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

Assignment Help:

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.


Related Discussions:- Comparisons between costs of a product in different periods

Analyze and describe each party''s attitudes, Apply general attribution the...

Apply general attribution theory to analyze and explain each party's attitudes and conclusions. Hint: use consensus, consistency, distinctiveness

Evolution of operation management, How operations evolved from industrial r...

How operations evolved from industrial revolution to internet revolution?

ERP, DESCRIBE THE ENTERPRISE RESOURCE PLANNING

DESCRIBE THE ENTERPRISE RESOURCE PLANNING

Explain humidity can be controlled, Company A uses an unstable chemical com...

Company A uses an unstable chemical compound that must be kept in an environment where both temperature and humidity can be controlled. Company A uses 800 pounds per month of the c

forecast of inflation, Aman work at the Bank, to help customers, including...

Aman work at the Bank, to help customers, including retired people, to plan for the future.  Often the value of pensions does not keep up with inflation.  Hence retired people requ

Explain difference between two population means, In estimating the differen...

In estimating the difference between two population means, if a 95 percent confidence interval includes zero, then we can conclude that there is a 95 percent chance that the differ

Performance measurement in organisations, Performance Measurement 1. A...

Performance Measurement 1. An effective performance measurement framework rarely is derived from one single approach.  2. Each of the methods outlined comes with its own un

Transportation cost, a. Assign any value arbitrarily to a row or column var...

a. Assign any value arbitrarily to a row or column variable u or v j . generally a value 0 zero (zero) is assigned to the first row i, e, u = 0. b.Consider every occupied cell

Explain partial health care benefits would be a good idea, Do you think tha...

Do you think that offering part-time employees partial health care benefits would be a good idea?

Miss.., Explain what might happen if energy costs increase in future at Nor...

Explain what might happen if energy costs increase in future at NorSal Trondheim

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd