Premium Essay

Widgets

In:

Submitted By gstatss
Words 323
Pages 2
a) Suppose you are hired to manage a small manufacturing facility which produces Widgets.
a. You know from data collected on the Widget Market that market demand has recently increased and market supply has recently decreased. As manager of the facility what decisions should you make regarding production levels and pricing for you Widget facility?
In this case, the manager would increase the supply and price; but is should increase both in a controlled environment so that the total revenue profits does not drop (for example, raising price beyond a certain price might decrease the demand thus reducing overall profit)
Also, the supply should be increased so that Marginal Cost< Marginal Revenue. Because supply has increased along with demand it isn't clear what decision should be made. The manager should gather information as far as how much greater the increase in demand has become. It may indicate the need to increase production. On the other hand, the entrance of new competitors could indicate the need for greater advertising to increase brand recognition, or the introduction of new products. Greater demand means that prices can be increased, as long as the demand isn't matched by the increase in supply.

b) Now, suppose that following the supply and demand changes, in (a). a substitute good goes up in price, and your costs of production decrease. What new decisions will you make regarding production levels and pricing for your Widget facility?

Increase the production levels more than increasing the price as now you can generate incremental net profit at same pricing. If the price of a substitute good increases, the demand for your product should increase . The increase in the cost of production, however, will cause your revenue to fall if you keep your price the same. The increase in demand should enable you to increase price, selling perhaps the

Similar Documents

Premium Essay

Executive Summary Widget Production

...Executive Summary Widget Production ISCOM / 305 University of Phoenix Taylor Inc is manufacturing the Widget X that requires a special assembly line. At this point re-evaluation of labor productivity is needed due to the difference between the regular Widgets and the Widget X. With careful consideration of this project, operations-management must compare the current labor productivity to two alternative methods that would help them with the increase. A cost-benefit matrix will be provided to show comparison of current labor productivity, alternative one and alternative two labor productivity as well as, the effects the alternatives would have, and what the benefits of networking strategies to streamline operational procedures would be. Taylor Inc Cost Benefit Matrix |  |Current |Alternative 1 |Alternative 2 | |Wasted Motion |27% |1% |7% | | Physical Lifting |42 |12 |23 | |People Required |17 |6 |9 | |Productivity |208 |392 |288...

Words: 550 - Pages: 3

Premium Essay

Widget

...Executive Summary Widget Production ISCOM/305 Systems Operations Management August 22, 2011 Mario Vaccari Executive Summary Widget Production Taylor Inc. is looking into improving the physical layout of the company in an effort to maximize productivity and reduced worker’s compensation claims. To do this management will need to analyze the current operations management process of the company and come up with two alternatives, which will help determine the best choice to maximize labor productivity for Taylor Inc. The cost-benefit matrix below will show which alternative management technique will maximize productivity with less worker’s compensation claims. Cost Benefit Matrix Current Alternative One Alternative Two Number of employees 17 6 9 Payroll costs per 8 hour day $5,848.00 $2,064.00 $3,096.00 Payroll costs per week $29,240.00 $10,320.00 $15,480.00 Payroll savings per week 0 $18,920.00 $13,760.00 Payroll costs per year (52 weeks) $1,520,480.00 $536,640.00 $804,960.00 Claims per year 4 0.3 1.9 Claims costs per year $436,000.00 $32,700.00 $207,100.00 Claims costs savings 0 $403,300.00 $228,900.00 Wages and claims per year $1,956,480.00 $569,340.00 $1,012,060.00 Wage and claims savings per year $0.00 $1,387,140.00 $944,420.00 Physical lifting in pounds 42 12 23 Capital expenditures $0.00 $1,300,000.00 $967,000.00 Cost difference in capital expenditures $1,300,000.00 0 $333,000.00 Outputs of finished widgets 208 392 288 Life in equipment 0 7 5 Wasted...

Words: 542 - Pages: 3

Premium Essay

Widgets

...About Innovative Widgets. At Innovative Widgets we are the number leading widgets producer in Australia. Established in 1952, widgets are used as components for a wide variety of machinery, including domestic and industrial machinery. All our widgets are functional, well designed and manufactured to the his highest quality standards. Customers across Australia look to us to provide high quality products at competitive prices. This is a family owned company with the sons and daughters of the founder forming the board of directors. We operate from one main factory which include several different sections. These sections including a stores area for the raw materials used to make the widgets, a machine shop for producing the widgets, dispatch and deliveries. Innovative widgets employs over 50 staff. Last year alone we made a pre-tax profit of $2,240,000 with a turn over of $16,000,000. We have a diverse range of customer's with 40% of our total profits coming from and major mining equipment company in Australia. And 60% coming from sales to medium and small businesses. Our Vision and Mission Here at Innovative Widgets we aim to provide our customer's with the best quality products and competitive prices. We aim to provide our staff with regular training to ensure that you get the best possible service from our company. Using regular surveys and suggestion boxes we will be able to determine what our customer expect from us and where we need to improve. Our customers are the most...

Words: 333 - Pages: 2

Premium Essay

Excel Shortcuts

...Excel Excel ShortCut Keys and Tips Enter data by using shortcut keys To Complete a cell entry Cancel a cell entry Repeat the last action Start a new line in the same cell Delete the character to the left of the insertion point, or delete the selection Delete the character to the right of the insertion point, or delete the selection Delete text to the end of the line Move one character up, down, left, or right Move to the beginning of the line Edit a cell comment Create names from row and column labels Fill down Fill to the right Fill the selected cell range with the current entry Complete a cell entry and move down in the selection Complete a cell entry and move up in the selection Complete a cell entry and move to the right in the selection Complete a cell entry and move to the left in the selection Press ENTER ESC F4 or CTRL + Y ALT + ENTER BACKSPACE DELETE Enter the time Insert a hyperlink Complete a cell entry Copy the value from the cell above the active cell into the cell or the formula bar Alternate between displaying cell values and displaying cell formulas Copy a formula from the cell above the active cell into the cell or the formula bar Enter a formula as an array formula Display the Formula Palette after you type a valid function name in a formula Insert the argument names and parentheses for a function, after you type a valid function name in a formula Display the AutoComplete list CTRL + SHIFT + : (COLON) CTRL + K ENTER CTRL + SHIFT + " (QUOTATION MARK) CTRL...

Words: 3690 - Pages: 15

Free Essay

Behaviors

...Behaviors Select Window | Behaviors to open the Behaviors panel Select the Submit button on the form and then click the Add Behavior button in the Behaviors panel. A list of options that can be modified will appear. Select Validate Form (see figure below). The validate form dialog box should appear. In the fields box, select the information in the form that is required and select the Required check box. Click OK to close the Validate Form box and to implement the behaviors. Save the changes. Dragging AP Elements Display a template file Click on the blank page to deselect the AP elements. In the tag selector, click the <body> tag. Click Add Behaviors in the behaviors panel and select Drag AP Element. The Drag Ap Element dialog box will appear (see figure below). Select the Basic tag and from the drop down list Select the desired div. Click OK Select File | Save All to save the changes. Using Assets and the Dreamweaver Library Window | Assets. From the Main menu select The Assets panel should appear in the files panel. Select the Images group from the Assets panel. Click the desired photo to select it. Click and drag this file into the desired editable region and add alternate text. Select the Library group in the Assets panel. Then select the paragraph in the editable region and drag it into the bottom section of the Assets panel. An icon and Text box should appear. Name the icon and press Enter to update Library. Save...

Words: 255 - Pages: 2

Premium Essay

Excel Shortcut

...Excel 2013 Help Page 1 of 8 Keyboard shortcuts in Excel This article describes what Key Tips are and how you can use them to access the ribbon. It also lists Ctrl combination shortcut keys, function keys, and some other common shortcut keys for Microsoft Excel 2013. In this article Keyboard access to the ribbon Will my old shortcuts still work? Ctrl combination shortcut keys Function keys Other useful shortcut keys Keyboard access to the ribbon If you're new to the ribbon, the information in this section can help you understand the ribbon's keyboard shortcut model. The ribbon comes with new shortcuts, called Key Tips. To make the Key Tips appear, press Alt. To display a tab on the ribbon, press the key for the tab—for example, press the letter N for the Insert tab or M for the Formulas tab. This makes all the Key Tip badges for that tab's buttons appear. Then, press the key for the button you want. Will my old shortcuts still work? Keyboard shortcuts that begin with Ctrl will still work in Microsoft Excel 2013. For example, Ctrl+C still copies to the clipboard, and Ctrl+V still pastes from the clipboard. Most of the old Alt+ menu shortcuts still work, too. However, you need to know the full shortcut from memory — there are no screen reminders of what letters to press. For example, try pressing Alt, and then press one of the old menu keys E (Edit), V (View), I (Insert), and so on. A box pops up saying you're using an access key from an earlier version of Microsoft...

Words: 2819 - Pages: 12

Free Essay

Calculator Java Program

...Calculator Program: import java.awt.*; import javax.swing.*; public class Calculator extends JFrame { JTextField display;// Display text field. JPanel buttonPanel;// Panel for buttons. JButton buttons[];// Array to create button objects. Calculator() { super("Calculator");// Gives the frame the title of Calculator. display = new JTextField();// Creates and stores the object of the text // field in the display. buttons = new JButton[16];// Array made up of 16 variables to signify // buttons. buttons[0] = new JButton("7");// Seven button. buttons[1] = new JButton("8");// Eight button. buttons[2] = new JButton("9");// Nine button. buttons[3] = new JButton("/");// Divide button. buttons[4] = new JButton("4");// Four button. buttons[5] = new JButton("5");// Five button. buttons[6] = new JButton("6");// Six button. buttons[7] = new JButton("*");// Multiply button. buttons[8] = new JButton("1");// One button. buttons[9] = new JButton("2");// Two button. buttons[10] = new JButton("3");// Three button. buttons[11] = new JButton("-");// Subtract button. buttons[12] = new JButton("0");// Zero button. buttons[13] = new JButton(".");// Dot button. buttons[14] = new JButton("=");// Equals button. buttons[15] = new JButton("+");// Add button. buttonPanel = new JPanel();// Creates panel for buttons. buttonPanel.setLayout(new GridLayout(4, 4, 5, 5));// Sets the layout of // the...

Words: 917 - Pages: 4

Premium Essay

Widgets

...BSBAMD502B – Manage meetings Resource 1: Requirements, agenda and format Below is an example of a meeting requirements questionnaire: Meeting Requirements Questionnaire Chairperson/Host Meeting name Meeting details Date Location Meeting format Purpose Agenda Participants Internal External Time Budget Department Speakers Seating arrangements Video or teleconference requirements Supporting materials Pre-reading Meeting documentation Equipment requirements Hospitality requirements Catering requirements Accommodation requirements Other requirements Special needs of attendees Other specific requirements Page | 1 BSBAMD502B – Manage meetings Below is an example of what a typical meeting agenda might include:        Date, time and location of meeting Statement of the meeting's purpose Welcome Minutes of the previous meeting Major agenda items General business Date of next meeting Note: an agenda for an all day meeting or conference should also include break times. Below is an example of a meeting agenda template: Meeting Agenda Date: Time: Location: Dial-in information: Attendees Dial-in Attendees Apologies Guests Agenda No. Agenda Item 1 2 3 4 5 Next meeting: Date: Pre-Read? Presenter Time Duration Page | 2 BSBAMD502B – Manage meetings Below is a table outlining examples of different formats that are appropriate for different types of meetings: Meeting Type General meeting – staff team meeting General meeting – client...

Words: 460 - Pages: 2

Free Essay

Ehr Training

...Patient Demographics MU Core Set 7 Record Pt Demographics: Sex, race, ethnicity, date of birth & preferred language.  More than 50% MU Menu Set 4 Send reminders to patients via communication preference (recall) for follow up care.  More than 20% of pts 65 & older or 5 & younger   Launching Product Login Maneuver Keyboard • Can use mouse • Keyboard (alt & underlined letter) • Tab or Enter-most efficient way to move from field to field (beginning of field) • Shift, tab – takes you back to previous field • Use end/home keys • Arrow keys • Ctrl+C=Copy • Ctrl+V=Paste • Ctrl+X=Copy/Cut • Ctrl+N = Next Tab • Ctrl+B = Prior Tab Search for Patient – in Pt Demographic Screen 7 Different Ways   Add a New Patient Begin name w/ZZ for practice patients   Special & Unique Features:  Logoff takes you out and back in to the exact patient and exam tab on this station   ACCESSING RECORD • Choose the option Exam • Choose the Medical Bag Icon   OPTIONS ADD • Add New • Choose the proper layout o Default o Show some of the other layouts – Transfer Paper   SUMMARY TAB • Do Not Fill out the Summary Tab – will auto fill from other tabs • Overview of information entered for the date of service and historical data for sub folders   CHIEF COMP - Chief Complaint/History of Present Illness • Logic Fields – easy check boxes o New Patient o Consult – Medicare no longer reimburses for Consultations **Yellow fields represent exam logic fields.  They enable the system...

Words: 769 - Pages: 4

Free Essay

Word 2000

...Getting Started * Menus * Shortcut menus * Toolbars * Customizing toolbars Working With Files * Creating and opening documents * Saving documents * Renaming documents * Working on multiple documents * Close a document Working With Text * Typing and inserting text * Selecting text * Deleting text * Undo * Formatting toolbar * Format Painter Formatting Paragraphs * Paragraph attributes * Moving, copying, and pasting text * The clipboard * Columns * Drop caps Styles * Apply a style * Apply a style from the style dialog box * Create a new styles from a model * Create a simple style from the style dialog box * Modify or rename a style * Delete a style Lists * Bulleted and numbered lists * Nested lists * Formatting lists Tables * Insert Table button * Draw a table * Inserting rows and columns * Moving and resizing a table * Tables and Borders toolbar * Table properties |     | |     | Graphics * Adding clip art * Add an image from a file * Editing a graphic * AutoShapes Spelling and Grammar * AutoCorrect * Spelling and grammar check * Synonyms * Thesaurus Page Formatting * Page margins * Page size and orientation * Headers and footers * Page numbers * Print preview and printing Macros * Recording a macro * Running a macro Table of Contents * Mark TOC entries * Generate a table of contents Web Wizard * Using the Web Wizard Creating Web Pages...

Words: 7811 - Pages: 32

Free Essay

Accounting Information System

...Caravan Park Bookings System Creating the Data Entry Form based on multiple tables to enter a booking, a Mainform/Subform Choose Create form by using wizard The purpose of this form is to enter a booking, in a user-friendly manner using the data that is available in appropriate tables. A wise choice of fields can save time on re-designing, once you practice these steps. As a customer activates a booking choose (appropriately) some or all of the fields from the Customers table, then select all of the fields from the Bookings table and then choose (appropriately) some of the fields from the Sites table. Click next and the wizard will show you a view of what the layout of the form will look like, organised by Customers. There are two forms, where one is a subform of the other, the mainform. Therefore title the two forms appropriately, with almost the same name, for example Bookings Mainform Bookings Subform Next validate that you can enter a booking for an existing customer booking a site. Consider the data the user enters and the data supplied by the system. choose a Customer and enter a site ID choose a date enter a duration Delete the Bookings label in the subform as it takes up too much space. The end result should be to make the subform show as many records as possible, or in other words it should take up the majority of the form. Position the fields in both the mainform and subform to take up less space. Creating a drop-down list (combo box) to select a site Rather...

Words: 431 - Pages: 2

Free Essay

Java

...RadioButton public class RadioButton extends CompoundButton java.lang.Object ↳ android.view.View ↳ android.widget.TextView ↳ android.widget.Button ↳ android.widget.CompoundButton ↳ android.widget.RadioButton Known Direct Subclasses AppCompatRadioButton A radio button is a two-states button that can be either checked or unchecked. When the radio button is unchecked, the user can press or click it to check it. However, contrary to a CheckBox, a radio button cannot be unchecked by the user once checked. Radio buttons are normally used together in a RadioGroup. When several radio buttons live inside a radio group, checking one radio button unchecks all the others. See the Radio Buttons guide. XML attributes See CompoundButton Attributes, Button Attributes, TextView Attributes, View Attributes Summary Inherited XML attributes From class android.widget.CompoundButton From class android.widget.TextView From class android.view.View Inherited constants From class android.view.View Inherited fields From class android.view.View Public constructors RadioButton(Context context) RadioButton(Context context, AttributeSet attrs) RadioButton(Context context, AttributeSet attrs, int defStyleAttr) RadioButton(Context context, AttributeSet attrs, int defStyleAttr, int defStyleRes) Public methods CharSequence getAccessibilityClassName() Return the class name of this object to be used for accessibility purposes. void...

Words: 453 - Pages: 2

Free Essay

Input Control of Android Platform

...android:onClick="sendMessage" /> </LinearLayout> Each input control supports a specific set of input events so you can handle events such as when the user enters text or touches a button. Common Controls Here's a list of some common controls that you can use in your app. Follow the links to learn more about using each one. Note: Android provides several more controls than are listed here. Browse the android.widget package to discover more. If your app requires a specific kind of input control, you can build your own custom components. Control Type | Description | Related Classes | Button | A push-button that can be pressed, or clicked, by the user to perform an action. | Button | Text field | An editable text field. You can use theAutoCompleteTextView widget to create a text...

Words: 5518 - Pages: 23

Free Essay

Ms Access 2010 for Beginers

...IT Services Microsoft Access 2010™ An Intermediate Guide (Level 2) Contents Introduction ..............................................................................................................1 Speeding up Table Creation ................................................................................2 Using Datasheet View ...........................................................................2 Using a Table Template .........................................................................3 Input Masks ...............................................................................................3 Importing Tables .....................................................................................3 Relationships .............................................................................................................4 Finding Unmatched Records ...............................................................................6 The Find Unmatched Query Wizard .................................................7 Action Queries ..........................................................................................................7 Make-Table Queries ...............................................................................7 Delete Queries .........................................................................................8 Append Queries .......................................................................................8 Update Queries ................

Words: 8701 - Pages: 35

Premium Essay

Dfedgdf

...User Interface Design   Coverage: This chapter teaches you to use additional controls to build application forms.  These controls include:  TextBox, MaskedTextBox, RichTextbox, GroupBox, CheckBox, RadioButton, and PictureBox.  You will learn how to lay out a form and set various properties to change the appearance and behavior of controls.  Programming topics include clearing TextBox controls, changing text color, concate   INTRODUCTION Chapter 2 In-Class Project The in-class project for this chapter uses numerous controls.  You will build a project form that is similar to that shown below.  It will include the following new controls:         TextBox         MaskedTextBox         GroupBox         RadioButton         CheckBox         PictureBox GroupBox Control A GroupBox control is used to group or contain other controls.  It is used to organize a form into different sections and this can make the form easier for an application user to use.         Name property – most of the time you will not bother to name a GroupBox control because they are rarely referred to when you write programming code – if you were to name the control, a name such as StudentInformationGroupBox would be appropriate.          Text property – displays the words in the upper left corner of the GroupBox control.  If you leave the Text property blank, the GroupBox looks like a rectangle.   The form above has three GroupBox controls with Text property settings of Student Information...

Words: 6365 - Pages: 26