Comparisons between costs of a product in different periods, Operation Management

Ques: How can we make comparisons between the cost of a product in two different periods if salaries and cost of living may have changed?

Ans: The average income is published in government statistics. The figure can be divided by the average number of hours worked. This gives an income rate per hour. Divide the cost of an item by this rate and it gives the number of minutes an average worker had to work in order to purchase the item. If you compare these figures over time you will see that the number on minutes needed to purchase a television set in the year 2000 is significantly less than any previous period.

Posted Date: 3/18/2013 5:07:34 AM | Location : United States







Related Discussions:- Comparisons between costs of a product in different periods, Assignment Help, Ask Question on Comparisons between costs of a product in different periods, Get Answer, Expert's Help, Comparisons between costs of a product in different periods Discussions

Write discussion on Comparisons between costs of a product in different periods
Your posts are moderated
Related Questions
Choose two specific features of organizational structure described in chapters 5, 6, 8, and/or 9 and discuss how these specific features might lead to specific types of organizatio

1. Is Skinner's idea of operational focus just as relevant today? (Give a considered opinion - with examples.)  Answer: The answer is yes. There are physical limitations in many

Hi, How to design a cell layout after forming the part families and machine routing sequence. Is there any algorithm/heuristics/ mathematical models available to do it ? Please hel

Explain Selling Vs Marketing Concept. Selling Vs Marketing Concept : The concept of selling is a management orientation which assumes that consumers will normally not buy suff

1. Referring to the figure, in which category would you place: a chemist shop; Burger King; Direct Line Insurance; Cable Vision; Motorola; a chiropodist; QVC television; Smith-Klin

Discuss the validity of the following statement: "Using third-party fulfilment means losing control of fulfilment

You are the retiring CEO of a company which you have led for the last 10 years. You have recruited a new management team and you are addressing the final management conference whic

Alfonzo's Pizzeria purchased its building 8 years ago at a cost of $76,000. The building is currently valued at $212,000. Alfonzo's has other fixed assets that cost $58,000 and are

Detail the five measures that unions have taken in the collective bargaining process to introduce provisions that would protect employees displaced or laid off due to technology ch

Select an active Engineering Company, performing a brief research quote the company's mission statement, list 3 current strategies of the company and discuss how they are in alignm