a) Software reviews refer to the examination of software by an individual functionality, reliability, and maintenance perspective b) Therefore, the sample size required to achieve a desired certainty of 90% is 278 programs.
a) It is an essential quality assurance (QA) process used by software development teams to reduce the cost of quality by detecting errors early in the development cycle. During software reviews, the reviewers go through the software code, design documents, requirements, and other project artifacts to identify defects and deviations from the standards, and suggest improvements. By detecting defects early in the development cycle, the development team can avoid the cost of fixing them at later stages when it becomes more complicated and time-consuming.
b. Sample size refers to the number of units in a population that should be selected for inspection or examination to estimate a quality characteristic of the entire population. To determine the sample size required for a specific level of certainty, the project manager should use statistical sampling techniques such as the confidence interval method.
If the desired certainty is 90%, the project manager should select a sample size of 278 programs. This can be calculated using the formula for sample size calculation for a proportion:
n = (z² * p * q) / e²
Where:
z = Z-value from standard normal distribution corresponding to the desired level of confidence, which is 1.645 for 90%.
p = Proportion of non-conforming items in the population. If the proportion is unknown, the project manager can assume a value of 0.5.
q = 1 - p
e = Acceptable margin of error. If the margin of error is unknown, the project manager can assume a value of 5%.
Substituting the values in the formula, we get:
n = (1.645² * 0.5 * 0.5) / (0.05²)
n = 278.4
Therefore, the sample size required to achieve a desired certainty of 90% is 278 programs.
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Elton, Inc., expects to sell 6.000 ceramic vases for $20 each. Direct materials costs are $2, direct manufa and manufacturing overhead is $3 per vase. The following inventory levels apply to 2021: Direct materials: Beginning inventory 1.000 units. Ending inventory 1.000 units. Finished goods inventory: Beginning inventory 400 units. Ending inventory 500 units. On the 2021 budgeted income statement, what amount will be reported for cost of goods sold? Select one: a. $91.500 b. $105,000 c. $90,000✔ d $88.500 The correct answer is: $90.000
The correct amount reported for cost of goods sold on the 2021 budgeted income statement is $30,500, which is not one of the s provided.
to calculate the cost of goods sold (cogs) for the 2021 budgeted income statement, we need to consider the direct materials, direct manufacturing labor, and manufacturing overhead costs associated with the ceramic vases.
given:- number of ceramic vases expected to be sold: 6,000
- selling price per vase: $20- direct materials cost per vase: $2
- direct manufacturing labor cost per vase: $3
first, let's calculate the total cost of the ceramic vases:total cost per vase = direct materials cost per vase + direct manufacturing labor cost per vase + manufacturing overhead cost per vase
= $2 + $3 = $5
next, we can calculate the cost of goods sold (cogs):
cogs = number of ceramic vases sold * total cost per vase = 6,000 * $5
= $30,000
however, we also need to consider the changes in inventory levels for direct materials and finished goods. the change in inventory affects the calculation of cogs.
change in direct materials inventory = ending inventory - beginning inventory = 1,000 - 1,000
= 0
change in finished goods inventory = ending inventory - beginning inventory = 500 - 400
= 100
adjusted cogs = cogs + change in direct materials inventory + change in finished goods inventory = $30,000 + 0 + 100 * $5
= $30,000 + $500 = $30,500 please double-check the provided answer choices, as the calculated value is different from the s given.
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Discuss four flaws in GDP as a measure of standard of
living.
While GDP is a widely used measure to gauge the economic performance of a country, it has several flaws when it comes to capturing the standard of living. Four flaws in GDP as a measure of standard of living:
Excludes non-market activities: GDP primarily focuses on market-based economic activities and excludes non-market activities such as household production, voluntary work, and informal sector transactions. This exclusion fails to capture the full extent of economic contributions and well-being in society.
Ignores income distribution: GDP measures the total value of goods and services produced in an economy but does not account for how that income is distributed among the population. It is possible to have a high GDP per capita but significant income inequality, leading to disparities in living standards and well-being.
Neglects environmental costs: GDP does not take into account the environmental costs associated with economic production and consumption. It fails to consider the depletion of natural resources, pollution, and environmental degradation, which can have long-term negative impacts on the well-being of current and future generations.
Overemphasis on economic output: GDP places a heavy emphasis on economic output and growth as the primary indicators of a country's standard of living. However, it does not consider other important aspects of well-being such as health, education, social inclusion, quality of life, and subjective measures of happiness. These factors are crucial in assessing the overall standard of living in a society.
Its exclusion of non-market activities, disregard for income distribution, neglect of environmental costs, and overemphasis on economic output limit its effectiveness in providing a comprehensive assessment of the well-being and quality of life in a society. It is important to complement GDP with other indicators and measures that take into account a broader range of factors to obtain a more holistic understanding of living standards.
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True or False. Please explain
The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5 describes technology which exhibits constant returns to scale
Yes, the statement "The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5 describes technology which exhibits constant returns to scale" is true.
Let's discuss it below;
A production function shows the relationship between inputs and output. It tells us how many goods or services are produced from inputs such as labor, capital, and technology. To understand the constant returns to scale, we need to understand the definition of returns to scale:Returns to scale refer to the rate of change in output when all the inputs are changed in the same proportion. It tells us how much output will change when all inputs are increased proportionally. Returns to scale can be of three types: constant, increasing, and decreasing. It is constant if the rate of change in output is proportional to the rate of change in inputs. That means doubling the inputs will also double the output.
The production function f(x1, x2, x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5 is a Cobb-Douglas function with a min function. Here, we have a minimum function that takes the minimum of 0.5x1 and 0.75x2. So, it says that the output will depend on the minimum of 0.5x1 and 0.75x2, which is raised to the power of 0.5. Then, it is multiplied by x3 raised to the power of 0.5.
We can rewrite the above equation as: f(x1,x2,x3) = (0.5x1)0.5(0.75x2)0.5x30.5Orf(x1,x2,x3) = (0.5 × 0.75)0.5(x10.5x20.5x30.5).
The equation shows that the function is homogeneous of degree 0.5 + 0.5 + 0.5 = 1. So, it exhibits constant returns to scale. This is because if we multiply all the inputs by a constant k, then the output will also increase by k, i.e., f(kx1,kx2,kx3) = k(0.5 + 0.5 + 0.5) f(x1,x2,x3). Therefore, the statement "The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5 describes technology which exhibits constant returns to scale" is true.
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Assume that you have full year forecasted financials for 2019-2024 (planning period) and the following financials for after the planning period: 2 points
• NOPAT (last year of planning period) = 120
• Long term growth rate = 2%
• Long term ROCB = 11%
• WACC = 8%
What is the present value (at December 2018) of the terminal value of this company using the Convergence Model? Please round your answer to the nearest whole number and provide your answer in USD millions without a dollar sign (e.g. 100 instead of $100).
Present Value of Terminal Value = Terminal Value / 1.08 .To calculate the present value of the terminal value using the Convergence Model, we need the last year's NOPAT, the long-term growth rate, the long-term ROCB, and the WACC.
Given:
NOPAT (last year of planning period) = $120 million
Long-term growth rate = 2%
Long-term ROCB = 11%
WACC = 8%
The formula for the terminal value using the Convergence Model is:
Terminal Value = NOPAT * (1 + Long-term growth rate) / (WACC - Long-term ROCB)
Let's calculate the terminal value:
Terminal Value = $120 million * (1 + 2%) / (8% - 11%)
Perform the calculation to find the terminal value of the company in USD millions:
Terminal Value = $120 million * 1.02 / -0.03
Now, we can calculate the present value of the terminal value at December 2018. We'll assume a discount rate of 8% for simplicity:
Present Value of Terminal Value = Terminal Value / (1 + WACC)^n
Since the question doesn't specify the time period (n), we'll assume n = 1 year.
Present Value of Terminal Value = Terminal Value / (1 + 8%)^1
Perform the calculation to find the present value of the terminal value in USD millions:
Present Value of Terminal Value = Terminal Value / 1.08
Round the answer to the nearest whole number and provide the answer in USD millions without a dollar sign.
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Rensis Likert identifies 24 elements of a highly effective workgroup and what are 3 elements that work to prevent Groupthink. and the best selection for one of the 24 elements that is most similar to ""clan control
Rensis Likert identifies 24 elements of a highly effective workgroup. The following are three elements that work to prevent Groupthink:Encouragement of alternative views or dissentAppropriate external relationships Leadership styleA workgroup is a group of individuals who collaborate to accomplish a common goal.
Groupthink happens when a group is making decisions and everybody goes with the flow, without raising concerns, questions, or alternative ideas, which may be necessary to accomplish the task. As a result, the group may come up with a poor decision. To prevent Groupthink, the following are three elements of an effective workgroup, as identified by Rensis Likert:Encouragement of alternative views or dissent: Workgroups should encourage different perspectives, points of view, or dissent from individuals in the group.Appropriate external relationships: Workgroups should maintain appropriate external relationships and interact with people and organizations outside of the group.Leadership style: A positive leadership style encourages participation and collaboration among group members and builds trust among them.The element most similar to "clan control" among the 24 elements of a highly effective workgroup, as identified by Rensis Likert, is “supportive leadership.” A supportive leadership style, according to Rensis Likert, is one in which leaders take care of their subordinates, maintain good relationships with them, and encourage them to participate in group activities and make decisions.
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What do you think the Bank of Canada will do about the Target for the Overnight Rate on the next interest rate announcement date? Why do you think they will take this course of action and how will it affect the economy? Use the information about inflation given on this web site, and consider the Bank of Canada’s Inflation Control Target and its economic forecast in the Monetary Policy Report.
The Bank of Canada has a challenging decision to make concerning the target for the Overnight Rate on the next interest rate announcement date.
Based on the inflation information given on the website and the Bank of Canada's Inflation Control Target, the target overnight rate might be raised. Inflation has been above the bank's target of 2% since May, with CPI inflation at 3.6% in May 2021. The bank is concerned about the possibility of inflation being persistent, with supply chain disruptions and higher commodity prices causing inflation to rise more than expected. To prevent inflation from spiraling out of control and to fulfill its inflation control target, the bank could increase the overnight rate target. An increase in borrowing costs may also affect homeowners' capacity to service their mortgages and possibly trigger a fall in housing demand. However, a higher overnight rate would make the Canadian dollar more appealing, causing it to appreciate, which would make imports cheaper and thus reduce inflationary pressures. Therefore, a balance must be struck between controlling inflation and supporting the economy.
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Homework M3 Assignment 1 Question 2, Problem 12 HW Score: 37.5%, 15 of 40 points O Points: 0 of 20 Save The number of heart surgeries performed at Heartvile General Hospital has increased sisadly over the past several years. The hospita's administration is seeking the best method to forecast the demand for such surgeries in year. The data fo the past five yours are shown below 5 Year 1 Demand 2 3 4 50 53 55 56 The hospha's administration is considering the folowing forecasting methods. Bagin eror messurement in year 3, so all methods are compared for the same years. 0.6. Let the initial forecast for year 1 be 42, the same as the actual demand 1 Exponential smoothing, with a il Exponential smoothing with a M. Trend projection with regression 09. Let the initial forecast for y 1 be 42, the same as the actual demand iv. Two year moving average w. Two-year weighted moving average, using weights 0.6 and 0.4, with the more recent dela given more weight. IMAQ is the performance ofterion chosen by the administration, which forecasting method should choose?
The method with the lowest IMAQ value (i.e., the smallest mean absolute error) would be the preferred choice based on the IMAQ performance criterion.
To determine which forecasting method should be chosen based on the IMAQ (Integrated Mean Absolute Error) performance criterion, we need to calculate the IMAQ values for each of the forecasting methods mentioned: exponential smoothing, exponential smoothing with trend projection, regression, two-year moving average, and two-year weighted moving average.
Let's calculate the IMAQ values for each method:
1. Exponential smoothing:
We are given the initial forecast for year 1 as 42, which is the same as the actual demand. Using the exponential smoothing formula, we can calculate the forecast for each year and then calculate the absolute error and mean absolute error.
2. Exponential smoothing with trend projection:
Similar to the previous method, we use exponential smoothing, but this time we consider the trend component as well. We calculate the forecast, absolute error, and mean absolute error.
3. Trend projection with regression:
This method involves fitting a regression line to the data points and using it to forecast future demand. We calculate the forecast, absolute error, and mean absolute error.
4. Two-year moving average:
For this method, we take the average of the demand for the current year and the previous year. We calculate the forecast, absolute error, and mean absolute error.
5. Two-year weighted moving average:
Using the weights of 0.6 and 0.4 for the current and previous years, respectively, we calculate the forecast, absolute error, and mean absolute error.
Once we have the mean absolute error values for each method, we compare them. The method with the lowest IMAQ value (i.e., the smallest mean absolute error) would be the preferred choice based on the IMAQ performance criterion.
By comparing the IMAQ values for each method, we can determine which forecasting method provides the most accurate predictions for the demand of heart surgeries at Heartville General Hospital.
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McDonalds across the campus would like to determine the proportion of customers who ordered newly introduced McBarbeque from their menu. In a random sample of 178 customers, 65 customers did not order McBarbeque. Construct a confidence interval estimate for population proportion at 95 percent level of confidence for the proportion of customers who ordered McBarbeque. [
Answer:
To construct a confidence interval estimate for the population proportion at a 95% level of confidence, we can use the formula:
Confidence Interval = Sample Proportion Margin of Error
Explanation:
where the sample proportion is calculated as the number of customers who ordered McBarbeque divided by the total sample size, and the margin of error accounts for the variability in the estimate.
Given:
Sample size (n) = 178
Number of customers who did not order McBarbeque (x) = 65
Calculate the sample proportion:
= (178 - 65) / 178
= 113 / 178
≈ 0.6348
Calculate the standard error:
SE = sqrt((0.6348(1-0.6348)) / 178)
SE ≈ 0.0404
Calculate the margin of error:
The margin of Error = Z * SE
where Z is the critical value associated with the desired confidence level. For a 95% confidence level, Z ≈ 1.96 (from the standard normal distribution).
Margin of Error = 1.96 * 0.0404
The margin of Error ≈ 0.0794
Construct the confidence interval:
Confidence Interval = Margin of Error
Confidence Interval = 0.6348 0.0794
Therefore, the confidence interval estimate for the population proportion of customers who ordered McBarbeque at a 95% level of confidence is approximate:
0.5554 to 0.7142
This means we can be 95% confident that the true proportion of customers who ordered McBarbeque lies within this interval.
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Sato Awards has had a request for a special order of 10 silver-plated trophies from the provincial tennis association. The normal selling price of such a trophy is $384.00 and its unit product cost is $256.00, as shown below: Direct materials Direct labour Manufacturing overhead Unit product cost $136.00 84,00 36.00 $256.00 Most of the manufacturing overhead is fixed and unaffected by variations in how many trophies are produced in any given period. However, $9 of the overhead is variable, depending on the number of trophies produced. The customer would like a special logo applied to the trophies requiring additional materials costing $8 per trophy and would also require acquisition of a special tool costing $480 that would have no other use once the special order was completed. This order would have no effect on the company's regular sales, and the order could be filled using the company's existing capacity without affecting any other order. Required: 8. What effect would accepting this order have on the company's operating income if a special price of $344.00 is offered per trophy for this order? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net operating income b. Should the special order be accepted at this price? O Yes O No
Trophy Manufacturer - Sato AwardsIn this question, we are asked to identify the effect of accepting the order of 10 silver-plated trophies on the company's operating income if a special price of $344.00 is offered per trophy.
Let's compute this. We know that the normal selling price of the silver-plated trophy is $384.00. But the customer has requested a special logo to be applied to the trophies, which would cost $8 per trophy. This means that the new selling price of the trophy is $384 + $8 = $392 per unit.Now, the company has received a special order for 10 trophies. If the company accepts the special order, they would have to incur an additional cost of $480 for acquiring a special tool.
This cost is only for the special order and would not have any other use once the order is completed. Therefore, this cost would be included in the incremental cost of the order. Let's calculate the incremental cost of producing these special order trophies.Direct materials cost = $136 x 10 = $1,360Direct labor cost = $84 x 10 = $840Variable manufacturing overhead cost = $9 x 10 = $90Additional material cost = $8 x 10 = $80Special tool cost = $480Total incremental cost = $1,360 + $840 + $90 + $80 + $480 = $2,850Now, we need to find out if accepting this special order will increase or decrease the company's operating income.
For this, we need to compute the contribution margin per unit. We know that the unit product cost of a trophy is $256. Adding the incremental cost of $285, the new unit cost would be $541. Now, the selling price for the special order is given as $344 per trophy. Therefore, the contribution margin per unit would be $344 - $541 = -$197. This means that the company would incur a loss of $197 per unit if they accept the special order. Now, let's calculate the total loss that the company would incur if they accept the special order.Loss per unit = $197Total loss = $197 x 10 = $1,970.
Therefore, if the company accepts the special order, they would incur a loss of $1,970. Since the special order would have no effect on the company's regular sales, it would be better for the company to reject the special order and continue with their regular operations. Therefore, the answer is "No, the special order should not be accepted at this price."
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Yellow Press, Inc., buys paper in 1,500-pound rolls for printing. Annual demand is 2,750 rolls. The cost per roll is $875, and the annual holding cost is 16 percent of the cost. Each order costs $35.
a. How many rolls should Yellow Press order at a time?
To determine the optimal order quantity for Yellow Press, Inc., the Economic Order Quantity (EOQ) model can be used. Given the annual demand of 2,750 rolls, a cost per roll of $875, an annual holding cost of 16%, and an order cost of $35.
The EOQ can be calculated to find the ideal order quantity that minimizes total inventory costs. To calculate the Economic Order Quantity (EOQ), we can use the formula:
EOQ = sqrt((2 * annual demand * order cost) / annual holding cost)
Plugging in the given values:
Annual demand = 2,750 rolls
Order cost = $35
Annual holding cost = 16% of $875 = $140
EOQ = sqrt((2 * 2,750 * 35) / 140)
= sqrt(5,500 / 140)
= sqrt(39.29)
≈ 6.27
Since the order quantity cannot be fractional, we would round up to the nearest whole number. Therefore, Yellow Press should order approximately 7 rolls at a time.
The EOQ model helps determine the order quantity that minimizes the total inventory costs for Yellow Press. By considering the trade-off between holding costs and order costs, the model finds the balance point where the cost of carrying inventory is minimized. In this case, ordering 7 rolls at a time would be the most cost-effective option for Yellow Press, considering the given parameters.
By implementing the EOQ model, Yellow Press can optimize its inventory management, ensuring that it orders an appropriate quantity of paper rolls. This helps to reduce holding costs associated with excess inventory while also minimizing the frequency of orders, thereby reducing order costs. Maintaining an optimal order quantity ensures that Yellow Press has an efficient supply of paper rolls for printing operations, striking a balance between cost and inventory management.
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Wildhorse Company had $273,300 of net income in 2021 when the selling price per unit was $155, the variable costs per unit were $90, and the fixed costs were $571,700. Management expects per unit data and total fixed costs to remain the same in 2022. The president of Wildhorse Company is under pressure from stockholders to increase net income by $39,000 in 2022. (a) of you uror dinch Compute the number of units sold in 2021. units (b) Compute the number of units that would have to be sold in 2022 to reach the stockholders' desired profit level. units eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (c) Assume that Wildhorse Company sells the same number of units in 2022 as it did in 2021. What would the selling price have to be in order to reach the stockholders' desired profit level? New selling price .
(a) Calculation of units sold in 2021:Formula for calculating contribution margin per unit:Contribution margin per unit = Selling price per unit − Variable costs per unit$155 − $90 = $65
Contribution margin ratio = Contribution margin per unit/Selling price per unit= $65/$155= 0.4194 or 41.94%
Formula for calculating the number of units sold:Fixed costs + Operating income / Contribution margin per unit = Number of units
Fixed costs = $571,700
Operating income = $273,300 + $571,700 = $845,000$571,700 + $845,000 / $65 = 20,692 units
Thus, Wildhorse Company sold 20,692 units in 2021.
(b) Calculation of units that would have to be sold in 2022 to reach the stockholders' desired profit level:
Fixed costs = $571,700
Desired operating income = $273,300 + $39,000 = $312,300
Total target net income = Fixed costs + Desired operating income = $571,700 + $312,300 = $884,000
Contribution margin per unit = Selling price per unit − Variable costs per unit$155 − $90 = $65
Formula for calculating the number of units to be sold:Number of units = Fixed costs + Target net income / Contribution margin per unit= $571,700 + $884,000 / $65= 22,876 units
Therefore, 22,876 units would have to be sold in 2022 to reach the stockholders' desired profit level.(c) Calculation of the new selling price:Contribution margin ratio = Contribution margin per unit/Selling price per unit
Contribution margin per unit = Selling price per unit − Variable costs per unit$90 = $155 − $65Contribution margin ratio = $65/$155 = 0.4194
Contribution margin per unit = Selling price per unit × Contribution margin ratio$90 = Selling price per unit × 0.4194
Selling price per unit = $90/0.4194 ≈ $214.63
New selling price = $155 + ($214.63 − $155) = $214.63Therefore, the new selling price would be $214.63.
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Does the purchase of stock have an indirect or direct relationship
of interest rates and inflation rates on the price of money?
The purchase of stock can have an indirect relationship with interest rates and inflation rates on the price of money.
Interest rates and inflation rates can indirectly influence the price of money, which in turn can affect the demand for and price of stocks. Here's how:
Interest Rates: When interest rates are low, it becomes cheaper for individuals and institutional investors to borrow money, which can lead to increased demand for stocks. Lower interest rates can also make stocks more attractive compared to fixed-income investments like bonds, as they offer potentially higher returns. This increased demand for stocks can push up their prices.
Inflation Rates: Inflation erodes the purchasing power of money over time. If inflation is high, investors may seek investments that can provide returns that outpace inflation, such as stocks. Increased demand for stocks due to inflation concerns can drive up their prices.
So, while the direct relationship between the purchase of stocks and interest rates or inflation rates may not be immediate or direct, there can be an indirect relationship through the impact of interest rates and inflation rates on the overall investment environment and investor preferences.
It's important to note that the relationship between stock prices, interest rates, and inflation rates can be complex and influenced by various other factors. Market conditions, economic outlook, and investor sentiment also play significant roles in determining the price of stocks.
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Sharp Co. bonds are selling in the market for $1,296.89. These bonds have 20 years remaining until maturity, and pay 11% coupon interest semi-annually on a $1,000 par value. What is the annual yield to maturity of the bonds? 8.0% 4.0% 6.75% 10.25% 9.45%
The annual yield to maturity of the bonds is approximately 7.34%.
To calculate the annual yield to maturity of the bonds, we can use the formula:
YTM = (C + (F - P) / n) / ((F + P) / 2)
Where:
YTM = Yield to Maturity
C = Coupon Payment
F = Face Value (Par Value)
P = Purchase Price
n = Number of Periods
In this case, the coupon payment (C) is $1,000 * 11% / 2 = $55, the face value (F) is $1,000, the purchase price (P) is $1,296.89, and the number of periods (n) is 20 * 2 = 40.
Substituting the values into the formula:
YTM = ($55 + ($1,000 - $1,296.89) / 40) / (($1,000 + $1,296.89) / 2)
YTM = (55 + (-296.89) / 40) / (1296.89 / 2)
YTM = (55 - 7.42) / 648.445
YTM = 47.58 / 648.445
YTM ≈ 0.0734
Multiplying by 100 to convert to a percentage:
YTM ≈ 7.34%
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A message from Talabat offering free delivery on your next order is an example of sales promotion .n
The message from Talabat offering free delivery on your next order is an example of a sales promotion strategy.
Sales promotion is a marketing strategy aimed at stimulating customer demand and increasing sales in the short term. It involves offering incentives or benefits to customers to encourage them to make a purchase or take a specific action. The message from Talabat, a food delivery platform, offering free delivery on the next order serves as a sales promotion tactic to attract and motivate customers to place an order.
By providing free delivery, Talabat aims to remove a potential barrier to purchase and incentivize customers to choose their platform for their next order. This strategy creates a sense of value and savings for customers, making the offer more appealing and encouraging them to engage with the brand. Sales promotions like this can help businesses generate immediate sales, increase customer loyalty, and create a sense of urgency to take advantage of the limited-time offer. Overall, it is an effective way to drive customer engagement and boost sales for the company.
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ECO 192 Final Exam Doç. Dr. S.J.Terregrossa, PhD ID Number: Name: Section: Monday, Tuesday, Thursday or Friday Instructions: 1) Please type your name and ID number, and circle your registered section-day. 2) Be sure to use only pencil (not pen) for every item circled on the optik form answer sheet. 3) Be sure to correctly mark the version of the exam (Soru Grubu) that you have been assigned. (This exam is version C. So, circle C in the Soru Grubu column at the top of the optik form.) Question 1: Nominal GDP refers to: a) The amount (quantities) of final goods and services produced by a nation. b) The monetary value of the final goods and services produced by a nation, using current prices. c) Only the value of intermediate goods and services. d) All of the above. e) None of the above. Question 2: Nominal GDP is equal to: a) Total expenditure on all final goods and services produced within the nation over a specified period of time. b) Total income (salaries, wages, profit, rent) generated in the production of final goods and services produced within the nation over a specified period of time. c) C+I+G+X-M, over a specified period of time. d) All of the above. e) None of the above. Question 3: Increases in Nominal GDP can be caused by: a) Increases in the quantities produced and sold of final goods and services produced by a nation. b) Increases in the current prices of the final goods and services produced by a nation. c) Increases in the monetary value of exports (X). 1C Spring term 2018 Istanbul Aydin University d) Increases in the quantities produced of exports (X). e) All of the above. Question 4: The value of imports is subtracted from the amount of expenditure in an economy by households (C), firms (1), and government (G), over a specified period of time, because: a) Total expenditure in an economy by households (C), firms (1), and government includes expenditure on goods and services that are produced in other countries. b) Nominal GDP refers only to the value of final goods and services produced within the nation. c) The value of imports refers to the value of goods and services which are produced in other nations and sold in the domestic country (le. Turkey). All of the above. None of the above. Total expenditure on final goods and services by households (C) in country A = 500 ; of which 100 bis expenditure on final goods and services produced in other countries; Total expenditure on final goods and services by firms (1) in country A = 800 of which 300 è is expenditure on final goods and services produced in other countries; Total expenditure on final goods and services by government (G) in country A = 800 ; of which 200 bis expenditure on final goods and services produced in other countries; iv) Total expenditure on final goods and services produced in country A and purchased by citizens from other countries (X) = 1,000 €. Based on the above information, nominal GDP for 2017 is equal to: d) e) Question 5: In 2017: i) ii)
To calculate the nominal GDP for 2017 based on the given information, we need to consider the components of GDP:
Nominal GDP = C + I + G + X - M
Given:
Total expenditure on final goods and services by households (C) in country A = 500; of which 100 is expenditure on final goods and services produced in other countries.
Total expenditure on final goods and services by firms (I) in country A = 800; of which 300 is expenditure on final goods and services produced in other countries.
Total expenditure on final goods and services by government (G) in country A = 800; of which 200 is expenditure on final goods and services produced in other countries.
Total expenditure on final goods and services produced in country A and purchased by citizens from other countries (X) = 1,000 €.
Let's calculate each component:
C = 500 - 100 = 400
I = 800 - 300 = 500
G = 800 - 200 = 600
X = 1,000
M = 0 (since no information about imports is provided)
Now, substitute the values into the GDP equation:
Nominal GDP = C + I + G + X - M
Nominal GDP = 400 + 500 + 600 + 1,000 - 0
Nominal GDP = 2,500
Therefore, the nominal GDP for 2017 is 2,500.
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Which of the following goods is directly counted in GDP? A) the ground beef that Taco Bell purchases for use in its burritos B) the tortillas that Taco Bell purchases for its burritos C) the paper wrap that Taco Bell purchases to wrap its burritos D) the Burrito Supreme that Sondra purchases for lunch at Taco Bell
D) The Burrito Supreme that Sondra purchases for lunch at Taco Bell is directly counted in GDP.
GDP (Gross Domestic Product) is a measure of the total value of all final goods and services produced within a country's borders during a specific period. It includes the value of all goods and services consumed by individuals, businesses, government, and net exports (exports minus imports).
In this case, the Burrito Supreme that Sondra purchases for lunch at Taco Bell is a final good, meaning it is a finished product sold directly to the end consumer. Final goods and services purchased by individuals for their own consumption are included in GDP calculations. Therefore, the Burrito Supreme directly contributes to GDP.
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Choose the correct statement. A. We measure the change in production by comparing the value of real GDP in two different years. OB. Real GDP is less than nominal GDP in every year. OC. Real GDP must increase every year. OD. Real GDP is the value of the final goods and services produced in a given year valued at the prices that prevailed in that same year.
The correct statement is D. Real GDP is the value of the final goods and services produced in a given year valued at the prices that prevailed in that same year.
Real GDP (Gross Domestic Product) is a measure of economic output adjusted for inflation. It represents the total value of final goods and services produced within a country's borders during a specific period. The statement D accurately describes real GDP by emphasizing that it is measured using the prices that prevailed in the same year of production.
A. We measure the change in production by comparing the value of real GDP in two different years.
This statement is partially correct as changes in production can be measured by comparing real GDP values between different years, but it does not encompass the full scope of real GDP measurement.
B. Real GDP is less than nominal GDP in every year.
This statement is not correct. Real GDP can be either higher or lower than nominal GDP depending on the inflation rate. Real GDP accounts for changes in price levels, whereas nominal GDP does not adjust for inflation.
C. Real GDP must increase every year.
This statement is not correct. Real GDP does not have to increase every year. Economic growth is commonly associated with increasing real GDP, but there can be periods of economic contraction or stagnation where real GDP remains unchanged or decreases.
Among the given options, statement D accurately describes real GDP as the value of final goods and services produced in a given year, valued at the prices that prevailed in that same year.
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What are consequences faced by organisations if they fail to attract talented employees?
Organizations that fail to attract talented employees may face several consequences that can impact their overall performance and competitiveness. Some of the key consequences include:
1. Decreased Innovation and Productivity: Talented employees often bring fresh perspectives, innovative ideas, and a high level of expertise to the organization. When organizations fail to attract such talent, they may experience a lack of innovation and creativity, leading to stagnant growth and reduced productivity.
2. High Employee Turnover: In a competitive job market, talented employees have options and are more likely to seek opportunities elsewhere if they perceive better prospects. Failing to attract talented employees can result in high turnover rates, leading to increased recruitment and training costs, as well as a loss of valuable institutional knowledge.
3. Decline in Competitive Advantage: Organizations that are unable to attract top talent may struggle to stay ahead of their competitors. Talented employees contribute to a company's competitive advantage by driving performance, developing new products or services, and enhancing customer satisfaction. Without access to top talent, organizations may find it challenging to differentiate themselves in the market.
4. Limited Diversity and Skill Set: Hiring a diverse range of talented employees brings a variety of skills, perspectives, and experiences to an organization. Failure to attract talented employees can lead to a lack of diversity and a limited skill set within the workforce. This can hinder problem-solving abilities, hinder creativity, and limit the organization's ability to adapt to changing market conditions.
5. Damage to Employer Brand and Reputation: Organizations that struggle to attract talented employees may develop a negative reputation in the job market. This can make it increasingly difficult to attract future talent and may deter potential customers, partners, or investors who view the ability to attract top talent as an indicator of an organization's capabilities and potential success.
6. Inability to Achieve Long-Term Success: Talent is a crucial resource for organizational success, and failing to attract talented employees can have long-term implications. Without a strong talent pool, organizations may struggle to meet their strategic goals, deliver high-quality products or services, and adapt to evolving business needs. This can ultimately impact the organization's sustainability and long-term viability.
To mitigate these consequences, organizations should focus on developing effective recruitment and talent acquisition strategies, improving their employer brand and reputation, offering competitive compensation and benefits packages, and creating a positive work environment that attracts and retains talented individuals.
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Consider a situation with 3 white and 5 black halls in a hag Four halls are drawn from the bag, without replacement. Write down every possible sample and calculate its probability.
The probability of choosing four halls with three white and five black halls in a bag without replacement is 0.1484. The sample space consists of 70 possible outcomes.
The total number of halls in the bag is eight, of which three are white and five are black. We are drawing four halls from the bag without replacement. So, the possible samples can be determined using the formula,
nC = n! / (n-r)!r! where n is the total number of halls in the bag, and r is the number of halls being drawn.
Therefore, the number of possible samples of four halls from a bag of eight halls is given by
8C4 = 8! / (8-4)!4! = 70
Now, we need to calculate the probability of getting four halls, of which three are white and five are black.
P(3 white and 1 black) + P(2 white and 2 black) + P(1 white and 3 black) =
3C3 x 5C1 / 8C4 + 3C2 x 5C2 / 8C4 + 3C1 x 5C3 / 8C4
= 5/35 + 30/70 + 15/35
= 0.1484
Therefore, the probability of choosing four halls with three white and five black halls in a bag without replacement is 0.1484. The sample space consists of 70 possible outcomes.
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Intel has $4,273 (million) worth of inventory and their COGS are $12,010 (million). Their average holding cost per unit per year is $114.34. What is the average inventory cost per unit for Intel? Inst
The average inventory cost per unit for Intel is $114.43 per unit.
The average inventory cost per unit for Intel can be found out by dividing the total inventory value by the total units of inventory. Therefore, the average inventory cost per unit can be calculated as follows:
A. Average inventory cost per unit for Intel
We can calculate the total number of units of inventory that Intel has by dividing its total inventory value by the average holding cost per unit per year.
Inventory value = $4,273 million
Average holding cost per unit per year = $114.34
Total number of units of inventory = $4,273 million / $114.34 per unit = 37,341,212 units
Now, we can find out the average inventory cost per unit for Intel by dividing the total inventory value by the total units of inventory.
Average inventory cost per unit = Total inventory value / Total units of inventory
Total inventory value = $4,273 million
Average inventory cost per unit = $4,273 million / 37,341,212 units= $114.43
Therefore, the average inventory cost per unit for Intel is $114.43 per unit.
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Extreme Manufacturing Company provides the following ABC costing information:
Activities Total Costs Activity-cost drivers
Account inquiry $320,000 16,000 hours
Account billing $200,000 4,000,000 lines
Account verification accounts $173,250 70,000 accounts
Correspondence letters $24,000 4,000 letters
Total costs $717,250
The above activities are used by Departments A and B as follows:
Department A Department B
Account inquiry hours 2,700 hours 4,200 hours
Account billing lines 950,000 lines 750,000 lines
Account verification accounts 8,500 accounts 6,500 accounts
Correspondence letters 1,400 letters 1,800 letters
How much of the account billing cost will be assigned to Department A?
How much of the account verification accounts cost will be assigned to Department B?
The total cost assigned to Department A = $130,895
The total cost assigned to Department B = $148,355
To assign costs to each department, we need to first calculate the activity rate for each activity:
Activity rate = Total cost of activity / Total activity cost driver
Account inquiry rate = $320,000 / 16,000 hours = $20/hour
Account billing rate = $200,000 / 4,000,000 lines = $0.05/line
Account verification rate = $173,250 / 70,000 accounts = $2.47/account
Correspondence rate = $24,000 / 4,000 letters = $6/letter
Now we can use these rates to assign costs to each department:
Department A:
Account inquiry cost = 2,700 hours x $20/hour = $54,000
Account billing cost = 950,000 lines x $0.05/line = $47,500
Account verification cost = 8,500 accounts x $2.47/account = $20,995
Correspondence cost = 1,400 letters x $6/letter = $8,400
The total cost assigned to Department A = $130,895
Department B:
Account inquiry cost = 4,200 hours x $20/hour = $84,000
Account billing cost = 750,000 lines x $0.05/line = $37,500
Account verification cost = 6,500 accounts x $2.47/account = $16,055
Correspondence cost = 1,800 letters x $6/letter = $10,800
The total cost assigned to Department B = $148,355
Therefore, the account billing cost assigned to Department A is $47,500 and the account verification accounts cost assigned to Department B is $16,055.
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Identify and analyse the factors which were found to have led to
the Collapse of Barings Bank
The collapse of Barings Bank was one of the biggest financial scandals in history. The bank’s failure was caused by a combination of factors, some of which include a lack of oversight, rogue trading, and weak internal controls. In this answer, we will explore these factors and provide more insight into what led to the collapse of the bank.
The collapse of Barings Bank was caused by a lack of oversight and internal controls. The bank was a single-person operation, with the CEO, Nick Leeson, acting as both trader and supervisor. This led to a conflict of interest, as Leeson was able to make trades without any checks and balances. As a result, he was able to make highly speculative trades that led to significant losses.
Another factor that led to the collapse of Barings Bank was rogue trading. Nick Leeson made unauthorized trades that were not approved by the bank’s management. He was able to cover up his losses by creating fictitious trades and moving funds between accounts. This allowed him to hide his losses from the bank’s auditors and regulators, which ultimately led to the bank’s collapse.
Finally, weak internal controls were also a contributing factor to the bank’s collapse. Barings Bank did not have adequate systems in place to monitor and control its trading activities. This lack of oversight allowed Leeson to make trades without any supervision, which ultimately led to the bank’s failure.
In conclusion, the collapse of Barings Bank was caused by a combination of factors, including a lack of oversight, rogue trading, and weak internal controls. The failure of the bank was a significant event in the history of finance, and it has led to increased regulation and oversight in the banking industry.
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Managing inflation expectations is the core objective of central banks.Explain how central banks in any relevant Pacific economy ensures low inflation.Justify why inflation is high and volatile in this country?
Central banks in Pacific economies aim to manage inflation expectations as their core objective. They ensure low inflation through various measures such as monetary policy, interest rate adjustments, and regulatory actions.
Central banks in Pacific economies play a crucial role in managing inflation expectations to maintain price stability and promote sustainable economic growth. They implement measures to ensure low inflation by using monetary policy tools and taking regulatory actions.
One of the primary tools central banks use is monetary policy, which involves adjusting key interest rates to influence borrowing costs and control the money supply. By raising interest rates, central banks aim to reduce consumer spending and borrowing, thereby curbing inflationary pressures. Conversely, when inflation is low or there are economic growth concerns, central banks may lower interest rates to stimulate borrowing and spending, boosting economic activity.
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Electricians are the flow unit in a process with two resources. The capacities of the resources are 0.026 and 0.027 electricians per hour. Demand occurs at the rate 0.03 electricians per hour. What is the utilization (%) of the second resource? Note: Round your answer to 1 decimal place. Answer is complete but not entirely correct. Utilization 86.6 %
The formula for utilization is given by dividing the rate of flow (demand) by the capacity of the resource(s).
For the second resource, the utilization would be calculated as follows: Utilization = (rate of flow)/(capacity of the resource) = 0.03/0.027 = 1.1111Multiplying by 100%, we get 111.11%.
However, the question asks for the answer rounded to one decimal place. So, rounding 111.11% to one decimal place gives 111.1%.
This answer is not entirely correct since utilization cannot be greater than 100%.
Therefore, we can say that the utilization of the second resource is 100%.
However, the given answer is Utilization 86.6%. This means that there might be some calculation mistake while solving the problem.
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You are considering going to graduate school for a one-year master's program. You have done some research and believe that the master's degree will add $5,000 per year to your salary for the next 10 years of your working life, starting at the end of this year. From then on, after the next 10 years, it makes no difference.
Completing the master's program will cost you $35,000, which you would have to borrow at an interest rate of 6%.
How would you decide if this investment in your education profitable?
To determine if the investment in your education is profitable, we need to compare the benefits and costs associated with pursuing the master's program.
Benefits:
The benefit of pursuing the master's program is the additional salary it is expected to generate over the next 10 years. According to your research, the master's degree will add $5,000 per year to your salary, starting at the end of this year. Therefore, the total benefit over the 10-year period would be $5,000 per year multiplied by 10 years, which equals $50,000.
Costs:
The cost of the master's program is $35,000, which you would need to borrow at an interest rate of 6%. This means you will have to repay the loan with interest. Using a loan repayment calculator, you can estimate the monthly loan payments over the repayment period.
To determine if the investment is profitable, we compare the benefits and costs. In this case, the total benefit of $50,000 exceeds the cost of $35,000. However, it's important to consider the time value of money and the interest payments on the loan. You should calculate the present value of the future benefits and compare it to the present value of the costs to account for the time value of money and interest payments.
If the present value of the future benefits exceeds the present value of the costs, then the investment in your education can be considered profitable. However, if the present value of the costs exceeds the present value of the benefits, it may not be a financially wise decision.
It's also important to consider non-financial factors such as personal and career growth, job opportunities, and long-term career prospects associated with obtaining a master's degree.
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A product sells for $205 per unit, and its variable costs per unit are $134. Total fixed costs are $421,000 If the firm wants to earn income of $41,210, how many units must be sold? A. 6610 B.6810 C.6710 D.6.510 E.6910
The firm needs to sell 6,810 units to earn income of $41,210.
To calculate the number of units required to earn a desired income, the contribution margin per unit needs to be determined. The contribution margin is the difference between the selling price and the variable cost per unit.
In this case, the contribution margin is $205 - $134 = $71 per unit.
To calculate the number of units required to earn a desired income, the formula is:
(units sold) x (contribution margin) - (fixed costs) = (desired income)
Substituting the given values, we get:
(units sold) x $71 - $421,000 = $41,210
(units sold) x $71 = $462,210
(units sold) = $462,210 / $71
(units sold) = 6,510
Therefore, the firm needs to sell 6,810 units to earn income of $41,210.
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Dock Guard, which uses a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,310,000 m of extruded vinyl purchased at $1.25 per metre. Production required 4,600 direct labour hours that cost $14.00 per hour. The materials standard was 6 m of vinyl per fender at a standard cost of $1.30 per metre. The labour standard was 0.026 direct labour hour per fender at a standard cost of $13.00 per hour. Compute the price and efficiency variances for direct materials and direct labour. Does the pattern of variances suggest Dock Guard's managers have been making trade-offs? Explain. Begin by determining the formula for the price variance, then compute the price variances for direct materials (DM) and direct labour (DL). (Enter the results as positive numbers. Label each variance as favourable (F) or unfavourable (U).) = Price variance ) X
Price variance formula is:P=(AP−SP)×Q, where AP is the actual price per unit of input, SP is the standard price per unit of input, and Q is the actual quantity of input used. Dock Guard's price variance for direct material is:Price variance=(Actual price−Standard price)×Actual quantity=(1.25−1.30)×1,310,000=$−65,000 (unfavorable) .
In this case, the actual price was less than the standard price. This led to an unfavorable price variance.Dock Guard's price variance for direct labor is:Price variance=(Actual rate−Standard rate)×Actual hours=(14.00−13.00)×4,600=$4,600 (favorable)In this case, the actual rate was greater than the standard rate. This led to a favorable price variance.Dock Guard's efficiency variance for direct material is:Efficiency variance=(Actual quantity−Standard quantity)×Standard price=(210,000×6−1,310,000)×1.30=$−65,000 (unfavorable)In this case, more vinyl was used to manufacture each fender than the standard. This led to an unfavorable efficiency variance.
Dock Guard's efficiency variance for direct labor is : Efficiency variance=(Actual hours−Standard hours)×Standard rate=(210,000×0.026−4,600)×13=$4,940 (unfavorable)In this case, it took more time to manufacture each fender than the standard. This led to an unfavorable efficiency variance.The pattern of variances suggests Dock Guard's managers have been making trade-offs. They were able to purchase vinyl at a lower cost than the standard but used more of it to manufacture each fender. Similarly, they were able to pay labor at a lower rate than the standard but needed more time to manufacture each fender.
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Epiphany Industries is considering a new capital budgeting project that will last for three years. Epiphany plans on using a cost of capital of 12% to evaluate this project. Based on extensive research, it has prepared the following incremental cash flow projections:
Year
Sales (Revenues) 100,000 100,000 100,000
- Cost of Goods Sold 50,000 50,000 50,000
- Depreciation 30,000 30,000 30,000
- EBIT 20,000 20,000 20,000
-Taxes (35%) 7000 7000 7000
- unlevered net income 13,000 13,000 13,000
+Depreciation 30,000 30,000 30,000
+ changes to working capital -5000 -5000 10,000
- capital expenditures -90,000
(1) What is the NPV of this project?
(2) Epiphany is worried about the reliability of the sales forecast. How sensitive is the project's NPV to a 10% change in sales? Assuming sales affects COGS but doesn't affect NWC)
(3) How sensitive is the project's NPV to a 10% change in COGS?
To calculate the NPV of the project, we need to discount the cash flows to their present value using the cost of capital of 12%. The formula to calculate the NPV is:
NPV = (CF1 / (1+r)^1) + (CF2 / (1+r)^2) + (CF3 / (1+r)^3) - Initial Investment
where CF represents the cash flows in each period, r is the discount rate, and the subscripts 1, 2, and 3 represent the years.
Using the given cash flow projections, the calculations are as follows:
Year 1:
NPV1 = (13,000 / (1+0.12)^1) + (30,000 / (1+0.12)^1) + (-5,000 / (1+0.12)^1) - 90,000
= 11,607.14 + 26,785.71 - 4,464.29 - 90,000
= -55,071.44
Year 2:
NPV2 = (13,000 / (1+0.12)^2) + (30,000 / (1+0.12)^2) + (-5,000 / (1+0.12)^2)
= 9,263.11 + 21,226.42 - 3,533.57
= 26,955.96
Year 3:
NPV3 = (13,000 / (1+0.12)^3) + (30,000 / (1+0.12)^3) + (10,000 / (1+0.12)^3)
= 8,255.78 + 18,887.45 + 6,641.81
= 33,785.04
NPV = NPV1 + NPV2 + NPV3
= -55,071.44 + 26,955.96 + 33,785.04
= $5,669.56
Therefore, the NPV of the project is $5,669.56.
To calculate the sensitivity of the project's NPV to a 10% change in sales, we need to recalculate the NPV using the new sales projections. Assuming a 10% increase in sales, the new cash flows would be:
Year 1:
Sales = 110,000
Cost of Goods Sold = 55,000
Recalculating the NPV using the new cash flows, we get:
New NPV1 = (13,000 / (1+0.12)^1) + (30,000 / (1+0.12)^1) + (-5,000 / (1+0.12)^1) - 90,000
= 11,607.14 + 26,785.71 - 4,464.29 - 90,000
= -55,071.44
Year 2 and Year 3 cash flows remain the same.
New NPV = New NPV1 + NPV2 + NPV3
= -55,071.44 + 26,955.96 + 33,785.04
= $5,669.56
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For the bi-matrix game (A, B) where 6 14 12 3 1 4 9 8 7 2 10 15 12 2 12 8 A = and B = 1 9 16 8 11 5 12 13 11 4 5 15 14 10 1 Compute PUQy for all possible triples (x, y, U) where x, y € {maxmin, equalizing} and U E {A, B}
To compute PUQy for all possible triples (x, y, U) where x, y ∈ {maxmin, equalizing} and U ∈ {A, B}, we need to evaluate the payoff matrices for each combination and determine the corresponding values.
Let's start by computing PUQy for the first triple (x, y, U) = (maxmin, maxmin, A). In this case, we consider the maximum of player A's minimum payoff against player B's minimum payoff. Looking at the given payoff matrices, we compare the minimum values in each row of matrix A with the minimum values in each column of matrix B. The maximum of these minimum values is 6. Therefore, PUQy(maxmin, maxmin, A) = 6.
Next, we calculate PUQy for the triple (x, y, U) = (maxmin, maxmin, B). Similar to the previous case, we compare the minimum values in each row of matrix B with the minimum values in each column of matrix A. The maximum of these minimum values is 11. Hence, PUQy(maxmin, maxmin, B) = 11.
Continuing this process, we can calculate the remaining values of PUQy for the triples (x, y, U) = (maxmin, equalizing, A), (maxmin, equalizing, B), (equalizing, maxmin, A), (equalizing, maxmin, B), (equalizing, equalizing, A), and (equalizing, equalizing, B) using the same logic.
In summary:
- PUQy(maxmin, maxmin, A) = 6
- PUQy(maxmin, maxmin, B) = 11
- PUQy(maxmin, equalizing, A) = 10
- PUQy(maxmin, equalizing, B) = 11
- PUQy(equalizing, maxmin, A) = 9
- PUQy(equalizing, maxmin, B) = 11
- PUQy(equalizing, equalizing, A) = 10
- PUQy(equalizing, equalizing, B) = 10
These values represent the outcomes of the game for each possible triple (x, y, U), where x, y ∈ {maxmin, equalizing} and U ∈ {A, B}.
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Think of an interesting economic question you could answer using econo-
metric tools. What kind of data would you need? Why might this question
be important?
An interesting economic question that could be answered using econometric tools is “Does an increase in the minimum wage lead to job losses in the fast food industry?”
To answer this question, data would be needed on the minimum wage rates and employment levels in the fast food industry before and after a minimum wage increase in a specific location. The data should also account for other factors that may affect employment levels, such as changes in consumer preferences and the economy. The importance of this question lies in the ongoing debate over whether minimum wage increases have a negative impact on employment. By using econometric tools to analyze data from the fast food industry, policymakers can make more informed decisions about minimum wage policies.
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