To calculate the total GDP (Y), we can use the equation Y = C + I + G + X - IM.
Given the following values:
C = 10 + 0.75Y
I = 20
G = 10
X = 15
IM = 5
We substitute these values into the equation:
Y = (10 + 0.75Y) + 20 + 10 + 15 - 5
Simplifying the equation:
Y = 10 + 0.75Y + 20 + 10 + 15 - 5
Combining like terms:
Y = 60 + 0.75Y
Rearranging the equation:
0.25Y = 60
Dividing both sides by 0.25:
Y = 240
Therefore, the total GDP (Y) is 240.
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Sheridan Company expects to produce 53,000 units of product XLA during the current year. Budgeted variable manufacturing costs per unit are direct materials $7, direct labour $13, and overhead $17. Annual budgeted fixed manufacturing overhead costs are $92,400 for depreciation and $47,400 for supervision. In the current month, Sheridan produced 5,600 units and incurred the following costs: direct materials $35,280, direct labour $70,600, variable overhead $103,292, depreciation $7,700, and supervision $4,187. Prepare a flexible budget report.
Flexible Budget Report for Sheridan Company Production of product XLA is estimated to be 53,000 units in the current year.
The variable manufacturing costs of Sheridan Company are divided into three sections: direct materials, direct labor, and overhead. The budgeted costs of manufacturing overhead and depreciation are categorized as fixed manufacturing overhead costs. Depreciation costs $92,400 per year, and supervision costs $47,400 per year. Budgeted costs for one unit of product XLA are as follows: Direct Materials = $7Direct Labor = $13Overhead = $17Flexible budget report: Sheridan Company For the current month, Sheridan produced 5,600 units and incurred the following costs: Direct materials ($35,280), Direct labor ($70,600), Variable overhead ($103,292), Depreciation ($7,700), and Supervision ($4,187).A flexible budget report is the result of this.
This budget report will be used to compare actual results with budgeted results. Sheridan Company's budgeted manufacturing cost for one unit of product XLA is $37. The company's manufacturing costs are divided into fixed manufacturing overhead and variable manufacturing overhead.
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Projecting inventory levels for next year would be an example of, Select one: O a. Financial accounting O b. Managerial accounting O c. Tax accounting O d. None of the above 4 ed out of n The benefits of providing a certain level of accounting information must outweigh the cost. This represen Select one: O a. Cost-effectiveness O b. Reliability O c. Conservatism O d. Matching
Projecting inventory levels for the next year would be an example of Managerial Accounting. Option (B) is the correct answer.In accounting, Managerial Accounting involves preparing and using financial and nonfinancial data to help in making organizational choices.
It is also known as management accounting, and it is used to track internal financial data and to forecast the firm's future economic performance. Managerial accounting is concerned with providing internal stakeholders with relevant financial information that they may use to make informed choices about the firm's future direction, as well as to establish organizational goals and objectives. It enables management to understand the costs associated with running the organization, allowing them to plan, budget, and forecast for future growth and development.
Thus, projecting inventory levels for the next year would be an example of Managerial Accounting. Benefits of providing a certain level of accounting information must outweigh the cost. This represents cost-effectiveness. Option (A) is the correct answer.Cost-effectiveness is a principle that involves comparing the advantages of providing a certain level of accounting information with the costs of doing so.
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State and discuss how employees can be involved in occupational health and safety issues within the organisation (15 Marks). b) As an HR Manager, how would conduct worksite analysis in order to ensure efficiency in the health and safety of workers (10 Marks). c) In a sentence each, describe Maslow's Hierarchy of Needs in human resource motivation (5 Marks).
a) Employees can be involved in occupational health and safety issues within the organization in various ways.
Some of these ways are: By participating in training programs on safety and health that the organization organizes; by reporting any safety or health hazards that they notice to the safety department.
The HR department; by wearing protective equipment when required; by participating in regular health check-ups and screenings organized by the organization, and by participating in committees or teams that work towards improving health and safety within the organization.b) As an HR Manager, worksite analysis can be conducted in order to ensure efficiency in the health and safety of workers by following these steps: Identifying and assessing hazards that are present in the workplace, identifying the nature of the hazards, And estimating the severity of the hazards, identifying the risk factors associated with each hazard, identifying who may be exposed to the hazards, identifying the controls that are currently in place to manage the hazards, assessing the effectiveness of these controls, and identifying any additional control measures that may be necessary to eliminate or reduce the risk of exposure to the hazards. c) Maslow's Hierarchy of Needs is a motivation theory that explains how human needs are arranged in a hierarchy. At the base of the hierarchy are physiological needs such as food, water, and shelter, followed by safety needs such as job security, safe working conditions, and financial security.Next are social needs such as belongingness, love, and affection, followed by esteem needs such as recognition, status, and respect. At the top of the hierarchy are self-actualization needs such as personal growth and self-fulfillment.
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For its first taxable year, Rony Incorporated’s accounting records showed the following: Operating loss per books $ (830,000) Temporary book/tax difference 118,000 Net operating loss for tax $ (712,000) Required: Use a 21 percent rate to compute Rony’s deferred tax asset with respect to the $118,000 book/tax difference. Use a 21 percent rate to compute Rony’s deferred tax asset with respect to its $712,000 NOL carryforward. Compute Rony’s tax benefit (negative tax expense) reported on its first income statement.
The tax benefit reported on Rony's first income statement will be the sum of the deferred tax assets. Therefore, the tax benefit will be $24,780 + $149,520 = $174,300. This represents the negative tax expense reported by Rony for its first taxable year.
The deferred tax asset for Rony Incorporated's $118,000 book/tax difference at a 21 percent rate is $24,780. The deferred tax asset for Rony's $712,000 NOL carryforward at a 21 percent rate is $149,520. Rony's tax benefit reported on its first income statement will be the sum of these two amounts.
A deferred tax asset arises when there is a temporary difference between the carrying amount of an asset or liability for accounting purposes and its tax basis. In this case, the $118,000 book/tax difference represents such a temporary difference. Since the book/tax difference is positive, it creates a future taxable amount, and Rony can recognize a deferred tax asset for it. Applying the 21 percent tax rate, the deferred tax asset is computed as $118,000 * 21% = $24,780.
Additionally, Rony has a net operating loss (NOL) carryforward of $712,000. An NOL occurs when tax deductions exceed taxable income. The NOL can be carried forward to future years to offset taxable income and reduce tax liabilities. Rony can recognize a deferred tax asset for the NOL carryforward, again using the 21 percent tax rate. The deferred tax asset is computed as $712,000 * 21% = $149,520.
Finally, the tax benefit reported on Rony's first income statement will be the sum of the deferred tax assets. Therefore, the tax benefit will be $24,780 + $149,520 = $174,300. This represents the negative tax expense reported by Rony for its first taxable year.
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After working as a CEO, you are eager to play League of Lions with your roommates. However, a phone call comes in. Your tutee (家教㽚生) asks you to give lessons tonight, which he will pay you 3,000 NTD. As a workaholic (工作㾏), you definitely say yes. What is the value of playing games with your roommates? (A) More than 3,000 NTD. (B) Less than 3,000 NTD. (C) Equal to 3,000 NTD. (D) Priceless.
Playing games with your roommates could be considered priceless or have a value beyond 3,000 NTD.
Therefore, the answer is (D) Priceless.
After working as a CEO, you are excited to play League of Lions with your roommates, but you receive a phone call from your tutee asking for lessons tonight with a payment of 3,000 NTD. As a workaholic, you decide to accept the tutoring opportunity.
The question asks about the value of playing games with your roommates. Given the information provided, the value of playing games with your roommates cannot be determined based on monetary terms alone.
It could be considered priceless or have a value beyond 3,000 NTD.
Therefore, the answer is (D) Priceless.
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Which of the following is a benefit of outsourcing?
Group of answer choices
__freeing up cash and resources
__avoiding government regulations
__lowering taxes
__all of the above
Capitalism is essentially a different form of communism.
Group of answer choices
__True
__False
Outsourcing provides benefits such as lowering labor costs, accessing specialized expertise, improving efficiency and quality, and reducing the risk of business operations. The statement that "Capitalism is essentially a different form of communism" is false.
The benefit of outsourcing is freeing up cash and resources. This is the only option from the given answer choices that is a benefit of outsourcing. Outsourcing is the practice of hiring a third-party company or individual to perform business operations that are normally done in-house by the business itself.
Outsourcing offers a number of benefits to businesses, such as: Lowering labor costs, Access to specialized expertiseImproving efficiency and quality, Freeing up cash and resources, and Reducing the risk of business operations, All of the above options are not the benefits of outsourcing.
The given statement "Capitalism is essentially a different form of communism" is False. Capitalism and communism are two different economic systems. While capitalism is based on private ownership and a market economy, communism is based on public ownership and a planned economy.
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If the price of the final product is 20 dollars and the marginal
physical product of labor is 2, what is the wage at the firm?
40 dollars.
5 dollars.
10 dollars.
30 dollars.
The wage at the firm in this case is $40.
To determine the wage at the firm, we need to use the concept of marginal revenue product (MRP) and the assumption that in a competitive market, firms hire labor until the MRP equals the wage.
The marginal physical product of labor (MPPL) refers to the additional output or units of the final product produced by employing one additional unit of labor.
In this case, the MPPL is given as 2, meaning that each additional unit of labor contributes 2 units of output to the final product.
To find the wage, we can calculate the MRP, which represents the additional revenue generated by employing one more unit of labor.
MRP = Price x MPPL
Given that the price of the final product is $20 and the MPPL is 2, we can substitute these values into the equation:
MRP = $20 x 2
MRP = $40
The MRP is $40, which represents the additional revenue generated by employing one more unit of labor.
In a competitive labor market, firms will hire labor until the MRP equals the wage. Therefore, the wage at the firm in this case is $40.
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JD just opened the following futures position: Short 1,000 Wheat futures on the Chicago Boand of Trade (CBI) for delivery on DEC 2022. The current futures market price: $4.50/ bushel. Every wheat futures is for 5,000 bushels. The Initial margin is 2% and the maintenance (variable) margin is 75% of 30 's initial equily. 3.1 Calculate the opening market value of JD's futures position 3.2 Calculate the initial margin and the variable margin. 3.3 Complete the following table: Day 0 denotes the day in which JD opens her futures position. Remember that if there is a margin call JD must deposit enough funds to bring the margin to the initial margin level. Note that JD does not trade during days 1−4. JD quits the market on day 5 at the futures market price of the DEC 2022 Wheat futures is: $4.50. Calculate JD' total equity in the margin account by the end of day 5.
JD' total equity in the margin account by the end of day 5 is $150,000.00.
3.1 The opening market value of JD's futures position is $4.50 x 5,000 x 1,000 = $22,500,0003.
Initial margin = 2% of $22,500,000 = $450,000Variable margin = 75% x 30 x $450,000 = $10,125,0003.3: Calculation of JD's total equity in the margin account by the end of day 5DayFutures Market Price Gain/ Loss per bushel($).
Gain/Loss on the futures position ($)
Equity in margin account ($)
Initial deposit $450,000.00
Day 0$4.50-$0.00-$0.00$450,000.00
Day 1-$0.06-$300,000.00-$252,000.00$450,000.00
Day 2$0.12$600,000.00$348,000.00$450,000.00
Day 3-$0.18-$900,000.00-$600,000.00$450,000.00
Day 4$0.06$300,000.00-$252,000.00$450,000.00
Day 5$0.00$0.00-$0.00$450,000.00
Total-$300,000.00$0.00$450,000.00- $300,000.00 (total gain/loss on the futures position) + $450,000.00 (equity in the margin account) = $150,000.00 (total equity in the margin account by the end of day 5)
Answer: $150,000.00.
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Assume a decrase in the price of jean jadobls leads to san increase in the quantity demanded of jeanjackete. Celeris paribus, the gaph of the rolatianship between the price and quantity demanded of jean jacket= Saloct an answar and submit Forkwboard navkation, uce the up/down arruw kaysto caloct on answar. * slopes down ward to the right; illustrating an inverse relationship. b slopes downward to the right, illustrating a direct relationship. c slopes upward to the right, illustrating an inverse relationship. d slopes upward to the right, illustrating a directrelationship. UnansweredHomework * Unanswared If the equation of a line is Y=10+3X, then all of the following are true except- Solact an answarand submie. For kayboard na.4gation, use the upidown atrow kayk to salact an answar. X and Y are positively related. the slepe is 2 and the Y intercept is 10 . the sraph of the equation is a line that slopes upward to the right. when X is equal to 3, Y is equal to 1
When there is a decrease in the price of Jean Jadobls, it leads to an increase in the quantity demanded of jean jacket. Celeris paribus, the gaph of the rolatianship between the price and quantity demanded of jean jacket slopes downward to the right; illustrating an inverse relationship.
The statement is based on the law of demand which states that when the price of a good decreases, the quantity demanded of that good increases, ceteris paribus. The inverse relationship between price and quantity demanded can be shown on a graph where the x-axis represents the quantity demanded and the y-axis represents the price.
The slope of the demand curve is always negative, indicating that as the price of a good increases, the quantity demanded of that good decreases. Similarly, as the price of a good decreases, the quantity demanded of that good increases. Therefore, the correct answer is option b. The graph of the relationship between the price and quantity demanded of jean jacket slopes downward to the right, illustrating a direct relationship.
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1. When Siddhartha is about to drown himself in the river after leaving Kamala and Kamaswami, what sound does he hear that causes him to stop?
2, "To save further trouble," what does Langston Hughes decide to lie about in Salvation?
3. In The Declaration of Independence by Thomas Jefferson, Jefferson enumerates four unalienable rights including Life, Liberty, and Happiness. What is the fourth one?
4. When Abraham Lincoln delivered his Gettysburg Address in 1863, did he think anyone would remember it?
1. Siddhartha hears the sound of "Om" and stops from drowning.
2. Langston Hughes lies about being saved to avoid disappointing others.
3. The fourth unalienable right in the Declaration of Independence is the pursuit of happiness.
4. It is uncertain whether Lincoln thought his Gettysburg Address would be remembered, but it became a significant and memorable speech.
1. When Siddhartha is on the verge of drowning himself in the river, he hears the sound of the sacred syllable "Om" being chanted, which resonates deeply within him and causes him to pause.
2. In Langston Hughes' "Salvation," he decides to lie about seeing Jesus and being saved in order to avoid disappointing his aunt and the congregation, as well as to conform to their expectations.
3. The fourth unalienable right enumerated by Thomas Jefferson in The Declaration of Independence is the pursuit of happiness, which emphasizes the individual's freedom to seek personal fulfillment and well-being.
4. It is unclear whether Abraham Lincoln thought anyone would remember his Gettysburg Address when he delivered it in 1863. However, the eloquence and enduring significance of his speech have ensured its remembrance as one of the most iconic speeches in American history.
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Question 1: In Michigan (Section MCLS 421.29), an employee is prevented from receiving unemployment benefits for all of the reasons listed below except:
-leaving work voluntarily without good cause attributable to the employer.
-discharge for misconduct.
-failure without good cause to apply for available suitable work.
-participating in a strike.
-all of the other choices are reasons for denial of unemployment benefits. There is no exception.
Question 2:
In Michigan (MCLS 421l29), an employee can be prevented from collecting unemployment compensation if he/she:
-illegally ingested, injected or inhaled or possessed a controlled substance on the employer’s premises.
-refused to submit to a nondiscriminatory drug test.
-tested positive on a nondiscriminatory drug test.
-all of the other choices are correct.
Question 3:
A totally disabled person is not available for suitable work and therefore is not eligible for unemployment compensation benefits.
-True
-False
Question 4:
All of the following are true statements about unemployment compensation except:
-Unemployment benefits are paid for by a tax on the wages of the workers and an equal levy on the employer’s total payroll.
-In most jurisdictions the employer’s tax for unemployment compensation is variable depending on the company’s experience in drawing upon the state fund.
-Employer’s may have to pay an increase in payroll taxes if undeserving discharges are permitted to receive benefits.
-all of the other choices are true statements.
Question 5:
Where an employee quits her job because of legally actionable sexual harassment, she will not be prevented from collecting unemployment compensation:
-True
-False
Question 1: In Michigan (Section MCLS 421.29), an employee is prevented from receiving unemployment benefits for all of the reasons listed below except:-all of the other choices are reasons for denial of unemployment benefits. There is no exception. The given option is the correct answer.
Question 2: In Michigan (MCLS 421l29), an employee can be prevented from collecting unemployment compensation if he/she:-all of the other choices are correct. The given option is the correct answer.
Question 3: A totally disabled person is not available for suitable work and therefore is not eligible for unemployment compensation benefits.-False. The given statement is incorrect. A totally disabled person may be eligible to receive unemployment compensation benefits if he/she satisfies the available and able to work requirements.
Question 4: All of the following are true statements about unemployment compensation except:-Employer’s may have to pay an increase in payroll taxes if undeserving discharges are permitted to receive benefits. The given option is the correct answer.
Question 5: Where an employee quits her job because of legally actionable sexual harassment, she will not be prevented from collecting unemployment compensation:-True. The given option is the correct answer.
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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.
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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The contribution margin income statement of Awesome Coffee for December follows: (Click the icon to view the contribution margin income statement.) Awesome Coffee sells three small coffees for every large coffee. A small coffee sells for $2.00, with a variable expense of $1.00. A large coffee sells for $4.00, with a variable expense of $2.00.
The total contribution margin for December for Awesome Coffee is $11,450. A small coffee sells for $2.00, with a variable expense of $1.00. A large coffee sells for $4.00, with a variable expense of $2.00.
The contribution margin is a financial metric that represents the amount of revenue remaining after deducting variable costs directly associated with the production or sale of a product or service. It is the difference between the sales revenue and the variable expenses.
The contribution margin can be mathematically calculated using the following formula: Contribution Margin = Sales Revenue - Variable Expenses.
The contribution margin per unit represents the amount contributed by each unit sold towards covering the fixed costs and generating profit. It is calculated by dividing the contribution margin by the number of units sold.
To calculate the total contribution margin, we first need to find the contribution margin of small coffee and large coffee. Small coffee contribution margin = Selling price - Variable expense= $2.00 - $1.00= $1.00
Large coffee contribution margin = Selling price - Variable expense= $4.00 - $2.00= $2.00
Total contribution margin per unit = (3 × $1.00) + $2.00= $5.00
Total contribution margin for December
= Total sales units x Total contribution margin per unit= (5,000 x 3) + (2,000 x 1)= $11,450.
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Prove that the slope of the production function is the same as the MPN. 6. What is a movement factor? a shift factor? 7. Diagrammatically represent the labor market in terms of (1) W and in terms of (2) W/P. Identify the shift factors for Nd and Ns in each labor market. 8. What are the substitution and income effects (with respect to the Ns curve)? 9. Prove that an increase in the money supply will shift the classical Yd curve to the right. 10.Prove that a decline in taxes will shift the Ns curve (in the labor market [ modeled in terms of nominal wages).
6. Movement factor: A change in the quantity of a factor of production without altering the production function.
Shift factor: A change in the entire production function, resulting from factors like technology or efficiency.
7. The Labor market representation:- In terms of W (wage rate): W on the vertical axis, L on the horizontal axis. Nd and Ns curves plotted. Shift factors for Nd include labor productivity, technology, and demand for goods. Shift factors for Ns include population, government policies, and worker preferences.
In terms of W/P (real wage rate): W/P on the vertical axis, L on the horizontal axis. Same shift factors as above, with W/P reflecting purchasing power.
8. Substitution effect: Change in Ns due to relative price of leisure and work. Increase in wages leads to substitution of leisure for work, decreasing Ns.
Income effect: Change in Ns due to change in income from wage change. Increase in wages may lead to increased work effort to maintain/increase consumption, increasing Ns.
9. Increase in money supply shifts Yd curve (aggregate demand) to the right, due to increased spending and higher aggregate demand.
10. Decline in taxes shifts Ns (labor supply) curve to the right, as lower taxes increase net wages, incentivizing more labor supply.
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A decline in taxes shifts the Ns curve (in terms of nominal wages) to the right in the labor market.
The slope of the production function represents the marginal product of labor (MPL), which is the additional output produced by employing an additional unit of labor while holding other inputs constant.
The slope of the production function is the ratio of the change in output to the change in labor input. Mathematically, it can be expressed as MPL = ΔY/ΔL, where MPL represents the marginal product of labor, Y represents output, and L represents labor input.
The marginal product of labor (MPL) is equal to the slope of the production function because it measures the additional output generated by each additional unit of labor. As more labor is added, the MPL indicates the rate at which output increases. Therefore, the slope of the production function and the MPL are equivalent.
(1) Diagrammatic representation of the labor market in terms of W:
In the labor market, the supply of labor (Ns) and the demand for labor (Nd) can be represented on a graph with the wage rate (W) on the vertical axis and the quantity of labor (N) on the horizontal axis.
The Ns curve represents the supply of labor and can be upward sloping, indicating that as wages increase, more workers are willing to supply their labor.
The shift factors for Ns can include changes in preferences, population size, working-age population, government policies, and labor market institutions.
The Nd curve represents the demand for labor and can be downward sloping, indicating that as wages increase, firms demand less labor. The shift factors for Nd can include changes in technology, input prices, demand for goods and services, and government regulations.
(2) Diagrammatic representation of the labor market in terms of W/P:
In this representation, the wage rate (W) is divided by the price level (P), yielding the real wage rate (W/P) on the vertical axis. The quantity of labor (N) is still represented on the horizontal axis.
The Ns curve in this representation still represents the supply of labor and can be upward sloping. The shift factors for Ns remain the same.
The Nd curve in this representation represents the demand for labor in real terms. It can still be downward sloping, reflecting the inverse relationship between the real wage rate and labor demand. The shift factors for Nd also remain the same.
Substitution and income effects with respect to the Ns curve:
The substitution effect refers to the change in the quantity of labor supplied due to a change in the relative price of labor compared to other inputs.
If the wage rate increases, the opportunity cost of leisure increases, and individuals may choose to supply more labor to maximize their income. This leads to a positive substitution effect, resulting in an upward sloping Ns curve.
The income effect refers to the change in the quantity of labor supplied due to a change in real income. If the wage rate increases, individuals may choose to work fewer hours and enjoy more leisure since their higher wage rate provides the same level of income with fewer hours worked. This leads to a negative income effect, resulting in a backward bend in the Ns curve.
Proving that an increase in the money supply will shift the classical Yd curve to the right:
In the classical model, the Yd (aggregate demand) curve represents the total spending in the economy at different price levels. An increase in the money supply affects aggregate demand in the following steps:
Step 1: An increase in the money supply leads to more money circulating in the economy, increasing the purchasing power of individuals.
Step 2: With increased purchasing power, individuals can afford to buy more goods and services, resulting in an increase in aggregate demand.
Step 3: The increase in aggregate demand leads to an upward pressure on prices as businesses respond to the higher demand by raising prices.
Step 4: As prices rise, the Yd curve shifts to the right, representing the higher level of spending at each price level.
Therefore, an increase in the money supply shifts the classical Yd curve to the right.
Proving that a decline in taxes will shift the Ns curve (in terms of nominal wages):
A decline in taxes affects the labor market in the following steps:
Step 1: A decrease in taxes increases workers' take-home pay, effectively increasing their real wage rate (nominal wages adjusted for taxes).
Step 2: With a higher real wage rate, workers may be incentivized to supply more labor, leading to an increase in the quantity of labor supplied.
Step 3: As the quantity of labor supplied increases, the Ns curve shifts to the right, reflecting the higher level of labor supply at each wage rate.
Therefore, a decline in taxes shifts the Ns curve (in terms of nominal wages) to the right in the labor market.
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Business Case Study 2 - Building a visual Process Model in Business:
Put yourself in the shoes of a machine manufacturer. Your boss comes to you and says: "I want you to build a business process for how we handle repairs. It's not really working today, so forget anything we do today and start with a blank sheet of paper. This about the best way to do this." The model that you need to build should have at least 20 activities and probably a lot more events than that. Let's look at a few facts to give you the background. The machines are similar to the ones you see in the picture on slide 32. They are fancy and very expensive ($1,200 to $3,500). These are machines are used in high-end restaurants and by high-end users such as very discerning espresso drinkers. So think about how you're going to build your process for repairing the machine.
Questions to consider:
What are some of the early things you need to do? You probably start the process when a customer calls since they are the ones who experience the problem you need to fix. You may ask them for some preliminary information such as "Describe why it does not work, please?", "Can you tell me whether the little green light is on?" or "Is it plugged in?" Then you need to determine as much about the breakdown as possible. Eventually, you want to find out whether the customer can repair the machine herself e.g. you send parts and instructions or whether they need to send it to you. Equally important, you need to figure out how you handle the different types of customers. A restaurant needs to be able to serve espressos to diners and they probably can't wait for the machine to be fixed in your facility. That could take weeks or months. At the same time, if you design the process to basically overnight a replacement unit to the restaurant and they ship the broken one back to you, then how expensive is that and would you do that for private household consumers as well? Restaurants may be willing to pay $299 a year for a maintenance contract that allows you to cover the cost of sending a new machine in exchange for a broken one, but consumer may not. Essentially, your process could fork into two streams here. On one hand, you could have professional users with a paid warranty (don't forget to check for that when you talk to them on the phone) and household users who do not. The latter may need to send their machine to you and will have to wait for the repair before they get it back.
As a machine manufacturer, building a visual process model for the repair process requires considering the needs and preferences of the customers.
In building the visual process model for repairing the machine, it is important to create a streamlined process that takes into consideration the cost, time, and effort required for repair and customer satisfaction. The process should involve an initial inquiry to gather information about the problem, the nature of the breakdown.
The visual process model should take into account the costs of shipping, replacement, repair, and customer satisfaction. The process should also provide prompt response to the customers, including overnight delivery for professional users if necessary, while ensuring that repairs are done within the shortest possible time to minimize customer dissatisfaction and business loss.
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ed bok m Ask Print erences Garcia Company sells snowboards. Each snowboard requires direct materials of $120, direct labor of $50, variable overhead of $65, and variable selling, general, and administrative costs of $23. The company has fixed overhead costs of $675,000 and fixed selling. general, and administrative costs of $141,000. It expects to produce and sell 12,000 snowboards. What is the selling price per unit if Garcia uses a markup of 10% of total cost? (Do not round your intermediate calculations. Round your final answer to nearest whole dollar amounts.) Selling price per unit
The calculation of the selling price per unit based on a markup of 10% of the total cost is shown below; Calculation of variable cost:Variable cost = Direct materials + Direct labor + Variable overhead + Variable administrative costs.
Variable cost = $120 + $50 + $65 + $23.Variable cost = $258 per unit. Calculation of total cost:Total cost = Variable cost + Fixed overhead + Fixed administrative costs.Total cost = $258 x 12,000 + $675,000 + $141,000Total cost = $4,191,000 Markup price:Markup price = 10% x Total cost. Markup price = 10/100 x $4,191,000
Markup price = $419,100 Selling price: Selling price = Total cost + Markup price; Selling price = $4,191,000 + $419,100Selling price = $4,610,100; Selling price per unit: Selling price per unit = Selling price / Number of units.
Selling price per unit = $4,610,100 / 12,000.Selling price per unit = $384.18. Therefore, the selling price per unit is $384.
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You run single index regression model on the monthly returns collected for company ABC. The regression model is specified as:
Where
is the excess return of company ABC in month t
is the market excess return in month t
If the Beta value is less than 1, it implies that the company's stock is less volatile as compared to the market.
What does this entail?The single index regression analysis is used to determine the relationship between the dependent variable (Ri) and independent variable (Rm).
This analysis helps in analyzing the performance of the company in comparison to the market.
Index coefficients are used to measure the sensitivity of the company with respect to the market. It is calculated as:
Index Coefficient = Covariance (Ri,Rm) / Variance (Rm)
For single index regression model, the model is represented as follows:
Ri = α + βRm + ε
Whereα is the interceptβ is the index coefficientε is the error term.
Now, substituting the given values in the equation,
Ri = 0.05 + 0.80Rm + ε.
The index coefficient is 0.80.The regression equation is also known as the characteristic line and it represents the linear relationship between the company and market returns. The slope of the line represents the Beta coefficient. If the Beta value is more than 1, it implies that the company's stock is more volatile as compared to the market.Conversely, if the Beta value is less than 1, it implies that the company's stock is less volatile as compared to the market.
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Suppose that the graph below represents an INCREASE in the price of Good 1. Find the total, substitution and income effects for the consumption of Good 1. Be sure to show the substitution budget line. C
When the price of a good increases, it leads to a fall in its quantity demanded. This decrease is represented by a movement along the initial demand curve.
In turn, this change in the quantity demanded results in the following three effects: substitution, income, and total effects. These effects are explained below:Substitution Effect:When the price of a good rises, the substitution effect causes consumers to buy less of it.
Because the good has become more expensive, it becomes less attractive relative to other goods whose prices have remained constant. As a result, consumers switch to similar products that are cheaper.
This change in demand due to substitution is represented by a shift from the initial budget line to a new budget line, which is tangent to the original indifference curve and shows that the same level of satisfaction can be obtained at a lower price.
Income Effect:When the price of a good rises, the income effect occurs because the consumer has less money to spend on all goods and services due to the higher price.
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Watch the following TED talk: Madeleine Albright: On Being a Woman and a Diplomat. Then, identify the main points from the TED Talk. Can you identify with the topic or have you witnessed the issues discussed?
The main message of Albright's TED talk was that women can be successful in diplomacy, but they face unique challenges that need to be addressed.
Madeleine Albright: On Being a Woman and a Diplomat was a TED talk by Madeleine Albright in 2018. It focused on Albright's experiences as a woman in diplomacy. She was the first woman to serve as US Secretary of State, and she talked about the challenges she faced in this role as a woman.
The main points of the TED talk are summarized below:
1. The challenges women face in diplomacy:
Albright talked about how women are often not taken seriously in diplomacy and how they have to work harder to prove themselves. She also mentioned the double standard that exists, where men are often praised for being assertive while women are criticized for the same behavior.
2. The importance of female leadership:
Albright stressed the importance of having more women in leadership positions. She talked about how women bring a different perspective to the table and how this can lead to better outcomes.
3. The need to support women:
Albright emphasized the need to support women in all areas, from education to job opportunities to political participation. She talked about how this is not only the right thing to do but also the smart thing to do, as it leads to more prosperous societies.
Overall, the main message of Albright's TED talk was that women can be successful in diplomacy, but they face unique challenges that need to be addressed. She also highlighted the importance of having more women in leadership positions and the need to support women in all areas.
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Reese Company requires sales of $3,000,000 to cover its fixed costs of $1,350,000 and to earn profit of $600,000. What percent are variable costs of sales? a. 20%. b. 35%. c. 45%. d. 65%. Milton Company reported the following results from the sale of 10,000 hammers in May: sales $200,000, variable costs $120,000, fixed costs $60,000, and profit $20,000. Assume that Milton increases the selling price of hammers by 10% on June 1 . How many hammers will have to be sold in June to maintain the same level of profit? Clark Company produces flash drives for computers, which it sells for \$20 each. Each flash drive costs $6 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $4.20 per unit for a total of $4,200 for the month. If variable costs increase by 10%, what happens to the break-even level of units per month for Clark Company? a. It is 10% higher than the original break-even point. b. It increases about 13 units. c. It increases about 30 units. d. It depends on the number of units the company expects to produce and sell.Variable costs for Grass, Ltd. are 25\% of sales. Its selling price is $100 per unit. If Grass sells one unit more than break-even units, how much will profit increase? a. $75.00 b. $25.00 c. $33.33 d. $400.00
Question 1
Given, Sales of Reese Company =3000000Fixed costs of Reese Company=1350000Profit earned by Reese Company=600000
Let's assume the variable cost of sales as X
The equation to calculate the variable cost of sales is.
Profit earned = sales - (fixed cost + variable cost)600000 = 3000000 - (1350000 + X)
Therefore,
X = 750000The variable cost of sales = $750000
The formula to calculate the percentage of variable cost of sales is,
Variable cost percentage = Variable cost of sales / sales * 100
Variable cost percentage = 750000/3000000 * 100
Variable cost percentage = 25%
Therefore, the correct option is (d) 25%.
Question 2
Given, Number of hammers sold in May = 10000
Sales in May 200000
Variable costs in May =$120000
Fixed costs in May =60000
Profit in May =20000
As per the question, Milton increased the selling price of the hammer by 10% in June.
Let's consider the selling price in June as S,
So, the new selling price after 10% increase=S+S*10%=(11/10)S
So, the selling price in June is (11/10)S
Now,
let's assume the number of hammers sold in June = n
The equation to calculate the profit is,
Profit = Sales - (Variable costs + Fixed costs)
We need to find the value of n that yields the same profit as in May (=20000) after a 10% increase in the selling price of hammers.
Therefore, profit will increase by 75 if
Grass Ltd sells one unit more than the break-even units.
Answer:
a. 20%.
b. 10000 hammers.
c. It increases about 30 units.
d. 75.00
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Steps were taken to improve productivity by sysdoc:
Scenario: Sysdoc has implemented a hybrid approach because productivity is declining. so we need solutions for that.
Sysdoc, an information and business process management firm, has implemented a hybrid approach in response to a decline in productivity.
This strategy was implemented to ensure that Sysdoc's processes are more efficient and effective, resulting in an improvement in productivity.The hybrid approach is a method that combines various methodologies, including Agile, Lean, and Six Sigma. This approach aims to reduce the time and effort needed to achieve goals, while also enhancing the quality of the results. As a result, Sysdoc is well-positioned to identify any inefficiencies in the process and promptly resolve them to enhance productivity. Sysdoc also took additional steps to enhance productivity.
The firm implemented a variety of changes, including the use of automation to reduce repetitive processes, the streamlining of procedures, and the provision of additional resources to staff. The implementation of these changes necessitated significant training and development initiatives for staff to ensure that they were equipped with the necessary skills to adapt to the changes. Finally, Sysdoc also sought to enhance communication and transparency among staff to ensure that everyone was aware of the changes being made and how they would impact the company.
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Suppose Sarah consumes beef according to the following consumption function: Q=60−0.5P Perform the following: 2. Calculate the quantity demanded by Sarah if the price of beef is a. $10. What if it's b. $18 ? a−55,a−45,a−35,a−55,b−51b−51b−41b−61 Suppose Sarah consumes beef according to the following consumption function: Q=60−0.5P Perform the following: 3. Calculate the price of beef if Sarah consumes a- 25 pounds of beef. b- What if she consumes 50 pounds? a−$70,a−$60,a−$80,a−$70,b−$20b−$20b−$20b−$50
Suppose Sarah consumes beef according to the following consumption function: Q=60−0.5P. Calculate the quantity demanded by Sarah if the price of beef is $10.
What if it's $18?The equation for the given consumption function is:[tex]
Q = 60 − 0.5PPut P = $10 and solve for Q:Q = 60 − 0.5(10)Q = 60 − 5Q = 55[/tex]
Thus, the quantity demanded by Sarah if the price of beef is $10 is 55 pounds of beef.Put[tex]
P = $18 and solve for Q:Q = 60 − 0.5(18)Q = 60 − 9Q = 51[/tex]
Thus, the quantity demanded by Sarah if the price of beef is $18 is 51 pounds of beef.Suppose Sarah consumes beef according to the following consumption function: Q=60−0.5P. Calculate the price of beef if Sarah consumes 25 pounds of beef.The equation for the given consumption function is:
[tex]Q = 60 − 0.5P.Put Q = 25 and solve for P:25 = 60 − 0.5P0.5P = 60 − 25 = 35P = 35/0.5 = $70[/tex]
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SPY:
A. tracks the investment results of an index composed of the total U.S. investment-grade bond market.
B. provides 2x daily leveraged exposure to a market cap-weighted index of 500 large- and mid-cap US companies selected by S&P.
C. tracks the Standard & Poor's (S&P) 500 Index, which comprises 500 large-cap U.S. stocks.
D. bets against the Dow Jones Industrial Average.
SPY is an exchange-traded fund that tracks the Standard & Poor's (S&P) 500 Index, which comprises 500 large-cap U.S. stocks, making option (C) the correct choice.
SPY is the ticker symbol for SPDR S&P 500 ETF, which is an exchange-traded fund (ETF) that tracks the Standard & Poor's (S&P) 500 Index. The S&P 500 is a benchmark index that is a good reflection of the U.S. stock market's performance overall.
The index comprises 500 of the most significant publicly traded companies in the United States by market capitalization and includes companies in different sectors of the economy. As a result, investing in SPY allows investors to obtain diversified exposure to the U.S. stock market in a single investment. So, option (C) the correct choice. \
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Juanita was covered under Basic FEGLI with 2 multiples of Option B when she resigned on January 23, 1997. She returned to federal service on March 15, 1997. Determine Juanita’s correct FEGLI coverage, assuming she did not experience a Qualifying Life Event during separation or within 60 days before separating
Check all that apply.
Because Juanita had a break in service of more than 30 days, allow her to make a new FEGLI coverage election.
Allow Juanita to cancel her FEGLI coverage.
Reinstate the Basic coverage with 2 multiples of Option B upon Juanita’s reinstatement.
None of the above.
Juanita was covered under Basic FEGLI with 2 multiples of Option B when she resigned on January 23, 1997. She returned to federal service on March 15, 1997.
To determine Juanita’s correct FEGLI coverage, assuming she did not experience a Qualifying Life Event during separation or within 60 days before separating,
here are the details we need to know:
Juanita was not covered under Basic FEGLI with 2 multiples of Option B for at least 5 years continuously.She did not experience a Qualifying Life Event (QLE) during separation or within 60 days before separating. If Juanita was out of the service for less than 31 days, her previous FEGLI coverage would be reinstated.
However, because she was out of the service for more than 30 days, she can choose her FEGLI coverage again.
The correct answer would be:
Because Juanita had a break in service of more than 30 days, allow her to make a new FEGLI coverage election.
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Tim Urtan, ownerlmanager of Urban's Motor Court in Key West, is considering cutsoureng the daly room cleanup for his mowel to Dult/s Mald Senvice. Tem rents an average of 50 roorris for esch of 365 nights (365 * 50 equalis the total rooms rented for the year). Tims cost to clean a room is $13.50. The Dullys Maid Service quote is $19.00 per room plus a fued cost of $25,000 for surndry hems such as uniforms with the moters name. Tim's annual fixed cost for space, equipment, and auppiles is $65.000. Based on the given informason related to costs foc each of the options, the crossover point for Tim = room nights (round your response fo the nearest whole number?.
7273 room nights need to be sold to make Dully's Maid Service a better option for Tim Urtan, the owner of Urban's Motor Court in Key West. So, the crossover point for Tim = 7273 room nights (rounded to the nearest whole number).
Crossover point refers to the stage where the cost of two different products or services are the same. To calculate the crossover point for Tim, we have to equate the two cost equations.
Tim's Cost equation: y = 13.5x + 65,000
Dully's Maid Service equation: y = 19x + 25,000
To find the crossover point, equate the two cost equations13.
5x + 65,000 = 19x + 25,00013.5x - 19x = -40,000-5.5x = -40,000x = 40,000/5.5x = 7272.727
Approximately 7273 room nights need to be sold to make Dully's Maid Service a better option for Tim Urtan, the owner of Urban's Motor Court in Key West. So, the crossover point for Tim = 7273 room nights (rounded to the nearest whole number).
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Malek Company sells a special putter for $20 each. It applies standard costing system. In March, it sold 30,000 putters while manufacturing 32,000. Budgeted putters for March are 33,000. There are no variances other than production volume variance. There was no beginning inventory on March 1. Production information for March is: 15 minutes $40,000 Direct manufacturing labor per unit Fixed selling and administrative costs Fixed manufacturing overhead Direct materials cost per unit 132,000 2 Direct manufacturing labor per hour Variable manufacturing overhead per unit 4 Variable selling expenses per unit 2 Required: 1. Prepare income statement for March under both variable and absorption costing. 2. Reenneile absorption anarating income with variable 24
Income statement for March under both variable and absorption costing:To prepare the income statement under both variable and absorption costing, let's first calculate the cost per unit
Variable Costing:Direct Materials + Direct Labor + Variable Manufacturing Overhead = $2 + $0.25 + $0.25 = $2.50 per unit Absorption Costing:Direct Materials + Direct Labor + Variable Manufacturing Overhead + Fixed Manufacturing Overhead per unit = $2 + $0.25 + $0.50 + $0.5 = $3.25 per unit
Fixed manufacturing overhead = $132,000Fixed selling and administrative expenses = $60,000 Absorption costing net operating income = $273,000Variable costing net operating income = $198,000Increase in net operating income from absorption costing to variable costing = $198,000 - $169,000 = $29,000
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The duration of a soon to be approved loan of $10 million is four years. The 99th percentile increase in risk premium for bonds belonging to the same risk category of the loan has been estimated to be 5.5%. The current average level of interest rates for this category of bonds is 12%. If the fee income on this loan is 0.4% and the spread over the cost of funds to the bank is 1%, calculate the estimated RAROC of this loan.
The estimated RAROC of this loan is 21.96%.
The risk premium for bonds belonging to the same risk category of the loan has been estimated to be 5.5%, and the current average level of interest rates for this category of bonds is 12%. Therefore, the required rate of return is 17.5%.
The RAROC is then calculated as the spread over the cost of funds to the bank plus the fee income divided by the required rate of return times 100. RAROC is an abbreviation for risk-adjusted return on capital. The estimated RAROC of the $10 million loan, which will be approved soon, is 21.96%.
The 99th percentile increase in risk premium for bonds belonging to the same risk category of the loan is 5.5%, while the current average level of interest rates for this category of bonds is 12%. Therefore, the required rate of return is 17.5%.
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To finance a new laptop, emilie is offered a 4 year payment plan with low monthly payments of $33. 60. The cost of the laptop was $884. 39 including tax. Round to one decimal place, if necessary
Emilie is offered a 4-year payment plan with low monthly payments of $33.60 to finance a laptop that costs $884.39, including tax.
To calculate the total cost of the laptop including financing, we need to multiply the monthly payment by the number of months in the payment plan. Emilie has a 4-year payment plan, which is equivalent to 4 * 12 = 48 months.
The total cost of the laptop with financing is therefore 48 * $33.60 = $1612.80.
However, we are given that the cost of the laptop, including tax, is $884.39. This means that the financing cost is $1612.80 - $884.39 = $728.41.
Rounded to one decimal place, the financing cost is $728.4.
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Imagery and social bookmarking night also play important roles in a SMM - Explain the benefits of marketing with online photos and other images - Explain can you market your company on photo sharing sites - Describe social bookmarking and how your chosen company can leverage its use.
Imagery and social bookmarking both play important roles in social media marketing (SMM). When it comes to social media platforms, using online photos and other images can prove to be very beneficial, and marketing a company on photo-sharing sites can be an excellent way to gain brand visibility.
Social bookmarking can also play a vital role in marketing by helping to share content more effectively. Below, we’ll discuss the benefits of using photos in SMM and how to market a company on photo-sharing sites, and we’ll also define social bookmarking and how companies can leverage its use. Benefits of Marketing with Online Photos and Other Images Social media is an incredibly visual medium, and images are the primary tool used to communicate with your audience. Photos are much more effective than text in capturing people's attention and conveying a message. Here are some benefits of marketing with online photos and other images: Attention-Grabbing: Images are much more effective than text in capturing people's attention and conveying a message. Since social media users have a shorter attention span, you have a very short time to capture their attention.
These backlinks can help your website appear higher in search results. Connect with Others in Your Industry: By bookmarking content from other companies in your industry, you can connect with other professionals and stay up-to-date with industry news.
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1. Create an application named TicketService that instantiates objects of three classes named Ticket, TheaterTicket and Movieticket and that demonstrates all their methods. Create a class named Ticket that includes four variable fields that hold a customer name (string), ticket number (int), number of acts (int) and total price (double). Include a protected field for price and protected method that set price to $57.99 for a 1-act play, $65.50 for 2-acts play, and $89.50 for 3-acts play. Also include a ToStringO method that returns a string constructed from the return value of the object's GetType0 method and the values of the fields. (5 marks)
2. Extend the Ticket class (from the question 1) to two more specialized classes: TheaterTicket and MovieTicket. The TheaterTicket class includes a string field to hold the name of the scene (such as McHenry), and the Movie Ticket class includes two string fields that hold the name of the main actor (such as Brad Pitt) and the name of cinema (such as Cineplex). The price for a TheaterTicket increases by $85 over its base cost, and the price for a Movie Ticket increases by $70 over its base cost. Each subclass should include a ToStringO method that overrides the parent class version.
An application named TicketService that instantiates objects of three classes named Ticket, TheaterTicket and Movieticket and that demonstrates all their methods.
Create an application named TicketService.
Instantiate objects of three classes named Ticket, TheaterTicket and Movieticket.
For the second task, we need to extend the Ticket class (from the question 1) to two more specialized classes: TheaterTicket and MovieTicket.
Here are the steps we need to take for the second task:
Create two subclasses for the Ticket class, namely, TheaterTicket and MovieTicket.In the TheaterTicket class, add a string field to hold the name of the scene (such as McHenry).
In the MovieTicket class, add two string fields that hold the name of the main actor (such as Brad Pitt) and the name of cinema (such as Cineplex).
Increase the price of TheaterTicket by $85 over its base cost.Increase the price of MovieTicket by $70 over its base cost.
using System;
public class Ticket
{
protected double price;
public string CustomerName { get; set; }
public int TicketNumber { get; set; }
public int NumberOfActs { get; set; }
public double TotalPrice { get; set; }
protected void SetPrice()
{
if (NumberOfActs == 1)
{
price = 57.99;
}
else if (NumberOfActs == 2)
{
price = 65.50;
}
else if (NumberOfActs == 3)
{
price = 89.50;
}
else
{
price = 0;
}
TotalPrice = price;
}
public override string ToString()
{
return GetType() + ": Customer Name: " + CustomerName + " | Ticket Number: " + TicketNumber +
" | Number of Acts: " + NumberOfActs + " | Total Price: " + TotalPrice;
}
}
public class TheaterTicket : Ticket
{
public string SceneName { get; set; }
public TheaterTicket()
{
SetPrice();
TotalPrice += 85;
}
public override string ToString()
{
return GetType() + ": Scene Name: " + SceneName + " | Customer Name: " + CustomerName +
" | Ticket Number: " + TicketNumber + " | Number of Acts: " + NumberOfActs +
" | Total Price: " + TotalPrice;
}
}
public class MovieTicket : Ticket
{
public string MainActorName { get; set; }
public string CinemaName { get; set; }
public MovieTicket()
{
SetPrice();
TotalPrice += 70;
}
public override string ToString()
{
return GetType() + ": Main Actor Name: " + MainActorName + " | Cinema Name: " + CinemaName +
" | Customer Name: " + CustomerName + " | Ticket Number: " + TicketNumber +
" | Number of Acts: " + NumberOfActs + " | Total Price: " + TotalPrice;
}
}
public class TicketService
{
static void Main(string[] args)
{
Ticket t1 = new Ticket
{
CustomerName = "John Doe",
TicketNumber = 1,
NumberOfActs = 1
};
t1.TotalPrice = t1.TotalPrice;
Console.WriteLine(t1);
TheaterTicket tt1 = new TheaterTicket
{
CustomerName = "Jane Doe",
TicketNumber = 2,
NumberOfActs = 3,
SceneName = "McHenry"
};
Console.WriteLine(tt1);
MovieTicket mt1 = new MovieTicket
{
CustomerName = "Mary Smith",
TicketNumber = 3,
NumberOfActs = 2,
MainActorName = "Brad Pitt",
CinemaName = "Cineplex"
};
Console.WriteLine(mt1);
Console.ReadKey();
}
}
It's a simple console application where the classes are created with the necessary variables and functions. The ticket class includes four variable fields that hold a customer name (string), ticket number (int), number of acts (int) and total price (double).
The protected field price is protected and is set to $57.99 for a 1-act play, $65.50 for 2-acts play, and $89.50 for 3-acts play.
Finally, the ToStringO method is overridden that returns a string constructed from the return value of the object's GetType0 method and the values of the fields.
The TheaterTicket class includes a string field to hold the name of the scene (such as McHenry), and the Movie Ticket class includes two string fields that hold the name of the main actor (such as Brad Pitt) and the name of cinema (such as Cineplex).
The price for a TheaterTicket increases by $85 over its base cost, and the price for a Movie Ticket increases by $70 over its base cost.
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