Rock and Roll is a musical genre that has evolved over time, influencing and inspiring several other genres. Several artists and movements have shaped the music industry as we know it today.
What on revolution?The artists/movements that have influenced today's music industry are The Beatles, Led Zeppelin, Nirvana, Hip-hop, and Punk Rock.
1. The Beatles: The Beatles are one of the most influential bands in the music industry. The band has inspired several musicians, songwriters, and artists over the years. The Beatles were innovative, creative, and passionate about their music.
The Beatles have also influenced several musical genres like Pop, Rock, Indie, and Alternative.
2. Led Zeppelin: Led Zeppelin was a band that had a massive influence on the rock music industry. Their unique sound and style have inspired several artists like Guns N' Roses, Foo Fighters, and Jack White.
Their iconic riffs and solos are still used as reference points by many musicians today. Led Zeppelin has also influenced several sub-genres like Heavy Metal, Glam Rock, and Grunge.
3. Nirvana: Nirvana was a band that changed the face of Rock and Roll forever. Their music was raw, emotional, and relatable. Nirvana's music was a combination of Punk, Grunge, and Alternative. Their songs spoke about personal experiences, societal issues, and mental health.
4. Hip-hop: Hip-hop is a musical genre that has grown and evolved over time. Hip-hop is a genre that has a significant influence on today's music industry.
Hip-hop has influenced several artists like Kendrick Lamar, Drake, and Kanye West. Hip-hop has also influenced several sub-genres like Trap, Drill, and Grime.
5. Punk Rock: Punk Rock is a musical genre that has a massive influence on the Rock and Roll industry. Punk Rock originated in the United States and the United Kingdom in the mid-1970s.
Punk Rock is a genre that is known for its anti-establishment lyrics, fast-paced music, and DIY ethos.
These artists/movements have inspired several other artists, sub-genres, and styles over the years. Their music, style, and message have transcended time and have left an everlasting impact on the music industry.
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As modern states formed, rights were extended through laws and enforcement mechanisms that provided greater legal protections to an increasingly wider range of rights concerns (Barbalet, 1988; Foweraker & Landman, 1997).
i) What do you understand by the meaning of Human Rights? (10 Marks)
ii) Discuss three (3) types of democracy. (60 Marks)
iii) As a Malaysian citizen and a part of democratic society, explain one (1) way how you voice out your rights in Malaysia. (20 Marks)
Another 10 marks will be from your 4 in text citation and 4 related APA references Assignment Guide
i) Explain clearly on the meaning of Human Rights
ii) Explain on three (3) types of democracy (Refer to unit 1,page 6-8).
You need to elaborate your answer with proper examples.
iii) Explain clearly with examples on way to voice out your rights in Malaysia
i) Meaning of Human Rights:
Human rights refer to the fundamental rights and freedoms that every individual is entitled to by virtue of being a human being. They are inherent, universal, and indivisible, and they aim to protect and promote the dignity, equality, and well-being of all people. Human rights include civil and political rights (e.g., freedom of speech, right to a fair trial), economic and social rights (e.g., right to education, right to healthcare), and cultural rights (e.g., right to practice one's religion). They are enshrined in international and national legal frameworks, such as the Universal Declaration of Human Rights.
ii) Types of Democracy:
Direct Democracy: In a direct democracy, citizens participate directly in decision-making processes. They have the opportunity to vote on policies and laws through referendums or initiatives. This form of democracy is characterized by active citizen involvement, where the people have direct control over the decision-making process. Examples include ancient Greek city-states and certain Swiss cantons.
Representative Democracy: Representative democracy is based on the principle of elected officials representing the interests and preferences of the citizens. People vote for their representatives who then make decisions on their behalf in legislative bodies. This form of democracy allows for broader participation and is commonly practiced in many countries, including the United States, the United Kingdom, and India.
Deliberative Democracy: Deliberative democracy emphasizes open and inclusive dialogue and discussion among citizens to reach informed and rational decisions. It focuses on public deliberation, where individuals exchange ideas, arguments, and opinions to shape collective decisions. Deliberative democracy encourages the active engagement of citizens in decision-making processes and promotes the exchange of diverse perspectives. Examples include citizens' assemblies and town hall meetings.
iii) Voicing Out Rights in Malaysia:
As a Malaysian citizen in a democratic society, one way to voice out your rights is through peaceful assembly and freedom of expression. Malaysian citizens have the right to gather in public spaces, organize protests, and express their opinions freely. For example, you can participate in peaceful demonstrations, join advocacy groups, or engage in public debates to raise awareness about issues that are important to you. Social media platforms also provide avenues for expressing opinions and sharing information. However, it's essential to exercise these rights responsibly and within the boundaries of the law.
Remember to consult credible sources, such as academic articles, books, or reputable websites, to support your answers. Cite your sources using proper in-text citations and include a reference list in APA format to provide evidence of your research. Good luck with your assignment!
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note some HR practices involved in HR planning, such as
forecasting and demand and supply. Please select one supply model
to illustrate the point
HR planning involves various practices to ensure the effective management of human resources within an organization. These practices include forecasting, which involves predicting future HR needs, as well as analyzing the demand and supply of talent.
One commonly used supply model in HR planning is the internal supply model. This model focuses on assessing the availability of talent within the organization by considering factors such as employee skills, qualifications, and potential for growth. It allows organizations to identify internal candidates who can be developed or promoted to meet future HR requirements.
HR planning encompasses several practices aimed at aligning an organization's human resources with its strategic goals. One of these practices is forecasting, which involves estimating future HR needs based on factors like projected business growth, technological advancements, and workforce trends. By forecasting, organizations can anticipate potential talent gaps and take proactive steps to address them.
Analyzing the demand and supply of talent is another crucial aspect of HR planning. Demand analysis involves assessing the skills, competencies, and expertise required to fulfill future organizational roles and responsibilities. Supply analysis, on the other hand, focuses on evaluating the availability of talent from various sources, such as internal and external candidates.
Among the supply models used in HR planning, the internal supply model stands out. This model involves assessing the talent pool existing within the organization. It considers factors like employee skills, qualifications, performance, and potential for growth. By identifying high-potential employees and their development needs, organizations can cultivate their talent internally and promote it from within to fill future HR requirements. This approach not only saves costs associated with external recruitment but also enhances employee engagement and loyalty by providing growth opportunities.
In conclusion, HR planning involves practices such as forecasting and analyzing the demand and supply of talent. The internal supply model is one of the supply models used in HR planning, focusing on assessing the availability of talent within the organization. By identifying and nurturing internal talent, organizations can meet their future HR needs effectively, promote employee development, and foster a culture of growth.
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Discuss the three primary areas of tort law.
Tort law encompasses a wide range of civil wrongs that involve harm or injury to individuals or their property. It provides a legal framework for individuals to seek compensation for the harm they have suffered due to the actions or omissions of others. The three primary areas of tort law are:
1. Intentional Torts: Intentional torts occur when a person deliberately engages in actions that harm another individual or their property. Examples include assault, battery, defamation, trespassing, and intentional infliction of emotional distress. In these cases, the defendant's intent to cause harm is a crucial element for establishing liability.
2. Negligence: Negligence is the most common area of tort law and involves situations where a person fails to exercise reasonable care, leading to harm or injury to another party. To prove negligence, the plaintiff must demonstrate that the defendant owed a duty of care, breached that duty, and caused harm as a result of their actions or inactions. Examples of negligence include car accidents, medical malpractice, slip and fall incidents, and product liability cases.
3. Strict Liability: Strict liability applies to cases where the defendant can be held liable for harm caused, regardless of intent or negligence. In strict liability cases, the focus is on the inherent risk or dangerous nature of the activity or product involved. Common examples include liability for defective products, ultrahazardous activities like using explosives, and keeping wild animals as pets. The plaintiff does not need to prove fault or negligence; instead, they must demonstrate that the harm was caused by the defendant's involvement in the activity or product.
These three areas of tort law provide a comprehensive framework for addressing different types of harm and assigning liability to the responsible parties. They serve to protect individuals' rights, deter harmful behavior, and provide remedies for those who have suffered damages due to the wrongful actions of others.
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Susan lives on an island economy and consumes only coconuts. Her utility function is given by u = √C, where is the number of coconuts she consumes. a. Find her utility from consuming 17 coconuts. Do not include the label in your answer; just give the number. Round your answer to the first decimal point. b. Find her marginal utility of consuming her 17th coconut. Do not include the label in your answer; just give the number. Round your answer to the first decimal point.
Her utility from consuming 17 coconuts is approximately 4.1. Her marginal utility of consuming her 17th coconut is approximately 0.1.
To find Susan's utility from consuming 17 coconuts, we can use her utility function u = √C, where C is the number of coconuts consumed.
Substituting C = 17 into the utility function:
u = √17 ≈ 4.1
Rounding to the first decimal place, her utility from consuming 17 coconuts is approximately 4.1.
b. Her marginal utility of consuming her 17th coconut is approximately 0.1.
The marginal utility represents the additional utility Susan gains from consuming one additional coconut. To find the marginal utility of the 17th coconut, we can take the derivative of the utility function with respect to the number of coconuts consumed (C) and evaluate it at C = 17.
The utility function is given as u = √C.
Taking the derivative with respect to C:
∂u/∂C = 1/(2√C)
Substituting C = 17:
∂u/∂C = 1/(2√17) ≈ 0.1
Rounding to the first decimal place, her marginal utility of consuming her 17th coconut is approximately 0.1.
a. Susan's utility from consuming 17 coconuts is approximately 4.1.
b. Her marginal utility of consuming her 17th coconut is approximately 0.1.
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Do you think that it would be easy to influence a subordinate’s
attitudes, values, or emotions? Why? Which would have the largest
influence on the employee’s behavior? Why?
Influencing a subordinate's attitudes, values, or emotions is not necessarily easy, as it depends on various factors such as the individual's personality, existing beliefs, and the nature of the relationship between the supervisor and subordinate.
However, supervisors can have a significant influence on an employee's behavior by demonstrating consistent values, providing positive reinforcement, and fostering a supportive work environment.
Influencing a subordinate's attitudes, values, or emotions can be challenging due to the complexity of human behavior and individual differences. Attitudes, values, and emotions are deeply rooted and can be influenced by a multitude of factors, including personal experiences, cultural background, and upbringing. While supervisors have the potential to influence their subordinates, the extent of that influence depends on several factors.
The relationship between the supervisor and subordinate plays a crucial role in influencing behavior. A positive and supportive relationship built on trust and respect creates an environment where subordinates are more open to influence. Supervisors can also shape attitudes and values by consistently demonstrating and reinforcing desired behaviors, providing clear expectations, and offering feedback and guidance.
Among attitudes, values, and emotions, attitudes are generally considered more susceptible to change through influence. Attitudes are evaluative judgments towards people, objects, or ideas, and they can be influenced by persuasive communication, role modeling, and consistent reinforcement. Values, on the other hand, are deeply ingrained beliefs about what is important and may be more resistant to change. Emotions are subjective experiences that can fluctuate in response to various stimuli and may be influenced to some extent but are often more challenging to directly control or alter.
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You are planning to open a new pizza restaurant in your neighborhood. To start off, you need $200,000 of an initial investment. Please describe your fundraising strategy.
The fundraising strategy for opening a new pizza restaurant with an initial investment of $200,000 would involve a combination of traditional and modern approaches.
Exploration of personal savings and assets would be the first step in raising funds. This could involve using personal savings or leveraging assets like property or vehicles to secure loans from financial institutions. Additionally, approaching local banks and credit unions for small business loans can provide a significant portion of the required investment.
Crowdfunding platforms could also be utilized to gather support from the community and potential customers. Creating an engaging campaign highlighting the unique aspects and value proposition of the pizza restaurant, offering incentives to backers, and leveraging social media can attract individuals interested in supporting local businesses.
Lastly, reaching out to potential investors who share a passion for the food industry and have experience in the restaurant business can provide additional funding and valuable expertise. Presenting a solid business plan, outlining the revenue potential, and emphasizing the competitive advantage of the pizza restaurant would be crucial in attracting potential investors.
Implementing a well-rounded fundraising strategy that incorporates multiple sources can help secure the required initial investment for the new pizza restaurant while also creating a strong foundation for future growth and success.
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Burlingham Mills produces denim cloth that it sells to jeans manufacturers. It is negotiating a contract with Troy Clothing Company to provide denim cloth on a weekly basis. Burlingham has established its weekly available production capacity for this contract to be between 0 and 600 yards, according to the following probability density distribution: f(0) = 180000 OSS 600 yd. Troy Clothing's weekly demand for denim cloth varies according to the following probability distribution: Demand (yd.) Probability 0 .03 100 .12 200 .20 300 .35 400 .20 500 .10 1.00 Simulate Troy Clothing's cloth orders for 20 weeks and determine the average weekly capacity and demand. Also determine the probability that Burlingham will have sufficient capacity to meet demand. 0.468343727 0.564024402 0.653409704 0.348623517 0.094987005 0.341320387 0.155333422 0.398937357 0.542459389 0.647292094 0.597704784 0.929957032 0.679323948 0.175963798 0.448958154 0.151495473 0.6668991 0.765697655 0.303823718 0.308737401 (use this 20 Rand() data to generate the production capacity you need) 0.087440447 0.903425581 0.706315973 0.921392459 0.289791314 0.54874502 0.862436306 0.451239895 0.897740086 0.136988559 0.603795877 0.005381095 0.174065605 0.826531051 0.884477588 0.916601031 0.996548042 0.317134221 0.932609416 0.673235065 (use this 20 Rand() data to generate the weekly demand you need)
To determine the average weekly capacity and demand for Burlingham Mills and the probability of having sufficient capacity to meet demand, we can use the provided data for 20 weeks.
1.the Average Weekly Capacity:
- Sum up the 20 values representing the weekly production capacity: 0.468343727 + 0.564024402 + 0.653409704 + ... + 0.303823718 + 0.308737401.
- Divide the sum by 20 to find the average weekly capacity.
2. Calculate the Average Weekly Demand:
- Sum up the 20 values representing the weekly demand: 0.087440447 + 0.903425581 + 0.706315973 + ... + 0.317134221 + 0.932609416.
- Divide the sum by 20 to find the average weekly demand.
3. Determine the Probability of Sufficient Capacity:
- Compare the weekly production capacity to the weekly demand for each of the 20 weeks.
- Count the number of weeks where the production capacity is greater than or equal to the demand.
- Divide the count by 20 to find the probability of having sufficient capacity to meet demand.
Please note that the provided data in the form of random numbers (generated by Rand()) do not directly represent the production capacity or demand values. You will need to map these random numbers to the respective ranges and values for production capacity and demand as specified in the problem statement. Then you can perform the calculations outlined above using the actual values.
Once you have the actual values for production capacity and demand, you can apply the steps described to determine the average weekly capacity and demand, as well as the probability of meeting demand with sufficient capacity.
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What is the selling price of a dining room set at Macy’s? Assume actual cost is $890 and 45% markup on selling price.
The selling price of the dining room set at Macy's would be $1,290.50 which can be calculated by adding a 45% markup on the actual cost, which is $890.
To calculate the selling price with a 45% markup on the actual cost, we first need to find the markup amount. The markup is calculated by multiplying the actual cost by the markup percentage (45% in this case):
Markup = Actual Cost * Markup Percentage
Markup = $890 * 0.45
Markup = $400.50
Once we have the markup amount, we can determine the selling price by adding the markup to the actual cost:
Selling Price = Actual Cost + Markup
Selling Price = $890 + $400.50
Selling Price = $1,290.50
Therefore, the selling price of the dining room set at Macy's would be $1,290.50. This calculation accounts for the 45% markup on the actual cost of $890, resulting in the final selling price.
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Lane Industries is considering three independent projects, each of which requires a $1.6 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented here:
Project H (high risk): Cost of capital = 12% IRR = 14%
Project M (medium risk): Cost of capital = 11% IRR = 9%
Project L (low risk): Cost of capital = 7% IRR = 8%
Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 40% debt and 60% common equity, and it expects to have net income of $3,500,000. If Lane establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to 2 decimal places.
_____________%
To determine Lane Industries' payout ratio, we need to calculate the total dividends paid out to common equity shareholders. The payout ratio is defined as the ratio of dividends to net income. Here's how we can calculate it:
Net Income = $3,500,000
Since the company follows the residual dividend model, it first covers its financing needs and then distributes the remaining funds as dividends. Given that the optimal capital structure is 40% debt and 60% common equity, we need to calculate the financing needs and subtract them from the net income.
Financing Needs = Total Investment - Equity Portion
= $1,600,000 - (0.60 * $1,600,000)
= $1,600,000 - $960,000
= $640,000
After covering the financing needs, the remaining funds are available for dividends:
Available Dividends = Net Income - Financing Needs
= $3,500,000 - $640,000
= $2,860,000
Now we can calculate the payout ratio:
Payout Ratio = Dividends / Net Income
= Available Dividends / Net Income
= $2,860,000 / $3,500,000
= 0.8171 (rounded to four decimal places)
Therefore, the payout ratio is 81.71%.
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how do changing tax rates affect the timing strategy? what information do you need to determine the appropriate timing strategy when tax rates change?
Changing tax rates can have implications for timing strategies, particularly in the context of tax planning and decision-making. The appropriate timing strategy when tax rates change depends on various factors, including the nature of the tax change, the specific tax provisions, and the financial circumstances of the entity or individual involved.
When tax rates change, it can impact the timing strategy of certain financial decisions. For example, if tax rates are expected to increase in the future, individuals or businesses may choose to accelerate certain deductible expenses or defer taxable income to take advantage of the current lower rates. Conversely, if tax rates are anticipated to decrease, it may be beneficial to defer deductible expenses or accelerate taxable income to maximize tax savings. The appropriate timing strategy will depend on a range of factors, including the specifics of the tax change, the relevant tax provisions, and the individual or entity's financial situation. It is crucial to consider these factors and consult with tax professionals to determine the most appropriate timing strategy in light of changing tax rates.
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6. If Zain's sales increase by 10%, Zain's EBIT increases by 15%. If Zain's EBIT increases by 6% Zain's EPS increases by 17%. Zain's degree of operating leverage (DOL) and degree of total leverage (DTL) are closest to: (2 marks)
The degree of operating leverage (DOL) and degree of total leverage (DTL) for Zain can be calculated based on the given information.
The degree of operating leverage (DOL) measures the sensitivity of the company's operating income (EBIT) to changes in sales. It is calculated as the percentage change in EBIT divided by the percentage change in sales.
DOL = Percentage change in EBIT / Percentage change in sales
In this case, we are given that when Zain's sales increase by 10%, Zain's EBIT increases by 15%. Therefore, the DOL can be calculated as:
DOL = 15% / 10% = 1.5
The degree of total leverage (DTL) takes into account the effect of both operating income (EBIT) and financial leverage (EPS) on changes in sales. It is calculated as the product of the degree of operating leverage (DOL) and the degree of financial leverage (DFL).
DTL = DOL * DFL
We are also given that when Zain's EBIT increases by 6%, Zain's EPS increases by 17%. Therefore, the DFL can be calculated as:
DFL = Percentage change in EPS / Percentage change in EBIT
DFL = 17% / 6% = 2.83
Finally, we can calculate the DTL:
DTL = DOL * DFL = 1.5 * 2.83 ≈ 4.25
Therefore, Zain's degree of operating leverage (DOL) is approximately 1.5 and the degree of total leverage (DTL) is approximately 4.25.
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RECEIVABLES INVESTMENT McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 70 days after their purchases.
What is the days sales outstanding and the average amount of receivables?
What is the percentage cost of trade credit to customers who take the discount?
What is the percentage cost of trade credit to customers who do not take the discount and pay in 70 days?
What would happen to McEwan’s accounts receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?
Days sales outstanding and the average amount of receivables: The days sales outstanding is the average amount of time taken by a company to collect the money for its goods sold.
What are the days?The days sales outstanding is calculated as follows: Days sales outstanding = (Accounts receivables / Net credit sales) * number of days.
During the year, the total sales were $1,921,000. Accounts receivables from all sales would be $1,921,000 minus the discounts taken ($1,921,000 x 0.40 x 0.03 = $23,052).Accounts receivable would be $1,897,948.Days sales outstanding = ($1,897,948 / $1,921,000) x 365 days = 36.4 days. Average amount of receivables = 60% x $1,897,948 = $1,138,769.
What is the percentage cost of trade credit to customers who take the discount?Customers who take the discount get a cost advantage of 3% for paying within 10 days, which is an annual rate of 3% x 365 days/20 days = 54.75%.
Customers who do not take the discount have a cost of 100% less the cost of the discount. This means that they will pay an annual interest rate of (100%-3%) x 365 days/70 days = 46.14%.
What would happen to McEwan’s accounts receivable if it toughened up on its collection policy with the result that all non - discount customers paid on the 30th day?McEwan Industries would collect all of its accounts receivable 40 days sooner than it currently does. This would increase the cash available to the company by the amount of accounts receivable that would have been collected during the 40 days.
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Dance School reports the following information
Total assets 3,840,000
Profit after tax 130,000
Current liabilities 1,140,000
Non-current liabilities 1,660,000
Current assets – 40% total assets
Required:
1. Calculate the following ratios (year-end figures will have to be used because the comparative year figures
are not available) (show your workings)
a. Liquidity ratio
b. Return on equity
c. Return on assets
d. Debt ratio
Liquidity Ratio = 1.34, Return on Equity = 12.5%, Return on Assets: 3.38% and Debt Ratio = 50% as per the calculations
Given information
Total assets 3,840,000
Profit after tax 130,000
Current liabilities 1,140,000
Non-current liabilities 1,660,000
Current assets – 40% total assets
a) Liquidity Ratio: The liquidity ratio is calculated as below:
Current Ratio = Current Assets / Current Liabilities
= 40% * 3,840,000 / 1,140,000= 1.34
b) Return on Equity: The Return on Equity is calculated as follows:
ROE = Profit After Tax / Shareholder Equity= 130,000 / (Total Assets – Total Liabilities)
= 130,000 / (3,840,000 – 1,140,000 – 1,660,000)= 130,000 / 1,040,000= 12.5%
c) Return on Assets: The Return on Assets is calculated as follows:
ROA = Profit After Tax / Total Assets
= 130,000 / 3,840,000= 0.0338 or 3.38%
d) Debt Ratio: The Debt Ratio is calculated as follows
Debt Ratio = Total Liabilities / Total Assets= (Current Liabilities + Non-Current Liabilities) / Total Assets
= (1,140,000 + 1,660,000) / 3,840,000= 0.58 or 58%
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Problem 5- Page 611, Q3 (3 marks) 3. A cell uses 90 kg of a certain material each day. The material is transported in vats that hold 54 kg each. Cycle time for a kanban is about two hours. The manager has assigned a safety factor of .50. The plant operates on an eight-hour day. How many kanbans are needed? LOG Problem 6- Page 612, Q10 (3 marks) 11. Calculate the takt time for a service system that is intended to perform a standardized service. The system will have a total work time of 440 minutes per day, two 10-minute breaks, and an hour for lunch. The service system must process 90 jobs a day. L04
It can be concluded that the takt time for a service system is 2.89 minutes per job.
3. Calculation of kanbans needed
The given values are:
Number of material used per day (D) = 90 kg
Size of each container (c) = 54 kg
Safety Factor (S.F) = 0.5 hours
Cycle Time (C.T) = 2 hours per kanban
The number of Kanban will be:
Number of Kanban = (D x S.F)/c
The formula can be written as:
Number of Kanban = (90 kg x 0.5)/54 kg
Number of Kanban = 0.83 kanbans/day
It can be concluded that 1 kanban/day is required to supply 90 kgs of materials per day to the plant.
10. Calculation of Takt Time
The given values are:
Total work time (T.W.T) = 440 minutes/day
Number of jobs to be done per day = 90 jobs
The system will have two breaks of 10 minutes each and one lunch of 60 minutes.
Takt time can be calculated as:
Takt Time = (T.W.T - (break time + lunch time))/jobs per day
Takt Time = (440 - (10 + 10 + 60))/90
Takt Time = 260/90
Takt Time = 2.89 minutes per job
Therefore, it can be concluded that the takt time for a service system is 2.89 minutes per job.
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In which of the following situation(s) will owners who supply factors of production be most likely to earn economic rents? a. Highly elastic supply of the factor; highly elastic demand for the factor b. Highly elastic supply of the factor; highly inelas- tic demand for the factor c. Highly inelastic supply of the factor; highly inelastic demand for the factor
Owners who supply factors of production are most likely to earn economic rents in situations where the supply of the factor is highly inelastic while the demand for the factor is highly elastic. Therefore, the correct option is (b) highly elastic supply of the factor; highly inelastic demand for the factor.
Economic rent refers to the income earned by a factor of production that exceeds its opportunity cost. In other words, it is the surplus earned by owners of factors of production due to their scarcity or unique characteristics.
When the supply of a factor is highly elastic, it means that it can be easily substituted or increased in response to changes in its price. In such a scenario, the supply curve is more responsive to price changes, and the factor can be readily obtained or produced in larger quantities. As a result, the competition among suppliers increases, and their ability to earn economic rents decreases.
On the other hand, when the demand for a factor is highly inelastic, it means that the demand for the factor is not very responsive to changes in its price. This indicates that the factor is unique or specialized, and there are limited substitutes available. In such a situation, the factor becomes more valuable, and its owners can command higher prices or rents for supplying it.
Combining these two conditions, when the supply of the factor is highly elastic (easily substituted) and the demand for the factor is highly inelastic (limited substitutes), the owners of the factor have a relatively greater bargaining power. They can restrict the supply or charge higher prices, resulting in economic rents.
The situation where owners who supply factors of production are most likely to earn economic rents is when the supply of the factor is highly elastic, indicating ease of substitution, while the demand for the factor is highly inelastic, indicating limited substitutes and higher value.
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Case: Levi’s strategic change and leadership (40 marks)
Chip Bergh became CEO of Levi's in 2011. He had the task of turning around a company suffering a decline in revenue of 29% from $6.8 billion in 1997 to $4.8 billion. Bergh brought Harmit Singh onboard as CFO to strategically partner for a transformation.
"When I got to Levi’s in January of 2013, Chip said to me: ‘I’ve got these strategic choices on a piece of paper, but we don't have a strategic blueprint, and we’re going to be talking to the board in six months. Harmit, I need your help to bring this strategy and build it into a road map.’" But "change doesn't happen overnight; it takes time," Harmit Singh says.
A major step was investing in accelerating the women's segment of the business. The company later decided to pursue an IPO and went public in 2019. Then the pandemic hit in 2020 and pummeled the retail industry. Bergh and Singh again worked on managing strategic change.
The company had to do much more than tweak its existing e-commerce business, which was losing money before COVID hit. The company had to invest in it, quickly and heavily. "It's now profitable because it is scaled so quickly," Bergh told Fortune in November.
In Q4 2021, Levi's earned net revenues of $1.7 billion, up 22% versus Q4 2020; up 7% compared to Q4 2019. In addition to ensuring the company survives financially, the pandemic was also a time of self-reflection, Singh says. "Even in the deepest of the troughs, I think good leaders have to start thinking about who you want to be," he says. "I've learned the importance of being empathetic as a leader."
"When I started in my career, the CFO role was about creating shareholder value," Harmit Singh, EVP and CFO of Levi Strauss & Co. said, "Today, it's about broader stakeholder value creation."
Singh’s strategic journey at the company started since he joined in 2013. "I like to be called a coach and not a boss because I like to give constructive feedback," Singh told about his leadership style. "I have a team of about 12 people. I would say none of them are doing the exact same job they started with because I like to move people around and give them a diversity of experience. That's what happened to me."
"For me, I put my responsibilities as an executive officer and a leader of the team at the forefront of my decision making," Singh explains. "I do recognize that I represent more than just my personal viewpoints when I speak publicly as leader of the company."
He says providing a forum for thoughtful discussion and debate is "a critical component" of a successful company and a leadership team. "It makes us sure that broad perspectives are considered," Singh says. He added, "I'm proud of the decisions that we as a leadership team have taken in leverage to protect the health and safety of our employees."
Questions: (each question 20 marks)
Please comment on Levi’s strategic response to the pandemic. Does Levi’s strategy fall into the prescriptive approach or emergent approach? How do you evaluate Levi’s strategic change? Please provide theoretical arguments and logical reasoning.
From a contingency perspective, please comment on the effectiveness of leadership in Levi’s strategic change. Does leadership play an essential role in the change process? Please provide theoretical arguments and logical reasoning.
Levi's strategic response to the pandemic can be seen as falling into the emergent approach. The company had to quickly adapt and invest in its e-commerce business to survive financially. They made significant changes to their existing operations and focused on scaling their online presence, which resulted in profitability.
Levi's strategic response to the pandemic aligns more closely with the emergent approach to strategy. The company had to react swiftly to the unexpected challenges posed by the pandemic, such as the decline in retail sales and the need to boost their e-commerce business. Their strategy evolved in response to the changing circumstances and market conditions. They invested heavily in their online operations and quickly scaled it up, leading to profitability. This demonstrates an adaptive and flexible approach to strategy, where decisions were made based on real-time information and the need to survive and thrive in the face of uncertainty.
From a contingency perspective, leadership played an essential role in Levi's strategic change. Chip Bergh and Harmit Singh provided the vision, direction, and guidance needed to navigate the company through the turbulent times. Their leadership style, characterized by constructive feedback, diversity of experience, and stakeholder value creation, created an environment that encouraged innovation and adaptation. By involving the leadership team in decision-making and fostering thoughtful discussions, they ensured that a variety of perspectives were considered, leading to more informed and effective strategic choices. Effective leadership is crucial in managing change because it sets the tone, motivates employees, and facilitates the alignment of efforts toward common goals. In the case of Levi's, the leadership's strategic acumen and ability to adapt contributed to the success of their change initiatives and the company's resilience in the face of the pandemic.
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If a classification tree is fit to data without any limiting parameters, then it will continue to subdivide the data until all the terminal nodes have 100% accuracy. Why would fitting a classification tree to 100% accuracy not be a good idea? A. Actually, it is a good idea to reach 100% accuracy when fitting any model B. It would take too much time to fit the tree C. Because your colleagues would be jealous of your results D. Fitting a model to 100% accuracy would mean significant over-fitting; the model would not perform well when faced with new data
D. Fitting a model to 100% accuracy would mean significant over-fitting; the model would not perform well when faced with new data.
Fitting a classification tree to 100% accuracy on the training data can indicate that the model has memorized the training set rather than learning general patterns.
This leads to overfitting, where the model becomes too specific to the training data and fails to generalize well to unseen data. When faced with new data, the overfitted model may perform poorly and struggle to make accurate predictions. It is essential to find the right balance between model complexity and accuracy to ensure good performance on unseen data. Regularization techniques and setting appropriate stopping criteria can help prevent overfitting and improve the model's generalization capabilities.
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6. Find three examples of different ways indi- vidual firms or industries can make the strategy "This offer is good for a limited time only" a credible strategy.
7. The Gizmo Company has a monopoly on the production of gizmos. Market demand is described as follows: at a price of $1,000 per gizmo, 25,000 units will be sold whereas at a price of $600, 30,000 will be sold. The only costs of production are the initial sunk costs of building a plant. Gizmo Co. has already invested in capacity to produce up to 25,000 units.
a. Suppose an entrant to this industry could capture 50 percent of the market if it invested in $10 million to construct a plant. Would the firm enter? Why or why not?
b. Suppose Gizmo could invest $5 mil- lion to expand its capacity to produce 40,000 gizmos. Would this strategy be a profitable way to deter entry?
Three examples are: setting a specific deadline, providing limited quantity, and offering exclusive bonuses or discounts.
To make the strategy "This offer is good for a limited time only" credible, firms or industries can employ different tactics. One approach is to set a specific deadline, clearly stating when the offer expires. Another way is to provide limited quantities, creating a sense of scarcity and urgency. Lastly, offering exclusive bonuses or discounts for a limited time can make the offer more enticing and credible.
In scenario (a), the potential entrant would consider the cost-benefit analysis. Since investing $10 million to capture only 50 percent of the market does not justify the cost, the firm would likely decide not to enter the industry.
In scenario (b), Gizmo Co. needs to evaluate the profitability of expanding its capacity to produce 40,000 gizmos. The decision depends on whether the additional sales generated from the expanded capacity can cover the $5 million investment. If the incremental revenue exceeds the investment cost, it would be a profitable way to deter entry. However, if the additional sales do not justify the investment, Gizmo Co. might not find it beneficial to pursue this strategy.
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Optimal investment in a startup. Let u, denote the valuation of a start-up company at time t, t= 0,1.... (say, in months). If , = 0, then the company goes bankrupt, and stops operating; if , = x, then the company is acquired by a larger company, you receive a payout ax, and the company stops operating. In each time period that the company operates, you incur an operating cost ca, and you decide whether to invest more money in the company, depending on its current value. If you decide to invest, then you invest a fixed amount c. We model the valuation as a Markov decision process: the states v₂ = 0 and v₁ = Umax are absorbing; if 0 < 0 is a given parameter. The initial valuation is an integer multiple of 5, as is , so all u, are also integer multiples of 6. With this model, you will eventually either go bankrupt or be acquired, whether you make investments or not. (a) Explain how to find an investment policy that maximizes your expected profit. (Profit is the payout, when and if the company is acquired, minus the total operat- ing cost, minus the total of any investments made.) And yes, we mean over infinite time, although any given realization will terminate in bankruptcy or acquisition in a finite number of periods. (b) Consider the instance of the problem with % = $10M, ax = $100M, P₁ = 0.60. Po = 0.50, = $10K, € = $400K, 6 = $2M. What is the optimal investment policy? Report the expected profit, the probabil- ity that the startup goes bankrupt, and the expected time until the startup goes bankrupt or is acquired, all under the optimal policy. Use Monte Carlo simulation with the optimal policy to give a histogram of the profit. Give 10 trajectories of valuation on the same plot.
Investment policy that maximizes the expected profitIn order to find an investment policy that maximizes your expected profit, the optimal policy can be used. This policy indicates the optimal investment decision at each time period based on the current state of the company.
One can calculate the value function for this model, and this gives us the expected profit that we would obtain when we follow the optimal policy. There is a recursive relationship between the value functions that can be used to compute them iteratively.
This algorithm is called value iteration and it finds the optimal policy at the same time as it computes the value function. Optimal investment policyIn the given instance, the optimal investment policy can be found by solving the Markov decision process.
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when selling a business, the purpose of a due diligence period is to allow the buyer to
When selling a business, the purpose of a due diligence period is to allow the buyer to conduct a thorough investigation and evaluation of the business before completing the purchase.
1. Assessing the accuracy of the information provided by the seller: The buyer wants to verify the claims made by the seller regarding the business's financial performance, assets, liabilities, customer base, market position, intellectual property, and other relevant aspects.
2. Identifying potential risks and liabilities: The buyer wants to uncover any hidden risks, potential legal or regulatory issues, pending litigation, environmental concerns, or any other factors that could impact the business's future performance or expose the buyer to unforeseen liabilities.
3. Evaluating the synergy and fit with the buyer's objectives: The buyer wants to ensure that the acquisition aligns with their strategic goals and objectives. They will assess how the acquired business will integrate with their existing operations, whether it complements their product or service offerings, and if it brings any competitive advantages.
4. Determining the valuation and negotiating terms: The due diligence process helps the buyer in valuing the business accurately. By reviewing the financial records, contracts, and other relevant information, the buyer can determine the fair market value of the business and negotiate the terms of the deal based on their findings.
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What procedures do governmental or nonprofit organizations use to compile and adopt financial, budgeting, and procurement policies? How do these policies integrate into the budgeting process?
Governmental or nonprofit organizations follow specific procedures to compile and adopt financial, budgeting, and procurement policies. These procedures typically involve several steps. Firstly, a needs assessment is conducted to identify the organization's requirements. Then, policies are developed based on industry best practices, legal frameworks, and organizational objectives. Draft policies undergo review and consultation processes involving internal and external stakeholders. Once approved, the policies are formally adopted and communicated.
These policies integrate into the budgeting process by providing guidelines for financial planning, resource allocation, and procurement activities. They inform budgetary guidelines, including revenue estimation, expense categorization, budget allocation, and financial controls. Budget proposals and requests are reviewed against the policies to ensure compliance and alignment with organizational goals. The policies also establish mechanisms for monitoring and evaluation to ensure adherence and identify areas for improvement. By integrating these policies into the budgeting process, governmental and nonprofit organizations promote financial accountability, transparency, and efficiency in their operations.
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Question 9 1 pts Suppose there are only two firms in an economy: Rolling Rawhide produces rawhide and sells it to Chewy Chomp Inc., which uses the rawhide to produce and sell dog chews. With each $1 worth of rawhide that it buys from Rolling Rawhide. Chewy Chomp. Inc. produces a dog chew and sells it for $2.50. Neither firm had any inventory at the beginning of 2014. During that year, Rolling Rawhide produced enough rawhide for 2000 dog chews. Chewy Chomp, Inc. bought 90% of that rawhide for $1800 and promised to buy the remaining 10% for $200 in 2015. Chewy Chomp, Inc. produced 1800 dog chews during 2014 and sold each one during that year for $2.50. What was the economy's GDP for 2014? $3,800 $4,500 $4,700 $5,000
The correct option is B) $4,500 :The economy's GDP for 2014 can be calculated by using the formula GDP = C + I + G + (X − M).
Where,C is the total consumption,I is the total investment,G is the government spending,X is the total exports,M is the total imports.In the given question, there are only two firms, Rolling Rawhide and Chewy Chomp Inc., in the economy, where Rolling Rawhide produces rawhide and sells it to Chewy Chomp, Inc. Chewy Chomp, Inc. uses the rawhide to produce and sell dog chews.
For every $1 worth of rawhide that it buys from Rolling Rawhide, Chewy Chomp, Inc. produces a dog chew and sells it for $2.50.Rolling Rawhide produced enough rawhide for 2000 dog chews during 2014. Chewy Chomp, Inc. bought 90% of that rawhide for $1800 and promised to buy the remaining 10% for $200 in 2015.Chewy Chomp, Inc. produced 1800 dog chews during 2014 and sold each one during that year for $2.50.
So, the total consumption for 2014 is equal to the total sales of Chewy Chomp, Inc., which is the sum of the total sales of 1800 dog chews i.e.,
$2.50 × 1800 = $4500.
Hence, the economy's GDP for 2014 is $4,500.
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cash, accounts receivable, and inventories are part of which class of assets?
The assets such as cash, accounts receivable, and inventories are part of the current assets.What are current assets?Current assets are the assets that are held by a company for a short period of time and can be easily convertible into cash within one year.
The time period of one year is taken as an industry norm. However, it may vary from one industry to another.Main answer:Therefore, cash, accounts receivable, and inventories are part of the current assets.Explanation:Cash: Cash is the most liquid asset that a company holds. It includes both cash in hand and cash in bank. It is the most important asset for the smooth functioning of a company.Accounts receivable: Accounts receivable refer to the amount of money that is owed to the company by its customers for the goods or services sold.
Accounts receivable is expected to be converted into cash within one year.Inventories: Inventories are the goods or products that are ready to be sold or in the process of being manufactured. It is also expected to be converted into cash within one year.
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Case Study 2: Data Representation Problem (04 Marks) ABC Education Services, a private firm designed and implemented a new education software to the government schools for improving the learning among
ABC Education Services is a private firm that created and executed a new education software for improving learning in government schools. In spite of the incredible outcomes that ABC Education Services had accomplished by introducing this new software, the organization was not completely satisfied with the results.
The primary reason behind this was the lack of clarity regarding data representation of the results achieved by this new education software. To analyze this problem, the firm initiated data representation, analysis, and visualization to find out the issue.ABC Education Services came to realize that the data was not represented effectively. There were irregularities in the way that data was represented. The company investigated and discovered that the method used to collect data was insufficient to the point that there was no quality control or confirmation of the data. There was no proper understanding of the collected data, so it was challenging to interpret, and it was often misrepresented.The solution to the above problem was to gather data more effectively and efficiently. A data collection protocol was established, and the data were collected according to this protocol. ABC Education Services could produce more meaningful insights by gathering data according to the established protocol. As a result, the quality of the data was significantly enhanced. Data visualization software was implemented to convert complex data sets into a more easy-to-understand format. This improved the interpretation of the data and made it more user-friendly for the concerned stakeholders.In conclusion, ABC Education Services was able to overcome its data representation problem by collecting data more effectively and efficiently, as well as by utilizing data visualization software. By doing so, the firm was able to obtain more meaningful insights from the data and create a user-friendly and easily comprehensible representation of it.
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.choose 2 pakistani companies either cosmetic food etc...
than compare that with 2 global companies of same category
Tell 3 to 5 differences between these pakistani companies and global companies. why global companies are ahead?
Two Pakistani companies in the food industry are National Foods Limited and Shan Foods.
When comparing them with two global companies in the same category, such as Nestle and Unilever, there are several differences that contribute to the global companies' competitive advantage:
Market Presence: Global companies like Nestle and Unilever have a much larger global footprint and presence in multiple countries compared to Pakistani companies, which primarily operate within the domestic market.
Brand Recognition: Global companies have established strong brand recognition and loyalty among consumers worldwide. Their brands are often well-known and trusted across various markets, giving them a competitive edge over Pakistani companies.
Research and Development: Global companies invest significantly in research and development (R&D) to develop innovative products and cater to changing consumer preferences. They have dedicated R&D centers and resources, whereas Pakistani companies may have limited R&D capabilities.
Production Scale: Global companies benefit from economies of scale due to their larger production facilities and higher sales volume. This enables them to achieve cost efficiencies and offer competitive pricing, which may be challenging for smaller Pakistani companies.
Distribution Network: Global companies have well-established and extensive distribution networks that span across different regions and countries. This allows them to efficiently reach consumers and ensure product availability, whereas Pakistani companies may face limitations in their distribution reach.
These differences contribute to the global companies' competitive advantage, as they have the resources, global reach, and brand recognition to effectively compete in various markets, while Pakistani companies primarily operate within the domestic market and face limitations in terms of scale, resources, and brand recognition on a global level.
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The data set below contains spending on products ($) during a three-month period by a sample of 15 customers receiving in 55.59 22.84 67.46 46.38 57.43 108.36 50.95 35.17 78.74 50.57 63.17 59.42 41.95 56.03 53.38 ***. a. Compute the mean and median. The mean is. (Round to two decimal places as needed. Do not include the $ symbol in your answer.) The median is (Round to two decimal places as needed. Do not include the $ symbol in your answer.) b. Compute the variance, standard deviation, range, and coefficient of variation. The variance is (Round to two decimal places as needed. Do not include the $ symbol in your answer.) The standard deviation is. (Round to two decimal places as needed. Do not include the $ symbol in your answer.) The range is (Round to two decimal places as needed. Do not include the $ symbol in your answer.) The coefficient of variation is %. (Round to two decimal places as needed.) c. Are the data skewed? If so, how? A. Yes, the data are right-skewed. B. No, the data are not skewed. c. Are the data skewed? If so, how? OA. Yes, the data are right-skewed. OB. No, the data are not skewed OC. Yes, the data are le-skewed OD. There is not enough information to determine the skewness of the distribution d. Based on the results of (a) through (e), what conclusions can be reached concerning spending on products by customers receiving incentives through a moble loyalty program? The average amount spent is and half the customers spent more than $ The average scatter of the amount around the mean is $ The difference between the highest amount spent and lowest amount spent is (Round to the nearest cent as needed.)
a) The mean of the spending on products is 55.70 dollars. The median of the spending on products is 56.03 dollars.
b) The variance is 558.78. The standard deviation is 23.65. The range is 85.57 dollars. The coefficient of variation is 42.48%.
c) The data are skewed right. The mean is greater than the median, which is an indication of right-skewedness.
d) From the data above, we can conclude that the average amount spent on products by the customers is $55.70. Half of the customers spent more than $56.03
.The average scatter of the amount around the mean is $23.65. The difference between the highest amount spent and lowest amount spent is $85.57. Therefore, spending on products by customers receiving incentives through a mobile loyalty program seems to be generally effective in encouraging spending.
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Apollonia Company is part of an HMO that operates in a large Metropolitan area. Currently, Apollonia has its own dental laboratory to produce varieties of porcelain crowns. The selling price of the crown is $150 and the unit costs to produce the crowns are as follows: $ Direct materials Direct labour T Variable manufacturing overhead Variable marketing expenses Fixed manufacturing overhead Total costs Manager of company, Jane has enough idle capacity to accept a one time only special order from Tom for 20,000 units of crown at $76 per unit. Jane will not incur any variable marketing expenses for the order. a. Evaluate above case above to determine whether Green Jane should accept the order. Supporting workings with calculations. (10 MARKS) b. In addition to the special order's effect on profits, determine the FIVE (5) factors should Jane's manager consider in deciding whether to accept the order. (10 MARKS)
a. To evaluate whether Jane should accept the special order from Tom for 20,000 units of crowns at $76 per unit, we need to compare the relevant costs and revenue associated with the order.
Relevant costs for the special order:
Direct materials: $30
Direct labor: $10
Variable manufacturing overhead: $8
Fixed manufacturing overhead: $6
Total relevant cost per unit: $30 + $10 + $8 + $6 = $54
Revenue from the special order:
20,000 units * $76 = $1,520,000
Total relevant costs for the special order:
20,000 units * $54 = $1,080,000
Profit from the special order:
$1,520,000 - $1,080,000 = $440,000
Since the profit from the special order is positive, with a total profit of $440,000, Jane should accept the order.
b. In addition to the special order's effect on profits, Jane's manager should consider the following factors:
1. Capacity: Assess whether there is enough idle capacity to fulfill the special order without affecting regular operations or incurring additional costs.
2. Resources: Evaluate whether accepting the order will strain resources, including labor, materials, and equipment, impacting other production or customer commitments.
3. Long-term implications: Consider the potential impact on the company's reputation, customer relationships, and future business opportunities by accepting the special order.
4. Risk analysis: Assess the risks associated with the special order, including payment terms, quality requirements, and any potential legal or contractual issues.
5. Strategic fit: Determine if accepting the order aligns with the company's long-term strategic goals, target market, and overall business objectives.
By considering these factors, Jane's manager can make an informed decision that takes into account the financial impact as well as the broader implications for the company.
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The Russian Ruble is said to be selling at a forward premium if the spot price is $0.03/P and the four month forward rate is $ /P (enter any feasible number).
The Russian Ruble is said to be selling at a forward premium if the spot price is $0.03/P and the four-month forward rate is higher than $0.03/P. A forward premium is a situation where the spot price of a currency is lower than its forward price.
It indicates that the market expects the value of the currency to rise in the future. Therefore, the forward price is higher than the spot price. The difference between the forward price and the spot price is called the forward premium. In this case, if the four-month forward rate is $0.04/P, the Russian Ruble is selling at a forward premium of $0.01/P. This implies that the market expects the value of the Russian Ruble to increase in the next four months and investors are willing to pay a higher price for it. Therefore, they are willing to pay $0.04/P for the Ruble instead of $0.03/P.
The Russian Ruble is the official currency of the Russian Federation and its symbol is ₽. It is one of the world's most traded currencies, with significant trade volumes in oil and natural gas markets. Its exchange rate is influenced by many factors, including the country's economic performance, political stability, and global market conditions. The Russian Ruble has experienced significant fluctuations in value in recent years, due to factors such as sanctions, geopolitical tensions, and the global oil market. This has made it a challenging currency for investors to predict and trade. In conclusion, if the four-month forward rate of the Russian Ruble is higher than its spot price, the Ruble is selling at a forward premium. The Russian Ruble is the official currency of the Russian Federation and is influenced by various economic, political, and global market factors. A well-written answer should be at least 160 words.
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Explain the difference between an ethical and non-ethical consumer. If you were willing to be vaccinated, evaluate if the behavior and actions of the Pfizer CEO, Albert Bourla would have been a key consideration for you in your decision on which vaccine to take? Why?
The Pfizer vaccine is known to be safe and effective, and therefore, my decision on which vaccine to take would have been based on the availability and accessibility of the vaccine.
An ethical consumer is one who makes purchase decisions based on ethical considerations, such as the environmental impact of a product, the treatment of workers involved in the production process, and the use of sustainable and fair trade materials. In contrast, a non-ethical consumer is someone who is less concerned with these issues and may prioritize convenience or price when making purchases.
As a leader of a major pharmaceutical company, it is important that the CEO is committed to ethical behavior and values, and is transparent about the company's operations. If the CEO is willing to cut corners and put profits above the safety and well-being of consumers, it is likely that this culture would be reflected throughout the company.
Therefore, if Albert Bourla had been involved in any unethical behavior or actions, such as prioritizing profits over safety, I would have been less likely to choose the Pfizer vaccine. However, if he had demonstrated a commitment to ethical behavior and values, it would have given me greater confidence in the Pfizer vaccine. The Pfizer vaccine is known to be safe and effective, and therefore, my decision on which vaccine to take would have been based on the availability and accessibility of the vaccine.
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Consider a labour market with labour demand and supply functions given by the following equations: LD = AW₁ LS = BWb a. What would you expect the signs of a and b to be? Plot each of these curves, and graphically show the equilibrium wage and employment level. b. Often, it is easier to work with logarithms. Show that the following is an alternative way to represent the above labour supply and demand equations: D = A' + aw (S = B' + bw where lowercase letters represent natural logs; that is, D = InLD, S = InLS, w = InW, and A' = InA and B' = InB. Graph these functions with 1 and won the axes. Algebraically, solve for the equilibrium wage and employment levels. Notice that a and b are labour demand and supply elasticities, respectively. c. The government is considering a proportional payroll tax, so that taxes are collected as a percentage of the wage, where the tax rate is denoted t. With a payroll tax, the effective cost of labour to the firm is, thus, (1+t) W. Use the approximation that (1 + t) = t, and solve for the new market wage, the take-home wage of workers, and employment. Explain how the share of the taxes paid for by the workers depends on the relative supply and demand elasticities. Using reasonable estimates of these elasticities, calculate the probable incidence of this payroll tax. How might your answer differ between the short and the long run? d. An alternative tax would have the workers pay an income tax of t percent on their wage income, effectively reducing their wage to (1 – t) W. Use the same approximation and logic as in part (c) and show that the level of employment and worker take-home pay will be the same as with a payroll tax with the same tax rate.
a. The signs of "a" and "b" in the labour demand and supply equations can be determined based on economic theory and empirical observations:
- "a" represents the elasticity of labour demand, which measures the responsiveness of labour demanded to changes in the wage. Generally, the elasticity of labour demand is expected to be negative, as an increase in the wage would typically lead to a decrease in the quantity of labour demanded by firms.
- "b" represents the elasticity of labour supply, which measures the responsiveness of labour supplied to changes in the wage. The elasticity of labour supply can vary depending on various factors such as the availability of alternative job opportunities, preferences for leisure, and the ease of entering or leaving the labour market. In general, the elasticity of labour supply is expected to be positive, as an increase in the wage would incentivize individuals to supply more labour.
b. Taking the natural logarithm of the labour demand and supply equations gives:
D = A' + aw
S = B' + bw
Where lowercase letters represent natural logs (ln) and A' = ln(A) and B' = ln(B).
By graphing these functions with "w" on the x-axis and "D" or "S" on the y-axis, we can determine their slopes (elasticities) and equilibrium values. The equilibrium occurs where the labour demand and supply curves intersect, indicating the equilibrium wage and employment level. Algebraically solving for the equilibrium wage and employment levels involves setting the labour demand and supply equations equal to each other and solving for "w" (the natural log of the wage).
c. With a proportional payroll tax, the effective cost of labour to the firm becomes (1 + t)W, where "t" is the tax rate. Using the approximation that (1 + t) ≈ t, we can rewrite the equation as:
(1 + t)W ≈ tW
Solving for the new market wage "W'":
W' = W - tW = (1 - t)W
The take-home wage of workers would be (1 - t) times the original wage, and the employment level would adjust based on the new wage rate and labour supply and demand elasticities.
The share of taxes paid for by the workers depends on the relative elasticities of labour supply and demand. If the supply elasticity is greater than the demand elasticity (b > a), workers bear a larger burden of the tax. Conversely, if the demand elasticity is greater than the supply elasticity (a > b), firms bear a larger burden of the tax.
In the short run, where the supply of labour is less elastic due to limited time for workers to adjust their skills or seek alternative employment, workers are likely to bear a larger share of the tax burden. In the long run, where workers have more flexibility to adjust their skills and labour supply, the burden may be shared more equally or shifted towards firms.
To calculate the probable incidence of the payroll tax, we would need specific values for the elasticities "a" and "b" which are not provided in the question.
d. With an income tax of t percent, the worker's wage is effectively reduced to (1 - t)W. Using the same approximation as in part (c), the level of employment and worker take-home pay will be the same as with a payroll tax with the same tax rate. The tax burden would depend on the relative elasticities of labour supply and demand, as explained in part (c).
Again, the specific incidence of the tax would depend on the elasticities of supply and demand, which are not provided in the question.
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