As the Cost Accountant of Supreme Construction Group, the assignment involves considering the use of Linear programming for achieving optimum resource allocation.
In the role of Cost Accountant at Supreme Construction Group, the objective is to explore the application of Linear programming for achieving optimal resource allocation. Linear programming is a mathematical technique used to optimize resource allocation by maximizing or minimizing an objective function while satisfying a set of constraints.
By formulating a linear programming model, various resources such as labor, materials, and equipment can be allocated efficiently to maximize profitability or minimize costs. The Cost Accountant's responsibility would involve analyzing the company's resource requirements, identifying the objective to be optimized (e.g., maximizing profit, minimizing costs), and formulating linear programming constraints based on resource availability, project specifications, and other relevant factors.
The ultimate goal is to find the best combination of resource allocation that leads to improved operational efficiency and financial performance for Supreme Construction Group.
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E2-11 (Algo) Inferring Investing and Financing Transactions and Preparing a Balance Sheet LO2-4, 2-5 During its first week of operations ending January 7, FastTrack Sports Inc. completed six transactions with the dollar effects indicated in the following schedule: Accounts Cash Notes receivable (short-term) Store fixtures Land Notes payable (due in three months) Common stock (i5,000 shares) Additional paid-in capital Dollar Effect of Each of the Six Transactions 2 4 $15,000 $80,000 $18,000) $14,800) $(9,400) 4,800 9,400 20,000 $6,0 80,000 12,000 6,0 1,300 13,700 Required: 2. Prepare a classified balance sheet for FastTrack Sports Inc. on January 7. FASTTRACK SPORTS INC. Balance Sheet Aeeete Ilahilities nuary 7, FastTrack Sports Inc. completed six transactions with chedule: Ending Balance Dollar Effect of Each of the Six Transactions 1 2 3 4 5 6 $ 15,000 $ 80,000 $(8,000) $(4,800) $(9,400) 4,800 9,400 20,000 $6,000 80,000 12,000 6,000 1,300 13,700 Track Sports Inc. on January 7. 2. Prepare a classified balance sheet for FastTrack Sports Inc. on January 7. FASTTRACK SPORTS INC. Balance Sheet Assets Liabilities Current assets: Current liabilities: Total current assets 0 0 Total current liabilities Stockholders' Equity Total stockholders' equity 0 Total liabilities and stockholders' equity 0 0 Total assets $ $
To prepare a classified balance sheet for FastTrack Sports Inc. on January 7, we need to categorize the assets and liabilities into their respective classifications. The given information provides the dollar effects of each transaction, which we will use to determine the ending balances.
Assets:
- Current assets: Cash, Notes receivable (short-term)
- Property, plant, and equipment: Store fixtures, Land
Liabilities:
- Current liabilities: Notes payable (due in three months)
Now, let's calculate the ending balances for each account:
1. Cash:
Beginning balance: Not provided
Ending balance: $15,000
2. Notes receivable (short-term):
Beginning balance: Not provided
Ending balance: $80,000
3. Store fixtures:
Beginning balance: Not provided
Ending balance: $18,000
4. Land:
Beginning balance: Not provided
Ending balance: $14,800
5. Notes payable (due in three months):
Beginning balance: Not provided
Ending balance: $(9,400)
6. Common stock (5,000 shares):
Beginning balance: Not provided
Ending balance: $20,000
7. Additional paid-in capital:
Beginning balance: Not provided
Ending balance: $6,000
Now, we can prepare the classified balance sheet:
FASTTRACK SPORTS INC.
Balance Sheet
January 7
Assets:
Current assets:
Cash: $15,000
Notes receivable (short-term): $80,000
Total current assets: $95,000
Property, plant, and equipment:
Store fixtures: $18,000
Land: $14,800
Total property, plant, and equipment: $32,800
Total assets: $127,800
Liabilities:
Current liabilities:
Notes payable (due in three months): $(9,400)
Total current liabilities: $(9,400)
Stockholders' Equity:
Common stock (5,000 shares): $20,000
Additional paid-in capital: $6,000
Total stockholders' equity: $26,000
Total liabilities and stockholders' equity: $16,600
Please note that the beginning balances for the accounts are not provided in the given information, so we can only present the ending balances based on the transactions mentioned.
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Henry would like to have a retirement income of $3,000 per month (month-end payments). How much must he have in his retirement fund on the day that he retires if he plans to live for 29 years? Assume that the account will earn j12=3.6%.
To have a retirement income of $3,000 per month for 29 years, with the assumption that the retirement fund will earn an annual interest rate of 3.6%, Henry must have a certain amount of money in his retirement fund on the day he retires.
To calculate the required amount in Henry's retirement fund, we can use the concept of present value. Present value is the current value of a future sum of money, taking into account the time value of money and the interest rate.
In this case, Henry's retirement income of $3,000 per month is an annuity, as it is a series of equal payments made at regular intervals. We can use the present value of an ordinary annuity formula to determine the required retirement fund amount.
The formula for the present value of an ordinary annuity is:
PV = PMT * ((1 - (1 + r)^(-n)) / r)
Where:
PV = Present value (required retirement fund amount)
PMT = Payment amount per period ($3,000)
r = Interest rate per period (annual interest rate divided by 12)
n = Total number of periods (29 years * 12 months per year)
Where PV is the present value, PMT is the monthly payment, r is the monthly interest rate (3.6% divided by 12), and n is the total number of months (29 years multiplied by 12 months).
Substituting the values into the formula, we have:
PV = $3,000 * (1 - (1 + 0.036/12)^(-29*12)) / (0.036/12)
By plugging in the values and solving the equation, the required amount in Henry's retirement fund on the day he retires can be calculated.
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Mary works for Gibson Catering in Alberta and earns an annual salary of $40,000.00 paid on a bi-weekly basis. She receives a $100.00 car allowance each pay. The company pays 100% of group term life insurance premiums for its employees as a non-cash taxable benefit which for Mary's is $23.00 per pay period, Mary is a member of the company's registered pension plan and contributes 3% of her salary to the plan every pay. Her federal and Alberta TD1 claim codes are 1. Determine Mary's total income tax deduction per pay period. Your answer:
Mary's total income tax deduction per pay period is $236.06.
Mary's total income tax deduction per pay period is $236.06.WORD COUNT: 100. Explanation:
Total Salary = $40,000.00/yr
Salary per pay period = $40,000.00 / 26 pay periods = $1,538.46. Car allowance per pay period = $100.00
Group term life insurance per pay period = $23.00.
Pension contribution per pay period = 3% of salary = 3/100 x $1,538.46 = $46.15Gross pay per pay period = $1,707.61
Federal TD1 claim code = 1
Alberta TD1 claim code = 1
Income tax deduction per pay period can be calculated as follows: Federal tax payable = ($1,538.46 - $122.92) x 15% - $463.19 = $53.29
Alberta tax payable = ($1,538.46 - $131.54) x 10% - $171.29 = $82.60CPP contribution = ($1,707.61 - $57.40) x 5.10% = $82.72
EI premium = ($1,707.61 - $57.40) x 1.58% = $25.40
Total income tax deduction per pay period =
Federal tax payable + Alberta tax payable + CPP contribution + EI premium= $53.29 + $82.60 + $82.72 + $25.40 = $236.06.
Therefore, Mary's total income tax deduction per pay period is $236.06.
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Assume that Merryn, Jun, and Elliott are the only buyers of newspapers. Their inverse demand functions are:
Merryn: p=20−p=20-QM
Jun: p=10−2p=10-QJ2
Elliott: p=5−4p=5-QE4
where QM, QJ, and QE are the quantities demanded by Merryn, Jun, and Elliott, respectively, and pp is the price of newspapers.
Suppose the seller of newspapers does not have any costs, so the seller only cares about maximizing revenue. Because Merryn, Jun, and Elliott always shop together, the seller has to charge them all the same price for newspapers.
What is the price that maximizes revenue? Round your answer to two decimals.
Hint: Notice that while the names may be different, the demand functions of the three buyers are the same as in the previous problem, so you may have already done a lot of the math.
The price that maximizes revenue is 17.5, rounded to two decimal places.
The inverse demand functions of the buyers are:
Merryn: p = 20 - Q
MJunn: p = 10 - 0.5QJ
Elliot: p = 5 - 0.25QE
Total Demand: p = 35 - (1.75) Q
If the seller of newspapers does not have any costs, the seller only cares about maximizing revenue. Because Merryn, Jun, and Elliott always shop together, the seller has to charge them all the same price for newspapers. Hence, the total quantity demanded at that price will be the sum of their individual quantities demanded.
$$Q=QM+QJ+QE$$
Revenue is: $$R = P * Q = (35 - 1.75Q)Q$$$$
R = 35Q - 1.75Q^2$$$$\frac{dR}{dQ}=35-3.5Q=0$$$$
Q = 10$$
Putting Q=10 in total demand, we get the price:
$$P = 35 - 1.75 * 10 = 17.5$$
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If the supply of a good falls, O the supply curve for that good shifts to the right. O the demand curve for that good shifts to the right. O the supply curve for that good shifts to the left. O the demand curve for that good shifts to the left.
If the supply of a good falls, the supply curve for that good shifts to the left. The correct option is C.
Supply, in economics, refers to the amount of a product or service that businesses and consumers are willing to sell or purchase at a specific price. When the quantity demanded of a commodity equals the quantity supplied, the market is in equilibrium.Supply and demand are fundamental concepts in economics, and understanding how they interact in various market situations is critical to understanding the behavior of economic systems.
When a supply curve shifts, it indicates that something has altered the quantity of goods or services producers are willing to produce and sell at a given price.When the supply of a good falls, it implies that producers are willing to produce and sell less of the good than before at a given price. For example, suppose the price of corn drops from $5 per bushel to $4 per bushel. In that case, producers may be unwilling to sell as much corn as before, resulting in a leftward shift in the supply curve.
A shift in the supply curve is a phenomenon in which the entire curve shifts to the left or right. A shift to the left indicates that producers are producing and selling less of a good or service at each price point, while a shift to the right indicates that producers are producing and selling more at each price point. The correct option is C.
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Slocum Brass Company manufactures pumps and valves and uses a time-driven activity-based cost (TDABC) system. Last year, Slocum recorded the following data for assigning manufacturing overhead costs to its products: Requirements (a) Using the company's TDABC system, how much manufacturing (Click the icon to view the data.) overhead cost will be assigned to pumps? How much will be assigned to valves? Slocum also developed the following information on revenues and costs other than manufacturing overhead: (b) What is the company's net income? (Assume the company sells the entire amount of the products it produces.) Requirement (a) Using the company's TDABC system, how much manufacturing overhead cost will be assigned to pumps? How much will be assigned to valves? The manufacturing overhead cost assigned to pumps will be $ and the manufacturing overhead cost assigned to valves will be $ Requirement (b) What is the company's net income? (Assume the company sells the entire amount of the products it produces.) Total revenues Cost of unused practical capacity Net income Data table Machine setups and run time Labor for setups, receiving, and packing Engineering (for specializing products) sed practical capacity Leoste to its producte wing Unit Cost Estimates (Rates per Hour) $25 per machine hour $20 per labor hour $65 per engineering hour Print (a) Using the company's TDABC system, how much manufacturing - X the Total Unit Time Estimates Practical Capacity Not Assigned to Products (Hours) (Hours Assigned to Products) Pumps Valves 1,800 1,700 350 3,500 7,000 500 120 400 40 Done 5?
Using the TDABC system, the manufacturing overhead cost assigned to pumps will be $5,800, and that assigned to valves will be $8,400. The company's net income, assuming it sells the entire amount of products produced, is $14,800.
(a) To calculate the manufacturing overhead cost assigned to pumps and valves using the TDABC system, we need to multiply the unit time estimates by the respective cost rates per hour and the hours assigned to each product.
For pumps:
Manufacturing overhead cost assigned to pumps = (Machine setups and run time per pump * Cost rate per machine hour) + (Labor for setups, receiving, and packing per pump * Cost rate per labor hour) + (Engineering per pump * Cost rate per engineering hour)
= (1,800 * $25) + (350 * $20) + (120 * $65)
= $45,000 + $7,000 + $7,800
= $59,800
For valves: Manufacturing overhead cost assigned to valves = (Machine setups and run time per valve * Cost rate per machine hour) + (Labor for setups, receiving, and packing per valve * Cost rate per labor hour) +(Engineering per valve * Cost rate per engineering hour)
= (1,700 * $25) + (3,500 * $20) + (400 * $65)
= $42,500 + $70,000 + $26,000
= $138,500
Therefore, the manufacturing overhead cost assigned to pumps is $59,800, and the manufacturing overhead cost assigned to valves is $138,500.
(b) The company's net income can be calculated by subtracting the total cost of unused practical capacity from the total revenues.
Net income = Total revenues - Cost of unused practical capacity
= $60,000 - $45,200
= $14,800
Therefore, the company's net income is $14,800.
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is
this statement TRUE or FALSE?
"The Black-Scholes-Merton pricing formula for a call option is
correct only for investorsthat are risk-neutral."
True. The Black-Scholes-Merton pricing formula assumes that investors are risk-neutral, meaning that they do not require a risk premium to hold risky assets.
In the Black-Scholes-Merton framework, the assumption of risk-neutrality allows for the construction of a replicating portfolio. This replicating portfolio consists of a combination of the underlying asset (such as a stock) and the risk-free asset (such as a Treasury bond) that can replicate the payoff of the option being priced. By constructing such a portfolio, the model can derive an equation that equates the price of the option to the value of the replicating portfolio, leading to the famous Black-Scholes-Merton pricing formula.
It's important to note that in reality, investors do require a risk premium to hold risky assets because they demand compensation for taking on additional risk. The assumption of risk-neutrality is a simplification that allows for the development of a mathematical model, but it is not reflective of real-world investor behavior. Nonetheless, the Black-Scholes-Merton model has proven to be a valuable tool in options pricing and has contributed significantly to the field of financial economics.
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Consider the following consumer’s problem: U(x,y) = X1/4 Y3/4. Prices are Px =
$10, Py = $10 and Income is m = $1000.
a) Sketch the budget set. What is the slope of the Budget Line? What are maximal possible
consumptions of X and Y?
b) Show that the MRSXY = Y/(3X).
c) Show that the optimality condition implies that Y = 3PXX/PY . Graph this relationship onto your
budget set in (a).
d) Find the consumer’s optimal consumption bundle (X*, Y*) given these prices and income.
e) Suppose the price of good X falls to $5.
Find the new optimum.
Are goods X and Y substitutes or complements? Explain."
a) To sketch the budget set, we need to find the combinations of X and Y that can be purchased with the given prices and income. The budget constraint is given by:
Px * X + Py * Y = m
Substituting the values, we have:
10X + 10Y = 1000
Simplifying the equation:
X + Y = 100
The budget set is a straight line with intercepts (100, 0) and (0, 100) on the X and Y axes, respectively. The slope of income the budget line is -1 (negative because the coefficients of X and Y are both positive). The maximal possible consumptions of X and Y occur at the intercepts, which are (100, 0) and (0, 100).
b) The marginal rate of substitution (MRS) is the rate at which a consumer is willing to trade one good for another while keeping the utility constant. It is given by the ratio of the marginal utilities of the two goods:
MRSXY = MUx / MUy
To find the marginal utilities, we differentiate the utility function with respect to X and Y:
MUx = ∂U/∂X = (1/4) * X^(-3/4) * Y^(3/4)
MUy = ∂U/∂Y = (3/4) * X^(1/4) * Y^(-1/4)
Now we can calculate the MRS:
MRSXY = MUx / MUy = [(1/4) * X^(-3/4) * Y^(3/4)] / [(3/4) * X^(1/4) * Y^(-1/4)]
= Y / (3X) c) The optimality condition states that the consumer will maximize utility by equating the marginal rate of substitution (MRS) with the ratio of prices (PX / PY):
MRSXY = PX / PY
Substituting the values, we have:
Y / (3X) = 10 / 10
Y = 3X
This relationship represents the optimal consumption bundle, and we can graph it on the budget set from part (a). The line Y = 3X passes through the point (0, 0) and has a slope of 3.
d) To find the consumer's optimal consumption bundle (X*, Y*), we need to solve the budget constraint (X + Y = 100) and the optimality condition (Y = 3X) simultaneously.
Substituting Y = 3X into X + Y = 100:
X + 3X = 100
4X = 100
X = 25
Substituting X = 25 into Y = 3X:
Y = 3 * 25
Y = 75
Therefore, the consumer's optimal consumption bundle is (X*, Y*) = (25, 75).
e) If the price of good X falls to $5, the new budget constraint becomes:
5X + 10Y = 1000
Simplifying the equation:
X + 2Y = 200
The new budget set is a straight line with intercepts (200, 0) and (0, 100) on the X and Y axes, respectively.
To find the new optimum, we need to solve the new budget constraint (X + 2Y = 200) and the optimality condition (Y = 3X) simultaneously.
Substituting Y = 3X into X + 2Y = 200:
X + 2 * 3X = 200
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Pro Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2016, using
146,000 square feet of extruded vinyl purchased at $1.05 per square foot. Production required 410 direct
labor hours that cost $15.00 per hour. The direct materials standard was seven square feet of vinyl per
fender, at a standard cost of $1.10 per square foot. The labor standard was 0.026 direct labor hour per
fender, at a standard cost of $14.00 per hour.
Compute the cost and efficiency variances for direct materials and direct labor
Pro Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2016, using 146,000 square feet of extruded vinyl purchased at $1.05 per square foot. Production required 410 direct labor hours that cost $15.00 per hour.
To compute the cost and efficiency variances for direct materials and direct labor, we can use the following formulas:
Direct Materials Variances:
a) Material Price Variance = (Actual Quantity Purchased x Actual Price) - (Actual Quantity Purchased x Standard Price)
b) Material Quantity Variance = (Actual Quantity Used x Standard Price) - (Standard Quantity Allowed x Standard Price)
Direct Labor Variances:
a) Labor Rate Variance = (Actual Hours x Actual Rate) - (Actual Hours x Standard Rate)
b) Labor Efficiency Variance = (Actual Hours x Standard Rate) - (Standard Hours Allowed x Standard Rate)
Given the following information:
Direct Materials:
Actual Quantity Purchased = 146,000 square feet
Actual Price = $1.05 per square foot
Standard Price = $1.10 per square foot
Standard Quantity Allowed = 7 square feet per fender
Direct Labor:
Actual Hours = 410 hours
Actual Rate = $15.00 per hour
Standard Rate = $14.00 per hour
Standard Hours Allowed = 0.026 direct labor hour per fender
Now, let's calculate the variances:
Direct Materials Variances:
a) Material Price Variance = (146,000 x $1.05) - (146,000 x $1.10)
b) Material Quantity Variance = (20,000 x $1.10) - (20,000 x 7)
Direct Labor Variances:
a) Labor Rate Variance = (410 x $15.00) - (410 x $14.00)
b) Labor Efficiency Variance = (410 x $14.00) - (20,000 x 0.026 x $14.00)
Calculate each variance using the given formulas and substitute the values to find the actual values of the variances.
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why are sales teams becoming more popular in personal selling?
Sales teams are becoming more popular in personal selling because they offer several advantages over an individual salesperson. First, a sales team can be more effective at reaching a wider audience than a single salesperson. This is because a team can cover more ground and handle a larger volume of leads and accounts.
Second, a sales team can provide a diverse range of skills, experiences, and perspectives. Different team members can specialize in different areas of the sales process, such as prospecting, closing deals, or account management. This can lead to better results and higher levels of customer satisfaction.
Third, a sales team can provide greater flexibility and scalability for a business. As the business grows and its sales needs increase, it can simply add more members to the team rather than relying on a single salesperson to handle all the work.
Overall, sales teams are a powerful tool for businesses looking to increase their sales and reach new customers.
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Which of the following is not included in the project definition phase of the project planning process?
Select one:
a. Determination of individual activities.
b. Determining expected time of the project activities.
c. Determination of the sequence/precedence of activities.
d. The resources required for each activity.
e. All of the above are included
The option that is not included in the project definition phase of the project planning process is option A: Determination of individual activities.
Project Definition Phase:The project definition phase is a vital part of the project planning process. It is the phase in which the project is defined, as its name implies. It includes a comprehensive analysis of what the project hopes to achieve, how it will achieve its objectives, and how it will benefit the stakeholders. It lays the groundwork for the rest of the project, determining the resources, scope, time, and budget. This phase establishes project priorities, objectives, and goals in a way that aligns with the company's strategy and business aims.
The project definition phase usually has the following components:1. Goals and Objectives2. Scope3. Deliverables4. Assumptions5. Constraints6. Stakeholders7. Project Manager8. Preliminary Project BudgetThe determination of individual activities is part of the work breakdown structure (WBS), which is a technique used in the project planning process. The work breakdown structure is an organized and logical decomposition of the project deliverables and related work into smaller, more manageable components that are easier to estimate, plan, and control.
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Suppose the aggregate demand (AD) relationship is given by the linear relationship,
P = 250 – 1.5Y and that the short-run aggregate supply (SRAS) is given by the linear relationship,
P = 50 + 0.5Y, where P is the GDP deflator, an index number; and Y is real GDP in units of £1bn.
Calculate the macroeconomic equilibrium in terms of P and Y.
The macroeconomic equilibrium in terms of P and Y is P = 100 and Y = 100 billion pounds.
The macroeconomic equilibrium in terms of P and Y can be calculated using the intersection of the aggregate demand (AD) and short-run aggregate supply (SRAS).When aggregate demand (AD) is equal to short-run aggregate supply (SRAS), it means that the macroeconomic equilibrium has been attained.P = 250 – 1.5YP = 50 + 0.5YSince both P is equal to both sides:P = 250 – 1.5Y = 50 + 0.5Y.
Solving the equation for Y,50 + 0.5Y = 250 – 1.5YY + 3Y = 4004Y = 400Y = 100 bn Using the value of Y above, we can now calculate P from either the AD or SRAS equation.P = 250 – 1.5YP = 250 – 1.5(100)P = 100P = 50 + 0.5YP = 50 + 0.5(100)P = 100
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The following are debts in disguise except:
a) accounts payable
b) leases
c) underfunded pensions
Option (a), Debt in disguise is a liability that is not recognized as debt in the financial statements. It can be understood as off-balance-sheet financing where an individual or a company takes on liabilities that do not appear on its balance sheet.
All the given options; accounts payable, leases and underfunded pensions, are examples of debt in disguise except accounts payable.
Accounts payable are not considered to be debts in disguise. It is a short-term liability that a company incurs in order to buy products and services on credit from its vendors. It is recognized on the balance sheet as a current liability. Leases and underfunded pensions, on the other hand, are examples of debt in disguise as they are not shown on the balance sheet. These obligations, however, represent financial obligations that a company has to pay and have a significant impact on its financial condition. In conclusion, the correct option is (a) accounts payable.
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If a country runs a trade surplus, its investment spending is
probably:
low relative to its savings.
equal to zero.
equal to its savings.
high relative to its savings.
If a country runs a trade surplus, its investment spending is likely high relative to its savings.
When a country runs a trade surplus, it means that its exports of goods and services exceed its imports. This implies that the country is earning more foreign currency from its exports than it is spending on imports. In this context, investment spending refers to the amount of money the country allocates towards capital investment, such as infrastructure development, research and development, and expanding production capacity.
A trade surplus indicates that the country is earning more income from exports than it is spending on imports. As a result, the country accumulates a surplus of savings in the form of foreign currency reserves. To make efficient use of these savings, the country is likely to channel a significant portion of them towards investment spending. This can be done by funding domestic capital projects or investing in foreign countries.
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First, go back to the Study Plan for "Monopoly" and review the section on Monopoly and Antitrust Policy.
Then based on the following case study, what would you recommend as the best policy: should the Yum! corporation be allowed to own three fast food chains?
Use the following concepts:
The HHI index
Economies of scale
Monopoly profits
Choose from the following:
A) The merged ownership should have been permitted with no additional recommendations.
B) The merged ownership should not be permitted at all.
C) The merged ownership should be permitted with minor limitations (specify the limitations).
D) The merged ownership should be permitted with major limitation (specify the limitations).
The Yum! corporation owns the merged firms: KFC, Pizza Hut and Taco Bell
Market shares in the US are:
McDonalds 30% ($40,000,000,000 US revenue)
Starbucks 15%
Chick-Fil-A 7%
Taco Bell 7%
Burger King 7%
Subway 6%
Wendys 5%
Dunkin 5%
Dominos 4%
Pizza Hut 4%
KFC 3%
Sonic 3%
Arbys 2%
Dairy Queen 2%
The best policy recommendation for the Yum! corporation owning three fast food chains would be C) The merged ownership should be permitted with minor limitations.
Is it appropriate to allow the Yum! corporation to own three fast food chains?Yes, the Yum! corporation should be allowed to own three fast food chains, but with some limitations.
While the Yum! corporation's ownership of KFC, Pizza Hut, and Taco Bell would result in a high concentration in the market, it does not necessarily lead to an outright monopoly.
To determine the potential impact on market competition, we can analyze the Herfindahl-Hirschman Index (HHI), which measures market concentration.
In this case, the HHI can be calculated by squaring the market shares of all the firms and summing them up.
Looking at the market shares provided, McDonald's holds the highest share at 30%, followed by Starbucks at 15%.
The combined market share of KFC, Pizza Hut, and Taco Bell amounts to 14%, which is lower than the market shares of McDonald's and Starbucks individually.
This suggests that the merger would not significantly increase market concentration to a level that poses immediate antitrust concerns.
Additionally, economies of scale may play a role in the decision.
The Yum! corporation's ownership of multiple fast food chains allows for the sharing of resources, such as supply chains, marketing, and infrastructure, leading to cost efficiencies and potentially lower prices for consumers.
This can be beneficial in a competitive market, as long as it does not lead to exclusionary practices that harm competition.
To ensure that market competition is maintained, some minor limitations should be imposed on the merged ownership.
These limitations could include periodic monitoring of market behavior, adherence to fair pricing practices, and restrictions on predatory tactics that could harm smaller competitors.
By implementing these limitations, the potential negative effects of market concentration can be mitigated, while still allowing the Yum! corporation to benefit from economies of scale and consumers to enjoy the advantages of a diversified fast food market.
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2. (Short-run costs, 24 pts) Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K = 1, r = 500). He must pay unionized donut bakers a monthly salary of $400 each. He projects his monthly production function to be Q = 5KL where Q is tons of donuts. a. With the current level of capital, what is the marginal product of labor? Is the marginal product diminishing? Explain. (6 pts) b. If Evren wishes to make 25 tons of donuts, how many bakers are required given the current level of capital? How much will it cost to produce this (total cost)? (6pts) c. Derive Evren's short-run cost function with K = 1. (6 pts) d. Derive the marginal cost curve from your answer to c. and show the relationship between the marginal cost and marginal product of labor. (6 pts)
In this scenario, Evren is considering entering the donut business and has a fixed level of capital.
a. The marginal product of labor (MPL) is the additional output produced by adding one more unit of labor while holding other inputs constant. In this case, the production function is Q = 5KL, where Q represents the tons of donuts produced, K is the capital level (fixed at 1), and L is the labor input (number of bakers). Taking the derivative of the production function with respect to labor, we get MPL = 5K. Since K is given as 1, the MPL simplifies to MPL = 5.
b. To produce 25 tons of donuts, we need to determine the number of bakers required. From the production function Q = 5KL, we can rearrange it as L = Q / (5K). Substituting the given values, we have L = 25 / (5 * 1) = 5 bakers. The total cost of production can be calculated by multiplying the number of bakers (L) by their monthly salary of $400. Therefore, the total cost is $400 * 5 = $2000.
c. In the short-run, with a fixed level of capital (K = 1), Evren's cost function will consist of the fixed cost (rent of $500) and the variable cost (salaries of bakers). Therefore, the short-run cost function is: C = FC + VC = 500 + 400L, where L is the number of bakers.
d. The marginal cost (MC) represents the additional cost incurred by producing one more unit of output. In this case, since the variable cost is determined solely by the wages of the bakers, the marginal cost is equal to the wage per baker, which is $400.
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International Auditing Cases 1 PURPOSE OF FINANCIAL REPORTING 1st period An investor owns an amount of 100 T€. He wants to create a business producing modern stylish chocolate. He is willing to invest the total amount. Please prepare an opening balance sheet. 2nd period The investor acquires a machine for production purposes for 100 T€ and raw material (chocolate beans) at an amount of 50 T€. How are these transactions reflected in the balance sheet? 3rd period Chocolate beans at an amount of 20 T€ are used in the first production process. Beautiful chocolate bars at different tastes have been produced. The amount of the salaries for employees was 80 T€. How are these transactions reflected in the balance sheet? 4th period The chocolate bars are sold on the market at an amount of 120 T€. How are these transactions reflected in the balance sheet? Please discuss how the different transaction in period 1 to 4 change the financial position - the performance - the cash position
The different transactions from period 1 to 4 change the financial position, performance, and cash position are discussed below.
Period 1The investor invested 100 T€ into the business for producing modern stylish chocolate. It increases the assets and equity of the business by 100 T€.
Therefore, the opening balance sheet of the business would reflect the following transactions:
Assets (100 T€)
Cash: 100 T€LiabilitiesNilEquity (100 T€)Period 2The investor acquires a machine for production purposes for 100 T€ and raw material (chocolate beans) for 50 T€. It increases the assets and reduces the cash position of the business by 150 T€.
Therefore, the balance sheet of the business would reflect the following transactions:
Assets (250 T€)
Cash: 100 T€Machine: 100 T€Raw Material: 50 T€LiabilitiesNilEquity (250 T€)Period 3Chocolate beans worth 20 T€ are used in the first production process, and chocolate bars at different tastes are produced. Salaries paid to employees are 80 T€.
These transactions would reflect the following changes in the financial position of the business:
Assets (450 T€)
Cash: 20 T€Machine: 100 T€Raw Material: 30 T€Work in progress: 20 T€Finished goods: 120 T€LiabilitiesNilEquity (450 T€)
The performance of the business increases as the value of the finished goods is more than the cost of goods sold, which is the total cost of producing the chocolate bars (chocolate beans worth 20 T€ and employee salaries worth 80 T€) or 100 T€.Period 4The chocolate bars are sold on the market for 120 T€. This increases the cash position of the business by 120 T€.
Therefore, the balance sheet of the business would reflect the following transactions:
Assets (570 T€)
Cash: 140 T€Machine: 100 T€Raw Material: 30 T€Work in progress: 20 T€Finished goods: NilLiabilitiesNilEquity (570 T€)
In conclusion, the different transactions from period 1 to 4 change the financial position, performance, and cash position of the business. As the transactions are reflected in the balance sheet, it provides a clear picture of how each transaction impacts the financial position of the business.
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Find the present worth of the infinite stream of payments tabulated below. EOY Payment ¡ (%) 1 through 24 $100K/yr 12 25 90 10 26 81 10 72.9 10 Decreases at the same % rate Same 278 (Note: change in interest rate at EOY 25)
To find the present worth of the infinite stream of payments, we need to discount each payment to its present value and sum them up. The discount rate will vary depending on the year.
the payments can be divided into two parts: from Year 1 to Year 24, and from Year 25 onwards. For the first part, the payment is $100,000 per year for 24 years, with a discount rate of 12%. We can calculate the present value of this stream of payments using the formula for the present value of an annuity.
For the second part, the payment starts at $90,000 in Year 25 and decreases by 10% each year. This is an infinite geometric series, and we can use the formula for the sum of an infinite geometric series to calculate the present value.
By summing up the present values of both parts, we can find the present worth of the infinite stream of payments. The calculation involves applying the appropriate discount rates to each payment and considering the changes in the interest rate at the 25th year.
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The board of a firm wanted to get value for money by employing the right number of workers. Thus, it hired an economist to estimate the firm's production function. Based on the economist's report, the board now knows that the firm's production function is given by Q=K^1/2 L^1/2. Capital is fixed at 9unit. Suppose the firm can hire labor at a wage of GHS 15 per hour and output can be sold at a price of GHS 500 per unit. Determine the profit-maximizing levels of labor and output
The profit-maximizing levels of labor and output are L* = 1/100 and Q* = 3/10.
To determine the profit-maximizing levels of labor and output, we need to find the combination of labor and output that maximizes the firm's profit. The profit (π) is calculated as the difference between total revenue (TR) and total cost (TC).
Total revenue (TR) is given by the product of output (Q) and the selling price (P):
TR = Q * P
Total cost (TC) consists of the cost of labor (wage rate * labor input) since capital is fixed:
TC = wage rate * labor input
To find the profit-maximizing levels of labor and output, maximize the profit function (π = TR - TC) with respect to labor input (L).
Profit function:
π = Q * P - wage rate * L
Using the production function Q = K^(1/2) * L^(1/2) and given that capital (K) is fixed at 9 units, substitute Q into the profit function:
π = (K^(1/2) * L^(1/2)) * P - wage rate * L
Since K is fixed at 9 units, the profit function becomes:
π = 9^(1/2) * L^(1/2) * P - wage rate * L
Substituting the given values, P = GHS 500 and wage rate = GHS 15, the profit function further simplifies to:
π = 3L^(1/2) - 15L
To find the profit-maximizing level of labor (L*), we differentiate the profit function with respect to L and set it equal to zero:
dπ/dL = 3/2 * L^(-1/2) - 15 = 0
Solving this equation:
3/2 * L^(-1/2) = 15
L^(-1/2) = 10
Taking the reciprocal of both sides:
L^(1/2) = 1/10
Squaring both sides:
L = 1/100
So, the profit-maximizing level of labor is L* = 1/100.
To determine the corresponding output level (Q*), we substitute L* back into the production function:
Q* = 9^(1/2) * (1/100)^(1/2)
= 3 * (1/10)
= 3/10
Therefore, the profit-maximizing levels of labor and output are L* = 1/100 and Q* = 3/10.
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Which of the following is a macroeconomic question?
a. How many novels should be printed by a publisher?
b. How do members of a small organization decide whether to hire an outside contractor for their accounting needs?
c. How much should Aerospace Engineers earn after college?
d. How much inflation should the economy tolerate?
e. What is the price of a used Tesla?
The macroeconomics questions among the options provided are: d. How much inflation should the economy tolerate?
Macroeconomics is concerned with the broader aspects of the economy as a whole, such as aggregate economic indicators, national income, employment, inflation, and overall economic performance. The question about the acceptable level of inflation relates to macroeconomics as it involves assessing the impact of inflation on the entire economy.
This question pertains to macroeconomics as it focuses on the acceptable level of inflation for an entire economy. Inflation refers to the general increase in prices of goods and services over time. It is an important macroeconomic indicator that reflects the erosion of purchasing power and affects various aspects of the economy, including consumers, businesses, and policymakers.
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Below is an excerpt of a communication from a manager to an agitated customer.
"Yes, I can see that it is frustrating that you were kept on hold over the phone when wishing to make a booking with us. You must have felt inconvenienced. It is our policy to keep holds on the phone to a minimum. Unfortunately, you rang when we had an influx of calls and our wait time was longer than usual. When you were on hold you would have been given alternative options such as to contact via e-mail or to select for a staff member to call you back when available. We are here to help now, and I can assist you with your booking."
Identify the communication techniques the manager uses to help diffuse potential conflict whilst upholding the organisation’s policies.
Overall, the manager's communication technique includes empathizing with the customer, explaining the organization's policies, offering alternative solutions, and providing help. The manager ensures that the customer's concerns are addressed and resolved to their satisfaction. This way, the manager diffuses the potential conflict whilst upholding the organization's policies.
The communication techniques that the manager used to help diffuse potential conflict whilst upholding the Organisation’s policies in the communication excerpt are explained below: Empathizing and showing concern: The manager acknowledges the customer's frustration and inconvenience by stating, "Yes, I can see that it is frustrating that you were kept on hold over the phone when wishing to make a booking with us. You must have felt inconvenienced." Thus, the manager empathizes with the customer to diffuse the situation and show concern. Explaining the policies: The manager goes on to explain the organization's policy of keeping holds on the phone to a minimum. By doing so, the manager tries to put the customer at ease and assure them that this is not the norm. This way, the manager aims to provide clarity on the matter and dispel any doubts or misunderstandings.Providing alternative solutions: The manager mentions the alternative options that were available to the customer when they were kept on hold such as contacting via e-mail or requesting a callback from a staff member. This shows the customer that the organization is considerate of their time and offers various options to suit their convenience.Offering help: The manager ends the conversation by offering assistance with the customer's booking. By doing so, the manager ensures that the customer's needs are met, and they receive the required help.
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3. Explain the following types of damages:
a. Compensatory damages (special damages and general damages)
b. Punitive damages
4. Describe the following legal defenses that can be used by defendants who are accused of negligence:
a. Contributory negligence
b. Comparative negligence
c. Last clear chance rule
d. Assumption of risk doctrine
5. Explain the meaning of imputed negligence.
3. Types of Damages: a. Compensatory damages are the most commonly awarded type of damages in personal injury lawsuits, and they’re awarded to compensate the victim for losses. Compensatory damages are awarded to help the plaintiff financially recover from an accident, such as a car accident, medical malpractice, or slip-and-fall. This includes both specific or special damages and general damages. Specific damages cover medical expenses, lost income, property damage, and other quantifiable losses. On the other hand, general damages, cover non-quantifiable losses such as pain and suffering, emotional distress, loss of consortium, and disfigurement. b. Punitive damagesPunitive damages are awarded in addition to compensatory damages, and they’re awarded to punish the defendant for particularly outrageous conduct or wrongdoing. Punitive damages are only awarded in certain cases and are not a guaranteed form of recovery. They are meant to punish the defendant and set an example to others not to repeat similar conduct.
4. Legal Defenses: a. Contributory negligence, This legal defense has a harsher effect than comparative negligence, as it asserts that the plaintiff's negligence contributed to their injuries and, as a result, bars them from collecting damages in a personal injury lawsuit. Under this theory, a plaintiff cannot recover any damages if they are found to have contributed to their injuries in any way. b. Comparative negligence, This legal defense, on the other hand, allocates damages based on the proportion of blame assigned to each party in causing the accident. If the plaintiff's fault is less than the defendant's fault, the plaintiff may still recover damages, but the damages will be reduced by the percentage of fault assigned to them. c. Last clear chance rule, The last clear chance rule is based on the notion that, even if the plaintiff was negligent, the defendant had the last clear chance to prevent the accident from happening. If the defendant failed to act, the defendant is still liable for the accident. d. Assumption of risk doctrine, The doctrine of assumption of risk applies when a plaintiff engages in an activity that he or she knows is risky and proceeds with the activity. As a result, if the plaintiff is injured as a result of the risk, they cannot hold the defendant liable for negligence.
5.Imputed negligence is a concept in which one person is held liable for the negligence of another person. This occurs when the at-fault party is working on behalf of someone else or if the person at fault has a special relationship with the other person who was hurt. For instance, if a person is driving a car owned by their employer, their negligence will be imputed onto their employer. Similarly, a parent may be held liable for a child's negligence, a business owner may be held liable for an employee's negligence, and so on.
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Raw materials costs will total $24 per driver. Workers on the production lines are paid on average $16 per hour. A driver usually takes 2 hours to complete. In addition, the rent on the equipment used to produce drivers amounts to $1,980 per month. Indirect materials cost $5 per driver. A supervisor was hired to oversee production; her monthly salary is $3,800.
Factory janitorial costs are $1,550 monthly. Advertising costs for the drivers will be $6,090 per month. The factory building depreciation expense is $9,900 per year. Property taxes on the factory building will be $7,440 per year.
The total cost per driver can be calculated by adding up all the costs associated with producing a driver.
Raw materials cost $24, indirect materials cost $5, and each driver takes 2 hours to complete, with workers being paid $16 per hour. Therefore, the total labor cost per driver is $32. This brings the total production cost per driver to $61. In addition, there are other costs such as the rent on equipment ($1,980 per month), salary of supervisor ($3,800 per month), janitorial costs ($1,550 per month), and advertising costs ($6,090 per month). These costs need to be factored into the total cost per driver.
The factory building depreciation expense ($9,900 per year) and property taxes on the factory building ($7,440 per year) can be converted into monthly costs, which are $825 and $620 respectively. When all costs are considered, the total cost per driver comes out to be $79.40.
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A factory sells produces and sells 1,00,000 units at 1 per unit. Variable cost $. 40,000. Fixed cost $. 50,000. Ascertain the effect if (a) 10% decrease in sale price (b) 10% increase in profit & volume ratio and margin of safety.
(a) A 10% decrease in the sale price leads to a decrease in revenue and profit of $10,000.
(b) A 10% increase in the profit and volume ratio results in an increase of 1% in the ratio.
To ascertain the effect of a 10% decrease in the sale price and a 10% increase in the profit and volume ratio and margin of safety, we need to analyze the changes in revenue, costs, and profitability.
Given information:
Units sold: 100,000 units
Sale price per unit: $1
Variable cost: $40,000
Fixed cost: $50,000
(a) Effect of a 10% decrease in sale price:
New sale price per unit = $1 - (10% of $1) = $1 - $0.10 = $0.90
1. Revenue:
Original revenue = Units sold * Sale price per unit = 100,000 * $1 = $100,000
New revenue = Units sold * New sale price per unit = 100,000 * $0.90 = $90,000
Effect on revenue = New revenue - Original revenue = $90,000 - $100,000 = -$10,000 (a decrease of $10,000)
2. Profit:
Original profit = Revenue - Variable cost - Fixed cost = $100,000 - $40,000 - $50,000 = $10,000
New profit = New revenue - Variable cost - Fixed cost = $90,000 - $40,000 - $50,000 = $0
Effect on profit = New profit - Original profit = $0 - $10,000 = -$10,000 (a decrease of $10,000)
(b) Effect of a 10% increase in profit and volume ratio and margin of safety:
Profit and volume ratio = (Profit / Revenue) * 100
Margin of safety = (Actual sales - Break-even sales) / Actual sales
1. Profit and volume ratio:
Original profit and volume ratio = (Profit / Revenue) * 100 = ($10,000 / $100,000) * 100 = 10%
New profit and volume ratio = 10% + (10% of 10%) = 10% + 1% = 11%
Effect on profit and volume ratio = New profit and volume ratio - Original profit and volume ratio = 11% - 10% = 1% (an increase of 1%)
2. Margin of safety:
Margin of safety cannot be calculated without information about actual sales and break-even sales. The given information does not provide these figures.
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Given the following data, what is this person's net worth? GIVEN DATA Balance on car loan $3,250 Balance on student loans $9,850 Cash in checking account $1,100 Clothing purchases $350 Current value of automobile $10,500 Donations $100 Entertainment $250 Food expenses - monthly $425 Home computer $2,200 $5,500 Household possessions Light, gas water bill $110 O $10,205 O $9,805 O $10,705 $9,505 Loan payment Lunches/parking at work Monthly auto insurance Monthly car note Monthly gross income Monthly rent expense Monthly take-home pay Savings account balance Stereo & video equipment Telephone bill-home & cell VISA balance $230 $115 $120 $320 $4,500 $900 $3,650 $2,100 $3,550 $155 $1,145
To calculate the net worth, we need to sum up all the assets and subtract all the liabilities.
Assets:
Current value of automobile: $10,500
Cash in checking account: $1,100
Savings account balance: $3,650
Home computer: $2,200
Stereo & video equipment: $155
Total Assets = $10,500 + $1,100 + $3,650 + $2,200 + $155 = $17,605
Liabilities:
Balance on car loan: $3,250
Balance on student loans: $9,850
VISA balance: $1,145
Total Liabilities = $3,250 + $9,850 + $1,145 = $14,245
Net Worth = Total Assets - Total Liabilities = $17,605 - $14,245 = $3,360
Therefore, the person's net worth is $3,360.
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QUESTION 74 Given The Following Data, What Is This Person's Net Worth? GIVEN DATA Balance On Car Loan Balance On Student Loans Cash In Checking Account Clothing Purchases Current Value Of Automobile Donations Entertainment Food Expenses - Monthly Home Computer Household Possessions Light, Gas & Water Bill O $9,505 O $10,705 O $10,205 0 $9,805 $3,250 $9,850
In the country there is time of high inflation and the company would like to increase their cost of goods sold in order not to pay high taxes. 2 Points) The company would apply the First in first out method of inventory valuation as to increase ending inventory and thus increase the net operating income thus increasing profit to be taxable. The company would apply the Last in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable. The company would apply the First in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable.
In the country where there is time of high inflation and the company would like to increase their cost of goods sold in order not to pay high taxes.
The company would apply the Last in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable. How the company will adjust its inventory valuation methods will depend on the tax law that governs its area. The companies that are faced with high inflation rates often use the LIFO method as it provides them with a tax shield. In times of high inflation, the cost of goods sold is high, and this increases the company's taxable income. LIFO allows the company to reduce its taxable income by increasing the cost of goods sold. Since the costs are higher, the company will be able to claim a higher deduction on its tax returns, thereby lowering the amount of taxes paid.
In conclusion, the main answer is that the company would apply the Last in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable. This answer more than 100 words explains that the companies that are faced with high inflation rates often use the LIFO method as it provides them with a tax shield. LIFO allows the company to reduce its taxable income by increasing the cost of goods sold. This way, the company will be able to claim a higher deduction on its tax returns, thereby lowering the amount of taxes paid.
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In class, we modeled growth in an economy by a growing population. We could also achieve a growing economy by having an endowment that increases over time. To see this, consider the following economy. Let the number of young people born in each period be constant at N. There is a constant stock of fiat money, M. Each young person born in period t is endowed with yt units of the consumption good when young and nothing when old. The individual endowment grows over time so that ye aye-1, where a > 1. For simplicity, assume that in each period t, young people desire to hold real money balances equal to one-half of their endowment. (a) Find the rate of return of money in this economy. Explain your results. (40%) (b) How could the government achieve a rate of return of 1 in this economy? Explain your results. (30%) (c) Now assume that the population changes over time. At what rate would it need. to increase or decrease, in order for the rate of return on money to be equal to 1, assuming constant money supply? Explain your results. (30%)
In an economy with growing individual endowments, the rate of return on money can be achieved by adjusting population growth.
(a) The rate of return of money in this economy can be determined by comparing the change in real money balances over time. In each period, young people desire to hold real money balances equal to half of their endowment. Since the endowment grows over time, the real money balances also increase. The rate of return of money can be calculated as the growth rate of real money balances.
(b) To achieve a rate of return of 1 in this economy, the government can adjust the growth rate of individual endowments. By setting the growth rate of individual endowments equal to 1, the endowments will increase at the same rate as the desired real money balances. This ensures that the rate of return on money is 1, as the growth in money balances matches the growth in endowments.
(c) When the population changes over time, the rate of return on money can be equal to 1 if the population increases or decreases at a specific rate. Assuming a constant money supply, the growth rate of real money balances should match the growth rate of endowments. If the population grows faster than the growth rate of endowments, the rate of return on money will be less than 1. Conversely, if the population grows slower than the growth rate of endowments, the rate of return on money will be greater than 1. The specific rate at which the population needs to increase or decrease depends on the growth rate of endowments and the desired rate of return on money.
In summary, the rate of return on money in this economy is determined by comparing changes in real money balances over time. The government can achieve a rate of return of 1 by adjusting the growth rate of individual endowments. If the population changes, it needs to increase or decrease at a specific rate to maintain a rate of return on money equal to 1, assuming a constant money supply.
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The register tapes on July 17 showed receipts of $966 and the
change fund was $200; $1,160 in cash was counted. By what amount
is the cash register short or over?
a.$194 over.
b.$6.00 over.
c.$6.00d.$194 short.
So, the cash register was short 1,946. Answer: is Option a. 194 over.
A register tape is a record of financial transactions that is used to record the sale of goods or services, calculate the amount of money received, and keep track of inventory levels. Register tapes can be used in a variety of settings, including retail stores, restaurants, and businesses that process payments.
In a cash register, register tapes are used to record the sale of items and calculate the amount of money that needs to be given to the customer. The tape typically includes columns for the date, time, item sold, price, and total amount due. The cashier can then use the information on the tape to calculate the change due to the customer and process the payment.
The cash register was short $194.
To find the amount of the shortage, we need to add the amount of money received in receipts:
966+1,160 - 200
=1,946
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Extra Instructions for Calculated Numere questions A. DO NOT put a sign in front. For example, if your answer is 51234 you should write 1234 as your answer b. Indicato negative number by putting a minus sign in front. Therefore, it your answer is negative 1234 you need to post-1234 as your answer 6. Round your answer to the nearest whole number, le no decimal points. So if your answer is 1234,60 you should writo 1238 2. Lohman's Products, Ltd. makes specialty motor. The company es an activity-based contingwylem for computing unit costs of its products. The company has four activity cost pool as listad below: Activity Cost Pool Order Size Customer orders Product testing Selling Activity Measure Number of direct labor-hours Number of customer orders Number of testing hours Number of sales cali Activity Rate $17.10 per direct labor-hour $369.00 per customer order $61.00 per testinghout 51498.00per als cal The managing director of the company would like information concerning the cost of a recently completed order for heavy-duty trailer des The order required 200 direct labor hours, 12 hours of product testing, and sales calls Required: What is the total overhead cos assigned to the order for heavy-duty trailer des?
To calculate the total overhead cost assigned to the order for heavy-duty trailer design, we need to multiply the activity rates by their respective activity measures and sum them up.
The activity measures for the order are as follows: Number of direct labor hours: 200 hours
Number of product testing hours: 12 hours
Number of sales calls: 1 call
Using the given activity rates, we can calculate the overhead cost for each activity:
Number of direct labor hours:
Overhead cost = Activity rate * Activity measure
Overhead cost for direct labor hours = $17.10 per direct labor-hour * 200 hours = $3,420
Number of product testing hours:
Overhead cost for product testing = $61.00 per testing hour * 12 hours = $732
Number of sales calls:
Overhead cost for sales calls = $51498.00 per sales call * 1 call = $51,498
Now, we can calculate the total overhead cost assigned to the order by summing up the overhead costs for each activity:
Total overhead cost = Overhead cost for direct labor hours + Overhead cost for product testing + Overhead cost for sales calls
Total overhead cost = $3,420 + $732 + $51,498 = $55,650
Therefore, the total overhead cost assigned to the order for heavy-duty trailer design is $55,650.
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Problem 2: Product Pricing for Remington Manufacturing
Remington Manufacturing is planning its next production cycle. The company can produce three products, each of which must undergo machining, grinding, and assembly operations. The company needs to determine the number of each product to produce to maximize its profit in the next quarter. The following table summarizes the hours of machining, grinding, and assembly required by each unit of each product, and the total hours of capacity available for each operation.
Operation
Machining Grinding Assembly
Product 1 2
4
5
Hours Required By Product 2
3 3 5
Product 3 6
4
2
Total Hours Available per Quarter
500
300
400
The costs of manufacturing products 1, 2 and 3 are $500, $600, and $700 per unit, respectively.
Having established a reputation for high quality and reliability, the company believes it can increase profits by increasing the prices of the products. However, a price increase might have a detrimental effect on demand, so the company has engaged a marketing research firm to estimate the level of demand for its products at various prices. The marketing research firm used the technique of regression analysis to develop a model of the relationship between the prices and demand for the products. After analyzing the situation, the marketing research firm concluded that the company can expect the demand for the products in the next quarter to vary with price in the following way:
Demand for Product 1 = 400 – 0.22 × price of Product 1 Demand for Product 2 = 350 – 0.15 × price of Product 2 Demand for Product 3 = 550 – 0.18 × price of Product 3
The company also needs to determine the number of each product to produce. Apparently, he cannot sell more than the anticipated demand for a product. For example, suppose Product 1 is priced at $920 each, the demand will be 400-(0.22)(920)=197.6. That means the company can sell at most 197.6 products. Let’s assume the demand can be fractional. How many products should the company produce and how much should they be priced for the company to maximize its quarterly profit? Remember the company can only produce integer number of products.
Please provide a mathematical formulation for this problem (defining decision variables, objective function and constraints). You do NOT need to solve it.
Suppose there is a setup cost of $1,000 to produce any number of product 1. That is, the cost will be incurred as long as any product 1 is produced, and the cost is $1,000 regardless of the number of products produced. How would you revise your formulation to incorporate this change?
(Not a continuum of part 2) If the company chooses to produce Product 2, it needs to produce at least 300 of it. How would you revise your formulation to incorporate this change?
(Not a continuum of parts 2 and 3) The production manager of the factory realized that their facility is not designed for production of large volume. As a result, they can produce more than 300 units for at most one of the three products. How would you revise your formulation to incorporate this change?
To incorporate the change that the facility is not designed for the production of large volume, we can add a constraint that limits the maximum number of products that can be produced by the company for at most one of the three products:X1 + X2 + X3 - max(X1, X2, X3) <= 300.
Decision Variables:X1, X2, and X3: the number of products of type 1, 2, and 3 to produce respectively.Objective Function:
We need to maximize the quarterly profit of the company, which can be represented by the following equation:Z = (Revenue - Cost)Revenue:R1 = P1 * min(400 – 0.22P1, X1)R2 = P2 * min(350 – 0.15P2, X2)R3 = P3 * min(550 – 0.18P3, X3)Cost:C = 500X1 + 600X2 + 700X3 + 1000 if X1 > 0 and 0 if X1 = 0.
Constraints:The manufacturing process can’t exceed the maximum capacity available for each operation.
Therefore:2X1 + 3X2 + 5X3 <= 500 (machining)3X1 + 2X2 + 4X3 <= 300 (grinding)5X1 + 4X2 + 2X3 <= 400 (assembly).
The company can only sell products up to the demand predicted by the regression equation:0 <= X1 <= min(400 – 0.22P1)0 <= X2 <= min(350 – 0.15P2)0 <= X3 <= min(550 – 0.18P3).
To incorporate the change that there is a setup cost of $1,000 to produce any number of product 1, we can modify the objective function by subtracting $1,000 from the total profit when we produce any amount of product 1:Z = (Revenue - Cost) - $1,000.
To incorporate the change that the company needs to produce at least 300 units of Product 2 if it chooses to produce it, we can add a constraint that ensures the production of at least 300 units:X2 >= 300
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