A computer based information system designed to manage production involving dependent demand inventories is: A Computer Aided Manufacturing (CAM) B. Computer Integrated Manufacturing CIM) C.Economic Order Quantity (EOQ) Model D. Material Requirements Planning (MRP) E Economic Run Size (ERS)
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- Value added means A. The final value of the good or service produced B. The value of of good sold in the beginning of the production process C. Value of intermediate good D. The difference between the output value and input cost of each step in the production processIdentify the word, concept, or expression most closely related to the word, concept, or expression below: 1. Short-run effect of an increased number of Canadians vacationing and shopping at home. Choose one of the following: product prices fall and output rises, product prices fall and output falls, product prices rise and output falls, product prices rise and output rises, prices remain unchanged and output rises, product rises and output remains unchanged 2. Short-run effect of increased government spending on infrastructure. Choose one of the following: product prices fall and output rises, product prices fall and output falls, product prices rise and output falls, product prices rise and output rises, prices remain unchanged and output rises, product rises and output remains unchanged 3. Short-run effect of a large increase in commodity (input) prices for businesses. Choose one of the following: product prices fall and output rises, product prices fall and output falls, product…The government extend assistance to business who had been compliant and diligent in paying taxes to the government. This is a big help to the business operations, particularly to their cost of production. How will it affect the pricing decision of these businesses a. Businesses can lower the selling price of their products or service b. Businesses can increase the selling price of their products or services c. Businesses can freeze the price and still can earn profit d. Businesses pricing decisions will not be affected at all A production function measures the relation between a. Input prices and output prices b. Input prices and the quantity of output c. The quantity of inputs and quantity of outputs d. The quantity of inputs and input prices
- The factors of production (please choose all the answers that are correct) include the technology used to turn inputs into output cannot always be purchased in markets cannot be quantified may include the organization of the factors of production by the firm reduce the profits of firms since they are expenses are used by firms to procude output represent the value given up by HH in exchange for incomeMNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,000 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $2,500to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $60 each.Instructions: Enter your responses as whole numbers.a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ $ MNLumber $ $ $ MNFurniture $ $ $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions?$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of…indicate whether the relationship is positive, negative, or ambiguous. (explain) a. factory price and market area of a factory b. labor pooling and wage in an isolate site c. complementarity of consumer products and number of cities in a region d. number of local residents and the multiplier effect
- FCI owns 10 apartment buildings in a college town, which it rents exclusively to students. Each apartment building contains 100 rental units, but the owner is having cash flow problems due to an average vacancy rate of nearly 50 percent. The apartments in each building have comparable floor plans, but some buildings are closer to campus than others. The owner of FCI has data from last year on the number of apartments rented, the rental price (in dollars), and the amount spent on advertising (in hundreds of dollars) at each of the 10 apartments. These data, along with the distance (in miles) from each apartment building to campus, are presented in rows 1 through 11 of Table. The owner regressed the quantity demanded of apartments on price, advertising, and distance. The results of the regression are reported in rows 16 through 35 of Table. What is the estimated demand function for FCI’s rental units? If FCI raised rents at one complex by $100, what would you expect to happen to the…Which of these statements accurately captures a current trend in operations?Products and services are designed more quickly and by teams.Cost competition is more important than any other basis for competition.There is increased focus on local markets and local competition.Jobs are increasingly specialized as workers focus on basic assembly tasks.A change in investment spending can affect supply as well as demand. However, supply will not be affected if a. the new equipment simply replaces old equipment b. the new equipment adds new technology c. the new equipment does not add new technology d. if no additional workers are hired along with the new equipment
- (a) Shows the cost of producing any level of output. (b) Is a technological relationship between factors of production and output. (c) Expresses the least-cost method of producing a given level of output. (d) Expresses our ability to produce various combinations of goods, using all of our resources. (9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is fixed. (c) the size of the production plant is variable. (d) some resources are fixed and others are variable. (10) The law of diminishing returns states that: (a) as a firm uses more of a variable resource, given the quantity of fixed resources, the average product of the firm will increase. (b) as a firm uses more of a variable resource, given the quantity of fixed resources, marginal product of the firm will eventually decrease. (c) in the short run, the average total costs of the firm will eventually diminish. (d) in the long run, the…If production of a good increases from 47 to 103, what is the percentage change in the quantity produced? Enter a number rounded to two decimal places. Do not enter a percent (%) sign. If the annual percentage change in the price of a good falls from 4% to 2% then the price of the good is falling over time. Group of answer choices True FalseThe production function describesA) the relationship between quantity of inputs and quantity of output.B) how inputs are most profitably used in production.C) the most cost effective method of combining various inputs in the production process.D) the relationship between a firm's revenue and level of production.
