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Pareto efficiency is defined as economic situation when the circumstances of one individual cannot be made better without making the situation worse for another individual.Its significance is to provide a weak but widely accepted standard for comparing economics outcome.its a weak standard because there may be many efficiency situations and the Pareto test doesn't tell us how to choose between them.
Mabongajoel answered the question on April 8, 2018 at 14:07
- Differentiate between positive and normative economics
(Solved)
Differentiate between positive and normative economics
Date posted: April 6, 2018. Answers (1)
- What is the difference between impact and incidence?(Solved)
What is the difference between impact and incidence?
Date posted: April 5, 2018. Answers (1)
- What are the reasons for studying economics of education?(Solved)
What are the reasons for studying economics of education?
Date posted: April 4, 2018. Answers (1)
- Investment planning proposal(Solved)
Investment Planning Proposal
Imagine you are meeting with friends to discuss the importance of investments as part of a retirement plan.
Read the following summaries of the financial situation and goals of two of your friends:
Kathy
Kathy is a 28-year-old, single mother of twin boys. She has been working as a public relations media specialist for three years, having worked at the same company where she started out answering the phones. She has her B.A. in Communications and a student loan of USD20,000 she has not yet begun to pay off. Her job pays USD70,000 a year. She receive no financial support from the father of her twins. Her costs include paying for childcare, credit cards, and a mortgage. She is able to set aside between USD200-325 a month in a savings account. Her financial goals are to pay off the remaining USD1,000 of her credit card debt, and to begin contributing to a retirement plan. Her employer offers a 401k with a 3% match, and she is not yet enrolled in that plan.
Jackson
Jackson is a recently graduated 44-year-old, single man. He earned his B.S. in Criminal Justice and just recently started a job at the local police department earning USD45,000 a year. Jackson pays child support for one child from a previous marriage. His student loans total USD30,000, and he has no other debt at this time. He expects to have $200 a month to contribute toward his goals of owning a home and having a more secure retirement.
Choose one friend and write an APA-formatted, 3- to 4-page proposal advising a friend about investing for the future. The text of your proposal should be a minimum of 700 words. You may add any graphics or illustrations that support your proposal.
Address the following in your proposal:
Why is investment planning important?
How would you suggest your friend start retirement planning? What steps should he/she take to start?
What investment strategy would you suggest? Why? (Note: Your strategy should explain how money could be invested in stocks, bonds, mutual funds or a mix of all.)
Of what risks and rewards of investing should your friend be aware?
How could your friend minimize the risks associated with investing risk?
Provide two to three resources you would offer to your friend to continue learning more about investments and retirement planning and discuss how these can help.
Your paper must cite two to three academic resources (only one source can be your class textbook).
Submit your proposal.
Date posted: April 4, 2018. Answers (1)
- a)In each of the following three situations, use the binomial, poisson, or normal distribution depending on which is the most appropriate.
In each case,...(Solved)
In each of the following three situations, use the binomial, poisson, or normal distribution depending on which is the most appropriate.
In each case, explain why you selected the distribution and draw attention to any feature which supports or casts doubt on the choice of distribution.
Situation 1:
The lifetimes of a certain type of electrical components are distributed with a mean of 800 hours and standard deviation of 160 hours.
Required:
Identify situation 1. (2 marks)
If the manufacturer replaces all components that fail before the guaranteed minimum life time of 600 hours, what percentage of the components have to be replaced?
(3 marks)
If the manufacturer wishes to replace only 1% of the components that have the shortest life, what value should be used as the guaranteed lifetime? (3 marks)
What is the probability that the mean lifetime of a sample of 25 of these electrical components exceeds 850 hours? (2 marks)
Date posted: April 2, 2018. Answers (1)
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a)Explain briefly the application of calculus to economic models, especially in the context of maximizing contribution and minimizing costs.
b)Company A...(Solved)
a)Explain briefly the application of calculus to economic models, especially in the context of maximizing contribution and minimizing costs.
b)company A sells all its output to company B for Sh. 200 per unit. The cost of the sales per week in company A are given by the function C = 2q2 + 40q + 80 where q is the value of weekly sales. Company B uses the output of company A to manufacture a product whose demand is dependent on the sale price. The revenue per week of company B is given by the function:
R = 1000q – 16q2 and the cost per week of company B excluding cost of the products bought from company A are given by the function.
C = 2q2 + 80q + 400
Company A can restrict the weekly supply of its product to company B, but cannot raise the unit price above Sh. 200. The two companies are considering whether to merge together into a single company.
Required:
i)At what weekly sales would company A maximize its profits? What would be the profit or loss of company B if company A were able to supply a profit maximizing quantity of its product each week?
ii)At what level of weekly sales would company B maximize its profits?
iii)If the two companies merge into one, what would be the profit maximizing output per week and what would be the weekly profit?
Date posted: April 2, 2018. Answers (1)
- Describe the limitations of the CVP (Cost, Volume and Profit) Analysis(Solved)
Describe the limitations of the CVP (Cost, Volume and Profit) Analysis.
Date posted: April 1, 2018. Answers (1)
- Describe the competitive strategy by Michael Porter(Solved)
Describe the competitive strategy by Michael Porter.
Date posted: April 1, 2018. Answers (1)
- Describe the BCG matrix as used as a corporate business portfolio analysis tool(Solved)
Describe the BCG matrix as used as a corporate business portfolio analysis tool.
Date posted: April 1, 2018. Answers (1)
- Give the factors which determines the gains from international trade(Solved)
Give the factors which determines the gains from international trade.
Date posted: April 1, 2018. Answers (1)
- Describe the various gains from trade(Solved)
Describe the various gains from trade.
Date posted: April 1, 2018. Answers (1)
- Case study analysis of communication strategysummarize the communication strategy of your chosen organization, b) analyze the communication strategy of your chosen organization, and c) explain...(Solved)
In this assignment, you will need to a) summarize the communication strategy of your chosen organization, b) analyze the communication strategy of your chosen organization, and c) explain how you would integrate the communication strategy into the current organization where you work or into a former organization where you have worked.
A. Summarize the Communication Strategy
Locate an article that discusses the communication strategies used by your chosen organization. After reading your chosen article, you may find the exercise below to be helpful in developing a summary paragraph. Identify the author(s) of your chosen article, and complete the following exercise:
[Insert author’s name here] discusses how innovative communication processes have helped [insert name of the organization here] resolve [insert issue here].
The top reason [insert author’s name here] holds that position is __________.
A second reason [insert author’s name here] holds that position is __________.
A third reason [insert author’s name here] holds that position is __________.
After filling in the blanks, you should have a list of the positions and claims made by the authors about your chosen organization. Shape your notes into a summary paragraph. (Do not simply include the list that you completed in the exercise above.)
Remember that the summary paragraph is where you will present information from the source. You will provide your analysis and interpretation in the following section of the paper.
B. Analyze the Communication Strategy
Be sure to include how the communication strategy impacts the organization on multiple levels. Feel free to use the four levels of sales, services, value chain, and continuous improvement as a model, which was discussed in the case study on the Dell Computer Corporation in the Unit VI Lesson. (Note: Your categories may be different.)
In the analysis portion of the assignment, discuss any problems (or potential problems) with the communications in your chosen organization, and provide potential solutions based on your research. Include ways that effective management could help to provide a solution.
C. Explain Integration Techniques
Finally, explain how this communication strategy could be integrated into your current or former workplace.
You will need to reference at least two academic sources.
Use the standard five-paragraph format (introduction/body/conclusion). APA format should be used. The assignment should be a minimum of three pages in length. Content, organization, and grammar/mechanics will be evaluated.
Date posted: March 31, 2018. Answers (1)
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a)Explain the following terms as used in network analysis:
i)Backward pass;
ii)Crashing; ...(Solved)
a)Explain the following terms as used in network analysis:
i)Backward pass;
ii)crashing;
iii)Slack;
iv)Earliest start times;
v)Critical-path activities;
b)XYZ Construction Company is building a 250-unit apartment complex in Embakasi, Kenya. The project consists of hundreds of activities involving excavating, framing, wiring, plastering, painting, landscaping and more. Some of the activities must be done sequentially and others can be done simultaneously. Also, some of the activities can be completed faster than normal by acquiring additional resources.
Required:
i)How would Quantitative Techniques be used to solve this problem?
ii)What would be the uncontrollable inputs?
iii)What would be the decision variables of the model? The objective function?
The constraints?
iv)Is the model deterministic or stochastic?
v)Suggest assumptions that could be made so simplify the model.
Date posted: March 31, 2018. Answers (1)
- Your firm is the auditor of Trent Textiles Ltd, and you are planning your
audit work on the stock-take, which will be carried out at...(Solved)
Your firm is the auditor of Trent Textiles Ltd, and you are planning your
audit work on the stock-take, which will be carried out at the firm‟s year-
end of 31 May 19X3.
Trent Textiles manufactures knitted garments, including pullovers. The
production process comprises:
(a) Knitting the individual components (e.g body and arms);
(b) Sewing the components together to form the finished garment;
(c) Cleaning, finishing, pressing and folding the garments;
(d) Packing the garments, ready for dispatch to the customer.
Trent Textiles does not have a perpetual inventory system, so the value of
the stock in the accounts is found from the stock-take at the year-end. For
management purposes, Trent Textiles carries out a full stock-take every
three months.
Your permanent file of the company confirms that it has a single factory
and no internal audit department.
You have been asked by the manager in charge of the audit to suggest the
work you will perform at the stages listed below.
Required:
(a) State the work you will carry out prior to the commencement of the
stock-take.
(b) State the procedures you will check during the stock-take to ensure
the company‟s staff have accurately recorded the stock.
(c) State the work you will carry out and the matters you will record at the
stock-take
Date posted: March 30, 2018. Answers (1)
- In auditing the financial statements of companies which use computerized
accounting systems, the auditors may find that this traditional (audit) trail is
often obscured. Various...(Solved)
In auditing the financial statements of companies which use computerized
accounting systems, the auditors may find that this traditional (audit) trail is
often obscured. Various techniques can be used in order to give the
auditors greater assurance when the audit trail is lost.
Required;
a) Explain why there is a possible loss of audit trail when companies
utilize computerized accounting systems and why auditing through
the computer assists the auditors in overcoming this loss of audit
trail.
b) Explain how the auditors can use analytical procedures in order to
give them greater assurance when there is a loss of audit trail.
c) Outline how audit software can be used by the auditors in order to
assist them in carrying out their analytical procedures.
d) Explain the possible reasons and implications (audit) of significant
changes in the following ratios when compared to the prior years
ratios:
i. The debtors turnover ratio has decreased over the year.
ii. The stock turnover ratio has decreased from the previous year‟s
rate.
Date posted: March 30, 2018. Answers (1)
- (a) Define tests of controls, substantive procedures and walk-through
tests.
(b) Explain how assessment of systems and controls impacts upon the
main stages of the...(Solved)
a) Define tests of controls, substantive procedures and walk-through
tests.
(b) Explain how assessment of systems and controls impacts upon the
main stages of the audit process
(c) Explain the role that internal control questionnaires and internal
control evaluation questionnaires play in determining the effectiveness
of the systems of internal control.
Date posted: March 30, 2018. Answers (1)
- What are the common characteristics of less developed countries?(Solved)
What are the common characteristics of less developed countries?
Date posted: March 29, 2018. Answers (1)
- Explain why countries engage in international trade(Solved)
Explain why countries engage in international trade.
Date posted: March 29, 2018. Answers (1)
- The following are common errors that students make when discussing supply and demand. What is the mistake in each? (i) At equilibrium, demand equals supply (ii) The quantity of...(Solved)
The following are common errors that students make when discussing supply and demand. What is the mistake in each?
(i) At equilibrium, demand equals supply.
(ii) The quantity of demand is greater than the quantity of supply
(iii) They move along the line from both ends to an equilibrium in the middle
(iv) The increase in demand causes an increase in supply
Date posted: March 27, 2018. Answers (1)
- After hurricane Andrew hit Florida and Louisiana, consumers expressed outrage at the high prices being charged for chainsaws, generators and bottled water. If government followed...(Solved)
After hurricane Andrew hit Florida and Louisiana, consumers expressed outrage at the high prices being charged for chainsaws, generators and bottled water. If government followed consumers’ demands and imposed price ceilings in these markets, what is likely to be the result?
Date posted: March 27, 2018. Answers (1)