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State the importance of economic resources.
Which is more important to you, health or unlimited supply for your wants?
How applied economics solved poverty without causing loss of economic incentives?
Considering what you have learned in your Basic Microeconomics subject, what is meant when it is said that a market is “sensitive” to a price change? What is meant when it is said that a market is “insensitive” to a price change?
Sams Ltd is specialized in producing and selling washing machines. In 2018, the manufacturing cost per unit included:
£ Direct material 125
Direct labor (20 minutes per unit) 45/hour Variable manufacturing overhead 20 Variable selling expenses 15 Variable administrative expenses 10
Fixed costs for the year ended 31 December 2018 were: £000
Fixed manufacturing 1,100 Fixed selling and distribution 1,450 Fixed administrative 675
The company produced and sold 220,000 units at £225 per unit.
In 2019, management has decided to increase the selling price by 25% and to maintain the same contribution margin ratio as last year. This increase in price is to meet an increase of £1,450,000 in fixed costs in 2019. The company has produced and sold the same quantity in 2019 as last year.
Required
(a) Calculate the break-even point and margin of safety in both units and revenue for the two years, 2018 and 2019, and briefly comment upon the results.
Which of the steps in accounting cycle are performed only at the end of the accounting period?
- Discuss how push and pull factors effects affect the purchasing process.
Describe what compensation is and give at least three examples of core compensation practices followed in organizations
Explain how internally consistent compensation systems and competitive strategy relate to each other. Explain the basic building blocks of compensation system.
Review news articles on the current
state of the economy. Which aspects of
these articles do you think can relate
to HRM?
