Suppose that every driver faces a 2% probability of an automobile accident every year. An accident will, on average, cost each driver $13,000. Suppose there are two types of individuals: those with $78,000.00 in the bank and those with $3,250.00 in the bank. Assume that individuals with $3,250.00 in the bank declare bankruptcy if they get in an accident. In bankruptcy, creditors receive only what individuals have in the bank. Assume that both types of individuals are only slightly risk averse.
In this scenario, the actuarially fair price of full insurance, in which all damages are paid by the insurance company, is......?
Answers
In this scenario, the actuarially fair price of full insurance, in which all damages are paid by the insurance company, is $247 for the individual with $78,000.00 in the bank and $2,117 for the individual with $3,250.00 in the bank.
The solution to the above question can be determined as follows:The expected cost of an accident:Expected cost of an accident is given by multiplying the probability of an accident by the cost of an accident. Thus, expected cost of an accident is = 0.02 × 13000 = $260.
Actuarially fair insurance price:To calculate the actuarially fair insurance price, we need to calculate the expected utility of each individual when fully insured and when uninsured and then equate these expected utilities for each type of individual.Let us calculate the expected utilities for each individual when fully insured:1. For the individual with $78,000 in the bank:Expected utility without insurance = U(78000 − 247 − 13000) = U(64823)
Expected utility with insurance = U(78000 − 247) = U(77753)Expected utility after paying actuarially fair premium = 0.98U(77753 − 247 − 13,000) + 0.02U(77753 − 247)Expected utility after paying actuarially fair premium = 0.98U(64823) + 0.02U(77753)Actuarially fair insurance price = $2472.
For the individual with $3,250 in the bank:Expected utility without insurance = U(0)Expected utility with insurance = 0.99U(0) + 0.01U(−3,250)Expected utility after paying actuarially fair premium = 0.98(0.99U(0)) + 0.02(0.99U(0) + 0.01U(−3,250))Expected utility after paying actuarially fair premium = 0.98(0.99U(0)) + 0.02(0.99U(0)) + 0.0002U(−3,250)Expected utility after paying actuarially fair premium = 0.9801U(0) + 0.0198U(−3,250)
Actuarially fair insurance price = $2,117Hence, the actuarially fair price of full insurance, in which all damages are paid by the insurance company, is $247 for the individual with $78,000.00 in the bank and $2,117 for the individual with $3,250.00 in the bank.
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Related Questions
Select the correct answer from each drop-down menu. Kevin is a store manager and has employees from diverse cultures reporting to him. He has often seen Marcos having arguments with his colleagues, Kwa Lee and Gaurav. What can Kevin do to ensure that there is team spirit and effective communication amongst all? Kevin can first be aware of his own attitude to diversity . He can also assess Marcos and him to change his behavior toward his other colleagues. He can also think of putting them together into similar departments to encourage .
Answers
Kevin leads in an autocratic manner since he just cares about his work. He seldom ever notices his subordinates. He doesn't even compensate the workers for their efforts.
Autocratic or authoritarian behavior as a leadership style.
An authoritarian leader consolidates his own personal control over both decision-making and authority. Without speaking to the workforce, he gives directions and assigns endeavors and liabilities. The pioneer assumes all authority and responsibility.
Negative leadership that relies on threats and punishment is autocratic.
Subordinates go about as he coordinates. He neither really focuses on their perspectives nor licenses them to impact the choice. He accepts that due to his position he alone can conclude what is best in a given circumstance.
Close oversight, unambiguous guidance, and directing requests from the majority are the foundations of autocratic leadership. It functions with quick decisions, brief activity, and heading unity. A lower level of appointment is required. Nevertheless, an excess of purpose of power could result in strikes and current debates. It makes sense to instill dissatisfaction and impede the growth of the employee limit.
Kevin leads in an autocratic manner since he just cares about his work. He seldom ever notices his subordinates. He doesn't even compensate the workers for their efforts. Individual control over all choices and little participation from the group are traits of his behavior. He frequently disregards advice and makes decisions based solely on his opinions and judgments.
These sorts of choice include the utilization of power gave on the singular taking the choice by the association's design. Hierarchical decisions are those decisions taken simply in light of a legitimate concern for the association. Directors are given the authority by the firm to settle on decisions in light of a legitimate concern for the association. Notwithstanding, this authority doesn't concede them the ability to pursue individual decisions. It should likewise be perceived that while hierarchical decisions can be assigned, individual decisions can't be appointed.
To explain further the concession among individual and hierarchical choice, let us think about the accompanying model. James Harrison was terminated by the supervisor since he didn't submit to the principles of the organization. This would be an authoritative choice. In any case, assuming James Harrison was terminated essentially on the grounds that the director loathed him for not a great explanation connected with the organization then that would be an individual choice. An authoritative choice is customized yet an individual choice is non-modified.
Functional:
Typically, judgments related to everyday activities are made functionally. These kinds of tailored choices are, by definition, meant to help the organization achieve short-term objectives. Chiefs at lower and middle levels typically make these decisions. Functional decisions must be made within the framework of the organization's established practices. As a result, those that must accept functional option are allowed to exercise their very own constrained utilization caution and drive.
Simple functional decisions, such regularly procuring writing materials and other natural resources, are designed to have an impact on a certain area or division of the company. As we can see, making such a decision will only affect the buying department.
Strategic Decisions:
It is implied that decisions involving important but one-time issues qualify as critical decisions. These decisions are made using a variety of administrative skills, wisdom, and experience. Not at all like functional choices, important decisions worry the firm's drawn-out points. When making a crucial decision, the person or group making it must carefully consider how the company association and its current situation are related. Important judgments are less secure in nature since the climate is constantly changing. Another reverence among important and practical choices is that crucial judgments are made by senior management.
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Answer: The Answer is diversity, Counsel, and Interactions.
Explanation:
This is correct, I just took the test. :)
Which situation best illustrates the role of households in the circular flow of
goods?
A. A runner buys a new pair of athletic shoes.
B. A website sells cheap books and magazines.
C. A factory produces screws used to build furniture.
O D. A company designs websites for big businesses.
Answers
A runner buys a new pair of athletic shoes best illustrates the role of households in the circular flow of goods. Thus, option A is correct.
What is circular flow of goods?The circular flow is the continuous movement of revenue, expenditure, and the production of products and services in an economy.
It demonstrates the circular redistribution of revenue between the producing unit and households. They include entrepreneurship, labor, capital, and land. Rent is the fee received in exchange for the fixed natural resource( also known as land)contribution. Wage is the comprehension received for the contributions made by human worker. Interest is the compensation received for the capital contribution. Profit is the reward for the contribution produce by the enterprise.
Therefore, we can conclude that option A is correct.
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What are the cash flows involved in the purchase of a 5-year zero coupon bond that has a par value of $1,000 if the current price is $800? Assume the market rate of interest is 5 percent.
Answers
The cash flows involved in the purchase of a 5-year zero coupon bond is: Pay $800 today and receive $1000 at the end of 5 years.
What is Cash flowsCash flows can simply be defined as the inflow and outflow of cash in an organization.
Given:
Par value=$1,000
Current price=$800
Market rate of interest=5%
If the market rate of interest is 5% the cash flow involved in the purchase will be to pay the amount of $800 today (Present value) and receive the amount of $1,000 (Future value) at the end of 5 years reason being that zero coupon bonds do not pay interest periodically.
Inconclusion the cash flows involved in the purchase of a 5-year zero coupon bond is: Pay $800 today and receive $1000 at the end of 5 years.
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Davidson company has sales of $100,000, variable cost of goods sold of $40,000, variable selling expenses of $15,000, variable administrative expenses of $5,000, fixed selling expenses of $7,000, and fixed administrative expenses of $9,000. What is davidson’s contribution margin?.
Answers
Davidson’s contribution margin for the sale of goods would be : $40,000
What is contribution margin?Contribution margin is a business' sales revenue less its variable costs. The resulting contribution margin can be used to cover its fixed.
Contribution margin is computed as:
= Sales - Total variable cost(Variable cost of goods sold + Variable selling expenses + Variable administrative expenses)
= $100,000 - ($40,000 + $15,000 + $5,000)
= $100,000 - $60,000
= $40,000
Therefore, Davidson’s contribution margin for the sale of goods would be $40,000
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Question 2 of 20 what was the impact of mao zedong's great leap forward in china? o a. mao's oppression of urban workers allowed rural farmers to prosper in peace. o b. mao's focus on rural steel production led to widespread famine and starvation. o c. mao's efforts to compete with the soviet union resulted in an economic boom. d. mao's political enemies were eliminated and his control over china was strengthened.
Answers
The impact of mao zedong's significant leap forward in china c. mao's efforts to contend with the soviet union resulted in an economic boom
The weather in 1959 was catastrophic and the yearly harvest was not nearly enough to support the Chinese population which led to general famine.
What was the result of the Great Leap Forward?Instead of promoting the country's economy, The Great Leap Forward resulted in mass hunger and famine. It is estimated that between 30 and 45 million Chinese citizens died due to famine, execution, and coerced labor, along with massive economic and environmental collapse.
What was the Great Leap Forward and how did it affect China?The Great Leap Forward was a push by Mao Zedong to change China from a largely agrarian (farming) society to a modern, industrial society—in just five years. It was an unbelievable goal, of course, but Mao had the ability to force the world's largest society to try. The effects, unfortunately, were disastrous.
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The activities of people traveling to and staying in places outside their usual environments for not more than one consecutive year for leisure, business, and other purposes is called _____.
transportation
travel
tourism
hospitality
Answers
Answer:
Tourism is the right answer
The minimum-efficient scale for a typical firm producing water filters is 30,000 water filters. if the market demand is 630,000 water filters, how many firms producing at minimum-efficient scale can the market support
Answers
Answer:
10,000
Explanation:
For long term success, what type(s) of motivation is/are necessary? a. intrinsic b. extrinsicc. mostly extrinsicd. intrinsic and extrinsic
Answers
a. intrinsic type(s) of motivation is/are necessary.
How long-term is intrinsic motivation?The findings demonstrated the long-term and potent boosting effects of intrinsic drive on later academic achievement, self-efficacy, identity, and course effort.
In contrast, the indicated motive could be context-sensitive and so open to change in the long-term outcomes.
There is evidence to support the claim that intrinsic motivation produces the best results in the majority of cases.
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The United States enjoys a free market economy in which _____. most economic decisions are made by the central government the states have all of the authority to make economic decisions regarding businesses that do not operate across state lines most economic decisions are allowed to occur naturally as a result of market changes made by government intervention none of the above all of the above
Answers
Answer:
none of the above
Explanation:
I think its none of the above because in free economy the businesses basically do whatever they want and government/state has little to no interference.
A used-car cost 5000. You figure you can get 4 years out of it. You drive 10000 miles per year. Your car insurance costs 1200$ per year. You figure you’ll spend 400$ per year on maintenance. Gas cost 3$ per gallon and the car gets 25 miles per gallon. What will be your average cost (all cost included) per mile over 4 years ?
Answers
Answer:
$0.405
Explanation:
The average cost per mile:
Cost per year:
Insurance : $1200
Gas At $3 per gallon: car performance is 25 miles per gallon. In one year, the car is driven for 10,000 miles.
Consumption per year = 10,000/25 x 3= $1200
maintenance $400
Cost for fours years
Car cost: =$5000
Insurance : $1,200 x 4 =$4,800
Gas costs: $1200 x 4 =$4800
Maintenance :$400 x 4 = $1600
Total costs for four years= $5000+ $4800+ $4800+$1600
=$16,200
Average cost per mile
=$16,200/ 40,000
=
The average cost per :
Cost per year:
Insurance : $1200
Gas At $3 per gallon: car performance is 25 miles per gallon. In one year, the car is driven for 10,000 miles.
Consumption per year = 10,000/25 x 3= $1200
maintenance $400
Cost for fours years
Car cost: =$5000
Insurance : $1,200 x 4 =$4,800
Gas costs: $1200 x 4 =$4800
Maintenance :$400 x 4 = $1600
Total costs for four years= $5000+ $4800+ $4800+$1600
=$16,200
Average cost per mile
=$16,200/ 40,000
=$0.405
krysta wants to take piano lessons. she asked a teacher how many new pieces she could expect to learn each month. the teacher gave an estimate of 3. write an equation that shows how the total number of pieces krysta would learn, y, depends on the number of months of piano lessons, x.
Answers
The required equation is y = 3x which represents the total number of pieces Krysta would learn, where x months of piano lessons.
What is the Linear equation?A linear equation is defined as an equation in which the highest power of the variable is always one.
Krysta wants to learn to play the piano. She inquired with an instructor about the number of new pieces she could anticipate studying each month. The teacher estimated three.
Let y represent the total number of pieces Krysta would learn,
And x represent depends on the number of months of piano lessons,
According to the given situation, we can write the equation would be as:
⇒ y = 3x
Therefore, the required equation is y = 3x which represents the total number of pieces Krysta would learn.
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why is requirements identification in the systems analysis phase
so important in the context of the waterfall model?
Answers
Requirements identification is crucial in the systems analysis phase of the waterfall model because it lays the foundation for the entire development process.
In the waterfall model, the development process follows a sequential and linear approach, where each phase has specific deliverables before moving on to the next. The systems analysis phase is the initial step, where the focus is on understanding the problem domain, gathering requirements, and defining the system's scope.
Requirements identification is vital during this phase because it establishes the basis for the entire project. It involves actively engaging with stakeholders, understanding their needs, and capturing their requirements. This process helps in defining the system's functionalities, performance criteria, constraints, and desired outcomes.
Failing to identify requirements adequately in the systems analysis phase can lead to significant issues down the line. It may result in misunderstandings, delays, and costly rework during later stages of the project. The waterfall model relies on a comprehensive and well-defined set of requirements to guide subsequent phases.
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Which of the following best explains what happens when a company or government issues bonds? A. The company or government pays bondholders to provide a specific good or service. B. The company or government goes into debt to those who purchase the bonds. C. The company or government sells a partial interest in its enterprise to bondholders. D. The company or government can spend money that doesn't yet exist.
Answers
The correct answer is B. When a company or government issues bonds, they go into debt to those who purchase the bonds.
When a company or government issues bonds, it means they are borrowing money from investors or bondholders. By issuing bonds, the company or government is essentially entering into a contractual agreement to repay the borrowed amount, along with interest, over a specified period of time. Bonds are a form of debt securities that allow companies and governments to raise capital for various purposes, such as funding projects, expanding operations, or financing government activities.
When investors purchase bonds, they are lending their money to the issuer. In return, the issuer promises to make regular interest payments to the bondholders and repay the principal amount at the bond's maturity. By issuing bonds, the company or government effectively increases their level of debt. The borrowed funds can be used for various purposes, including investment in new projects, infrastructure development, or meeting financial obligations. In summary, when a company or government issues bonds, they are going into debt to the investors or bondholders who purchase those bonds. It provides them with a means to raise capital by borrowing money from the market, which they are obligated to repay according to the terms of the bond agreement.
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True or false: Firms should obey all the laws, including but not limited to labor, consumer protection, and the environment. True false question. True False
Answers
This statement on the laws that firms should obey that incudes labor and consumer protection laws is True.
What Laws should companies follow?Companies should follow all laws in a nation. They should especially follow those that relate to them such as labor and consumer protection laws.The laws of a nation are for everyone in that nation including companies. Unless a law states that companies can be exempted, they are bound by all laws.
In conclusion, this is true.
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The statement about the firms should obey all the laws is:
TrueLaw EnforcementEveryone of the firms should obey all the laws of a nation, protecting in this way their employees (labor law), their consumers (consumer protection) and the environment.
Otherwise, the law can impose sanctions due to the company is not complying with the rules applied to each one of the enterprises in a national territory.
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According to the video, which qualities do Police Patrol Officers need? Select all that apply.
creativity
physical fitness
independence
patience
a loud voice
a gun license
Answers
Answer:
Please can you post the video
Answer:
b-physical fitness d-patience f-a gun license
Explanation:
hope this helps
Managerial economist estimates the price-quantity relationship for Textile Company to be p= 40-4q a. At what output rate demand is unitary elastic? b. Over what range of output demand is elastic? c. Over what ranges of the output of demand are inelastic?
Answers
Answer:
So unit elastic at q = 5
inelastic above 5
and elastic below 5
Explanation:
The elasticity is determianted by the marginal revenue.
Our first goal is to find the marginal revenue function
p = 40 - 4q
total revenue(TR) = quantity times price
q x (40 - 4q) = -4q^2 +40q
marginal revenue TR(q)/d(q) = -8q + 40
Now, with this fuction the economic analisys states that a demand is unit elastic when marginal revenue is zero.
It will be inelastic below zero and elastic above zero
MR will be zero when q = 5
-8(5) + 40 = 0
As quantity increases the demand will be inelastic
while
what is a business plan
Answers
Answer:
a document setting out a business's future objectives and strategies for achieving them
Explanation:
What detail most clearly develops the central idea in the first question you answered?
Group of answer choices
"Plasmodium’s ancestors probably rubbed shoulders with the eggs and larvae of mosquitoes, similarly floating on sun-dappled waters.” (paragraph 7)
“And yet, despite the millennia-long battles between us, malaria still manages to infect at least three hundred million of us— . . . and kills nearly one million, year after year.” (paragraph 2)
"The survivors learned how to withstand the diseases’ ravages, though, and in time both measles and smallpox settled into being unremarkable childhood illnesses. . . .” (paragraph 1)
“The rest of us all do our obscure little part in the drama of life, weaving ourselves deeper into local ecology. . . .” (paragraph 4)
braiiest
Answers
The detail that most clearly develops the central idea in the first question is “And yet, despite the millennia-long battles between us, malaria still manages to infect at least three hundred million of us— . . . and kills nearly one million, year after year.” (paragraph 2).
What can be said of the Malaria pathogen?The first question has the central idea that the malaria pathogen has not become less deadly over the centuries.
This is proven by the fact that even though humanity has fought the malaria pathogen for thousands of years, it still infects millions every year and leads to the death of almost of million people.
This means that the pathogen is still very strong and has not grown to be less deadly like measles and smallpox.
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An increase in the aggregate demand for goods and services has a larger impact on output ________ and a larger impact on the price level ________.
Answers
The correct option is a. An increase in the aggregate demand for goods and services has a larger impact on output in the short run and a larger impact on the price level in the long run.
Aggregate demand is the whole of the goods that consumers in an economy demand. In contrast to microeconomics, aggregate demand is a macroeconomic term.
The primary factor influencing supply and demand in the economy is the cost of goods and services. But the opposite is also true: shifts in supply and demand have an effect on how much products and services cost. The relationship between overall price levels and total demand is not always obvious or direct. In contrast, an increase in aggregate demand generally (and under ceteris paribus circumstances) results in an increase in the price level. When the components of aggregate demand—consumption spending, investment expenditure, government spending, and spending on exports less imports—increase, so does aggregate demand.
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An increase in the aggregate demand for goods and services has a larger impact on output ________ and a larger impact on the price level ________.
a. in the short run, in the long run
b. in the long run, in the short run
c. in the short run, also in the short run
d. in the long run, also in the long run
Melissa plans to become a nurse. What would be a good extracurricular activity for Melissa during high school? O A. O B. O C. O D. joining the cheerleading squad taking charcoal drawing lessons participating in gymnastics volunteering at a health clinic after school
Answers
Answer:
Volunteering at a health clinic after school
Explanation:
If Melissa plans on becoming a nurse, she should look for extracurriculars which could help support her in her future years. Volunteering at a health clinic could provide her with hands on experience opposed to cheerleading or charcoal drawing which are good for hobbies and fun activities. But if Melissa really has a passion to become a nurse she should look for extracurriculars which not only interest her but may be of benefit to her.
Theo Chocolate has very public dedication to international fair trade, a dedication that comes before profits. Customers and employees who care about fair trade are more likely to support the cause with donations to Fair Trade USA. O more likely to shop for the best price or demand the highest salary. more likely to buy from or stay loyal to the firm
Answers
Theo Chocolate has very public dedication to international fair trade, a dedication that comes before profits. Customers and employees who care about fair trade are more likely to buy from or stay loyal to the firm.
With the help of fair pricing and the Fair Trade organization, fair trade helps farmers to improve their standard of living while contributing to broader societal change. Ecocert has granted Fair for Life certification to Theo Chocolate.
We focus on sourcing goods from smallholder farms and want to use organic and fair-trade products whenever feasible. With the intention of fostering prosperous, resilient communities, we work fairly with cocoa and ingredient-sourcing partners to provide them with decent wages.
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Why are carpenters considered generalists?
O They are able to work independently.
O They supervise other workers on the operations team.
O They need an associate's degree for licensure.
O They are versatile and perform a variety of tasks.
Answers
Answer:
I feel like it's the last one but I could be wrong plz let me know
Explanation:
Answer:
They are versatile and perform a variety of tasks.
Explanation:
Last year you earned $20,000 and paid taxes in the second tax bracket at 15 percent. This year youearned $25,000, the extra $5,000 just compensating you for inflation. However, this year you paidtaxes in the third bracket at 20 percent. This illustrates the concept of
Answers
The given illustration gives us the concept of "Bracket creep". Bracket creep can be defined as the method by which inflation pushes wages and salaries into better tax brackets, main to fiscal drag.
What is a "Bracket Creep" income tax system?
Bracket creep is a time period that describes a scenario in which an income boom causes people to pay better common income tax rates every year. It is one end result of a tax system that functions some of the tax 'brackets'.
Therefore, The given illustration gives us the concept of "Bracket creep".
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what action will a producer usually take when the price charged is higher than the equilibrium price
Answers
the cost of manufactured products consists of direct materials, direct labor, and factory overhead. the reporting of all these costs in financial statements is called full disclosure. absorption costing. variable costing. none of these choices are correct.
Answers
The correct option is (b). The reporting of all these costs in financial statements is called absorption costing.
A managerial accounting technique known as "absorption costing," also known as "full costing," is used to record all expenses related to producing a specific product. This method accounts for both direct and indirect costs, including direct materials, direct labor, rent, and insurance.
All manufacturing costs are allocated to products, which is one of absorption costing's features.
Products are assigned fixed and variable manufacturing costs.
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You have been asked to determine how long a project will take to be completed. This project consists of 11 tasks of varying time durations (measured in days) that must all be completed. Unfortunately, not all tasks can be done at the same time (although some can be done in parallel); certain predecessor tasks must be completed before others can be started. The table below gives the duration and predecessors for each task. Thus, for example, task J cannot begin before each of tasks F,G, and H are completed. (a) Draw the network diagram. (b) Formulate a data-specific linear program to find the quickest time that the entire project is completed. You do not need to solve the linear program-just provide the formulations.
Answers
(a) The network bgram for the project can be created by representing each task as a node and drawing arrows to indicate the dependencies between tasks.
(b) To formulate a data-specific linear program, we can define decision variables for each task indicating the time it takes to complete that task. We then set up constraints based on the dependencies between tasks, ensuring that the completion time for each task is greater than or equal to the sum of the completion times of its predecessors. The objective is to minimize the total completion time of the project.
In mathematical terms, let:
xi be the completion time for task i, where i = A, B, C, D, E, F, G, H, I, J, K.
di be the duration of task i.
The linear program can be formulated as follows:
Minimize: xK (the completion time of the project)
Subject to:
xJ ≥ xF + xG + xH
xI ≥ xF + xG + xH
xH ≥ xC + xD
xG ≥ xC + xD
xF ≥ xA
xE ≥ xB
xD ≥ xA
xC ≥ xB
xB ≥ xE
xA ≥ 0
Each constraint represents the dependency between tasks, ensuring that the completion time of a task is greater than or equal to the sum of the completion times of its predecessors. The objective is to minimize the completion time of the project, which is represented by xK.
The formulation aims to find the quickest time to complete the entire project by optimizing the task completion times while respecting the dependencies.
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Which of the following is not a fixed cost? *
O monthly gym membership
car payment
O rent
O vacation/recreation/fun expenses
Answers
If the police want to enter a home to find evidence, what must they request?
A. An affidavit of probable cause
O B. A search warrant
O
C. A witness' testimony
о D. A motion for arraignment
SUBM
Answers
Answer:
B. A search warrant
Explanation:
hope it helps
In a(n) __________, an inexperienced worker learns by working alongside an experienced employee to master the skills and procedures of a craft
Answers
In a(n) apprenticeship, an inexperienced worker learns by working alongside an experienced employee to master the skills and procedures of a craft
The dwarves operate in a monopoly industry. What are the 3 characteristics of this market structure? In addition, indicate if the structure is a price taker or price searcher.
Answers
When a single firm or a group of firms combines to gain control over the supply of any product, the seller here doesn't face any competition as he is the sole seller of that particular product ,this type of market structure is known as Monopoly market structure.
There are three characteristics of this market structure-
There is a single producer.There are no close substitutes or competition.Restrictions on the entry of any new firm with same product.This structure is considered as price searcher as it searches the market demand curve for maximizing profit price.
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