when a company has little or no control over the prices of their products or services and the price is set by the market, this company is a

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Answer 1

The term that describes a company that has little to no control over the prices of its services or products is a price taker. Their price is set by the market.

A price taker is a company or an individual that lacks the market share to influence the market price on its own and therefore must accept prevailing p[rices in the market. In a perfect competition market, all economic participants are considered to be price-takers.

In real life, most producers are price-takers because of the general market competition. It's only in a monopoly or monopsony we can find a price-making company.

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Related Questions

ECONOMICS!! PLEASE HELP ME!!

ECONOMICS!! PLEASE HELP ME!!

Answers

i am pretty sure it’s the second one the ability to make choices
I want to say b ability to make choices

Charles Lackey can also improve the yield by purchasing a new blender. The new blender will mean an increase in his investment. This new blender will mean an increase in his costs of ​$125 per​ month, but he will achieve the same new output​ (an increase to 2 comma 325.00​) as the change in labor hours. ​a) Current productivity for 640 work hours​ = nothing ​loaves/dollar ​(round your response to three decimal​ places).

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This question is not complete

Complete Question

Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 25% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one time. This new process will require that the ovens be loaded by hand, requiring additional manpower. This is the only thing to be changed. The bakery currently makes 1,800 loaves per month. The pay will be $8 per hour for employees and each employee works 160 hours per month.

Charles Lackey can also improve the yield by purchasing a new blender. The new blender will mean an increase in his investment. This new blender will mean an increase in his costs of ​$125 per​ month, but he will achieve the same new output​ (an increase to 2 comma 325.00​) as the change in labor hours.

​a) Current productivity for 640 work hours​ = nothing ​loaves/dollar ​(round your response to three decimal​ places).

Answer:

0.352 loaves/dollar

Explanation:

The formula for productivity is given as:

Output/Wages

Wages is calculated as = Cost per Employee × Number of hours Employees work per month

From the question, we are told that:

The pay will be $8 per hour for employees and each employee works 160 hours per month.

Wages = $(640 × 8)

= $5120

Output = 1,800 loaves per month.

Hence, Productivity = 1800 loaves /$5120

= 0.3515625

Approximately to 3 decimal places = 0.352 loaves per dollar

Suppose that the calculated value of r between cognitive ability and job performance is 0.73. How much variation in job performance is explained by the variation in cognitive ability?

Answers

Answer:

53.28%

Explanation:

The correlation coefficient (r) between cognitive ability and job performance is provided as 0.73. Therefore, the coefficient of determination is calculated as follows:

Coefficient of determination = r² = 0.73² = 0.5329

Therefore, 53.28% can be concluded to be the variation in job performance as explained by the cognitive ability.

Business Research
chapter 7 : Measurement and
Scaling
Please prepare questions on satisfaction of university facilities: 1 question of paired comparison 1 question of rank order 1 question of constant sum 1 question of continous rating scale 3 questions

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Here are the questions for each measurement and scaling method in the context of satisfaction with university facilities: 1. Paired Comparison: Which of the following pairs of university facilities do you think is more satisfying?Library or Student Union Building?Recreational Center or Cafeteria?

Dormitory or Classroom Building 2. Rank Order: Please rank the following university facilities in terms of your satisfaction with them, with 1 being the most satisfying and 5 being the least satisfying: Library Cafeteria Dormitory Recreational Center Classroom Building 3.

Constant Sum: Please distribute 100 points among the following university facilities to indicate how satisfying they are to you: Library Cafeteria Dormitory Recreational Center Classroom Building4. Continuous Rating Scale:On a scale of 1 to 10, with 1 being not at all satisfied and 10 being extremely satisfied, how satisfied are you with the following university facilities Library Cafeteria Dormitory Recreational Center Classroom Building

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Why should you complete the Free Application for Federal Student Aid (FAFSA)?


A: To eliminate a semester of college requirements


B: To find the lowest interest rates on student loans


C: To get information on the schools you are interested in


D:To identify what grant programs you qualify for

Answers

Answer:

D

Explanation:

FASFA get that money baby.

You should complete the Free Application for Federal Student Aid to identify what grant programs you qualify for. The appropriate response is option D.

What is Free Application for Federal Student Aid ?

The procedure for applying for financial aid begins with the Free Application for Federal Student Aid (FAFSA). Fill out the online form. You use it to submit applications for federal student aid, including grants, loans, and work-study programs. Additionally, the majority of states and universities give non-federal aid using data from the FAFSA.

A student must have economic need, be enrolled in a diploma or certificate program at a college or university, be a U.S. citizen, or be an eligible noncitizen to be eligible for the FAFSA.

Additional conditions for federal eligibility include having a valid Social Security number, continuing to perform satisfactorily in school, and earning a high school diploma, among others.

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Is the US debt clock real?

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The US debt clock is a tool that is intended to show the current national debt of the United States in real-time.

The clock is usually found online, and it displays the total amount of debt owed by the federal government, as well as the per capita debt, which is the debt per person.

The clock also shows the total debt as a percentage of the Gross Domestic Product (GDP), which is the total value of all goods and services produced in the country.

The US debt clock is based on data from the United States Treasury Department, which is the government agency responsible for managing the country's debt and financial transactions.

The Treasury Department updates the debt figures on a daily basis, and these updates are reflected on the US debt clock.

However, it's important to note that the US debt clock is not an official government website, it's a private website and the authenticity of the data and the calculations used to generate the figures on the clock should be verified independently.

There are also other websites and organizations that also create their own versions of debt clocks, so the figures may vary depending on the source.

The US debt is a complex and multifaceted issue, and the US debt clock can provide a snapshot of the current debt situation, but it's important to understand the context and underlying factors that contribute to the debt, such as government spending, economic growth, and interest rates.

It's also worth noting that the debt figures on the US debt clock are constantly changing, as the government continues to borrow money, pay off debt, and make interest payments.

The US debt clock is a useful tool for understanding the size and scale of the national debt, but it's only one aspect of the broader economic and financial landscape.

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How can you save money on an auto loan?

A: Go to many banks and negotiate for a low rate
B: Only use the bank the car salesman suggests
C: Go with the first offer immediately
D: Take out a high interest loan

Answers

Go to many banks a negotiate for a low rate

Answer:

A: Go to many banks and negotiate for a low rate

your project budget on this house is $180,000. in order to achieve a healthy profit for your company, your goal should be to spend 10% less than this budget, or less than $162,000, in total on all of your subcontractors. if you’re successful, your higher profit margin will open the door to even larger construction loans to build more expensive homes in the future, which is great for both of us!

Answers

The project budget for the house is set at $180,000, and in order to achieve a healthy profit margin, the goal is to spend 10% less than the budget, which amounts to $162,000, on subcontractors. By staying within or below this spending limit, the company can generate a higher profit margin, which can lead to opportunities for larger construction loans and the ability to build more expensive homes in the future.

The key objective for the company is to maintain a healthy profit margin by effectively managing the costs associated with subcontractors. By aiming to spend 10% less than the project budget, the company can increase its profitability. Achieving this goal opens up possibilities for obtaining larger construction loans in the future, enabling the company to undertake more ambitious and costly construction projects. By maintaining financial discipline and maximizing profits, the company can strengthen its position and expand its operations in the housing market.

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What type of transactions should be recorded in the Payment, Fee, Withdrawal column
of your check register?

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I don’t know Iam adult but I don’t know

Dean Smith did business as Deans's Appliance. For years, he bought appliances direct from General Electric. Deans's Appliance was sold to Smitty's Appliance, Inc. and Smitty hired Dean as manager, but General Electric did not know of the ownership change. Dean ordered a truckload of appliances from General Electric, as he had done many times. But when the invoice came due, Smitty refused to pay, claiming the order was a mistake, and it had not authorized Dean to make the order. General Electric sued both Smitty and Dean personally. What is the most likely outcome

Answers

Answer:

The court gave judgement against Dean because of fraud.

Explanation:

In the context, it is given that General Electric did business  with Dean Appliances. Now Deans's Appliance was sold to Smitty's Appliance, Inc., to which Geneal Electric was unaware.

Smitty hired Dean as his manager and now Dean ordered appliances from General Electric as earlier he had done. But Smitty refused to pay when the invoice came due saying that Smitty did not authorized Dean to make those orders.

General Electric sues Smitty and Dean personally. The most likely outcome of the lawsuit is that the court punishes Dean for breaching and doing fraud with both Smitty and General Electric. Dean is found guilty.

What will the real value of $100 be in 7 years if you hide the money under your mattress and the inflation rate is 2%

Answers

The real value of the money after 7 years, if the money is hidden under the mattress and the inflation rate, is $ 86. 81.

How to find the real value ?

If the inflation rate is 2%, the value of money is expected to decrease by 2% per year.

In 7 years therefore, you can use the future value formula to find the real value of the money to be :

= Value today x ( 1 - rate ) ^ number of years

This gives:

= 100 x ( 1 - 2 % ) ⁷

= $ 86. 81

This means that if you hide $100 under your mattress today, in 7 years, its real value will be $86.81 in terms of what it can buy.

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The main reason that Starbucks was able to have the main share of coffeehouses in the world is just two decades is that they: used tangible resources to provide their product. capitalized on the economic climate at the most opportune time. were the only coffeehouse to offer premium coffee during extended hours. successfully applied their knowledge and skills to better serve customers.

Answers

Answer:

Were the only coffeehouse to offer premium coffee during extended hours.

Explanation:

Starbucks has a significant share in global markets, it has developed it in not so long time.

Reason behind it might be that - Its premium coffee beans & consequently coffee quality. This complimented with fair range of coffee varieties, relaxing & comfortable ambience, specially during extended hours - helped it attain the status.

What did the rejection of the league of nations the higher tariffs imposed by the fordney?

Answers

The rejection of the league of nations and the higher tariffs imposed by the fordney Increased isolationism.

During the 1930s, the mix of the good Depression and therefore the memory of tragic losses in war I contributed to pushing yank vox populi and policy toward isolationism. Isolationists advocated nonparticipation in European and Asian conflicts and non-entanglement in international politics. though the u. s. took measures to avoid political and military conflicts across the oceans, it continued to expand economically and defend its interests in Latin America.

The leaders of the isolationist movement thespian upon history to bolster their position. In his Farewell Address, President George Washington advocated non-involvement in European wars and politics. For abundant of the nineteenth century, the expanse of the Atlantic and Pacific Oceans had created its potential for the u. s. to get pleasure from a form of “free security” and stay for the most part detached from recent World conflicts.

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What is an accurate definition of experience?

the collection of things a person has done
a natural ability a person is born with
a subject a person would like to learn more about
the factors that have influenced a person throughout life

Answers

Answer: A)the collection of things a person has done

Explanation: just answered it EDGE 2021

Answer:

A on edge

Explanation:

balance the assembly line shown below for (a) a shift output of 60 pieces and (b) a shift output of 45 pieces. assume an 6-hour shift, and use the rule: choose the assignable task with the longest processing time. compute the line efficiency for each case.

Answers

a) Line efficiency for a shift output of 60 pieces is 16.67%.

b) Line efficiency for a shift output of 45 pieces is 15.63%.

To balance the assembly line, we need to determine the cycle time and the number of workers needed for each scenario. To produce 60 pieces in an 6-hour shift, we need to produce 10 pieces per hour or 1 piece every 6 minutes. The longest processing time is 2.5 minutes for Task C. Therefore, the cycle time is 2.5 minutes.

Station Task Processing Time (minutes) Number of Workers

1            A                    1                                2

2     B             1.5                             1

3     C             2.5                     2

The theoretical output of the line is 24 pieces per hour, so to achieve 60 pieces in 6 hours, we need 15 workers (60/24 = 2.5 workers per hour x 6 hours = 15 workers).

The line efficiency is (actual output / theoretical output) x 100% = (60 / (24 x 15)) x 100% = 16.67%.

To produce 45 pieces in an 6-hour shift, we need to produce 7.5 pieces per hour or 1 piece every 8 minutes. The longest processing time is 2.5 minutes for Task C. Therefore, the cycle time is 2.5 minutes.

Station Task Processing Time (minutes) Number of Workers

1            A                       1                                             1

2            B                       1.5                                         1

3            C                       2.5                                        1

The theoretical output of the line is 24 pieces per hour, so to achieve 45 pieces in 6 hours, we need 11.25 workers (45/24 = 1.875 workers per hour x 6 hours = 11.25 workers). Since we cannot have a fraction of a worker, we will round up to 12 workers. The line efficiency is (actual output / theoretical output) x 100% = (45 / (24 x 12)) x 100% = 15.63%.

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balance the assembly line shown below for (a) a shift output of 60 pieces and (b) a shift output of 45

Explain why the credit industry wants you to believe that you need a credit score

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Answer:

Because the credit industry gains a profit from it's users. Credit is a tool, and if used wisely can be beneficial for many people who don't have enough cash to pay for things. Having "good" credit score means that it's easier for you to receive a loan.

Let understand that Credit score refers the score which tells about a consumer's creditworthiness.

In practice, the higher the credit score of an individual, the higher the rate of repayment of credit gotten.

The Credit scoring is used the lenders to help them decide whether to borrow, extend or deny credit.

Therefore, the credit industry wants one to believe you need credit score because its helps them to ascertain your creditworthiness.

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The balance on a credit card, that charges a 20%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
Enter

Answers

The balance on a credit card, that charges a 20% APR interest rate, the Finance charge is given as

$4.3055

This is further explained below.

What is the APR interest rate?

Generally, The interest rate that is applied to a loan, mortgage loan, credit card, etc. is referred to as an annual percentage rate of charge, which sometimes corresponds to a nominal APR and sometimes corresponds to an effective APR.

The annual percentage rate of charge is the interest rate for the entire year, as opposed to just a monthly fee or rate. It is a fee for financing that is presented in the form of an annual rate.

Interest rate APR = 12%

Average balance = ((200*5)+(350*15)+(150*10))/30

Average balance = $258.33

Average balance*APR/12

Finance charge =\(\frac{258.33*20 \%}{12 }\)

Finance charge = $4.3055

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The June 9, 2022, Wall Street Journal reports that wheat prices will continue to rise this year. Which of the following is therefore true? a. The rising price of wheat will lead to arguably, but not factually, unfair high bread prices for poor people. b. The price of wheat is efficient if quantity demanded equals quantity supplied but not necessarily fair at any price. c. The invisible hand is responsible for pushing prices up to the current level. d. As prices have increased, demand has not changed but quantity demanded has fallen some. e. All of the above.

Answers

Option e is correct as rising wheat prices lead to unfair high bread prices for the poor, wheat price efficiency does not guarantee fairness, the invisible hand influences prices, and quantity demanded has fallen somewhat.

This is because all of the statements presented can be considered true based on the given information. Let's break down each statement:

a. The rising price of wheat will lead to arguably, but not factually, unfair high bread prices for poor people.

This statement suggests that the rising price of wheat may result in higher bread prices for poor people, but it is subjective and not necessarily supported by factual evidence.

b. The price of wheat is efficient if quantity demanded equals quantity supplied but not necessarily fair at any price.

This statement implies that when the quantity demanded of wheat equals the quantity supplied, the market is considered efficient. However, fairness in terms of pricing is a separate concept and may not be guaranteed.

c. The invisible hand is responsible for pushing prices up to the current level.

The reference to the "invisible hand" suggests the concept of market forces, where the interaction of supply and demand determines prices. According to this statement, the invisible hand is seen as the driving force behind the rising wheat prices.

d. As prices have increased, demand has not changed but quantity demanded has fallen some.

This statement suggests that although the overall demand for wheat has not changed, the quantity demanded has decreased to some extent as a result of the price increase.

Therefore, all of these statements can be considered true to some degree, leading to the selection of option e. All of the above.

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Which of the following best describes a stock.

A) An incredibly stable investment that is always a safe investment
B) Is insured by the FDIC
C) Represents a share of ownership of a corporation
D) Only sold in the United States

Answers

Answer: C

Explanation: A stock represents a share of ownership of a corporation. Stocks are bought by people so they can get money. If the company's stock they by it from goes well, they get money as well as interest. The answer is C. Hope this helps!

the minimum wage was instituted to ensure workers a.a minimally adequate standard of living. b.employment. c.a middle-class standard of living. d.unemployment compensation.

Answers

Minimally adequate standard of living

What is adequate standard of living?

The right to an adequate standard of life includes a number of more specific rights, such as the rights to food, health, and water, as well as the rights to required social services, clothing, and housing.

It is a fundamental human right to have a living level that is adequate. It is a component of the United Nations General Assembly's adopted Universal Declaration of Human Rights.

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The minimum wage was instituted to ensure workers a minimally adequate standard of living.

What is adequate standard of living?The right to an adequate standard of life includes a number of more specific rights, including the rights to food, health, water, basic social services, clothing, and housing. The right to an adequate standard of life includes a number of more specific rights, such as the rights to food, health, and water, as well as the rights to required social services, clothing, and housing. It is a fundamental human right to have a living level that is adequate. It is a component of the United Nations General Assembly's adopted Universal Declaration of Human Rights. Hence, the minimum wage was instituted to ensure workers a minimally adequate standard of living.

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You sent a reinstatement application to the regulatory agency 75 days ago. You have not received a reply. At this point you should

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Now that 75 days have passed without a response to your reinstatement application to the regulatory agency, it would be prudent to take proactive measures to find out the status of your application.

Think about physically going to the regulatory agency's location. You will be able to speak with someone directly, inquire about the status of your application, and obtain any necessary updates or information by doing this.

To find out how your application for reinstatement is progressing, you can also call them. Ask for clarity regarding the status of your application while remaining courteous and professional.

It's usually a good idea to be proactive when dealing with official procedures like reinstatement applications, and both contacting and physically visiting are efficient ways to learn the information you require about the status of your application.

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Your complete Question was as follows:

You sent a reinstatement application to the regulatory agency 75 days ago.  You have not received a reply, at this point: To get information about the letter you sent them, a reinstatement application, or a reinstatement, you should personally visit them at their office or give them a call.

The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Recelved $38,000 cash in exchange for issuance of common stock 2. Secured a $103,000 ten-year installment loan from State Bank. The interest rate is 7 percent and annual payments are $14.665 3. Purchased land for $26,000. 4. Provided services for $95,000. 5. Paid other operating expenses of $39,000 6. Paid the annual payment on the loan. What is the interest expense for Year 2 ? Year 3 ? (Round your answers to the nearest whole dollar amount.)

Answers

To determine the interest expense for Year 2 and Year 3, we need to calculate the interest portion of the annual loan payment for each year.

To calculate the interest expense for Year 2, we first need to find the remaining loan balance after the first year. The annual payment reduces the loan balance, and the interest expense is calculated based on the outstanding balance. Year 1 loan balance: $103,000 - $14,665 = $88,335 Interest expense for Year 2: $88,335 * 7% = $6,183 Interest expense for Year 3: Similarly, we need to calculate the remaining loan balance after Year 2 to determine the interest expense for Year 3. Year 2 loan balance: $88,335 - $14,665 = $73,670 Interest expense for Year 3: $73,670 * 7% = $5,155 Therefore, the interest expense for Year 2 is approximately $6,183, and the interest expense for Year 3 is approximately $5,155.

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our self-talk consists of words pictures and emotions. as we imprint our affirmations we

Answers

Self-talk is your inner voice or the way you speak to yourself. Although you almost probably are doing it without realizing it, you almost certainly are. In order to produce an internal monologue throughout the day, this inner voice mixes conscious thoughts with ingrained beliefs and biases.

What are the four categories of self-talk?

Your inner discourse is known as self-talk.

Personalizing. You own all of the guilt for yourself.

Magnifying.

Catastrophizing.

Polarizing.

What are the five tiers of one's own self-talk?

Helm Stetter outlines the "Five Levels of Self-Talk" (Negative Acceptance, Recognition and Need to Change, Decision to Change, The Better You, and Universal Affirmation) and offers advice on how to navigate each level for significant life changes.

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Cashews, Inc. issued $100,000, 6% bonds at face value on January 1. The bonds pay interest semiannually on June 30 and December 31. For the year ended December 31, the amount of interest paid equals ______ and is reported on the statement of cash flows as a(n) ______ activity. Multiple choice question.

Answers

The answer is $6,000 and operating

Belinda was involved in a boating accident in 2021. Her speedboat, which was used only for personal use and had a fair market value of $48,400 and an adjusted basis of $24,200, was completely destroyed. She received $16,940 from her insurance company. Her AGI for 2021 is $60,500.
Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $fill in the

Answers

Since the tentative loss is less than the $100 floor, it cannot be claimed as a casualty loss deduction. Therefore, the amount of the casualty loss before any limitations is $0.

The tentative casualty loss before any limitations can be calculated as follows:

Speculative dates indicate intention. Consider this like marking something down on the calendar. Tentative submissions are only stand-ins and will not be run. Tentative is a word that denotes doubt, such as when you're hesitant of your ability to completely commit to a plan. You might respond, "tentatively, yes" if a buddy asked you whether you would be able to attend a party but you weren't sure if you had arrangements.

Tentative loss = Adjusted basis - Insurance proceeds

Tentative loss = $24,200 - $16,940

Tentative loss = $7,260

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a sporting apparel manufacturer that produces t-shirts to commemorate significant athletic achievements for proud students and alumni probably use a:

Answers

A sporting apparel manufacturer that produces t-shirts to commemorate significant athletic achievements for proud students and alumni would most likely use a printing process, such as screen printing, to create the t-shirts.

The sporting apparel manufacturer would most likely use a printing process such as screen-printing, digital printing, or direct-to-garment printing to produce t-shirts to commemorate significant athletic achievements for proud students and alumni. Screen-printing is the most common printing process used, in which a stencil-like template is created from a film positive and then pressed onto the fabric to create the desired design. Digital printing uses inks that are printed directly onto the fabric, while direct-to-garment printing uses a printer to print the design directly onto the fabric.

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a company is considering denver, seattle, and portland as candidate locations for a new facility. for the weighted-factor rating technique, the company is evaluating each location on three factors (distance to customers, labor costs, and utility costs). the factors are weighted 0.5, 0.3, and 0.2, respectively. denver received scores of 84, 86, and 75. seattle received scores of 90, 77, and 65 for the three factors. portland received scores of 87, 82, and 70. which of the three cities is ranked first (best) by the weighted-factor rating technique? a. denver b. seattle c. portland d. all sites are equally attractive

Answers

The city with the highest weighted score is Denver with a score of 82.8, followed closely by Portland with a score of 82.1, and Seattle with a score of 81.1. Option A is correct.

To determine which city is ranked first (best) by the weighted-factor rating technique, we need to calculate the weighted score for each city.

For Denver:

Weighted score = (0.5 x 84) + (0.3 x 86) + (0.2 x 75) = 42 + 25.8 + 15 = 82.8

For Seattle:

Weighted score = (0.5 x 90) + (0.3 x 77) + (0.2 x 65) = 45 + 23.1 + 13 = 81.1

For Portland:

Weighted score = (0.5 x 87) + (0.3 x 82) + (0.2 x 70) = 43.5 + 24.6 + 14 = 82.1

Therefore, the city with the highest weighted score is Denver with a score of 82.8, followed closely by Portland with a score of 82.1, and Seattle with a score of 81.1.

Therefore, the answer is (a) Denver is ranked first (best) by the weighted-factor rating technique.

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Wayfair Co. Reported the following results from the sale of 5,500 tables in May: sales $300,000, variable costs $165,000, fixed costs $85,000, and net income $50,000. Assume that Wayfair increases the selling price of tables by 10% on June 1. How much is the new contribution margin ratio?.

Answers

Wayfair Co's new contribution margin ratio is 50%.

Data and Calculations:

Number of tables sold in May = 5,500

Sales revenue = $300,000

Selling price per table = $54.55 ($300,000/5,500)

Total variable costs  = $165,000

Variable cost per unit = $30.00 ($165,000/5,500)

New selling price per table in June = $60 ($54.55 x 1.1)

Contribution margin per table = $30 ($60 - $30)

Contribution margin ratio =50%  ($30/$60 x 100)

Thus, the new contribution margin ratio is 50%.

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Type the correct answer in the box. Spell all words correctly.
Ideally, what should more than one member of the family contribute to for a better financial position?
A family can have more than one person contributing to the household _______
for a better financial position.

Answers

A family can have more than one person contributing to the household income for a better financial position.

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A manager wishes to simulate 10 days of operation of an Inventory system. The beginning inventory at the start of the first day is 62 units. Demand is known to be uniformly distributed in the range 4 to 8 units per day, inclusive. The random numbers used for the 10-day simulation are 0.25, 0.61, 0.09, 0.62, 0.72, 0.59, 0.33, 0.51, 0.17, 0.29. Assuming no new units are delivered during the 10-day simulation. The inventory at the end of the 5th day is: (Round your answer to 2 decimal places)

Answers

The inventory at the end of the 5th day is 30 units.

To determine the inventory at the end of the 5th day, we need to track the inventory changes based on the given demand and random numbers. Here's the calculation for each day:

Day 1:

Beginning inventory: 62 units

Demand: 4 units (using random number 0.25)

Ending inventory: 62 - 4 = 58 units

Day 2:

Beginning inventory: 58 units (ending inventory from Day 1)

Demand: 8 units (using random number 0.61)

Ending inventory: 58 - 8 = 50 units

Day 3:

Beginning inventory: 50 units (ending inventory from Day 2)

Demand: 4 units (using random number 0.09)

Ending inventory: 50 - 4 = 46 units

Day 4:

Beginning inventory: 46 units (ending inventory from Day 3)

Demand: 8 units (using random number 0.62)

Ending inventory: 46 - 8 = 38 units

Day 5:

Beginning inventory: 38 units (ending inventory from Day 4)

Demand: 8 units (using random number 0.72)

Ending inventory: 38 - 8 = 30 units

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