Answer: Both of them
Explanation:
The Monte Carlo Simulation is a forecasting technique that allows one to find out the probability of occurence of different outcomes which may be difficult to come up with because there are multiple random variables involved.
Monte Carlo simulations are used in many diverse fields such as Finance, Engineering and Science.
As earlier mentioned, this simulation allows for multiple random variables so Phillips can use it to model both the variables to have different characteristics.
The correct answer is $380 per unit.
The lower-of-cost-or market rule requires that you report the lower value of either the purchase price or current market price of items in inventory. In this case the current market price is lower, so it should be used when calculating the value of inventory.
Answer:
B. The input gains from greater international specialization and trade are the equivalent of economic growth.
Explanation:
If a country moves outside its production possibilities curve, the country has experienced economic growth, precisely because it has increased the amount of goods it can produce according to the production possibilities curve.
International trade thus facilitates economic growth because it makes each country focus on the production of the goods that have the lower opportunity cost, and therefore, use the country's resources more efficiently. This, added to technological improvements, can help a country's economy become larger in both the short and long-term.
Answer:
B. Evaluation of Alternatives
Explanation:
Consumer- Decision Making
This is also know as Buyer decision making. It involves the decision making process that buyers or customers goes through before, during and after the purchase of a good or services. According to John Dewey, we have 5 stages, and these are:
1. Problem of need recognition
2. Information search
3. Evaluation of alternatives
4. Purchase
5. Post - Purchase behavior
The step described in the question is Step 3 which is EVALUATION OF ALTERNATIVES. At this stage, customers evaluate all the products available on a particular scale of attributes. The consumers or buyers narrows down the number of choices at this stage by comparing the advantages and disadvantages of the products. They assess the value of all the products so as to be able to make a decision for the purchase.