Answer:
Service level measures the performance of a system. Certain goals are defined and the service level gives the percentage to which those goals should be achieved. Fill rate is different from service level.
Examples of service level:
Percentage of calls answered in a call center.
Percentage of customers waiting less than a given fixed time.
Percentage of customers that do not experience a stockout.
Percentage of all parts of an order being fulfilled completely
(Explanation) if one component part of an order is not filled the Service Level for that order is Zero, If all the component parts of an order are delivered except one is filled at 51%, the service level for that order is 51% (This system is often used in supply chain delivery to manufacturing), This is a very different from a simple order fill measurement which does not consider line items on the order.
Explanation:
thank me later
The demand for personal computers has been estimated to be Q = 500,000 – 700P +200I - 500S. Assume that per capita income I is $13,000 and the average price ofsoftware S is $400.When the price of personal computers is P = $3,000, the priceelasticity of demand is:________.a. –2.625b. –7.0c. –1.0d. –21.0e. –4.25
Answer:
The price elasticity of demand is: -2.625
Explanation:
Given
[tex]Q = 500000 - 700P +200I - 500S[/tex] --- the demand
[tex]I =\$13000[/tex] --- per capita income
[tex]S = \$400[/tex] --- average price of software
[tex]P = \$3000[/tex] --- price of computer
Required
The price elasticity of demand
Substitute values for I and S in: [tex]Q = 500000 - 700P +200I - 500S[/tex]
[tex]Q = 500000 - 700P +200*13000 - 500*400[/tex]
Collect like terms
[tex]Q = 500000 +200*13000 - 500*400- 700P[/tex]
[tex]Q = 2900000- 700P[/tex]
The price elasticity (n) is then calculated using:
[tex]n =\frac{P}{Q} * \frac{dQ}{dP}[/tex]
[tex]Q = 2900000- 700P[/tex]
Differentiate
[tex]\frac{dQ}{dP} = -700[/tex]
Calculate Q when [tex]P = \$3000[/tex]
[tex]Q = 2900000- 700*3000[/tex]
[tex]Q = 800000[/tex]
So, we have:
[tex]n =\frac{3000}{800000} * -700[/tex]
[tex]n =-\frac{3000* 700}{800000}[/tex]
[tex]n =-\frac{2100000}{800000}[/tex]
[tex]n =-\frac{21}{8}[/tex]
[tex]n =-2.625[/tex]
The price elasticity of demand is going to be –2.625.
The equation has
Q = 500,000 – 700P +200I - 500S.
p = $3,000
I = $13,000
S = $400
We have to put in these values in the equation that we have here:
Q = 500,000 – 700*3000 +200*13000 - 500*400
= 800000
We have to find dQ/dP= 500,000+200*13000 - 500*400 – 700P
= 2900000-700p
= -700p
The price elasticity =
-700*3000/800000
= -2.625
The price elasticity = -2.625
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Consider the following argument from analogy. According our rules for appraising analogical reasoning, if a subsequent consideration strengthens the argument, answer a. Answer b if a consideration weakens the argument. Answer c if a consideration does not affect the argument.
Bill has taken three history courses and found them very stimulating and valuable. So he signs up for another one, confidently expecting that it too will be worthwhile.
25. Suppose that his previous history courses were in ancient history, modern European history, and American history.
26. Suppose that his previous history courses had all been taught by the same professor that is scheduled to teach the present one.
27. Suppose that his previous history courses all had been taught by Professor Smith, and the present one is taught by professor Jones.
28. Suppose that Bill had found his three previous history courses to be the most exciting intellectual experiences of his life.
29. Suppose that his previous history courses had all met at 9:00am, and the present one is scheduled to meet at 9:00am also.
30. Suppose that, in addition to the three history courses previously taken, Bill also had taken and enjoyed courses in anthropology, economics, political science, and sociology.
Answer:
Bill has taken three history courses and found them very stimulating and valuable. So he signs up for another one, confidently expecting that it too will be worthwhile.
25. Suppose that his previous history courses were in ancient history, modern European history, and American history.
Answer A
26. Suppose that his previous history courses had all been taught by the same professor that is scheduled to teach the present one.
Answer A
27. Suppose that his previous history courses all had been taught by Professor Smith, and the present one is taught by professor Jones.
Answer B
28. Suppose that Bill had found his three previous history courses to be the most exciting intellectual experiences of his life.
Answer A
29. Suppose that his previous history courses had all met at 9:00am, and the present one is scheduled to meet at 9:00am also.
Answer C
30. Suppose that, in addition to the three history courses previously taken, Bill also had taken and enjoyed courses in anthropology, economics, political science, and sociology.
Answer B
Explanation:
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Standard Standard Quantity Price Cost Direct Materials 8 pounds $ 1.80 per pound $ 14.40 Direct Labor 0.25 hour $ 8.00 per hour 2.00 $ 16.40 During November, TaskMaster purchased 160,000 pounds of direct materials at a total cost of $304,000. The total factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,000 direct labor hours. What is the direct labor rate variance for November
Answer:
The direct labor rate variance for November is $34,200
Explanation:
To find out the direct labor rate variance, we have to multiply the actual standard rate of direct labor into actual hours of direct labor used
Standard hourly rate of direct labor hour = $14.40
Actual direct labor hours = 5,000
Standard direct labor cost
= 5,000 × $14.40
= $72,000
Total factory wages are $42,000 in which direct labor is 90%
= $42,000 × 90%
= $37,800
Actual direct labor cost = $37,800
Therefore,
Direct labor rate variance = Standard direct labor cost - Actual direct labor cost
Direct labor rate variance
= $72,000 - $37,800
= $34,200
Which strategies is suggested to help build strong interpersonal business relationships?
Answer and Explanation:
Gain trust: Business relationship is sealed with trust. If you are able to make a business partner trust you, you are sure to keep doing business with them. Do not try to take advantage of them and be sure they ate not thinking in that direction.
Show interest in people: keeping up with people and always showing that you actually care, and want to assist in any way you can is a sure way to seal a client for life. Be family.
Work hard: you can not build business relationships if you are not a person that delivers. It doesn't matter if you are a nice person that always cares, if you cannot bring results and be trusted to deliver you cannot have any useful business relationship. This is the most important strategy.
Networking: networking is a popular form of building business relationships. Formal occasions, conferences, informal hangout spots, the gym are all places where you can meet new people and start a business relationship.
If variances are recorded in the accounts at the time the manufacturing costs are incurred, what does a debit balance in Direct Materials Price Variance represent?
Answer:
unfavorable variance
Explanation:
In such situation, a debit balance in Direct Materials Price Variance represents
unfavorable variance. This is an accounting term that explains situations when the actual cost of the project is higher than the standard or projected cost.
It means that the actual price at which the materials are bought is higher than the standard price / budgeted price / estimated price and therefore, more amount has to be paid than expected.
A car dealer leases a small computer with software for $5,000 per year. As an alterative he could buy the computer for $7,500 and lease the software for $3,500 per year. Any time he would decide to switch to some other computer he could cancel software lease and sell the computer for $500.
If he buys the computer nad leases the software, what is the payback period?
a. 3 years
b. 4 years
c. 5 years
d. 6 years
If he kept the computer and software for 8 years, what would be the benefit-cost ratio, based on a 5% interest rate.
a. 1.5
b. 1.4
c. 1.3
d. 1.2
Answer:
1. The payback period is:
= 3 years
2. The benefit-cost ratio is:
= 1.1
Explanation:
a) Data and Calculations:
Leasing Computer Buying Computer &
with Software Leasing Software
Annual lease payment $5,000 $3,500
Cost of computer $7,500
Salvage value of computer $500
Usage period 8 years 8 years
Interest rate 5% 5%
Present value annuity factor 6.463 6.463
Present value factor for salvage 0.677
Present value of annuity $32,315 $29,782 ($22,621 + $7,500 - 339)
$22,782 = ($3,500 * 6.463 + $7,500 - ($500 * 0.677))
Benefit-cost ratio = $32,315/$29,782 = 1.1
1.8 Advise businesses on FIVE ways in which professional, responsible, ethical and
effective business practice should be conducted.
Answer:
Explanation:
There are various ways in which professional, responsible, ethical and
effective business practice should be conducted. Five of them are:
1. Payment of fair wages and salaries to employees
2. Equal treatment among workers
3. Accountability and responsibility on business decisions made from top to bottom or managers to workers
4. Provision of quality goods and services to the masses
5. Transparency, including adequate internal controls, monitoring, and evaluation.
You are stowing items and come across an aerosol bottle of hairspray. What
should you do? Please choose all that apply.
Question Completion with Options:
o Stow the hairspray
o Raise an Andon
o Remove it and secure it with bubble wrap
o Place a Flammable sticker on the bottle
Answer:
What to do:
o Stow the hairspray
Explanation:
Stowing means the arrangement or placement of items, especially in a neat, compact way to enable easy retrieval when required. Therefore, you should continue what you have started by arranging the bottle of hairspray where it belongs in the appropriate packing space. Stowing ensures that items are properly arranged and put in their proper places or conditions when they are not in use.
Using an order of magnitude analysis, estimate the total textbook expenditures incurred by all engineering majors at National University per year
Answer:
The total textbook expenditure would amount to $175,000 per year
Explanation:
National University is providing text books free of cost to all the engineering students to encourage professional studies. Very few students are pursuing engineering studies. For this purpose university management has decided to give free of cost books to students who select engineering majors. The total expenditure would be:
Cost of Printing Books $110,000
Transportation of the Books to different Campuses $25,000
Distribution Campaign Expense $40,000
Total expenditure amounts to $175,000
KJ Pharma issues new bonds to fund an acquisition. The face value of the bond is $100 and annual coupon is 6.5%. Further, this bond matures in 20 years and is issued at a price of $105. Assuming KJ Pharma's tax rate is 30%, what is its After-Tax Cost of Debt
Answer:
4.24%
Explanation:
The computation of the after tax cost of debt is given below:
But before that we have to determine the before tax of debt by using RATE formula
Given that
Future value be $100
Present value be $105
PMT is $100 × 6.5% = $6.5
NPER is 20
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
After applying the above formula, the before tax cost of debt is 6.06%
Now the after tax cost of debt is
= 6.06% × (1 - 0.30)
= 4.24%
Using the money demand and money supply model, an open market purchase of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
Answer:
C. decrease
Explanation:
In the case when the money demand and the money supply model is used so the open market purchase would result the interest rate of equilibrium to decrease as if there is an open market purchase so it rise the money supply due to which the supply curve of the money move shiftward
Therefore the rate of interest should be decreased
A store has two different coupons that customers can use. One coupon gives the customer $15 off their purchase, and the other coupon gives the customer 30% off of their purchase. Suppose they let a customer use both coupons and choose which coupon gets applied first. For this context, ignore sales tax.
Let f be the function that inputs a cost (in dollars) and outputs the cost after applying the "$15 off" coupon, and let g be the function that inputs a cost (in dollars) and outputs the cost after applying the "35% off" coupon.
a. Suppose acustomerwants to purchase asi 40 item and apply the si 5 of coupon first, and then the 35% or coupon How much will the item cost after applying the coupons?
b. Suppose a customer wants to purchase a S 140 item and apply the SI 5 off coupon first, and then the 35% or coupon Ure ction notation to represent how much the item will cost (dollars) after applying the coupons.
c. Suppose a customer wants to purchase a $140 item and apply the 35% om coupon first and then the sis of coupon How much will the item cost after applying the coupons?
d. Suppose a customer wants to purchase a S 140 item and apply the "35% or coupon first and then the "S 15 off coupon. Usefu ction notation to represent how much the item will cost (dollars) after applying the coupons.
Answer:
16.25;
g(f(x)) ;
76 ;
f(g(x))
Explanation:
For 15 off
f(x) = x - 15
For 35% off
g(x) = (1 - 0.35)x = 0.65x
g(x) = 0.65x
A.)
For the $15 off coupon :
f(x) = x - 15
f(x) 40 - 15 = 25
For the 35% coupon :
g(x) = (1-0.35)x
g(x) = 0.65(25)
g(x) = 16.25
B.)
Applying $15 off first, then 35%
Here, g is a function of f(x)
g(f(x))
Here g(x) takes in the result of f(x) ;
For the $140 off coupon :
f(x) = x - 15
f(140) = 140 - 15 = 125
For the 35% coupon :
g(125) = (1-0.35)x
g(124) = 0.65(125) = $81.25
C.)
x = 140
g(x) = 0.65x
g(140) = 0.65(140)
g(140) = 91
f(x) = x - 15
f(91) = 91 - 15
f(91) = 76
D.)
Here, F is a function of g(x)
f(g(x))
f(x) = (0.65*140) - 15
Types of Financial Assets Match the description of the security to the type of financial asset. A security that provides a payoff that depends on the values of other assets. Multiple Choice equity security debt security derivative security None of these
Answer: Derivative security
Explanation:
Derivative security is referred to as the security that provides a payoff which depends on the values of other assets.
A derivative security is referred to as the financial instrument whereby the value depends on the value of another asset. There are different types of derivatives such as options, swaps, futures, and forwards. Example of derivative security is convertible bond.
Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.
Jun. 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock.
Jun. 2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.
Jun. 3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.
Jun. 4 The company paid $3,000 cash for the premium on an 18-month insurance policy.
Jun. 5 The company completed and delivered a set of plans for a client and collected $6,200 cash.
Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.
Jun. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.
Jun. 8 The company purchased $1,150 of additional office equipment on credit.
Jun. 9 The company completed engineering services for $22,000 on credit.
Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.
Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9.
Jun. 14 The company paid $1,200 cash for wages to a drafting assistant.
Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8.
Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment.
Jun. 23 The company paid $9,480 cash in dividends.
Jun. 28 The company paid $1,200 cash for wages to a drafting assistant.
Jun. 29 The company paid $2,500 cash for advertisements on the web during June.
Required:
Journalize the above entires.
Answer:
1 - Cash (Dr.) $100,000
Office equipment (Dr.) $5,000
Drafting equipment (Dr.) $60,000
Capital (Cr.) $165,000
2- Land (Dr.) $49,000
Cash (Cr.) $6,300
Long term notes payable (Cr.) $42,700
3- Portable building (Dr.) $55,000
Cash (Cr.) $55,000
4- Insurance premium (Dr.) $3,000
Cash (Cr.) $3,000
5- Cash (Dr.) $6,200
Service Revenue (Cr.) $6,200
Explanation:
6- Drafting equipment (Dr.) $20,000
Cash (Cr.) $9,500
Long term notes payable (Cr.) $10,500
7- Accounts Receivable (Dr.) $14,000
Service revenue (Cr.) $14,000
8- Office equipment (Dr.) $1,150
Accounts Payable (Cr.) $1,150
9- Accounts Receivable (Dr.) $22,000
Engineering Service (Cr.) $22,000
10- Cash (Dr.) $9,000
Accounts Receivable (Cr.) $9,000
11- Wages expense (Dr.) $1,200
Cash (Cr.) $1,200
12- Accounts Payable (Dr.) $1,150
Cash (Cr.) $1,150
13- Maintenance expense (Dr.) $925
Cash (Cr.) $925
14- Dividends (Dr.) $9,480
Cash (Cr.) $9,480
15- Wages expense (Dr.) $1,200
Cash (Cr.) $1,200
16- Advertising expense (Dr.) $2,500
Cash (Cr.) $2,500
XYZ has contribution margin of 30% with fixed costs of $550,000. Next year, sales are projected to be $3,100,000. An advertising with additional $120,000 is being evaluated. How much would sales have to increase to justify the additional ad expense
Answer:
$400,000
Explanation:
Calculation to determine How much would sales have to increase to justify the additional ad expense
Using this formula
Required sales=Additional advertising value/Fontribution margin
Let plug in the formula
Required sales = $120,000 / 0.3
Required sales = $400,000
Therefore How much would sales have to increase to justify the additional ad expense is $400,000
Which of the following does NOT describe the front-end business practices of firms that respect the strategic roles of purchasing?
a. Product development is regarded as a front-end business practice.
b. Creativity does not require discipline.
c. Marketing in general is regarded as a front-end business practice.
d. High level of uncertainty is about the fact that people have to make important decisions and although they do not have all the relevant information they need.
e. Front-end business practices are discovery-driven in that they explore and create from what they do not know about.
Answer:
b. Creativity does not require discipline.
Explanation:
Front end business practice is the strategy to develop and progress business activities from customer perspective. It focusses on customer demand and then products are customized according to customer needs. Marketing efforts are placed to inform customers about the different features of the product.
Labor power is a special commodity right or wrong?
Answer:
Right.
Explanation:
The labor market is as much a commodity as the materials are to be processed.
Labor power is a unique commodity in that it is a characteristic of living people who own it in their own bodies. They cannot permanently sell it to someone else because they own it within themselves; otherwise, they would be a slave, and a slave does not own himself.
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $26,000 were put into production. Direct labor of $20,000 (10 workers x 100 hours x $20 per hour) was incurred. Manufacturing overhead equaled $52,000. By the end of the week, the company had manufactured 2,000 hockey stick. Explain how?
Answer:
Slapshot Company
The total production is $98,000 with a unit cost of $49 per hockey stick.
The selling price per unit should be above $49 when marked-up.
Explanation:
a) Data and Calculations:
Direct materials (wood, paint, Kevlar, and resin) $26,000
Direct labor (10 workers x 100 hours x $20 per hour) 20,000
Manufacturing overhead equaled 52,000
Total production costs = $98,000
Production of hockey stick = 2,000 units
Unit cost of hockey stick = $49 ($98,000/2,000)
Fran’s Fries has budgeted sales for May, June and July at $500,000, $680,000 and $720,000, respectively. Sales are 80% cash and 20% on account. Assume sales on account are collected in the month following the sale. Compute cash receipts for June and July. Show your work here.
Answer:
Results are below
Explanation:
Giving the following information:
Sales are 80% cash and 20% on account.
Sales:
May= $500,000
June= $680,000
July= $720,000
Cash collection June:
Cash collection from May= (500,000*0.2)= 100,000
Cash collection June= (680,000*0.8)= 544,000
Cash collection June= $644,000
Cash collection July:
Cash collection from June= (680,000*0.2)= 136,000
Cash collection July= (720,000*0.8)= 576,000
Cash collection July= $712,000
What is one of the key phases of procurement processes that employ competitive bidding mechanisms?
6. Guillermo and Nora adopted a little boy in 2020 and incurred a total of $18,000 qualified adoption expenses. Their modified AGI is $220,000. What is the amount of adoption credit they can take
Answer:
Guillermo and Nora
The amount of adoption credit that they can take is limited to:
= $14,300 in 2020.
Explanation:
a) Data and Calculations:
Modified AGI of Guillermo and Nora = $220,000
Total amount of qualified adoption expenses incurred in 2020 = $18,000
Limit of adoption credit available to the couple in 2020 = $14,300
Lost adoption expenses = $3,700 ($18,000 - $14,300)
b) The couple will not be able to take adoption credit amounting to $3,700 because the amount they spent on adoption expenses exceeded the adoption credit limit for 2020.
Identify the organizational method/pattern used in each of the following sets of main points.
a. Fraudulent charity fund-raising is a widespread national problem.
b.The problem can be solved by a combination of government regulation and individual awareness.
c. At the top of the rainforest is the emergent layer, where trees can be 200 feet tall.
d. Below the emergent layer is the canopy, where vegetation is so dense that it filters out 80 percent of the sunlight.
e. Beneath the canopy is the understory, where trees are less than 12 feet tall and grow large leaves to collect the small amount of sunlight.
f. At the bottom is the forest floor, where there are almost no plants because of the lack of sunlight.
g. Sonia Sotomayor is best known as the first Hispanic justice of the U.S. Supreme Court.
Correct question options:
1 I.Fraudulent charity fund-raising is a widespread national problem.
II.The problem can be solved by a combination of government regulation and individual awareness.
2 I.At the top of the rainforest is the emergent layer, where trees can be 200 feet tall.
II.Below the emergent layer is the canopy, where vegetation is so dense that it filters out 80 percent of the sunlight.
III.Beneath the canopy is the understory, where trees are less than 12 feet tall and grow large leaves to collect the small amount of sunlight.
IV.At the bottom is the forest floor, where there are almost no plants because of the lack of sunlight.
3 I.Sonia Sotomayor is best known as the first Hispanic justice of the U.S. Supreme Court.
II.Sonia Sotomayor is also an accomplished communicator who has given hundreds of public speeches.
Answer:
1. Problem-solution pattern
2. Compare and Contrast
3. Sequence
Explanation:
Organizational models or structures are the various ways writers organize their ideas in their work in order to enable the reader better understand the write-up. Organizational models may depend on the type of essay or story being written. Example, an autobiography usually follows a sequence type of pattern. An article could also follow a problem-solution pattern as in the first example above.
Imagine you are reviewing a business plan. In which section of the business plan would you expect to find the answers to the following questions?
Question Financial Statements Marketing & Sales Management Service or Product Line
How much money will the owners invest in the business start-up?
How will the salespeople for this business be compensated?
What are the unique features of this business’s merchandise?
Answer:
Hence,
The money which the owners invest in the business start-up is by Financial statements.
The salespeople for this business be compensated is by Marketing & sales management.
The unique features of this business’s merchandise are by Service or product line.
Explanation:
Financial statements show how much money will the owners invest in the business start-up.
Marketing & sales management shows how will the salespeople for this business be compensated.
Service or product line shows What are the unique features of this business’s merchandise
Mark owns a driving range in New York City. He has taken notice of the three competitors who are located very close to his business. Mark decides to look at his competitors' pricing and then determine his best pricing strategy based on all of the information. In this scenario, Mark is utilizing ________.
Answer:
competitor-based pricing
Explanation:
Since in the given situation, it is mentioned that mark look to the competitor pricing and them measures it pricing startegy
So here Mark is utilizing competitor based pricing as the mark has decided the price that depend upon his competiton. It is mainly applied for those products who are almost same with the competitor products.
Therefore the above should be the answer for the given scenario.
The prepaid insurance account had a beginning balance of $7,560 and was debited for $810 for premiums paid during the year.
Required:
Journalize the adjusting entry required at the end of the year.
Answer: See explanation
Explanation:
Debit Insurance Expenses = $8370
Credit Prepaid insurance = $8370
(To record insurance expense for the current year)
Note that:
Opening prepaid Insurance = $7560
Add: Insurance premium = $810
Insurance expense = $8370
What is the expected constant growth rate of dividends for a stock currently priced at Php 50, that is expected to pay a dividend of Php 5 next year, and has a required return of 20%?
Answer: 10%
Explanation:
Using the Gordon Growth Model, the price of a stock can be calculated as follows:
Price = Next dividend / (Required return - growth rate)
Notice that we are provided with all the figures in the formula above except the growth rate so we can calculate the growth rate with these figures:
50 = 5 / (20% - growth rate)
50 * (20% - growth rate) = 5
20% - growth rate = 5 / 50
-growth rate = 10% - 20%
-Growth rate / -1 = -10% / -1
Growth rate = 10%
Fraternity is protected under the ..
-Federal law
-Provincial law
-none of them
-Charter of rights and freedoms.
Fraternity is protected under the federal law.
As a social association, a Fraternity is protected with first amendment rights. The first amendment has a right to freedom of association while the fourteenth amendment offers equal protection rights.
A fraternity by definition are a group of people that have common interests. These interests could be religious or secular.
The first amendment offers protection to associations formed for speech, assembly, religion or to take care of grievances.
Therefore a fraternity is protected by Federal law.
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Unobserved effects versus idiosyncratic errors
Suppose you have two years' worth of panel data on wages and work experience of adults; however, the data set has no further information on the characteristics of the individuals in the data set. Specifically, you have cross-sectional wage and work experience data on individuals in 2006, and cross-sectional data on those same individuals in 2012. You plan to use the following fixed effects model to analyze the effects of work experience on wages:
log (wage it ) = βo + 80 yr10, + B1 experit + ai + uit
where
wage it = yearly wage of individual i at time t, in dollars
yrl0, =1 in the year 2010 (t = 2), and =0 otherwise (t = 1)
exper = years of work experience of individual i, at time t
ai = unobserved (time-invariant) effect
uit = idiosyncratic error
Two other factors that can influence wage, which you have not controlled for in your model, are height and industry of employment.
Use the following table to indicate which term in the fixed effects model captures the effect of height, which term captures the effect of industry of employment, and which term captures the effect of work experience.
ai uit β1
Work experience
Height
Industry of employment
Answer:
The terms that capture the effect of industry of employment and work experience are:
Industry of employment = uit
Work experience = β1
Height = ai
Explanation:
a) Data:
ai uit β1
Work experience
Height
Industry of employment
b) Explanation
The "idiosyncratic error" (uit) describes the unobserved factors that impact the dependent variable. For example, industry of employment, and this factor vary from one-time period to the next.
The unobserved (time-invariant) effect (ai) refers to the height of the industry of employment, which does not vary over time.
Finally, work experience is depicted by β1, which is a factor that changes with time.
Job 148 requires $12,000 of direct materials, $6,700 of direct labor, 550 direct labor hours, and 270 machine hours. It also requires 9 hours of inspection at $40 per hour. Manufacturing overhead is computed at $28 per direct labor hour used and $42 per machine hour used. The total amount of overhead allocated is: a. $34,100. b. $26,740. c. $45,440. d. $15,400.
Answer:
b. $26,740
Explanation:
The computation of the total amount of overhead allocated is shown below:
overhead allocated is
= (actual direct labor hour × overhead rate per direct labor hour) + (Actual machine hour × overhead rate per machine hour)
= (550 × 28) + (270 × 42]
= $15,400 + $11,340
= $26,740
hence, the total amount of overhead allocated is $26,740
Assume a pro rata reinsurance agreement with a 35% retention. Further assume a primary insurance contract with limits of $2,500,000, premiums of $20,000 and deductible $10,000. a)How much premium will the primary insurance company retain
Answer: $7000
Explanation:
Since there is a pro rata reinsurance agreement with a 35% retention, primary insurance contract with limits of $2,500,000, premiums of $20,000 and deductible $10,000, then the amount of premium that the primary insurance company will retain will be:
= Retention rate × Premium
= 35% × $20000
= 0.35 × $20000
= $7000
