Opportunity cost

the behavior of individuals, each of whom make their own decisions. However, why so many people vote is still puzzling as the rational, self-interested voter will normally find that the costs of voting will normally exceed their expected benefits. The expected utility of voting is negligible. Also, there are costs involved, therefore one would draw the conclusion that the rational citizen should abstain from voting. Individuals continue to vote, however, to uphold the values of democracy, fulfil…

of their daily routine. They research different colleges based off of things like location, pledging opportunities, history, etc. But they all have one thing in common, they are all skeptical about the prices included. There are some who don’t think twice about the cost of education and then there are the ones who cancel the application when they hear about the prices. The two articles How the Cost of College Went from Affordable to Sky High by Claudio Sanchez and College is Too Expensive? That…

been a part of everyday life for over two hundred years. The coin that is thought to be unimportant. What if “find a penny pick it up all day long you’ll have good luck” had no meaning? What if the penny became obsolete and no one ever had the opportunity to say “a penny for your thoughts?”. The battle to get rid of the penny has been an ongoing thing for quite some time now. Many people want to do away with the penny, but what they fail to realize is that getting rid of it could cause…

However, two of these product – the Saturn microwave stand and the Gemini TV stand – have part 3079 requires machining on a special lathe. This lathe is run by a machinist who is trained for this piece of equipment. Ed Szewczak is the machinist that operates this particular lathe as well as other machines in the shop. Currently Ed is working a regular 40-hour week but due to the workload for producing part 3079, he has frequently been scheduled to work overtime to complete the necessary parts…

limits. The first strategy would be to adjust its product mix. Mihocko produces five products, one at a time, throughout the year. Using data provided, Mihocko can determine an optimal production combination function based on potential sales, variable costs, particulate emissions, revenue streams and operating hours. One potential benefit of this strategy is that Mihocko could mathematically maximize its profit potential within the EPA policy emissions guidelines using a formula to determine the…

A third group of personnel who would benefit would be those individuals responsible for providing group treatment programs. As the overcrowding situation is lessened, there would be the opportunity for larger meeting spaces, hopefully resulting in a potential rise in group participation rates. If an alternative to incarceration proves viable, perhaps these services could be offered to those populations outside of the grounds of the prison and would help to give the individuals the social context…

established several models in hopes to replace the fee for service. The first model is based on accountable care organizations. Accountable care organizations groups primary care physicians, hospitals, clinics to take responsibility for quality, care and cost for certain…

Alternative 1 • The cost of new hardware for all 15 computers would run $75,000 • Training for all employees would cost $25,000. • The cost of hiring one a new tech would be $175,000. Assigned to work under Dave’s team • The cost of a new hardware service policy (to reduce outage times) would be $20.000 more a year.  The total cost would be $295,000; leaving $105,00 leftover for end of the year shortfalls. Bias Impacts The bias that could impact this alternative…

Barco Projection Systems Decision case Company Background: Barco Projection systems is the second largest division of Barco N.V Headquartered in Belgium. This specific division was formed to pursue the technology of video projection. It designed manufactured and sold sophisticated video projectors for industrial use and applications. Those projectors can be used to project images and information on to large screen. What makes BPS stands out is their scan rate, which measure the speed at a…

High Costs and Small Margins Thanks to technological advances, the airline industry boomed in the second half of the twentieth century. As the industry grew, operating costs grew with it. In 2014, the global airline industry spent over $699 billion to make a profit (Cros, 2015). High operating costs have reduced the profit margin for carriers and left them scrambling to find ways to expand their margins. To ensure effective and efficient operations, globally airlines will spend $174 billion…