The machine fraction for machine A is 30, machine B is 38 and machine C is 32 with the given production inputs.
What are the four inputs of production?Resources that are used to produce commodities and services are known as factors of production. They constitute the foundation of the economy. In economics, inputs also known as resources or factors of production are the things that are used in the production process to create output, which includes commodities and services. According to a connection known as the production function, the quantity of output depends on how much of the various inputs are used.
Given:
\(I_{XC}\) = \(O_{x}\) \(/ 1 - d_{XC}\)
Here, production input in operation part X of machine C is \(I_{XC}\), the desired output in operation part X is \(O_{x}\) , percentage of defective item in operation part X of machine C is \(d_{XC}\).
Substitute 100,000 units for \(O_{x}\) and 0.03 for \(d_{XC}\) to find \(I_{XC}\).
\(I_{XC}\) - 1,00,000 / (1-0.03)
= 100,000/0.97
= 103,092.8
= 103,093 units
The production input of machine C of part X in the production process is 103,093 units.
The production input of machine B of part X in the production process is 107,388 units.
The production input of machine A of part X in the production process is 113,040 units.
The production input of machine C of part Y in the production process is 206,186 units.
The production input of machine A of part Y in the production process is 217,037unit
The production input of machine B of part Y in the production process is 226,081 units.
Hence, the number of machines required per operation.
F = SQ/ EHR
\(F_{A}\)= (0.15* 113,040)/ (0.85*1,600*0.95) + (0.1*217,037)/(0.85*1,600*0.95)+(20+40)/(1,600 * 60)
= 13.123 + 16.798 + 0.000625
= 29.92 = 30 machines
Hence, machine fraction for machine A is 30
\(F_{B}\) = (0.25* 107,388)/ (0.9*1,600*0.959) +(0.1*226,081)/(0.9*1,600*0.9)+(20+40)/(1,600 * 60)
= 120.715 + 17.444 + 0.000625
= 38.16 = 38 machines
Hence, machine fraction for machine B is 38
\(F_{C}\) = (0.1* 103,093)/ (0.955*1,600*0.85) (0.15*206,186)/(0.95*1,600*0.85)+(20+40)/(1,600 * 60)
= 7.954 + 23.864 + 0.000625
= 31.819 = 32 machines
Hence, machine fraction for machine C is 32
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Why is it important to study ethics in school?
O A. Business values have improved since ethics was introduced into
the curriculum.
O B. Knowledge of ethical practices can stop you from making bad
decisions due to ignorance.
O C. It will make people more ethical.
D. It is required for entry into graduate business schools.
Answer:
b.
Explanation:
Knowledge of ethical practices can stop you from making bad decisions due to ignorance it is important to study ethics in school. Thus, option (b) is correct.
What is school?The term school refers to the educational institutes that are involved with students and teachers. The teacher is a guide for the student. The teacher's job is to teach the student as related to the study, courses, and future guidance. The student is able to effectively communicate, build punctuality, decorum, ethics, and value.
According to the school are the based on the study ethics are the ethical practices can stop you from making bad decisions due to ignorance. The person can earn money as they need to education. The education is level wise and based on capacity of the revised knowledge of the student. The education is included a basic necessity of the people.
As a result, the knowledge of ethical practices can stop you from making bad decisions due to ignorance it is important to study ethics in school. Therefore, option (b) is correct.
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The list price for a vacuum cleaner is $299.99 . Determine the net cost after a 15/10 / 10 series discount $ 206.54 $417.44 $299.64 $ 100.20
According to the question, the net cost after a 15/10/10 series discount is $206.54.
What is net cost?Net cost is a financial measurement that takes into account all costs associated with a purchase or sale, less any income received from the transaction. It is calculated by subtracting the proceeds from the total costs incurred. Net cost is used to determine the total amount of money that a business must pay or receive in order to complete a transaction. It is used to help businesses make decisions about pricing, cost control, and investments.
The series discount is calculated by subtracting the first discount (15%) from the list price of $299.99, resulting in a new price of $254.99. Then the second discount (10%) is subtracted from the new price of $254.99, resulting in a new price of $229.49. Finally, the third discount (10%) is subtracted from the new price of $229.49, resulting in a net cost of $206.54.
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During December, Acme, Inc., performed and billed its customers $27,000 for services on account of which it collected $9,000. How much revenue should Acme record in December?
The amount of revenue that should be recorded by Acme Inc, given the amount billed to customers is $ 27, 000.
How much should be revenue ?Revenue is the amount that a company recognizes when they sell goods or provide services. As per the Accrual basis, this amount is to be recognized even when the cash has not been paid so long as the services have been given or the goods provided.
The revenue that Acme Inc would then need to recognize is the amount that it billed its customers on account which is $ 27, 000.
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PLEASE PLEASE HELPPP ME
Answer:
when the population is much
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
Round your answers to two digits after the decimal.
1a. What is the total cost when producing zero units?
total cost: $
1b. What is the marginal cost for the first unit?
marginal cost: $
1c. What is the average total cost when producing three units?
average total cost: $
1d. What is the average variable cost when producing four units?
average variable cost: $
The total cost when producing zero units is $20.
The marginal cost for the first unit is $50.
The average total cost when producing three units is $65.67.
The average variable cost when producing four units is $98.
What are cost functions?Fixed cost is cost that remains constant regardless of the output produced. It remains constant regardless the level of output. An example of fixed cost is rent. Average fixed cost is fixed cost divided by total output.
Variable cost is the cost that increases with the level of output. It increases the more output is produced. An example of variable cost is wages paid to labor. the average variable cost when producing four units. Average variable cost is variable cost divided by total output.
Total cost is the sum of fixed cost and variable cost. Average total cost is total cost divided by total output.
Marginal cost is the change in total cost.
Total cost of producing zero units = fixed cost + variable cost
$20 + 0 = $20
Marginal cost of the first unit = (total cost of the first unit - total cost of the zero unit) / (2 - 1)
total cost of the first unit = (average variable cost x total output) + fixed cost
$20 + 50 = $70
Marginal cost = (70 - 20) / (2 - 1) = $50
The average total cost when producing three units = Total cost / total units
Total cost of three units = marginal cost of three units + total cost of two units
Total cost of two units = 105 + 92 = $197
The average total cost = $197 / 3 = $65.67
The average variable cost when producing four units = (412 - 20) / 4 = $98
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EAR versus APR [LO4] Two banks in the area offer 30-year, $220,000 mortgages at 5.5 percent and charge a $3,500 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I.M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with non fundable fees (presumably because refundable fees are part of the loan rather than a fee). What are the EARs on these two loans? What are the APRs?
Answer:
application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I.M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with non fundable fees (presumably because refundable fees are part of the loan rather than a fee). What are the EARs on these two loans? What are the APRs?
Write an assay describing an opportunity that you thing could be turned into a small business
In today's world, there are endless opportunities for small businesses to thrive. One such opportunity that I believe has great potential is in the field of sustainable living. With the growing concern for the environment and the need to reduce our carbon footprint, there is a high demand for eco-friendly products and services.
One possible business idea is to create a company that specializes in the production and sale of reusable, environmentally friendly products such as reusable bags, water bottles, and food containers. With the increasing awareness of the negative impact of single-use plastics on the environment, there is a high demand for reusable products that can help reduce waste.
Another opportunity could be in the field of sustainable energy. With the increasing demand for renewable energy sources, there is a growing need for companies that specialize in the production and installation of solar panels, wind turbines, and other forms of sustainable energy. This business could also offer consulting services to help homeowners and businesses reduce their energy consumption and transition to renewable energy sources.
Another potential small business opportunity is in the field of online education. With the growing demand for online learning and the increasing availability of technology, there is a need for companies that specialize in providing online courses and training programs. This business could offer courses in a variety of fields, including business, technology, and creative arts.
In conclusion, there are many opportunities for small businesses to thrive in today's world. By focusing on sustainable living, renewable energy, and online education, entrepreneurs can create businesses that not only generate profits but also make a positive impact on the environment and society.
One opportunity that I believe could be turned into a small business is a meal prep service for busy individuals and families. With many people leading busy lives and struggling to find time to cook healthy meals, a meal prep service could provide a convenient solution.
The business could offer a variety of meal options to cater to different dietary needs and preferences. Customers could place their orders online and select the meals they want for the week. The business could also offer the option for customers to customize their meals by choosing their own ingredients.
To keep costs low, the business could partner with local farms and markets to source fresh, seasonal ingredients. The meals could be prepared in a commercial kitchen and delivered to customers' homes or workplaces. The business could also offer the option for customers to pick up their meals at a designated location.
In addition to providing a convenient solution for busy individuals and families, the business could also have a positive impact on the environment. By sourcing ingredients locally and reducing food waste, the business could promote sustainability and reduce its carbon footprint.
To market the business, the company could use social media platforms and local advertising to reach potential customers. They could also partner with fitness studios and gyms to promote healthy eating habits.
Overall, a meal prep service has the potential to be a successful small business by offering a convenient and healthy solution for busy individuals and families. By focusing on quality ingredients and sustainability, the business could differentiate itself from competitors and attract a loyal customer base.
Tucker, Inc. on January 1, 2017 initiated a noncontributory, defined-benefit pension plan that grants benefits to its 100 employees for services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 100 employees who are expected to receive benefits under the plan is 1,200. An actuarial consulting firm has indicated that the present value of the prior service cost on January 1, 2017 was $5,040,000. On December 31, 2017 the following information was provided concerning the pension plan's operations for its first year. Employer's contribution at end of year $1,600,000 Service cost 600,000 Projected benefit obligation 6,000,000 Plan assets (at fair value) 1,600,000 Expected return on plan assets 9% Settlement rate 8%
Instructions:
(a) Compute the pension expense recognized in 2017. Assume the prior service cost is amortized over the average remaining service life of the employees.
(b) Prepare the journal entries to reflect accounting for the company's pension plan for the year ended December 31, 2017.
(c) Indicate the amounts that are reported on the income statement and the balance sheet for 2017.
Answer:
a. Computation of Pension Expenses
Particulars Amount
Service cost $600,000
Interest on projected benefit obligation $480,000
($6,000,000 * 8%)
Expected Return on plan assets -$144,000
($1,600,000 * 9%)
Amortized of prior service costs $0
Pension Expense $936,000
b. Account Titles and Explanation Debit Credit
Pension Expenses $936,000
Pension Asset/Liability $664,000
Cash $1,600,000
Other Comprehensive Income $0
c. Tucker Inc.
Income Statement (Partial)
For the year ended December 31, 2017
Expenses:
Pension Expenses $936,000
Tucker Inc.
Balance sheet (Partial)
For the year ended December 31, 2017
Long term Liabilities:
Pension Liability $3,736,000
Stockholders' Equity
Accumulated Other $5,040,000
Comprehensive Income
($5,040,000 - $0)
Workings
Projected benefit obligation, before adjustment $6,000,000
Add: Service cost $600,000
Add: Interest on projected benefit obligation $480,000
($6,000,000 * 8%)
Projected benefit obligation $7,080,000
Fair value of pension assets $1,000,000
Add: Expected return on plan assets $144,000
Add: Cash contribution $1,600,000
Plan assets $3,344,000
Pension Liability $3,736,000
Lartey Corporation's cost formula for its selling and administrative expense is $22,200 per month plus $27 per unit. For the month of December, the company planned for activity of 5,300 units, but the actual level of activity was 5,270 units. The actual selling and administrative expense for the month was $168,150.
The activity variance for selling and administrative expense in December would be closest to:
The activity variance for selling and administrative expense in December is negative, which means that the actual expense was less than what we would expect based on the flexible budget.
To calculate the activity variance for selling and administrative expense in December, we need to use the cost formula provided by Lartey Corporation, which is $22,200 per month plus $27 per unit.
First, let's calculate the planned (budgeted) selling and administrative expense for December based on the planned activity level of 5,300 units:
Planned selling and administrative expense = $22,200 + ($27 x 5,300) = $171,900
Next, we can calculate the flexible budget for selling and administrative expense based on the actual level of activity, which was 5,270 units:
Flexible budget for selling and administrative expense = $22,200 + ($27 x 5,270) = $170,790
Finally, we can calculate the activity variance by subtracting the flexible budget from the actual selling and administrative expense:
Activity variance = Actual selling and administrative expense - Flexible budget
Activity variance = $168,150 - $170,790
Activity variance = -$2,640
The activity variance for selling and administrative expense in December is negative, which means that the actual expense was less than what we would expect based on the flexible budget. This could be due to cost savings or efficiencies in the company's operations.
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'Teaching profession is an important profession of nation' Justify this statement.
Answer:
A teacher plays a role of a mentor as well as of a facilitator.
Explanation:
Teachers instill knowledge and skills in our youngsters of the nation. They are the nation builders. The state of teaching is stronger because teachers everywhere are leading from their classrooms and taking over new roles to enhance education for teenagers.
A teacher plays a role of a mentor as well as of a facilitator.
In a communist economy all economic activities are controlled by?
Answer:
benefits of quality management
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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A/an
is a device used to protect computers against surges and spikes in power.
explain three of classifying managers
There are several ways to classify managers, but here are three common approaches By level, By function, By style.
By level: One way to classify managers is by their level in the organizational hierarchy. For example, top-level managers are responsible for setting overall goals and strategies for the organization, while middle-level managers oversee specific departments or functions, and front-line managers supervise the day-to-day activities of individual employees.
By function: Another way to classify managers is by the functional area they oversee. For instance, a marketing manager is responsible for promoting and selling the organization's products or services, while a human resources manager is responsible for recruiting, training, and managing employees.
By style: A third way to classify managers is by their management style or approach. For example, some managers may be more autocratic, making decisions and giving orders without much input from their subordinates. Others may be more democratic, seeking input and feedback from their team before making decisions.
Still, others may be more laissez-faire, giving their employees a high degree of autonomy and trusting them to make decisions on their own.
Overall, these different ways of classifying managers can help organizations to better understand the roles and responsibilities of their managers, and to develop more effective leadership strategies that align with their specific needs and goals.
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Parker Company pays each member of its sales staff a salary as well as a commission on
each unit sold. For the coming year, Parker plans to increase all salaries by 5% and to keep
unchanged the commission paid on each unit sold. Because of increased demand, Parker
expects the volume of sales to increase by 10%. How will the total cost of sales salaries and
commissions change for the coming year?
A. Increase by 5% or less.
B. Increase by more than 5% but less than 10%.
Answer: B is correct
Explanation:
Sales salaries will increase by exactly 5%. The per-unit commission amount will remain constant, but sales commissions in total are expected to increase by 10%. Thus, total sales salaries and commissions will increase somewhere between 5% and 10%.
Please evaluate a CEO’s job, and what makes a CEO’s job so complex? Use the challenges Tim Cook faces as Steve Jobs’ successor to provide examples that support your answer.
Answer: A CEO's job is so complex because of the many different aspects that they need to control and execute.
For example, the CEO is responsible for managing the business strategy, business strategy, finance, operations, and many other things of the organization. In addition to these aspects, Tim Cook had to follow in the footsteps of Steve Jobs, who was a renowned innovation leader.
Not only does Cook not seem like such a strong innovator, he's also struggled to keep up with the 's technological upgrades and market competition. Since taking on the role of CEO, he has had to choose where to focus his time and appears to have focused on company culture and leadership team transformation.
Explanation:
Every day, your boss participates in a conference call from 1:00 PM to 2:00 PM. You know this, and today, instead of returning from lunch at 1:00, you decide to extend your lunch until 1:45. This is an example of
An example of Shirkingis when an employee decide to extend their lunch until 1:45 instead of 1:00 becaujse of his boss participation in a conference call.
What is called Shirking?A shirk essentially means the act of avoiding or getting out of doing something that should be done.
Hence, when an employee decide to extend their lunch until 1:45 instead of 1:00 because of his boss participation in a conference call is an example of Shirking because he need to help his boss.
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You are working in a job shop with 3 machines. You have been informed that there are 4 jobs to be completed today. Their routings and times have been provided below. Job Routing and Times 1 (M1,6),(M3,10),(M2,4) 2 (M1,10),(M2,2),(M3,4),(M2,9) 3 (M2,5),(M1,7) 4 (M3,10),(M2,5),(M1,2),(M2,2) All jobs are released at the same time. Create a Gantt chart and calculate the time to completion using the two following rules, and answer the questions related to each of dispatching rules: a. Shortest Processing Time (20 points) a. At time = 0, how many jobs are in the queue for Machine 1. b. At time = 10, which of the machines are busy making parts. C. At what time will job 1 finish. d. At what time will job 2 finish. e. What is the completion time for all jobs. b. Longest Processing Time (20 points) a. At time = 0, how many jobs are in the queue for Machine 2. b. At time = 10, which of the machines are busy making parts. c. At what time will job 1 finish. d. At what time will job 2 finish. e. What is the completion time for all jobs.
Shortest processing time (SPT) is a rule that arranges the jobs that need to be processed on a resource in descending order of how long they took to process.
Ginen -> 3 machines, 4 jobs, assuming that the job must go through MI, M2, and M3 to get to JOB MI M2 M3 Total Time 10 1 4 20 6 2 10 2,9 4 25 3 7 12 5 5, 2 4 2 19 C Shortest processing time taking into account the shortest processing time (i.e. the smallest total J3, J4, J1, J2), the order of the jobs will be Jobs Machine MI 41 2 M3 12 2 M3 20
me
→
5
10
15
25
36
35
40
45
50
a) At
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Below are demand schedules for 4 consumers.
Price Alice Bob Charlie Dora
8 2 0 2 3
6 8 4 6 7
4 11 5 9 11
2 15 12 12 14
What is the aggregate demand at the price $4?
For the given demand schedule ,The aggregate demand at the price $4 is 36.
What is the aggregate demand?Aggregate demand is the tοtal quantity οf gοοds and services that cοnsumers, cοmpanies, and the gοvernment are willing and able tο purchase in an ecοnοmy at a particular price level. It includes net expοrts, gοvernment expenditure, investment, and cοnsumer spending, and is represented by a dοwnward-slοping curve.
What are the cοmpοnents οf aggregate demand?The cοmpοnents οf aggregate demand are the different categοries οf spending that cοntribute tο the tοtal demand fοr gοοds and services in an ecοnοmy. Cοnsumer spending (C), investment spending (I), gοvernment spending (G), and net expοrts (NX) are the main cοmpοnents. Cοnsumer spending is the tοtal spending by hοusehοlds οn gοοds and services, while investment spending is capital gοοds, gοvernment spending is salaries οf gοvernment emplοyees, public wοrks prοjects, and defense spending. Net expοrts are the difference between expοrts and impοrts.
Hοw is AD calculated?Aggregate demand is calculated by adding up the tοtal spending οn gοοds and services within an ecοnοmy. It is brοken dοwn intο fοur cοmpοnents: cοnsumer spending (C), investment spending (I), gοvernment spending (G), and net expοrts (NX). Cοnsumer spending includes hοusehοlds, investment spending includes capital gοοds, and gοvernment spending includes infrastructure prοjects and defense. Net expοrts include exports minus impοrts οf gοοds and services.
The fοrmula fοr aggregate demand is:
AD = C + I + G + NX
Where: AD = Aggregate demand C = Cοnsumer spending I = Investment spending G = Gοvernment spending NX = Net expοrts
The amοunt required by each cοnsumer at the price οf $4 must be added up in οrder tο determine the aggregate demand.
Price Alice Bοb Charlie Dοra Tοtal
4 11 59 11 36
Therefοre, the tοtal demand at $4 is 36.
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find three examples of managers
you would describe as master managers. Write a paper describing these individuals
as managers and why you think they deserve this title.
ms
Answer:
All managers must be comfortable with three main types of activities or roles. To do their jobs, managers assume these different roles. No manager stays in any one role all of the time, but shifts back and forth. These roles are leadership (or interpersonal), informational, and decision making.
Explanation:
Hope it helps kahit na ndi ko na sagot ung main question.
The three examples of managers that we would describe as master managers are advertisement manager, accounting manager and analytics manager. The roles of managers are leadership, informational, and decision making.
What is an information?An information refers to something that has the power to inform. At the most fundamental level information pertains to the interpretation of that which may be sensed.
The digital signals and other data use discrete signs or alogrithms to convey information, other phenomena and artifacts such as analog signals, poems, pictures, music or other sounds, and the electrical currents convey information in a more continuous form.
Information is not knowledge itself, but its interpretation is important. An Information can be in a raw form or in an structured form as data. The information available through a collection of data may be derived by analysis by expert analysts in their domain.
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12. Hector works in a gas station and earns $8.60 per hour. Last week he
worked 29 hours. What was his gross pay?
Which function are local governments responsible for meeting?
ОА national security
OB. education
OC. space exploration
OD mail delivery
Answer:
the answer is edication
Answer:
OA. national security
Explanation:
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Marketers commonly ask celebrities to endorse products, but tying a brand to a celebrity
can come with risks if that celebrity falls out of favor with the public as the result of a
something they do or say that is perceived negatively.
1. How would you determine if the signing of a celebrity to an endorsement deal is
worth the risk? 2. What would you want to know to make that determination and reduce
the risk potential? 3. List two pros and two cons of tying celebrities to a brand.
The answer to each of the three questions must be a minimum of a paragraph consisting
of five useful sentences per paragraph.
Several considerations need to be taken into account in order to decide whether signing a celebrity to an endorsement arrangement is worth the risk. It is crucial to first assess the public's view of the celebrity.
How would you decide whether it's worthwhile to sign a famous person to an endorsement contract?Consider the costs and potential future sales before deciding whether the investment is worthwhile. Whenever in doubt, pick a different marketing strategy. Take into account the celebrity's private life or choices because any publicity could have an impact on the success of your endorsement.
What risks are associated with celebrity endorsement?The study's findings suggest five criteria that are connected to the possible hazards of celebrity endorsements. These elements are: Several Products
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The speed with which utility companies can resolve problems is very important. GTC, the Georgetown Telephone Company, reports it can resolve customer problems the same day they are reported in 70% of the cases. Suppose the 12 cases reported today are representative of all complaints.
a-1. How many of the problems would you expect to be resolved today? (Round your answer to 2 decimal places.)
a-2. What is the standard deviation? (Round your answer to 4 decimal places.)
b. What is the probability 6 of the problems can be resolved today? (Round your answer to 4 decimal places.)
c. What is the probability 6 or 7 of the problems can be resolved today? (Round your answer to 4 decimal places.)
d. What is the probability more than 7 of the problems can be resolved today? (Round your answer to 4 decimal places.)
Answer:
Explanation:
a-1. We can use the expected value formula to find the number of problems we would expect to be resolved today:
Expected value = Number of cases reported x Probability of resolution
Expected value = 12 x 0.7
Expected value = 8.4
Rounding to 2 decimal places, we would expect 8.40 problems to be resolved today.
a-2. To find the standard deviation, we can use the formula:
Standard deviation = √(n x p x (1 - p))
where n is the number of cases reported and p is the probability of resolution. Substituting in the values given, we get:
Standard deviation = √(12 x 0.7 x (1 - 0.7))
Standard deviation = √(3.36)
Standard deviation = 1.8326
Rounding to 4 decimal places, the standard deviation is 1.8326.
b. To find the probability that 6 of the problems can be resolved today, we can use the binomial probability formula:
P(X = x) = (nCx) * p^x * (1 - p)^(n - x)
where n is the number of cases reported, p is the probability of resolution, x is the number of cases that can be resolved, and nCx is the binomial coefficient (nCx = n! / x!(n-x)!).
Substituting in the values given, we get:
P(X = 6) = (12C6) * 0.7^6 * (1 - 0.7)^(12 - 6)
P(X = 6) = (924) * 0.7^6 * 0.3^6
P(X = 6) = 0.0482
Rounding to 4 decimal places, the probability that 6 of the problems can be resolved today is 0.0482.
c. To find the probability that 6 or 7 of the problems can be resolved today, we can use the same formula as in part (b), but we need to calculate the probabilities separately for 6 and 7, and then add them together:
P(X = 6 or X = 7) = P(X = 6) + P(X = 7)
P(X = 6 or X = 7) = (12C6) * 0.7^6 * 0.3^6 + (12C7) * 0.7^7 * 0.3^5
P(X = 6 or X = 7) = 0.0482 + 0.1254
P(X = 6 or X = 7) = 0.1736
Rounding to 4 decimal places, the probability that 6 or 7 of the problems can be resolved today is 0.1736.
d. To find the probability that more than 7 of the problems can be resolved today, we can use the complement rule and subtract the probability of 7 or fewer problems being resolved from 1:
P(X > 7) = 1 - P(X ≤ 7)
P(X > 7) = 1 - [P(X = 0) + P(X = 1) + P(X = 2) + P(X = 3) + P(X = 4) + P(X = 5) + P(X = 6) + P(X = 7)]
P(X > 7) = 1 - [(12C0) * 0.7^0 * 0.3^12 + (12C1) * 0.7
DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?
Preliminary data gathering involves collecting and analyzing relevant information to establish a foundation for research or decision-making, including identifying objectives, assessing data availability, etc.
What are the Functions of Preliminary Data Gathering?Preliminary data gathering encompasses the initial acquisition and evaluation of pertinent information, serving as a basis for research or decision-making. It aids in defining project scope, goals, and needs, while also assessing data availability and quality.
This stage assists researchers and decision-makers in gaining insights, assessing project feasibility, recognizing potential obstacles, and formulating a strategic plan for subsequent data collection and analysis.
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Listed below are nine technical accounting terms introduced:
Variable costs Relevant range Contribution margin
Break-even point Fixed costs Semi-variable costs
Economies of scale Sales mix Unit contribution margin
Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
a. The level of sales at which revenue exactly equals costs and expenses.
b. Costs that remain unchanged despite changes in sales volume.
c. The span over which output is likely to vary and assumptions about cost behavior generally remain valid.
d. Sales revenue less variable costs and expenses.
e. Unit sales price minus variable cost per unit.
f. The reduction in unit cost achieved from a higher level of output.
g. Costs that respond to changes in sales volume by less than a proportionate amount.
h. Operating income less variable costs.
Answer:
a. Break-even point
b. Fixed costs.
c. Relevant range.
d. Contribution margin.
e. Unit contribution margin.
f. Economies of scale
g. Semi-variable costs.
h. None.
Explanation:
a. The level of sales at which revenue exactly equals costs and expenses: Break-even point.
b. Costs that remain unchanged despite changes in sales volume: Fixed Costs.
c. The span over which output is likely to vary and assumptions about cost behavior generally remain valid: Relevant range.
d. Sales revenue less variable costs and expenses: Contribution margin.
e. Unit sales price minus variable cost per unit: Unit contribution margin.
f. The reduction in unit cost achieved from a higher level of output: Economies of scale.
g. Costs that respond to changes in sales volume by less than a proportionate amount: Semi-variable costs.
h. Operating income less variable costs: None.
In a year in which common stocks offered an average return of 18%, Treasury bonds offered 10% and Treasury bills offered 7%, the risk premium for common stocks was:_______
A. 1%.
B. 3%.
C. 8%.
D. 11%.
Explain.
Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during August were 2,250, and the total direct labor budget variance was $1,170 unfavorable. The standard labor rate was $14.40 per hour, but recent resignations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,150 for August.
Required
a. Calculate the actual direct labor rate paid per hour during August. (Do not round intermediate calculations. Round your answer to 1 decimal place.) ual direct labor rate per hour
b. Calculate the dollar amount of the direct labor efficiency variance for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). t labor efficiency
c. Calculate the standard direct labor hours allowed for the actual level of activity during August. (Hint: Use the formula for the efficiency variance and solve for the missing information.) Standard direct labor hours
Answer:
a. Actual labor Rate:
(AR-SR)*Actual hours = Labor rate variance
Labor rate variance/Actual hours = AR-SR
AR = (Labor rate variance/Actual hours) + SR
Actual rate= (-3,150/2,250) + 14.4
Actual rate = -1.4 + 14.4
Actual rate = 13 per hour
Note: Labor rate variance is -3,150, Standard rate is 14.4 per hour and Actual hours is 2,250.
b. Direct labour efficiency variance = Total direct labour budget variance - Direct labour rate variance
Direct labour efficiency variance = $1,170 - (-$3,150)
Direct labour efficiency variance = $4,320 Unfavourable
c. Direct Labour efficiency variance = (AH-SH)*SR
4,320 = (2,250 - SH)*14.4
2,250 - Standard hours = 4,320/14.4
2,250 - Standard hours = 300
Standard hours = 2,250 - 300
Standard hours = 1,950
If you put money into a compound interest account with 7.2% interest rate how many years will it take to double your money?
Answer:
It would take 2 years
Explanation:
7x2=14 witch is the 7.2% interest rate so it would take two years 2 double your money
consumers use expanded decisions when purchasing?
Answer:
Consumers use expanded decisions when purchasing high-priced, complex, or unfamiliar products. Expanded decision-making involves a high level of involvement by the consumer, who engages in extensive information search, evaluation of alternatives, and consideration of the consequences of the decision. This type of decision-making is often used for products that are expensive, have a high degree of risk, or are infrequently purchased. For example, a consumer might use expanded decision-making when purchasing a car, a home, or a college education. In contrast, for products that are low-priced, frequently purchased, or have low risk, consumers often use limited decision-making or routine decision-making.
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