Kate Recently Learned to Play Golf

question 15

Multiple Choice

Kate recently learned to play golf.Last week,she decided to try a new golf course.She signed in to play and was given the keys to an electric golf cart without any instructions on how to operate it.After she drove the cart into a lake,she swore never to play golf again.According to Kate,"There are just too many things you have to know before you can become a real golfer." Two months later,the golf course manager called Kate and asked why she had not returned to play another game.Which service recovery strategy is being used in this example?

• A) Make the service fail safe
• B) Encourage and track complaints
• C) Treat customers proactively
• D) Use procedural fairness
• E) Learn from lost customers

Understand the concept of diminishing returns and how it impacts the marginal cost schedule.

Calculate profit or loss given costs and market price.

Identify conditions under which a firm should operate, expand, contract, or exit in the short and long run.

Interpret cost and revenue data from tables to make production and pricing decisions.

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Definitions:

High-low Method

A technique used in cost accounting to determine the variable and fixed components of a cost by analyzing the highest and lowest activity levels.

R-squared

R-squared is a statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.

High-low Method

A technique used in managerial accounting to estimate fixed and variable costs associated with production or business operations based on the highest and lowest levels of activity.

Cost Estimation

The process of forecasting the cost of completing a project with a defined scope.