Answer:
b. a one-tail test should be utilized.
Explanation:
It can be said that the best way for the economist to make this determination would be to use a one-tail test. This is a statistical test in which the critical area of a distribution is one-sided, making it either exceed or fall short of a certain value, but not both as seen in the graph below. Which in this case, the certain value would be $50,000 and the information will be on either side. Thus showing the economist if the mean family income truly exceeds the $50,000
<span>Lin Corporation has a single product whose selling price is $120 and whose variable expense is $80 per unit. The company’s monthly fixed expense is $50,000
1. Using the equation method, solve for the unit sales that are required to earn a target profit of $10,000
Sales = Variable expenses + Fixed expenses + Profit
$120Q = $80Q + $50,000 + $10000
$40Q = $60000
Q = $60,000 /$40
Q =1500 Units
2. Using the format method, solve for the unit sales that are required to earn a target profit of $15,000
Sales = 50000+15000/120-80 = 1625 units.
Mauro Products distributes a single product, a woven basket whose selling prices are $15 and whose variable expense is $12 per unit. The company’s monthly fixed expense is $4,200.
1. Solve for the company’s breakeven point in unit sales using the equation method.
Sales = Variable expenses + Fixed expenses + Profit
$15Q = $12Q + $4,200 + $0
$3Q = $4200
Q = $4200 /$3
Q =1400 Units
2. Solve for the companies breakeven point in sales dollars using the equation method and the CM ratio.
X = 0.8X + 4,200 + $0
0.2X = $4200
X = $4200 / 0.2
X = $21,000
CM ratio method
BEP = fixed cost /Sales-Variable cost /Sales = 4200/15-12/15 = $21000
3. Solve for the company’s breakeven point in unit sales using the format method
4200/15-12 = 1400 units.
4. Solve for the company’s breakeven point in sales dollars using the format method and the cm ration.
BEP = fixed cost /1-Variable cost / Selling price = 4200/1-12/15 = $21000
CM ratio method
BEP = fixed cost /Sales-Variable cost /Sales = 4200/15-12/15 = $21000</span>
Development by internal resource could be done by increasing my personal skills on my job field. By doing this, i will increase the quality of my work and increase my value for the organization.
Development by external resource could be done through finding connections and gather more opportunities for future project
Answer:
2. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
Explanation:
Economics is defined as a study of how a society uses its limited resources. It deals with consumption, distribution, and production of goods and services.
Economics tries to find ways that unlimited wants can be satisfied with limited resources. Theories postulated are focused on how to optimally use scarce resources for production of goods and services, how am individual or organisation can maximise it's utility of a product.
The diagnostic code set of ICD-10 would help ensure a patients reimbursement. By using the code, the patient could give the diagnosis properly and would help the claim not to be denied because of incorrect coding and consequently incorrect billing.
