Answer: False
Explanation:
The Program Evaluation and Review Technique (PERT) is used to know the schedule tasks and also know the critical path variation. It is useful to know the length of time that'll be needed for the completion of every task and how it relates to others in order to know the entire time needed to complete the particular project.
The Project Evaluation and Review Technique (PERT) is not a means of scheduling and controlling projects with constant activity times. The activity time normally varies.
Answer:
The old machine should be replaced.
Explanation:
Note: See the attached excel file for the the analysis showing whether the old machine should be retained or replaced.
From the attached excel file, the following calculation are made:
Variable Manufacturing cost of Retain = Initial Variable Manufacturing cost * remaining useful life of old machine = $592,600 * 5 = $2,963,000
Variable Manufacturing cost of Replace = New Variable Manufacturing cost * Remaining useful life of new machine = $505,500 * 5 = $2,527,500
From the attached excel, it can be observed that the total cost of Retain is $32,200 higher than the total cost of Replace. This therefore implies that the old machine should be replaced.
Answer:
(C) the forces of supply and demand
Explanation:
In a perfectly competitive industry, no single buyer nor seller will be able to influence prices thus marking the forces of demand and supply (the invisible hand) the determinant of pricing. Each buyer or seller will only account for a minute portion of total demand and supply thus making their influence of market price insignificant.
Options (A), (B) and (D) are incorrect as the largest firms, individual sellers and individual buyers do not influence pricing over price in a perfectly competitive market.
Answer:
The price elasticity of demand is -5
Explanation:
Elasticity of demand measure the responsiveness of demand against the change in price of the product. It shows how much demand changes if there is the change in price.
Using mid point method
Change in Demand = $20 - $25
Change in Demand = -$5
Change in price = $5 - $4
Change in price = $1
As we know
Elasticity of Demand = Change in demand / Change in price
Elasticity of Demand = -$5 / $1
Elasticity of Demand = -5
