17. Aggregate operations planners seek to match supply and demand at the minimum overall cost and: keeping inventories at a minimum. b) hiring when necessary. c) keeping inventories at a maximum. d) by staying within company policy.
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- Of the following functions of physical inventory, select the one that purchasing is mostlikely to be directly involved in: (a) support of production requirements, (b) supportof operational requirements, or (c) support of customer service requirements. Explainyour choice.Q) Macroeconomics would be concerned with a) the effects of wage increases on steel manufacturers. b)the effects of a tax on beer. c)the effects on individual consumers of changes in the price of gasoline for a business. d)implications of changes in unemployment and inflation1. Use the following data to answer the questions below about actual food and beverages costs for the Marina Bay Grill for July: Ending Inventory (Food) $68,000 Ending Inventory (Beverage) $23,470 Food Purchases $350.000 Beverage Purchases $24,700 Beginning Inventory (Food) $72,000 Beginning Inventory (Beverage) $19,700 Transfers to Bar $3,870 Beverage Theft/Pilferage $510 Food Over-Portioning Expense $615 Transfers from Bar $4,100 Complementary Food $2,160 Complementary Beverages $890 Employee Meal Cost $11,225 Food Revenues $878,000 Beverage Revenues $116,500 What is the net cost of sales for food and beverage? Indicate dollar and percentage cost. Food: $354,000 Beverages: $20,930 $994,500 total food and beverage sales 878,000/994,500 x 100 = 88% = percentage of sales(food)
- The operating budget of the Western Robotics Company was $300 million last year. If the operating budget this year is 12 percent less than last year, what is this year’s operating budget? Answer $_______ million.12) Job A) specification B) rotation C) enrichment D) enlargement E) sharing occurs when two people do one job. 12)31. Describe the behaviour of the ATC in relation to MC. Explain.
- 1. Cost Minimization Given: Qo = 3,000 units Q= AKGLB w = 300 r = 400 A = 10 a = ½ B= ¾ Find: L* = ? K* = ? C* = ?Blank 1 answer choices: no change, an increase, a decrease Blank 2 answer choices: no change in level output, more output, less output2. An economist is interested in the variation of the price of a single product. It is observed that a high price for the product in the market attracts more suppliers. However, increasing the quantity of the product supplied tends to drive the price down. Over time, there is an interaction between the price and supply. The economist has proposed the following mode, where Pn represents the price of the product at year n, and Qn the quantity: (a) Explain the significance of the constants 500 and 100 in the proposed equation. (b) Explain the significance of the signs of the constants -0.1 and 0.2. (c) Simulate the system using the following initial conditions (plot the trajectories) and predict the long term behavior of the dynamical system. Po 100 and Qo= 500 • Po= 200 and Qo = 500 ● Po 100 and Qo = 600 Po 90 and Qo = 400 [Pn+1 = Pn -0.1 (Qn - 500) [Qn+1 =Qn +0.2 (Pn - 100) ●
- A computer-based information system designed to manage production involving dependent demand inventories is: A. Computer Akted Manufacturing (CAM) B.Computer Integrated Manufacturing ICIM) C. Economic Order Quantity (EOQ) Model D. Material Requirements Planning (MRP) E.Economic Run Size (ERS)3.cengage.com/static/nb/ui/evo/index.html?deploymentid=5981412232614779684085777463&eISBN=9780357133576&id=1498546365&sna... A < CENGAGE MINDTAP Homework(Ch 13) 5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 1 360 2 540 3 720 Q = 200 200 300 400 . Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 160 160 160 160 240 Q = 500 Q = 600 400 720 300 540 200 360 Suppose Ike's Bikes is currently producing 500 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 500…(a) Complete the following table and draw the corresponding graphs. Capital inputs Labor inputs Total product Average product Marginal product 20 0 0 20 1 15 20 2 34 20 3 51 20 4 65 20 5 74 20 6 80 20 7 80 20 8 75 (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative? (c) Whether the above phenomenon is long run or short run and why? (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.