A Large Number of Applicants for Admission to Graduate Study

question 39

Multiple Choice

A large number of applicants for admission to graduate study in business are given an aptitude test.Scores are normally distributed with a mean of 460 and standard deviation of 80.The top 2.5 percent of the applicants would have a score of at least (choose the nearest integer) :

• A) 606.
• B) 617.
• C) 600.
• D) 646

Comprehend the role of fixed and variable costs in determining the pricing of products and services.

Recognize the implications of different pricing methods on profit margins and profitability.

Evaluate the suitability of specific pricing strategies for different types of products and market conditions.

Explain the concept of target return on investment as it relates to pricing decisions.

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Definitions:

Credit Sales

Transactions where goods or services are provided to a customer with an agreement to pay at a later date.

Operating Expenses

Expenses related to the normal operations of a business, excluding the cost of goods sold.

Direct Labour Budget

A budget that forecasts the expense of direct labor needed to achieve manufacturing targets.

Labour Rate

The standard or actual cost paid per hour of labor, used in calculating the total cost of production or services.