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Examine the article by Hill and Myatt (2007) and answer the following questions.
(i) Using the central arguments raised in the article on perfectly competitive markets, write a critical analysis of the market structures that exists in developing economies like Fiji.
(ii) (ii) Raise valid examples and the compatibility of textbooks understanding to what is actually happening on the ground.
(iii) (iii)In your writing, show your stance on whether you agree or disagree with the article.
A company consumes 12000 units of a particular item. The company has a production capacity of 60 units/day. The cost of each unit produced by the company is $8. The setup and tooling up cost is $96 per setup. The carrying charges are 15 % of cost per unit. Determine
a) Economic quantity to be manufactured in each batch
b) How frequently should the production runs be made.
c) Determine the production period.
Assume 300 working days per annum
a) Estimate a 90% confidence interval for the true average of cost of a meal. (3)
b) Calculate the length of the confidence interval. (1)
c) Provide the correct interpretation of the confidence interval you have calculated in a). (1)
for misuse of the Internet, and 225 of 750 businesses fired workers for email misuse.
a) Construct and interpret a 95% confidence interval for the proportion of businesses that have fired workers for
misuse of the Internet. (2)
b) Construct a 90% confidence interval for the proportion of businesses that fired workers for email misuse.
The Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November 1 Bal. b/f Direct Materials Used $51,250 256,400 Other transactions incurred: ▪ Indirect material issued to production was $40,360 ▪ Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for November amounted to $340,490. ▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were sold on account at a margin of 33⅓% on sales. Required: i) Compute Harriott’s predetermined manufacturing overhead rate for 2020.
The consumer has a budget of $M for the consumption of good X and Y .The price of good X is $Px and the price of good Y is $py.The consumer has a utility function given by U(X,Y)=xy.
Find the optimal consumption of the individual and the utility Obtained.
Make a graph that illustrates the solution to the problem.
Why do you use paramerters.
Evaluate this statement by Goodin in 1995 in reference to the theory of second best and share your opinion on the validity of this statement.
Provide a detailed explanation.
'The same [lesson from the car case] applies [. . . ] to our social and political prescriptions. In the best of all possible worlds, we would like all of our ideals to be realized simultaneously. [. . . ] Ideally, we would like to attain liberty, equality, fraternity and material prosperity, all at one and the same time; but the classic trio might prove sociologically feasible only under conditions of severe material scarcity'. (Goodin, 1995, 53)
What would you prefer Trade Liberalization or Trade Protectionism? Why?
Consider the following cost minimization problem:
Minimization CT = wL + rK
Hold it: q= L1/2 K1/2
a) Obtain the long-run cost function
b) If K = 9 and w = 1, obtain the long-run cost function
how and why ethical considerations should be part of our everyday conduct as public relations professionals.
