How do standard circular flow and expanded circular flow differ?
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How do standard circular flow and expanded circular flow differ?
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?What does the term "queue discipline" mean?
- Based on Quinn et al. (1991). Winter Riggers handles approximately $400 million in telephone orders per year. Winter Riggers’ system works as follows. Callers are connected to an agent if one is available. Otherwise, they are put on hold (if a trunk line is available). A customer can hang up at any time and leave the system. Winter Riggers would like to efficiently manage the telephone system (lines and agents) used to process these orders. Of course, orders are very seasonal and depend on the time of day. a. What decisions must Winter Riggers make? b. What would be an appropriate objective for Winter Riggers to minimize (or maximize)? What difficulties do you see in specifying the objective? c. What data would Winter Riggers need to keep track of to improve its efficiency?Chelsea Jacobson awaited the arrival of her bed and dresser one Saturday in September. She’dpurchased the items in the IKEA Brooklyn store twelve days before, and couldn’t wait to finally bedone with sleeping on the floor of her apartment. She needed to be well rested as she headed toher writing job in Hell’s Kitchen.Although she’d been given a delivery window for the furniture to arrive, her bed and dresser never came.She contacted the shipping company, XPO Logistics, to get an update on the status of her items, butXPO notified her that IKEA had never supplied the order. Jacobson contacted IKEA numerous timesand eventually found out it could take an additional 4-6 weeks for her items to arrive, as they had been misplaced.Jacobson joins the ranks of customers who have fallen victim to IKEA’s troubled customer service.After attempts to contact the company via email and phone proved unsuccessful, she turned toTwitter to voice her complaints and warn others, only to find thousands of…Briefly explain and discuss Competence/Effectance theory and Cziksentmihalyi's Flow principle
- Using the data on call volume in the accompanying table, how would you forecast short-term demand?ADVANCED ANALYSIS Linear equations for the consumption and saving schedules take the general form: C = a + bY and S = -a + (1-b)Y where C, S, and Y are consumption, saving, and national income, respectively. The constant a represents the vertical intercept, and b represents the slope of the consumption schedule. a. Use the following data to substitute specific numerical values into the consumption and saving equations. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. C = $ Y. S = $ Y. b. What is the economic meaning of b? . What is the economic meaning of (1 – b)? .Scenario: A city’s administration isn’t driven by the goal of maximizing revenues or profits but instead looks at improving the quality of life of its residents. Many American cities are confronted with high traffic and congestion. Finding parking spaces, whether in the street or a parking lot, can be time-consuming and contribute to congestion. Some cities have rolled out data-driven parking space management to reduce congestion and make traffic more fluid. You’re a data analyst working for a mid-size city that has anticipated significant increments in population and car traffic. The city is evaluating whether it makes sense to invest in infrastructure to count and report the number of parking spaces available at the different parking lots downtown. This data would be collected and processed in real-time, feeding an app that motorists can access to find parking space availability in different parking lots throughout the city. Instructions: Work with the provided Excel database.…
- Article: Harry Hartfield was looking over some recent travel brochures while consulting his recent Google search. Retirement is only 5 days away and he could not wait to see the Fiji Islands. He and his wife thought they would start with a restful break before they started their travels in earnest. Harry is the head aero engineer at Global Delivery Direct and has been in charge of purchasing the planes and maintenance for the last 15 years after being an employee with GDD 25 years before. Harry had worked up in the company to his current position and has seen a lot of initiatives come and go when it came to eco-friendly flying machines. In the last four weeks, Harry has been breaking in his replacement, Imogine Farthing, who is coming from their London branch. Harry likes Imogine and thinks that she will do well. However, she is keen to purchase the new Boeing 777 cargo plane. She thinks it will go a long way to improving their fuel consumption and air emissions in the long-run…Article: Harry Hartfield was looking over some recent travel brochures while consulting his recent Google search. Retirement is only 5 days away and he could not wait to see the Fiji Islands. He and his wife thought they would start with a restful break before they started their travels in earnest. Harry is the head aero engineer at Global Delivery Direct and has been in charge of purchasing the planes and maintenance for the last 15 years after being an employee with GDD 25 years before. Harry had worked up in the company to his current position and has seen a lot of initiatives come and go when it came to eco-friendly flying machines. In the last four weeks, Harry has been breaking in his replacement, Imogine Farthing, who is coming from their London branch. Harry likes Imogine and thinks that she will do well. However, she is keen to purchase the new Boeing 777 cargo plane. She thinks it will go a long way to improving their fuel consumption and air emissions in the long-run…A production line is a set of sequential operations established in a factory plant where components are assembled to make a finished product or where materials are put through a refining process to produce an end-product that is suitable for onward consumption. Ford have seven production lines in their manufacturing plant for their automotive parts where each production line produces 120, 100, 80, 116, 77, 94, 112 output per day. (a) As the Production Manager at Ford, you are required to submit the daily report of the production plant. Calculate the mean, median, and mode from the data based on the output that has been provided. (b) Also calculate the three critical parameters for measuring spread in the following ways: Range Variance Standard Deviation