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[ECONOMICS] 2019
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Economics Answer - 1 EOQ is a model that that sheds light on the quality that is optimal so that the order can be done where the total variable cost is minimized to order, as well as hold inventory. The EOQ is utilized as an element of a regular review inventory system where the level of inventory is assessed at all points of time and a fixed quantity is ordered every time when the inventory reaches a particular reorder stage (Mankiw, 2010). It helps in computing the reorder point that is appropriate and the optimal reorder quantity to ensure that the immediate replenishment happens without any shortage. Therefore, if surplus stock exists then inventory should not be ordered while in case of shortage order should be made. Answer – 2 Yes, the layout from ticketing to concession to the restroom is an important consideration because if the waiting time is huge then such provisions can provide solace to the passengers. Long waiting time is a hurdle and pain however if the layout of the restroom is pleasing and organized then the passengers can spend the time in comfort otherwise it adds up to the agony. Answer -3 National Leisure Group (NLG) is an important leisure cruise line that reaps approximately $700 million in terms of annual revenue. The human resource of the group is headed by Julianna Hale that brought the Key Survey tool in for the use of HR mainly in terms of employee satisfaction, training, assessment of the coach, etc (Hubbard, 2011). The key survey tool was a major weapon when it comes to customer satisfaction. When it comes to the travel industry, the major intention remains to draw the customers. 2
Economics References Hubbard, D.W. (2011)How to Measure Anything: Finding the Value of Intangibles in Business(3rded).Kindle Edition Mankiw, N.G. (2010)Macroeconomics(7th ed). New York Worth Publishers 3