Answer: 140%
Explanation:
Efficiency refers to how productive a person is in regards to how production they should be.
Formula is:
= Standard time / Actual time * 100%
= 35/25 * 100%
= 140%
The lowest total process cost
Answer:
hope it is helpful to you.....
Trak Corporation incurred the following costs while manufacturing its bicycles.
Bicycle components $100,000 Advertising expense $45,000
Depreciation on plant 60,000 Property taxes on plant 14,000
Property taxes on store 7,500 Delivery expense 21,000
Labor costs of assembly-line workers 110,000 Sales commissions 35,000
Factory supplies used 13,000 Salaries paid to sales clerks 50,000
(a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs.
Bicycle components
Trak Corporation incurred the following costs whil Direct LaborPeriod CostsDirect MaterialsManufacturing Overhead
Depreciation on plant
Trak Corporation incurred the following costs whil Direct MaterialsPeriod CostsManufacturing OverheadDirect Labor
Property taxes on store
Trak Corporation incurred the following costs whil Direct MaterialsManufacturing OverheadPeriod CostsDirect Labor
Labor costs of assembly-line workers
Trak Corporation incurred the following costs whil Direct MaterialsManufacturing OverheadDirect LaborPeriod Costs
Factory supplies used
Trak Corporation incurred the following costs whil Period CostsManufacturing OverheadDirect MaterialsDirect Labor
Advertising expense
Trak Corporation incurred the following costs whil Manufacturing OverheadDirect LaborPeriod CostsDirect Materials
Property taxes on plant
Trak Corporation incurred the following costs whil Manufacturing OverheadDirect LaborPeriod CostsDirect Materials
Delivery expense
Trak Corporation incurred the following costs whil Direct MaterialsPeriod CostsManufacturing OverheadDirect Labor
Sales commissions
Trak Corporation incurred the following costs whil Manufacturing OverheadPeriod CostsDirect LaborDirect Materials
Answer:
Trak Corporation
Direct materials:
Bicycle components $100,000
Direct labor:
Labor costs of assembly-line workers $110,000
Manufacturing overhead:
Factory supplies used $13,000
Property taxes on plant 14,000
Depreciation on plant 60,000
Total manufacturing overhead $87,000
Period costs:
Advertising expense $45,000
Property taxes on store 7,500
Delivery expense 21,000
Sales commissions 35,000
Salaries paid to sales clerks 50,000
Total period costs $158,500
Explanation:
a) Data and Calculations:
Bicycle components $100,000
Advertising expense $45,000
Depreciation on plant 60,000
Property taxes on plant 14,000
Property taxes on store 7,500
Delivery expense 21,000
Labor costs of assembly-line workers 110,000
Sales commissions 35,000
Factory supplies used 13,000
Salaries paid to sales clerks 50,000
b) Direct materials refer to materials consumed during the manufacturing process, which are easily identified, measured, and charged to the product.
Direct labor refers to factory workers' time consumed during the production process.
Manufacturing overhead includes all indirect materials, labor, and other costs which cannot be directly traced to a unit of the manufactured product.
Period costs include administrative, selling, and distribution costs incurred during a financial period.
Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the _____. a. equilibrium price b. skimmed price c. grounded price d. parity price
Answer:
A)equilibrium price
Explanation:
From the question we are informed about Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the equilibrium price. The equilibrium price can be reffered to as only price in which both desires of consumers and that of producers agree, this can be explained as a situation where by quantity demanded is been equal to quantity supplied. The theory stressed that movement of market tends toward this price, it can also be regarded as "market-clearing price"
For each of the following transactions, select the account to be debited and the account to be credited in the general journal.
a. Invested cash in the business, $5,000.
b. Paid office rent, $500.
c. Purchased office supplies on account, $300.
d. Received cash for services rendered (fees), $400.
e. Paid cash on account, $50.
f. Rendered services on account, $300.
g. Received cash for an amount owed by a customer, $100.
Answer:
a. Dr Cash
Cr Capital
b. Dr Cash
Cr Rent
c. Dr Office supplies
Cr Accounts Payable
d. Dr Cash
Cr Accounts Receiveble
e. Dr Cash
Cr Accounts Receiveble
f. Dr Accounts Receiveble
Cr Services
g. Dr Cash
Cr Accounts Receiveble
Explanation:
Based on the information given the account to be debited and the account to be credited in the general journal will be:
a. Dr Cash
Cr Capital
b. Dr Cash
Cr Rent
c. Dr Office supplies
Cr Accounts Payable
d. Dr Cash
Cr Accounts Receiveble
e. Dr Cash
Cr Accounts Receiveble
f. Dr Accounts Receiveble
Cr Services
g. Dr Cash
Cr Accounts Receiveble
Singh, a member of Trucking LLC, ceases to be associated in the carrying on of the business of the firm. Despite the dissociation a. the member does not lose the right to participate in management. b. the member’s duty of care continues with respect to prior events. c. the member’s duty of loyalty continues until the firm dissolves.
Answer:
b. the member’s duty of care continues with respect to prior events.
Explanation:
In the case when the member stops to be associated with the carry on the business so depsite of the dissolution the care of the member should be related to the previous events as the member could owe the duty of care to LLP within the tort law and it continues even after the member leaves the LLP for the past events
Therefore the option b is correct
Titan Fishing Boats had product sales for the current year as follows: Q1 2,000 boats; Q2 2,400 boats; Q3 1,800 boats; Q4 1,200 boats. Current selling price is $5,000 per boat. A strong economy and specific market initiatives at Titan for next year indicate that sales volume is expected to increase by 2% per quarter cumulatively for each quarter and sales price will increase by 4% per boat. The sales revenue forecast for Q4 next year would be:
Answer:
Titan Fishing Boats
The sales revenue forecast for Q4 next year would be
= $6,364,800
Explanation:
a) Data and Calculations:
Current Year Next Year
Q1 2,000 boats 2,040 boats (2,000 * 1.02)
Q2 2,400 boats 2,448 boats (2,400 * 1.02)
Q3 1,800 boats 1,836 boats (1,800 * 1.02)
Q4 1,200 boats 1,224 boats (1,200 * 1.02)
Expected increase per quarter = 2% cumulatively
Selling price per boat = $5,000
Expected increase in selling price = 4% ($200)
New selling price per boat = $5,200
The sales revenue forecast for Q4 next year would be = $6,364,800 ($5,200 * 1,224)
Client 5 I am a 45-year-old agricultural scientist. I have been working for years to come up with a natural egg that is free of cholesterol and low in fat. I finally have completed all the tests and have received all the government approvals I need for my new eggs. Up until now, my work has been simple and I have been my own boss. But now I want to launch my new product—Eggs You Can Love—on a national scale.
What type of business organization do you recommend? Why?
(this is for my economics class plz answer as fast as you can)
Answer:
corporation
with a corporation, he would have larger assess to funds needed to grow his business
Explanation:
A publicly owned corporation is a company is a company owned by shareholders. This type of company's shares is freely traded on a stock exchange
Characteristics of A publicly owned corporation
• Limited liability. the liability of owners are limited to the amount invested
• Central management. The company is manged by board of directors and managers and not the shareholders
• the company is a legal entity.
Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
Answer:
(a) Cost of inventory sold using FIFO method = $179,280
(b) Cost of inventory sold using LIFO method = $188,700
(c) Cost of inventory sold using weighted average cost method = $186,000
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question. See the attached pdf file for the complete question.
The explanation of the answers is now provided as follows:
Units of inventory sold = Units available for sale - Ending physical inventory units = 45 – 14 = 31
(a) first-in, first-out (FIFO) method
Under FIFO, inventory purchased first is sold first. Therefore, we have:
Cost of inventory sold using FIFO = 12 units at $5,400 each from Jan. 1 + 18 units at $6,000 each from Aug. 7 Purchase + 1 unit at $6,480 from Dec. 11 Purchase = (12 * $5,400) + (18 * $6,000) + (1 * $6,480) = $64,800 + $108,000 + $6,480 = $179,280
(b) last-in, first-out (LIFO) method
Under LIFO, inventory purchased last is sold first. Therefore, we have:
Cost of inventory sold using LIFO = 15 unit at $6,480 each from Dec. 11 Purchase + 16 units at $6,000 each from Aug. 7 Purchase = (15 * $6,480) + (16 * $6,000) = $97,200 + $96,000 = $188,700
(c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
Under the weighted average cost method, the cost of goods available for sale is divided by the number of units available for sale to obtain average cost per unit. This is then used to multiply the total units sold to obtain the cost of inventory sold as follows:
Weighted average cost per unit = Cost of goods available for sale / Units available for sale = $270,000 / 45 = $6,000
Cost of inventory sold using weighted average cost method = Units of inventory sold * Weighted average cost per unit = 31 * $6,000 = $186,000
What is the current value of a $1,000 bond with a 8% annual coupon rate (paid semi-annually) that matures in 8 years if the appropriate stated annual discount rate is 5%. Please round your answer to the nearest hundredth.
Answer:
Bond Price= $1,193.9
Explanation:
Giving the following information:
Face value= $1,000
Coupon= 0.08*1,000= $80
Discount rate= 0.05
Years to maturity= 8 years
To calculate the price of the bond, we need to use the following formula:
Bond Price= cupon*{[1 - (1+i)^-n] / i} + [face value/(1+i)^n]
Bond Price= 80*{[1 - (1.05^-8)] / 0.05} + [1,000/(1.05^8)]
Bond Price= 517.06 + 676.84
Bond Price= $1,193.9
Bay City Company’s fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 6,000 4,900 Sales (in dollars) $480,000 $431,200 $48,800 U Total expenses 440,000 406,000 34,000 F Income from operations $40,000 $25,200 $14,800 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately.
Answer:
Bay City Company
Flexible Budget Performance Report:
Flexible Budget Actual Results Variances
Sales (in units) 4,900 4,900
Sales (in dollars) $392,000 $431,200 $39,200 F
Total expenses:
Variable expenses 245,000 276,000 31,200 U
Fixed expenses 140,000 130,000 10,000 F
Total expenses 385,000 406,000 21,200 U
Income from operations $7,000 $25,200 $18,200 U
Explanation:
a) Data and Calculations:
Variable expenses = $300,000
Fixed expenses = $140,000
Budgeted total expenses = $440,000
Actual expenses:
Fixed expenses = $130,000
Fixed Budget Actual Results Variances
Sales (in units) 6,000 4,900
Sales (in dollars) $480,000 $431,200 $48,800 U
Total expenses 440,000 406,000 34,000 F
Income from operations $40,000 $25,200 $14,800 U
Flexing the budgets:
Sales revenue = $392,000 ($480,000/6,000 * 4,900)
Variable expenses = $245,000 ($300,000/6,000 * $4,900)
Actual variable expenses = $276,000 ($406,000 - $130,000)
East Coast Cleaners borrows $20,000 for 120 days and pays $400 interest. What is the effective rate of interest if the loan is discounted
According to the question, the effective rate of interest if the loan is discounted is more than 6% but less than 6.5%.
What do you mean by the effective rate of interest?The effective interest rate, often referred to as the yearly equivalent rate, is the amount of interest that a person actually pays or earns on a financial instrument.
It is determined by taking into account the impact of compounding over time.
When the benefits of compounding over time are taken into account, the real return on a savings account or any other interest-paying investment is known as the effective annual interest rate.
It also displays the actual percentage rate of interest owed on any outstanding debts, including credit card debt and loans.
Therefore, according to the question, the effective rate of interest if the loan is discounted is more than 6% but less than 6.5%.
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The following persons own Schlecht Corporation, a non-U.S.entity.
Jim, U.S. individual 35%
Gina, U.S. individual 15%
Marina, U.S. individual 8%
Pedro, U.S. individual 12%
Chee, non-U.S. individual 30%
None of the shareholders are related. Subpart F income for the tax year is $300,000. No distributions are made. Which of the following statements is correct?
a. Schlecht is not a CFC.
b. Chee includes $90,000 in gross income.
c. Marina is not a U.S. shareholder for purposes of determining whether Schlecht is a CFC.
d. Marina includes $24,000 in gross income.
Answer: Marina is not a U.S. shareholder for purposes of determining whether Schlecht is a CFC.
Explanation:
From the options given, the correct statement is that "Marina is not a U.S. shareholder for purposes of determining whether Schlecht is a CFC".
A controlled foreign corporation (CFC) refers to a corporate entity which is duly registered and then conducts business in a different country than where it was registered and where the controlling owners lives.
A controlled foreign corporation (CFC) is a foreign corporation whereby more than 50% of the total voting power is owned by the person.
FIllmore Company began operations on Sept. 1 by purchasing $4,400 of inventory and $750 of cleaning supplies. During the month, the company generated $6,000 of sales revenue. On Sept. 30, the company had $1,800 of inventory remaining, along with $550 of cleaning supplies. What was FIllmore Company's gross profit for the month of September?
Answer: $3,400
Explanation:
Gross Profit = Sales revenue - Cost of Goods sold
Cost of good sold = Opening stock + Purchases of inventory - Closing stock of inventory
= 0 + 4,400 - 1,800
= $2,600
Gross Profit = 6,000 - 2,600
= $3,400
Majestic Homes stock traditionally provides an 8% rate of return.The company just paid a $2 a year dividend which is expected to increase by 5% per year.If you are planning on buying 1,000 shares of this stock next year,how much should you expect to pay per share if the market rate of return for this type of security is 9% at the time of your purchase?
A) $48.60
B) $52.50
C) $55.13
D) $57.89
E) $70.00
Answer:
C) $55.13
Explanation:
Dividend in one year = Current dividend * (1 + growth rate)
Dividend in one year = $2 * (1+0.05)
Dividend in one year = $2 * 1.05
Dividend in one year = $2.1
Price in one year = Recent dividend * (1+growth rate) / (cost of equity - growth rate)
Price in one year = $2.1 * (1+0.05) / (0.09 - 0.05)
Price in one year = $2.1 * 1.05 / 0.04
Price in one year = $2.205 / 0.04
Price in one year = $55.125
Price in one year = $55.13
Type an I beside the items that are used for state income and an E for those that are state expenses.
public welfare i or e
insurance trusts i or e
sales i or e
corporate income i or e
debt interest i or e
education i or e
Answer:
e, e ,i, i, i, e is the order from top to bottom
Public welfare -e, insurance trusts -e, sales- i, corporate income- i, debt interest- i, education- e, are the type a beside the items that are used for state income and an E for those that are state expenses.
What is state expenses?
The majority of state and local government expenses is classified into different categories: elementary and secondary education.
Public welfare which involves most Medicaid spending, postsecondary learning, health and hospitals, highways and roads, and criminal justice which involves police, corrections, and courts spending.
Thus, it is mentioned above.
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Post Test: Free Market and Businesses
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Select the correct answer.
Which statement is false?
OA. A society accepts minimum wage laws as a method of determining wages.
OB
The market value of a good determines wages.
OC. The quality of a good determines wages.
OD. Employee productivity determines wages.
OE. The price floor determines the minimum wage.
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Marla often critiques team ideas and thinks her boss could do a better job of leading. However, she rarely ever helps on the large departmental project and seems to do the bare minimum of her work. She is likely which type of follower
Answer:
Marla is an alienated and toxic type of follower.
Explanation:
Marla is clearly an alienated follower because she distances herself from the organization. As an alienated follower, she is disengaged from her organization and tasks. In addition, she is skeptical, cynical, and too critical. She does not support her team on any project. Instead, she delights in castigating the leadership. She can negatively influence others, dampening team spirit.
Assume we want to compare minimum wage workers in two different industries: fast food and agriculture. If the fast-food industry has more elastic demand for the final product they produce compared with agriculture, then an increase in the minimum wage will lead to _______ layoffs in the fast-food industry compared to the agriculture industry.
Answer:
fewer
Explanation:
In the case of the fast-food industry there are fewer substitutes are available for labor and the same should be compared for the agriculture. Now if there is more substitutes so the labor supply elasticity should be more and if there are less substitutes the labor supply elasticity would be less
So as per the given situation, the fewer would be considered
Carly Company plans to depreciate a new building using the double declining-balance depreciation method. The building cost is $960,000. The estimated residual value of the building is $66,000 and it has an expected useful life of 25 years. Assuming the first year's depreciation expense was recorded properly, what would be the amount of depreciation expense for the second year
Answer:
Straight line method rate = 1/ Number of years * 100 = 1/25*100 = 4%
Double declining balance depreciation = 2*Straight line method rate*Book value
First Year depreciation = 8%*$960,000
First Year depreciation = $76,800
Second year depreciation = 8% * (Book Value as on 1st year - First Year depreciation)
Second year depreciation = 8%*($960,000-$76,800)
Second year depreciation = 8%*$883,200
Second year depreciation = $70,656
The common stock of CTI has an expected return of 14.48 percent. The return on the market is 11.6 percent and the risk-free rate of return is 3.42 percent. What is the beta of this stock
Answer:
1.35
Explanation:
Systemic risk is measured by beta. The higher beta is, the higher the systemic risk and the higher the compensation demanded for by investors
According to the capital asset price model: Expected rate of return = risk free + beta x (market rate of return - risk free rate of return)
14.48 = 3.42 + b(11.6 - 3.42)
14.48 = 3.42 + b8.18
14.48 - 3.42 = 8.18b
11.06/8.18 = 1.35
While studying the process, it became evident to the team that people and equipment were not optimally positioned. Which process map would best help the team address this issue?
Answer: Spaghetti map
Explanation:
A spaghetti map refers to as a visual representation that makes use of a continuous flow line that's used in the tracing of an activity for a particular process.
Since the people and equipment were not optimally positioned, the process map that would best help the team address this issue is the spaghetti map. It's vital as it helps in identification of workflow redundancies.
The Chiemsee Knee Replacement Clinic (CKRC) is a sports clinic located at the northern edge of the German Alps. It specializes in knee replacements for skiers who come to CKRC from Germany, Austria, Switzerland, and Italy. The clinic currently has one operating room (OR). However, since the clinic has dramatically more demand than capacity, the management team contemplates investing in a second OR. A lean consulting firm, however, suggests that before going ahead with installing new capacity, the clinic should first look at how it uses its existing capacity. The data collected by the consulting firm reveal that:
Answer:
Another operating room is needed.
Explanation:
The data collected by the consulting firm reveal that the existing facility does not fulfill the requirement due to more number of people so for this reason they have to build another operating room to quickly facilitate more number of people in less time. There are more number of people comes to the clinic as compared to previous years which compels the authority to build up new operating rooms for the convenience of people that comes for knee replacement.
Tonya is performing a quantitative risk assessment for a piece of software. The single loss expectancy (SLE) is $500, and the associated annual rate of occurrence (ARO) is 3. What is the annual loss expectancy (ALE)
Answer:
The annual loss expectancy (ALE) is:
= $1,500.
Explanation:
a) Data and Calculations:
Single loss expectancy (SLE) = $500
Annual rate of occurrence (ARO) = 3
Therefore, the annual loss expectancy (ALE) = SLE * ARO
= $500 * 3
= $1,500
b) The Annual Loss Expectancy is calculated by multiplying the annual rate of occurrence (ARO) by the single loss expectancy (SLE). While SLE represents the expected monetary loss every time a loss or risk occurs, and ARO is the probability that a loss or risk will occur in the year under consideration.
As a manager of a medium sized manufacturing organization, you have noticed productivity has steadily gone down recently. You have made a study and discovered the team is lacking motivation. Invoking any two theories you have learnt explain how you would go about re-energizing the workers to regain and even surpass the previous levels of productivity.
Answer: give them bonuses for work complete.
Explanation:people like money
Phillips Company bought 30 percent ownership in Jones Bag Company on January 1, 20X1, at underlying book value. During the period of January 1, 20X1, through December 31, 20X3, the market value of Phillips' investment in Jones' stock increased by $1,500 each year. In 20X1, 20X2, and 20X3, Jones Bag reported the following:
Year Net Income Dividends
20X1 $8,000 $15,000
20X2 12,000 10,000
20X3 20,000 10,000
The balance in Phillips Companyâs investment account on December 31, 20X3, was $54,000.
Required
In each of the following independent cases, determine the amount that Phillips paid for its investment in Jones Bag stock assuming that Phillips accounted for its investment using the ( a ) cost method and ( b ) equity method.
Answer:
1. Fair value
Particulars Amount$
Investment on December 31,20X3 54,000
Less: Increase for 20X1 -1,500
Less: Increase for 20X2 -1,500
Less: Increase for 20X3 -1,500
Amount that phillips paid for Investment $49,500
2. Equity Method
Particulars Amount$
Investment on December 31, 20X3 54,000
Add: Dividend share for 20X1 4,500 (15000*30%)
Add: Dividend share for 20X2 3,000 (10000*30%)
Add: Dividend share for 20X3 3,000 (10000*30%)
Less: Net Income share for 20X1 -2,400 (8000*30%)
Less: Net Income share for 20X2 -3,600 (12000*30%)
Less: Net Income share for 20X3 -6,000 (20000*30%)
Amount that phillips paid for Investment $52,500
According to the path-goal theory, employees with an internal locus of control should prefer a leader who is __________.
Answer:
Participative
Explanation:
The path-goal theory can be regarded as one that describes the behavior of a leader son that is contingent to the satisfaction, performance of their employees and to motivation. The job of manager is been viewed as activities to guide workers so they can choose the best paths in order to
reach their goals and goals of the
corporation. Participative leadership can be regarded as style of leadership whereby every members of the organization work hand in hand in making decisions.
It should be noted that According to the path-goal theory, employees with an internal locus of control should prefer a leader who is Participative.
If the law of one price does not hold, then: Group of answer choices Consumers can shop around for bargains. BOP conditions will be negatively impacted across markets. Global trade will be impaired. Speculation will take place across markets. Monetary and fiscal policies will be ineffective.
Answer:
Global trade will be impaired.
Explanation:
The law of one price can be regarded as economic concept, which explains
that the price of an identical asset or identical commodity regardless of their location will globally have the same price definitely. With matter of time
the prices of the asset would align due to market equilibrium forces.
International or Global trade can be regarded as the exchange of capital as well as goods and services around the borders of international nations territories because as a result of need or want of goods or services by consumers .
It should be noted that If the law of one price does not hold, then Global trade will be impaired.
In a recent year, BMW sold 216,944 of its 1 Series cars. Assume the company expected to sell 225,944 of these cars during the year. Also assume the budgeted sales price for each car was $30,000, and the actual sales price for each car was $30,200. Compute the sales price variance and the sales volume variance.
Answer:
Sales price variance = $43,388,800 Favorable
Sales volume variance = -$270,000,000 Unfavorable
Explanation:
Actual sales price per unit = $30,200
Budgeted sales price per unit = $30,000
Actual quantity sold = 216,944
Budgeted quantity to sell = Expected quantity to sell 225,944
Therefore, we have:
Sales price variance = (Actual sales price per unit - Budgeted sales price per unit) * Actual quantity sold = ($30,200 - $30,000) * 216,944 = $43,388,800 Favorable
Sales price variance is favorable because actual sales price per unit is greater than budgeted sales price per unit.
Sales volume variance = (Actual quantity sold - Budgeted quantity to sell) * Budgeted sales price per unit = (216,944 - 225,944) * $30,000 = -$270,000,000 Unfavorable
Sales volume variance is unfavorable because actual quantity sold is less than budgeted quantity to sell.
Miguel consumes only art classes and anthropology classes. Miguel prefers a bundle of art classes and anthropology classes (with not necessarily equal to ) over a bundle of art classes and anthropology classes if (and only if) and . If and then Miguel prefers , over , . If neither case is true, he is indifferent between the two bundles.
a. Miguel's preferences satisfy the completeness assumption
b. Miguel's preferences satisfy the transitivity assumption
c. Miguel's preferences satisfy the non-satiation assumption
Answer: A. Miguel's preferences satisfy the completeness assumption
Explanation:
Based on the information given, Miguel's preferences satisfy the completeness assumption.
According to the completeness axiom, an individual or firm must be able to make a choice whether the economic agent is either indifferent to, or maybe prefers, a particular set of options over other options.
This implies that consumers can rank the possibilities as better, good, bad, worse etc and an indifference curve can be assigned.
The following represents the probability distribution for the daily demand of microcomputers at a local store. Demand Probability 0 .1 1 .2 2 .3 3 .2 4 .2 The expected daily demand is _____. a. 4 b. 2 c. 2.2 d. 1.0
Answer:
2.2
Explanation:
to get the expected daily demand we have to multiply each daily demand by their probability distribution and sum up the results
0 * 0.1 = 0
1 * 0.2 = 0.2
2 * 0.3 = 0.6
3 * 0.2 = 0.6
4 * 0.2 = 0.8
0 + 0.2 + 0.6 + 0.6 +0.8 = 2.2
From this calculation above, the expected daily demand has been summed up to 2.2