Answer:
D. Absolute advantage
Explanation:
Absolute Advantage is the ability for a country or organization or individual to produce a greater amount of a specific commodity than their competitors while using the same amount of resources. Adam Smith argued for this in international trade theories when he postulated that each country should specialize on those commodities it can produce at lower absolute cost than others.
When a country is best at producing a particular type of good more efficiently both in cost and quantity than its competitors, they are said to have absolute advantage in the production of that good. In this case, the United States had absolute advantage in producing oil drilling equipment.
Not enough information to answer the question, sorry.
Answer:
a. 100 units
b. $2,250
c $2,250
d. 30 units
Explanation:
a. The estimation of the economic order quantity is presented below:
=
=
= 100 units
b. The annual holding cost would be
= Economic order quantity ÷ 2 × annual holding cost per unit
= 100 units ÷ 2 × $45
= $2,250
The Economic order quantity ÷ 2 is also known as average inventory
c. The annual ordering cost would be
= Annual demand ÷ economic order quantity × ordering cost per order
= 1,500 ÷ 100 × $150
= $2,250
The Annual demand ÷ economic order quantity is also known as number of orders
d. The reorder point would be
= Annual demand ÷ total number of days in a year × working days
= 1,500 ÷ 300 days × 6 working days
= 30 units
Answer:
The correct answer is option B.
Explanation:
Goods are physical and tangible products that are used to satisfy human wants and needs. While services are non-tangible products that are used for the same purpose.
The difference between the two is that is in terms of tangibility. Also, goods can be produced in advance and stored in inventories, unlike services. Services are immediately consumed as produced.
The similarity between the two is that both have quality standards. However, the quality standards of services depend on the expectations before the consumption.