Answer:
Hilary is a retired teacher who lives in Miami and does some consulting work for extra cash. At a wage of $50 per hour, she is willing to work 10 hours per week. At $65 per hour, she is willing to work 19 hours per week.
Using the midpoint method, the elasticity of Hilary’s labor supply between the wages of $50 and $65 per hour is approximately 2.37 , which means that Hilary’s supply of labor over this wage range is elastic.
Explanation:
Midpoint elasticity = (Change in labor supplied / Average labor supplied) / (Change in wage rate / Average wage rate)
= [(19 - 10) / (19 + 10) / 2] / [$(65 - 50) / $(65 + 50) / 2]
= [9 / (29 / 2)] / [15 / (115 / 2)]
= (9 / 14.5) / (15 / 57.5)
= 0.62/0.26
Midpoint elasticity = 2.37
Once elasticity is greater than 1, supply of labor is Elastic.
Answer:
Reorder point is 40
Explanation:
Reorder point is the level of inventory which trigger the purchase of new inventory.
The formula for Reorder point is
Annual demand * Leadtime + Safety Stock
Reorder Point = 1040 / 365 * 14 days + 0
= 40.
The lost sales cost is $50 in goodwill, Furnco should keep a safety stock of at least 30 chairs in order to meet demand level.
Answer:
Deposited amount will decrease by 1% and $2,000
Explanation:
Inflation rate will effect the value of money due to decrease in purchasing power of the currency holder.
We will use following formula to calculate the impact
Nominal rate = Real interest rate + Inflation rate
5% = Real interest rate + 6%
Real interest rate = 5% - 6% = -1%
The deposited amount will be decreased by 1%.
Deposit value = $200,000 x ( 1 - 1% ) = $198,000
Decrease in value = $200,000 - $198,000 = $2,000
This shorter payback period is positive and beneficial to the consumer, as it allows for harmony with amortization expenses.
We can arrive at this answer because:
- A short payback period is beneficial because of its relationship to amortization, as long-term debt allows this amortization to take place.
- These amortization expenses allow the cost of long-term assets to be represented in the payment.
- However, when the short-term payback period allows for amortization, causing the asset's value to be reduced by the amount that will be paid by the consumer.
In this case, we can state that in cases like the one shown in the question above, the short payback period is very beneficial and interesting to the consumer, as it can promote economic benefits.
More information:
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Answer: <em>True</em>
Explanation:
A project team is referred to as a team whose members usually belong to different groups,i.e.one with technical background and others with non-technical background also play different roles and have functions. A project team can be further divided into parts or sub-teams. Usually, these teams are used for a defined period.
