After evaluating all of the staff suggestions brought to my attention, I recommend that we establish an admission fee of $1.00. Based on the pro forma income statement developed according to all of the considerations for 2005 there will be a profit of $61,699. This option was suggested based on visitor surveys. Although one of our advantages is that we do not charge an admission to enter, this is the option that cost the least amount of money to implement into our organization. Based on the visitor surveys 50 percent said they would still come if there was an admission fee of $1.00.
In the short run firms may not increase their profits because the cuts in prices but if they achieve this in long run they may experience maxim profits. However the directors try to imply polices which do not always maximize the profits their objective is to satisfy the owners by getting some profit and growing the company in order to receive bigger market share to influence prices and quantity produced. I think that the managers should firstly try to grow the company and work for normal profit and maybe in long run obtain super normal profits. In short run they try to achieve lots of other objectives regardless profit
This is because the business doesn’t really know what is going to happen in the future. By having an amount of money that the business is able to use for anything it gives the company more support for the year ahead. But if this amount is only a small amount in comparison to the business it could lead to problems. This is because if a the company needs to fix the building the business will have to pay out the price. But if the amount left aside isn’t as much as the price of the building the business will have to use money from elsewhere.
Which method would lead to the best decision when a competitor is submitting a lower bid for your product? The absorption cost method will show the profitability and will provide the best references concerning how much money the company will make as compared to the bidder who has the lowest bid. Absorption costing will be more useful to companies that do not sell all of its products manufactured during a certain period. By using absorption costing the cost of the product, is not going to be shown until the time that
This happened with General Motors, where other countries required a lower minimum wage, allowing General Motors to collect more profit. The main question is, should the corporations act with humility, or solely for self-interest? Naturally this economic question isn't simple; there are many factors one needs to take into consideration. After General Motors moved their factories to other countries, the prices of cars went down because it cost less to make them. While some Americans were unemployed because of the corporations' move, the general population was benefiting from lower prices.
We recommend performance incentives that you could use to not only engage your employees, but also keep your insurance premiums low are semi and annual bonuses. Every driver that goes ticket free for six months receives a $500 bonus check and if the employee goes ticket and accident free at the end of each year they receive a $2000 safe driver bonus. That’s $3000 a year in bonus that you could earn on top of base pay and a 20% gratuity. Your company can afford to pay top dollar to employees compared to your competitors in the Austin area because you do not have the expense of car payments because you own your entire fleet which leaves a budget for an employee performance incentives program to engage our employees. Identify laws related to the benefits and pay program Laws related to benefits and pay programs vary from business to business.
The United Nations defines the rights written very cautiously in the Declaration of Human Rights. They are defined cautiously to prevent any misinterpretation that may occur. Some people may argue that by defining the rights so cautiously that the United Nations Declaration of Human Rights doesn’t cover everything. For example article 23 talks about how everyone has a right to form and join trade unions for the protection of his or her interests. Some citizens may argue that in Michigan allowing certain state service workers to be exempt does not follow the United Nations Declaration of Human Rights.
Decisions are based on what will maximize profits, thus serving the owners of capital, and not necessarily workers or the communities where factories are located” (Social Problems, pg 427). To prevent this, in relation to the article, I think we should move towards a protectionist society. By doing so, I believe that American workers would have to settle for working for less, but in correspondence, marketable products and the base values of good would decrease proportionally, while American workers would be allowed to maintain their jobs without fear of
Big corporations do not have to absorb the cost of minimum wage increases because most minimum-wage jobs are offered by small businesses b. The minimum wage directly affects small businesses because a large amount of their earnings go directly to pay for operating expenses, such as equipment, supplies, lease or mortgage, credit lines, inventory and employee wages and benefits 2. Serves as a deterrent for new entrepreneurial ventures a. The costs are too high for new businesses to risk starting a new venture b. Does not create a favorable labor market for new businesses II.
One of the main things that employers will have to do in order to make money will be to reduce hours, limit job creation, and increase prices. Many believe the minimum wage jobs are not meant to be a career, they are transitional jobs. Therefore minimum wage employees should receive transitional pay. A vast majority of the employees who attain minimum wage jobs have families that are on welfare, so they may receive Link, W.I.C., and Section 8 living therefore their needs are taken care of if they live within their means. Major corporations like McDonald’s and Walmart will barely be affected by the increase but the small businesses will be a thing of the past and slowly but surely fade away.