Wormwood, Ltd., produces a variety of furniture products. The planning committee wants to prepare an aggregate plan for the next six months using the following information. MONTH
1 2 3 4 5 6
Demand 160 150 160 180 170 140
Capacity
Regular 150 150 150 150 160 160
Overtime 10 10 0 10 10 10
Cost Per Unit
Regular time $58
Overtime 74
Sub-contract 81
Inventory, per period 4
Sub-contracting can handle a maximum of 10 units per month. Beginning inventory is zero. Develop a plan that minimizes total cost. No back orders are allowed.
Period 1 2 3 4 5 6 Total
160 150 160 180 170 140 960
150 150 150 150 160 140 900
Overtime 10 10 0 10 10 0 40

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; organizational;

i would say their habit of breaking down.

for storing the moneys