The total welfare level is W = 16/9.
To determine the total welfare level, we need to find the equilibrium price and quantity, and then calculate the consumer and producer surplus.
Given the supply and demand functions:
Demand: 9D = 8 - p
Supply: 9S = -4 + 2p
To find the equilibrium price, we set the demand equal to the supply:
8 - p = -4 + 2p
Simplifying the equation:
3p = 12
p = 4
Substituting the equilibrium price (p = 4) into either the demand or supply function, we can find the equilibrium quantity:
9D = 8 - p
9D = 8 - 4
9D = 4
D = 4/9
Now, we can calculate the consumer surplus and producer surplus.
Consumer Surplus:
To calculate consumer surplus, we need to find the area between the demand curve and the equilibrium price. The formula for consumer surplus is:
Consumer Surplus = 0.5 * (Equilibrium Quantity) * (Equilibrium Price - Minimum Price)
Consumer Surplus = 0.5 * (4/9) * (4 - 0)
Consumer Surplus = 0.5 * (4/9) * 4
Consumer Surplus = 0.5 * (16/9)
Consumer Surplus = 8/9
Producer Surplus:
To calculate producer surplus, we need to find the area between the supply curve and the equilibrium price. The formula for producer surplus is:
Producer Surplus = 0.5 * (Equilibrium Quantity) * (Maximum Price - Equilibrium Price)
Producer Surplus = 0.5 * (4/9) * (8 - 4)
Producer Surplus = 0.5 * (4/9) * 4
Producer Surplus = 0.5 * (16/9)
Producer Surplus = 8/9
Total Welfare Level:
The total welfare level is the sum of consumer surplus and producer surplus:
Total Welfare Level = Consumer Surplus + Producer Surplus
Total Welfare Level = (8/9) + (8/9)
Total Welfare Level = 16/9
Therefore, the total welfare level is W = 16/9.
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a company should ________ when projecting cash receipts for a given month.
When projecting cash receipts for a given month, a company should estimate conservatively.
When projecting cash receipts for a given month, a company should estimate conservatively. This means that they should err on the side of caution and assume that they will receive less money than they actually might. This approach helps to ensure that the company has enough funds on hand to cover their expenses, even if they do not receive all the expected cash receipts. It is also important for companies to regularly review their projections and adjust them as needed based on actual results.
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On February 1, 2021, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $95 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $95,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Determine the price of the bonds issued on February 1, 2021.
2-a. Prepare amortization schedules that indicate Cromley’s effective interest expense for each interest period during the term to maturity.
2-b. Prepare amortization schedules that indicate Barnwell’s effective interest revenue for each interest period during the term to maturity.
3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell’s investment on February 1, 2021.
4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2023.
The price of the bonds issued on February 1, 2021, is $75,294,253.
How to find the effective interest expense and revenue for each interest period?To determine the price of the bonds issued on February 1, 2021, we need to calculate the present value of the future cash flows from the bond.
The cash flows include the periodic interest payments and the principal repayment at maturity.
Using the present value of an ordinary annuity table (PVA of $1), we can calculate the present value of the semiannual interest payments.
The bond has a face amount of $95 million and a coupon rate of 6%, which translates to a semiannual interest payment of ($95,000,000 × 6%)/2 = $2,850,000.
The bonds have a maturity of 4 years, which corresponds to 8 semiannual periods.
Using the present value of a single sum table (PV of $1), we can calculate the present value of the principal repayment.
The face amount of $95 million is the future value (FV), and the market yield of 8% is the interest rate (i). The bonds have a 4-year maturity, corresponding to 8 semiannual periods.
By summing up the present value of interest payments and the present value of the principal repayment, we can determine the price of the bonds.
The calculation is as follows:
Price of Bonds = Present Value of Interest Payments + Present Value of Principal Repayment
Price of Bonds = [$2,850,000 × (PVAF of 8%, 8 periods)] + [$95,000,000 × (PV of 8%, 8 periods)]
Price of Bonds = [$2,850,000 × 6.71008] + [$95,000,000 × 0.59385]
Price of Bonds = $19,124,428 + $56,169,825
Price of Bonds = $75,294,253
Therefore, the price of the bonds issued on February 1, 2021, is $75,294,253.
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These assignments are subject to the Late Submission penalty policy, namely 5% per day for three days.
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Please do not email your submissions to your professor, either before or after the due date; all coursework should be submitted through the online course (Moodle).
Description
In this assignment, you will apply your economics knowledge to explain and interpret a recently published economics article. You will research and select one article published within the past year that discusses an economics issue from a list provided and explain the economics of the article. The article may be obtained from a major business or economics journal, magazine, or newspaper (The Economist, Wall Street Journal, Businessweek, Times, Fortune, etc.). Using your own words as much as possible, explain the main points being made by the article’s author, the economic principles used by the author to support his/her argument, and the implications of the story. To do this, you will be applying some of the key economics concepts you have learned in the course to explain the meaning and relevance of the economics story to individuals, firms, and/or industry.
Objectives
To identify key economic issues in real world scenarios affecting individuals, households, and firms.
To apply the appropriate economic concepts and principles to understand, explain, and interpret the decisions made and actions taken by the main economic agents.
To evaluate and reflect on the implications of changes in economic conditions on the behavior and decisions of households and firms.
Required Materials
Hutchinson, E. (2017). Principles of microeconomics. University of Victoria. https://pressbooks.bccampus.ca/uvicecon103/
Recently published Business/Economic journal articles from Yorkville University Library or other academically credible online source.
Major Topics Covered
Supply, demand, and equilibrium market price
Elasticity
Specialization and trade
Consumer behaviour
Production in the short and long run periods
Competitive markets
Monopoly, cartels, and price discrimination
Another topic related to microeconomics
In this assignment, students analyze a recent economics article, explaining its main points, economic principles, and implications using key concepts learned in the course.
In this assignment, students are tasked with applying their economics knowledge to interpret and explain a recently published economics article. They are expected to research and select an article from a credible source, such as major business or economics journals, magazines, or newspapers. The main objective is to identify key economic issues, analyze the economic principles utilized in the article, and evaluate the implications of the story on individuals, firms, and industries.
By applying relevant economic concepts, students will demonstrate their understanding of real-world economic scenarios and their ability to analyze and interpret economic decisions and behaviors. The assignment aims to develop critical thinking and analytical skills in the context of microeconomics, including topics such as supply and demand, market equilibrium, elasticity, consumer behavior, production, competitive markets, and monopolies.
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need help solving
2 14.28 points eBook Print References Fill in the missing items for the following inventories: B Beginning balance $ 52,500 $ Ending balance 46,500 Transferred in 53,000 Transferred out 27,500 $ 25,10
Inventory records can be maintained using several methods, one of which is a perpetual inventory system. In a perpetual inventory system, a detailed record of the quantity and cost of items purchased and sold is kept up to date on a regular basis.
To maintain a perpetual inventory system, inventory counts must be taken on a regular basis. Let's now look at the solution to the given question.
Beginning balance $52,500.00
Transferred in $53,000.00
Total available $105,500.00
Transferred out $27,500.00
Ending balance $46,500.00
Cost of goods sold = $25,100.00
Inventory at the end of the period = $46,500.00
Cost of goods sold is calculated by subtracting the inventory's value at the end of the period from the total available goods value.
Cost of goods sold = Total available – Ending inventory
Cost of goods sold = $105,500 - $46,500 = $59,000.00
Given Beginning balance $ 52,500 $
Ending balance 46,500
Transferred in 53,000
Transferred out 27,500$ 25,100. The cost of goods sold can be calculated using the formula
Cost of goods sold = Total available - Ending inventory
Inventory at the end of the period = $46,500.00
Thus, we need to determine the value of the total available goods.
Therefore,
Total available = beginning balance + transferred in
Total available = $52,500 + $53,000
Total available = $105,500
The value of the cost of goods sold is calculated below:
Cost of goods sold = Total available - Ending inventory
Cost of goods sold = $105,500 - $46,500
Cost of goods sold = $59,000
Thus, the value of the cost of goods sold is $59,000.
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A sample of helium gas collected at a pressure of 620 mm Hg and a temperature of 276 K has a mass of 4.24 grams. The volume of the sample is ........ L.
The sample of helium gas has a pressure of 620 mm Hg and temperature of 276 K has a mass of 4.24 grams, Therefore, the volume of the sample is 24.8 L.
We are required to determine the volume of the sample. From the given values of the gas, we can make use of the Ideal Gas Equation to calculate the volume of the sample.
The ideal gas law is an equation that describes the behaviour of an ideal gas in terms of temperature, pressure, and volume. The law is expressed mathematically as
PV = nRT,
where P = pressure,
V = volume,
n = number of moles of gas,
R = ideal gas constant, and
T = temperature of the gas in Kelvin. T = TemperatureR = 0.08206 L atm mol-1 K-1At STP,
Temperature = 273 K, Pressure = 1 atm
Now, we need to convert pressure from mmHg to atm.1 atm = 760 mmHg620 mm Hg = 620/760 atm = 0.816 atm
The given pressure is 0.816 atm. Temperature is given as 276 K and the mass of helium gas is 4.24 grams.
Number of moles of gas can be calculated as shown: n = mass/molar mass
n = 4.24g/4.00 g/moln = 1.06 mol
Substitute all the values in the ideal gas equation.
PV = nRTV = nRT/PV
= 1.06 mol × 0.08206 L atm mol-1 K-1 × 276 K/0.816 atm
V = 24.8 L
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Suppose that in a market inverse supply is given by PS (Q) = 5Q² +2Q +30 and inverse demand is given by PD (Q) = 1713 - 12Q. a) (3 marks) Find the equilibrium price and quantity supplied. b) (6 marks) Compute consumer surplus. c) (6 marks) Compute producer surplus.
a) The equilibrium price is $67.50 and the equilibrium quantity supplied is 52 units.
To find the equilibrium price and quantity supplied, we set the inverse supply equal to the inverse demand:
5Q² + 2Q + 30 = 1713 - 12Q
Rearranging and simplifying the equation, we get:
5Q² + 14Q - 1683 = 0
Using the quadratic formula, we solve for Q and find two possible values. Since quantity cannot be negative, we take the positive value, which is 52. Substituting this value into the inverse demand equation, we find the equilibrium price to be $67.50.
b) The consumer surplus is $23,917.50.
Consumer surplus is calculated as the area between the demand curve and the equilibrium price, up to the equilibrium quantity. Using the formula for the area of a triangle, we find the consumer surplus to be (1/2) * (67.50 - 22.50) * 52 = $23,917.50.
c) The producer surplus is $9,717.
Producer surplus is calculated as the area between the supply curve and the equilibrium price, up to the equilibrium quantity. Using the formula for the area of a triangle, we find the producer surplus to be (1/2) * (67.50 - 37.50) * 52 = $9,717.
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Diane Buswell is preparing the 2022 budget for one of Current Designs’ rotomolded kayaks. Extensive meetings with members of the sales department and executive team have resulted in the following unit sales projections for 2022.
Quarter 1: 2,900 kayaks
Quarter 2: 3,300 kayaks
Quarter 3: 2,700 kayaks
Quarter 4: 2,700 kayaks
Current Designs’ policy is to have finished goods ending inventory in a quarter equal to 30% of the next quarter’s anticipated sales. Preliminary sales projections for 2023 are 1,100 units for the first quarter and 3,300 units for the second quarter. Ending inventory of finished goods at December 31, 2021, will be 870 rotomolded kayaks.
Production of each kayak requires 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). Company policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31, 2021, is 21,800 pounds. The finishing kits can be assembled as they are needed. As a result, Current Designs does not maintain a significant inventory of the finishing kits.
The polyethylene powder used in these kayaks costs $1.40 per pound, and the finishing kits cost $180 each. Production of a single kayak requires 4 hours of time by more experienced, type I employees and 5 hours of finishing time by type II employees. The type I employees are paid $18 per hour, and the type II employees are paid $15 per hour.
Selling and administrative expenses for this line are expected to be $43 per unit sold plus $8,300 per quarter. Manufacturing overhead is assigned at 150% of labor costs.
Diane Buswell is including sales predictions, inventory policies, material and labor costs, selling and administrative expenses, and manufacturing overhead in the 2022 rotomolded kayak budget.
Diane Buswell is creating Current Designs' 2022 rotomolded kayak budget using the available information. Quarterly unit sales predictions are given. Current Designs requires 30% of the next quarter's sales in finished goods inventories. Also offered are 2023 sales estimates. 870 kayaks were in stock on December 31, 2021. Each kayak requires 56 pounds of polyethylene powder and a finishing equipment. The corporation stocks 25% of the next quarter's polyethylene powder. Polyethylene powder ended December 31, 2021, with 21,800 pounds. As needed, finishing kits are constructed.
Polyethylene powder costs $1.40 per pound while finishing supplies cost $180. Type I employees labor for 4 hours and type II workers 5 hours to make a kayak. Type I workers earn $18 per hour, whereas type II workers earn $15. Selling and administrative costs for this line are $43 per unit and $8,300 per quarter. Manufacturing overhead is 150% of labor.
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the government's ability to coerce can enhance economic efficiency by:____
The government's ability to coerce can enhance economic efficiency by addressing market failures, enforcing regulations and standards, promoting competition, and correcting externalities.
The government's coercive power can play a vital role in enhancing economic efficiency in several ways. Firstly, it allows the government to address market failures. Market failures occur when the free market fails to allocate resources efficiently. Through coercion, the government can intervene to provide public goods, regulate monopolies, and correct information asymmetry to promote a more efficient allocation of resources.
Secondly, the government can use its coercive power to enforce regulations and standards. By setting and enforcing rules, the government ensures that businesses and individuals adhere to certain standards in areas such as consumer protection, workplace safety, and environmental sustainability. This enforcement helps create a level playing field, reduce external costs, and promote economic efficiency.
Furthermore, the government's ability to coerce can promote competition. Through antitrust laws and enforcement, the government can prevent the concentration of market power and discourage anti-competitive practices. By fostering a competitive market environment, the government encourages innovation, efficiency, and better outcomes for consumers.
Lastly, coercive measures can be used to correct externalities. Externalities are spillover effects of economic activities that are not reflected in market prices. The government can use coercive measures such as taxes, subsidies, or regulations to internalize external costs or benefits, aligning private incentives with social welfare and promoting economic efficiency.
In conclusion, the government's ability to coerce can enhance economic efficiency by addressing market failures, enforcing regulations and standards, promoting competition, and correcting externalities. This coercive power enables the government to intervene and shape economic activities in a way that leads to more efficient outcomes and a better-functioning economy.
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12. Where is the beginning inventory figure found on the work sheet? 13. Why is the inventory figure in the trial balance section of the work sheet dif- ferent from the inventory figure in the balance sheet section of the work sheet? 14. How is the ending inventory determined? 15. What is the general journal entry to set up the new inventory value at the end of the fiscal period? 16. What is the general journal entry to close the beginning inventory? 17. How is the inventory adjustment shown on the work sheet? 18. What are the major differences between a work sheet for a service business and a work sheet for a merchandising business? 19. How would your answers to questions 15, 16, and 17 change if your firm used an acceptable alternative method of adjusting merchandise inventory?
The Trial Balance section usually contains the inventory figure. Due to accounting period modifications, the trial balance inventory value may differ from the balance sheet inventory amount.
These modifications could include inventory purchases, sales, returns, and other changes in inventory value. At the end of the fiscal year, a physical count and cost or market value valuation define the ending inventory. At the end of the fiscal period, the general journal entry to set the new inventory value would debit the Inventory account and credit an applicable account like Cost of Goods Sold or Purchases, depending on the accounting system.
To transfer the beginning inventory value to the Income Summary account, debit the Income Summary account (or Retained Earnings) and credit the Beginning Inventory account.
The worksheet shows inventory adjustments by adjusting inventory accounts in the Trial Balance section and reporting the modified balances in the Balance Sheet section.
Merchandising business worksheets include inventory-related accounts including Purchases, Sales, and Cost of Goods Sold. A merchandising company's inventory valuation and cost of goods sold computations are unique.
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The probability density of a random variable X is uniform between 0 and 2, as given in the figure below.
From this density, the probability that X is between 0.5 and 1.5 is:
The probability that X is between 0.5 and 1.5 is 0.5. Since probability is represented by area under the density curve, the probability that X is between 0.5 and 1.5 is 0.5 (or 50%).
The probability density of a uniform distribution is constant between its minimum and maximum values. In this case, the minimum value is 0 and the maximum value is 2. Therefore, the density is constant at 1/2 between 0 and 2.
To find the probability that X is between 0.5 and 1.5, we need to find the area under the density curve between those values. This is represented by the shaded region in the figure below.
The width of this region is 1 (1.5 - 0.5), and the height is 1/2 (the constant density value). Therefore, the area is 1/2.
The probability density function (PDF) of a continuous random variable X gives the relative likelihood of the variable taking on any particular value within its range. For a uniform distribution between a and b, the PDF is given by:
f(x) = 1 / (b - a) for a ≤ x ≤ b
f(x) = 0 otherwise
In this case, a = 0 and b = 2, so the PDF is:
f(x) = 1 / 2 for 0 ≤ x ≤ 2
f(x) = 0 otherwise
The area under the PDF curve between any two values of x gives the probability that X falls within that range. So to find the probability that X is between 0.5 and 1.5, we need to find the area under the PDF curve between those values.
This is represented by the shaded region in the figure below:
The width of this region is 1 (1.5 - 0.5), and the height is 1/2 (the constant density value). Therefore, the area is:
area = base x height = 1 x 1/2 = 1/2
Since probability is represented by area under the PDF curve, the probability that X is between 0.5 and 1.5 is 0.5 (or 50%).
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What role do property rights have in the underlying assumption
about the homogeneity of capital?
Property rights play a crucial role in the underlying assumption about the homogeneity of capital.
The assumption of the homogeneity of capital in economics implies that all units of capital are identical and can be easily substituted for one another. This assumption is important for various economic models and theories, particularly in production and investment decisions.
Property rights refer to the legal rights and ownership claims individuals or entities have over assets, including capital. Strong and well-defined property rights provide individuals with exclusive control, use, and transferability of their assets. In the context of capital, property rights ensure that owners have the authority to utilize their capital as they see fit, such as deploying it in different production processes or investment opportunities.
The existence of secure and enforceable property rights is essential for the assumption of capital homogeneity. When property rights are well-established and respected, capital units are seen as interchangeable and have the same value and productive characteristics. This allows for easy substitution of capital units in economic models and simplifies the analysis of production functions, investment decisions, and resource allocation.
In contrast, if property rights are weak or uncertain, capital units may not be considered homogenous. The lack of clear ownership and control over capital assets can lead to inefficiencies, disputes, and hinder the free movement and allocation of capital resources. In such cases, the assumption of capital homogeneity may not hold, as the unique characteristics and ownership conditions of capital units become significant factors influencing economic decisions.
Therefore, property rights are a fundamental element in ensuring the assumption of capital homogeneity. They provide the necessary legal framework for capital to be treated as a uniform and interchangeable factor of production, facilitating economic analysis and decision-making processes.
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Test 2-CH 4&5 Marko, Inc., is considering the purchase of ABC Co. Marko believes that ABC Co, can generate cash flows of $6.000, $11,000, and $12.200 over the next three years, respectively. After that time, they feel the business will be worthless. Marko has determined that a rate of return of 14 percent is applicable to this potential purchase. What is Marko willing to pay today to buy ABC Co.? Multiple Choice O $37,791.00 $34,200.00 $26,996.14 $25,336.81
Marko is willing to pay approximately $25,336.81 today to buy ABC Co.
To determine the present value of the expected cash flows and find out how much Marko is willing to pay today to buy ABC Co., we can use the formula for the present value of a series of cash flows.
PV = CF1 / (1+r)^1 + CF2 / (1+r)^2 + CF3 / (1+r)^3
Where:
PV = Present value
CF1, CF2, CF3 = Cash flows in each year (Year 1, Year 2, Year 3)
r = Rate of return
Given:
CF1 = $6,000
CF2 = $11,000
CF3 = $12,200
r = 14% or 0.14
Using the given values, we can calculate the present value:
PV = 6000 / (1+0.14)^1 + 11000 / (1+0.14)^2 + 12200 / (1+0.14)^3
Calculating the expression above will give us the present value that Marko is willing to pay today to buy ABC Co.
PV ≈ $25,336.81
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Describe the terms fair market value and fair value. Describe
their differences and provide real world examples of each.
Fair market value refers to the price that an asset would fetch in an open and competitive market. Fair value is the estimated price that would be received for an asset or paid to transfer a liability. The main difference between fair market value and fair value is the context in which they are used. Fair market value is based on an open and competitive market, while fair value is based on estimated future cash flows.
Fair market value and fair value are both important concepts in finance. While they share some similarities, they have different meanings and applications. Below is a description of each term and its differences, along with real-world examples of each.
What is Fair Market Value?
Fair market value refers to the price that an asset would fetch in an open and competitive market. It is determined by the forces of supply and demand. Fair market value takes into account the price at which similar goods are sold and the condition of the asset. Fair market value can be used to determine the value of assets for tax purposes, accounting, and financial reporting.
Real-world example: If you were to sell a used car, the fair market value would be the price that the car could fetch in the market given its make, model, year, mileage, and condition.
What is Fair Value?
Fair value is the estimated price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is determined by considering the present value of future cash flows and a risk premium. Fair value is used to estimate the value of complex assets and liabilities, such as financial instruments and derivatives.
Real-world example: If a company has invested in stocks or bonds, the fair value of the investment would be the market price of those securities at the measurement date.
Differences:
The main difference between fair market value and fair value is the context in which they are used. Fair market value is based on an open and competitive market, while fair value is based on estimated future cash flows. Fair market value is commonly used for tangible assets, while fair value is commonly used for complex financial instruments.
Another difference is the purpose for which each is used. Fair market value is used for tax purposes, accounting, and financial reporting. Fair value is used for valuation, financial reporting, and risk management.
In conclusion, while fair market value and fair value have some similarities, they have different meanings and applications. Understanding these concepts is important for making sound financial decisions and complying with accounting and tax regulations.
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"Throughput" or "Flow Rate" is the rate at which a process produces output. True False
True. Throughput or flow rate is the amount of output produced by a process in a certain amount of time.
It is a key performance indicator that measures the efficiency and effectiveness of a process. Throughput can be influenced by various factors such as equipment performance, operator skills, and process design. A high throughput means that the process is producing output efficiently and is meeting the demand. On the other hand, a low throughput indicates that there are bottlenecks or inefficiencies in the process that need to be addressed. By measuring throughput, businesses can identify areas for improvement and optimize their processes to increase output and efficiency.
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"6. t value is considered as acceptable for scholarly publication when
a. It is -200/100
b. It is 100/60
c. It is 1.5
d. It is 1.9
7. Cost functions are primarily and directly used for improving
a. organizations’ effectiveness
b. Organizations’ missions
c. Organizations’ long term goals
d. Organizations’ efficiency
8. If an English major’s annual salary is coded as 1 with a dummy variable and its coefficient is -20,000
a. It means he makes $20,000 less than his father who is an English professor
b. It means he makes $20,000 more than non English majors
c. It means he makes $20,000 less than non English majors
d. It means he makes $20,000 more than his younger brother who is an English teacher
9. Commercial publishers
a. Are competitive suppliers
b. Are oligopoly suppliers
c. Are monopsonies
d. Are monopoly suppliers
"
For scholarly publication, a t-value is considered acceptable when it is 1.97. Cost functions are primarily and directly used for improving organizations' efficiency.
The critical value for most conventional significance levels is 1.96, which is rounded to 1.97. Therefore, a t-value of 1.97 or higher is considered acceptable for publication.
Cost functions are primarily used for improving organizations' efficiency. Cost functions help organizations analyze and understand the relationship between inputs and outputs, allowing them to identify areas where costs can be minimized while maintaining or improving productivity.
When an English major's annual salary is coded as 1 with a dummy variable and its coefficient is -20,000, it means they make $20,000 less than non-English majors. The negative coefficient indicates a decrease in salary compared to the reference group (in this case, non-English majors).
Commercial publishers are considered competitive suppliers. They operate in a market where multiple publishers exist and compete with each other to provide products and services.
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Pick an article of one current event based on International Trade Theory or The Political Economy of International Trade
Describe the event or articles you chose.
Identify the key players.
Summarize how you think the event might impact the key players.
Discuss what these events have to do with global business.
One current event based on the Political Economy of International Trade is the ongoing trade tensions between the United States and China.
The impact of these trade tensions on the key players is significant. For the United States, the aim is to reduce the trade deficit and protect domestic industries.
This has resulted in the imposition of tariffs on Chinese imports, affecting Chinese exporters and leading to retaliatory measures from China. Multinational corporations with supply chains spanning both countries face challenges in terms of increased costs, disrupted operations, and uncertainty in trade policies.
These events have broader implications for global business. Trade tensions between major economies can disrupt global supply chains, increase costs for companies, and create uncertainty for investors. It highlights the interdependence of economies and the potential risks associated with protectionist measures.
Global businesses need to navigate these challenges by diversifying their supply chains, exploring new markets, and staying informed about trade policies to mitigate potential disruptions and maximize opportunities in the evolving global trade landscape.
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As you watch the video, listen for information about the
characteristics of play, the stages of play, and why is
essential.
Through play, children learn academic skills like math, science, reading, language and literacy. They learn social skills like effective communication.
What is Parten's stages of play?
Mildred Parten Newhall created the stages of play as a hypothesis and categorization of how kids engage in play in her 1929 dissertation.[1] Parten examined preschool-aged children in America (between the ages of 2 and 5), who were engaging in free play (defined as anything unrelated to survival, production, or profit).
Parten identified distinct categories of play:
When a youngster is not actively playing and is instead merely observing. A youngster can be moving erratically or standing still.[2] Solitary (independent) play occurs when a youngster is by themselves and keeps their attention on their task. Such a youngster either doesn't care about or isn't aware of what other people are doing. younger children (ages 2-3) are more likely to experience it than older ones.
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In level 2 of process maturity you expect to have? Orepeatable Ad Hoc defined cross functional
At level 2, processes are not yet fully mature, but they are getting there. Cross-functional processes are those that cut across different departments or functions within an organization. They require collaboration and communication between different groups to be successful. In level 2, cross-functional processes are becoming more common and are beginning to be better defined.Overall, at level 2 of process maturity, you can expect to have repeatable and defined processes that are cross-functional. However, these processes are still in the early stages of maturity and have not yet been fully optimized or standardized.
In level 2 of process maturity, you can expect to have repeatable and defined processes that are cross-functional. Let's see what these terms mean and how they relate to process maturity.Process maturity is a measure of the capability of an organization's processes. It is commonly assessed using the Capability Maturity Model Integration (CMMI) framework. The CMMI defines five levels of process maturity that organizations can achieve.Level 2 of process maturity is called the "repeatable" level. At this level, processes are still ad hoc and undocumented, but they are now repeatable. Organizations in this level are generally characterized by having stable and repeatable processes that can be performed by different people. They have defined their processes and have established procedures to follow them, but they are not fully optimized or standardized.Repeatable processes are those that have been defined and documented, and can be repeated consistently. At level 2, processes are not yet fully mature, but they are getting there. Cross-functional processes are those that cut across different departments or functions within an organization. They require collaboration and communication between different groups to be successful. In level 2, cross-functional processes are becoming more common and are beginning to be better defined.Overall, at level 2 of process maturity, you can expect to have repeatable and defined processes that are cross-functional. However, these processes are still in the early stages of maturity and have not yet been fully optimized or standardized.
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overrun is the additional percentage amount by which estimates exceed actual costs
Overrun refers to the additional percentage amount by which estimated costs exceed the actual costs of a project or task. It indicates a deviation from the initial budget or estimate, indicating that the actual expenses have surpassed the projected or planned costs.
In project management and financial planning, estimating the costs involved is a crucial step. However, it is not uncommon for the actual costs to differ from the initial estimates. When the actual costs exceed the estimated costs, it results in an overrun. The overrun is expressed as a percentage, representing the additional amount by which the estimated costs have been exceeded. For example, if a project was initially estimated to cost $100,000, but the actual costs ended up being $120,000, the overrun would be 20%.
Overruns can occur due to various factors such as unforeseen circumstances, changes in project scope, fluctuations in market prices, delays, inefficiencies, or inaccurate initial estimates. They can have significant implications for project budgets, profitability, and overall financial planning.
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A client's BPO is struggling to meet a service level goal of 70/20. The client provides the forecast and the BPO provides staffing assumptions and requirements to meet the forecast. The BPO believes it is staffing the correct number of people to meet the forecast but is missing the service level and is unsure why. The BPO is providing the Service Level obtainment numbers and the Shrink forecast and actuals.
The BPO is responsible for meeting service level goals set by the client. In this case, the client's BPO is struggling to meet a service level goal of 70/20 despite providing a forecast and staffing assumptions and requirements to meet the forecast.
The BPO believes it is staffing the correct number of people to meet the forecast but is missing the service level and is unsure why. The BPO is providing the Service Level obtainment numbers and the Shrink forecast and actuals. It is important to examine the variables that could be affecting service level. This includes the forecast accuracy, staff productivity, and shrinkage levels. The BPO should consider analyzing call volume trends and patterns to ensure the forecast is accurate. They should also consider reviewing staff scheduling, training, and performance to identify areas where they can increase productivity. Shrinkage levels should also be examined to determine if they are being accurately forecasted and measured. By taking these steps, the BPO can identify areas for improvement and make changes to meet the client's service level goals.
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If an agribusiness firm is losing money on everything it sells: a. It should cut costs wherever possible.
b. It should increase volume to sell more.
c. It should consider bankruptcy.
d. It should examine its price policy and the resulting margins
Option d. It should examine its price policy and the resulting margins is the correct option. If an agribusiness firm is losing money on everything it sells, it should examine its price policy and the resulting margins.
When an agribusiness firm is experiencing losses on all its sales, it indicates that the prices at which it is selling its products are not covering the costs incurred in producing and selling them. In this situation, it is crucial for the firm to carefully evaluate its price policy and the resulting profit margins. By examining its price policy, the firm can assess whether its current pricing strategy is appropriate and whether adjustments need to be made. This evaluation involves considering factors such as production costs, market conditions, competition, and customer demand. The firm may need to reevaluate its pricing structure, such as reducing prices to align with market realities or exploring opportunities to differentiate its products and command higher prices.
Additionally, analyzing the resulting profit margins is essential to identify areas of inefficiency and potential cost reductions. The firm should scrutinize its cost structure, including operational expenses, input costs, and overhead, to identify areas where cost-cutting measures can be implemented without compromising the quality or value of its products. In conclusion, examining the price policy and profit margins allows the agribusiness firm to identify and address the underlying causes of its financial losses, ultimately working towards improving its profitability and sustainability.
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Question 3
A. Define transfer pricing and elaborate on FOUR (4) of its purposes. (14 marks)
B. In deciding a transfer pricing method, advise management on: i. negotiated transfer pricing ii. market-based transfer pricing (4 marks)
C. Highlight ONE (1) advantage and ONE (1) disadvantage of the market-based transfer pricing method. (2 marks)
Transfer pricing is a pricing strategy in which transactions within the same company are made at a certain price, known as the transfer price. The goal is to ensure that prices are comparable to what they would have been if the transactions were with an external party.
Four (4) purposes of transfer pricing are as follows: To align corporate goals To provide information on a timely basis To enhance operational effectiveness To reduce exposure to potential disputes between taxing authorities and firms Management should consider the following factors in selecting transfer pricing methods: i. Negotiated Transfer Pricing Negotiated transfer pricing happens when two departments of the same organization engage in negotiations to decide the transfer price. The parties try to arrive at an acceptable agreement by negotiating the pricing terms. The department that offers the product or service should have an internal profit rate that is consistent with its external rate. ii. Market-Based Transfer Pricing Market-based transfer pricing determines prices for goods and services that are exchanged within a business based on current market prices for similar products or services. A company can use the market-based method to establish transfer prices by comparing the prices of comparable goods and services offered by third parties.
Advantages of Market-Based Transfer Pricing Method The market-based transfer pricing method provides accurate transfer prices for transactions between two different departments of the same company. In addition, this technique ensures that prices are in line with market rates, preventing one department from getting more or less than the prevailing market rate. This strategy also motivates departments to lower their costs. Disadvantages of Market-Based Transfer Pricing Method Market-based transfer pricing may not be the best approach to use in all situations since market prices for comparable goods and services are difficult to obtain. It is important to note that an external market price may not accurately reflect the internal market price. Furthermore, it is not always possible to match the comparable good or service. This could lead to unfavorable pricing if the prices of third-party goods are too high, or to the vendor if the market price is too low. Therefore, the market-based transfer pricing method should be used with caution since it is difficult to obtain external market prices that accurately reflect the internal market price.
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Question 13
"Find the Pear Company's cost of equity if its current share
price is $20, the next annual dividend is $1.40, the accounting
return on equity (ROE) is 10%, and the dividend payout ratio is
The cost of equity for the Pear Company can be calculated using the dividend discount model (DDM).
The DDM estimates the cost of equity by dividing the expected dividend by the current share price and adding the growth rate. In this case, the next annual dividend is $1.40 and the current share price is $20. The dividend payout ratio, which represents the portion of earnings paid out as dividends, is not provided. However, the accounting return on equity (ROE) is given as 10%. To calculate the dividend payout ratio, we can use the formula: Dividend Payout Ratio = Dividend / Net Income. With the dividend payout ratio determined, we can then calculate the cost of equity.
To find the dividend payout ratio, we use the accounting return on equity (ROE) of 10%. The ROE is calculated as Net Income / Shareholders' Equity. Let's assume the net income is NI. Therefore, we have NI / Shareholders' Equity = 10%. Rearranging the formula, we get NI = 0.10 * Shareholders' Equity. Now, the dividend payout ratio can be calculated as Dividend / NI. Since the next annual dividend is $1.40, and we know NI = 0.10 * Shareholders' Equity, the dividend payout ratio is Dividend / (0.10 * Shareholders' Equity) = $1.40 / (0.10 * Shareholders' Equity).
Now, we can use the DDM formula to calculate the cost of equity. The DDM formula is Cost of Equity = Dividend / Share Price + Growth Rate. We already have the next annual dividend as $1.40 and the current share price as $20. The growth rate is calculated using the dividend growth model (DGM), which assumes a constant growth rate of dividends. However, the growth rate is not provided in the given information. Therefore, we need additional data or assumptions to calculate it. Once the growth rate is determined, we can substitute the values into the DDM formula to find the cost of equity for the Pear Company.
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Figure: Demand
In the diagram, for a market price of $4 total consumer surplus
equals:
Group of answer choices
$30.
$60.
$100.
$75.
The area of the triangle is (1/2) * 15 * $4 = $30.
consumer surplus is the difference between the maximum amount that a consumer is willing to pay for a good and the amount that they actually pay. it is a measure of the benefit that consumers receive from the availability of a good at a lower price than they were willing to pay.
in the diagram, the demand curve shows the maximum amount that consumers are willing to pay for each unit of the good. the market price is $4, which is below the maximum amount that many consumers are willing to pay. this means that consumers who are willing to pay more than $4 for the good are receiving a benefit from the lower price. the area below the demand curve and above the market price is the consumer surplus.
the consumer surplus in the diagram is $30. this is calculated by finding the area of the triangle below the demand curve and above the market price. the area of a triangle is equal to (1/2) * base * height. the base of the triangle is 15 units and the height is $4. consumer surplus is an important concept in economics because it measures the benefit that consumers receive from the availability of goods at a lower price. it can be used to assess the impact of government policies on consumer welfare. for example, if the government imposes a tax on a good, the price of the good will increase and consumer surplus will decrease.
consumer surplus can also be used to assess the efficiency of markets. a market is efficient if the price of a good is equal to the margin cost of production. in an efficient market, consumer surplus is maximized.
in conclusion, consumer surplus is a measure of the benefit that consumers receive from the availability of goods at a lower price. it is an important concept in economics because it can be used to assess the impact of government policies on consumer welfare and the efficiency of markets.
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Crenshaw Enterprises has gathered projected cash flows for two projects. Year 0 Project -$189,000 Project J $189,000 o-NM 93,500 84,600 63,200 57,800 73,600 72,800 76,800 84,000 a. At what interest rate would the company be indifferent between the two projects? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. Which project is better if the required return is above this interest rate? Interest rate Project above crossover rate b.
Crossover rate is also known as internal rate of return. It is the interest rate at which the net present value of two projects is equal. The answer is Project J.
The net present value is calculated by discounting all future cash flows to present values. If the net present value is positive, the investment should be accepted and if it is negative, the investment should be rejected.The solution to this problem can be obtained by following these steps:
Calculate the NPV of Project 0 and Project J at different interest rates using the following formula:
NPV = CF0 + CF1 / (1+r)¹ + CF2 / (1+r)² + ...+ CFn / (1+r)nWhere,CF0 = cash flow in Year 0CF1, CF2, ..., CFn = cash flows in Year 1, Year 2, ..., Year n respectively
r = discount rate at which the cash flows are discounted.
Year 0 Project NPV
Interest Rate NPV -$189,000 0% -$189,000 -$189,000 5% -$129,263.18 -$189,000 10% -$85,902.44 -$189,000 15% -$54,233.26 -$189,000 20% -$32,276.49 -$189,000 25% -$18,107.15 -$189,000 30% -$10,024.15 -$189,000 35% -$6,010.90 Project J NPV
Interest Rate NPV $189,000 0% $189,000 $189,000 5% $220,512.82 $189,000 10% $248,442.86 $189,000 15% $273,478.37 $189,000 20% $296,147.15 $189,000 25% $316,945.47 $189,000 30% $336,255.03 $189,000 35% $354,359.22
Compute the crossover rate by using the following formula:
CR = Rl + (NPVl / (NPVl - NPVh)) x (Rh - Rl)
Where,Rl = Lower discount rateRh = Higher discount rate
NPVl = Net Present Value at the lower discount rate
NPVh = Net Present Value at the higher discount rate
CR = Crossover rate
Project 0 and Project J Crossover Rate Interest Rate NPV $0 27.52% $10,398.26
The company would be indifferent between the two projects at a discount rate of 27.52%. The answer is 27.52% (rounded off to two decimal places)b. Which project is better if the required return is above this interest rate?If the required return is above 27.52%, Project J will be the better option. If the required return is below 27.52%, Project 0 will be the better option.
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a. XYZ company is looking for a 4-months term source of $800,000 to supplement working capital. Which source below should the company choose? The bank A accepts loans at annual nominal rate of interest of 15% a year. The bank B accepts loans at discount interest rate of 14% a year. The bank C accepts a loan with interest rate of 10% per year and deposits rate at 12%.
XYZ company should choose Bank B, which offers loans at a discount interest rate of 14% per year, for the 4-month term source of $800,000 to supplement working capital.
To determine the most suitable source for the 4-month term loan of $800,000, we compare the interest rates offered by three banks: Bank A, Bank B, and Bank C. Bank A offers loans at an annual nominal rate of interest of 15% per year. Bank B accepts loans at a discount interest rate of 14% per year. Bank C offers a loan with an interest rate of 10% per year and deposits rate at 12%.
Since the term required by XYZ company is 4 months, we need to adjust the interest rates to a comparable basis. Assuming a 12-month year, we divide the interest rates by 12 to obtain the monthly rates. Bank A's nominal rate becomes 1.25% per month (15% divided by 12), Bank B's discount rate remains at 1.17% per month (14% divided by 12), and Bank C's interest rate becomes 0.83% per month (10% divided by 12).
Based on the adjusted rates, Bank B offers the lowest interest rate of 1.17% per month, making it the most favorable option for XYZ company. Bank A has a higher rate of 1.25% per month, and Bank C's interest rate of 0.83% per month is lower but comes with a deposits rate of 1% higher than the loan rate. Therefore, Bank B is the best choice for XYZ company as it provides the lowest cost of borrowing for the required term.
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Accounting for lean operations requires fewer transactions because a. costs are accumulated in one department and then transferred to the next department Ob. combined materials and conversion costs are transferred to finished goods c. large batches of inventory are combined into a smaller number of transactions Od. costs are transferred from department to department allowing for better control of costs Which of the following is an example of value-added time? a. wait time in inventory b. processing time c. wait time during inspection d. none of these choices Which of the following is an example of a nonfinancial measure of performance used in lean manufacturing? a. all of these choices b. lead time c. number of units scrapped d. setup time
Accounting for lean operations requires fewer transactions because
a. Costs are transferred from department to department allowing for better control of costs.
This means that in lean operations, costs are tracked and allocated between different departments, enabling better monitoring and management of costs throughout the production process. By transferring costs between departments, it becomes easier to identify and control the specific expenses associated with each stage of production.
b. Processing time.
Processing time refers to the actual time spent on value-adding activities during the production process. It is an example of value-added time because it directly contributes to the transformation of inputs into finished products or services, adding value to the final outcome.
a. All of these choices.
Nonfinancial measures of performance, such as lead time, number of units scrapped, and setup time, are commonly used in lean manufacturing. These measures focus on operational aspects and efficiency improvements rather than financial metrics alone, providing a comprehensive view of the organization's performance in terms of waste reduction, productivity, and customer satisfaction.
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QUESTION 7
No part of the friendship remains when a friendship ends.
True/False
QUESTION 8
Alex and Manoli spend a lot of time communicating about their friendship. Which relationship maintenance behavior is occurring?
a. Openness
b. Positivity
c. Sharing
d. Assuring
The answer to question 7 "No part of the friendship remains when a friendship ends" is False. When a friendship ends, it is possible for some aspects or memories of the friendship to remain, such as shared experiences or mutual acquaintances.
For question 8, the relationship maintenance behavior that is occurring when Alex and Manoli spend a lot of time communicating about their friendship is a. Openness. Openness refers to the willingness and effort to share thoughts, feelings, and information with each other in a relationship. By actively engaging in communication about their friendship, Alex and Manoli are demonstrating openness and a desire to maintain and strengthen their relationship. Openness in communication allows individuals to express themselves honestly, listen to each other's perspectives, and deepen their understanding of one another. It fosters trust, emotional intimacy, and a sense of connection in the relationship. By regularly engaging in open and meaningful conversations, Alex and Manoli are actively working to maintain and nurture their friendship.
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Determine the amount of the child tax credit in each of the following cases: a. A single parent with modified AGI of $214,300 and one child age 4. b. A single parent with modified AGI of $78,900 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408,833 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,955 and one child, age 13.
To determine the amount of the child tax credit in different scenarios, we need to consider the modified adjusted gross income (AGI) and the number and ages of the children.
The child tax credit is subject to income phaseouts based on the taxpayer's filing status and modified AGI. The credit amount is $2,000 per qualifying child. However, it may be reduced or eliminated if the taxpayer's modified AGI exceeds certain thresholds.
For a single parent with a modified AGI of $214,300 and one child age 4, the child tax credit would be the full amount of $2,000.
For a single parent with a modified AGI of $78,900 and three children ages 7, 9, and 12, the child tax credit would also be the full amount of $2,000 per child, resulting in a total credit of $6,000.
For a married couple filing jointly with a modified AGI of $408,833 and two children ages 14 and 16, the child tax credit would be subject to phaseouts. The credit begins to phase out at $400,000 for married couples filing jointly, so the amount of the credit would be reduced. The specific reduction amount would depend on the phaseout calculation.
For a married couple filing jointly with a modified AGI of $132,955 and one child age 13, the couple would likely qualify for the full child tax credit of $2,000.
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a. What are the levels of implied utilization at each resource? [3.6] b. At what time has the last passenger gone through the system? Note: If passengers of one type have to wait for a resource, passengers that do not require service at the resource can pass by the waiting passengers! [3.6] I c. Kim, an experienced long-distance traveler, arrived at 6 p.m. at the airport and attempted to move through the check-in process as quickly as she could. How long did she have to wait before she was checked at security? [3.6] d. The airline considers showing an educational program that would provide information about the airport's check-in procedures. Passenger surveys indicate that 80 percent of the inexperienced passengers (short or long distance) would subsequently act as expe- rienced passengers (i.e., the new arrival rates would be 164 experienced short-distance, 112 experienced long-distance, 16 inexperienced short-distance, and 8 inexperienced long-distance [passengers/hour]). At what time has the last passenger gone through the system? [3.6] Q3.9 (Paris Airport) Kim Opim, an enthusiastic student, is on her flight over from Philadelphia (PHL) to Paris. Kim reflects upon how her educational experiences from her operations courses could help explain the long wait time that she experienced before she could enter the departure area of Terminal A at PHL. As an airline representative explained to Kim, I there are four types of travelers in Terminal A: . Experienced short-distance (short-distance international travel destinations are Mexico and various islands in the Atlantic) travelers: these passengers check in online and do not speak with any agent nor do they take any time at the kiosks. Experienced long-distance travelers: these passengers spend three minutes with an agent. Inexperienced short-distance travelers: these passengers spend two minutes at a kiosk; however, they do not require the attention of an agent. . Inexperienced long-distance travelers: these passengers need to talk five minutes with an agent. After a passenger checks in online, or talks with an agent, or uses a kiosk, the passenger must pass through security, where they need 0.5 minute independent of their type. From historical data, the airport is able to estimate the arrival rates of the different customer types at Terminal A of Philadelphia International: . Experienced short-distance travelers: 100 per hour Experienced long-distance travelers: 80 per hour Inexperienced short-distance travelers: 80 per hour Inexperienced long-distance travelers: 40 per hour . At this terminal, there are four security check stations, six agents, and three electronic kiosks. Passengers arrive uniformly from 4 p.m. to 8 p.m., with the entire system empty prior to 4 p.m. (the "midafternoon lull") and no customers arrive after 8 p.m. All workers must stay on duty until the last passenger is entirely through the system (e.g., has passed through security). a. What are the levels of implied utilization at each resource? [3.6] b. At what time has the last passenger gone through the system? Note: If passengers of one type have to wait for a resource, passengers that do not require service at the resource can pass by the waiting passengers! [3.6]
a. The levels of implied utilization at each resource are: Security check stations- Security check stations have an arrival rate of (100+80+80+40)= 300 passengers/hour. Passengers require an average service rate of 1/0.5= 2 passengers per minute per security check stations, implying that all four stations can serve 8 passengers per minute and a total of 480 passengers per hour. Implied Utilization= Arrival rate/Service rate= 300/480= 0.625 (62.5%)Agents- Arrivals for this resource are not separated into short/long distance, so we have an arrival rate of (80+40)= 120 passengers/hour. The average service rate is 1/3= 1/180 passengers per minute, which implies that all 6 stations can serve 1/30= 2 passengers per minute and 120 passengers per hour. Implied Utilization= Arrival rate/Service rate= 120/120= 1 (100%)Electronic kiosks- Arrivals are again not separated into short/long distance, so we have an arrival rate of (80+40)= 120 passengers/hour. The average service rate is 1/2= 1/120 passengers per minute, which implies that all three kiosks can serve 1/40= 3/120= 3 passengers per minute and a total of 180 passengers per hour. Implied Utilization= Arrival rate/Service rate= 120/180= 0.667 (66.7%)
b. The below table represents the calculation of the last passenger gone through the system: Time 16:00 Arrival of Experienced short-distance passengers Arrival rate= 100Time 16:00 Arrival of Experienced long-distance passengers Arrival rate= 80Time 16:00 Arrival of Inexperienced short-distance passengers Arrival rate= 80Time 16:00 Arrival of Inexperienced long-distance passengers Arrival rate= 40Passengers requiring security check= (100+80+80+40)= 300Arrival rate for security check stations= 300Service rate for security check stations= 8 passengers/min= 480 passengers/hour Implied Utilization for security check stations= Arrival rate/Service rate= 300/480= 0.625Arrival rate for agents= 120Service rate for agents= 2 passengers/min= 120 passengers/hour Implied Utilization for agents= Arrival rate/Service rate= 120/120= 1Arrival rate for kiosks= 120Service rate for kiosks= 3 passengers/min= 180 passengers/hour Implied Utilization for kiosks= Arrival rate/Service rate= 120/180= 0.667As the bottleneck resource is the agents, the calculation of the last passenger gone through the system will be based on the utilization of this resource. Maximum capacity= 6 agents x 60 min= 360 passengers/hour. The actual throughput of this resource is 120 passengers/hour. Implied Utilization= Throughput/Maximum capacity= 120/360= 0.333Time for last passenger to pass through the system= Time for the slowest process (talking to an agent for inexperienced long-distance passengers)= 5 minutes. Last Passenger Passed Through the System= Time of Arrival of Last Passenger+ Time for the Slowest Process= 8 pm + 5 minutes= 8:05 pm. Therefore, the last passenger passed through the system at 8:05 pm.
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