Answer: 20 seats
Explanation:
The optimal number of business travellers will be the mean of Poisson distribution i.e 20, since the number of business travellers follows Poisson distribution. Which means that the probability that there will be 20 business travellers will be higher than all other numbers.
Therefore 20 seats must be assigned to business travellers to maximize the revenue.
Answer:
Direct labor time (efficiency) variance= 16,497 favorable
Explanation:
Giving the following information:
Standard labor-hours per unit of output 10.3 hours
Standard labor rate $14.10 per hour
Actual hours worked 8,100 hours
Actual output 900 units
<u>To calculate the direct labor efficiency variance, we need to use the following formula:</u>
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Standard quantity= 10.3*900= 9,270
Direct labor time (efficiency) variance= (9,270 - 8,100)*14.1
Direct labor time (efficiency) variance= 16,497 favorable
Answer:
Cyclical unemployment
Explanation:
Cyclical unemployment is a result of the naturally occurring economic cycles. From time to time, the economy experiences moments of upturns and downturns. Downturns moments include recessions and depression. During economic downturns, the economic growth rate is very low or even negative resulting in cyclical unemployment.
Depression lasts longer and has more severe effects than a recession. Due to the decreased economic activities, the rate of unemployment increases as many people lose jobs due to low production and low consumption in the market.
<span>The owner must be an in house CM or construction engineer to administer the contracts. CM is established as an independent contractor. The CM is responsible to the owner to complete the project by the established substantial completion date and within the agreed budget. The CM must compensate the owner when the construction does not satisfy the established standards of performance for a project.</span>
