governments sometimes set up a natural monopoly when a venture

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Answer 1

Governments sometimes set up a natural monopoly when a venture is considered to be a natural monopoly and cannot be effectively provided by multiple private firms.

A natural monopoly exists when the most efficient or economical way to produce a good or service is for a single firm to have exclusive control over the market. This can be due to high fixed costs, economies of scale, or technical expertise. In such cases, a single firm can provide the good or service more efficiently and at a lower cost than multiple competing firms.

Governments may set up natural monopolies in industries such as electricity, water supply, or public transportation, where it is more efficient and cost-effective to have a single provider rather than multiple competing providers. The government may regulate the prices and quality of services provided by the natural monopoly to protect consumers and ensure fair competition.

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Related Questions

Of the following, which is the most likely effect of an increase in income tax rates? Decrease in the savings rate. Decrease in the supply of loanable funds. Increase in the interest rates. All of these choices are correct.

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All of these choices are correct. An increase in income tax rates will likely decrease the savings rate, decrease the supply of loanable funds, and increase interest rates.

Firstly, when income tax rates increase, individuals and businesses have less disposable income to save. This leads to a decrease in the savings rate as people have less money to put aside for future use.

Secondly, an increase in income tax rates may lead to a decrease in the supply of loanable funds. This is because when people have less disposable income, they may be less likely to lend or invest money, which reduces the supply of loanable funds.

Thirdly, an increase in income tax rates may increase interest rates. This is because higher tax rates can reduce the after-tax returns on investments, which can make them less attractive to investors. As a result, investors may demand higher interest rates to compensate for the higher tax burden, which can lead to an increase in interest rates.

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One common advantage of a long-term investment is

A. higher return
B. no nisk
C. higher liquidity
D. no liquidity.​

Answers

Answer:   A. higher return

Explanation:

The markets will bounce around from bad days to good. There isn't really a sure-fire way to know what will happen in the short term, but in the long term the investment will grow. This is due to a number of factors such as the economy expanding, workers becoming more productive, new technologies being developed, etc. Therefore, it's best to invest whatever of your paycheck that you can into a 401k, and leave it alone until retirement comes along. It's best not to check into the 401k very frequently because again, the markets are often volatile on a daily basis. It's better to let the money grow on its own and only check on it periodically.

One common advantage of a long-term investment is higher return.  Hence, choice (A) is precise.

One normal benefit of long-term investment  is the potential for better yields. Long haul speculations normally include holding resources, like stocks or land, for a lengthy timeframe, frequently years or even many years. Over the long haul, ventures have the amazing chance to fill in esteem and produce better yields contrasted with momentary speculations.

While long haul speculations accompany their own dangers and vacillations in esteem, they for the most part have the potential for more prominent additions because of variables like intensifying returns, the capacity to brave market unpredictability, and the potential for capital value increase over the long run.

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What is confounding variable example?

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Confounding variables are any other variable that also has an effect on your dependent variable.

A confounding variable is an unmeasured third variable that influences both the supposed cause and the supposed effect.

In an experiment, the independent variable typically has an effect on your dependent variable. For example, if you are researching whether lack of exercise leads to weight gain, then lack of exercise is your independent variable and weight gain is your dependent variable.

Confounding variables are any other variable that also has an effect on your dependent variable. They are like extra independent variables that are having a hidden effect on your dependent variables.

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identify the true and false statements about the relationship between reliability and validity.

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Establishing reliability in a measure is not sufficient for validity and a measure can be very reliable but not very valid are the true statements.

What connection exists between validity and reliability?

A measurement must be trustworthy in order to be valid. Reliability is primarily about consistency, whereas validity is linked to correctness. Thus, a measurement that is unreliable cannot be valid. A measurement, however, can be valid without being dependable.

What is accurate regarding reliability and validity?

Validity and reliability both refer to how well a method measures something: A measure's reliability is its constancy (whether the results can be reproduced under the same conditions). Validity is the term for a measure's precision (whether the results really do represent what they are supposed to measure).

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The complete question is:

Identify the true and false statements about the relationship between reliability and validity.

Establishing reliability in a measure is not sufficient for validity.

A measure can be very reliable but not very valid.

A measure that is reliable will always be valid.

The validity of a measure is the same as its reliability.

A local bank reviewed its credit card policy with the intention of recalling some of its credit cards. in the past 5% of cardholders defaulted, leaving the bank unable to collect the outstanding balance. Hence managment established a prior probability of .05 that any particular cardholder will default. The bank also found that the probability of missing a monthly payment is.20 for customers who do not default.of course the probality of missing a monthly payment for those who default is 1.A) givien a customer missed a monthly payment , compute the posterior probability that the customer will default?B) the bank would like to recallits credit card i the probability that a customer will default is greater than .20. should the bank recall its card if the customer misses a payment? why or why not?

Answers

The probability is greater than 0.2, the bank should recall its card. Therefore, the bank should recall its card if the customer misses a monthly payment.

What is the calculation?

Step 1

(a). Compute the posterior probability that the customer will default given that the customer missed one or more monthly payments:

Denote the event that the cardholder will default as D.

Denote the event that the cardholder will not default as Dⁿ

It is given that, the prior probability that any cardholder will default is 0.05.

That is,

P(D)=0.05   AND P(Dⁿ) = 0.95

Denote the event that the cardholder missing a monthly payment as M.

It is given that, the probability of missing a monthly payment is 0.2 for customers who do not default. That is, P(M|Dⁿ) = 0.2

It is given that, the probability of missing a monthly payment is 0.2 for customers who default. That is, P(M|D) = 1

The posterior probability that the customer will default given that the customer missed one or more monthly payments is obtained as 0.2083 from the calculation given below:

P(D|M)  = P(M|D) * P(D) / P(M|D) *  P(D) + P(Dⁿ)

= 1 * 0.05 / 1* 0.05 + 0.2 * 0.95

= 0.05/ 0.24

= 0.2083

Thus, the posterior probability that the customer will default given that the customer missed one or more monthly payments is 0.2083.

Step 2

(b). Comment whether the bank should recall its card if the customer misses a monthly payment:

It is given that, the bank would recall its card if the probability that a customer will default is greater than 0.2.

Here, the probability that the customer will default given that the customer missed one or more monthly payments is 0.2083.

If the customer misses a monthly payment, the probability that a customer will default is 0.2083.

Here, 2083>0.2

Since, the probability is greater than 0.2, the bank should recall its card.

Therefore, the bank should recall its card if the customer misses a monthly payment.

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In general, courts will not enforce a contract in which the offer states that the offeree’s failure to respond will be considered an acceptance of the offer.a. Trueb. False

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False. Courts recognizes that parties to a contract may agree to the terms of an office which includes the important advantages which explains the all for these failure to respond will be considered as a acceptance of the offer.

This is known as silence as acceptance provision it explains certain steps to ensure that and offeree is aware that the provision has an opportunity to reject the offer. Silence in other words also can be deemed acceptance off and off if there is an agreement between the parties or people and there are circumstances that the offer tends to consider the silence as acceptance.

But in general the court has nothing to enforce our contract with the silence as acceptance provision unless if there is an evidence that the offering he’s ready to accept the offer.

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which one of these is the best indicator that acquiring a firm is a good idea?

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The firm has a positive NPV at an appropriate discount rate is the best indicator that acquiring a firm is a good idea

Using net present value, one may calculate the current value of a series of payments from a company, project, or investment (NPV). To calculate NPV, you must forecast the timing and size of future cash flows and select a discount rate that is equal to the least permissible rate of return. The discount rate may take into account the cost of capital or the benefits provided by alternative investments with comparable risk. A project or investment will have a better rate of return than the discount rate if the NPV is positive.

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The resource-based view classifies all resources as

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The resource-based view classifies all resources as Firm-based resources may be tangible or intangible.

Resources refer to the various inputs or assets that a business uses to produce goods or services. These resources can be tangible, such as equipment, raw materials, and money, or intangible, such as knowledge, skills, and intellectual property.

In a business context, resources are critical for the success of the organization. They enable businesses to operate, grow, and innovate. Effective management of resources is essential for achieving business goals and objectives.

Resource management involves identifying, acquiring, and deploying resources efficiently and effectively to maximize productivity and profitability. It requires careful planning, allocation, and monitoring of resources to ensure that they are used optimally and that waste is minimized. Overall, resources are the building blocks of any business. They enable organizations to operate and compete in the marketplace. Effective resource management is essential for business success, growth, and sustainability.

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Callie is the 11-year-old daughter and dependent of Mr. And Mrs. Santo. This year, Callie filed a Form 1040 on which the only item of gross income was $10,557 interest from an investment bond portfolio that Callie inherited from a great aunt.


1. Compute Callie’s income tax. Assume the taxable year is 2018

Answers

Given that Callie's total income of $10,557 is below the threshold for reporting taxes,  Callie would owe $2,322.54 in income taxes for the 2018 tax year..

If Callie is declaring herself as a dependant and the tax year is 2018, her income tax obligation would be determined as follows:

Find Callie's taxable income first. As interest income made up her sole source of gross income, her taxable income equals $10,557.

Find Callie's tax bracket next. Callie's income is subject to the "kiddie tax" regulations since she is a dependant and has solely unearned income, which means that her income is taxed at her parents' tax rate. If Callie's parents pay taxes at a rate of 22%, her income tax would be $2,322.54 ($10,557 x 22%).

Thus, Callie would owe $2,322.54 in income taxes for the 2018 tax year.

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Which of these is a way to reconfigure a value chain?a. thinking about new combinations of resources and capabilities that a firm already possesses, such as repurposing a movie theater as a location for off-site corporate meetingsb. creating a partnership through strategic alliances, such as a bakery partnering with a restaurantc. preparing to leave an industry rather than supply unreliable or substandard products to customersd. entering an industry by offering sporting events on streaming video when competitors are offering them through cable hookups

Answers

Thinking about new combinations of resources and capabilities that a firm already possesses, such as repurposing a movie theater as a location for off-site corporate meetings is the way to reconfigure a value chain. Option A is correct.

Reconfiguring a value chain involves making changes to the activities and resources involved in producing and delivering a product or service to customers.

One way to do this is by thinking about new combinations of resources and capabilities that a firm already possesses, such as repurposing an existing asset, like a movie theater, to serve a new customer need, such as hosting off-site corporate meetings.

This approach can help a firm create new value for customers and differentiate itself from competitors.

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what is the other term for the cash payment settlement option? A. Cash lump B. Lump sum C. Transaction

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The answer is B. Lump sum, is the other term for the cash payment settlement option.

Cash: What Is It?

Currency or coins are considered legal tender and can be used to pay for goods, settle debts, or exchange services. In some cases, the value of assets that can be quickly converted into cash is also included, as provided by a corporation.

In a firm, what is cash?

Cash is the actual money that a business has on hand. It is typically kept in bank accounts and is categorized as a current asset on the balance sheet, meaning it is probably going to be spent within the next 12 months.

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In the context of the SWOT matrix, which of the following best exemplifies an external opportunity for a firm?decreasing government interference in the target market

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Decreasing government interference in the target market is an example of an external opportunity for a firm in the context of the SWOT matrix.

What is a SWOT matrix?

The SWOT matrix is a strategic planning tool that is used to identify the strengths, weaknesses, opportunities, and threats of a business. Strengths and weaknesses are internal factors that the firm has control over, while opportunities and threats are external factors that are outside of the firm's control.

In this case, decreasing government interference is an example of an external opportunity because it is a positive external factor that the firm can take advantage of to improve its performance. By reducing government regulations or restrictions in the target market, the firm may be able to increase its revenue or market share, expand its operations, or reduce its costs.

By identifying this opportunity in the SWOT analysis, the firm can develop strategies that take advantage of the favorable external conditions and position itself for success in the market.

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According to the​ text, what is one reason that job satisfaction leads to increases in organizational citizenship​ behavior?
A. Because satisfied supervisors are more open to change.
B. Because job satisfaction leads to more communication.
C. Because job satisfaction leads to more trust.
D. Because increases in job satisfaction reduce turnover.
E. Because satisfied employees do not compete over jobs.

Answers

Because job satisfaction leads to more trust is one reason that job satisfaction leads to increases in organizational citizenship​ behavior.

According to the text, job satisfaction leads to an increase in organizational citizenship behavior because it fosters trust between the employee and the organization. When employees are satisfied with their job, they are more likely to trust their employer and feel a sense of commitment to the organization. This increased sense of trust and commitment leads to a willingness to engage in behaviors that benefit the organization but are not necessarily required, such as helping others, volunteering for additional tasks, and being a positive income tax representative of the organization. Thus, job satisfaction is an important factor in promoting organizational citizenship behavior, which in turn can lead to increased productivity and organizational success.

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what does the processing date on irs transcript mean

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The Internal Revenue Service is the duty agency of the United States civil government. This is information about when the duty instrument will be streamlined.

Processing Date is the date the IRS expects to reuse your duty return and refund.

The Internal Revenue Service( IRS) is responsible for collection in the United States Federal levies and administration of the Internal Revenue Code, the main body of statutory civil duty law.

IRS uses a sophisticated computer system to attune your income on your duty return with whatever your employers have reported using your name and social security number. levies reduce taxpayers' income.

As a result, taxpayers spend lower on particular goods and services, savings, and investments. The further services the state provides, the further taxpayers have to pay for them.

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1. identify cause and effect why does every decisioninvolve a trade-off?

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Every decision involves a trade-off because when a decision is made, it often involves giving something up in order to gain something else.

We must evaluate the advantages and disadvantages of each choice and decide depending on our own particular priorities. Trade-offs are crucial in decision-making because of this.

For instance, if we don't have enough money, we could have to decide between buying a house and taking a vacation.

Choosing the choice that will provide us with the best value for our money is the trade-off, so to speak.

We may choose whichever option best serves our requirements by being knowledgeable and balanced about the trade-offs involved in each decision.

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What are the top 3 jewelry items purchased for valentine’s day?Select more than one.EarringNecklaceBracelet dailyRing

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The top 3 jewelry purchased for valentine's day is Ring, Necklace, and Bracelet.

Jewelry has been one of the most popular Valentine's Day gifts since the holiday season began. Gemstones and gold are perfect gifts for all types of Valentine's Day. Valentine's Day as we know it has its origins in the Roman festival of Lupercalia, a ritual intended to promote fertility and health while warding off evil spirits. The rings are beautiful and contain romantic love ideas. With this love ring on your finger, your partner can take your love anywhere. With many leading online jewelers offering exclusive Valentine's Day collections, your loved one Buying a ring is a pleasant experience. 

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the following table reports nominal and real gdp for the u.s. from 1929 to 1932. what was the growth rate of real gdp for 1930?

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The nominal and real GDP for the United States from 1929 to 1932 are shown in the following table. Please see Table 23-3. The real GDP growth rate for 1930 is 8.62%. Real GDP is a more accurate indicator of economic health than nominal GDP.

Real GDP is a metric that takes inflation into account and examines the rate at which all goods and services produced in a nation for a specific year. It is referred to as a fixed cost price and is indicated in foundation year pricing. It is sometimes referred to as GDP at constant prices or GDP adjusted for inflation. Nominal GDP represents the raw data in current dollars without taking inflation into account. Real GDP eliminates any distortion brought on by inflation or deflation by adjusting the data by fixing the value of the currency. GDP is calculated as the sum of all corporate, government, and consumer spending less all imports.

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Which is not a factor contributing to economic growth in China since the 1970s?
a. nationalization of most vital industrial sectors
b. increase in international trade
c. privatization of many smaller state-owned enterprises
d. removal of price controls
e. development of stock markets

Answers

a. nationalization of most vital industrial sectors is not a factor contributing to economic growth in China since the 1970s

A country's Gross domestic product (GDP) per capita continually increases while its economy is expanding. The average growth rate serves as a substitute for the actual GDP growth throughout time. The government had pursued an economic liberalization strategy since the 1970s. In China, many state-owned businesses had been transformed and privatized, and foreign investment had been promoted.

The expansion of stock markets, the abolition of price controls, and the expansion of foreign trade have all contributed significantly to China's economic progress over the past several decades. While reducing its direct ownership and control over some companies, the government continues to play a substantial role in the economy and has helped to shape the nation's economic development strategies.

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some countries have a policy that restricts the export of honey. this is called a(n) multiple choice voluntary export restraint. export ban. administrative trade policy. import quota. antidumping policy.

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Some countries have a policy that restricts the export of honey. this is calledThe correct answer is export ban.

What is export ban?

An export ban is a policy implemented by a government to prohibit or restrict the export of certain goods or services from its country. In the case of honey, some countries may implement an export ban to ensure that enough honey is available for domestic consumption or to support local industries that rely on honey.

A voluntary export restraint is when a country voluntarily agrees to limit the amount of a product it exports to another country. An administrative trade policy refers to any government regulation that affects international trade, while an import quota is a restriction on the quantity of a particular good that can be imported into a country.

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an appraiser who is estimating operating expenses is using what method of valuation?

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An appraiser who's estimating operating charges is using the income method for valuation. The income technique is a technique of valuation utilized in real estate appraisal this is based totally on the net operating income (NOI) of assets.

To estimate the price of a property using the income technique, an appraiser will first determine the assets's ability gross profits (PGI), which is the total profits the belongings could generate if it were absolutely occupied and rented at market costs.

The appraiser will then estimate the assets's working prices, including items such as property taxes, coverage, utilities, upkeep and preservation, and management charges.

The NOI is then divided by using a capitalization charge to arrive at a predicted value for the belongings. The capitalization price reflects the return an investor might count on receiving at the assets, primarily based on marketplace situations and the perceived risk related to the investment.

The income technique is specially beneficial for valuing profits-producing residences which include rental residences, commercial homes, and funding properties, because it takes under consideration the capacity earnings that the assets may want to generate

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what are the most important questions the manager of a process should ask?

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The most important questions the manager of a process should ask include:

What is the purpose of the process? What are the inputs and outputs? How efficient is the process? What are the potential bottlenecks or areas for improvement? How can we ensure quality and consistency?

These questions help the manager to gain a better understanding of the process and identify areas for improvement. By understanding the purpose of the process and the inputs and outputs, the manager can better evaluate the efficiency and effectiveness of the process.

Identifying bottlenecks and areas for improvement can help the manager to optimize the process and improve its overall performance. Ensuring quality and consistency is also important to meet customer needs and expectations.

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the maximum output​ capability, allowing for no adjustments for preventative maintenance or unplanned​ downtime is the definition of

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Theoretical strength ,The maximum output capacity, with no changes made for scheduled or unforeseen downtime or other factors. capacity rating. The capacity of a resource or system to provide long-term.

An explanation of the lag capacity strategy?

Lag Capacity Plan. an addition of capacity only after the demand has materialized. Capacity Matching Technique. a capacity plan that A tracking strategy adds capacity in small amounts to attempt to respond to changing demand in the marketplace..

What kind of results may a system produce throughout the course of time?

The ability to hold, accept, store, or accommodate is defined as such in the dictionary. The amount of output that a system is capable of producing over an extended period of time is referred to as capacity in a generic business sense.

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A perfectly inelastic demand curve or supply curve means...a) There is an infinite change in quantity demanded or supplied in response to a change in price.b) There is no change in quantity demanded or supplied in response to a change in pricec) If the price of one good changes by 1% the % change in quantity demanded will be greater than 1%.d) There is a 1% change in quantity demanded in response to a 1% change in price.

Answers

For an equal change in price, a demand or supply curve that is inelastic will see a smaller percentage change in amount desired or supplied.

What kind of material is an example of inelasticity?

Elastic products are usually required when appropriate substitutes are not accessible. The three things with the most widespread inelastic demand are utilities, prescription drugs, and tobacco products. Notwithstanding price changes, there will always be a market for certain things, therefore companies that sell them can be more flexible with pricing. A price change causes an elastic demand to suffer a large change in amount desired. Demand is said to be inelastic when it does not significantly alter in response to a price change.

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1. how do perdue and other large chicken producers arrange to grow chickens for consumers? why don’t they raise the chickens themselves?

Answers

Perdue and other large chicken producers typically contract with independent family farms to raise and process their chickens.

Instead of investing in chicken farms and processing facilities, this enables businesses to concentrate on marketing, sales, and distribution.

They can produce more chicken more cheaply and efficiently by outsourcing production than if they raised the chickens themselves.

They can also make sure that their product satisfies their requirements for quality.

They have more flexibility to adjust to changes in demand thanks to outsourcing, as they may buy more or fewer chickens depending on the market.

In the end, outsourcing production enables them to provide consumers with a high-quality product at a price that is competitive.

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Why did Canadian liquor industries in 1993 and Saudi movie theater industries in 2018 witness massive rapid expansion?a. The govemment needed to make more money in these countries b. Govemment funding increased in these countries c. A change in norms, culture, rights, and traditions in these countriesd. Strong advocacy from entrepreneurial people in these countries

Answers

The massive rapid which happen to Canadian liquor and Saudi movie theater industries is because of a change in norms, culture, rights, and traditions in these countries. Attract local investors, forge alliances with international entertainment companies. The answer is OPTION C.

Increase family spending on entertainment from 2.9% to 6%, and develop a market of SAR 30 billion in leisure services are some of the objectives of Saudi Arabia's Vision 2030. The opening of Saudi Arabia's moment cinema by VOX Cinemas serves as an example of the fast-paced development of the film industry. Alberta became the first province in Canada to privatise the sale of alcohol in 1993. Due to the open and competitive marketplace created, businesses had the chance to succeed.

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if a disputed issue regarding llc governance is not covered by an operating agreement or an llc statute, courts often apply:

Answers

The courts frequently use partnership law concepts where an issue is not covered by an operating agreement or by an LLC statute.

What is meant by operating agreement?

A significant document used by limited liability corporations (LLCs) to describe the financial and operational choices made by the company, including rules, regulations, and conditions,

is the operating agreement. The goal of the document is to regulate the internal business activities in a way that meets the unique requirements of the company's owners, referred to as "members." The limited liability company's members are legally bound by the conditions of the document once they have signed it,

making it an official contract. In only three states, California, Missouri, and New York, an operating agreement is required by law.

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Question 8 master help!

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An item that people are unable to do without

when long-run average cost is as output increases, a firm is undergoing economies of scale. a. increasing b. constant c. stagnant d. decreasing

Answers

The company's long-run average cost curve shows that the cost per unit fluctuates with output. Economies of scale allow production to become more affordable as output volumes increase (up to a certain point). Savings occur from spreading the production cost across multiple units.

What occurs as output increases and long-term average costs rise?

There are continuous returns to scale when long-run average costs rise as output rises. This usually happen when labor and capital are unreliable over an extended period of time.

How can scale economies affect the overall average cost over time?

Diseconomies of scale happen when the long-term average total cost rises as output rises, whereas constant returns to scale happen when prices stay the same as output rises. As the long-term average total cost decreases as output rises, economies of scale exist.

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What are the top two reasons for adopting Agile in an organization? (Choose two)
A. Increase predictability by reducing changes
B. Reduce project cost
C. Accelerate product delivery
D Reduce risk by centralizing decision making
E. Enhance ability to manage changing priorities

Answers

The correct option is C and E, Accelerate product delivery and Enhance ability to manage changing priorities are the top two reasons for adopting Agile in an organization.

Organization refers to the systematic arrangement of individuals, resources, and activities to achieve a common goal or objective. It involves planning, coordinating, and managing people and resources in a structured manner to optimize productivity and efficiency. The primary purpose of organization is to create a formal framework that enables individuals to work together effectively towards a common objective.

An organization can be a small or large entity, such as a business, non-profit organization, government agency, or even a school. Regardless of the type of organization, it is essential to have clear goals and objectives, as well as a well-defined structure with a hierarchy of roles and responsibilities. Communication is also key, as individuals within the organization must be able to effectively share information and coordinate their activities to achieve their objectives.

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If a demand curve for a good were completely vertical, it would be considered:a) Perfectly elastic,b) Perfectly inelastic,c) Of unitary elasticity,d) Relatively inelastic.

Answers

If a demand curve for a good were completely vertical, it would be considered Perfectly inelastic.

Why is it called perfectly inelastic?

When the quantity demanded does not change in response to changes in the price of the product, the demand curve is said to be perfectly inelastic. This means that consumers will continue to buy the same quantity regardless of the price of the product. In other words, the demand elasticity is zero. It is referred to as "perfectly" inelastic because demand for the product does not change at all in response to significant price changes. In contrast, a perfectly elastic demand curve would result in a complete loss of demand if the price were to rise. Colliding particles stick together in a perfectly inelastic collision, which has a zero coefficient of restitution.

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Other Questions
Floyds Bumpers has distribution centers in Lafayette, Indiana; Charlotte, North Carolina; Los Angeles, California; Dallas, Texas; and Pittsburgh, Pennsylvania. Each distribution center carries all products sold. Floyds customers are auto repair shops and larger auto parts retail stores. You are asked to perform an analysis of the customer assignments to determine which of Floyds customers should be assigned to each distribution center. The rule for assigning customers to distribution centers is simple: A customer should be assigned to the closest center. The worksheet Floyds in the provided datafile contains the distance from each of Floyds 1,029 customers to each of the five distribution centers. Your task is to build a list that tells which distribution center should serve each customer. The following functions will be helpful: =MIN(array). The MIN function returns the smallest value in a set of numbers. For example, if the range A1:A3 contains the values 6, 25, and 38, then the formula =MIN(A1:A3) returns the number 6, because it is the smallest of the three numbers: =MATCH(lookup_value, lookup_array, match type). The MATCH function searches for a specified item in a range of cells and returns the relative position of that item in the range. The lookup_value is the value to match, the lookup_array is the range of search, and match type indicates the type of match (use 0 for an exact match). For example, if the range A1:A3 contains the values 6, 25, and 38, then the formula =MATCH(25,A1:A3,0) returns the number 2, because 25 is the second item in the range. =INDEX(array, column_num). The INDEX function returns the value of an element in a position of an array. For example, if the range A1:A3 contains the values 6, 25, and 38, then the formula =INDEX(A1:A3, 2) 5 25, because 25 is the value in the second position of the array A1:A3. (Hint: Create three new columns. In the first column, use the MIN function to calculate the minimum distance for the customer in that row. In the second column use the MATCH function to find the position of the minimum distance. In the third column, use the position in the previous column with the INDEX function referencing the row of distribution center names to find the name of the distribution center that should service that customer.) Click on the datafile logo to reference the data. (Hint: The INDEX function may be used with a two-dimensional array: =INDEX(array, row_num, column_num), where array is a matrix, row_num is the row numbers and column_num is the column position of the desired element of the matrix.) Floyd's Bumpers pays a transportation company to ship its product to its customers. Floyd's Bumpers ships full truckloads to its customers. Therefore, the cost for shipping is a function of the distance traveled and a fuel surcharge (also on a per mile basis). The cost per mile is $2.72 and the fuel surcharge is $.56 per mile. The worksheet May in the provided datafile contains data for shipments for the month of May (each record is simply the customer zip code for a given truckload shipment), as well as the distance table from the distribution centers to each customer. Use the VLOOKUP function to retrieve the distance traveled for each shipment from the exercise completed above, and calculate the charge for each shipment. What is the total amount that Floyd's Bumpers spends on these May shipments? If required, round your answers to two decimal places. $ Check My Work Icon Key Previous Question 7 of 7Problem 10-19 Algo (Some Useful Excel Functions for Modeling) When boys think girls cant play basketball what kind of bias is that? what is tsp into grams? 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