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Economic Order Quantity; Order Cost; Carrying Cost
New England Co., predicts that it will use 360,000 gallons of material during the year. The material is expected to cost $5 per gallon. It anticipates that it will cost $72 to place each order. The annual carrying cost is $4 per gallon.
Required:
a. Determine the most economical order quantity by using the EOQ formula.
b. Determine the total cost of ordering and carrying at the EOQ point.
Suppose that in the market for comic book illustrators the substitution effect dominates the income effect While visiting Comic Con.
We give praises to the marketplace system also to the institution of private ownership of resources. But here we will find cases where firms do not act in the best interest of society.
Define and describe the difference between the absolute advantage and the comparative advantage.
Explain how have US economic or fiscal policies affected employment rates
The supply is simply the sum of the marginal cost curves of all the firms in the industry. Suppose that all the competitive firms collude to form one single monopoly firm. (Collusion changes neith the demand nor the cost conditions in the industry..
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I understand the three types of unemployment are: frictional unemployment, seasonal unemployment, and structural unemployment.
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