Economic order quantity

Costs borne by a firm can fall into two categories: explicit and implicit. According to “Principles of Economics”, explicit costs are monies that are paid out in order to run the business and may include such things as wages or rent; while implicit costs “represent the opportunity cost of using resources already owned by the firm.” (OpenStax, 2014, p. 159). My husband and I operate a small business which is a martial arts school. At this company we have explicit costs, our largest explicit costs…

to have some means for deciding what goods to produce in what quantity, how to distribute those goods, and who gets to consume the goods. The three most important things in any economy are production, distribution, and price. The two most common types of economies in the world are free Economy and Command Economy. Free market is a market economy based on supply and demand with little or no government control. Individuals make economic decisions in a free market, they don’t have the government…

Pear Assignment 1 The book Cocktail Party Economics by Eveline J. Adomait and Richard G. Maranta uses real life situations and analogies to discuss big economic ideas. These ideas help us understand the prices people have to pay for goods and services. Economic terms such as scarcity, exchange, value, opportunity cost and production allow us to understand the three larger concepts which are supply, demand and equilibrium. The quote “Life is simple, work (real), get paid (money), buy stuff…

Commentary: (750 words) Government intervention, specifically taxes, are used in almost every market system in order to serve as a solution to market failures, such as negative consumption externalities. A negative consumption externality is a situation where a good or service is consumed and a third party (someone not directly involved with the transaction) experiences a loss as a result of the transaction. Market failure is defined as any situation where the allocation of resources by a free…

If Sport Obermeyer decides to produce all 10 styles in China initially the order quantities will differ as shown in the Table 5. style CV stability order with stability corrected stability Order with corrected stability (Hong Kong) Min. order quantity Order (China) expected coverage of forecast assault 0.27 3.71 1,632 3.71 1,712 1,200 1,712 0.7 seduced 0.28 3.61 1,588 3.61 1,666 1,200 1,666 0.4 entice 0.37 2.74 1,204 2.74 1,263 1,200 1,263 0.9 electra 0.38 2.66 1,170 2.66 1,227 1,200 1,227 0.6…

Chapter-1 Introduction Plantains and banana constitute the fourth most important global food commodity (after rice, wheat and maize) grown in more than 120 countries over a harvested area of approximately 10 million hectares. The annual production of banana is about 88 million tonnes (Frison and Sharrock, 1999). It is the crop in superior position due…

Frankly, I can say I learned too many things about developing a curriculum for high ability learners. Since I have to choose two, creating authentic, alternative assessments and higher order thinking skills would be my choices. We are working with gifted students which need everything differently than usual. Creating authentic and alternative assessments for them one of the most significant parts of teaching gifted. During this summer, I learned really important things about authentic and…

Here, the wind being personified to have "whispered" and the metaphor of nature being described as "maternal" is important in order to show how he finds peace and safety in nature, due to its ability to comfort and revive the individual. In this passage from Frankenstein, Frankenstein is restored by the blossoming nature around him and is influenced by it to feel a sense of calm:…

Research one of the holy men or women from the early Church, and explain their contribution to the Church both in their own time, and as role models to us today. Write your essay starting here: Saint Scholastica was born in in Nursea, a mountainous part of central Italy in 480 Ad. She was born into a wealthy and very religious family, and her and her twin brother Benedict were faithful from a very young age. She was born into Christianity and her family revolved their life very strongly around…

self-inflicted. Written at the beginning of the 15th century, “Hamlet” coincides with the Renaissance’s heightened interest in human nature by diving into Hamlet’s profound mindset. In, “Hamlet”, Shakespeare crafts Hamlet to be paralyzed with existentialism in order to show a more adolescent side of him struggling to take action. Hamlet’s soliloquies are great tools to peer into what Hamlet is really thinking. In his second soliloquy, Hamlet calls himself a “dull and muddy-mettled rascal” who…