Answer:
An umbrella policy is the type of insurance that is made to additionally secure personal liability and it is necessary to have if the person is responsible for some damage made.
Explanation:
Umbrella policy not only covers the policyholder, but it also covers the members of his family. If you are responsible for the car accident, and your car is covered with the umbrella policy, they will be responsible for covering the medical expenses in case of someone getting hurt.
Answer:
Essentially, there is no competition in a communist system, at least no economic competition. As ThisMatter.com explains:
"Communism and socialism affect the growth of economies, because there is no competition between businesses, and the people who manage such businesses are often political appointees, chosen more for their social and political connections than for their understanding of the businesses that they manage."
The personal finance, investment, and economics website further notes that in a communist economy, industries are often under the control of many bureaucrats, who often issue conflicting demands. Unfettered by the demands of competition, these state-controlled businesses care little about whether society wants their product or service, and do not care about costs, since these costs are paid by the government.
Answer:
Net advantage (disadvantage) ($5,400)
Explanation:
Product QI
Sales value after further processing ($15 × 2,600) $39,000
Costs of further processing $10,600
Benefit of further processing $28,400
($39,000-$10 600)
Less: Sales value at split-off point ($13 × 2,600) $33 800
Net advantage (disadvantage) ($5,400)
Answer:
a) 400 units;
b) 20 orders;
c) 10 days.
Explanation:
Please find the below for detailed calculations and explanation:
Denote D = Annual Demand = 8,000 units;
K = Orderding cost = $30;
h = Holding cost = $3.
a) We calculate the economic order quantity (EOQ) which is also the optimal order quantity, with the formula as below:
EOQ = Square ( 2*D*K/h) = Square(2*8,000*30/3) = 400 units.
b) Expected number of orders placed each year = Annual Demand / EOQ = 8,000/400 = 20 orders.
c) Expected time between orders = Number of working day per year / Number of orders placed each year = 200/20 = 10 days.
