At the ABC factory, the standard time of the work was determined by conducting a time study. Can these standard durations be used in the simulation model of the production system? Explain in detail how to use it if it can be used.

At the ABC factory, the standard time of the work was determined by conducting a time study. Can these standard durations be used in the simulation model of the production system? Explain in detail how to use it if it can be used.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.4CE

See similar textbooks

Related questions

Q: Question 1 A toy manufacturing company is selling pokemon figures in Latin America, generating…

A: Future worth is the worth of a present resource sometimes not too far off in view of an accepted…

Q: Least Squaes Regression Below is the production cost of Company B. In the future the company…

A: In economics, linear regression is used to predict the value of one variable based on the value of…

Q: In the past four years, the annual returns of one company’s stock are 12%, 18%, and –14%, and 7%. a)…

A: We have given the annual returns as : 12%, 18%, and –14%, and 7%

Q: For what purpose is the MACRS method used?

A: The MACRS (modified accelerated cost recovery method) is a program of depreciation used in the US…

Q: Can you help get me started with this question? There are 2 other questions after this one. But I'm…

Q: How much steel should be sent to Detroit? Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER.

A: The two plants have different production functions. The total amount of steel available to the…

Q: The MRT of hospital for roads from point C to B is Round-off to two decimals.

A: The marginal rate of transformation (MRT) is the number of units or amount of a good that must be…

Q: The Return of Detroit City: Enpar manufactures engine parts for Ford using steel as an input. Enpar…

A: Given: QD= 12SD – 0.25 SD2 QG= 59SG – 0.5 SG2

Q: Relationship between LAC and LMC curves in economics

A: Costs are the expenses that firms incur during the production processes. The firm’s costs depend…

Q: What is the economic and social consequences covid -19 had on small business

A: The small business could suffer a bad circumstances because of the pandemic of covid -19 in padmic…

Q: Alternative Measures of Productivity A common measure of productivity, as explained in thischapter…

A: We measure the productivity to know the capacity of the inputs to produce the specific output. If…

Q: A firm believes a product’s sales volume (S) depends on its unit selling price (P) as S = $100 − P.…

A: Given, Sale volume: S =$100 – P or P = $100 - S Total Cost= C = $1000 + 10S a) Now, Total income =…

Q: Consider a perceptron that has two real- valued inputs and an output unit that uses a Sigmoid…

A: An output function is described as a function of optimization which calls at each iteration and…

Q: Suppose that you are trying to make a decision regarding the purchase of a new machine for the plant…

A: Given information 3 criteria to take a decision to purchase a new machine: 1) Price of machine (Most…

Q: Jenny Company produces two types of pants: long pants and short pants. The cost of making a pair of…

A: Answer to the question is as follows :

Q: An entrepreneur wants to open a hotel in Puerto Escondido, Oaxaca. Two key variables that should be…

A: Option D Profits = Total Revenue - Total Costs Maximising profits would give an estimate of the…

Q: Use this method, Exponential decline model, to solve ( in petroleum economics) The production of the…

A: Given: The initial flow rate for the production of oil is = 1500 STB/day The production rate in…

Q: Only the (a) part. Answer is (6x+2y)/(12y.y+2x) but I need to know the path please. thank you.

A: Implicit function rule means that there is a regular point (a, b) of the implicit curve. The…

Q: A speculator thinks that a particular share that is now selling at $500 is likely to decrease in…

A: Given, Price then $500 Price now $450

Q: Though they tend to be cost and time overruns; costless and inexpensive to the tax payers,…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: FCR and Average daily gain are measured in a continuous scale. true or false

A: Average Daily Gain (ADG) and Feed Conversion Ratio (FCR) are the tools to measure the actual weight…

Q: A store owner specializes in connoisseur coffee blends and wants to make 1 kilogram bags that will…

A: Let: Quantity of Colombian coffee = x Quantity of Brazilian coffee = y Quantity of Kenyan coffee =…

Q: image attached

A: Given: Total cost of production ($) Volume of production (units) Greater output $18,300 1,100…

Q: Do you think that someone could be a good systems manager but a poor project manager? What about the…

A: Meaning of Managerial Economics: The term managerial economics refers to the scenario of the…

Q: You are given the actual sales volume for iPod, what used to be one of Apple’s popular electronic…

A: From introduction to termination, the product life-cycle explains the various stages that a product…

Q: Find the break-even point F(x) = 40x^2 - 60x + 228 G(x) = 23x^2 - 20x + 3000 %3D %3D

A: Break even point is where there is no loss or gain as at this level revenue equals cost.

Q: The type of economic indicator that can best be used for business forecasting is the:

A: The periodic and irregular increases and decreases of an economy's real GDP, employment level, and…

Q: You are given the actual sales volume for iPod, what used to be one of Apple’s popular electronic…

A: Product Life Cycle graph of iPod as per given sales data:-

Q: An important application of regression analysis in accounting is in the estimation of cost. By…

A: The data set is: Production Volume ($) Total Cost ($) 400 4000 450 5000 550 5400 600 5900…

Q: The Cobb- Douglas production function is given by the form Y = ALaKß Where, Y = Output (mt/day), L =…

A: Given Ln Y = 1.389+0.8LnL +0.6LnK ......... (1)

Q: • Identify the following into tasks, experiences and performance measures. a) A sensor in a car is…

A: Task: It refers to the work that is to be performed by the one who is supposed to do it. The task is…

Q: 2 3 3 2 5 4 1 1 4 3 5 4 4 2 6 3 2 Complete the 5-step model for these data,…

A: The correct answer is given in the second step.

Q: Consider te bere n modelin ( a to s o f t u e a per 0 m d m d (Boffinsdoces Od Bot from those…

A: In the stackelberg model, one firm moves first and another firm observes the nature and action of…

Q: (e) Suppose you have been given the following ordinary least squares (OLS) regression result.…

A: Y = Economic growth K = Capital M = Employment E = Electricity consumption F = Foreign direct…

Q: Luke used regression analysis to fit quadratic relations to monthly revenue, TR, and total cost, TC,…

A: Given Total revenue function: TR=-0.008Q2+32Q .... (1) Total cost function:…

Q: Of the fundamental dimensions length, mass, time, and electric charge, which one is the most…

A: Among the fundamental dimension, time is most important for better economic analysis. It is quite…

Q: The following are examples of innovation except one. Smartphones LED Lights Automobiles Solid State…

A: The term innovation means creating an advanced version of an existing technology that significantly…

Q: In your own words, please discuss what standard error means and why this is important to our…

A: The estimated standard deviation of a statistical sample population is the standard error (SE) of a…

Q: A small business sells T-shirts during the Lasallian Week Festival. It is estimated that the…

A: production cost is the monetary value incurred on Factor of production during process of production…

Q: Which one of the following statements is FALSE? Group of answer choices If investment per worker is…

A: The Solow growth model is used to define the long-run growth of an economy where it analyze the…

Q: What was wrong with Gianini's original analysis?

A: Analysis: It refers to any explanation or any explanation which is complex in nature so that it can…

Q: Number of Scenario Firms Type of Product Market Model A large city has lots of small shops where…

A: Number of firms – many, few, one Type of product – identical, unique, standardized, differentiated…

Q: Sum of squares total (SST) is, a 2558.436 b 2610.649 c 2663.927 d 2718.293

A: We have given Y X 41 8.3 21.6 4.9 32 8 23.5 4 19.2 4.8 29.9 7.6 22.8 8.7 27.4…

Q: Is the underground economy being calculated? If so, is there a certain methodology that is being…

A: Underground economy is the economic activities which are beyond the reach of tax regulators and…

Q: A clothing manufacturer makes trousers, skirts and blouses. Each trouser requires 20 minutes of…

A: The following information is given: Let P, Q, and R is the numbers of trousers, skirts, and…

Q: Using the fixed-time period inventory model, and given an average daily demand of 287 units , 4 days…

A: There are certain economic order quantity assumptions which are:- - Independent demand-Constant lead…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

please type the answer by computer if you can, so i can see it clearly, thank you!!! Consider the following version of the Solow model:
use excel for this simulation theory
The time to assemble the first unit on a production line is 13 hours. The learning rate is 0.81. Approximately how long will it take for the eighth unit to be assembled? The number of hours needed for yhe eighth unit to be assembled is ? hours. (Round the one decimal place.)
Define the term PW Analysis?
Sally Statistics is implementing a system of statistical process control (SPC) charts in her factory in an effort to reduce the overall cost of scrapped product. The current cost of scrap is $X per month. If a 75% learning curve is expected in the use of the SPC charts to reduce the cost of scrap, what would the percentage reduction in monthly scrap cost be after the charts have been used for 6 months? (Hint: Model each month as a unit of production.)
Use appropriate model(s) to analyze the impact of COVID-19 pandemic on a country's economy in the short-run and long-run. Graphical analyses is also required
Identify the following variables as either discrete or continuous: (a) The number of times heads comes up in 100 tosses of a coin (b) The number of accidents occurring in a specified section of a freeway (c) The weight of boxes shipped from an Amazon warehouse (d) The concentration of carbon dioxide in the air of San Diego versus time (e) Optimistic, most likely, and pessimistic estimates of salvage value
Alternative Measures of Productivity A common measure of productivity, as explained in thischapter and as used by many business and trade organizations, including the U.S. Bureau of LaborStatistics, is the ratio of output to input, where input is typically measured in units of materials, laborhours, or related measures. An alternative is to use the ratio of capacity available to capacity utilized. For example, the amount of capacity in the U.S. manufacturing industries has almost doubledover the past two decades. However, the rate of capacity utilization (output/capacity available) hasfallen slightly over this period of time, with a steep drop in 2009 followed by slow increases in 2010and 2011. Some would say that this measure gives a better picture of productivity than the one wehave used in the chapter.Required Compare the measure of productivity based on capacity utilization with the measure used inthe chapter. Which measure do you think is most useful for assessing the state of the…
Prepare the scatter diagram and insert the trendline or line of best-fit. Use a scale of 2 cm to represent 1,000 units on the x-axis & 2 cm to represent $50,000 on the yaxis. Using the line of best-fit, determine the company’s fixed cost per month and the variable cost per unit. (Use 0 & 5,000 units.) Which of the two methods appear more appropriate? Explain your answer.
Least Squaes Regression Below is the production cost of Company B. In the future the company management intends to produce the following number of units: A. 56,500 B. 75,000 Determine the Total Cost of producing A and B based on the historical data below.
Solve using definite integrals.
solve with table method