Exhibit 15 -Refer to Exhibit 15

question 36

Essay

Exhibit 15.4
The following questions are based on the information below.
A company needs to manage a project which consists of the following set of activities:
$$\begin{array} { c c c } \text { Activity } & \begin{array} { c } \text { Days } \\\text { Required }\end{array} & \begin{array} { c } \text { Predecessar } \\\text { Activties }\end{array} \\\hline \text { A } & 1 & - \\\text { B } & 4 & \text { A } \\\text { C } & 3 & B \\\text { D } & 3 & \mathrm { C } \\\text { E } & 2 & B \\\text { F } & 4 & E \\G & 2 & D . F\end{array}$$
-Refer to Exhibit 15.4. The following spreadsheet was developed to determine the earliest start times and latest start times for the project. What formulas should go into cells H2:H8 to calculate Latest Finish Times?
$\begin{array}{|c|c|c|c|c|c|c|c|c|c|}\hline & \text { A } & \text { B } & \text { C } & \mathrm{D} & \mathrm{E} & \mathrm{F} & \mathrm{G} & \mathrm{H} & \mathrm{I} \\\hline 1 & \text { Activity } & \text { Description } & \text { Predecessor } & \text { Time } & \text { EST } & \text { EFT } & \text { LST } & \text { LFT } & \text { Slack } \\\hline 2 & \text { A } & \text { Activity A } & & 1 & 0 & 1 & 0 & 1 & 0 \\\hline 3 & \text { B } & \text { Activity B } & \text { A } & 4 & 1 & 5 & 1 & 5 & 0 \\\hline 4 & \text { C } & \text { Activity C } & \text { B } & 3 & 5 & 8 & 5 & 8 & 0 \\\hline 5 & \text { D } & \text { Activity D } & \text { C } & 3 & 8 & 11 & 8 & 11 & 0 \\\hline 6 & \text { E } & \text { Activity E } & \text { B } & 2 & 5 & 7 & 5 & 7 & 0 \\\hline 7 & \text { F } & \text { Activity F } & \text { E } & 4 & 7 & 11 & 7 & 11 & 0 \\\hline 8 & \text { G } & \text { Activity G } & \text { D, F } & 2 & 11 & 13 & 11 & 13 & 0 \\\hline\end{array}$

Understand the historical economic reforms and their impact on nations such as China and the former Soviet Union.

Distinguish between the theoretical ideals and practical applications of economic systems.

Understand the concepts of privatization and market orientation in economic reforms.

Recognize the significance of mixed economies and their characteristics.

---

Definitions:

Isoquant

A curve that represents all combinations of inputs that produce the same level of output in production theory.

Marginal Product

The additional output resulting from a one-unit increase in the use of a variable input, holding all other inputs constant.

Average Product

The Average Product is an economic term that describes the output per unit of input, calculated by dividing total product by the number of units of input.

Diminishing Returns

The principle where the increase in the quantity of input will, after a certain point, yield progressively smaller increases in output.