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Mkey [24]
3 years ago
8

Define business inventories and explain how they are counted in GDP.

Business
1 answer:
Liono4ka [1.6K]3 years ago
8 0

Answer:

Business Inventories refer to the excess of goods produced over goods sold. In a given year, final goods and services are produced for sale so they are consumed. However, not all of these goods are consumed with the rest being consumed in another period. These goods that were not sold for consumption will then fall under Business Inventories.

When accounting for them in GDP, only the increase in Inventory is added. This way the inventory is accounted for in the year that it was produced in. Specifically speaking, Inventories fall under the <em>Investment</em> component of GDP and is typically referred to as <em>Inventory Investment</em>.

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Answer:

111 pounds

Explanation:

The number of pounds Cynthia should order each day can be calculated as follows

Calculation

Standard deviation = 20

Mean = 100

Cost of actual utilization = 8-3 = 5

Cost of Under utilization = 4-2 = 2

Probability of sale = Co/(Cu+Co)

Probability of sale = 5/(5+2)

Probability of sale =0.714

Z score at above probability = z = 0.57

hence cynthia should order= mean+z*standard deviation

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Order = 111.4 or 111 pounds

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3 years ago
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3 years ago
Bill Pope has developed a new device that is so exciting he is considering quitting his job in order to produce and market it on
labwork [276]

Answer:

Costs of: Opportunity  Sunk Variable Fixed MOH Product Selling Differential

Garage rent  (Fixed)........................................X

Utilities  (Fixed).................................................X

Cost of the industrial design course  (Sunk) ... ''the cost has been spent''

Equipment rented .(Fixed)...............................X

Material cost  (Variable)...................X

Labor cost  (Variable).......................X

Present salary  (Opportunity cost / Differential Cost)..'He wont earn anymore'

Advertising  (Fixed and Selling Costs)............X...................................X

Explanation:

Costs of: Opportunity  Sunk Variable Fixed MOH Product Selling Differential

Garage rent  (Fixed)........................................X

Utilities  (Fixed).................................................X

Cost of the industrial design course  (Sunk) ... ''the cost has been spent''

Equipment rented .(Fixed)...............................X

Material cost  (Variable)...................X

Labor cost  (Variable).......................X

Present salary  (Opportunity cost / Differential Cost)..'He wont earn anymore'

Advertising  (Fixed and Selling Costs)............X...................................X

1. Garage rent is fixed Manufacturing Overhead because he will pay a fixed rent amount every month.

2. Utilities is fixed Manufacturing Overhead because he will pay a fixed amount every month.

3. Cost of the industrial design course  is Sunk because the cost has been spent already

4. Equipment rented  is fixed Manufacturing Overhead because he will pay a fixed amount every month.

5. Material cost  is variable because it will depend on how much produced every month.

6. Labor cost  is variable because it will depend on how much produced every month.

7. Present salary  is an Opportunity cost because wont earn salary anymore when he starts the business; this is also differential because it is the difference between the cost of the two alternative decisions

Advertising  is a fixed Selling costs because he will pay a fixed amount every month and it is related to sales not production.

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3 years ago
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Answer:

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