Question 2: a Define‚ describe and illustrate with a diagram‚ one opportunity cost for a person starting up their own business (2 marks) b Explain the difference between implicit and explicit costs (2 marks) c Explain the difference between accounting profit and economic profit (2 marks) d How do opportunity cost‚ explicit cost‚ implicit cost‚ accounting profit and economic profit relate to each other? (4 marks) Question 3: a Why would consumers prefer that the government tax products
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Chapter 2 ECONOMIC OPTIMIZATION QUESTIONS & ANSWERS Q2.1 In 2004‚ the second-largest U.S. long-distance telephone company eliminated about 2‚000 jobs at four call centers in Colorado‚ Iowa‚ Kansas‚ and South Carolina. "MCI must continue to revamp its cost structure to better position the company for future success‚" a company spokesperson said. Does this decision reflect an application of the global or partial optimization concept? Explain. ANSWER MCI=s decision to scale back employment at four
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intermediate goods when it is used in the production of their products services in subsequent periods. iii) A household cleaning service purchased by a family from a domestic cleaning service company; Final good – the resale value of the business contain value added. But it is not previously included in the national accounts. iv) Coking coal Intermediate goods – as an ingredient it used into the production of other goods. As iron and steel‚ steam. Except being sold by exporting
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Contents Question 1 3 Question 2a 5 Question 2b 6 Question 2c 7 Question 3a 8 Question 3b 8 Question 3c 10 Question 3d 11 Question 4 12 Question 5 14 References 15 Question 1 The sampling method that Mr. Kwok is using is Stratified Random Sampling Method. In this case study‚ Mr Kwok collected a random sample of 1000 flights and proportions of three routes in the sample. He divides them into different sub-groups such as satisfaction‚ refreshments and departure time and then
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“ Statistics should be interpreted with caution as they can be misleading; they can both lie and tell the truth” Statistics are being used everyday to describe things in working and studying areas to show the productivity of the results they are hoping for. Therefore‚ people observe and notice alternative objects the world around. Throughout this fact‚ similarities and differences are such features that could endanger or turned out as advantages. This is called statistics. Explanations
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practice. Part I: Multiple Choice (50 Questions) Identify the letter of the choice that best completes the statement or answers the question. 1. A machine that produces a major part for an airplane engine is monitored closely. In the past‚ 15% of the parts produced would be defective. The manager wants to determine the proportion of parts currently produced that are defective. What is the minimum sample size he should take so that at 95% confidence the margin of error will not be more than
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Business Economics Assignment Table of Contents Case One ...................................................................................................................................................... 3 Introduction to Factors of Production ...................................................................................................... 4 Traditional Business Vs. E-Business ......................................................................................................... 4 Needs
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Applied Sociology Ethan W. Miller Dr. Shenk April 2014 Applied Sociology As every college student beginning there career in college everyone comes in with different dreams and aspirations. Some students enter universities already knowing what they want to-do. Some students have an idea‚ but are maybe haven’t quite narrowed down there choices yet. While others have no clue and are open to all the possibilities that there institution has to offer to them. As we move through
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Management. Prentice Hall‚ eighth edition‚ 2003. 3 Kamlesh‚ Mathur‚ Daniel Solow. Management Science - The Art of Decision Making. Prentice Hall‚ 1994. 4 Jon Curwin and Roger Slater. Quantitative Methods for Business Decisions. Thomson‚ fifth edition‚ 2002. 5 Steyn‚ Smit‚ Du Toit‚ Strasheim. Modern Statistics in Practice. Van Schaik Publishers‚ 1994. 295
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Maritime Economics & Logistics‚ 2004‚ 6‚ (190–192) r 2004 Palgrave Macmillan Ltd All rights reserved. 1479-2931/04 $30.00 www.palgrave-journals.com/mel BOOK REVIEW The Handbook of Maritime Economics and Business. C. Th. Grammenos ed. LLP: London‚ 2002 Maritime Economics & Logistics (2004) 6‚ 190–192. doi:10.1057/palgrave.mel.9100103 The International Association of Maritime Economists (IAME) celebrated its 10-year anniversary in 2002. During its 10-year of existence‚ it has developed into
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