The minimum production cost of company 2 is greater than the minimum production cost of company 1. We arrived at this value by comparing the production cost of both companies.
<h3>What is meant by minimum production cost?</h3>
The overall cost incurred by a company to manufacture a product or provide services is known as the cost of production.
The objective of every company is to keep this cost at minimum, hence the minimum production cost.
<h3>How do find minimum Production Cost?</h3>
Recall that the production function is given as:
f(x) = 0.25x² - 8x + 600
Inserting the values given by the schedule we have
- f(6) = 0.25(6²) - 8(6) + 600 = 561
- f(8) = 0.25(8²) - 8(8) + 600 = 552
- f(10) = 0.25(10²) - 8(10) + 600 = 545
- f(12) = 0.25(12²) - 8(12) + 600 = 540
- f(14) = 0.25(14²) - 8(14) + 600 = 537
For company 2, we are given the various production costs as;
x - g(x)
6 - 862.2
8 - 856.8
10 - 855
12 - 856.8
14 - 862.2
Juxtaposing the above, we can infer that the minimum production cost of company 2 is greater than the minimum production cost of company 1.
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Answer: $490,000
Explanation:
you take the gross income (annual in this case) and first multiply it by 70%(0.70). Then multiply it again by 7.
$100,000 x 0.70 = 70,000
70,000 x 7 = $490,000
Answer:
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The answer is “Yes I can”. The question was if I could answer this.
The ability to generalize a study's results to different circumstances is known as external validity that suffers from 7 types of threats.
<h3>What are the threats to External Validity?</h3>
There are 7 major threats to external validity.
- The first threat is sampling bias, in which a sample is not representative of the population.
- The second threat is history, where an unrelated incident can affect the results.
- The third threat is observer bias, in which the traits or actions of the experimenter unintentionally affect the results, resulting in bias and other demand features.
- The fourth threat is the Hawthorne effect, which describes the propensity for individuals to alter their behaviour merely because they are aware that they are being observed.
- The fifth threat is the Testing Effect, in which the results are impacted by whether a test is administered before or after another.
- The sixth threat is the aptitude-treatment, which involves the interaction of individual and group factors to affect the dependent variable.
- The environment, time of day, location, researcher traits, and other variables that restrict the generalizability of the results are included in the seventh threat.
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