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Read the following problem and answer the 4 subquestions. A firm is faced with the attractive situation in which it can obtain immediate delivery of an item it stocks for retail sale. The firm has therefore not bothered to order the item in any systematic way. However, recently profits have been squeezed due to increasing competitive pressures, and the firm has retained a management consultant to study its inventory management. The consultant has determined that the various costs associated with making an order for the item stocked are approximately $70 per order. She has also determined that the costs of carrying the item in inventory amount to approximately $27 per unit per year (primarily direct storage costs and forgone profit on investment in inventory). Demand for the item is reasonably constant over time, and the forecast is for 16,500 units per year. When an order is placed for the item, the entire order is immediately delivered to the firm by the supplier. The firm operates 6 days a week plus a few Sundays, or approximately 320 days per year. Determine the following:
1. Optimal order quantity per order
2. Total annual inventory costs
3. Optimal number of orders to place per year
4. Number of operating days between orders, based on the optimal ordering
Unfortunately, many families still cannot buy the bread they need. Explain to government officials why the price ceiling has not increased consumption of bread.
For the alternative techniques, discuss how analyses from multiple perspectives provide better information to a decision maker. Describe alternative techniques that could be used to estimate the same kinds of impacts.
Write a brief report describing what shift factors of supply and/or demand might be at work and how you would label those factors. Conclude the report with your forecast of what would likely result one month after the publication of the article.
Develop a pie chart to illustrate the country distribution of the top 200 male tennis players. Make sure that your pie chart has a user-friendly format and hence it is easily read & understood. What does this pie chart suggest to you?
What is the economic meaning of money? What are its functions?
Firms engage in an activity called "forward pricing" when they establish, during the early stages of the learning curve, a price for their product.
A consumer has the utility function U = 20X0.5Y 0.4 and buys good X at £10 a unit and good Y at £2 a unit . If their budget constraint is £450.
Assuming that the farmer's objective is to maximize total profits, what is the LP model for this problem? Solve this problem using the simplex method.
demand for a good can be characterized by p 100 - q. there are two firms firm 1 and firm 2. they have identical cost
The farmer wants you to work out how many heifers to carry through the system so that he can replace the cull cows and
While very few markets are 'purely competitive' according to the strict economics definition, market analysts often use competition as the: Benchmark from which to judge other market settings
You are the manager of Local Electronics Shop (LES), a small brick-and-mortar retail camera and electronics store. One of your employees proposed a new online strategy whereby LES lists its products at Pricesearch.com
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