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3 years ago

Which of the following types of variances would a purchasing manager most likely influence?

Business

1 answer:

N76 [4]3 years ago

7 0

Answer:

b) Direct materials price.

Explanation:

The purchasing manager would be associated to the quantity purchased and for the purchase price it is bought.

Therefore, labor variances are not his consideration.

And also in material variances we know, direct material quantity variance is calculated for the quantity used in production and not the quantity purchased, although the later is dealt by purchase manager the former relates to production manager.

Purchase manager is responsible and concentrates on the price at which the direct material is bought.

Thus, the correct option is

b) Direct materials price.

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According to Adam Smith, which of the following is necessary for the proper functioning of the market system?

nlexa [21]

Answer:

The correct answer is the option C: For markets to work, people must be free to pursue their self-interest.

Explanation:

To begin with, Adam Smith was a Scottish economist, philosopher and author known as ''The Father os Economics'' and whose works established the basics of today's economics.

To continue, in Smith's most known classic work, ''An Inquiry into the Nature and Causes of the Wealth of Nations'', he established the concept called the ''invisible hand'' that states that in order to the economy to work properly, the people must be free to pursue their self-interest products without no restrictions from the government.

4 0

3 years ago

Suppose that in a certain community, 40% of the residents would answer "yes" to the question, "do you know the names of at least

juin [17]

Answer:

The proportion of people in your sample whose response is yes=40 people

Explanation:

Step 1: Determine the statistical proportion that will say yes

Proportion=40%=40/100=0.4

Step 2: Determine the proportion in the sample that will say yes

The proportion in the sample can be expressed as;

P=S×Z

where;

P=proportion in the sample

S=statistical proportion

Z=sample size

In our case;

P=unknown to be determined

S=40%=40/100=0.4

Z=100

replacing;

Proportion in the sample=0.4×100=40

The proportion of people in your sample whose response is yes=40 people

7 0

3 years ago

The importance of formal planning in organizations has grown dramatically. Companies have found that they can achieve competitiv

Neko [114]

Explanation:

Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.

8 0

2 years ago

A candle manufacturer produces 4,000 units when the market price is $11 per unit and produces 6,000 units when the market price

mario62 [17]

Answer:

The option (b) 2.4 is correct.

Explanation:

We can find price elasticity of demand by using the formula shown in the attachment attached with.

Since we know the quantities of product associated with the market price of the product, by putting values in the equation we have:

Price elasticity of Demand =

= [(6000 - 4000) / (6000 + 4000)/2] / [(13 - 11) / (13+11)/2]

Price elasticity of Demand = 2.4

So this is how we can find the price elasticity of supply which says that the producers will respond to prices drop by producing lower quantity of product.

5 0

3 years ago

What is the expected value when a $1 lottery ticket is bought in which the purchaser wins exactly $10 million if the ticket cont

Nadusha1986 [10]

We expect to lose $0.37 per lottery ticket

Explanation:

six winning numbers from = { 1, 2, 3, ....., 50}

So, the probability of winning:

$P(win) = \frac{ no of favorable outcomes}{no of possible outcomes}$

$P(win) = \frac{1}{^5^0C_6} \\\\P (win) = \frac{6! X (50 - 6)!}{50!} \\\\P(win) = \frac{6! X 44!}{50!} \\\\P(win) = \frac{1}{15,890,700}$

The probability of losing would be:

P(loss) = 1 - P(win)

$P(loss) = 1 - \frac{1}{15,890,700} \\\\P(loss) = \frac{15,890,699}{15,890,700}$

According to the question,

When we win, then we gain $10 million and lose the cost of the lottery ticket.

So,

$10,000,000 - 1 = $9,999,999

When we lose, then we lose the cost of the lottery ticket = $1

The expected value is the sum of the product of each possibility x with its probability P(x):

E(x) = ∑ xP(x)

$= 9,999,999 X \frac{1}{15,890,700} + ( -1 ) X \frac{15,890,699}{15,890,700} \\\\=- \frac{5,890,700}{15,890,700} \\\\= - \frac{58,907}{158,907} \\\\= - 0.37$

Thus, we expect to lose $0.37 per lottery ticket

7 0

3 years ago