8 a) What are the two main ways according to which the goal of a firm canbe characterised? Explain each of them and discuss whether they arenecessarily in conflict with each other.b) Brian Moynihan is the Chair of Board and Chief Executive Officer ofBank of America. Explain the implications of such an arrangement from acorporate governance perspective and justify whether you agree withthat or not.

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Answered: a) What are the two main ways according…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Q-1)A glass melting furnaces feed auto plumping machines for producing the electric lamp casing (balloon),there are two main kinds can be produced, the original and the big one, they must produce at least 25 million of the original but not accede over 35 million ,and they must produce 3 million of the big one, however the ratio of the original must be at least 5 times to the big one which make a profit double the original, producing million of the big one utilize 5% Of the available materials but the original utilize 2.5% of the available materials ,For this problem ,the objective function is: Max Z =0.5X1+2X2 O MIN Z =2X1+X2 O Max Z =2X1+2X2 O Max Z =2X1+X2
Q1. An LMN sugar mill company, department stores wish to purchase 10,000 handbags of which 2,000 are of style A, 2,000 are of style B, 3,000 of style C and 3,000 are of style D. Four manufacturers P, Q, R and S bid to supply not more than the following quantities, all styles combined. P= 1,500, Q = 2,600, R = 3,500 and S = 3,000. The following table gives the cost per handbag of each style of the bidders in RO. per handbag: Style Manufacturers P Q R S A 9 12 10 8 B 10 11 9 7 C 8 10 7 10 D 10 9 9 8 Use the transportation model to determine how should orders to be placed by the department store to minimize the total cost? Compare transportation cost by both models(NWCR and LCM)
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a) What are the two main ways according to which the goal of a firm can be characterised? Explain each of them and discuss whether they are necessarily in conflict with each other.