The purpose why the person use the money is for medium of exchange.
<h3>What is money?</h3>
Money is a legal tender, approved by the government of a country as a means of exchange. Money is used to pay for services received and also for the purchase of goods.
Characteristics of money are:
- Store of value
- Medium of exchange
- Unit of account
Hence, the purpose why the person use the money is for medium of exchange.
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Answer:
The correct answer is: produce inside its production possibilities frontier.
Explanation:
The production possibility frontier shows the maximum possible combination of two goods that an economy can produce using all the available resources and state of technology.
Unemployment in an economy means that all the available resources are not being completely used. So, the economy will operate at a point inside the production possibility curve.
Production at this point will be feasible but allocatively inefficient.
Answer:
The computations are shown below:
Explanation:
a. The computation of the economic order quantity is shown below:
= 229 units
The carrying cost is come from
= $2.40 × 20%
b. Time between placement of orders is
= Economic order quantity ÷Annual demand
= 229 ÷ 280
= 0.8179 years
So,
= 0.8179 × 365 days
= 298.53 days
We assume 365 days in a year
c. The average annual cost of ordering cost and carrying cost equals to
= Holding cost + ordering cost
= (Economic order quantity ÷ 2 × Holding cost) + (Annual demand ÷ Economic order quantity × ordering cost)
= (229 units ÷ 2 × $0.48) + (280 ÷ 229 units × $45)
= $54.96 + $55.02
= $109.98
d)
Now the reorder level is
= Demand × lead time + safety stock
where, Demand equal to
= Expected demand ÷ total number of weeks in a year
= 280 pounds ÷ 52 weeks
= 5.38461
So, the reorder point would be
= 5.38461 × 3 + $0
= 16.15 pounds
Answer:
$532.24
Explanation:
Since Mr. Wise will be making monthly payments for the period of 25 years in order to accumulated the $1,000,000 at the end of 25 years, therefore, the future value of annuity shall be used to determine the monthly payments to be deposited by Mr Wise. The formula of future value of annuity is given as follows:
Future value of annuity=R[((1+i)^n-1)/i]
In the given scenario:
Future value of annuity=amount after 25 years=$1,000.000
R=monthly payments to be deposited by Mr Wise=?
i=interest rate per month=12/12=1%
n=number of payments involved=25*12=300
$1,000,000=R[((1+1%)^300-1)/1%]
R=$532.24
Answer:
The given statement is "True".
Explanation:
- Feedback would be a significant aspect in improving the accomplishment or organization's success.
- Requesting or waiting for such feedback might contribute to less and less input, although the organization must request for input, this same person might communicate with the organization by requesting comments.
Thus the above is the correct answer.
