A recent report indicated that families in a certain country typically spend about $175 per week on groceries. To investigate wh

Answer:

12,000

Explanation:

The total parking revenue goal is $300,000, with $180,000 coming from the stadium parking lot, which accommodates 12,000 cars. We calculate this by multiplying 12,000 cars by the $15 parking fee, resulting in $180,000.

The remaining amount needed is

= $300,000 - $180,000

= $120,000

This amount needs to be earned from satellite parking.

To determine how many fans must park in satellite lots, divide this amount by the satellite lot rate:

= $120,000 / $10

= 12,000

Response:

The correct selections are options A and B

Clarification:

The CRM system refers to a system designed to collect and manage customer account data within a unified database and provide access through various networks such as intranet and internet. Thus, the involved components include data warehouses and databases, and it functions as a sophisticated analytical tool.

Answer: Distinctive competence

Explanation: Distinctive competencies refer to specific attributes that uniquely differentiate a person, company, or organization from its competitors. These qualities make it challenging for consumers to swap these services for another, while competitors often find them hard to replicate. Such features typically foster success, enhance customer loyalty, and provide an advantage over rivals. This concept is termed distinctive competence, indicating services available only from one entity or very few. In the context provided, Gadgetbug demonstrates distinctive competence through its exceptional after-sale customer service, which competitors struggle to equal.

Answer:

Income statement prepared under the absorption costing method

Sales 2,600,000

Less: Cost of Goods Sold

Beginning Inventory 0

Add: Cost of Goods Produced

Materials Used 1,218,000

Labor Costs 522,000

Variable Overhead 87,000

Fixed Overhead 130,500

Less: Ending Inventory (1,957,500/4,350)×350 (157,500)  1,800,000

Gross Profit 800,000

Less: Operating Costs:

Selling and Administrative Expenses:

Variable Sales/Administrative Costs (60,000)

Fixed Sales/Administrative Costs (25,000)

Net Profit 715,000

Explanation:

Product/Manufacturing Cost under Absorption Costing = Direct Materials + Direct Labor + Variable Overheads + Fixed Overheads

Period Cost under Absorption Costing  = All Non-Manufacturing Expenses

Answer:

The question lacks completeness; the following addition would enhance it:

"If Realtors require a 5 percent commission on the sale price and every Realtor faces opportunity costs of $2,000 to negotiate a sale, will Carlos opt to hire a Realtor? If he does, how will the overall economic surplus change?"

The result is that the total economic surplus rose from $20,000 to $248,000.

Explanation:

It is essential to grasp the concepts of marginal cost, marginal benefit, and asymmetric information. Marginal cost refers to the additional cost incurred from utilizing one more unit of a resource, while marginal benefit signifies the advantage gained from that investment. Asymmetric information arises when one side in a transaction possesses more information than the other.

Carlos's reservation price stands at $130,000. He intends to sell for $140,000 to Whitney, whose reservation price is $150,000. Thus, Carlos enjoys a surplus of 140,000 - 130,000 = $10,000, and Whitney has a surplus of 150,000 - 140,000 = $10,000. Consequently, the total economic surplus amounts to $20,000.

Should Carlos enlist a realtor, who charges 5% if the property is sold for $300,000 to someone with a reservation price of $350,000, the surplus would be calculated as:

5% × 300,000 - 2000 = $13,000.

Here, the surplus equals 300,000 - 130,000 + 15,000 = $185,000.

Hence, the buyer's surplus is:

350,000 - 300,000 = $50,000.

Thus, the total economic surplus has increased from $20,000 to $248,000.