BUSINESS HIGH SCHOOL

You’ve been hired as an economic consultant to a price-taking firm that produces shirts. The firm already has a shirt factory, so it is operating in the short run. The price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of material. At the current level of output (20 workers and 70 shirts per hour), the firm is losing money: Its total cost exceeds it total revenue. The firm has experimented with different numbers of workers and discovered that 21 workers would produce 72 shirts; 15 workers would produce 60 shirts; and 16 workers would produce 63 shirts. You job as a consultant is to tell the firm which of these four options to take; and explain and show your calculations as to why you selected an option. 1. Option 1: Shut down the unprofitable operation. Explain why giving numerical calculations? 2. Option 2: Continue to produce 70 shirts per hour. Explain why giving numerical calculations? 3. Option 3: Produce more shirts. Explain why giving numerical calculations? 4. Option 4: Produce fewer shirts. Explain why giving numerical calculations?

Answers

Answer 1
Answer: Given:
Price of the shirts : $5
hourly wage: $12
cost of material for each shirt: $1

Current Level
20 workers: 20 * 12 = 240
70 shirts per hour: 70 * 1 = 70
70 shirts sold at 5 = 70 * 5 = 350

Profit = Sales - Cost
P = 350 - 240 - 70
P = 350 - 310
P = 40

21 workers : 72 shirts
P = (72*5) - (21*12) - (72*1)
P = 360 - 252 - 72
P = 360 - 324
P = 36

15 workers : 60 shirts
P = (60*5) - (15*12) - (60*1)
P = 300 - 180 - 60
P = 300 - 240
P = 60

16 workers : 63 shirts
P = (63*5) - (16*12) - (63*1)
P = 315 - 192 - 63
P = 315 - 255
P = 60

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Johan is the manager of CycleUp and has agreed to build a new manufacturing plant in Argentina. He realizes this decision will cause him to shut down a small plant in Ohio, but he decides that since the new facility will cut his operating costs in half, that is worth more than closing a plant employing ten people. Which philosophical approach to ethics does this demonstrate

Answers

Answer: Utilitarian

Explanation:

From the question, we are informed that Johan is the manager of CycleUp and has agreed to build a new manufacturing plant in Argentina and that he realizes this decision will cause him to shut down a small plant in Ohio, but he decides that since the new facility will cut his operating costs in half, that is worth more than closing a plant employing ten people

This is referred to as utilitarianism.

Utilitarianism seeks to make the society as a whole better even though it might comes as an expense to a few individuals for the larger society to enjoy.

Which statements are true according to the law of supply?1.)A decrease in demand leads to an increase in supply.
2.)A decrease in demand leads to a decrease in supply.
3.)An increase in price leads to a decrease in supply.
4.)A decrease in price leads to a decrease in supply.
5.)An increase in price leads to an increase in supply.

Answers

I believe the answer is: 
-A decrease in price leads to a decrease in supply.
-An increase in price leads to an increase in supply.

As the price of a product fall down, the amount of profit that the sellers would get for selling the product would also fall. This would cause them to decrease the amount of supply so they can produce more profitable happen. The exact opposite happen when the price of the product rises.

The true statements according to the Law of Supply are:

  • A decrease in price leads to a decrease in supply.
  • An increase in price leads to an increase in supply.

What happens when prices rise?

When there is an increase in prices, the Law of Supply shows that there will be an increase in supply because suppliers will want to make more profits.

If the prices decrease however, a situation arises where suppliers will reduce supply as the profit incentive is gone.

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The Army uses training, and awareness as preventive measures against sexual assault, promote the sensitive handling of victims, offer victim assistance, hold offenders accountable, and to reinforce Army values. Which of the statements is NOT true?

Answers

The answer : the army provides counseling only to individuals filing unrestricted reports

- Restricted reports : the victims does not want to trigger an open investigation
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The army provides counseling to both restricted and unrestricted reports,

Describe one technology used to travel to space and one technology used to return from space

Answers

One technology used to travel to space is a spacecraft. It is a vehicle or machine designed to fly in outer space. One technology used to return from space is a capsule. Astronauts occupy the capsule and as it goes down, the capsule performs systematic processes for a safe landing.

Which of these actions could constitute a breach of the Civil Rights Act?A. The human resources department rejected Fatima’s application because she did not have the right qualifications.

B. The human resources department rejected Fatima’s leave application because they were short staffed.

C. The human resources department rejected Fatima’s application for a sabbatical because she had only worked for a year.

D. The human resources department rejected Fatima’s leave application because she just got back from a long vacation.

E. The human resources department did not promote Fatima because they thought that she would not be able to travel as frequently as the job required because she has two young children.

Answers

E. The human resource department did not promote Fatima because they thought that she would not be able to travel as frequently as the job requred because she has two young children.

This action constituted a breach of the Civil Rights Act.

The provisions found in the Civil Rights Act forbade discrimination on the basis of sex as well as race in hiring, promoting, and firing.

In the above scenario, the HR department discriminated Fatima based on her gender ( a female and a mother). They did not give her the chance to have equal employment opportunity. 

Answer:

E. The human resources department did not promote Fatima because they thought that she would not be able to travel as frequently as the job required because she has two young children.

Which is the last step in making a personal budget?A. Add up all sources of income.

B. Reduce expenses in flexible catorgories.

C. Check interest rates on loans.

D. Catorgorize different expenses.

Answers

The last step in making a personal budget is to reduce expenses in flexible categories. The correct option among all the options given in the question is option "B". Under normal circumstances, a person cannot make the adding up all sources of income as the last step. Then the expenses will not get added. The flexible expenses are expenses that can always be reduce or are not important expenses. The basis of making the budget is to reduce those unnecessary expenses. So the last step should always be to find ways to reduce the flexible or unwanted expenses.

Final answer:

The final step in creating a personal budget is reducing expenses in flexible categories. This allows for adjustments to ensure your income meets or exceeds your expenses.

Explanation:

The last step in making a personal budget is B. Reduce expenses in flexible categories. Establishing a personal budget involves many steps, beginning with identifying all sources of income. However, creating the budget does not end there. The next step is categorizing different expenses, followed by keeping track of these expenses. Then, after considering the interest rates on any loans, a budget can be modified to reduce expenses in flexible categories to make sure that outflows do not exceed inflows. This last step allows more room for savings and debt reduction.

The last step in making a personal budget is to reduce expenses in flexible categories. This involves analyzing your spending habits and identifying areas where you can cut back or make adjustments. By doing this, you can ensure that your budget aligns with your financial goals and helps you manage your money effectively.

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