Answered: The average hourly wage in the…

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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Similar questions

Lincoln Electric Company's guaranteed employment policy ensures that employees will not be laid off for any economic reason. This has led to low employee turnover at the company. Are there any negatives about such a policy for Lincoln Electric?
You are considering buying a 30-HP electric motor which has an efficiency rating of 89%. The motor costs $10,000 and will be used for 10 years. The expected salvage value at that time is $1,000. The cost to run the electric motor is $0.09 per kWh for 2,000 hours a year. (1HP=0.7457kW.)(1 HP=0.7457 kW.) What is the total annual equivalent cost of owning and operating the motor for 10 years at an interest rate of 12% per year? Answer must be shown in Excel!
Answer the following questions using the Answer Report and the Sensitivity Report on the following page. Support your answers with explanations and the work showed.Your run a company that produces three electrical products – clocks, radios, and toasters. You are asked to figure out how many of each of these things should be produced, and the computer solution (answer report and sensitivity report generated in Microsoft Excel) is given on the next page. 4.) If you could sell clocks for $17 instead of $15 would it change the number of each appliance you should produce (i.e., would it change the optimal solution)?5.) If you had your choice of an extra $10 in your budget or an added demand of 5 toasters, which one should you do, and how will your profit be affected?

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The average hourly wage in the community is $16.80. Using the wages approach, what value would you assign 100,000 hours of reduced driving time?