resources to achieve an organization’s objectives. Techniques of economic analysis help ensure efficient operations‚ minimize overhead and compare costs and benefits Function • Economic analysis provides a systematic approach for industry‚ government agencies and nonprofit organizations to study their operations and how well they satisfy organizational goals. Types • Three main types of economic analysis include cost-effectiveness‚ cost-benefit and cost-minimization. Significance • Economic analysis
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Assignment #1 1. Define scarcity and opportunity cost. What role d these concepts play in the making of management decisions? Scarcity is a condition that exists when resources are limited relative to the demand for their use. Another way of describing this condition is to state that scarcity exists when resources are not available in unlimited amounts. When resources are available in unlimited amounts‚ economists consider them to be “free” goods. Because of the scarcity of resources‚ choices
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Quiz Questions for Chapter 1 1. Waverly Company paid $5‚000 cash for wages of production workers. This business event would: a. increase total assets and total equity. b. increase one asset account and decrease another asset account. c. decrease total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and
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Michelle Seefeld Managerial Finance Learning Session 1 Written Assignment Chapter 1 Discussion Question 6 What document is necessary to form a corporation? A corporation is formed through articles of incorporation‚ which specify the rights and limitations of the entity (Block‚ Hirt‚ & Danielson‚ 2011). Web Exercise (pp. 22-23) In summary‚ the credo for Johnson & Johnson challenges the company to put the needs and well-being of the customers first. The former chairman for the company
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the charges apply to his/her department. This possibly can be minimized by explaining the facility level costs are not directly associated with a specific product or service‚ but incurred to support the facility as a whole. 16. What is the relationship between activity-based management and just-in-time inventory? Activity-based costing involves two allocation stages and includes a multitude of cost drivers. The ABC assigns costs to pools; and during the second stage the cost pools are allocated
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Gus Bonilla MBA 217 Managerial Economics Individual Assignment 2) A firm’s product sells for $2 per unit in a highly competitive market. The firm produces output using capital (which it rents at $75 per hour) and labor (which is paid a wage of $15 per hour under a contract for 20 hours of labor services). Complete the following table and use that information to answer the questions that follow. K | L | O | MPK | APK | APL | VMPK | 0 | 20 | 0 | - | - | - | - | 1 | 20 | 50 | 50 | 50
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2. Bucki.j “Supplier Relationship Management (SRM”) – Definition retrieved on 13/06/2012 from http://operationstech.about.com/od/glossary/g/SRM_SuppRelMgt.htm 3. CIEŚLIŃSKA.K(2007) “The basic roles of a manager in a business organisation” retrieved on 14/04/2012 from http://www.jard.edu.pl/pub/1_6_2007.pdf 4. Daft‚ R. L. (2012)‚ Management: 10th Edition. Ohio‚ USA: South-Western p.g 281 5. kathuria.M(2008) “Three ways to build a successful manager-employee relationship” June 23 2008 retrieved
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Profit rates differ among firms in a given industry and even more widely among firms in different industries. Please explain the factors which contribute to different profit rates. Profit rates differ among firms in any given industry in variety of industries. Several theories are explained below to show which the factors are influences the profit of a firm; A. Risk Bearing Theory of Profit The idea was conceived initially by an American economist‚ F.H. Hawley. Hawley believed that a circle
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Police‚ prosecuting and court organizations which implements the state main duties and obligations to protect the human rights ‚ to prevent the human being against the criminal attack and to provide the social safety‚ peace and tranquility might have to reach to positive results by pursuing the right policy within their authority. The above mentioned organizations should pay attention in every step to what policy would be efficient what they must pursue for their
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Qus 2. Marginal analysis and the goal of the firm Ken Allen‚ capital budgeting analyst for Bally Gears‚ Inc.‚ has been asked to evaluate a proposal. The manager of the automotive division believes that replacing the robotics used on the heavy truck gear line will produce total benefits of $560‚000 (in today’s dollars) over the next 5 years. The existing robotics would produce benefits of $400‚000 (also in today’s dollars) over that same time period. An initial cash investment of $220‚000 would be
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