Comparisons between costs of a product in different periods, Operation Management

Assignment Help:

Ques: How can we make comparisons between the cost of a product in two different periods if salaries and cost of living may have changed?

Ans: The average income is published in government statistics. The figure can be divided by the average number of hours worked. This gives an income rate per hour. Divide the cost of an item by this rate and it gives the number of minutes an average worker had to work in order to purchase the item. If you compare these figures over time you will see that the number on minutes needed to purchase a television set in the year 2000 is significantly less than any previous period.


Related Discussions:- Comparisons between costs of a product in different periods

Explain government use to facilitate economic development, Reflect upon the...

Reflect upon the IT strategies that are used to encourage economic development. Select two strategies and discuss how economic factors affect the strategies that a government may u

Linear Programming Problem, A paper mill produces two grades of paper viz.,...

A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i

Explain how is planning changing in the new workplace, For this week's disc...

For this week's discussion you are to post responses to the following questions: 1. how is planning changing in the new workplace? 2. Do you think planning becomes more important o

Discuss the business model and strategy have evolved, Discussion is about D...

Discussion is about Dell Computer's business strategy in the increasingly competitive PC market. For this discussion, research the company and its business strategy and answer the

Explain the most important effect of card check recognition, The most impor...

The most important effect of card check recognition procedures on union representation elections would be to: A. Increase the likelihood of first contract settlement. B. Give

Purpose of research design, Purpose of Research Design: Any research ...

Purpose of Research Design: Any research design has two basic purposes. a. To provide answers to research questions as validly objectively accurately and econom

Compute panera breads strategy and its effectiveness, Evaluate Panera Bread...

Evaluate Panera Breads strategy and its effectiveness with executing the strategy within the competitive fast-casual restaurant marketplace. Discuss the pitfalls to this strategy a

Describe the various views of ethics, Discuss the various views of ethics (...

Discuss the various views of ethics (e.g. justice view, moral rights, etc.) and why they are important in business.

Explain large regional hospital systems and research, Case Scenario: Hearts...

Case Scenario: Heartsong LLC. Heartsong LLC is a designer and manufacturer of replacement heart valves based in Peoria, Illinois. While a relatively small company in the medical de

Write Your Message!

Captcha
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