Answer: Anchoring bias
Explanation: Anchoring bias is described as the tendency to focus on one value or idea known as the “anchor” and not adjust away from it sufficiently (the simple act of thinking of the first number strongly influences the second, even though there is no logical connection between them); It is also defined as the tendency of people to place subsequently refined answers to a given question close to the initially estimated answer, giving unduly weight to the initial answer, such as adjusting the initial estimate of 10% to 20% when 90% would have been more appropriate.
Some examples of anchors might include: real estate listing prices, initial cost estimates for development projects, salary of your last job etc.
Answer:
See Explanation below for the detailed answer
Explanation:
The following are income statement summaries for prior years comparing the change in inventory valuation from LIFO to FIFO
2015 Lifo : $ 530000 Tax : $159000 Profit $ 371000
Fifo : $ 561000 Tax : $ 168300 Profit $ 392700 <em>Difference; $21700</em>
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2016 Lifo : $ 625000 Tax : $187500 Profit $ 437500
Fifo : $ 675000 Tax : $ 202500 Profit $ 472500 <em>Difference; $35000</em>
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2017 Fifo: $644000 Tax : $ 193200 Profit $ 450800
Answer: 90.32%
Explanation:
Weekly demand (d) = 120
Standard deviation = 10
Lead time (l) = 4
Reorder point = 506
The reorder point is calculated as:
506 = 120 × 4 + Z × 10 × ✓4
Solving for Z will give us 1.3
Then, we check this in the z table which will give us p = 0.9032
Therefore, the service level is 90.32%.
The answer is: <span>cyclical because jobs are lost in many industries as they cut production
when the economy goes into recession, most people will have lower purchasing power which will force them to buy less products.
This situation will force companies to lower the amount of supply that they give to the market, which will lead to them cutting off several employees in order to maintain financial stability.</span>
