You work as the operations manager for Maxim Caterers Limited, a food manufacturing company in the Taipo Industrial Estate. You just attended a presentation by a Japanese expert, who stressed the importance of implementing a Just-in-time (JIT) operation system in order to implement Lean Manufacturing. Explain briefly:
Question:
1(a) What is Lean Manufacturing?
1(b) How to reduce the setup time?
1(c) How to reduce the inventory?
Answers
1(a) Lean Manufacturing is a systematic approach that aims to eliminate waste, increase efficiency, and improve overall quality by continuously improving processes and reducing non-value-added activities.
Lean Manufacturing focuses on creating value for customers while minimizing resources and reducing costs. It emphasizes streamlining processes, eliminating waste, and promoting continuous improvement. By implementing Lean principles, companies can achieve higher productivity, better customer satisfaction, and increased profitability.
1(b) Setup time reduction is a crucial aspect of Lean Manufacturing. It involves minimizing the time and effort required to prepare a production line or machine for a new task or product. By reducing setup time, companies can achieve shorter lead times, produce smaller batches more frequently, and respond quickly to changing customer demands.
To reduce setup time, several techniques can be employed:
Standardization: Standardize procedures and components to ensure consistency and ease of setup.
Single-minute Exchange of Die (SMED): Implement SMED methodology to analyze and improve setup processes, separating internal and external setup tasks, and converting them into parallel activities.
Tooling and Equipment Design: Utilize quick-change tooling and equipment designs that facilitate fast and easy adjustments.
Training and Skill Development: Train employees to perform setups efficiently and effectively, promoting cross-training to enhance flexibility.
Continuous Improvement: Encourage the involvement of all employees in identifying and implementing setup time reduction opportunities through regular improvement activities and feedback.
By implementing these strategies, companies can significantly reduce setup time, improve operational efficiency, and achieve faster response times to customer requirements.
1(c) Lean Manufacturing also focuses on reducing inventory levels while maintaining production efficiency. Excess inventory ties up valuable resources, occupies space, increases holding costs, and can lead to obsolescence or waste.
To reduce inventory, companies can adopt the following approaches:
Just-in-Time (JIT): Implement a JIT system to produce and deliver products in response to customer demand, minimizing inventory levels while ensuring timely availability.
Demand-driven Planning: Adopt demand-driven planning methods, such as Kanban systems, which use visual signals to trigger production based on actual customer demand.
Supply Chain Integration: Collaborate closely with suppliers and customers to synchronize production and delivery schedules, enabling a smoother flow of materials and reducing the need for excessive buffer inventory.
Value Stream Mapping: Analyze the entire value stream to identify bottlenecks, eliminate non-value-added activities, and optimize material flow.
Continuous Improvement: Continuously strive to improve processes, eliminate waste, and optimize inventory management through techniques like Lean Six Sigma.
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Related Questions
In the accompanying pizza market, with a $2 tax imposed on the sellers, how much of the tax is paid by the buyers and how much of the tax burden is borne by the sellers? (on the graph, where the tax wedge is, $11.50 is hitting the demand curve while $9.50 is hitting the supply curve)
Answers
In the accompanying pizza market, the tax burden is shared between the buyers and the sellers. Specifically, the buyers pay $1 of the $2 tax, while the sellers pay the other $1.
How the tax wedge effects equilibrium priceThe tax wedge (the difference between the price paid by buyers and the price received by sellers) is $2, but it only affects the equilibrium price by $1.50 ($11.50 - $9.50).
The buyers must pay this extra $1.50, which includes both the $1 tax they directly pay and the $0.50 increase in price they face due to the reduced supply resulting from the tax.
The sellers also bear some of the burden of the tax, as they receive $1 less per pizza than they did before the tax was imposed.
Overall, the incidence of the tax is split between buyers and sellers, with each group bearing some of the burden.
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These financial statement items are for Cullumber Corporation at year end, July 31, 2021:
Additional information: Cullumber started the year with \( \$ 20,000 \) of common shares and issued additiona
Answers
There will be no dividend.
Given Financial Statement Items for Cullumber Corporation at year end, July 31, 2021:Sales revenue - \$100,000Operating expenses - \$80,000Cost of goods sold - \$20,000Additional information: Cullumber started the year with $20,000 of common shares and issued additional common shares for $40,000 during the year. They also paid $10,000 in dividends during the year.The retained earnings of the corporation as of July 31, 2021 are:\[\$100,000-\$80,000-\$20,000 = \$0\]Therefore, the net income of the corporation is zero.
The total number of shares at the end of the year would be:\[\$20,000 + \$40,000 = \$60,000\]Now, we can calculate earnings per share (EPS):\[\text{EPS}=\frac{\text{Net income}}{\text{Total number of shares}}=\frac{\$0}{\frac{\$60,000}{\text{per share}}}=\boxed{\$0}\text{ per share}\]The EPS of Cullumber Corporation at year-end, July 31, 2021, is zero. It means that the corporation has not made any profit or loss. The EPS shows the profitability of the corporation and the dividend it can pay to its shareholders. In this case, there is no profit; hence, there will be no dividend.
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What was the most important message that BTS taught you personally?
I think it was definitely to be more confident in myself and not care about what people think. I think the song that I loved the most was 21st century girl, it really boosted my love and admiration for myself as a girl, in a society (where I live )where we aren’t considered much. Words like “you’re worth it” really stuck with me. So to sum it up , they taught me to love myself for who I was, to stand up for what I think is right and not care about what people think of me, or the fact that they don’t think much of me because I’m girl, lol.
(What about you ARMY)
Answers
I remember being really shy and I kept everything to myself, but BTS taught me to open up more and love myself and believe in what I can do, as well as not let people bring me down with just words, that is why I like listening to songs like MIC Drop, Not Today, and ON
During the Pre-Sales stage, the Technical Solution could include a mock up of which of the following?
Answers
end-state technical view
True or false: Business messages can be strengthened to counteract issues concerning low credibility. True false question. True False
Answers
True, business messages can be strengthened to counteract issues concerning low credibility.
What are business massages?
These are the various ways and channels that businesses and companies employ to communicate and interact in their business environments.
The various means of sending business messages includes:
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Scenario A
College graduates are moving back in with family in record numbers. They are waiting longer than previous generations to buy homes and start families. Data show downward trends in new home building, mortgage applications, and the birthrate. Multiple markets are complaining of falling demand. A national supplier of home goods permanently shut down. The media is calling babies born today part of the “baby bust generation.” Economists predict future school closings and labor shortages.
Would the Fed address the scenario with expansionary or contractionary policy? Explain.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the scenario.
What is a specific fiscal action that Congress might use in this scenario?
Answers
The Fed would address the scenario with an expansionary policy as this is the policy that stimulates demand.
The specific monetary action that the Fed can take in this scenario is decreasing the Fed Funds rate, to reduce interest rates on loans.
Congress can use the specific fiscal action by offering tax breaks to young people who buy houses.
How can demand be stimulated ?The Fed Funds rate is the rate that banks borrow from each other. If the Fed was able to decrease this rate, then it would lead to loan interest rates falling which would allow the young college graduates to be better able to buy homes and start families.
Congress for its part, can embark on the fiscal action of giving tax breaks to young college graduates who buy houses and start families. This would encourage them to buy houses knowing they will pay less taxes.
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which type of cost would a diamond represent to a jeweler producing a ring?
Answers
A diamond would represent a direct cost to a jeweler producing a ring.
Direct costs are expenses that can be directly attributed to the production of a specific product or service. In the context of a jeweler creating a ring, the diamond is a key component of the final product and directly contributes to its value. The cost of acquiring the diamond and incorporating it into the ring would be considered a direct cost. Other direct costs in this scenario may include the metal used for the ring setting, any additional gemstones or materials, and the labor costs associated with crafting the ring. These costs are directly linked to the production of the ring and can be traced back to the specific item being created.
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A well-planned ________ campaign can be very effective and economical for a company.
A.
personal selling
B.
advertising
C.
public relations
D.
marketing
Answers
A well-planned marketing campaign can be very effective and economical for a company. The key to success is to identify the target audience and create a message that will resonate with them.
Marketing campaigns are an essential component of any company's promotional strategy. They can help businesses reach new customers, build brand awareness, and increase sales. A well-planned marketing campaign can be very effective and economical for a company. The key to success is to identify the target audience and create a message that will resonate with them. There are several types of marketing campaigns, including advertising, public relations, and personal selling. Advertising campaigns are designed to reach a large audience through various media channels such as television, radio, and online platforms. Public relations campaigns are intended to improve the public's perception of a company or product through various tactics such as media coverage, events, and community outreach. Personal selling campaigns involve direct interaction between a salesperson and a potential customer. This type of campaign can be very effective, especially for high-value products or services. However, regardless of the type of marketing campaign, it's essential to have a well-defined strategy that includes clear objectives, a budget, and a timeline. By carefully planning and executing a marketing campaign, businesses can achieve their promotional goals and grow their customer base.
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Macon industries writes a purchase order for bolts, washers, and nails and sends the order to the stanton company to process. in this situation, the purchase order is a(n) :_________
Answers
Macon industries writes a purchase order for bolts, washers, and nails and sends the order to the stanton company to process.In this situation, the purchase order is a(n) document.
The purchase order, in this context, serves as a formal document issued by Macon Industries to the Stanton Company to initiate a procurement transaction. A purchase order is a written request sent from a buyer to a seller, outlining the details of the products or services to be purchased.
The purpose of a purchase order is to provide specific information regarding the items being ordered, such as bolts, washers, and nails in this case. It typically includes details such as the quantity, description, unit price, total price, delivery date, shipping instructions, payment terms, and any other relevant terms and conditions.
By sending the purchase order to the Stanton Company, Macon Industries communicates its intent to purchase the specified items and provides the necessary information for the transaction to be processed. The purchase order serves as a formal record of the transaction and helps facilitate accurate and timely fulfillment of the order.
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what’s the bestselling movie soundtrack of all time?
Answers
Answer:
The Bodyguard is the bestselling movie soundtrack
Jonah had $25 to spend. He
decided to buy a new shirt
instead of going to the
amusement park with his
friends, Jonah has: purchased a
service, made an economic
tradeoff, made a poor
economic decision, or ignored
the concept of scarcity
Answers
Answer:
ignored the concept of scarcity
A 60-year old customer has a 401(k) account with your firm that has $280,000, mainly invested in growth mutual funds. The customer has an elderly widowed aunt who has died, and he estate attorney has contacted him, notifying him that he has been left $100,000 as an inheritance
Answers
Answer:
Money market instruments is the best place for the investment.
Explanation:
Money market instruments are securities that provide businesses, banks, and the government with large amounts of low-cost capital for a short period of time, less than a year. Most of the money market instruments such as treasury bills, commercial papers, certificate of deposits etc provide fixed returns so this money market instrument is considered the best for investing money for good profit.
Jessica has just opened a shoe store. To operate her business, she orders her
shoes from a company. That company receives the shoes from a local
designer. What role does Jessica play in the distribution channel?
A. Jessica is a producer.
оо
B. Jessica is a wholesaler.
C. Jessica is a retailer.
O
D. Jessica is a storage provider.
Answers
Answer:
The answer is C
Explanation: Brainiest Would help! :D
Answer:
Answer: C Jessica is a retailer
Explanation:
RETAILERS are responsible for making goods convenient for consumers
to buy.
If you own a business that purchases other people's merchandise and sells
it in your shop you are known as a RETAILER.
Help please! Answers 1-6.
Answers
KkAnswer:will do
Explanation:
Norm worked as a sales person for his firm. When he turned fifty, the office had a party for him. His boss made a lot of jokes about Norm getting too old to keep up with the younger staff. Those comments continued past the party for several months. Norm was fired six months later. When he filed a complaint for age discrimination, the boss defended his actions by saying Norm was fired for not meeting sales quotas. Norm had missed his quota for only one month, and he provided evidence that younger employees who had missed up to three months of the quotas were not terminated. Norm is attempting to show that:
Answers
Answer: the employer's defense was a pretext.
Explanation:
Norm providing evidences that him being fired was unfair shows that Norm is attempting to show that the employer's defense was a pretext.
A pretext simply refers to a false reason which covers the true intentions or motives of an employer. In this case, the employer didn't fire Norm because he didn't meet his sales quota but fired him because of his age.
Therefore, all the defense given by the employer shows that his defense was a pretext.
There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where ₁ measures the number of episodes watched of Show 1 and 2 measures the number of episodes watched of Show 2, Jeff's preferences can be represented by u(x1, x2) = x² + ax². Jeff has 9 hours available for watching Netflix today. Each episode of Show 1 lasts hours, while each episode of Show 2 lasts 1 hour. Draw an indifference curve for Jeff, then answer the following questions. If rounding is needed, please round to 3 decimal places. a) When a = 2, Jeff optimally watches_____ episodes of Show 1..... (fill in the blank) b) ... and he watches episodes of Show 2. (fill in the blank) c) When a = 6, Jeff optimally watches episodes of Show 1..... (fill in the blank) d) ... and he watches episodes of Show 2. (fill in the blank)
Answers
Jeff optimally watches 3 episodes of Show 1 when a = 2 and 1.5 episodes of Show 1 when a = 6.
A utility function represents an individual's preferences by transforming two-dimensional product space into one-dimensional space known as utility space. It is possible to plot indifference curves for different levels of satisfaction using a utility function.
In this problem, Jeff's preferences can be represented by the utility function u(x1, x2) = x² + ax². We are to draw an indifference curve for Jeff, then answer the following questions.
Let's assume that each episode of Show 1 lasts x hours, while each episode of Show 2 lasts 1 hour.
This translates to x₁x + x₂ ≤ 9.
The optimal bundle, x₁* and x₂*, is the combination of x₁ and x₂ that maximizes Jeff's utility function while still adhering to his budget constraint.
The optimization problem is:
Maximize u(x₁, x₂) = x₁² + ax₂², subject to x₁x + x₂ ≤ 9.
a) When a = 2, Jeff optimally watches _3_ episodes of Show 1.
At the optimal bundle, the marginal rate of substitution (MRS) between the two shows equals the ratio of their marginal utilities.
The MRS is given by
MRS = MU₁/MU₂
= 2x₁/x₂.
The budget constraint is
x₁x + x₂ = 9.
Therefore, the optimal bundle of the two shows that Jeff should consume can be obtained by using the Lagrangian formula.
The Lagrangian formula is
L = x₁² + 2x₂² + λ(9 - x₁x₂),
where λ is the Lagrange multiplier.
Solving for the first-order conditions yields the optimal consumption bundle of
x₁ = 3, x₂ = 3.
b) He watches 6 episodes of Show 2.
c) When a = 6, Jeff optimally watches 1.5 episodes of Show 1.
At the optimal bundle, the marginal rate of substitution (MRS) between the two shows equals the ratio of their marginal utilities.
The MRS is given by
MRS = MU₁/MU₂
= 6x₁/x₂.
The budget constraint is x₁x + x₂ = 9.
Therefore, the optimal bundle of the two shows that Jeff should consume can be obtained by using the Lagrangian formula.
The Lagrangian formula is
L = x₁² + 6x₂² + λ(9 - x₁x₂),
where λ is the Lagrange multiplier.
Solving for the first-order conditions yields the optimal consumption bundle of x₁ = 1.5, x₂ = 6.
d) He watches 6 episodes of Show 2.
When a = 2, Jeff watches 6 episodes of Show 2, and when a = 6, Jeff watches 6 episodes of Show 2.
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I need to make sure of my answer
Answers
Answer:
hello I don't know the answer sorry next time I will try
A career planning process is used to
Answers
A business makes products that involve many different departments in their
production. What type of cost accounting system is best for this purpose?
A. Process costing
B. Activity-based costing
C. Job order costing
D. Product costing
Answers
Which of the following is true of intent to form a contract?
Intent is not a required element of an offer or acceptance to form a contract.
Intent is determined based on the specific motivations of the offeror or offeree, including hidden motivations.
Intent is assessed by considering proof of an offeree or offeror's internal thought process.
Intent is a required element of an offer or acceptance only if a contract is a contract for the sale of goods.
An offeror must show intent to be bound by the offeree's acceptance.
Answers
The statement "An offeror must show intent to be bound by the offeree's acceptance" is true of the intent to form a contract. In order for a contract to be formed,
both parties must have a mutual intention to create a legal relationship. The intent to form a contract is assessed by considering whether the parties objectively manifested an intention to be bound by their agreement.
In the context of an offer, the offeror must demonstrate an intention to be bound by the terms of the offer. This means that the offeror must intend to enter into a legally binding contract if the offeree accepts the offer.
In the context of acceptance, the offeree must demonstrate an intention to accept the offer and be bound by its terms. This means that the offeree must accept the offer without reservation or qualification and must intend to be bound by the terms of the offer.
Overall, intent is a required element of both an offer and acceptance in order for a contract to be formed.
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The following information pertains to Guy's Gear Company: $$7,000 Sales Expenses: $54,500 Cost of Goods Sold Depreciation. Expense Salaries and Wages Expense 6,900 12,900 74,500 Net Income $14,700 Accounts Receivable Decrease $4,900 Inventory Increase 8,900 Salaries and Wages Payable Increase $40 Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) GUY'S GEAR COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities Required: Present the operating activities section of the statement of cash flows for Guy's Gear Company using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) GUY'S GEAR COMPANY Cash Flows from Operating Activities-Indirect Method Adjustments to Reconcile Net Income to Cash Provided by Operating Activities Changes in Current Assets and Current Liabilities
Answers
Net cash provided by operating activities of $23,640 is found by adding back the $12,900 depreciation expense and subtracting the increase in salaries and wages payable of $40 from net income of $14,700.
Cash Flows from Operating Activities - Indirect Method: $$14,700 Net Income Adjustments to reconcile net income to cash provided by operating activities Depreciation Expense $12,900 Decrease in Accounts Receivable $4,900 Increase in Inventory $(8,900) Increase in Salaries and Wages Payable $40 Net cash provided by operating activities $23,640Changes in Current Assets and Current Liabilities: Decrease in accounts receivable $(4,900) Increase in inventory (8,900) Increase in salaries and wages payable $40
The changes in the current assets and current liabilities are the remaining components of the operating activities section of the statement of cash flows. An increase in accounts receivable results in a decrease in cash and a decrease in accounts receivable results in an increase in cash. An increase in inventory is a use of cash and a decrease in inventory is a source of cash. An increase in salaries and wages payable is a source of cash and a decrease in salaries and wages payable is a use of cash. Liabilities refer to the financial responsibilities or obligations that a company has to pay or give up in the future due to past transactions or events.
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which of the following will decrease the present value of an asset?a. the discount rate decreasesb. the discount rate is compounded less frequentlyc. the asset matures laterd. interest is calculated as compound interest rather than simple interest.
Answers
The discount rate decreases will decrease the present value of an asset. Option a.
The discount rate is an important factor to consider when determining the present value of an asset.
When the discount rate decreases, the present value of the asset will also decrease. Hence, option a is correct.
This is due to the fact that a lower discount rate means that future cash flow will be discounted at a lower rate, making it less valuable in the present. Therefore, when the discount rate decreases, the present value of an asset will also decrease.
The discount rate is a critical factor in determining the present value of an asset. When the discount rate decreases, the present value of the asset also decreases, as the future value of the asset is discounted at a lower rate.
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The setting of The Hunger Games is best described is that i hate meatballs
Answers
The setting of The Hunger Games is best described as post-apocalyptic North America.
What happens in the Hunger Games ?The setting of The Hunger Games is a dystopian society set in a post-apocalyptic North America, which is now known as Panem. The nation consists of a wealthy Capitol and twelve impoverished districts, which are forced to send two tributes, a boy and a girl, to compete in a brutal competition known as the Hunger Games.
The story takes place in a future version of North America, where the government has consolidated power and is ruled by a dictator who maintains control through a combination of propaganda, surveillance, and brutal repression.
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lean manufacturing refers to just-in-time production coupled with total quality control.
Answers
Lean manufacturing involves a comprehensive approach to optimizing processes, reducing waste, improving quality, and maximizing value throughout the entire production system.
Lean manufacturing refers to a systematic approach and set of principles aimed at maximizing efficiency and eliminating waste in manufacturing processes. While just-in-time (JIT) production and total quality control are often associated with lean manufacturing, lean principles encompass a broader range of concepts and practices.
Just-in-time production is a component of lean manufacturing that focuses on producing and delivering products at the right time, in the right quantity, and with minimal inventory. It aims to minimize inventory holding costs, reduce lead times, and increase responsiveness to customer demand.
Total quality control, or total quality management (TQM), is another component of lean manufacturing that emphasizes a culture of continuous improvement and achieving high-quality products or services. TQM involves various quality control techniques, employee involvement, and customer satisfaction focus.
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Which of the following is the total amount of tax owed by an individual to a taxing authority such as the IRS?
O Tax break
O Tax bracket
O Tax exemption
O Tax liability
Answers
The total amount of tax owed by an individual to a tax authority is known as tax liability.
The amount that a person, company, or other entity owes to a federal, state or local tax authority is known as their tax liability.
Generally speaking, when you make money or gain from the sale of an investment or other item, you have to pay taxes. If you don't have enough income to qualify for tax filing, you might not owe any income taxes.
To Calculate Tax Liability, you should consider:
By totalling up all of your income, deducting any necessary expenses, and applying the result to the tax tables for your filing status, you can estimate your tax obligation for the year.For instance, contributions made to an employer-sponsored retirement plan that permits pre-tax deferrals or a health savings account (HSA) won't be counted toward your taxable income.Furthermore, you may be eligible to deduct some expenses from your gross income, such as interest on student loan debt or health insurance premiums if you are self-employed and paid them all year. These are referred to as above-the-line deductions or adjustments to income. Your adjusted gross income is the outcome (AGI).To know more about the taxation system:
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Jeffrey is having a busy day
Answers
Answer:
Tell Jeffery to take a nap
Explanation:
Which examples demonstrate common Production work environments? Check all that apply.
Craig is a self-employed Jeweler who works in his own shop.
Rashida works in a factory making parts for machinery.
Antonio works in a quiet office filing paperwork.
Mei spends most of her time on the telephone.
Norm stands for long periods while welding in a workshop.
Carolyn performs tests on materials in a laboratory.
((answer: A, B, E))
Answers
Answer:
The answer is A,B,E
Explanation:
Jus took the test and got a 100
The examples that demonstrate common production work environment are:
Craig is a self-employed jeweler who works in his own shop. works in a factory making parts for machinery.Norm stands for long periods while welding in a workshopWhat is Production work environment?Production work environment is a workplace environment where employees conduct their work. It is where one work, including the workspace and common work areas shared with others.
The above means that production work environment is where people carry out assembling work, production work, etc.
Hence, the examples that demonstrate common production work environment are:
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explain advertisement
Answers
Answer: Advertisement is a marketing communication. It is used to promote businesses and their products. Used to promote more effectiveness in a businesses profit and their sales. May be seen in the form of commercials or billboard announcements in everyday life.
Name the social issues that you have chosen and motivate why you have chosen it
Answers
Answer:
I would choose violent crime.
Explanation:
It motivates me to choose it since it can help to make most of the other issues easier to tackle since where there is violent crime, there is usually the other issues stated in the list.
I hope this helps :)
The problem of dilution never arises with call options, but it can arise with warrants.(True/False)
Answers
False. The problem of dilution can arise with both call options and warrants. Dilution occurs when a company issues additional shares of stock, which can decrease the value of existing shares and dilute the ownership stake of current shareholders.
When call options are exercised, new shares of stock are issued, which can result in dilution. Similarly, when warrants are exercised, new shares of stock are issued, which can also result in dilution. The difference between call options and warrants is that warrants are typically issued by the company itself, while call options are traded among investors. This means that the company has more control over the terms of the warrants and can potentially structure them in a way that could lead to greater dilution for existing shareholders. We can say that dilution is a critical issue for investors as it can impact the value of their investment. It is important for investors to carefully consider the terms of any investment instrument, including call options and warrants, to understand the potential risks associated with dilution.
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