Random variable

ASSIGN 1- Explain what conditions are necessary for a market to be perfectly competitive. How does a firm operating in a perfectly copetitive marketset its price and output? What happens in such a market if firms are able to achieve high level of profitabilty. Necessary conditions for perfect competition are – 1. Large number of buyers and sellers of a commodity: The number of buyers is so large that the demand by an individual buyer remains only a small fragment of the market demand for a…

5. CREATIVE PHASE Table IV Functional Development to Cost (An Incline) Function Creative Ideas & Development Estimated Cost (Rs) Provide Surface 1) Change the material to Mild Steel 40 2) Change the copper to brass 70 3) Combine function of bracket 85 (For sliding surfaces, copper facilitates lu-brication & high con-ductivity.) (A) The existing cost of the Incline + Bracket assembly = 112…

Why is the digital price almost half of the print price? - To provide customers with a choice, The New York Times(NYT) offered one week print subscription for $15.40, while offering unlimited digital access for $ 8.75. The low setup costs of digital version enabled NYT to price it low and the high (52%) production and distribution costs of print forced NYT to charge a premium amount. This difference in price arose from the fact that company could afford to decrease the print circulation, thereby…

Job-order costing and process costing are two method that determining unit product costs. Process costing is used when industries that convert raw materials into homogeneous product, such as bricks, or paper on a continuous basis while Job-order costing is used when many different jobs or products are worked on each period. According to Kohler, in his book “Dictionary for Accountants” describe the method of process costing a cost accounting whereby costs are charged to processes or operations…

3. STATIC BUDGETS A static budget contains elements where expenditures remain unchanged with variations to sales levels. Overhead costs represent one type of static budget, but these budgets aren't confined to traditional overhead expenses. Some departments may have a fixed amount of money set in budget to spend, and it is up to managers to make sure such amounts are spent without going over-budget. This condition occurs routinely in public and nonprofit sectors, where organizations or…

Theoretical framework The idea that economies of scale can be applied in the motion picture industry is based on the theory of economies of scale. As already mentioned, this theory argues that when output increases, the average costs decline (Besanko, Dranove, Shanley, & Schaefer, 2013). Thus, filmmaking company’s budget could be taken as a fixed cost and company’s output could be measured by films produced, the number of viewers or box office receipts. For example, copies of a film can be seen…

The variation of poisson’s ratio (σ), depends on the variation of the values and relative values of (E) and (G) in Equation (10) and (Ul) and (Us) in Equation (11). For any material (E) and (G) as well as (Ul) and (Us) tends to increase or decrease together. Therefore, we cannot decide the variation of (σ) in the same or opposite direction to that of (E) and (G). Using Equations 10 and 11 we can predict the behavior of (σ) according to which of the two elastic constants varies more than the…

However, the case study excludes one important component for Saski to win the $5,000, she either needs the total number of cars they dealership has sold that year or at the very least the estimated amount they are projected to sell. Overhead and Variable Costs Overhead costs “are based entirely on estimated data, the overhead cost applied to work in process will generally differ from the amount of overhead cost actually incurred” (Garrison, Noreen, & Brewer, 2014 p. 104). The case study states…

Winn’s customer service achievement plan included a bonus payout program in which management paid employees a bonus of up to $200 if the employees fulfilled the quarterly customer satisfaction goal, regardless of operating income results. Harrah’s measured customer satisfaction through monthly customer surveys, in which patrons graded by a letter system, A through F. Winn discussed the strategy behind the program “If a department could convert 4% of non-A’s to A’s, it would qualify for a bonus,”…

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