A factory can make ice cream or popsicles. In the course of 1 day, the factory can either make 1,000 gallons of ice cream or 3,000 popsicles. The opportunity cost of 1 gallon of ice cream is:
Question 11 options:
1/3 of a popsicle. |
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Zero popsicles--just make both at the same time. |
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3 popsicles. |
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1 popsicle. |
Decision makers in companies should concern themselves with:
Question 12 options:
maximizing the company's value over the entire life of the company. |
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maximizing revenue |
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maximizing profit in this fiscal period |
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minimizing costs |
Question 13 (0.5 points)
The gas station on the edge of town has gas that is 30c/gallon cheaper than my local station. I buy 10 gallons of gas a week. Assume that I value my time at $10 per hour and it takes me 1/2 hour to drive to and from the faraway station. For simplicity, assume the travel cost to the local station is zero miles and damage/depreciation of my car is trivial on the trip to the faraway station. Should I buy my gas at the faraway station?
Question 13 options:
no |
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yes |
Rachel is assisting the CEO of her small company with a project to reduce electricity usage on the shop floor. This is a strategic engineering economic project focused on:
Question 14 options:
equipment replacement |
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new product introduction |
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cost reduction |
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improvement in service |
Which of the following organizational structures led to massive increases in the deployment of capital in the US and UK in the nineteenth century?
Question 15 options:
Limited liability companies |
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Partnerships |
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Sole proprietorships |
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Worker cooperatives |
11. opportunity cost is next best alternative foregone. 1000m ice teams or 3000 popsicles can be made.
opportunity cost for each ice cream = 3000/1000= 3
hence option 3
12. Option 1: maximising the company' value over time should be the aim of business decision makers. Short run objecticves can be anything.
13.No. I will save 0.3*10=3 dollars but I value my time for $5 for that half an hour and hence its better not to go considering opportunity cost.
14.Cost reduction option 3: As it is aimed at reducing present electricity costs. There is neither a new project or equipments or improvement in service.
A factory can make ice cream or popsicles. In the course of 1 day, the factory...
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