Opportunity cost of a worker wandering around the floor Concept Introduction Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Question

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Answer 1

Question

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.

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Answer 2

Question

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.

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Answer 3

Question

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.

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Answer 4

Question

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.

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Answer 5

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.

Answer 6

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.

Answer 7

Chapter 2, Problem 1BCQ

To determine

Opportunity cost of a worker wandering around the floor

Concept Introduction

Opportunity cost: Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action. It is the benefit given up when an option is rejected during decision making and another option is selected.

Answer 8

Expert Solution & Answer

Explanation of Solution

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from one task to the other.

Opportunity costs that is associated with having a worker wander across the factory floor from task to task or in search of tools and parts are:

The time saved as it was easy to move the products from one assembly team to another.

The portion of the floor saved by keeping inventory on need basis.

Thus, B saved 50% time of the workers wandering off in the factory and 40% of the floor space.

Conclusion:

Thus, opportunity cost for the workers who were wandering across the factory floor is reduced in time by 50% and for the spare parts, opportunity cost is reduced by 40% of floor area.