As monopolistically competitive firms struggle to find ways to attract customers, _________. Select the two correct answers below. Select all that apply:
a) they often end up offering friendlier service, free delivery, guarantees of quality, variations on existing products, and a better shopping experience
b) they often engage in innovation and technological improvements
c) they waste resources trying to differentiate themselves
d) they strategically lower their prices to steal customers from their competitors
In: Economics
In: Economics
Innovation and physical capital are 2 of the 4 factors of production. Discuss some specific ways that 1 of the following laws increased the productivity of 1 or both of these factors of production:
1862 Pacific Railway Act 1956
Federal Aid Highway Act 1946
Federal Airport Act
What other examples of economic concentration can you share?
What are the risks and advantages to economic concentration?
How has economic concentration influenced your industry?
In: Economics
In: Accounting
1- Competition among entrepreneurs will result in
Select one:
a. Workers getting paid higher wages than otherwise due to better alternative employment opportunities available.
b. Consumers paying higher prices than otherwise, due to increased cost.
c. Entrepreneurs making higher profits than otherwise due to increased efficiency.
d. Less product innovation than otherwise due to increased cost pressures and lower research budgets.
In: Economics
The escape from the Malthusian trap, in which technological progress outstripped the effects of population growth, took place following the emergence of capitalism. Consider the three basic institutions of capitalism in turn:
1. Why is private property important for technological progress to occur?
2. Explain how markets can provide both carrots and sticks to encourage innovation.
3. How can production in firms, rather than families, contribute to the growth of living standards?
In: Economics
In: Economics
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
Current Year
Previous Year
Sales $450,000 $387,000
Cost of goods sold 270,000 212,850
Selling expenses 72,000 69,660
Administrative expenses 76,500 61,920
Income tax expense 13,500 15,480
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
Innovation Quarter Inc.
Comparative Income Statement
For the Years Ended December 31
Current year Amount Current year Percent Previous year Amount
Previous year Percent
Sales $450,000 % $387,000 %
Cost of goods sold 270,000 % 212,850 %
$ % $ %
Selling expenses 72,000 % 69,660 %
Administrative expenses 76,500 % 61,920 %
$ % $ %
% %
Income tax expense 13,500 % 15,480 %
$ % $ %
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 5 percentage points, while selling expenses by 2 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points.
In: Accounting
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $392,000 | $353,000 | ||
| Cost of goods sold | 231,280 | 180,030 | ||
| Selling expenses | 62,720 | 70,600 | ||
| Administrative expenses | 70,560 | 60,010 | ||
| Income tax expense | 11,760 | 17,650 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $392,000 | % | $353,000 | % |
| Cost of goods sold | 231,280 | % | 180,030 | % |
| $ | % | $ | % | |
| Selling expenses | 62,720 | % | 70,600 | % |
| Administrative expenses | 70,560 | % | 60,010 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 11,760 | % | 17,650 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 8 percentage points, while selling expenses by 4 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points.
In: Accounting
Lifestyle Reset is a monthly subscription box filled with personalized health and fitness tips, assorted workout schedules, and a variety of supplies for people to regain control of their health. By logging onto the Lifestyle Reset website, consumers can select whether they are looking to lose, gain, or maintain their current body weight, strive to tone or build muscle and select the types of products they wish to receive in their box each month. Before releasing Lifestyle Reset into the market, it is important to determine the value and need the product will meet for customers, as well as utilize the eight-step Stage-Gate innovation process to create the Lifestyle Reset implementation plan.
Since people have an extremely difficult time making drastic lifestyle changes, Lifestyle Reset would prove valuable to the consumer through its healthy tips, realistic workout plans, and delicious meal ideas that can help lead the consumer towards healthier habits one box at a time. In a time where two out of three adults are obese, America is in need of Lifestyle Reset to help restore the health and wellness of the population.
Describe the innovation and its value to the organization/entity to which you are pitching your idea. (Minimum 200 words)
In: Economics