<span>Robotics could make this repetitive task quicker and less susceptible to error.
</span><span>Robots have “human” capabilities and traits such as sensing, dexterity, memory and trainability which mean that they can do they are suitable for repetitive manufacturing tasks.</span>
Answer:
Option (a) is correct.
Explanation:
Given the marginal utility per dollar for the two products as follows:
All the individuals wants to maximize their utility that is obtained from the consumption of goods. We can see that marginal utility per dollar of product A is higher than the marginal utility per dollar of product B which means that this consumer should purchase more quantity of product A and less quantity of product B.
It is going on until the point at which marginal utility per dollar of both the products becomes equal.
Answer:
Option D. We are 95% confident that the mean amount spent on electric service among the 160 households is between $151 and $216.
Explanation:
A confidence interval is a range of values, derived from the sample statistics, which may include the value of an unknown population parameter.
A 95% confidence interval indicates that between 152 of 160 samples (95%) of the same population will produce confidence intervals that will contain the population parameter.
It also means that we have a 95% confidence that the average (average amount) is among the resulting amounts obtained.
Logically, option "D" is missing the final part. This would be: D. We are 95% confident that the mean amount spent on electric service among the 160 households is between $ 15.
This is the only true option, since the test is based on a sample of only 160 households, the entire population of households cannot be included.
Hence, the correct option is:
Option D. We are 95% confident that the mean amount spent on electric service among the 160 households is between $151 and $216.
Answer:
a)
1. Explicit cost
2. Implicit Cost
3. Implicit Cost
4. Explicit cost
b)
Accounting Profit is $62000.
Economic Profit is -$3000. (a loss of $3000)
Explanation:
a)
Explicit costs are those costs incurred by a business that require an outlay of money as a result of operating a business.
Implicit costs, on the other hand, are the costs that do not require an outlay of money as a result of operating a business. They are instead the opportunity costs of operating a business or the benefits that are foregone.
1. The wages and utility bills are a result of operating a business and requires and outlay of money as their payment. They are <u>explicit costs.</u>
2. The rental income could have been earned if Larry rented the showroom he is using to operate his business from. The rent foregone is an opportunity cost and is an <u>implicit cost.</u>
3. The salary Larry could have earned is also something that Brian has to forego to operate his business and is an <u>implicit cost.</u>
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4. The cost of purchases paid to manufacturer requires outlay of money and is an <u>explicit cost.</u>
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b)
Accounting profit = Total Revenue - Total explicit cost
Economic profit = Total revenue - (Total Explicit Cost + Total Implicit Cost)
Accounting Profit = 793000 - 430000 - 301000 = $62000 profit
Economic profit = 793000 - (430000 + 301000 + 15000 + 50000) = -$3000 loss
Employees are motivated by goals because a goal is a notion of the future or a desired result that a person or a group of people foresee. An employee is a worker employed by an employer to perform a certain task.
smart goals should be used to inspire personnel (specific, measurable, aggressive, realistic, and time-bound). Employees are motivated by smart goals because they enliven behavior's, give it direction, present a challenge, encourage employees to think creatively, and inspire the development of new and original performance strategies.
Successful performance management is centered on employee goals. Setting goals can assist employees support the mission of the company. They aid workers in understanding how their efforts fit into the bigger picture and the value they add to the business.
In addition to motivating staff performance, goals also help with performance review and strategic planning.
To put it another way, without the proper objectives, performance and engagement suffer.
Learn more about goals here
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