Many of you have probably heard that an inch of rain yields a foot of snow. referring to the "snow-to-liquid ratio." when weather models predict the total amount of precipitation, it is always done in "inches of liquid equivalent." in other words, the models predict the total amount of water in liquid form that precipitates from the atmosphere during a given time period. meteorologists can convert these values into snowfall totals by applying the snow-to-liquid ratio. the most common ratio is 10: 1, but factors including the temperature inside of the cloud, how quickly the air is ascending, and the surface temperature (to an extent) can influence the snow-to-liquid ratio. imagine that a winter storm was heading for champaign, il, and the forecast models predict that we would get 1.40 inches of liquid equivalent precipitation. use the liquid to snow ratios given below to calculate the total forecast snow (or snow and sleet combined) amounts in inches. write your answer in the space to the right of each scenario. scenario #1: ratio is 8: 1. scenario #2: ratio is 16: 1. scenario #3: half the precipitation falls as sleet (3: 1) and half falls as snow (9: 1).

Which of the following is false regarding the links between jit and quality? a. jit increases the cost of obtaining good quality. b. as quality improves, fewer inventory buffers are needed; in turn, jit performs better. c. jit reduces the number of potential sources of error by shrinking queues and lead times. d. inventory hides bad quality; jit immediately exposes it. e. if consistent quality exists, jit allows firms to reduce all costs associated with inventory.

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

Reagan corporation is a wholesale distributor of truck replacement parts. initial amounts taken from reagan's records are as follows: