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Kitty [74]
3 years ago
8

At a potluck, everyone brings his or her favorite dish to share. gavin decides to avoid the foods he has never heard of before a

nd instead eats only the macaroni and cheese he brought to the party. in this example, gavin eating food he prepared himself suggests that he is most influenced by
Business
1 answer:
Kay [80]3 years ago
3 0
I<span>n this example, Gavin eating food he prepared himself suggests that he is most influenced by Familiarity.  It means </span><span>a good knowledge of something, in this case, the food that Gavin brought to the party. </span>
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What is the term for the distance between people?
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Assume in 2016 that your income was $50,000 and in 2017 your nominal income increased to $70,000. If the CPI changed from 100 to
Andrej [43]

Answer:

$55,000

Explanation:

Data provided in the question:

Income in 2016 = $50,000

Nominal income in 2017 = $70,000

CPI in 2016 = 100

CPI in 2017 = 110

Now,

Purchasing power in 2017 = [ CPI of 2017 ÷ CPI of 2016 ] × Income in 2016

or

Purchasing power =  [ 110 ÷ 100 ] × $50,000

or

Purchasing power = 1.1 × $50,000

or

Purchasing power = $55,000

8 0
4 years ago
What are the cost and benefits of taking longer to pay off a loan ?
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8 0
4 years ago
Dandy Collectibles is opening a new warehouse. Bob Lee, the warehouse manager, is trying to determine the labor compensation pac
Vikki [24]

Answer:

Explanation:

Following demand data is taken form textbook: Donald Bowersox, David Closs, Logistics Management, Tata McGram-Hill Edition 2000, page no. 453

Day                                      Demand

Monday                                3,400

Tuesday                               3,625

Wednesday                          3,205

Thursday                              3,380

Friday                                   3,670

Weekly demand                  17,280

A) Compensation plan – Hourly based

Wage rate = $13 per hour

Productivity per worker = 20 units per hour

Working hours = 40 hours per week

Error rate = 0.5%

Revenue lost per occurrence of error = $60

Average requirement of the workers = Weekly demand/(productivity per worker x working hours)

= 17,280 units/(20 units per hour x 40 hours)

= 21.6

Actual requirement of the workers = 22 workers

Labor cost = Number of workers x wage rate per hour x working hours

Labor cost = 22 x $13 x 40 = $11,440

Lost revenue = error rate x weekly demand x revenue lost per occurrence of error

Lost revenue = 0.005 x 17,280 x $60 = $5184

Total cost of hourly compensation plan = $11,440 + $5,184 = $16,624

B) Compensation plan – Performance based

Wage rate per unit = $0.40 per unit

Productivity per worker = 28 units per hour

Working hours = 40 hours per week

Error rate = 1%

Revenue lost per occurrence of error = $60

Average requirement of the workers = Weekly demand/(productivity per worker x working hours)

= 17,280 units/(28 units per hour x 40 hours)

= 15.4

Actual requirement of the workers = 16 workers

Labor cost = Number of workers x wage rate per unit x working hours x productivity per hour

Labor cost = 16 x $0.4 per unit x 40 hours x 28 units per hour = $7168

Lost revenue = error rate x weekly demand x revenue lost per occurrence of error

Lost revenue = 0.01 x 17,280 x $60 = $10,368

Total cost of hourly compensation plan = $7,168 + $10,368 = $17,536

Conclusion

                           

                                 Hourly based plan               Performance based plan    

Number                  22 workers                             16 workers

of workers

required

Total cost                 $16,624 per week                       $17,536 per week            

Thus, compensation plan on hourly based with 22 workers is cost effective than performance based plan.

3 0
3 years ago
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