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What 3 main areas does the Operations Department deal with?
Name and describe the 3 quality standards of a product.
Why do firms use quality standards?
I would be very greatful if these questions could be answered by tomorrow. Thank you x
Elasticity Worksheet: The Case of the Missing Money
Mickey operates a small business that produces 3 products. We will call these products A, B, and C. Mickey's costs of production have recently increased by approximately $5,000. Since his total revenue (his sales) was just a little over $100,000, Mickey figured he would pass on the increased costs of production to his customers by raising his prices 5%. But, after raising the price of all three products by 5%, Mickey found himself with LESS money than he had before. He has asked you to find out what happened and has supplied the following data. Complete the blank spaces and answer the questions.
Before Mickey Raises Price After Mickey Raises Price % chg using midpoint formula Price Elasticity
Units Price Total Revenue Units Price Total Revenue % chg Q % chg P
Product A 531 $78.00 469 $82.00 12.5% 5.0%
Product B 1,025 $39.00 975 $41.00 5.0% 5.0%
Product C 1,010 $19.50 990 $20.50 2.0% 5.0%
Annual sales: unchanged
Cost of goods sold: unchanged
Average inventory: lowered by $4,000
Average receivables: lowered by $2,000
Average payables: increased by $2,000
Days in year $110,000