Direct Material Cost Per Square Foot= 8+.1= 8.1 per square foot.
Distinct possibilities, where there are two, three, or maybe four potential future alternatives, represent the second state of ambiguity. And you may make a contingency plan depending on which of those four possibilities might occur in a circumstance where there are distinct possibilities.
How do you make decisions in ambiguous situations?
Embrace a variety of viewpoints. Include intellectuals who hold opinions that differ from your own. You'll gain an understanding of the decision's potential outcomes, what other factors need to be taken into account, and what crucial information is lacking. Decentralize decision-making to the individuals who are most familiar with the "issue."
What is a good contingency plan?
Any circumstance that might interfere with operations should be covered in a comprehensive contingency plan. To include in the plan, take into account the following areas: storms, fires, and earthquakes are examples of natural catastrophes. crises including endangerment to staff or clients, injuries sustained on the job, and mishaps at the workplace.
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Based on the nominal interest rate and the real interest rate, the inflation rate must be 10%.
<h3>What is the inflation rate?</h3>
The inflation rate is the difference between the nominal rate and the real interest rate.
It can be found as:
= Nominal rate - Real interest rate
Solving gives:
= 18% - 8%
= 10%
In conclusion, the inflation rate is 10%.
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Answer:
The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors is known as <u>COMPARATIVE ADVANTAGE</u>, what makes it such a powerful insight?
- D) It explains why if individuals, firms, and countries specialize and trade they will be better off
Explanation:
The Heckscher Ohlin theory of comparative advantage states that a country must produce the goods for which they have an abundance of factors of production, e.g. countries with a lot of land can produce agricultural products. When a country is able to produce goods at a comparatively lower price than other countries, they will be able to trade and benefit from it.
Benefits from trade are obtained not by absolute advantages in the production of goods, but by producing goods with a comparative advantage, i.e. lower opportunity cost.
For example, country A can produce 100 bushels of corn and 50 bushels of wheat. Country B can produce 50 bushels of corn and 35 bushels of wheat.
- country A's opportunity cost of producing 1 bushel of corn = 50/100 = <u>0.5</u> bushels of wheat
- country A's opportunity cost of producing 1 bushel of wheat = 100/50 = 2 bushels of corn
- country B's opportunity cost of producing 1 bushel of corn = 35/50 = 0.7 bushels of wheat
- country B's opportunity cost of producing 1 bushel of wheat = 50/35 = <u>1.43</u> bushels of corn
Even though country A has an absolute advantage in the production of corn and wheat, it will benefit from trade only if it specializes in the production of corn and imports wheat. On the other hand, country B will benefit from trade if it specializes in the production of wheat and imports corn.
