Answer:
B. It depends on the marginal cost of serving more clients and the marginal revenue he will earn from serving more clients.
Explanation:
As the barber is currently cutting hair for 50 clients per week and earns a profit. He is now considering expanding his operation in order to serve more clients. He should expand his business by considering the marginal cost of serving more clients and the marginal revenue he will earn from serving more clients. Marginal revenue and marginal cost has much importance here in order to make the decision. Marginal revenue is the profit which is obtained by selling one extra unit, here serving one more additional customer, whereas, the marginal cost is selling that one extra or additional unit/serving the customer. In this particular case, if the marginal revenues are greater than the marginal costs then he should definitely expand his operations, which means that move will bring more profits to his business.
The manager of a supermarket would like to know which of several quality problems to address a tool that would be most helpful would be a Pareto chart.
A Pareto chart is a form of a graph with both bars and a line graph, where the bars reflect individual values in descending order and the line the cumulative total. The chart is called after the Pareto principle, which takes its name from renowned Italian economist Vilfredo Pareto.
The Pareto chart's goal is to draw attention to the most significant among a group of (usually several) components. Pareto charts can be used in quality control to identify the flaws that need to be fixed first in order to see the biggest overall improvement.
It frequently reflects the most frequent causes of faults, the most prevalent kind of defect, the most common causes of customer complaints, and so forth. For each bar in the Pareto chart, Wilkinson (2006) developed a method that generates statistically based acceptability limits (akin to confidence intervals).
Learn more about the Pareto chart here:
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The statement in the question is True.
<u>Explanation:</u>
In statistics, the residual sum of squares (RSS), otherwise called the sum of squared residuals (SSR) or the total of squared estimate of errors (SSE), is the aggregate of the squares of residuals (deviations anticipated from real observational estimations of information). It is a proportion of the error between the information and an estimation model.
A little RSS demonstrates a tight attack of the model to the information. It is utilized as an optimality standard in parameter determination and model choice.
Answer:
$303
Explanation:
The computation of the absorption costing unit product cost is shown below:
= Direct materials per unit + Direct labor per unit + variable manufacturing overhead per unit + Fixed manufacturing overhead per unit
= $149 + $112 + $7 + $35
= $303
Working note:
The Fixed manufacturing overhead per unit is measured below:
= Fixed manufacturing overhead ÷ Number of units produced
= $301,000 ÷ $8,600 units
= $35
Answer:
Option D
Explanation:
As per French mining engineer Henri Fayol, management as a process involves five elements -
a) Planning
b) Organizing
c) Commanding (leading)
d) Coordinating
e) Controlling.
Hence, all the three elements i.e Planning, organizing and Leading are present
Hence, option D is correct
