Calculating the economic order quantity

Assignment Help Business Economics
Reference no: EM133079226

1. In your knowledge describe what EOQ is (direct quotations for the entirety of the explanation are unacceptable).

- What assumptions are made in calculating the economic order quantity?

- What production strategies should not employ an EOQ approach to ordering and why?

2. What are some key issues when implementing and operating an inventory control system?

3. "Those birds sure go through a lot of food," Clara exclaimed as she saw the shopping list pad that had been pre-printed with the words "bird feed" at the top. She pondered a different approach to shopping for her feathered friends, reviewed her shopping records, and discovered the following. The price of bird feed has held steady at 89 cents per can. Each of the seven birds nibble their way through an average of one can per day, three hundred sixty five days a year. The price of gasoline has held constant at $3.50 per gallon and her pickup uses a gallon each way to the grocery food store. The cost to hold a can of bird feed is 10% of the unit price.

Reference no: EM133079226

Questions Cloud

Developing countries experience globalization : How do developed countries and developing Countries experience globalization differently?
What is effective annual interest rate : If you transferred in 3 years and pay off the loan, what is your effective annual interest rate?
Name an industry or product line up : Name an industry or product line up that you really like which has greatly improved over time as a result of free market economics. Briefly explain the changes
Describe environmental practices are monitored : Describe how environmental practices are monitored in your workplace (if at all). If they are not monitored, how would you suggest they be monitored?
Calculating the economic order quantity : 1. In your knowledge describe what EOQ is (direct quotations for the entirety of the explanation are unacceptable).
What happens as each assumption is relaxed : The simple case of pricing with market power assumes (a) all consumers are charged the same price, (b) the firm sells one product, and (c) demand exists in one
Describe the criticisms about decision making : Describe the criticisms about decision making at the IMF and the World Bank. Which types of policies are thought to reflect bias?
Example of a multinational corporation : Please give an example of a multinational corporation that has used FX derivatives either for hedging or for speculation. and please the sources of information.
Limit the usefulness of knowing the gdp : What are some factors that limit the usefulness of knowing the GDP?

Reviews

Write a Review

Business Economics Questions & Answers

  Bhp offloading of oil and gas assets

What is whistleblowing? If you were the CEO of BHP, using TWO ways, explain how you would promote whistleblowing at BHP to generate the best outcomes for all st

  Find the probability that a randomly selected cd player

CD players are normally distributed with a mean of 7.1 years and a standard deviation of 1.4 years

  Exchange rate effects on industry

Using shifts in supply and demand curves, describe how a change in the exchange rate affected your industry. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing.

  Type of worker approximate a perfectly competitive market

How closely does the labor market for the following type of worker approximate a perfectly competitive market? What, if any, are the major imperfections in each market? a. migrant farm worker b. steel worker c. nurse d. bank executive

  Figure represents a normal distribution with mean

The other graph represents a normal distribution with mean µ=16 and standard deviation s=2. Determine which graph is which and explain how you know.

  Two inputs in the production function-labor and capital

Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output.

  Branding portion of the marketing communications plan

Create the Positioning and Branding portion of the Marketing Communications Plan using the business and information presented in the case study. They want to keep the “family’s” restaurant as a legacy to their family members who left it to them. Howe..

  Two mutually exclusive alternatives are under consideration

Two mutually exclusive alternatives are under consideration. Alt A. will cost $40,000, provide annual benefits of $15,000 and a salvage of $4000 at the end of its 4 year life. Alternate B will cost $63,000, provide annual benefits of $21,000, and a s..

  Linear inverse demand and a quadratic cost function

(Cournot's duopoly game with linear inverse demand and a quadratic cost function) Find the Nash equilibrium of Cournot's game when there are two firms, the inverse demand function is given by P(Q) = a - 2* Q and the cost function of each firm is

  What is the profit-maximizing price that es will charge

The demand for each ticket is P = 350 - Q. ES's cost is $10,000 plus $50 per ticket. (i.e., C(Q)=10.000+50Q ).

  About economists assessment of protectionism

Which of the following statements about economists' assessment of protectionism is true?

  Number of deliveries than the second delivery truck

Can we assert at the level of significance a = 0.05 that the first delivery truck on its route makes a larger number of deliveries than the second delivery.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd