Which of the following is not an important question to ask when developing a data collection plan?a. Who will be responsible for collecting the data?
b. What is the source of the data?
c. What is the reason for collecting the data?
d. Is it possible to make decisions without collecting data?
Answers
Answer:
d. Is it possible to make decisions without collecting data?
Explanation:
There is no need for such a question since you are already requested to begin developing a data collection plan.
However, questions related to who will be responsible for collecting the data are important as they enable you to properly plan. Also, knowing the source of the data and the reason for collecting the data are important questions.
Data collection plan is used to collect data in order to make decision while collecting the data, one should not ask whether the decision can be taken without collecting data.
What is a data collection plan?
It is a thoughtful approach used to collect the baseline data as well as data which guides to the root cause. The plan includes questions like: How, When, Where and From whom the data is collected.
The questions not asked while developing a data collection plan is whether it's possible to make decisions without collecting data.
Therefore, option d appropriately describes the above statement.
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Related Questions
Newark Company has provided the following information: Cash sales, $500,000 Credit sales, $1,400,000 Selling and administrative expenses, $380,000 Sales returns and allowances, $95,000 Gross profit, $1,410,000 Increase in accounts receivable, $60,000 Bad debt expense, $38,000 Sales discounts, $48,000 Net income, $1,030,000 How much cash was collected from customers
Is cost minimization equivalent or identical the concept of product maximization. True of False. Explain
Boise, a division of Price Enterprises, currently performs computer services for various departments of the firm. One of the services has created a number of operating problems, and management is exploring whether to outsource the service to a consultant. Traceable variable and fixed operating costs total $80,000 and $25,000, respectively, in addition to $18,000 of corporate administrative overhead allocated from Price. If Boise were to use the outside consultant, fixed operating costs would be reduced by 70%. The irrelevant costs in Boise’s outsourcing decision total:
What is the government's policy on collusion in the United States? Explain the rationale for this policy. In the United States A. the government makes collusion legal with antitrust laws because monopolies create no deadweight loss. B. the government makes collusion unnecessary with government-imposed barriers to entry because monopolies enhance economic efficiency. C. the government encourages collusion with subsidies because resulting profits can be used to develop new products. D. the government promotes collusion with the Federal Trade Commission because perfectly competitive markets enhance economic efficiency. E. the government makes collusion illegal with antitrust laws because monopolies reduce economic efficiency.
B)Each worker is paid a wage equal to the highest value of the marginal product of labor(i.e., $40).
C)Each worker is paid $15.
D)We need to know the product price before we can figure out the wage rate.
Answers
Answer: A. In equilibrium, each worker is paid is or her value of marginal product of labour.
Explanation:
Marginal productivity of income distribution refers to the additional revenue derived from the marginal unit of product produced and that wages should be equal to the marginal revenue derived from the production of additional or marginal product and this is achieved at equilibrium.
The theory also implies that workers should not be paid below or above the marginal revenue derivable from marginal product which implies they cannot be paid $15 or $40, moreover the product price is not a determinant of wages rate.
Final answer:
In equilibrium, each worker is paid his or her value of the marginal product of labor.
Explanation:
According to the marginal productivity theory of income distribution, wages are determined by the marginal product of labor. Therefore, the correct answer to your question is option A: In equilibrium, each worker is paid his or her value of the marginal product of labor. In the context of your question, this means Noe is paid $40, Barbara $35, Calvin $27, and Diana $15, reflecting each's respective marginal productivity.
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Answers
Answer:
Transfer payment
Explanation:
Transfer payment in finance can be as well regarded as " government transfer" it is income and wealth redistribution which occur when payment is made by government without exchange of goods or services in return. It should be noted that Transfer payment is a form of government spending that is not made in exchange for a currently produced good or service. Some of the common transfer payment type is social insurance programs, as well as business subsidies.
Answers
Answer:
Increase price.
Explanation:
Price elasticity is the degree of responsiveness of quantity demanded to changes in price. Ideally as price increases quantity demanded reduces. When prices reduce quantity demanded increases.
As a new manager of Rock Record company, if the economics consultants inform you the price elasticity is less than one it means quantity does not change with increase in price.
So price can be increased without a corresponding decrease in price. The goal of higher revenue can be achieved by increasing the product price.
Answer:
The correct answer is: increase prices.
Explanation:
Price elasticity refers to the changes in quantity demand after the change in price for a good or service. Elasticity is calculated by dividing the percentage in quantity demanded by the percentage change in price. If the result is equal or greater than one (1) the demand is elastic. If the result is lower than 1 the demand is inelastic.
Thus, in the case given, Rock Record Company has an inelastic price demand since it is lower than 1. It implies changes in price are unlikely to change the quantity demanded. As the company needs to increase the revenue, the easiest method to achieve that is to raise the product prices.
Answers
Answer:
$ 941 796
Explanation:
The present amount with compound interest is given by the following formula:
where A = $ 1 000 000
t (years) = 44
rate = 6%
= 0.06
The formula becomes:
1 000 000 = P (1 + (0.06/44) (44*1)
1 000 000 = P (1.0618)
P = $ 941 796
so the amount needed to be deposited is $ 941 796
Answers
Answer:
What is marginal revenue when quantity is 30 ? 30?
- $70
= ($2,400 - $1,350) / (30 - 15) = $900 / 15 = $70
What is marginal cost when quantity is 60 ? 60?
- $60
= ($3,150 - $2,250) / (60 - 45) = $900 / 15 = $60
If this firm is a monopoly, at what quantity will profit be maximized?
- quantity: 45 units
a monopoly maximizes its accounting profit when marginal revenue = marginal cost, in this case they both equal $50 per unit when total output is 45 units
If this is a perfectly competitive market, which quantity will be produced?
- quantity: 45 units
a perfectly competitive firm maximizes its accounting profit when marginal revenue = marginal cost, in this case they both equal $50 per unit when total output is 45 units
Comparing monopoly to perfect competition, which statement is true?
- The consumer surplus is smaller with a monopoly.
- The monopoly's price is higher.
In a monopoly, output is smaller than the perfectly competitive output. The price charged by a monopolist is also higher. This also results in lower consumer surplus with a monopoly.
Explanation:
Quantity Price Total Revenue Total Cost
15 90 1350 900
30 80 2400 1500
45 70 3150 2250
60 60 3600 3150
75 50 3750 4200
90 40 3600 5400
The marginal revenue is $70, when the quantity is 30.
The marginal cost is $60 when quantity is 60.
If this firm is a monopoly, at 450units the profit will be maximized.
In perfect competition, a firm produces where price and marginal cost both are equal. Both price and marginal cost are equal at 60 units. Comparing monopoly to perfect competition, the monopoly's price is higher. Thus, the first option is correct.
A financial ratio called the marginal revenue (MR)formula estimates the change in total revenue brought on by the sale of more goods or units. It typically slows down as output levels rise and is observed to follow the rule of diminishing returns. It is frequently shown as a graph with a declining slope.
Marginal revenue at 30 units of quantity:
= Change in Total Revenue / Change in Quantity
2400 - 1350 / 30 - 15
= $70
Marginal cost at 60 units of quantity:
= Change in Total Cost / Change in Quantity
= 3150 - 2250 / 60 - 45
= $60
If the firm is a monopoly then marginal profit will be zero at 45 units. If marginal revenue and marginal cost both are equal then marginal profit can be zero
In perfect competition, a firm produces where price and marginal cost both are equal. Both price and marginal cost are equal at 60 units
Comparing monopoly to perfect competition, the monopoly's price is higher .As in monopoly, the price at 45 units is $70 and in perfect competition, the price at 60 units is $60.
A table is attached for reference.
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Answers
Answer:
yes
Explanation:
There were fewer problems with the ford pinto after ford decided to fix the problem