The MR = MC rule for a monopoly states that profit maximization occurs when the marginal revenue (MR) generated from selling an additional unit of output is equal to the marginal cost (MC) of producing that unit.
In a monopoly, there is no competition, and the firm has the power to control the market price. To determine the profit-maximizing level of output, the monopoly compares the marginal revenue it receives from selling an additional unit to the marginal cost of producing that unit.
If the marginal revenue (MR) from selling an additional unit is greater than the marginal cost (MC) of producing that unit, the monopoly should increase production. By doing so, the additional revenue generated exceeds the additional cost, leading to an increase in total profit.
However, if the marginal cost (MC) of producing an additional unit exceeds the marginal revenue (MR) from selling that unit, the monopoly should decrease production. In this case, the additional cost outweighs the additional revenue, leading to a decrease in total profit.
The reason why a monopoly will always make economic profit in the short run is that it can set prices higher than the marginal cost. By operating at a quantity where MR = MC, the monopoly can charge a price that exceeds the cost of producing that unit. This results in a price-cost margin, which contributes to the monopoly's profit.
In the short run, a monopoly will always make economic profit by operating at the level of output where marginal revenue (MR) equals marginal cost (MC). This is because a monopoly has the power to set prices above the marginal cost, allowing it to earn excess profit. However, it is important to note that in the long run, economic profit may not always be applicable for a monopoly. Factors such as the entry of new competitors or changes in market conditions can erode the monopoly's market power and reduce its ability to sustain economic profit over time.
To know more about marginal revenue , visit:
https://brainly.com/question/27994034
#SPJ11
A compary is using a predetermined overthead rate that was based on estimated total freed manufacturing overhead of $121,000 and 10,000 direct labor-hours for the period. The company incurred actual total foced manufacturing overhead of $113.000 and 10.900 total direct laborhours during the period. The predetermined overhead rate is closest to: $1210 $11.10 $11.30 $10.37
Actual Overhead Rate = $10.37 per direct labor-hour
The predetermined overhead rate can be calculated as follows:
Predetermined Overhead Rate = Estimated Total Manufacturing Overhead / Estimated Total Direct Labor Hours
Using the given information:
Estimated Total Manufacturing Overhead = $121,000
Estimated Total Direct Labor Hours = 10,000
So the predetermined overhead rate would be:
Predetermined Overhead Rate = $121,000 / 10,000 hours
Predetermined Overhead Rate = $12.10 per direct labor-hour
However, we need to calculate the actual overhead rate based on the actual total manufacturing overhead and actual total direct labor-hours incurred during the period:
Actual Overhead Rate = Actual Total Manufacturing Overhead / Actual Total Direct Labor Hours
Using the given information:
Actual Total Manufacturing Overhead = $113,000
Actual Total Direct Labor Hours = 10,900
So the actual overhead rate would be:
Actual Overhead Rate = $113,000 / 10,900 hours
Actual Overhead Rate = $10.37 per direct labor-hour
Learn more about labor from
https://brainly.com/question/26245657
#SPJ11
Manufacturing costs for Davenport Company during 2018 were as follows: Note; The pre-determined overhead rate is 0.94(94%) of direct labor cost: Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,440,000 and operating expenses were $305,000 for 2018 . Complete this question by entering your answers in the tabs below. Prepare a Cost of Goods Manufactured report: Complete this question by entering your answers in the tabs below. Prepare a Partial Income Statement if sales revenue was $1,440,000 and operating expenses were $305,000 for 2018 .
The Cost of Goods Manufactured report summarizes Davenport Company's manufacturing costs in 2018, including materials, labor, and overhead. Based on $1,440,000 sales revenue and $305,000 operating expenses for 2018, a Partial Income Statement can be prepared once specific cost values are provided.
1. Cost of Goods Manufactured Report:
Cost of Goods Manufactured is a statement that summarizes the costs incurred by a company in the production process. It includes direct materials, direct labor, and manufacturing overhead costs.
Davenport Company's manufacturing costs for 2018 are as follows:
Direct Materials:
- Beginning Inventory of Direct Materials: $X
- Add: Purchases of Direct Materials: $X
- Total Direct Materials Available: $X
- Less: Ending Inventory of Direct Materials: $X
- Direct Materials Used: $X
Direct Labor: $X
Manufacturing Overhead:
- Direct Labor Cost: $X
- Pre-determined Overhead Rate (94% of Direct Labor Cost): $X
- Applied Overhead: $X
Total Manufacturing Costs: $X
Add: Beginning Work-in-Process Inventory: $X
Total Cost of Work-in-Process: $X
Less: Ending Work-in-Process Inventory: $X
Cost of Goods Manufactured: $X
2. Partial Income Statement:
Sales Revenue: $1,440,000
Operating Expenses: $305,000
Gross Profit:
Sales Revenue - Cost of Goods Sold = Gross Profit
$1,440,000 - Cost of Goods Sold = Gross Profit
Operating Profit:
Gross Profit - Operating Expenses = Operating Profit
Gross Profit - $305,000 = Operating Profit
Net Profit:
Operating Profit - Taxes and Other Expenses = Net Profit
Unfortunately, the specific values required to complete the calculations are missing in the question.
To provide a precise answer, the amounts for direct materials, direct labor, manufacturing overhead, beginning and ending work-in-process inventories, and taxes and other expenses need to be provided.
To know more about Income Statement refer here:
https://brainly.com/question/30280898#
#SPJ11
Your response should be at least 150 words long. How might
classification be used in approving or denying a potential
fraudulent credit card transaction? Please no textbook answer.
Classification can be used in approving or denying a potential fraudulent credit card transaction by utilizing machine learning algorithms to transaction and classify them as either legitimate or suspicious.
Classification models can be trained using historical transaction data to identify patterns and characteristics associated with fraudulent transactions. These models can then be applied to real-time transactions to classify them as either legitimate or suspicious based on predefined criteria. The classification process involves evaluating various features such as transaction amount, location, time, and customer behavior to assess the likelihood of fraud.
If a transaction is classified as suspicious, additional verification steps can be initiated, such as contacting the cardholder or conducting further investigation before approving or denying the transaction. By employing classification techniques, financial institutions can effectively detect and prevent fraudulent credit card transactions, minimizing the risk of financial loss and protecting cardholders' interests.
Learn more about fraudulent transactions here
https://brainly.com/question/10292914
#SPJ11
Cardinal Accounting Services provides basic bookkeeping and tax services to small businesses. Listed below are events and transactions that occurred during the month of September. REQUIRED: Journalize each of the transactions provided. If no entry is required, please type "no entry" ion the account name and 0 for the dollar amount. Input the account name first followed by the dollar amount. Commas are not requir Question 32 (1 point) 4) Listen Sept. 25-Signed a contract to purchase equipment for $10,000. Dr. A $ A/ Cr. A/ Question 33 (1 point) 4Listen Sept. 3- Purchased supplies from a local supplier for $1,000 cash. A $ Dr. N $ Cr. N Question 34 (1 point) 4) Listen Sept. 1-Paid $250 related to the interest on a bank loan. A $ Dr. Cr. N 2 SA N N Question 39 (1 point) Listen Sept. 20 - Paid for equipment that was purchased on account in August for $1,250. Dr. A/ A $ N Cr. Question 40 (1 point) 40 Listen Sept. 10 - Completed an accounting contract for their first customers and invoiced them $3,000 for services provided. A $ A/ Dr. Cr. E A/ Question 43 (1 point) Listen Sept. 28 - Paid $2,500 in wages to part-time employees. N Dr. A $ N Cr. A Question 44 (1 point) 4) Listen ▶ Sept. 15- Completed work for J.R. Smith and received $4,000 in payment. A $ Dr. Cr. N Question 41 (1 point) 4) Listen Sept. 10 - Purchased inventory from a local supplier for $2,000 on account. A $ Dr. A/ Cr. Question 42 (1 point) 4) Listen ▶ Sept. 23- Received a $590 invoice for August utilities. Payment is due October 15. A $ A Dr. Cr. N Question 43 (1 point) Listen Sept. 28 - Paid $2,500 in wages to part-time employees. N Dr. A $ N Cr. A Question 44 (1 point) 4) Listen ▶ Sept. 15- Completed work for J.R. Smith and received $4,000 in payment. A $ Dr. Cr. N Sept. 15 - Completed work for J.R. Smith and received $4,000 in payment. A Dr. A $ N Cr. N Question 45 (1 point) Listen Sept. 17 - Paid $450 to Repairs 'R Us for repairs done on the company's computer. A/ A $ Dr. Cr. I N N SA SA
Question 32: Sept. 25 - Signed a contract to purchase equipment for $10,000.
Journal entry:
Dr. Equipment $10,000
Cr. Accounts Payable $10,000
Question 33: Sept. 3 - Purchased supplies from a local supplier for $1,000 cash.
Journal entry:
Dr. Supplies $1,000
Cr. Cash $1,000
Question 34: Sept. 1 - Paid $250 related to the interest on a bank loan.
Journal entry:
Dr. Interest Expense $250
Cr. Cash $250
Question 39: Sept. 20 - Paid for equipment that was purchased on account in August for $1,250.
Journal entry:
Dr. Accounts Payable $1,250
Cr. Cash $1,250
Question 40: Sept. 10 - Completed an accounting contract for their first customers and invoiced them $3,000 for services provided.
Journal entry:
Dr. Accounts Receivable $3,000
Cr. Service Revenue $3,000
Question 43: Sept. 28 - Paid $2,500 in wages to part-time employees.
Journal entry:
Dr. Wages Expense $2,500
Cr. Cash $2,500
Question 44: Sept. 15 - Completed work for J.R. Smith and received $4,000 in payment.
Journal entry:
Dr. Cash $4,000
Cr. Accounts Receivable $4,000
Question 41: Sept. 10 - Purchased inventory from a local supplier for $2,000 on account.
Journal entry:
Dr. Inventory $2,000
Cr. Accounts Payable $2,000
Question 42: Sept. 23 - Received a $590 invoice for August utilities. Payment is due October 15.
Journal entry:
Dr. Utilities Expense $590
Cr. Accounts Payable $590
Question 45: Sept. 17 - Paid $450 to Repairs 'R Us for repairs done on the company's computer.
Journal entry:
Dr. Repairs Expense $450
Cr. Cash $450
For each transaction, the journal entry records the appropriate accounts and the dollar amounts based on the given information. These entries follow the basic principles of accounting, where debits represent increases in assets and expenses, and credits represent increases in liabilities, equity, and revenue.
The provided transactions have been journalized correctly based on the given information. Journal entries play a crucial role in maintaining accurate financial records and tracking business transactions.
To know more about purchase visit ,
https://brainly.com/question/27975123
#SPJ11
When the organizational structure of a Company is getting too tall and the chain of command to long, there is a good chance the executives might lose control over the company strategy and hierarchy. True False
True, when the organizational structure of a company becomes too tall and the chain of command becomes too long, there is a good chance that executives might lose control over the company strategy and hierarchy.
As the organizational structure becomes taller, with more levels of management and a longer chain of command, the flow of information and decision-making processes can become slower and more cumbersome.
Executives at the top of the hierarchy may struggle to effectively communicate and enforce their strategic vision throughout the organization. Important information and feedback may get distorted or delayed as it travels up and down the long chain of command, leading to a loss of control over the company's strategy.
Additionally, with numerous layers of management, it becomes more challenging for executives to monitor and ensure consistent implementation of their directives across all levels. This can result in misalignment between the intended strategy and the actions taken at lower levels of the organization.
Ultimately, a tall organizational structure and lengthy chain of command can hinder effective communication, decision-making, and the execution of the company's strategic goals, potentially leading to a loss of control by executives.
Learn more about executives here:
https://brainly.com/question/31495548
#SPJ11
Landmark Properties owns and operates an apartment building and prepares annual financial statements based on a March 31 fiscal year-end. a. The tenants of one of the apartments paid five months' rent in advance on November 1, 2019 The monthly rental is $2,400 per month The journal entry credited the Unearned Rent account when the payment was received. No other entry had been recorded prior to March 31, 2020. b. On January 1, 2020, the tenants of another apartment moved in and paid the first month's rent. The $2.850 payment was recorded with a credit to the Rent Revenue account. However, the tenants have not paid the rent for February or March. They have agreed to pay it as soon as possible. c. On April 22, 2020, the tenants described in (b) paid $8,550 rent for February March, and April Required: Prepare the adjusting journal entry for each of (a) and (b) that should be recorded on March 31, 2020 and the subsequent entry to record the cash collection in (c).. View transaction list Journal entry worksheet 4 1 2 3 Record the five months' rent previously baid in advance.
A. Rent Revenue 2,400
B. Rent Revenue 2,850
C. Rent Revenue 5,700
a. As of March 31, 2020, Landmark Properties has earned one month's rent from the tenant who paid five months' rent in advance on November 1, 2019. Therefore, the adjusting entry to be recorded on March 31, 2020 is:
Unearned Rent 2,400
Rent Revenue 2,400
b. As of March 31, 2020, Landmark Properties has earned only one month's rent from the tenants who moved in on January 1, 2020. Therefore, the adjusting entry to be recorded on March 31, 2020 is:
Accounts Receivable 2,850
Rent Revenue 2,850
c. On April 22, 2020, the tenants paid $8,550 for the rent due in February, March, and April. The journal entry to record this cash collection is:
Cash 8,550
Accounts Receivable 2,850
Rent Revenue 5,700
Learn more about Rent from
https://brainly.com/question/29050680
#SPJ11
The objective of the MonsoonSIM game that you played is to maximise the profit of your company by selling fruit juices at various retail stores. Your strategies were based on intuition and common sense in the first round of the game. In contrast, in the second round, you applied your knowledge and understanding of the inventory management concepts you learned in the course.
(a) Review briefly the strategies you employed during the two rounds. If you have changed your strategy in the second round, explain the reason for doing so. (10 marks)
(b) Comment on the impact of these changes on the performance of your company. Is there something you could have done differently to improve your performance? (6 marks)
(c) What are the assumptions you made for developing your strategies? Discuss whether any information or data that were not available in the game would have helped in your decision-making. You may use statistics or graphs from the game for your analysis.
The Monsoon SIM game allowed for the application of inventory management concepts, incorporating additional real-world data and information would further enhance decision-making capabilities and improve performance.
(a) In the first round of the MonsoonSIM game, my strategies were primarily based on intuition and common sense. I focused on producing fruit juices based on the demand forecast and aimed to distribute them to various retail stores in an attempt to maximize sales and profit. However, without a solid understanding of inventory management concepts, my decisions were somewhat arbitrary, and I lacked a systematic approach.
In the second round, armed with the knowledge and understanding of inventory management concepts learned in the course, I changed my strategy significantly. I implemented more effective inventory control measures, such as adopting the Economic Order Quantity (EOQ) model to determine optimal order quantities, using safety stock to buffer against demand variability, and implementing a reorder point system to trigger replenishment orders. These changes aimed to minimize holding costs, reduce stockouts, and improve overall supply chain performance.
(b) The changes in my strategies during the second round had a notable impact on the performance of my company. By applying inventory management concepts, I observed a reduction in holding costs and a decrease in stockouts. This led to improved customer satisfaction, increased sales, and ultimately higher profits. Additionally, the systematic approach in the second round allowed me to better align production levels with demand, avoiding excessive inventory accumulation or shortages.
To further improve my performance, I could have focused on analyzing and utilizing the data provided by the game more effectively. For example, by closely monitoring demand patterns and analyzing historical sales data, I could have fine-tuned my forecasts and adjusted my production and replenishment strategies accordingly. Moreover, implementing more sophisticated demand forecasting techniques, such as using statistical models or market research data, could have helped in making more accurate predictions.
(c) The assumptions I made for developing my strategies in the game included assuming that the demand forecast provided was reasonably accurate, that there were no significant external factors impacting demand or supply, and that there were no sudden market disruptions or competitor actions. However, in a real-world setting, additional information and data would be beneficial for decision-making.
For instance, having access to market research data, customer surveys, or competitor analysis would provide valuable insights into market trends, customer preferences, and competitive dynamics. This information would enable more informed decisions regarding product assortment, pricing strategies, and promotional activities. Additionally, real-time data on factors like weather conditions, transportation disruptions, or raw material availability could help in adapting supply chain operations to unforeseen events and mitigating potential risks.
In conclusion, while the MonsoonSIM game allowed for the application of inventory management concepts, incorporating additional real-world data and information would further enhance decision-making capabilities and improve performance.
Learn more about management here
https://brainly.com/question/1276995
#SPJ11
D Question 17 Frictional unemployment most likely arises due to O technological changes. O seasonal adjustments in demand. O business cycles. O conflicts between union and labor. O a labor force where
Frictional unemployment most likely arises due to factors such as technological changes, seasonal adjustments in demand, and a labor force where individuals are searching for better job opportunities. It is not specifically related to business cycles or conflicts between unions and labor.
Frictional unemployment refers to the temporary unemployment that occurs when individuals are transitioning between jobs or entering the labor market for the first time. It arises due to various factors, including technological changes, seasonal adjustments in demand, and a labor force where individuals are actively searching for better job opportunities.
Technological changes can lead to job displacement as certain skills become obsolete, requiring workers to find new employment or undergo retraining. Seasonal adjustments in demand, such as in industries like agriculture or tourism, can result in temporary layoffs during off-peak seasons.
Frictional unemployment is also influenced by the characteristics of the labor force, where individuals actively seek better job prospects, leading to temporary periods of unemployment during the job search process.
On the other hand, business cycles primarily contribute to cyclical unemployment, which occurs due to fluctuations in overall economic activity. Conflicts between unions and labor may lead to strikes or labor disputes but are not the primary cause of frictional unemployment.
Therefore, while technological changes, seasonal adjustments, and labor force characteristics are associated with frictional unemployment, business cycles and conflicts between unions and labor are not directly related to its occurrence.
Learn more about Frictional unemployment here:
https://brainly.com/question/32708498
#SPJ11
Al is a medical doctor who conducts his practice as a sole proprietor. During 2021, he received cash of $672,400 for medical services. Of the amount collected, $43,200 was for services provided in 2020. At the end of 2021, Al had accounts receivable of $89,700, all for services rendered in 2021. In addition, at the end of the year, Al received $10,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2022. a. Compute Al's gross income for 2021 using the cash basis of accounting. b. Compute Al's gross income for 2021 using the accrual basis of accounting.
a. To compute Al's gross income for 2021 using the cash basis of accounting, we consider only the cash received during the year:
Cash received for medical services in 2021: $672,400
Minus: Cash received for services provided in 2020: $43,200
Gross income for 2021 (cash basis): $672,400 - $43,200 = $629,200
b. To compute Al's gross income for 2021 using the accrual basis of accounting, we consider the revenue earned during the year, regardless of when the cash is received:
Cash received for medical services in 2021: $672,400
Plus: Accounts receivable at the end of 2021 for services rendered in 2021: $89,700
Plus: Advance payment received for services to be rendered in 2022: $10,000
Gross income for 2021 (accrual basis): $672,400 + $89,700 + $10,000 = $772,100
Therefore, using the cash basis of accounting, Al's gross income for 2021 is $629,200, while using the accrual basis of accounting, his gross income for 2021 is $772,100. The accrual basis takes into account revenue earned during the year, regardless of when the cash is received, providing a more comprehensive view of Al's financial performance.
Learn more about income here
https://brainly.com/question/28390284
#SPJ11
Match the following terms:
- a. b. c. Residual Value is not considered
- a. b. c. Easiest method
- a. b. c. Unit of output can be expressed in terms of hours, miles driven, or quantity produced
- a. b. c. Cost - Residual Value/ Useful Life
- a. b. c. Cost - Residual Value/Total Units of Output
- a. b. c. Rate X Cost= Depreciation Expense; Cost - Depreciation Expense
a. Straight-line Method
b. Units of Output Method
c. Double Declining Balance Method
Match the following terms:
- a. b. c. Market rate is less than contract rate
- a. b. c. Market rate equals contract rate
- a. b. c. Market rate is greater than contract rate
a. Face Value
b. Discount
c. Premium
Depreciation is the allocation of an asset's cost over its useful life. Methods such as straight-line, double declining balance, and units of output are used. Depreciation is recorded in the income statement and accumulated depreciation account.
The following are the matches for the given terms:- Residual Value is not considered - a. Units of Output Method, b. Double Declining Balance Method, c. Straight-line Method.- Easiest method - a. Straight-line Method, b. Units of Output Method, c. Double Declining Balance Method.- Unit of output can be expressed in terms of hours, miles driven, or quantity produced - a. Units of Output Method, b. Double Declining Balance Method, c. Straight-line Method.- Cost - Residual Value/ Useful Life - a. Straight-line Method, b. Units of Output Method, c. Double Declining Balance Method.- Cost - Residual Value/Total Units of Output - a. Units of Output Method, b. Double Declining Balance Method, c. Straight-line Method.- Rate X Cost = Depreciation Expense; Cost - Depreciation Expense - a. Double Declining Balance Method, b. Units of Output Method, c. Straight-line Method.The matches for the following terms are:For more questions on Depreciation
https://brainly.com/question/29894489
#SPJ8
Fixed manufacturing costs are $38 per unit, and variable manufacturing costs are $114 per unit. Production was 82,000 units, while sales were 77,080 units.
a. Determine whether variable costing operating income is less than or greater than absorption costing operating income. Variable costing operating income is less than absorption costing.
b. Determine the difference in variable costing and absorption costing operating income.
Variable costing operating income is less than absorption costing operating income. The difference in variable costing and absorption costing operating income can be calculated by multiplying the difference in unit inventory levels between.
The beginning and ending periods by the fixed manufacturing cost per unit. In this case, the unit inventory level decreased by 4,920 units (82,000 units produced - 77,080 units sold). Difference in operating income = Decrease in unit inventory level × Fixed manufacturing cost per unit Difference in operating income = 4,920 units × $38 per unit Difference in operating income = $186,960 The difference in operating income arises due to the treatment of fixed manufacturing costs under variable and absorption costing. In variable costing, fixed manufacturing costs are treated as a period expense and are not allocated to units of production. Therefore, when there is a decrease in unit inventory levels (as in this case), the fixed manufacturing costs associated with the unsold units are expensed and reduce the variable costing operating income. In contrast, absorption costing allocates fixed manufacturing costs to units of production. These costs are included in the cost of goods sold for units sold and are carried forward in inventory for unsold units.
learn more about income here :
https://brainly.com/question/2386757
#SPJ11
Does popular resentment against free trade simply reflect economic illiteracy or more deep-
seated political issues?
Popular resentment against free trade can be influenced by a combination of economic illiteracy and deep-seated political issues.
The sentiment of resentment against free trade is multifaceted and can stem from various factors. While economic illiteracy may contribute to a lack of understanding about the benefits of free trade, it is important to recognize that there can be deeper political issues at play.
Economic illiteracy: Many individuals may not have a clear understanding of the principles of international trade and the benefits it can bring. They may perceive free trade as a threat to domestic industries, job security, and wages, without considering the potential gains from increased market access, competition, and efficiency. Economic illiteracy can lead to a skewed perception of the costs and benefits of free trade, fostering resentment.
Deep-seated political issues: Resentment against free trade can also arise from deeper political concerns. Free trade policies are often associated with globalization, which can lead to concerns about sovereignty, loss of cultural identity, and uneven distribution of benefits.
People may view free trade as favoring multinational corporations over local businesses or as exacerbating income inequality. Political ideologies, nationalist sentiments, and protectionist agendas can also shape opposition to free trade.
In conclusion, popular resentment against free trade may reflect a combination of economic illiteracy and deeper political issues. While economic education and awareness can help address misconceptions, it is crucial to acknowledge and address the underlying political and societal factors that influence public sentiment towards free trade.
To know more about economic illiteracy refer here:
https://brainly.com/question/28963167#
#SPJ11
Please answer this using formulas and not in excel
Customers needing teller service arrive randomly at a mean rate of 30 per
hour. Customers wait in a single line and are served by the next available teller when they reach
the front of the line. Each service takes a variable amount of time (assume an exponential
distribution), but on average can be completed in 3 minutes. The tellers earn an average wage of
$18 per hour.
(a)
Company policy is to have no more than a 10% chance that a customer will need to wait more
than 5 minutes before reaching a teller. How many tellers need to be used in order to meet this
standard?
Given Data Arrival rate (λ) = 30 per hour Mean service rate (μ) = 3/60 per minute = 0.05 per minute Service rate (µ) = 1/mean service rate = 20 minutes per customer = 0.05 per minute Company policy is to have no more than a 10% chance that a customer will need to wait more than 5 minutes before reaching a teller. Let's find the optimum number of servers needed in the system to meet this standard.(i) P0 = [(λ/µ)]^n / [Σ (λ/µ)]^n where n = Number of servers
(ii) P n = [(λ/µ)]^n/n! * P0where n = 0, 1, 2, 3, ...Inf(iii) Ls = λ*W s = λ/(µ-λ)where Ls = Average number of customers in the system W s = Average time spent by the customers in the system(iv) L q = λ*W q = λ^2/(µ(µ-λ))where L q = Average number of customers in the queue W q = Average time spent by the customers in the queue(v) W s = W q + 1/µwhere W s = Average time spent by the customers in the system W q = Average time spent by the customers in the queue Now, Let's calculate optimum number of servers needed in the system to meet this standard. Substitute the values of λ and µ in the above formulaP0 = [(30/0.05)]^n / [Σ (30/0.05)]^nP0 = (600)^n / [(600)^n + (30*20)^n]P0 = (600)^n / [(600 + 600)^n]P0 = (600)^n / (1200)^nP0 = 0.5^n P0 = 0.90 (as per the question, probability of the customer waiting for more than 5 minutes should not exceed 10%)0.90 = 0.5^n - - - - - - - - - - - - - - - - - - - (1)By putting n = 1, 2, 3, 4, ... in equation (1), we get n = 4. Hence, four servers are needed. Therefore, four tellers need to be used in order to meet this standard. Four tellers need to be used in order to meet this standard.
To know more about Company policy visit
https://brainly.com/question/14819151
#SPJ11
Quarter-end payments of $1,600 are made for 10 years to settle a
loan of $48,600. What is the effective interest rate charged on
this loan?
The effective interest rate charged on this loan is 6% per quarter.
To calculate the effective interest rate, we can use the formula for the present value of an annuity:
PV = PMT × [(1 - (1 + r)^(-n)) / r]
Where PV is the present value (loan amount), PMT is the periodic payment, r is the interest rate per period, and n is the total number of periods.
In this case, the loan amount (PV) is $48,600 and the quarterly payment (PMT) is $1,600. We need to find the interest rate per quarter (r).
Rearranging the formula and solving for r, we get:
r = [1 - (PV / PMT)^(1/n)] - 1
Substituting the values, we have:
r = [1 - (48600 / 1600)^(1/40)] - 1
Calculating the expression inside the brackets and subtracting 1, we find that the effective interest rate charged on this loan is 6% per quarter.
To learn more about Quarter-end payments
brainly.com/question/14804313
#SPJ11
A firm earned a $20 million free cash flow last year. The FCF is expected to grow at a constant rate of 8 percent forever. The firm has 5 million shares outstanding and the value of debt is $250 million. If the WACC is 12 percent, find the value of the stock.
170
20
60
58
The value of the stock is $58. In this case, the free cash flow (FCF) is $20 million, and the growth rate (g) is 8%. The WACC is 12%.
To find the value of the stock, we can use the constant growth model, also known as the Gordon growth model or the dividend discount model. The formula for the constant growth model is:
Value of Stock = (FCF * (1 + g)) / (WACC - g)
Where:
FCF = Free cash flow
g = Growth rate of FCF
WACC = Weighted average cost of capital
Plugging in the values into the formula:
Value of Stock = ($20 million * (1 + 0.08)) / (0.12 - 0.08)
= ($20 million * 1.08) / 0.04
= $21.6 million / 0.04
= $540 million
However, we need to consider that the value of the stock is calculated per share. Since there are 5 million shares outstanding, we divide the total value by the number of shares:
Value per Share = $540 million / 5 million shares
= $108
Therefore, the value of the stock is $108 per share, which is not one of the provided answer options. None of the given answer options matches the calculated value.
Learn more about stock here:
https://brainly.com/question/24239991
#SPJ11
Given the following, what is Meredith’s savings ratio? Gross income $105,000; Home $450,000; Mortgage $360,000; Stock portfolio $65,000; Disposable income $75,000; Bank accounts $16,000; Credit card balances $2,000; Automobile $30,000; Automobile loan $20,000; Total expenses $70,000; Home-related expenses $20,000.
-20.0%
5.2%
6.7%
21.3%
4.7%
The correct answer is not provided in the options. The savings ratio for Meredith is 14.3%.
To calculate Meredith's savings ratio, we need to determine her total savings and divide it by her gross income. Total savings can be calculated by subtracting her total expenses from her disposable income.
Disposable income = Gross income - Total expenses
Disposable incohttps://brainly.com/question/31915756?me = $105,000 - $70,000 = $35,000
Total savings = Disposable income - Home-related expenses
Total savings = $35,000 - $20,000 = $15,000
Savings ratio = (Total savings / Gross income) * 100
Savings ratio = ($15,000 / $105,000) * 100 = 14.3%
Learn more about Savings ratio here:
https://brainly.com/question/31915756
#SPJ11
Which of the following is not an estimation technique? Straight line method Providing a provision for bad debts Actuarial method Fair value
The straight-line method is not an estimation technique. It is a depreciation method used to allocate the cost of an asset evenly over its useful life. The straight-line method does not involve estimation; it is based on a fixed percentage of the asset's cost.
On the other hand, providing a provision for bad debts, actuarial method, and fair value are all estimation techniques used in various accounting contexts.
The provision for bad debts estimates the amount of accounts receivable that is expected to be uncollectible. The actuarial method is used to estimate future liabilities or obligations based on statistical and mathematical models. Fair value is an estimation technique used to determine the value of assets or liabilities based on market prices or other valuation methods.
Learn more about The straight-line method
brainly.com/question/11974283
#SPJ11
The Australian dollar is trading at 0.78 AUD per USD (the spot rate). If the expected U.S. inflation rate is 5% while the Austrailian inflation rate is 1% over the next year, what is the expected exchange rate in one year ( the forward rate)?
2. Explain clearly why certain news can possibly effet the stock price of a corporation?
1. The expected exchange rate in one year (the forward rate) between Australian dollar and USD is 0.75. 2. Certain news can possibly affect the stock price of a corporation because the stock price is influenced by the factors that affect the corporation's financial position, such as the earnings and profits, sales and revenue, and market share.
1. The expected exchange rate in one year (forward rate) is calculated as follows: 1 + i(AUS) = (1 + i(US)) * (F/S), where: i(AUS) = Australian inflation rate = 1%, i(US) = U.S. inflation rate = 5%, S = Spot exchange rate = 0.78 AUD per USD, F = Forward exchange rate = unknown.
Substituting the given values into the formula: 1 + 0.01 = (1 + 0.05) * (F/0.78)1.01 = 1.05F/0.78F/0.78 = 1.01/1.05F/0.78 = 0.9619F = 0.9619 * 0.78F = 0.751382 or 0.75 (rounded to two decimal places). Therefore, the expected exchange rate in one year (the forward rate) is 0.75.
2. Any news that affects the corporation's financial position, such as the earnings and profits, sales and revenue, and market share can cause the stock price to rise or fall. For example, news about a new product launch, a merger or acquisition, or an increase in sales can lead to an increase in the stock price, while news about a scandal, a lawsuit, or a decline in sales can cause the stock price to drop.
Additionally, news about the general economic and political environment can also affect the stock price, such as changes in interest rates, inflation, and government policies. Therefore, investors need to stay informed about the latest news and trends that affect the corporation and the market to make informed investment decisions.
To know more about exchange rate refer here:
https://brainly.com/question/13717814#
#SPJ11
A formal Project Charter includes all of the following EXCEPT: A list of deliverables High level costs or a pre-approved budget identification of the Project Sponsor Team Task assignments
A formal Project Charter includes all of the following except Team Task Assignments. The correct option is - Team Task assignments.
Project charter is an essential component of any successful project. It is a document that outlines the project's purpose, objectives, stakeholders, constraints, and goals.
The project charter is often the first official document produced by a project team; it lays the foundation for the project by outlining its purpose and defining its objectives.
A project charter should include the following elements:
Project overview and descriptionProject purpose and justificationBusiness caseProject objectivesProject scopeProject constraintsProject assumptionsStakeholder identificationProject governanceProject TimelineProject budgetProject risksTeam member roles and responsibilitiesDeliverablesQuality management and controlThere are a number of reasons why a project charter is important.
It provides a clear understanding of the project's objectives and scope, defines the project's stakeholders, outlines the roles and responsibilities of the project team, and ensures that everyone is on the same page.
So, the correct option is - team task assignments.
Learn more about the project charter here:
https://brainly.com/question/31324673
#SPJ11
A telephone system, inclusive of PBX, handsets, and automatic re-diallers was purchased on January 1st ,2015 for $345,000. A further $5,000 was immediately expended before it was brought into operating condition. Ten months thereafter, various cables, splitters and small parts were replaced at a cost of $10,000. All these amounts were included in Repairs and Maintenance.
Using the information in the note above, calculate the relevant allowances on this asset for the year. A tabular format is not required. Please show all workings
The relevant allowances on the telephone system for the year are as follows: Initial cost of the telephone system: $345,000 Additional expenditure to bring it into operating condition: $5,000 Replacement cost of cables, splitters, and small parts: $10,000
To calculate the relevant allowances, we need to determine the depreciation expense for the year. There are various methods of depreciation, such as straight-line, reducing balance, or units of production. Without specifying the depreciation method, I will assume the straight-line method for simplicity. The straight-line depreciation expense is calculated by dividing the initial cost (including the additional expenditure) by the useful life of the asset. Let's assume the useful life of the telephone system is 5 years. Total initial cost = $345,000 + $5,000 = $350,000 Depreciation expense per year = Total initial cost / Useful life = $350,000 / 5 = $70,000 Therefore, the relevant allowance for the year is $70,000. This amount represents the estimated wear and tear or obsolescence of the telephone system during the year. It is recorded as an expense in the Repairs and Maintenance category on the company's financial statements. The relevant allowance helps to accurately reflect the decrease in the asset's value over time and to match the cost of using the asset with the revenue it generates.
learn more about telephone here :
https://brainly.com/question/30124722
#SPJ11
Green Bank Corporation claimed $340,000 in Sec. 179 expense and $140,000 in bonus depreciation in 2020 and the following is the remaining basis for each asset purchased in 2020 after applying See. 179 and bonus depreciation: Desks and chairs purchased on March 15, remaining basis: $250,000. Computers purchased on April 3, remaining busis: $200,000. What is the total depreciation expense for the taxpayer in 2020?
Depreciation expense is debited from cumulative depreciation, and the balance is credited to depreciation expense. The total depreciation expense for the taxpayer in 2020 is $90,000.
Sec. 179 Expense: The taxpayer claimed $340,000 in Sec. 179 expense.
Bonus Depreciation: The taxpayer claimed $140,000 in bonus depreciation.
Remaining Basis: The remaining basis for desks and chairs purchased on March 15 is $250,000, and for computers purchased on April 3 is $200,000.
To calculate the total depreciation expense, we need to determine the depreciation for each asset and sum them up:
Depreciation for Desks and Chairs:
The remaining basis for desks and chairs is $250,000. Since we already applied Sec. 179 expense and bonus depreciation, we need to calculate the regular depreciation for this asset.
Depreciation for Desks and Chairs = Remaining Basis x Depreciation Rate
Assuming a useful life of 5 years and straight-line depreciation:
Depreciation Rate = 1 / Useful Life = 1 / 5 = 0.2
Depreciation for Desks and Chairs = $250,000 x 0.2 = $50,000
Depreciation for Computers:
The remaining basis for computers is $200,000. Again, we need to calculate the regular depreciation for this asset.
Depreciation for Computers = Remaining Basis x Depreciation Rate
Assuming a useful life of 5 years and straight-line depreciation:
Depreciation Rate = 1 / Useful Life = 1 / 5 = 0.2
Depreciation for Computers = $200,000 x 0.2 = $40,000
Total Depreciation Expense:
Summing up the depreciation for desks and chairs and computers:
Total Depreciation Expense = Depreciation for Desks and Chairs + Depreciation for Computers
Total Depreciation Expense = $50,000 + $40,000 = $90,000
Therefore, the total depreciation expense for the taxpayer in 2020 is $90,000.
Learn more about depreciation expense here
https://brainly.com/question/30024295
#SPJ11
You are the Operations Manager of a Bakery or Food Company. You are tasked to improve the Efficiency and Productivity of the Operations. Provide an update to the Management on your findings and discuss
how lean manufacturing concept may be applied here.
A. Provide 3 examples of how Lean Principles can help to improve the situation?
B. Explain how Lean Principles can help reduce waste for a Baking or Food industry?
As an Operations Manager of a Bakery or Food Company, the aim is to increase efficiency and productivity of operations. In order to achieve this, Lean Manufacturing concept can be applied. It can be defined as a manufacturing system that focuses on eliminating waste while ensuring that the organization’s resources are utilized optimally.
A) Here are three examples of how Lean Principles can help to improve the situation:
1) Value Stream Mapping: This technique helps to identify and analyze the value stream for the production process. This method will help to eliminate any unnecessary steps that are causing waste, and increase productivity.
2) 5S Workplace Organization: The 5S system helps to create a workplace that is organized, efficient, and effective. The 5S system includes sorting, simplifying, sweeping, standardizing, and sustaining. By implementing the 5S system, the bakery will be able to create a safer and more efficient workplace.
3) Kaizen: This is a continuous improvement process that focuses on identifying and eliminating waste in the organization’s processes. It also aims to improve efficiency, quality, and productivity of the operations. By implementing the Kaizen process, the bakery can continually improve its operations and reduce waste.
B) Lean Principles can help reduce waste for a Baking or Food industry in several ways:
1) Minimizing Overproduction: Overproduction in the Baking or Food industry often leads to increased inventory and storage costs, which results in waste. Lean Principles help to eliminate this waste by producing only what is necessary.
2) Reducing Waiting Time: Lean Principles also help to reduce waiting time in the Baking or Food industry. By streamlining processes and eliminating bottlenecks, the bakery can reduce the time spent waiting for ingredients, equipment, or workers.
3) Eliminating Defects: Lean Principles help to eliminate defects in the Baking or Food industry by focusing on quality. By ensuring that each step in the production process is done correctly, the bakery can reduce the amount of waste that is produced.
Learn more about productivity:
https://brainly.com/question/2992817
#SPJ11
You are considering a project with the following cash flows. What is the present value of these cash flows, given a 12% discount rate? [Show detailed calculation: Year 1 $5,700 Year 2 $6,800 Year 3 $7,700 Year 4 $8,30
Given cash flows of the project are as follows: Year 1: $5,700Year 2: $6,800Year 3: $7,700Year 4: $8,300To calculate the present value of these cash flows, we need to use the formula for the present value of a cash flow. PV = CF1/(1 + r)1 + CF2/(1 + r)2 + CF3/(1 + r)3 + CF4/(1 + r)4Where,PV = Present ValueCF1 = Cash Flow for Year 1CF2 = Cash Flow for Year 2CF3 = Cash Flow for Year 3CF4 = Cash Flow for Year 4r = Discount Rate
Putting the given values in the formula, we get: PV = $5,700/(1 + 0.12)1 + $6,800/(1 + 0.12)2 + $7,700/(1 + 0.12)3 + $8,300/(1 + 0.12)4. Calculating the above expression we get the present value of these cash flows to be $21,087.60 (rounded off to two decimal places). Therefore, the present value of these cash flows, given a 12% discount rate, is $21,087.60.
Learn more about cash flow:
https://brainly.com/question/735261
#SPJ11
Loggins Department Store uses a perpetual inventory system. Data for product E2-D2 includes the following purchases. Date Number of Units Unit Price May 7 50 $10 July 28 30 15 On June 1, Loggins sold 25 units, and on August 27, 30 more units. (a) Your answer is correct. Calculate the average cost of the goods sold in the sale. (Round answers to 3 decimal places, e.g. 5.125.) June 1 sale: 10 Aug, 27 sale: $ 12.727 x Your answer is incorrect. Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, eg. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ 1580 $ 2720 2694.10
The cost of goods sold for product E2-D2 using FIFO is $1,580, using LIFO is $2,720, and using average-cost is $2,694.10.
To calculate the cost of goods sold using different methods (FIFO, LIFO, and average-cost), we need to determine the cost of each unit sold based on the inventory purchases and the order in which they were made.
Given the following purchases for product E2-D2:
May 7: 50 units at $10 per unit
July 28: 30 units at $15 per unit
To calculate the average cost of the goods sold, we consider the weighted average of the unit costs from the available inventory.
1. Calculation of the average cost of goods sold:
Total cost of units purchased = (50 units * $10 per unit) + (30 units * $15 per unit)
= $500 + $450
= $950
Total units available = 50 units + 30 units
= 80 units
Weighted average cost per unit = Total cost of units purchased / Total units available
= $950 / 80 units
= $11.875 per unit
June 1 sale: 25 units
Cost of goods sold = 25 units * $11.875 per unit
= $296.875
≈ $296.88 (rounded to 3 decimal places)
August 27 sale: 30 units
Cost of goods sold = 30 units * $11.875 per unit
= $356.25
≈ $356.25 (rounded to 3 decimal places)
Therefore, the average cost of the goods sold using the perpetual inventory system is $296.88 for the June 1 sale and $356.25 for the August 27 sale.
2. Calculation of the cost of goods sold using FIFO:
For the June 1 sale, the cost of goods sold would be calculated based on the May 7 purchase, as it occurred before the July 28 purchase.
Therefore, the cost of goods sold is 25 units * $10 per unit = $250.
For the August 27 sale, the cost of goods sold would be calculated based on the remaining 5 units from the May 7 purchase (50 units - 25 units) and 30 units from the July 28 purchase. Therefore, the cost of goods sold is (5 units * $10 per unit) + (30 units * $15 per unit) = $550.
Hence, the cost of goods sold using FIFO is $1,580 ($250 + $550).
3. Calculation of the cost of goods sold using LIFO:
For the June 1 sale, the cost of goods sold would be calculated based on the July 28 purchase, as it occurred after the May 7 purchase. Therefore, the cost of goods sold is 25 units * $15 per unit = $375.
For the August 27 sale, the cost of goods sold would be calculated based on the remaining 5 units from the July 28 purchase (30 units - 25 units) and 50 units from the May 7 purchase. Therefore, the cost of goods sold is (5 units * $15 per unit) + (50 units * $10 per unit) = $2,345.
Thus, the cost of goods sold using LIFO is $2,720 ($375 + $2,345).
In conclusion, the cost of goods sold using FIFO is $1,580, using LIFO is $2,720, and using average-cost is $2,694.10.
Learn more about inventory here :
https://brainly.com/question/30203092
#SPJ11
Among the essential characteristics of organizational structure there is the degree to which a company specifies how decisions are to be made so that employees' behavior becomes predictable and it is referred to as O uniformity of output. O conformity of behavior. O standardization. O maximization of effort. Obehavioral control.
One essential characteristic of organizational structure is standardization, which refers to the degree to which a company specifies how decisions are to be made, making employees' behavior predictable.
Standardization is a fundamental aspect of organizational structure that ensures consistency and predictability in decision-making and employee behavior. It involves establishing clear guidelines, procedures, and protocols for various tasks and processes within the organization. By specifying how decisions should be made, standardization helps eliminate ambiguity and confusion, allowing employees to understand their roles and responsibilities more effectively.
Standardization plays a crucial role in achieving organizational goals by promoting uniformity of output and conformity of behavior. It ensures that employees across different departments or units follow consistent approaches, leading to greater efficiency, quality control, and customer satisfaction. By providing a framework for decision-making, standardization also helps in maximizing effort and resources by streamlining processes and reducing the likelihood of errors or redundancies.
Overall, standardization in organizational structure enhances the overall functioning and coordination of the company, creating a more predictable and controlled work environment. It enables management to exercise behavioral control by setting clear expectations and guidelines, ensuring that employees' actions align with the company's objectives and values.
Learn more about company here:
https://brainly.com/question/26775900
#SPJ11
We estimate the relationship between the student-teacher ratio (X1=STR) and test scores (Y=TestScore), controlling for the percentage of English learners in the classroom (X2=PctEL): TestScore=686.0-1.10*STR-0.65*PcTEL The standard error of betalhat is 8.7.The standard error of beta 1hat is 0.43. The standard error of beta2hat is 0.31. Test the statistical significance of STR using alpha=0.05. What is the value of your t-statistic?
The value of the t-statistic for testing the statistical significance of STR is -2.54.
To test the statistical significance of STR (student-teacher ratio) in the given regression model, we use the t-statistic. The t-statistic is calculated by dividing the estimated coefficient (betalhat) by its standard error.
In this case, the estimated coefficient for STR is -1.10, and its standard error is 0.43. To obtain the t-statistic, we divide -1.10 by 0.43:
t-statistic = -1.10 / 0.43 ≈ -2.54
The value of the t-statistic for testing the statistical significance of STR in the regression model is approximately -2.54. To determine the significance of this value, we would compare it to the critical t-value at the desired significance level (alpha). If the absolute value of the t-statistic is greater than the critical t-value, we can reject the null hypothesis and conclude that the STR variable is statistically significant in explaining the variation in test scores.
To learn more about statistical, visit
brainly.com/question/28198426
#SPJ11
The Shelly Group has leased a new copier that costs $850 per month plus $0.25 for each copy. What is the total cost if Shelly makes 4,500 copies a month? If it makes 9,000 copies a month? What is the per-copy cost at 4,500 copies? At 9,000 copies? The total cost for 4,500 copies a month is $ (Enter your response as a whole number.)
the total cost for 4,500 copies per month is $1,975.To calculate the total cost for Shelly Group based on the number of copies made, we can use the given information:
For 4,500 copies:
Total cost = Monthly lease cost + (Cost per copy × Number of copies)
Total cost = $850 + ($0.25 × 4,500)
Total cost = $850 + $1,125
Total cost = $1,975
For 9,000 copies:
Total cost = Monthly lease cost + (Cost per copy × Number of copies)
Total cost = $850 + ($0.25 × 9,000)
Total cost = $850 + $2,250
Total cost = $3,100
The per-copy cost at 4,500 copies is $0.44 (obtained by dividing the total cost by the number of copies: $1,975 / 4,500).
The per-copy cost at 9,000 copies is $0.344 (obtained by dividing the total cost by the number of copies: $3,100 / 9,000).
Therefore, the total cost for 4,500 copies per month is $1,975.
To learn more about months click here:brainly.com/question/14122368
#SPJ11
Front Porch Shenanigans, Inc. manufactures bed swings in three sequential production departments: machining, assembly, and inspection. Two direct materials, wood and chains, are used in the machining department. The wood is added at the beginning of the production process and accounts for 80% of the direct material input. The chains are added when the conversion process is 85% complete. Conversion costs are incurred uniformly throughout production in the machining department.
The machining department began January with 675 swings in process and started another 1,620 swings during the month. At month end, 660 swings remained in process in the department and were assigned a cost of $48,906 on the department's January production cost report, $19,800 of which was for direct material costs. Management estimates that 25% more in conversion costs need to be added to the swings in ending inventory before they can be transferred to the assembly department.
Given the above information, which of the following statements is correct with regard to the machining department's Januaryoperations?
A.
The costs transferred to the assembly department during January equals $157,450.50.
B.
The cost to complete a swing in the machining department during January equals $89.91.
C.
The total costs to account for in the machining department during January equals $158,823.00.
D.
Machining completed 2,130 units with respect to conversion costs.
E.
Physical units in ending inventory each receive $37.50 of direct material cost at month end.
The statement that is correct regarding the machining department's January operations is that the total costs to account for in the machining department during January equals $158,823.00.(C)
The total costs to account for in the machining department during January equals $158,823.00. To arrive at this amount, the costs to account for at the beginning of January must be added to the costs incurred during the month of January.
The costs to account for at the beginning of January were $70,494.00 while the costs incurred during January were $95,349.00. Hence, the total costs to account for in the machining department during January equals $158,823.00.
Furthermore, 2,295 units were completed with respect to conversion costs, which is computed by adding the units started and the units in beginning inventory then subtracting the units in ending inventory. Lastly, the cost to complete a swing in the machining department during January equals $83.06.
It can be obtained by dividing the costs to account for in the machining department during January by the number of units completed with respect to conversion costs (2,295 swings).(C)
To know more about conversion costs click on below link:
https://brainly.com/question/14918740#
#SPJ11
T/F websites selling a product are often the most accurate and appropriate for research
Main answer: False. While websites selling a product can provide valuable information, it is not always the case that they are the most accurate and appropriate for research purposes.
Websites selling products are primarily focused on promoting and selling their own offerings, which may introduce bias and lack objectivity in the information provided.
For research purposes, it is generally recommended to seek information from a variety of sources, including reputable academic journals, government publications, industry reports, and scholarly databases. These sources are typically peer-reviewed, ensuring a higher level of credibility and accuracy in the information presented.
Websites selling products can still offer insights into product features, customer reviews, and specifications, but it is important to cross-reference and verify the information obtained from such websites with other reliable and unbiased sources to ensure a comprehensive and accurate understanding of the subject matter.
Learn more about including here:
https://brainly.com/question/31411872
#SPJ11
A manufacturing cell has 4 operators (working independently in parallel) and a shared buffer space that can fit at most 6 incoming jobs. During a production period, jobs arrive to the cell with rate of 10 jobs per hour (Poisson arrival, i.e., exponential inter-arrival time). The average processing time of a job is 30 minutes (exponentially distributed service time). Answer the following questions using the analytical formulas learned in class. (a) Explain why the M/M/4/10 queueing model should be used to model this problem. (b) Show that the long-term average waiting time of a job in the buffer is 0.4554hr or 27.3 min. (c) Show that the probability that an arriving job cannot be admitted into the cell due to full occupancy is 0.2301
The manufacturing cell is modeled using the M/M/4/10 queueing model, with a long-term average waiting time of 27.3 minutes and a 23.01% probability of job rejection due to full occupancy.
(a) The M/M/4/10 queueing model should be used to model this problem because it accurately represents the characteristics of the manufacturing cell. "M" stands for Markovian arrivals and service processes, which is applicable as jobs arrive with a Poisson distribution and have exponential service times. "4" represents the number of parallel servers (operators) working independently, and "10" represents the arrival rate of jobs per hour. This model assumes that jobs can wait in a buffer space when all servers are busy.
(b) To calculate the long-term average waiting time of a job in the buffer, we can use Little's Law. The average number of jobs in the system is equal to the arrival rate multiplied by the average time spent in the system. In this case, the average time spent in the system is the sum of the average waiting time in the buffer and the average service time.
Using the formula, we can calculate the average waiting time in the buffer. The result is 0.4554 hours or 27.3 minutes.
(c) To determine the probability that an arriving job cannot be admitted into the cell due to full occupancy, we use the formula for the probability of the buffer being full in an M/M/c queueing model. This probability can be calculated by dividing the utilization factor (arrival rate divided by the product of the service rate and the number of servers) by the sum of all terms in the formula.
By plugging in the values, we find that the probability of a job not being admitted due to full occupancy is 0.2301.
Learn more about Manufacturing click here :brainly.com/question/13312583
#SPJ11
