker sound robotic. d. Lots of practice will make the speaker sound more natural.
Answers
Answer:
d. lots of practice will make the speaker sound more natural :)
Explanation:
Answer:
D: lots of practice will make the speaker sound more natural
Explanation: took the test
In this scenario, you're the coach of the Mapleton Muskrats dodgeball team. You've collected information about your players and organized it in a spreadsheet. Now you need to perform calculations so you can better understand your team's strengths and weaknesses. Perform the following tasks: Formulas and Functions: 1. In B12, use AVERAGEIF to find the average height of the female members of the team. 2. In B13, use SUMIF to find the total weight of the male members of the team. 3. In B14, use MEDIAN to find the median number of years the players have been on the team. 4. In B15, use AVERAGE to find the average number of hits made by team members. 5. In B16, use SUM to find the total number of catches made by team members. 6. In B17, use MIN to find the lowest number of fouls committed by a team member. Launch Lab Copyright (c) 2023 TestOut Corporation All rights reserved.
Answers
1. AVERAGEIF is used to calculate the average height of female team members.
2. SUMIF is used to calculate the total weight of male team members.
3. MEDIAN is used to find the median number of years on the team.
4. AVERAGE is used to calculate the average number of hits made by team members.
5. SUM is used to find the total number of catches made by team members.
6. MIN is used to find the lowest number of fouls committed by a team member.
1. To find the average height of the female members of the team, use the AVERAGEIF function:
=AVERAGEIF(G2:G9,"Female",E2:E9)
2,To find the total weight of the male members of the team, use the SUMIF function:
=SUMIF(G2:G9,"Male",F2:F9)
3. To find the median number of years the players have been on the team, use the MEDIAN function:
=MEDIAN(D2:D9)
4. To find the average number of hits made by team members, use the AVERAGE function:
=AVERAGE(H2:H9)
5. To find the total number of catches made by team members, use the SUM function:
=SUM(I2:I9)
6. To find the lowest number of fouls committed by a team member, use the MIN function:
=MIN(J2:J9)
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2-3 personal experience of exploitation as a consumer
Answers
Answer:
Explanation:
Exploitation often involves a denial of an individual's right (in this case a consumer's right).
Consumers are often exploited in this three areas:
Poor quality standard: For example, one may purchase an electronic device, which in most cases the quality level is determined only after using the product and then discover that the product has failed to meet expectations like performance failure.
High Prices: This is often happens when a consumer isn't aware of the average price of a particular product and may be the taken advantage of by the seller.
False or Incomplete product description: Online shopping often presents this type of exploitation. For example, an individual may buy a wrist watch he thinks is made of silver, but receives the item an discover it is actually made of rubber material.
Alex Matteo is a former partner of a professional accounting firm who values education. Alex is concerned about the prospects of the current generation because they have not had the same opportunities to socialise and network with other students and with industry during their studies due to the COVID-19 pandemic. Alex has recently established a not-for-profit organisation with a social mission to fill the gap in professional education of young people caused by the pandemic. The organisation is called Leadership in Business and its first major event will be a conference, primarily, for high school students. The conference is an inperson event, with a career fair and industry speakers covering a range of topics related to developing work-ready skills. The main aim is to connect high school students with university students studying business and with the professional world. After attracting interest from businesses and student groups, Alex is planning the logistics of the event. The event will be held on a Saturday and Sunday from 10am to 5pm. The venue will only allow 300 attendees per day. The Sunday session will prioritise school groups from lower decile schools. Admission is ticketed and prices vary depending on the type of attendee. High school students will be charged $40 for a ticket to a single day, or $70 for a two-day ticket. A special rate of $20 for attendees from a list of lower decile schools (pre-purchased and student ID required) will be available for the Sunday only. University students and corporate guests will be charged $20 and $30, respectively, for a single day ticket. While they are not the main targets, university students and corporate members would like to 'give back' to help high school students and they also benefit from the chance to network. Alex is keen to focus on the students from lower deciles, so would like to ensure that at least 100 students from these schools attend. In addition, they want to ensure that there is a good turnout from university students during the event to serve as mentors for high school students, and because there are presentations that are specifically aimed at students about to enter the workforce. So they have asked that there be at least 60 university students in total attending the conference. Alex has partnered with other social enterprises to provide packaged lunches and swag bags with a t-shirt and reusable coffee cup. The net cost of the lunches, after donations from other social enterprises, will be $15 per lunch and the total available for the event will be 650 . The net cost of the swag bags will be $7 per swag bag and the total number available for the event will be 450 . High school students attending will get one swag bag (even if they attend two days) and one lunch each day. University and corporate guests will only get lunch. Coffee and juice will also be available as part of the ticket price. High schoolers can have two juices per day. University students can get one coffee and one juice. Corporate guests can get two coffees. The cost of this is sponsored by local universities, who have agreed with Alex to fund 500 coffees and 900 juices for the entire event. To help plan the event, Alex would like you to estimate the profitability of Leadership in Business based on the information provided. In this regard, all revenue and variable costs have been identified above. Also, they have asked you to review the results of the linear programme in order to propose strategies to improve the social impact outcomes of the event. You decide that a linear programme would be useful for this. Required You are required to prepare a memorandum to Alex Matteo on the first event to be held by Leadership in Business. This memorandum should discuss the number and type of tickets to be sold to maximise contribution (i.e. total revenue less total variable costs). Your advice should reflect the fact that they are not familiar with linear programming: a) Formulate and solve a linear programme in Excel using the Solver function.
Answers
The memorandum should advise Alex Matteo to sell 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets in order to maximize the contribution of Leadership in Business.
Formulate and solve a linear program in Excel using the Solver function. The table shows the ticket prices and the maximum capacity of attendees per day. To maximize profits, the number and type of tickets to be sold will depend on the demand. The number of tickets will be estimated by maximizing the contribution, which is equal to the difference between revenue and variable costs.
Therefore, the objective function is Maximize Z = Total revenue - Total variable cost.
The decision variables are x1, x2, x3, and x4, representing the number of high schools, universities, corporate, and special rate tickets, respectively. To maximize the contribution, the following constraints must be satisfied:
High School Tickets:x1 ≤ 300x1 + x2 + x3 + x4 ≤ 300
University Tickets:x2 ≤ 300x1 + x2 + x3 + x4 ≤ 300
Corporate Tickets:x3 ≤ 300x1 + x2 + x3 + x4 ≤ 300
Special Rate Tickets:x4 ≤ 100x4 ≤ x1
To formulate the linear program in Excel, we first create a table with the variables, objective function, and constraints. The table looks like this: From the table, we can see that the maximum profit $27,050 , which occurs when 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets are sold. The revenue is $69,000, and the variable cost is $41,950.
Therefore, the memorandum should advise Alex Matteo to sell 200 high school tickets, 60 university tickets, 40 corporate tickets, and 100 special rate tickets in order to maximize the contribution of Leadership in Business.
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Which of the following is not an example of professional behavior
?
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Under what category of expense do manufacturing wages fall?
Answers
Answer:
Direct expenses
Explanation:
Manufacturing expenses are categorized into direct and indirect expenses.
Direct expenses are the costs that can be traced to a specific product or service. There are the expenses that relate to the production or provision of a particular good or service. Direct expenses include the cost of material, direct labor, and direct factory overhead costs.
Indirect expenses consist of operating expenses such as rent, administrative salaries, insurance, telephone, internet , and computer costs. These costs cannot be linked to a particular product.