Key factors for success in an industry
As a reminder, the 5 Key Success Factors are:
Strategic Focus (Leadership, Management, Planning)
People (Personnel, Staff, Learning, Development)
Operations (Processes, Work)
Marketing (Customer Relations, Sales, Responsiveness)
Finances (Assets, Facilities, Equipment)
The answer is: Technology and planning integration
Technology and planning integration refers to the use of modern technology in order to achieve company's goals more efficiently.
Not only that, implementing technological assistance will lower the total cost made by the company in the long run.
Explanation:
The computation of the fixed cost and the variable cost per hour by using high low method is shown below:
Variable cost per hour = (High Operating cost - low operating cost) ÷ (High driven in kilometers - Low driven in kilometers)
where,
High operating cost = 114,000 km × 12.7%
= $14,478
Low operating cost = 76,000 km × 14.8%
= $11,248
So,
= ($14,478 - $11,248) ÷ (114,000 km - 76,000 km)
= $3,230 ÷ 38,000 km
= $0.085 per km
Now the fixed cost equal to
= High operating cost - (High driven in kilometers × Variable cost per km)
= $14,478 - (114,000 km × $0.085)
= $14,478 - $9,690
= $4,7882
2. The equation is as follows
Y = a + bx
So,
Total cost = $4,788 + 0.085X
3.
Y = a + bx
= $4,788 + 0.085 × 95,000
= $4,788 + $8,075
= $12,863
Answer:
1. Under command-and-control regulation, the government will sometimes specify the technology that firms must use in production. TRUE, e.g. currently the US government banned Huawei from providing 5G technology in the US due to security concerns even though that provides the best 5G technology in the world.
2. The government may decide on a specific amount of pollution that firms can legally emit. TRUE, the EPA sets the standards and companies must follow them, whether they are too high or too low maybe subject to an extensive debate.
3. A limitation of a command-and-control regulation is that firms have no incentive to remove pollution once they are within the legal pollution limits. TRUE, if the company is complying with current regulation, then that is all it needs to keep functioning without any problem.
4. Command and control situations are always the best option when it comes to reducing the amount of pollution. FALSE, when is the government or Congress the most efficient at doing something. Efficiency is not a characteristic of any government entity.
5. Command-and-control is more flexible than market-based regulation. FALSE, the terms command and control should give you an idea that government intervention can be anything but flexible.
6. A command-and-control regulation is subject to political considerations. TRUE, command and control regulation is set up by government agencies or Congress and both are political entities by definition. E.g. some governments impose harder environmental controls through the EPA, others impose softer or no controls at all.
