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Paraphin [41]
3 years ago
14

Two companies require identical skills and training from their workers. Both employ 10,000 people. On average, RealSafe has one

worker fatality per year, while NotsoSafe has two worker fatalities per year. Jobs at RealSafe pay $50,000/year, while jobs at NotsoSafe pay $50,500/year. In the space below, answer the following questions, delineated by question number:_______.
1. Why do these jobs with identical requirements pay different salaries, based on the information presented here?2. What is the risk for a worker of a fatal accident at each company? What is the pay premium associated with that risk?3. The value of a statistical life is the difference in wage divided by the difference in risk. What is the value of a statistical life for workers with these skills and training?4. Do you expect this value of a statistical life to be appropriate for the population as a whole? Why or why not?
Business
1 answer:
mr Goodwill [35]3 years ago
8 0

Explanation:

1. If the salary paid by both companies were same people would prefer to work at Realsafe since it more safer. But not too safe provides a higher pay which makes people accept the higher risk over there.

2.The for a worker at Realsafe is 1/10000, while at not to safe it’s 2/10000. The premium associated with that risk Is the $500/year from not to safe.

3. Value of statistical life

= 1*$500 / 1/10000

= 5,000,000.

4. If the value of statistical life is constant across all the population it’s acceptable and valid.

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Katy, a manager, is evaluating her team members by rating them from best to worst. This rating is based on their overall perform
grin007 [14]

Answer:

a.The simple ranking method.

Explanation:

From The given scenario is based on the simple Ranking method which is the simplest method of Appraisal under which every employee is compared with the others and ranked from best to worst.

4 0
3 years ago
Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the bala
ElenaW [278]

Complete Question:

The Southern Corporation manufactures a single product and has the following cost structure: Variable costs per unit: Production $ 35 Selling and administrative $ 14 Fixed costs per year: Production $ 175,560 Selling and administrative $ 140,450 Last year, 7,980 units were produced and 7,680 units were sold. There was no beginning inventory. The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

Multiple Choice

$6,600 less than under absorption costing.

$7,680 less than under absorption costing.

the same as absorption costing.

$7,680 greater than under absorption costing.

Answer:

The Southern Corporation

The carrying value on the balance sheet of the ending inventory of finished goods under variable costing would be:

$6,600 less than under absorption costing.

Explanation:

a) Data and Calculations:

Variable costs per unit:

Production $ 35

Selling and administrative $ 14

Fixed costs per year:

Production $ 175,560

Selling and administrative $ 140,450

Production units last year = 7,980 units

Sales units last year = 7,680 units

Ending inventory = 300 (7,980 - 7,680) units

Value of Ending inventory:

1. Variable Costing:

Production $ 35 * 300 = $10,500

2. Absorption Costing:

Variable Production $ 35 * 7,980 = $279,300

Fixed Production overhead             $ 175,560

Total production costs =                  $454,860

Units produced = 7,980

Unit cost = $57

Ending inventory = $17,100 ($57 * 300)

Difference = $6,600 ($17,100 - $10,500)

4 0
2 years ago
Which of the following describes the substitution effect of a price change?A) The change in demand that results from a change in
Liula [17]

Answer:

The answer is D. The change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power

Explanation:

Substitution effect is a concept in which, as the price of a good or service increases, less of the good or service is substituted for other less expensive.

For example, if the price of Pepsi were to rise, the substitution effect would cause the consumer to buy less of it and substitute more coca-cola for now relatively more expensive Pepsi.

Option A. is wrong because we are talking about the quantity demanded and not just demand. (Please take note).

6 0
3 years ago
There are 6 cities (1-6) in Araxi County. The county must determine where to build fire stations. The county wants to build the
nikdorinn [45]

Answer:

a.

Look at the two attached figures please. The decision variables is the choice to build a fire station in which city.

So there are six decision variables each taking a value of either 0 or 1.

D1 = decision to build fire station in city 1, (1 denotes yes and 0 denotes no)

D2 = decision to build fire station in city 2, (1 denotes yes and 0 denotes no)

D3 = decision to build fire station in city 3, (1 denotes yes and 0 denotes no)

D4 = decision to build fire station in city 4, (1 denotes yes and 0 denotes no)

D5 = decision to build fire station in city 5, (1 denotes yes and 0 denotes no)

D6 = decision to build fire station in city 6, (1 denotes yes and 0 denotes no)

b.

Please look at attachment

C .

The figure 1 denotes the problem formulation in excel and shows all the formulas.

In first step, a matrix is prepared to denote all cities which are within 15 minutes by 1 and others by zero

A array of decision variables for selecting the city is shown. A 1 in cell implies that city is selected and 0 means the city is not selected.

A product of the selection variable and the value in the within 15 minutes matrix is calculated as shown by the formula.

The constraint is to ensure that all cities have at least one fire station mapped within 15 minutes.

d.

The problem is solved in Excel using integer programming and the solution is that City 2 and 4 should be selected for building fire stations and thus total no of fire stations are two with every city within 15 minutes.

Explanation:

3 0
2 years ago
Suppose that Mike has been holding asset B. (That is, Mike is holding a portfolio that entirely consists of asset B). Today, a s
coldgirl [10]

Answer:

Suppose that Mike has been holding asset B. (That is, Mike is holding a portfolio that entirely consists of asset B). Today, a stock broker came to Mike and recommended that he add a little bit of asset A into his portfolio (for example, 80% of asset B and 20% of asset A). Mike rejected this suggestion because he thinks that it is not a good idea to add a riskier asset into his portfolio -- based on the answers for Q3 and Q4, he knows that asset A is riskier (than asset B) in the sense that it has a higher standard deviation. Do you think that rejecting the stock broker’s suggestion was a correct decision- No

Explanation:

The returns that the portfolio can generate needs to be analyzed by Mike, and this can be achieved by adding the riskier asset.

If adding a little bit of the riskier project would lead to an increase in the returns by a greater proportion, then it may be beneficial to do the same. Therefore. Mike should consider the option before rejecting it completely.

3 0
3 years ago
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