The Wealth of Nations, written by Adam Smith, was founded on the concept of production specialization.
Who was Adam Smith?
Scottish economist and philosopher Adam Smith FRSA was a prominent figure in the Scottish Enlightenment and a pioneer in the field of political economy. He wrote two influential books, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1781), which are sometimes referred to as "The Father of Economics" or "The Father of Capitalism" (1776). The latter, frequently shortened to "The Wealth of Nations," is regarded as his pinnacle achievement and the first contemporary work to approach economics as a full system and an academic field.
To learn more about Adam Smith visit;
https://brainly.com/question/455742
#SPJ4
2. What is the opportunity cost of buying a $.75 soda every school day for three years instead of drinking water? Assume you are in school for 36 weeks a year and that water is free.
540 multiplied by 0.75 which is equal to 405 dollars over the course of 3 years.
52 weeks & not the 36-week school year so it's going to be 4000 by 52 equals 76.92 dollars
3000-2000=1000
1000 by 40 = $25 a week and 100 months for 10 months.
What is an opportunity cost?The value or advantage forfeited by engaging in a certain activity in comparison to engaging in a different activity is known as the opportunity cost in microeconomic theory. More precisely, it implies that if you pick one activity, you forfeit the chance to choose a different one.
The value of the next-highest-valued alternative use of a resource is what economists mean when they talk about its "opportunity cost." You cannot, for instance, read a book at home during the time you would have spent seeing a movie and spend the money you would have spent on something else.
Learn more about opportunity cost, here:
https://brainly.com/question/13036997
#SPJ1
technology improves the productivity of a farmer by enabling access to the latest prices for commodities and using satellites to view his fields. what are two other ways that technology has improved the productivity of a farmer?
These days’s agriculture mechanically uses state-of-the-art technology which includes robots, temperature and moisture sensors, aerial images, and GPS generation.
Those advanced gadgets and precision agriculture and robotic systems permit companies to be greater worthwhile, green, safer, and greater environmentally pleasant. Present day farms and agricultural operations work a ways differently than the ones a few a long time in the past, in most cases due to improvements in era, together with sensors, devices, machines, and records era.
Farmers no longer should practice water, fertilizers, and pesticides uniformly across entire fields. alternatively, they could use the minimum quantities required and target very specific regions, or even treat man or woman plants in a different way.
advantages encompass:
higher crop productivityreduced use of water, fertilizer, and insecticides, which in turn maintains meals charges downdecreased impact on natural ecosystemsmuch less runoff of chemical substances into rivers and groundwaterelevated employee protectionin addition, robot technology enable greater dependable tracking and control of herbal assets, which includes air and water fine
To learn more about Agriculture click on the below link
brainly.com/question/11158509
#SPJ4
first, how would you recommend we go about reducing the turnover in our stores?
Reducing turnover in stores can be a complex challenge, but here are a few steps that could be taken to help address the issue:
Assess the root cause: It's important to understand why employees are leaving. This can be done through exit interviews, employee surveys, or by analyzing data on turnover patterns. Offer competitive compensation and benefits: Ensure that employees are being compensated fairly and that benefits are aligned with industry standards. Provide clear expectations and ongoing feedback: Ensure that employees understand their job responsibilities and performance expectations, and provide regular feedback to help them grow and succeed.What is the turnover about?Other points to take are:
Foster a sense of purpose and meaning: Create a sense of community and purpose among employees, and offer opportunities for personal and professional growth. Encourage open communication: Encourage open and transparent communication between management and employees to identify and address any issues.Lastly, Invest in employee training and development: Offer opportunities for employees to learn new skills, and invest in their professional development.
Learn more about turnover form
https://brainly.com/question/27523896
#SPJ1
the eighth grade class council is mixing candy for a fund raising event. they are mixing peppermints worth 1.20 per lb with chocolates worth 2.40 per lb. they want to end up with 40lbs of candy worth 1.65 per lb. how much of each candy do they need?
The allocation of weights to the relevant variables that establishes the calculation's equilibrium is referred to as a result.
To make 50 pounds of candy costing $1 per pound, 10 pounds of candy at $1.20 per pound must be combined with 40 pounds of candy at $0.95 per pound. The calculation looks like this: Let's say there are x pounds of candy, and each pound costs $1.20. So, the number of pounds of sweets at $0.95 a pound is (50 - x). The formula now should be 1.20x + (50 - x)0.95 = 50 (1) (1). 1.20x + 47.5 - 0.95x = 50. 0.25x = 50 - 47.5. 0.25x = 2.5, x = 10. The weights of the peppermints and chocolates, respectively, are 25 lb and 15 lb. What is the equation's answer? The allocation of weights to the relevant variables that establish the calculation's equilibrium is referred to as a result. Let y be the weight in pounds of chocolate and x be the weight in pounds of peppermints.
Learn more about Pounds of candy here:
https://brainly.com/question/14383035
#SPJ4
when the irs audits a tax return, it is most likely to scrutinize the tax consequences of a/an:
When the IRS audits a tax return, it is most likely to scrutinize the tax consequences of a related party transaction.
The Internal Revenue Service (IRS) is the revenue service of the United States federal government, in charge of collecting federal taxes and enforcing the Internal Revenue Code, the major body of federal statutory tax legislation. It is a Department of the Treasury institution overseen by the Commissioner of Internal Revenue, who is selected by the President of the United States for a five-year term.
The IRS's responsibilities include providing tax help to taxpayers, investigating and resolving cases of incorrect or fraudulent tax files, and supervising numerous benefit programs, including the Affordable Care Act. The IRS derives its name from the Commissioner of Internal Revenue, a federal institution established in 1862 to assess the nation's first income tax in order to support the American Civil War.
The complete question is:
When the IRS audits a tax return, it is most likely to scrutinize the tax consequences of a/an:
A. Related party transactionB. Private market transactionC. Public market transactionD. Arm's length transactionTo learn more about IRS, here
https://brainly.com/question/28390024
#SPJ4
Only 1 in 10 people are unsatisfied with their local bank. if 7 people are randomly selected, what is the probability that the number unsatisfied with their local bank is
a. exactlv two
b. at most two
c. between one and three
Option C. A binomial distribution can be used to calculate the probabilities of the number of unsatisfied people in the sample of 7.
Assuming that only 1 in 10 people are unsatisfied with their local bank, the probability of a single person being unsatisfied is 0.1 and the probability of a person being satisfied is 0.9.
a. The probability of exactly two people being unsatisfied can be calculated using the formula for combinations:
C(7,2) * (0.1)^2 * (0.9)^5 = 21 * 0.01 * 0.5905 = 0.126435
b. The probability of at most two people being unsatisfied can be calculated by summing the probabilities of 0, 1, and 2 unsatisfied people:
P(X <= 2) = P(X = 0) + P(X = 1) + P(X = 2) =
C(7,0) * (0.9)^7 + C(7,1) * (0.1) * (0.9)^6 + C(7,2) * (0.1)^2 * (0.9)^5 =
1 * 0.4782969 + 7 * 0.009 * 0.4782969 + 21 * 0.01 * 0.590526 = 0.663376
c. The probability of between one and three people being unsatisfied can be calculated by subtracting the probability of 0 unsatisfied people from the probability of at most 3 unsatisfied people:
P(1 <= X <= 3) = P(X <= 3) - P(X = 0) =
P(X <= 3) = 1 - C(7,0) * (0.9)^7 =
1 - 0.4782969 = 0.521703
To learn more about probabilities please click on below link.
https://brainly.com/question/29381779
#SPJ4
On July 1 of the current year, Glen Corp. leased a new machine from Ryan Corp. The lease contains the following information:
Lease term 10 years
Useful life of the machine 12 years
Present value of the minimum lease payments $120,000
Fair value of the machine $200,000
Executory costs $ 3,000
No purchase option is provided, and the machine reverts to Ryan when the lease expires. What amount should Glen record as a leased asset at the inception of the lease?
A $0
B $120,000
C $123,000
D $200,000
The correct answer is D $200,000. A lease is an arrangement between a lessor and a lessee that gives the lessee the right to use a certain asset in return for a single payment or a series of payments made over a predetermined period of time.
Based on the net present value of anticipated minimum lease payments, the business would capitalise the finance lease on the balance sheet at the lease inception (start) date. The ROU asset must then be amortised by the corporation. The annual amortisation cost is determined by dividing the ROU asset by the lease duration. The reported cost of the item will equal the present value of all lease payments. Enter the sum as a credit to the capital lease liabilities account and a debit to the relevant fixed asset account. The lease officially begins on the later of the dates on which the parties first agreed to its main terms or when the lease agreement was signed.
To learn more about lessee click the link below:
brainly.com/question/14864269
#SPJ4
Which of the following audit procedures provides the most reliable audit evidence when testing the existence of cash?Inquiry with the Treasury Staff Accountant regarding the bank statement balance.External confirmation of the entity’s account balance directly with the bank.Inspection of the entity’s bank statement provided by the client.Observation of the Treasury Manager accessing the entity’s online banking portal.
Inspection of the entity’s bank statement provided by the client provides the most reliable audit evidence when testing the existence of cash.
Audit evidence serves as the foundation for conducting an audit. An auditor comes across several statements made by his client's management over the course of an audit. He must assess these assertions or claims in order to render an opinion on the financial statements. This assessment is based on several facts and reasons. These facts and reasoning are referred to as audit evidence.
Thus, audit evidence refers to information obtained by the auditor in order to determine whether data included in account books, as well as management statements, are correct or not. It is the data that the auditor uses to determine the accuracy of financial accounts.
Learn more about Data here:
https://brainly.com/question/28132995
#SPJ4
suppose iphones cost consumers $1,000 each and usb-c cables cost consumers $10 each. what contribution does the production of 100 iphones and 1,200 usb-c cables make to gdp?
Contribution =$430,000
The contribution to the GDP is equal to the total value of the iPhones+USB cables.
In this problem, we have:
- Cost of one iPhone: $200
- Cost of one USB cable: $25
So, the total value is:
where:
i is the number of iPhones produced
c is the number of USB cables produced
In this problem:
i = 2000
c = 1200
Substituting, we find
[tex]v=(200)(2000)+25(1200)=\$ 430,000[/tex]
What does GDP stand for?Gross domestic product (GDP) is a standard measure of the value added generated by a country's production of goods and services over a certain time period. As such, it also accounts for the money generated by such output, as well as the overall amount spent on final products and services (less imports).
Learn more about gdp
https://brainly.com/question/15899184
#SPJ4
A statement of financial position aims to meet various user needs. Which ONE of the following user needs does it not aim to meet? O Assessing how the business was financed and how funds were used. O Providing a basis for assessing the true wealth of the business over time. O Assessing the relationship between assets and liabilities. O Revealing how much and how the profit for the period was generated.
A statement of financial position, also known as the balance sheet, is a report that provides information about a company’s financial status at a particular point in time.
While it does aim to assess how the business was financed and how funds were used, as well as the relationship between assets and liabilities, it does not provide a basis for assessing the true wealth of the business over time.
This is because a statement of financial position does not take into account the time-value of money, which would be needed in order to assess the growth of a company’s wealth over an extended period of time.
Instead, a statement of financial position reveals the company’s liquidity and solvency, which allows investors and creditors to assess the company’s ability to pay its debts as they come due. It also shows the company’s assets, liabilities, and equity, which lets users determine the overall health of the company.
Finally, it reveals how much and how the profit for the period was generated, which is important in understanding the company’s financial performance.
To know more about balance sheet click on the link below:
https://brainly.com/question/26323001#
#SPJ11
Naomi wants to save $100 000, so she makes quarterly payments of $1500 into an account that earns 4.4%/a compounded quarterly. How long will it take her to reach her goal?
Naomi will accomplish her objective in 4.67 quarters, or 4 quarters and 8 months in compound quarterly.
We will use the following calculation to determine the number of quarters needed to reach $100,000 with a quarterly payment of $1500 and an interest rate of 4.4% compounded quarterly:
[tex]N = log((A / P) + 1) / log(1 + r)[/tex]
Where:
N = the quantity of quarters
A = the desired sum ($100,000)
P = $1500.00 in quarterly payout
4.4%/4 = 1.1% when r is the interest rate each quarter.
By changing the parameters, we obtain that
N = [tex]log((100,000 / 1500) + 1) / log(1 + 0.011)[/tex]
N = [tex]log(66.67) / log(1.011)[/tex]
N = [tex]4.67 quarters[/tex]
In conclusion, Naomi will finish her task in 4.67 quarters, or 4 quarters and 8 months.
Learn more about interest rate per quarter at: brainly.com/question/25793394
#SPJ4
a simple discount note results in:multiple choiceinterest deducted when note is paid backinterest deducted in advancelower interest costs than a simple interest notesame interest costs as a simple interest note
a simple discount note results in interest deducted in advance. this can just be simply called a discount. It is usually being confused with markdown. Discount is a deduction in the price of a product base on the purchase of the customer while markdown is a reduction of price based on inability to be sold.
What is Interest in Advance?
Interest in Advance, also known as prepaying interest for the year ahead, is an option available to customers with an Interest Only Fixed Rate Investment Home Loan that lets you prepay next financial year’s interest on your loan.
By paying an upfront lump sum, Interest in Advance can save you from having to make monthly payments during the year.
You should talk to your accountant or financial advisor to see if prepaying interest is right for your tax needs and investment strategy.
To know more about discount note, visit: brainly.com/question/30137374
#SPJ4
A company should ________ when making a short-term special decision.
A) focus on qualitative factors only
B) focus on quantitative factors only
C) separate variable costs from fixed costs
D) use a traditional direct costing approach
A company should option C) separate variable costs from fixed costs when making a short-term special decision.
Costs that vary according on how much of a service or item a company provides are known as variable costs. The total of marginal costs across all quantity manufactured represents variable costs. They may also be regarded as typical expenses. The two elements of total cost are fixed costs and variable costs.
Costs that are permanent are those that don't change based on volume are the fixed costs. Rent and leasing charges, salary, energy prices, health coverage, and debt payments are a few instances of fixed costs.
To learn more about variable costs here
brainly.com/question/27853679
#SPJ4
the problem for companies which reject conventional management principles ad adopt radically new management systems and organizational forms is that:
The problem for companies which reject conventional management principles and adopt radically new management systems and organizational forms is that: Most attempts at radical transformation fail.
What is conventional management?A system of accounting called conventional management accounting, also known as cost accounting, is used to give managers in an organisation information. Although many business owners might be more familiar with the debits and credits of financial accounting, managerial accounting tools may be more beneficial for small businesses. Managers can use these strategies to manage their businesses by being aware of some of the features of management accounting.
The goal of management accounting is to give managers information they can use to make decisions. Financial accounting data, on the other hand, is intended to be used by external decision-makers. Business owners use managerial accounting data to create business plans, manage daily operations, and assess difficult business decisions like whether to grow a business or stop producing a certain product.
Learn more about conventional management
https://brainly.com/question/4462885
#SPJ4
what is the nature of the investment that lachlan has in serouya
As long as Serouya can convert its debt into voting common shares and its charter allows holders of convertible securities to exercise their right to vote, Lachlan will be able to exert influence over the company.
What do you mean by convertible securities?A "convertible security" is a type of security that can be changed into another security, typically shares of the company's ordinary stock, most frequently a bond or a preferred stock.
The percentage of voting common shares that Lachlan would possess if it converted its bonds into stock. If Lachlan's bond conversion provided it a majority stake in the company, it would probably control Serouya.
The bonds' conversion regulations. If the conversion is at a favourable rate for him or if the bonds have a high conversion threshold, Lachlan might be persuaded to convert the bonds and take control the company.
Therefore, as long as Serouya can convert its debt into voting common shares and its charter allows holders of convertible securities to exercise their right to vote, Lachlan will be able to exert influence over the company.
To know more about the convertible securities, visit:
https://brainly.com/question/14276110
#SPJ1
The slogan Just Do It along with the swoosh symbol on it's shows are elements that help to identify Nike's ________ from that of competitors
Choose matching term
O Brand
O Product
O Place
O Price
The slogan Just Do It along with the swoosh symbol on it's shows are elements that help to identify Nike's Brand from that of competitors.
Any name, term, design, symbol, or other factor that distinguishes one seller's merchandise or service from that of other sellers is referred to as a brand. Brands are used in business, marketing, and advertising to create and store value for the item characterized as brand equity, benefitting the brand's consumers, owners, and shareholders. Brand names are sometimes distinguished from generic or retail brands.
The technique of branding - in its original literal definition of marking by burning - is assumed to have originated with the ancient Egyptians, who were known to participate in cattle branding as early as 2,700 BCE. In the contemporary day, branding has grown to encompass a manager's use of marketing and communication tactics and tools to help identify a firm or product from rivals, with the goal of leaving a lasting impression in the minds of customers.
To learn more about Brands, here
https://brainly.com/question/30353051
#SPJ4
What is a capital gain on a financial security? If you own a bond and market interest rates increase, will you experience a capital gain or a capital loss? A. If the price of an asset increases, it is called a capital gain. When the market interest rate increases, the price of the bond falls and you incur a capital loss. B. If the price of an asset increases, it is called a capital gain. When the market interest rate increases, the price of the bond increases and you make a capital gain.C. If the coupon payment of an asset increases, it is called a capital gain. When the market interest rate increases, the coupon payment on the bond increase and you make a capital gain. D. If the coupon payment of an asset increases, it is called a capital gain. When the market interest rate increases, the coupon payment on the bond falls and you incur a capital loss.
When a capital asset is sold, its value increases, and this is referred to as a capital gain. Simply put, a capital gain happens when you sell an asset for more money than you paid for it initially.
A capital asset is any form of asset you hold. This can apply to purchases made for personal consumption or as investments (such as stocks, bonds, or real estate) (like furniture or a boat).When you sell an asset, you realise capital gains by deducting the purchase price from the sale price. In certain situations, the Internal Revenue Service (IRS) taxes individuals on capital gains.When a capital asset is sold, the rise in value is known as a capital gain. All assets, including investments and those bought for personal use, are subject to capital gains. The gain must be reported on income taxes, whether it is short-term (lasting less than a year) or long-term (lasting more than a year).
Learn more about capital here-
https://brainly.com/question/29052534
#SPJ4
a project which has met mpr, and applicable prerequisites has credit points totaling 80, which leed certification should it earn, all things being equal?
a project which has met mpr, and applicable prerequisites has credit points totaling 80 Platinum Level LEED certification should it earn, all things being equal.
40 points are needed to become LEED Certified, 50 points will place a site at the Silver level, 60 to 79 points will obtain Gold certification, and structures that score at least 80 points will receive Platinum designation. The top certification level offered by the LEED program is LEED Platinum. A property must receive 80 or more points on the LEED scorecard in order to obtain this excellent rating. The highest accolade is achieved by LEED Platinum certification, and fundamental performance is attained by LEED Certified accreditation. According to the Memphis architecture firm that worked on the project, Crosstown Concourse has just became the largest structure in the world to be awarded the Leadership in Energy and Historic adaptive reuse has received LEED Platinum certification.
Learn more about Platinum Level LEED here
https://brainly.com/question/14862643
#SPJ4
what technique would a team of workers be most likely to use if they wanted to evaluate several possible solutions to a specific problem their company needs to solve?
The answer is PMI, It is the technique a team of workers be most likely to use if they wanted to evaluate several possible solutions to a specific problem their company needs to solve.
What does "company" mean?A company is a legal body created by a group of people to manage a commercial or industrial venture. Depending on the corporate legislation of its jurisdiction, a business may be set up in a variety of ways for tax and financial liability purposes.
How many different sorts are there in the business?According to Indian law, there are seven different entity types: partnerships, limited liability companies, sole proprietorships, private limited companies, and public companies (LLP).
To know more about Company visit:
https://brainly.com/question/29354835
#SPJ4
Consider a general utility function U(x_1, x_2). Let's now solve for the optimal bundle generally using the Lagrangian Method. 1. Write down the objective function and constraint in math. 2. Set up the Lagrangian Equation. 3. Find the first derivatives. 4. Find the first order conditions. What's the interpretation for lambda? 5. Rearrange them to get the tangency condition.
Objective function and constraint: The objective function represents the utility that a consumer wishes to maximize, given a budget constraint.
Let's assume that the consumer has a budget of B and the prices of goods x_1 and x_2 are p_1 and p_2, respectively. Then, the objective function and constraint can be written as follows:
Objective function:
U(x_1, x_2) = Maximize the utility subject to the budget constraint
Constraint:
p_1 x_1 + p_2 x_2 <= B
Lagrangian Equation: The Lagrangian Equation is defined as the sum of the objective function and the constraint, where lambda represents the Lagrange multiplier. The Lagrangian Equation is given by:
L(x_1, x_2, lambda) = U(x_1, x_2) + lambda (B - p_1 x_1 - p_2 x_2)
First Derivatives: To find the first derivatives, we differentiate the Lagrangian equation with respect to x_1, x_2 and lambda:
dL/dx_1 = dU/dx_1 - lambda * dp_1/dx_1 = 0
dL/dx_2 = dU/dx_2 - lambda * dp_2/dx_2 = 0
dL/dlambda = B - p_1 x_1 - p_2 x_2 = 0
First Order Conditions: The first order conditions are the partial derivatives of the Lagrangian equation, set to zero. They indicate that the maximum of the Lagrangian function has been reached.
dU/dx_1 / dU/dx_2 = p_1/p_2.
This condition states that the marginal rate of substitution between x_1 and x_2 is equal to the ratio of their prices, indicating that the consumer is on the budget constraint and optimizing their utility.
To learn more about objective function please click on below link.
https://brainly.com/question/29185392
#SPJ4
your new job is at an office where the workers seem happy, creative, and supportive. workers engage in group projects and share ideas freely with each other and the manager. this work environment may be the outcome of which type of leadership?
The workers engage in group projects and share ideas freely with each other and the manager. This work environment may be the outcome of democratic leadership.
What is leadership?The term “leadership” refers to leading the team. The team's leadership is in charge, and they have influenced the team members to complete the task. The leadership qualities are maintained and are built into the behavior.
According to the democratic leadership, was to encourage the member of the organization are the share the opinion and the ideas. The appreciation of the innovative idea. The share idea as the without any fear.
As a result, the significance of the leadership are the aforementioned.
Learn more about on leadership, here;
https://brainly.com/question/29452698
#SPJ1
what is arbitrage? explain the arbitrage opportunity when the price of a dually listed mining company stock is $50 (usd) on the new york stock exchange and $52 (cad) on the toronto stock exchange. assume that the exchange rate is such that 1 usd equals 1.01 cad. explain what is likely to happen to prices as traders take advantage of this opportunity.
Arbitrage is the practice of taking advantage of a price difference between two or more markets.
What is arbitrage?A financial tactic called arbitrage aims to profit from price variations between markets for the same asset. In order to profit from the price differential, it entails buying an item in one market where it is undervalued and simultaneously selling it in another market where it is overvalued. By taking advantage of momentary price disparities, arbitrage seeks to gain from market inefficiencies.
Given that the price of a mining company stock that is dual listed is $50 (USD) on the New York Stock Exchange and $52 (CAD) on the Toronto Stock Exchange, and that the exchange rate between the two currencies is 1 USD = 1.01 CAD, there is an arbitrage opportunity in the scenario you stated.
The stock will probably be purchased for $50 on the NYSE by traders, who will then sell it for $52 on the Toronto Stock Exchange. As a result, the price of the stock will rise on the NYSE and fall on the Toronto Stock Exchange, increasing the demand for the stock on the NYSE and decreasing the supply on the TSX. Until the price disparity between these two options is equal, this process will continue until the price difference between the two markets is eliminated and the opportunity for arbitrage is gone.
In conclusion, as traders take advantage of the arbitrage opportunity, the price of the stock is likely to converge on both exchanges until there is no longer an opportunity for arbitrage.
To know more about arbitrage visit:
https://brainly.com/question/16178885
#SPJ4
if your company says that you are not allowed to access existing data, what should you do?
Make up your own data. The observe business policies. Gain independent access to whatever info you can. Let's use an example of a system for the booking airline tickets.
When a user tries to view the flight availability from the front-end, the business logic layer will send the query request to the Data-Access Layer, whose responsibility it is to communicate with the storage and retrieve the requested results. You can build baselines, find the benchmarks, and set performance goals because the data enables measurement. A baseline data is the state of a space prior to the application of a specific remedy.
To learn more about data, click here.
https://brainly.com/question/10980404
#SPJ4
quarter-inch stainless-steel bolts, 1 1 2 inches long are consumed in a factory at a fairly steady rate of 60 per week. the bolts cost the plant 2 cents each. it costs the plant $12 to initiate an order, and holding costs are based on an annual interest rate of 25 percent. (a) determine the optimal number of bolts for the plant to purchase and the time between placement of orders. (b) what is the yearly holding and setup cost for this item? (c) suppose instead of small bolts we were talking about a bulky item, such as packaging materials. what problem might there be with our analysis?
a)The optimal number of bolts for the plant to purchase is 540.
Time between orders = 60 bolts / 540 bolts = 1/9 of a week, or about 1.28 days
b) the yearly holding and setup cost for this item is $83.20.
c)The cost of storage space would need to be taken into account in order to accurately determine the optimal order size and time between orders for these items.
(a) To determine the optimal number of bolts for the plant to purchase and the time between placement of orders, we can use the Economic Order Quantity (EOQ) model. The EOQ model takes into account the cost of ordering, the cost of holding inventory, and the consumption rate of the item to determine the optimal order size and the time between orders.
The formula for the EOQ is:
EOQ = √(2DS / H)
Where:
D = demand rate (60 bolts per week)
S = setup cost per order ($12)
H = holding cost per unit per year (25% interest rate on the cost of the bolt, 2 cents)
Plugging in the values, we get:
EOQ = √(2 * 60 * $12 / (0.25 * 0.02)) = √(14400 / 0.005) = √(288000) = 540
So, the optimal number of bolts for the plant to purchase is 540. To find the time between orders, we divide the demand rate by the optimal order size:
Time between orders = 60 bolts / 540 bolts = 1/9 of a week, or about 1.28 days
(b) To find the yearly holding and setup cost, we can use the following formula:
Yearly holding and setup cost = (D / EOQ) * S + (EOQ / 2) * H
Plugging in the values, we get:
Yearly holding and setup cost = (60 / 540) * $12 + (540 / 2) * 0.02 * 52 = $12 + $71.20 = $83.20
So, the yearly holding and setup cost for this item is $83.20.
(c) If instead of small bolts, we were talking about a bulky item such as packaging materials, there might be a problem with our analysis in terms of storage space. The EOQ model assumes that inventory can be stored without taking up any additional space, but this may not be the case with bulky items. The cost of storage space would need to be taken into account in order to accurately determine the optimal order size and time between orders for these items.
To learn more about Economic Order Quantity:
https://brainly.com/question/16986815
#SPJ4
When auditing an entity with a limited control environment, what should the auditor do?A. Assess the risk of material misstatement at maximum for all significant audit areas.B. Increase substantive testing for all significant audit areas.C. Test the operating effectiveness of controls for all relevant assertions.D. Obtain an understanding of the client.
When auditing an entity with a limited control environment auditor assess the risk of material misstatement at maximum for all significant audit areas .
option A is correct .
A physical inventory check is followed by an auditor's review or inspection of various books of accounts to ensure that all departments are using the same documented system of documenting transactions. It's done to make sure the organization's financial accounts are accurate.
For some transactions, an auditor is required to refer the resolution that was approved at the meeting. An auditor should confirm that accounting entries are made using revenue and capital items as the basis. Every payment voucher that is for more than Rs. 5,000 should have the revenue stamp, according to an auditor.
To know more about auditing visit :
https://brainly.com/question/29979411
#SPJ4
the benefit - or wealth - that accrues to a buyer or a seller as a result of trading one good - service - or resource for another is the:
The benefit that accrues to a buyer or a seller as a result of trading one good, service, or resource for another is called the "Gain from trade".
The foundation of this philosophy is the notion that in a consensual trade, both sides anticipate profit. Buyers place a higher value on what they get than what they give up, whereas sellers place a lower value on what they get. The advantages from trade, which might take the form of enhanced utility, greater income, or a combination of both, are what make these values different from one another. A fundamental idea in economics, the gains from trade helps to explain why trade benefits both parties and society as a whole.
learn more about trade here:
brainly.com/question/29767688
#SPJ4
true or false: subcontracts with the status of out for bid or out for signature will be reflected on the budget. true false
The statement that "subcontracts with the status of 'out for signature' or 'out for bid' will be reflected on the budget is true because it correctly specifies the status of subcontracts of types out for signature' or 'out for bid'.
Subcontracts with the status of "Out for Bid" or "Out for Signature" will likely be reflected on the budget. These status designations indicate that the subcontract is in the process of being negotiated or finalized, and that it is expected to be signed and approved in the near future. As such, the anticipated costs associated with the subcontract should be included in the budget, so that the overall financial picture of the project is accurate and up-to-date.
This helps to ensure that there are sufficient resources available to complete the project as planned, and to make adjustments as necessary to accommodate changes in the subcontract status.
You can learn more about subcontracts at
https://brainly.com/question/17359777
#SPJ4
what are the two responsibilities of testers in a scrum team
In a scrum team, quality assurance and collaboration are the two main responsibilities of testers.
These responsibilities can be explained as follows:
1. Quality assurance: Testers are responsible for ensuring that the product meets the quality standards set by the team and stakeholders. This involves writing and executing test cases, identifying and reporting defects, and working with developers to resolve issues.
2. Collaboration: Testers also play a crucial role in facilitating collaboration between development and testing. They work closely with developers, product owners, and stakeholders to understand the requirements, provide feedback on the design, and ensure that the product meets the expected outcomes.
By collaborating effectively, testers can help ensure that the team is delivering a high-quality product that meets the needs of the end user.
To know more about the scrum team, visit – https://brainly.com/question/30090791
#SPJ11
when completing the reconciliation form, what amount should be listed as the ( /-) adjustment to books on the balance per book's side?
The adjustment to books on the balance per book's side should reflect any discrepancies found during the reconciliation process.
The reconciliation form is used to compare the balance of a company's financial records to the corresponding balance in its bank statement.
When completing the reconciliation form, the adjustment to books on the balance per book's side should reflect any discrepancies that were found during the reconciliation process and were corrected in the company's financial records.
This could include errors in the company's bookkeeping, outstanding checks, deposits in transit, or bank errors. The adjustment amount will be either a positive (to add to the balance per books) or negative (to subtract from the balance per books) amount, depending on the nature of the discrepancy.
The goal of the reconciliation process is to arrive at a reconciled balance, which should match the bank statement balance.
To know more about reconciliation process click on the link below:
https://brainly.com/question/2976376#
#SPJ11
what conflict management norms resolve conflict openly? agreeable conflict management norms active conflict management norms passive conflict management norms
Agreeable conflict management norms resolve conflict openly.
Agreeable conflict management norms are those that encourage open and respectful communication in order to resolve conflicts. This approach focuses on finding a mutually acceptable solution that satisfies the needs and concerns of all parties involved. The following are some examples of agreeable conflict management norms:
Open communication: Encouraging team members to express their thoughts and feelings freely and openly to resolve conflicts.
Active listening: Encouraging team members to listen to each other's perspectives and try to understand their point of view.
Collaboration: Encouraging team members to work together to find a mutually acceptable solution to conflicts.
Flexibility: Encouraging team members to be open to different solutions and willing to compromise in order to resolve conflicts.
Respect: Encouraging team members to treat each other with respect and dignity, even during disagreements.
By adopting these norms, teams can manage conflicts in a constructive and collaborative manner, leading to a more positive work environment and improved relationships among team members. Agreeable conflict management norms help to create a culture of trust, respect, and collaboration, where conflicts are viewed as opportunities for growth and improvement.
To know more about conflict click here:
https://brainly.com/question/17085630#
#SPJ11
