The following information is available for Hatter Co.
From the information provided,calculate Hatter's profit margin ratio for each of the three years.In 2016,economic conditions and a slowing economy impacted the results of operations.Comment on the results,assuming that the industry average for the profit margin ratio is 7% for each of the three years.
Definitions:
Potentially Efficient
A state where resources could be allocated in a way that no one could be made better off without making someone else worse off.
High-Income Families
Households that earn a significantly higher income than the average, often placed within the top income brackets for a particular region, influencing their spending, saving, and investment behavior.
Low-Income Families
Households that earn significantly less income than the average for their location or society, often qualifying them for certain types of financial aid.
Efficient Allocation
The optimal distribution of resources among competing uses, allowing for the best possible achievement of goals with minimal wasted effort or expense.
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