difference between short run and long run production function; cite one example of this difference in a business situation. The short run production function shows the maximum quantity of a good or service that can be produced by a set of inputs‚ assuming the amount of at least one of the inputs used remains unchanged. While a long run production function shows the maximum quantity of a good or service that can be produced by a set of inputs‚ assuming the firm is free to vary the amount of all the
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According to James Rachels‚ he concluded the criminal justice system should be designed along the lines of retributivism‚ in much the way it currently is. Rachels comes to the conclusion the overall goal of punishment should be retributivism by examining the four requirements necessary for punishment. The four requirements for punishment are guilt‚ equal treatment‚ proportionality‚ and excuses. These requirements mean only the guilty get punished‚ each criminal who commits the same crime gets roughly
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ANSWERS Answer 1: * Vendor-managed inventory (VMI) is a family of business models in which the buyer of a product (business) provides certain information to a vendor (supply chain)supplier of that product and the supplier takes full responsibility for maintaining an agreed inventory of the material‚ usually at the buyer’s consumption location (usually a store). A third-party logistics provider can also be involved to make sure that the buyer has the required level of inventory by adjusting
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Factors of Production There are two categories of factors of production: tangible resources including capital‚ land and natural resources; and non-tangible resources including labor‚ knowledge and entrepreneurship. In factor markets the buyer and seller pattern is opposite to the goods markets; in goods markets firms sell and households buy‚ but in factor markets firms buy and households sell. Households provide the labor; their savings flows into the financial markets and finances physical capital;
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Movie: The Firm Sydney Pollack’s film The Firm is a drama based on an desire to escape from the law firm (Berndini‚ Lambert‚ and Lock) from which he was hired. The relatively small but wealthy firm wines and dines the ambitious Harvard Law Graduate’s (played by Tom Cruise) with money and gifts in order to make him part of their team. Overwhelmed by the gracious treatment and substantial offer Mitch McDeere takes the offer to be part of the Firm. The firm gets them caught up in a affluent lifestyle
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Marketing Communications‚ such as advertising‚ can inform‚ persuade‚ remind‚ reassure and ultimately differentiate one product from the next. Marketing Communications‚ or MarComs‚ can change levels of awareness‚ opinions and attitudes. MarComs can even change behaviour such as buying behaviour whether trial purchases‚ full purchases or repurchases culminating in brand loyalty. Sometimes‚ the MarComs becomes the key competitive element – the brand itself – building conscious and unconscious relationships
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Rights Reserved (For single use license only) www.economicshelp.org Micro Economic Essays Market Structure 1. Discuss how firms within an oligopolistic market compete. 2. Discuss whether monopoly is always an undesirable form of market structure. 3. Explain how interdependence and uncertainty affect the behaviour of firms in Oligopolistic markets 4. Evaluate the view that only producers‚ and not consumers‚ benefit when oligopolistic firms collude to try to reduce the uncertainty
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Psychic Abilities Are Real Michael Tollis English 8 Mrs. Rodgers May 11‚ 2012 “A course in miracles claims that the mind has abilities far beyond what our modern world deems possible” (2012‚ circle of a‚ Mackie). There are stories that there are sightings of people using psychic abilities. There are also people who swear that they have seen psychic abilities. However‚ some might say that those people who swear by it‚ must be watching too much T.V if they say they have seen
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the curtains of my windows... Horrified and shocked‚ even life scarred‚ I witnessed the murder of not a human being‚ but of a horse...my horse. I couldn’t bear to hear that deafening sound of my horse‚ Jaden‚ crying in pain. I didn’t know what to do. There were only two thoughts in my head. I could quickly but quietly sneak into my parent’s room‚ raid their closet to find the hidden gun they didn’t know I knew about‚ and run outside maybe even murder whoever is torturing my horse! Or I could wake
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individuals have legal representation when before the court in serious matters. This is reinforced by the Charter and the justice system through formal equality. However‚ the justice system in Canada does not make accessibility easy and is limited‚ especially in regards to those living in poverty. People living in poverty face many obstacles to accessing the justice system. Primarily financial‚ social and physical obstacles‚ which perpetuate and exacerbate their disadvantage (Carmona‚ 2012). These obstacles
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