Answer:
Practical Capacity
Explanation:
Practical Capacity is the estimate of maximum output of products or services that an organization can produce. It is used to calculate the quantity of cost drivers that would be used for the production of the product or services. The practical capacity is always within the available capacity of the firm.
Basic or elementary business education
Just as in any market, the price of labor, the wage rate, is determined by the intersection of supply and demand. When the supply of labor increases the equilibrium price falls, and when the demand for labor increases the equilibrium price rises.
The scale of measurement used here is an ordinal scale.
Ordinal scales ask participants to rate things like satisfaction, happiness, comfort. etc. The important thing to remember about this scale is that the order of the values matter the most. For example: we know that a 5 is better than a 1, but we are unsure of exactly how much better. This difference cannot be quantified or measured exactly. An easy way to remember this one is that ordinal sounds like "order" and that is what this measure is used for- putting things in order.
The most common form of ordinal measures is the Likert Scale. The question is an illustration of a Likert Scale.
Answer:
The price of pedicure in 1954 = $4.89
Explanation:
The price of pedicure in 1954 = (CPI in 1954 ÷ CPI this year) × Price today = (26.7/245.9) * $45 = $4.89
Therefore, a pedicure cost $4.89 back in 1954.