A business is an organisation that attempts to satisfy the needs and wants of a community by providing goods and services‚ however‚ a business does not exist only to serve the community‚ it also exists to maximise the financial investments of their owners. This is done through the social and economical role of a business. Economic roles are concerned with the financial impacts that the activities of a business have on various groups in the business environment. The economic roles are wealth creation
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better decisions when they use all available information in an effective and meaningful way. The primary role of statistics is to to provide decision makers with methods for obtaining and analyzing information to help make these decisions. Statistics is used to answer long-range planning questions‚ such as when and where to locate facilities to handle future sales. 2 Definition s Statistics is defined as the science of collecting‚ organizing‚ presenting‚ analyzing and interpreting numerical data
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WK4 1How much would the firm’s revenue change if it lowered price from $12 to $10? Is the demand elastic or inelastic in this range? | When P = $12‚ R = ($12)(1) = $12. When P = $10‚ R = ($10)(2) = $20. Thus‚ the price decrease results in an $8 increase in total revenue‚ so demand is elastic over this range of prices. How much would the firm’s revenue change if it lowered price from $4 to$2? IS the demand elastic or inelastic in this range? | When P = $4‚ R = ($4)(5) = $20. When P
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that can be discussed here by the theories of demand because its market behaviour. a) The determinants of demand for sporting events The first economic theory that is the most useful in
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to remember every method that is available yet‚ it is possible to know how to reference research. This should help with confidence building. References: Landrum‚ R. E. (2012). Applied project: Capstone in psychology. San Diego‚ CA: Bridgepoint Education‚
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A competitive market is a market in which there are many buyers and sellers of the same good or service‚ none of whom can influence the price at which the good or service is sold. More precisely‚ the key feature of a competitive market is that no individual’s actions have a noticeable effect on the price at which the good or service is sold. Important to understand however‚ that this is not an accurate description of every market. Supply and demand model is a model of how a competitive a market
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chapter 1 BUSINESS ETHICS‚ THE CHANGING ENVIRONMENT‚ AND STAKEHOLDER MANAGEMENT |TOPICS COVERED | 1.1 Business Ethics and the Changing Environment 1.2 WHAT IS BUSINESS ETHICS? WHY DOES IT MATTER? 1.3 LEVELS OF BUSINESS ETHICS 1.4 FIVE MYTHS ABOUT BUSINESS ETHICS 1.5 WHY USE ETHICAL REASONING IN BUSINESS? 1.6 CAN BUSINESS ETHICS BE TAUGHT AND TRAINED
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Syllabus for Statistics Course No. 21090024 Period：54 Credit：3 Course Nature：Compulsive Assessment: Usually 10%‚ Group Work 20%‚ Final Exam70% Textbook： Statistics(3rd Edition)， Junping Jia，Xiaoqun He，Yongjin Jin，China Renmin University Press，2007 Reference： Statistics for Business and Economics(7th Edition) Anderson‚ D.R.‚ & Sweeney‚ D.J. & Williams‚ T.A. 1.Introduction Statistics is a core curriculum for students in finance and economics major‚ which is a science method that starts with data
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These are Discussion questions for Business Economics 150 ward count for each question 1. For many years (actually centuries)‚ the dominant Christian church of the world forbade anyone to print a copy of the Bible in any language other than Latin. After the invention of the printing press‚ several people printed the Bible in languages other than Latin (including German and English) without permission. Some of those people were convicted and executed. Is this a warning to those who fear that others
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Journal of Applied Psychology 1973‚ Vol. 58‚ No. 1‚ 116-121 EFFECTS OF ITEM FORMAT ON ITEM DISCRIMINATION AND DIFFICULTY ARTHUR L. DUDYCHA 1 AND JAMES B. CARPENTER 2 Purdue University The tests and measurement literature is replete with multiple-choice item construction rules‚ most of which have little or no empirical verification. Item stem orientation (positive/negative)‚ structure (open/closed)‚ and the presence or absence of an inclusive alternative were systematically investigated
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