Business in Action
9th Edition
ISBN: 9780135198100
Author: BOVEE
Publisher: PEARSON CO
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Chapter 2, Problem 12QA
Summary Introduction
To discuss: The ways that countries know their economic systems are working.
Economic system is an organized way and basic set of rules for allocating the resources to satisfy the citizens wants. Basic economic system includes the questions like what goods are produces and in what quantities, how these goods are produce and who should buy these products.
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The results of your four plans will provide an indicative EOQ value. State this value and discuss in a precise manner, why it is not the exact, true value.
Additional calculations in the form of plans E, F etc. may also assist your explanation of the EOQ and can be included
i). Complete the table assuming a Level production plan.
ii) Comment on your results and explain whether at this stage, you consider a Level plan is a suitable approach for this particular business. Your comment should include reference to a calculated ‘fill rate’.
In the following sawtooth inventory profile diagram, two inventory plans with different order quantities (Q) and different frequencies of delivery are shown; order quantity for Plan A = 200 units and Plan B = 50 units.
i). Total demand (D) is 350 units, the holding cost per unit (Ch) is equal to (£0.8) and the ordering cost per order (Co) is (£12.5). Calculate the total costs for each plan and state which one is more preferable along with the reason why.
ii). There is a stark difference in the composition of the total costs of Plans A and B. Explain this difference and why it occurs. Use the breakdown of costs for each plan to help illustrate your answer.
Chapter 2 Solutions
Business in Action
Ch. 2.1 - Prob. 1CTCh. 2.1 - Prob. 2CTCh. 2.1 - Prob. 1IYBCh. 2.2 - Prob. 1CTCh. 2.2 - Prob. 2CTCh. 2.2 - Prob. 1IYBCh. 2.2 - Prob. 2IYBCh. 2.3 - Prob. 1CTCh. 2.3 - Prob. 2CTCh. 2.3 - Prob. 1IYB
Ch. 2.3 - Prob. 2IYBCh. 2.4 - Prob. 1CTCh. 2.4 - Prob. 2CTCh. 2.4 - Prob. 1IYBCh. 2.4 - Prob. 2IYBCh. 2.5 - Prob. 1CTCh. 2.5 - Prob. 2CTCh. 2.5 - Prob. 1IYBCh. 2.5 - Prob. 2IYBCh. 2.6 - Prob. 1CTCh. 2.6 - Prob. 1IYBCh. 2.6 - Prob. 2IYBCh. 2.7 - Prob. 1CTCh. 2.7 - Prob. 2CTCh. 2.7 - Prob. 1IYBCh. 2.7 - Prob. 2IYBCh. 2 - Prob. 1CTQCh. 2 - Prob. 2CTQCh. 2 - Prob. 3CTQCh. 2 - Prob. 4QRCh. 2 - Prob. 5QRCh. 2 - Prob. 6QRCh. 2 - Prob. 7QRCh. 2 - Prob. 8QRCh. 2 - Prob. 9QRCh. 2 - Prob. 10QRCh. 2 - Prob. 11QACh. 2 - Prob. 12QACh. 2 - Prob. 13QACh. 2 - Prob. 15QACh. 2 - Prob. 16QACh. 2 - Prob. 17QACh. 2 - Prob. 18QACh. 2 - Prob. 19QACh. 2 - Prob. 20QAPCh. 2 - Prob. 21QAPCh. 2 - Prob. 22QAPCh. 2 - Prob. 23QAPCh. 2 - Prob. 24DCOCh. 2 - Prob. 25DCOCh. 2 - Prob. 26DCOCh. 2 - Prob. 1IBTCh. 2 - Prob. 1REDCh. 2 - Prob. 1SCSCh. 2 - Prob. 1BTSCh. 2 - Prob. 1DRS
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