Random variable

Rich Manufacturing Case Study The cost-plus pricing strategy uses the expenses associated with producing a product and adding an additional amount, called a markup, to generate a profit. Rich Manufacturing’s production manager Gina Picaretto purchases 100,000 machine unit parts from Ghagat Incorporated each year. Ghagat uses cost-plus pricing in their contract with Rich Manufacturing. Ghagat’s costs per part include $10 for labor, $10 for other costs, and a markup of $5. The…

Explain the impact the law of diminishing marginal returns has on both marginal cost and average total cost MARGINAL COST Marginal cost is a total cost to the company to produce one more product. This cost changes depending on how many products the company aims to produce. Changes in production may increase or decrease the marginal cost due to the marginal cost including all costs such as materials, labour, infrastructure. Marginal cost diagram has a U-shaped curve as a result of increasing…

Q1. Income $760 Taxes to Government $100 Consumer spending $560 Gross investment $110 Depreciation $40 Government Spending $130 1) GDP=$(560+110+130)= $800 Household savings =$(760-100-560) = $100 2) For this closed economy which is inherently self-sufficient and removed from the rudiments of import and exports the leakages are the savings and the taxes and the injections are the investment and the government spending. The relationship between the leakages and the…

Introduction The Jackson Pike Wastewater Treatment Plant, located in Columbus Ohio, along with the Southerly Plant are responsible for treating a combined average of 208 million gallons of water per day [1]. Founded in 1937, the Jackson Pike Plant first treated approximately 50 million gallons of water per day. To keep up with a growing Columbus population, the wastewater plant has been upgraded to treat 150 million gallons per day. On September 7th, 2017 Carnell Felton, the plant’s assistant…

Out of 22 respondents, 8 answered that they were spending Php 5,001 – Php 15,000 (36.36%)for their basic needs. Another 8 responded that they spent Php 15,001 – Php 25,000 (36.36%). 6 said that they were spending over Php 25,000 for their basic needs (27.27%). The result of the survey showed that half of the respondents were spending Php 5,001 – Php 15,000 for one year to obtain CPD units (50%). 3 answered Php 5,000 (13.64%). Another 3 responded that they spent over Php 25,000 for CPD units…

Just In Time (JIT) is a widely used production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. The use of this inventory system is a strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process and therefore reducing inventory costs. Just In Time works as an inventory management system with the objectives of having inventory rapidly available to meet…

Finance Options for my laptop purchase Introduction The purpose of the report is to find two financing options for the purchase of a laptop. The purchase is through Noel Leeming, paying a $300 deposit. The total cost of the laptop and accessories is $1932.95. Finance Option 1 [Westpac] Get a personal loan from Westpac Bank of $1650 Loan detail summary: Loan amount- $1650.00 Interest Rate- 18.95% Loan Term- 1 year Monthly payment- $176.00 Total Payment- $2112.00 Additional Cost- Establishment…

Assembly line balancing can be defined as how tasks to be assigned to the workstations, so the required goal can be achieved. But what is the goal that should be achieved? The answer is minimization of the workstations and maximization of the production rate. Line balancing is one of the most effective that can be used to improve the output of assembly line by reducing worker’s requirement and costs. The manufacturing assembly line was first introduced by Henry Ford in the early 1900’s. It was…

How does the distance you live from the University affect your study options? If you have to travel long distances, what costs are involved? If moving away from home, what will be your living arrangements and costs? I currently live in Claremont with my parents. If I am admitted into the MBBS, I may have to reside in Burnie or Launceston for the fourth and fifth years of the course. If I were to be placed at the Launceston Clinical School I would have to seek my own accommodation and catering,…

The rider’s horse were meant to carry saddlebags that contained mail that was sometimes very important documents between Sacramento, California and St. Joseph, Missouri. The very first trial westbound trip was made in 9 days and 23 hours. Then the eastbound journey was made in 11 days and 12 hours. The pony express riders were expected to cover approximately 250 miles on a hard and challenging 24-hour day. The distance was approximately 1,800 miles, and it took the experienced Pony Express…